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India Ranks Number One In Crypto Adoption, But Stablecoin Acceptance Needed For Growth

(Crypto News)-11/12/2024

India, the most populous country in the world, is also the leader in crypto adoption globally.

According to the “2024 Global Adoption Index” report from blockchain analytics firm Chainalysis, India ranks as the number one country for crypto adoption.

Blockchain risk management firm TRM Labs also released new findings that shows India leading in crypto adoption. TRM Labs’ report notes this is due to continual growth and acceptance of digital assets throughout the region.

Data from Statista further foresees India’s crypto market revenue to reach $6.6 billion by the end of this year.

Why India Is Perfect For Crypto Adoption

Angela Ang, Senior Policy Advisor for TRM Labs, told Cryptonews that India is seeing the highest crypto volumes relative to its spending power.

“Our methodology takes the incoming crypto volume apportioned to a country based on web traffic, divided by the GDP per capita of that country to arrive at an adjusted volume which we rank countries on,” Ang explained.

She added that crypto adoption in India has always been high, due to factors such as a huge unbanked population and high mobile penetration. Statistics show that 190 million Indians remain unbanked.

Therefore,it shouldn’t come as a surprise that India is advancing in digital asset and blockchain innovation.

Rish Kumar, Head of Growth at decentralized identity platform KILT Protocol, told Cryptonews that India’s rapid involvement in the space can be attributed to its young, tech-savvy population.

“India’s population is increasingly engaged in digital finance and actively participating in areas such as decentralized finance (DeFi), crypto trading, and blockchain development,” Kumar said.

It has been noted that India has the world’s second-largest Web3 developer pool. Kumar shared that he is currently creating a strong presence in India for both KILT Protocol and Polkadot, which is the blockchain platform KILT is building on.

“Polkadot’s strong presence in India was particularly evident during India Blockchain Week, which was marked by significant community involvement,” he said. “KILT also recently hosted a highly successful hackathon in India, where developers presented impressive ideas for building on the protocol.”

Digital Asset Platforms Wish To Operate In India

In addition to innovation, digital asset platforms are setting up offices in India to break into the market there.

US-based crypto custody firm BitGo was recently in talks with India’s Financial Intelligence Unit (FIU) to expand into the country’s growing digital asset market.

BitGo discussed their interest in the region during India Blockchain Week, which took place December 4-5. BitGo’s COO, Chen Fang, confirmed that the company is having “active conversations” with the FIU about entering India’s multibillion-dollar crypto space.

BitGo’s interest in India is notable, given the recent ban on offshore crypto exchanges. On Jan. 12, 2024, India banned Binance and eight other crypto exchanges. In July, Binance registered with India’s FIU, allowing the exchange to continue operations.

WazirX, India’s largest centralized exchange, has also indicated continued growth and adoption over the past several years. In its last transparency report, the exchange noted that it experienced its highest sign up rates to date in December of 2023, and its highest trading volume in March of 2024.

India Is A Prime Market For Stablecoin Adoption

Although crypto adoption in India remains high, the region maintains strict policies and regulations around digital assets.

For instance, there is a taxation of Virtual Digital Assets (VDAs) in India. These include cryptocurrencies, nonfungible tokens (NFTs) and more. Profits from VDAs may be subject to a flat 30% tax and a 1% tax deducted at source (TDS) on the sale of crypto.

“This makes crypto adoption in the country challenging, especially given that India is a huge remittance market of over $150 billion a year that’s generally dominated by inflows into the country,” Kevin Lehtiniitty, CEO of stablecoin payments network Borderless.xyz, told Cryptonews.

Lehtiniitty added that India is a prime market for stablecoin adoption, since these assets are gaining popularity as a real-time dollar-based remittance method.

“Stablecoin adoption would drive increased consumer adoption of tools like on-chain wallets, which in turn would drive broader crypto adoption across the region,” he said. “Given the potential market size, unlocking India has been top of mind for many stablecoin companies.”

Luca Prosperi, CEO and Co-Founder of M^0 – a decentralized, on-chain protocol that powers stablecoin issuers – further told Cryptonews that stablecoins hold immense promise for small businesses in India that struggle with access to formal banking systems.

“By leveraging stablecoins for payments, small enterprises can reduce costs, avoid currency volatility, and benefit from global trade opportunities,” Prosperi said.

Regulatory Challenges Hamper Stablecoin Innovation

Although the use of stablecoins could be widely successful in India, Prosperi pointed out that ongoing debates and regulatory proposals surrounding digital assets in the region offer both opportunities and obstacles for stablecoins.

For instance, he explained that the Reserve Bank of India’s (RBI) push to ban stablecoins could present significant hurdles. Prosperi believes that the Securities and Exchange Board of India’s (SEBI) suggestion to have multiple regulatory bodies manage the crypto sector could lead to a more balanced approach in the future.

“This may enable the controlled use of stablecoins,” he said. “The final outcome will largely depend on the influence of both the RBI and SEBI in shaping policy, and whether a compromise can be reached that acknowledges the advantages of stablecoins while preserving national financial sovereignty.”

It’s also important to note that India has a central bank digital currency (CBDC) known as the Digital Rupee. While some crypto enthusiasts may view this as a “threat” to stablecoin adoption, Prosperi remarked that stablecoins could eventually be viewed as a complementary tool to government-led initiatives like the Digital Rupee.

“This could offer a hybrid approach to financial modernization,” he said.

However, Lehtiniitty believes that stablecoin adoption will take time due to India’s complex banking system and general view of cryptocurrency.

“Crypto is still viewed as an unfavorable activity; there are many unwritten bank level rules about blocking certain transactions,” he said. “This creates frustrating experiences for users and platforms alike who then abandon future attempts slowing down adoption.”

Lehtiniitty therefore believes the key to unlocking full digital asset acceptance in India will start with regulatory policy. “This will then trickle down to the banking system,” he said.

Ethereum Price Slumps 4% After $4,000 Breakout Failure, But History Suggests More Upside Coming

(Crypto News)-11/12/2024

The Ethereum (ETH) price is pulling back after running into a wall of resistance at the $4,000 level, and was last down around 4% this Monday in the $3,800 area.

A bearish divergence on its 14-day Relative Strength Index (RSI) chart, which also recently just dropped back from overbought conditions, suggests continued near-term downside is a possibility.

A re-test of the 21DMA at $3,600, or even resistance turned support in the $3,500 area, are possibilities.

Elevated ETH futures funding rates and rising market profitability, per Glassnode data, further highlight the risk of a mid-bull market pullback.

But Ethereum bulls shouldn’t get overly pessimistic, as the medium-term outlook for Ethereum is as strong as it has been for years.

Altcoin Season Is Here

While much has been made of Ethereum’s “decline” relative to some of its rising rivals such as Solana and Sui, this narrative is overstated.

Ethereum remains the dominant DeFi chain, retaining a commanding share of trade value-locked smart contracts.

Per DeFi Llama, crypto assets worth over $76 billion are locked in smart contracts on the Ethereum blockchain, a 56% market share.

Meanwhile, Ethereum remains the only altcoin to have secured spot ETFs in the USA, making it the major gateway for institutional investors seeking to gain exposure to the altcoin market.

All of that means that Ethereum is set to be a major beneficiary of any future altcoin seasons.

And altcoin season has arguably already returned. blockchaincenter.net‘s index recently flew into altcoin season territory. CMC’s altcoin season index is painting a similar picture.

Bitcoin (BTC) dominance also just started to break down in a major way for the first time since early 2021.

If history does repeat, BTC.D could be about to crater from its current levels around 56% all the way to around 40%, as a result of altcoin outperformance, not as a result of poor Bitcoin performance.

Indeed, the medium-term outlook for the Bitcoin price remains strong. Just under 8 months on from its halving, BTC broke into a new phase of price discovery in November following the positive US Presidential and Congressional election results.

A meaningful breakout above $100,000 is yet to materialize, but historic Bitcoin price cycles suggest the top isn’t in yet, and a move to $150,000 and beyond is on the table for 2025.

Where Next for the Ethereum Price?

Bitcoin’s breakout to fresh record highs is a very important development for Ethereum, which tends to follow closely behind the world’s largest crypto by market cap.

In the 2020/2021 bull cycle, when Bitcoin broke out to fresh record highs in December 2020, Ethereum was still substantially below its record levels.

In 2020/2021, took ETH an additional month to even test its prior record highs. And then the actual Ethereum price discovery didn’t kick off until 2 months after Bitcoin price discovery began.

We are seeing the exact same setup play out in 2024. If history does repeat, we could see the Ethereum price retest its record highs but fail to break out this month decisively.

Real ETH upside price discovery (i.e. a move above $5,000) may need to wait for January 2025.

Around this time, there will be plenty of narratives about the positive shift in US crypto regulation as the Trump administration moves into the White House and the new Congressional session begins, meaning plenty of fodder to power a major rally.

Ethereum investors need to be patient and not get shaken out in the event of any short-term market dips.

Bitcoin’s price rally suggests further upside could be right around the corner for ETH and Ethereum price predictions are likely to remain bullish.

100 مليار دولار من البنك الدولي لتمويل المؤسسة الدولية للتنمية

(النهار)-09/12/2024

أعلنت مجموعة البنك الدولي عن حزمة تمويلية قياسية بقيمة 100 مليار دولار، لتجديد موارد المؤسسة الدولية للتنمية (IDA)، مما يمثل خطوة حاسمة في دعم جهود التنمية العالمية.

وهذا التمويل يهدف إلى مساعدة البلدان منخفضة الدخل على مواجهة التحديات التنموية المتزايدة، بما في ذلك التعافي من جائحة “كورونا”، والتكيف مع تغير المناخ، وتعزيز النمو الاقتصادي الشامل.

كما تُعد هذه الحزمة التمويلية الأكبر في تاريخ المؤسسة الدولية للتنمية منذ إنشائها قبل 61 عاماَ.

ويأتي هذا الإعلان بعد جهود استمرت عاماً كاملاً لتجديد موارد المؤسسة، حيث أشاد رئيس مجموعة البنك الدولي أجاي بانغا، بالتزام المانحين والشركاء في رسالة مفتوحة، مؤكداً أن هذه الموارد ستُستخدم لتحقيق نتائج تنموية ملموسة.

بالإضافة إلى التمويل القياسي، يعمل البنك الدولي على تبسيط وتيسير أنشطة وبرامج وإجراءات المؤسسة الدولية للتنمية، مما أدى إلى خفض عدد المقاييس والالتزامات الخاصة بالسياسات بمقدار النصف.

تأتي هذه الخطوة في وقت حرج، حيث تواجه البلدان الأشد فقرًا تحديات متعددة، بما في ذلك الأزمات الصحية والاقتصادية، وتغير المناخ، والصراعات.

US gov’t transfers $1.9B BTC seized from Silk Road to Coinbase Prime

(Coin Telegraph)-04/12/2024

Blockchain records showed the United States government moved more than $1.9 billion worth of Bitcoin seized from the Silk Road marketplace to a Coinbase Prime wallet.

According to data from blockchain analytics firm Arkham Intelligence, on Dec. 2, a wallet tied to the US government transferred roughly 19,800 Bitcoin BTC$96,766 — worth $1.9 billion at the time — to a Coinbase Prime deposit address. US authorities seized the Bitcoin in a 2021 investigation of James Zhong, who was later convicted of wire fraud related to the Silk Road marketplace.

The US Justice Department announced in 2022 that it had seized more than 50,000 BTC from Zhong at the time, including coins in a wallet “on a single-board computer that was submerged under blankets in a popcorn tin.” The government has since moved many of the Bitcoin to different wallets, but it still held roughly $18 billion worth of BTC at the time of publication.

It’s unclear if moving the coins was part of a strategy by authorities to trade or sell the funds. US lawmakers, including Senator Cynthia Lummis and President-elect Donald Trump, have suggested passing legislation to establish a “strategic Bitcoin reserve” in the US.

The US Marshals Service — the federal agency responsible for seizing cryptocurrencies and other assets involved in criminal actions — said in July it would partner with Coinbase Prime to custody tokens connected to asset forfeitures. Coinbase still faces a civil suit filed by the US Securities and Exchange Commission in June 2023.

Developments in the Silk Road case

In its heyday, the Silk Road marketplace facilitated millions of dollars worth of transactions with crypto users, who were able to purchase illicit items like weapons, drugs and stolen credit card information. Ross Ulbricht, the platform’s creator, was sentenced to life in prison without the possibility of parole in 2015.

Since the 2024 US election, many in the crypto industry have called on Trump to commute Ulbricht’s sentence. The president-elect promised to do so “on day one,” but he had already had the opportunity during his first term.

What Is the Fear and Greed Index in Crypto and How to Use It?

(Crypto News)-04/12/2024

Crypto Fear and Greed Index Explained

The concept of “Greed and Fear” comes from the stock market and traditional finance. In the crypto world, the index is usually based on Bitcoin data. The Fear and Greed index is a tool that analyzes emotions and sentiments from different sources and crunches them into one simple number, ranging from 0 to 100. A score of zero means “Extreme Fear,” and a score of 100 represents “Extreme Greed”.

How Is Crypto Fear & Greed Index Calculated?

The Fear & Greed index for cryptocurrencies like Bitcoin (BTC) is calculated using various data sources that show the general mood of the crypto market. Here are some of the frequently used types of data:

Volatility: A sudden spike in volatility often points to a fearful market.
Market volume: High buying volumes on a consistent basis can suggest that the market is acting greedily.
Social media and surveys: A high volume of posts and hashtags can indicate growing public interest and greed.
Bitcoin dominance is the market cap share of Bitcoin compared to the entire crypto market. An increase in Bitcoin’s dominance suggests fear in the market, as investors might be moving away from riskier altcoins.
Google Trends data: Bitcoin-related search queries.

What Affects the Fear and Greed Index

In January 2024, Bitcoin reached the “extreme greed” level, scoring 76 due to anticipation of the Bitcoin ETF approval.In July 2024, the crypto Fear and Greed index fell to “extreme fear.” This drop was caused by news that Mt. Gox, a Bitcoin exchange that collapsed in 2014, started paying back its creditors. This could potentially release billions worth of Bitcoin onto the market, driving the price down. Additionally, the German government sold a significant amount of its BTC holdings around the same time.

As you can see, the fear and greed in the crypto market are impacted by various events and market conditions that influence investor sentiment and behavior. Here are some key factors that can trigger them:

Market news and events: News about regulatory changes, hacks or security breaches, technological advancements, or macroeconomic events can significantly affect investor sentiment. For example, announcements about countries banning or regulating cryptocurrencies can instill fear, but news of mainstream adoption can trigger greed.

Price fluctuations: Sharp price increases can lead to greed as investors rush to capitalize on rising values, while sudden price drops can trigger fear.
Global economic conditions: Broader economic factors such as interest rates and the health of the global economy can influence risk appetite. Economic instability can make safer assets more appealing, driving fear in riskier markets like crypto.
Technological developments: The launch of new platforms, enhancements in blockchain technology, or scalability improvements can create a greedy market atmosphere.
Influential figures and media: Positive endorsements or investments by famous personalities can lead to greed, while criticism can cause fear.
Market manipulation: Pump-and-dump schemes or whale movements (large holders moving significant amounts of cryptocurrency) can also sway sentiment.

How to Use the Fear and Greed Index

The Fear and Greed index is a useful tool for traders and investors. It helps you gauge market sentiment and make more informed decisions.Warren Buffett, a famous American businessman and investor, advised to be “fearful when others are greedy, and greedy when others are fearful.” This strategy suggests that the best time to buy is when others are panicked, and the best time to sell is when others are overly confident.

When the index shows “extreme fear,” it may indicate that investors are overly cautious, possibly making it a good time to buy. On the other hand, “extreme greed” suggests that the market might soon adjust or drop.

Trading based on the Fear and Greed index can be effective, but always consider it as one part of a broader investment strategy. No investment strategy guarantees success, and it’s crucial to do your own research or consult with a financial advisor.

Russian Expert: How BRICS Could Affect Global Crypto Markets

(Crypto News)-04/12/2024

BRICS payment plans could affect global crypto markets, a Russian expert has claimed, adding that Bitcoin (BTC) popularity would nonetheless remain high in the short term.

In an opinion piece for RBC, Fedor Ivanov, Director of Analytics at the crypto security provider Shard claimed that stablecoins could be the hardest hit.

BRICS Could Affect Crypto Markets: Expert Explains

At the recent BRICS summit in Kazan, Russia, leaders agreed to work on the so-called BRICS Bridge platform.

The platform, leaders say, will be a fiat cross-border payment system that makes use of wholesale CBDCs and blockchain technology.

This will, in theory, let them slash transaction costs and cut out intermediaries from the traditional banking system.

It would also let the BRICS states bypass banking messaging systems like SWIFT and stop denominating trade in US dollars.

USDT Affected?

The expert noted that according to “rumors,” USDT is “also used for transactions with Iranian oil,” adding that “despite the issuer’s tightening of compliance,” the “demand for the coin has not yet fallen.”

The widespread use of CBDCs at a state level may lead to a decrease in BRICS nations’ interest in stablecoins.

He argued that “users may prefer more stable, regulated digital assets that do not risk being frozen for political reasons.”

Ivanov said that should they successfully launch CBDCs, BRICS countries may soon “reduce their use of stablecoins,” adding:

“They will have access to more convenient and secure alternatives for settlements.”

Bitcoin Not in Danger

However, Ivanov said, high-cap cryptoassets “such as Bitcoin” will “still remain attractive to investors looking for decentralized solutions.”

He conceded that settlements made in “national currencies” were “still not going as we would like.”

“In order for the introduction of CBDCs to have a real impact on the crypto markets, a significant portion of transactions will need to switch to digital fiats. And this is unlikely to happen anytime soon.”

Fedor Ivanov, Director of Analytics at Shard

Ivanov added that it was worth noting that “the largest countries that are actively implementing CBDC, namely China, Russia, India, and Saudi Arabia” were “themselves very wary of cryptocurrencies.”

He said that the nationwide launch of a CBDC in these nations could “entail a direct ban on the circulation of cryptocurrencies, as has already happened in China.”

Moscow Making Moves?

Russia’s Central Bank has long advocated a crypto ban. It also plans to launch its digital ruble nationwide sometime in 2025.

However, a total ban now looks unlikely. President Vladimir Putin has signed several crypto-specific laws this year, legalizing the use of crypto in cross-border trade and granting the crypto mining sector legal status.

“Russia has the most tangible incentive to move away from trading in the US dollar. Despite the fact that China is also a geopolitical adversary of the United States, it is also the largest foreign holder of US government debt (holding almost 20%). Thus, at least in the short term, it is not profitable for China to destroy the American currency. Nevertheless, alternative mechanisms must be created. And [BRICS nations] are currently working on these.”

ECB Releases Second Progress Report on Digital Euro Project

(Crypto News)-04/12/2024

The European Central Bank (ECB) released its second progress report on the digital euro project on Monday, detailing efforts to create a unified digital payment system for the euro area.

ECB updates the digital euro rulebook following a joint review with consumers, retailers, and payment service providers. The report highlights key developments, including updates to the digital euro scheme rulebook and steps toward selecting potential service providers for its implementation.

The Road to a Digital Euro: ECB Gathers Insights and Innovates with Test Payments

According to the report, this phase is focused on laying the groundwork for a potential digital euro issuance.

Since releasing the first progress report, the ECB has updated its digital euro scheme rulebook.

The update aims to harmonize digital euro payments across the euro area and follows an interim review involving consumers, retailers, and payment service providers.

Seven new workstreams launched in May 2024 contributed to the updated draft. These workstreams focus on areas such as minimum user experience standards and risk management.

Over the coming months, the ECB will conduct online surveys and interviews to gather insights into public preferences. Special target groups, such as small merchants and vulnerable consumers, are being prioritized.

To further explore the potential of a digital euro, the ECB is forming partnerships with merchants, fintech companies, universities, and other stakeholders.

An outcome report detailing these activities is expected in July 2025.

What’s Next for the Digital Euro? ECB Reveals Plans and Partnerships as 2025 Deadline Nears

The ECB has also concluded a call for applications to identify potential providers for the digital euro’s components and services.

This selection process, launched in January, has reached the evaluation phase. Once finalized in 2025, the results will be published on the ECB’s website.

Features such as fair transaction fees, high consumer privacy, and support for the European payments ecosystem show its potential impact.

While the project began in July 2021, progress has been slow, with delays in establishing the necessary legal framework.

Nearly 17 months after the European Commission’s proposal, the framework remains incomplete, raising concerns among ECB officials.

Globally, 134 countries, representing 98% of the world’s economy, are exploring Central Bank Digital Currencies (CBDCs), with 66 already in pilot stages.

While the ECB continues to refine its approach, the final decision on launching a digital euro rests with the ECB’s Governing Council and will depend on legislative developments.

Bitcoin startups get dedicated crowdfunding platform

(Coin Telegraph)-27/11/2024

A new crowdfunding platform dedicated to Bitcoin startups has been launched in the United States, aiming at bridging crypto projects to new funding venues.

The initiative was disclosed on Nov. 25 by Timestamp and is open to both accredited and non-accredited investors.

According to the company, investors will receive ownership stakes in backed companies — similar to traditional equity investing. “This structure provides investors with real equity ownership while ensuring full regulatory compliance,” Timestamp CEO Arman Meguerian told Cointelegraph.

For startups, the platform serves as an alternative to traditional venture capital financing, charging a 7% commission on successful campaigns without requiring any upfront fees. Projects can initially “soft launch” with a campaign page to spark early interest. Once completing the legal paperwork, they can then proceed to a full public launch.

Crowdfunding, in particular when it involves equity offerings, is regulated by the Securities and Exchange Commission (SEC). Timestamp has been registered with the agency since October 2023, according to public records.

“As a US-based platform registered with the SEC and FINRA, we operate within a clear regulatory framework while providing founders exposure to a global network of Bitcoin-focused investors,” said Meguerian.

Although focused on Bitcoin-based firms, capital can only be invested with fiat currency. The company is said to be working with regulators and banking partners to integrate Bitcoin payments in 2025.

The Bitcoin ecosystem has witnessed a rise in innovation since the launch of the Ordinals protocol in 2023 and the approval of Bitcoin-based spot exchange-traded funds (ETFs) in early 2024. Institutional investors’ interest in Bitcoin has supported the surge of startups working on solutions around its network since then.

Currently, five startups are raising capital on the Timestamp website, working on products ranging from Bitcoin wallets and payments to a Bitcoin version of Pokémon Go. “We’re creating the infrastructure needed for sustainable Bitcoin ecosystem growth,” said Meguerian.
Crypto startups raised $2.4 billion from venture capital firms in the third quarter of 2024, marking a 20% decline compared to the previous quarter, according to Galaxy Research.

What role did crypto voters play in the 2024 US election?

(Crypto News)-27/11/2024

Political analysts are still analyzing the results of the 2024 United States elections on Nov. 5, but many candidates who said they would advocate for policies favoring the cryptocurrency and blockchain industry won their respective primaries and races.

According to reporting from the advocacy group Stand With Crypto, roughly 270 “pro-crypto” candidates won seats in the US House of Representatives and Senate.

Election Day polling from Paradigm suggested that roughly half of crypto voters waited until the eleventh hour to cast their ballots, leaned Republican, and likely contributed to Donald Trump winning the popular vote with 76.8 million votes — slightly less than 50% of all votes cast.

“Democrats had a real opportunity to win over crypto voters into the last few days of the campaign but were not able to, likely in part due to internal division within the party over whether to be clearly pro-crypto,” said Paradigm.

In the leadup to the election, Trump continued to make crypto policy a central part of his campaign by speaking at the Bitcoin 2024 conference, posting about his promises to the industry on social media, and making public appearances at crypto-friendly venues like the New York City Pubkey bar.

Democratic presidential candidate and Vice President Kamala Harris, in contrast, seemed to make only one official statement in September to support the industry, with her campaign instead largely focusing on Trump as a threat to US democracy.

How Harris’ and Trump’s positions on crypto played out

North Carolina Representative Wiley Nickel, one of the few Democrats in Congress who has been very vocal about supporting the industry, told Cointelegraph at the North American Blockchain Summit (NABS) on Nov. 21 that crypto policy played a “very significant role” among voters in the election, citing the Paradigm data.

“In Nevada, in Michigan, in Arizona, you had Donald Trump winning, but pro-crypto Democrats winning also for the Senate,” said Rep. Nickel. “That’s one of the places where Harris really may have made a really big error in not fully embracing and speaking to voters on this issue.”

Arkansas Representative French Hill, a Republican who chairs the digital assets subcommittee and was in the running to chair the House Financial Services Committee in 2025, told Cointelegraph that crypto was a “galvanizing force” in the US election. The congressman said the Biden administration sent a “mixed message, at best” on supporting the industry.

“They could have made it an issue where they were positive,” said Rep. Hill on the US President and Vice President Harris supporting digital assets. “They didn’t, and it created an opening for President Trump to identify with […] this new emerging technology that had a lot of excitement around it.”

Is crypto money influencing US elections?

Some US lawmakers, both Republicans and Democrats, have said support for crypto and blockchain technology should be a “non-partisan” issue in Congress. However, one of the dividing lines between political parties seemed to be how money from the industry could have influenced voters through ad spots and other media buys.

For the 2024 election, Fairshake and other crypto-backed political action committees (PACs) spent an estimated $134 million to support candidates who had advocated for policies favoring the industry. These funds could have contributed to Democrat Sherrod Brown’s loss in Ohio for a US Senate seat.

The Fairshake affiliate Defend American Jobs spent more than $40 million to support Republican Bernie Moreno in Ohio in what was one of the most expensive Senate races in US history. Rep. Nickel, echoing many in the Democratic Party, advocated for campaign finance reform, saying there was “way too much money in our politics.”

Former Pennsylvania Senator Pat Toomey, a Republican who left Congress in 2023, told Cointelegraph at NABS that the PACs’ spending in 2024 was a “terrific” action by the industry to weigh in on candidates. He suggested it was a response to a lack of regulatory clarity and lawsuits filed by the Securities and Exchange Commission.

One of Fairshake’s biggest backers, Coinbase, has already pledged an additional $25 million for the PAC’s efforts to support candidates in the next US midterm elections. As of Nov. 4, Fairshake reported that it had raised $78 million for 2026 — roughly half what the PAC raised from 2023 to 2024.

Ethereum Surpasses Tron as Top Blockchain for Tether with $60.3 Billion USDT Supply

(Crypto News)-27/11/2024

Ethereum has reclaimed its position as the leading blockchain for Tether (USDT), surpassing Tron with a supply of $60.3 billion.

The milestone follows a 9.3% increase in USDT on Ethereum over the past week, while Tron experienced a 1.5% decline, bringing its supply to $58.1 billion, according to data from DefiLlama.

This marks Ethereum’s return to dominance for the first time since August 2022.

Total USDT Supply Reaches $132 Billion

The total USDT supply has reached an all-time high of $132.9 billion, a bullish indicator for the broader cryptocurrency market.

Stablecoins like Tether are critical for providing trading liquidity and facilitating capital flow within the ecosystem.

Ethereum’s prominence stems from its adoption by financial institutions for tokenizing US dollar-backed assets.

Meanwhile, Tron remains popular in high-inflation regions due to its low fees and fast transactions, enabling efficient savings in stablecoins like USDT.

Ethereum solidified its lead on November 21, and the gap widened on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron.

Other blockchains in the USDT supply rankings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).

Tether maintains its position as the largest stablecoin globally, with a market capitalization of $132.3 billion.

It is followed by Circle’s USD Coin (USDC) at $39 billion. Ethereum also dominates USDC circulation, holding $26.3 billion or 67.5% of its supply.

Tron, however, lags in USDC supply due to decisions by Circle and Binance earlier this year to withdraw support for USDC on the Tron network.

Tether reported reaching 350 million users as of October, representing 4.2% of the global population, further highlighting its critical role in the digital asset ecosystem.

Cantor Fitzgerald Acquires 5% Stake in Tether

Financial services giant Cantor Fitzgerald has acquired a 5% stake in Tether, the world’s largest stablecoin issuer, in a deal valued at up to $600 million.

The acquisition, which occurred within the past year, positions the firm to potentially leverage political influence through its CEO Howard Lutnick, who was recently appointed as U.S. President-Elect Donald Trump’s Secretary of Commerce.

Cantor Fitzgerald’s involvement with Tether could bolster the stablecoin issuer’s standing amid increasing regulatory scrutiny.

Tether has faced ongoing investigations from the U.S. Attorney’s Office for the Southern District of New York regarding alleged use of its stablecoin, USDT, in illicit activities such as terrorism financing.

Amid these challenges, Lutnick’s political clout may play a pivotal role in navigating regulatory hurdles.

Tether’s largest shareholder, Giancarlo Devasini, reportedly expressed confidence in Lutnick’s ability to “defuse threats facing Tether,” according to sources cited in the WSJ.

Lutnick, who has been working closely with Trump as a transition advisor, is vetting candidates for key government roles, some of which could directly impact oversight of Tether.

He is expected to step down as Cantor Fitzgerald’s CEO upon Senate confirmation of his cabinet position.