Should Democrats Be Thanking Crypto? 🤑
In today’s edition: 🤐 Jump Crypto's Kariya stays silent on Terra deal, 🏦 Ex-NYSE leader eyes FTX revival, 🗝️ HSBC set to launch custody for tokenized securities, and more!
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What’s Poppin’?
by Brandy Betz, Kollen Post, and Samyuktha Sriram
Crypto Industry Boosting Campaign Contributions to Democrats Ahead of 2024 Elections
An analysis of political giving shows that Democrats are receiving a large share of the industry’s donations.
Jump Crypto’s Kariya Avoids SEC’s Question on Deal With Terra’s Do Kwon
The Jump Crypto president pleaded the fifth in a court hearing when an SEC lawyer asked about the firm’s agreement to restore UST to its peg.
Former NYSE President Among Bidders for FTX 2.0: Report
The former president of the NYSE is one of the contenders to relaunch crypto exchange FTX after bankruptcy proceedings conclude.
HSBC to Unveil Custody Services for Tokenized Securities
The banking giant will start its digital asset custodial services next year for institutional investors who want to store tokenized traditional finance products, not cryptocurrencies.
Binance to Offer Web3 Wallet With DeFi Access
The centralized crypto exchange has launched a self-custody crypto wallet that allows users to interact with decentralized applications and swap tokens across various networks.
The Chopping Block: Did Blur Cause a Decline in the NFT Market?
This week, crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner explore the enigmatic 'unhinged scale' metric, consider whether recent layoffs could have been anticipated, and examine the challenges facing the NFT market. They also provide a somewhat critical look at the events of the recent BAYC Apefest and share their takeaways on how Solana survived the Sam Bankman-Fried and FTX fiasco.
Daily Bits…✍️✍️✍️
🚨 Taiwanese authorities detained executives from the JPEX cryptocurrency exchange on allegations of fraud, with ongoing investigations.
🔍 CoinSpot wallets lost approximately $2 million in crypto due to a potential hack, according to on-chain investigator ZachXBT.
📜 Two Republican senators introduced the "Keep Your Coins Act" to safeguard the right to self-custody crypto assets.
🏛️ A provision in the U.S. House spending bill, introduced by Rep. Tom Emmer, aims to limit SEC funding for enforcement actions on crypto firms.
🔦 Yuga Labs attributed the eye pain and skin irritation reported by ApeFest attendees to UV-A light installations at the event.
🖼️ Yuga Labs' cofounders embarked on a $1.5 million NFT buying spree, starting with a rare CryptoPunk.
🤝 The SEC initiated discussions with Grayscale regarding their application to convert their Bitcoin trust into a spot ETF.
🗣️ SEC Chair Gary Gensler warned that the crypto space contains multiple fraudsters.
📑 The SEC refuted Binance's dismissal request for the ongoing lawsuit, citing misinterpretations of federal laws and legal precedents.
🔑 Rain Lõhmus, founder of Estonia's LHV Bank, lost access to a wallet containing 250,000 ETH, now valued at approximately $472 million.
💵 Arbitrum DAO approved a $24 million funding proposal to support 26 projects that missed out on its initial round of grants.
💼 Marathon Digital surpassed Q3 earnings projections but fell short on revenue, with plans to become the largest bitcoin miner by hash rate in 2023.
🐶 KuCoin and Gate exchanges announced plans to list the BRC-20 memecoin Sats.
Today in Crypto Adoption...
💼 SC Ventures, a unit of Standard Chartered, is partnering with SBI Holdings to enter the crypto brokerage and exchange business.
📊 ARK Invest is set to launch a suite of digital asset ETFs in collaboration with 21Shares.
The $$$ Corner…
🤖 Ritual, a decentralized AI compute platform, raised $25 million to expand its network and infrastructure.
💰 Ethereum scaling solution Stackr completed a $5.5 million seed funding round to further its development.
💼 Definitive, a startup aiming to simplify DeFi for institutions, secured $4.1 million in funding.
What Do You Meme?
Recommended Reads
Unchained: What Are Crypto Order Books And How Do They Work?
Lyn Alden’s 7 Misconceptions about Bitcoin (from 2020)
Forbes: How Misinformation On Hamas And Crypto Fooled Nearly 20% Of Congress
📈 Your Market Update 📉
BTC is up 3.9%, trading at $36,652
ETH is up 1.9%, trading at $1,916
BTC dominance: 50.16%
Crypto market cap: $1.42T
*All data as of today, 04:20 am ET
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