Tag: 78M

Coinbase, a16z, Ripple and Others Invest $78M in Pro-crypto PAC Ahead of US Elections 2024

With the mass adoption of digital assets in the United States, notable presidential candidates have shown support for the blockchain and crypto asset industries. The crypto market has faced immense regulatory scrutiny from the current US government led by President Joe Biden. The lack of a clear crypto regulatory framework has left significant room for the United States Securities and Exchange Commission (SEC) and other federal agencies to crack down on web3 companies with decades-old policies. However, the mass adoption of crypto assets and web3 protocols in the United States…

Ripple, Coinbase, a16z invest $78M in pro-crypto PAC ahead of US elections

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Ripple CEO Brad Garlinghouse has publicly announced the company’s intent to support “pro-crypto’ candidates during the 2024 United States election season. The company is among a group to have pledged a total of $78 million to support the Fairshake political action committee (PAC). Fairshake announced that prominent industry firms and players had contributed to a significant “war chest” to back candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections. The list includes individuals like Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase,…

Fairshake Super PAC, Affiliates Raise $78M to Support Crypto, Blockchain Candidates in 2024 US Election

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Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

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In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community.  False Rumors of BTC Spot ETF Approval Trigger Volatility Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval.  However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated:  I believe this…

EU market drives 90% of inflows as crypto investments soar to $78m

Cryptocurrency investment products reached their highest volume since July 2023, totaling $78 million. Coinshares reported that the volumes of crypto exchange-traded products (ETPs) increased by 37%, reaching nearly $1.1 billion. The report also stated that Solana hit its highest level since March 2022, reaching a value of $24 million. Coinshares added that the inflows are divided, 90% coming from the European market, and the US and Canada saw only $9 million inflows. Bitcoin got the highest inflows, totaling $43 million during last week. Cryptocurrency industry challenges The cryptocurrency industry faces…

South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion

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Terraform Labs and co-founder Do Kwon continue to attract more legal trouble in the wake of the collapse of the Terra ecosystem. After early reports of a possible congressional hearing and an investigation from Grim Reapers financial crimes unit, the crypto firm has now come under the radar of the national tax agency. According to a report published in Naver news, South Korea’s national tax agency has slapped the Terraform Labs and its co-founder with a $78 million, or 100 billion won, penalty for tax evasion charges. The report highlighted that the…