Optimism

Casey Wagner

While none of the big three crypto super political action committees (PACs) — Fairshake, Protect Progress and Defend American Jobs — donated to a US presidential candidate, they did support several congressional efforts. 



As election results continue to trickle in, there are some fresh faces headed to Washington in January and many of them have the crypto industry to thank.&nbsp;



<h3 class="wp-block-heading">Jim Justice&nbsp;</h3>



West Virginia Governor Jim Justice on Tuesday defeated Democratic challenger Glenn Elliot to take West Virginia’s open US Senate seat, earning about 68% of the vote.&nbsp;



Defend American Jobs spent more than $3 million supporting Justice. The Senator-elect has <a href="https://www.standwithcrypto.org/politicians/person/jim--justice">said</a> he supports a crypto market structure that allows for innovation while also protecting investors.&nbsp;



<h3 class="wp-block-heading">Julie Johnson&nbsp;</h3>



Johnson, a state representative in Texas, on Tuesday defeated Republican challenger Darrell Day to win a seat in the US House for Texas’s 32nd district.&nbsp;



Protect Progress, the Democratic effort in the Fairshake Super PAC trio, spent almost $1 million supporting Johnson.&nbsp;



Johnson voiced support for crypto during the campaign, writing on her <a href="https://juliejohnson.com/issues/">website</a> that she hopes to “establish clear rules of the road for the crypto industry to build technology that benefits everyday Americans.”&nbsp;



<h3 class="wp-block-heading">Bernie Moreno&nbsp;</h3>



Republican challenger Bernie Moreno narrowly defeated sitting US Senator Sherrod Brown in a narrow race Tuesday, winning 50.2% of the vote.&nbsp;



Brown, the current chair of the Senate Banking Committee, has largely been seen by the crypto industry as an adversary. He voted against the resolution that sought to overturn the US Securities and Exchange Commission’s SAB 121 accounting guidance, which <a href="https://blockworks.co/news/senators-oppose-sec-accounting-standards">passed both chambers</a> with bipartisan support before ultimately being vetoed by President Biden.&nbsp;



Defend American Jobs spent more than $34 million supporting Moreno through the end of October, federal <a href="https://www.fec.gov/data/committee/C00836221/?tab=spending">filings</a> show.



<h3 class="wp-block-heading">Adam Schiff&nbsp;</h3>



Democrat US Representative Adam Schiff will make his way to the Senate next year after defeating Republican challenger Steve Garvey 57% to 42%, as of Wednesday afternoon.&nbsp;



Schiff received support from the crypto industry during the Democratic primary after crypto super PAC Fairshake spent more than $10 million opposing his then-opponent Rep. Katie Porter.&nbsp;



Schiff has an A <a href="https://www.standwithcrypto.org/politicians/person/adam---schiff">rating</a> from nonprofit Stand With Crypto, despite, like Sen. Brown, not voting in favor of the House resolution which sought to overturn the SEC’s SAB 121 accounting guidance. He did vote in favor of the Financial Innovation and Technology for the 21st Century Act.&nbsp;



<h3 class="wp-block-heading">John Curtis&nbsp;</h3>



He’s also not a new face to the Hill, but John Curtis will be making a move from the House to the Senate. Rep. Curtis defeated Democratic challenger Caroline Gleich 62% to 32% to take Mitt Romney’s vacant Utah seat. 



The Defend American Jobs PAC (part of the <a href="https://blockworks.co/news/on-the-margin-newsletter-crypto-super-pac-elections">Fairshake</a> Super PAC trio) donated $1.9 million to Curtis’s campaign as of mid-October, making up almost 35% of the representative’s total contributions. Curtis co-sponsored the FIT21 and Anti-CBDC Surveillance Act bills in the House this session.



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The newest pro-crypto faces on Capitol Hill

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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There was a lot of election uncertainty a day ago. Now there isn’t.&nbsp;



Donald Trump — a man who has promised to support the crypto industry — is set to <a href="https://blockworks.co/news/donald-trump-declared-president-2024-election">return to the White House</a> in January. Bitcoin hit <a href="https://blockworks.co/news/bitcoin-new-all-time-high-trump-victory">a new record high</a> as a result.



The now-president-elect’s <a href="https://blockworks.co/news/donald-trump-speaks-bitcoin-2024">pledges</a> in recent months included firing SEC Chair Gary Gensler, <a href="https://blockworks.co/news/on-the-margin-newsletter-trump-bitcoin-mining-meeting">supporting bitcoin mining</a> in America and halting government bitcoin sales.



Beyond Trump, more members of Congress are expected to support the space than ever before. There were so far 257 pro-crypto House candidates elected (compared to 115 with an anti-crypto stance), <a href="https://www.standwithcrypto.org/races">according to</a> nonprofit Stand With Crypto’s rankings. In the Senate, the crypto-friendly winners outpace those viewing the industry negatively, 16 to 12.



While Republicans gained control of the Senate, the House was still <a href="https://apnews.com/live/senate-house-election-updates-11-5-2024">up for grabs</a> as of midday Wednesday.&nbsp;



“With the likely Republican sweep, the obstacles for fulfilling [Trump’s] promises will come down to three factors: order of importance in the grand scheme of politics, how sound the policy proposed is, and the personnel hired within the White House and relative agencies,” Blockchain Association government relations director Ron Hammond told me.&nbsp;&nbsp;



FalconX’s David Lawant and Kaitlin Gately said in a Wednesday note that stablecoin legislation is “likely the lowest-hanging fruit.” They also highlighted the Financial Innovation and Technology for the 21st Century (FIT21) Act, which still needs to <a href="https://blockworks.co/news/fit21-crypto-bill-advances-to-senate">get through the Senate</a> after <a href="https://blockworks.co/news/house-passes-act-fit21-with-bipartisan-support">the House passed</a> it in May with bipartisan support.&nbsp;



CoinShares research head James Butterfill labeled the prospect of the <a href="https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy">BITCOIN Act</a> — which would establish a US strategic bitcoin reserve — a “key focus.”



Though most of the long-term problems facing the crypto industry will need a legislative solution, Trump can take some actions in the short term, Hammond explained.



“The most immediate: the debanking issue plaguing the industry and course-correcting the hostile approach the banking regulators have taken under the Biden Administration,” he argued.&nbsp;



Speaking of regulators, many are keeping an eye on who Trump could select to replace Gensler as SEC chair — and when.



Trump seemed surprised by the Bitcoin 2024 conference crowd’s raucous applause when <a href="https://www.youtube.com/watch?v=EiEIfBatnH8">he said he’d fire Gary</a>. And we know Trump loves big-crowd love.&nbsp;



Hammond told me last month he expected Trump, if elected, to replace Gensler quickly (in January or February). Lawant and Gately pondered whether Trump could select either <a href="https://blockworks.co/news/empire-newsletter-gary-gensler-crypto-regulation">Hester Peirce or Mark Uyeda</a> (both existing SEC commissioners) to lead the agency; we’ll simply have to wait and see.



One other action to watch out for, the FalconX pros pointed out, will be the crypto-focused advisory council Trump mentioned in July — “tasked with designing transparent regulatory guidance for the industry within the first 100 days of the new administration.”&nbsp;&nbsp;



Professional Capital Management founder Anthony Pompliano told <a href="https://x.com/SquawkCNBC/status/1854134157779071247">CNBC</a> on Wednesday morning that while he doesn’t expect Trump to do everything he said he would while on the campaign trail, fulfilling some of the promises would suffice.&nbsp;



Creating a strategic bitcoin reserve, for example, would be a “huge tailwind” that would spur “global game theory,” he explained.&nbsp;



Former SEC senior counsel Ashley Ebersole <a href="https://blockworks.co/news/more-crypto-remarks-likely-coming-from-trump-harris">told me</a> in August that a presidential pro-crypto approach could be as simple as “White House silence” paired with stacking agencies with crypto-forward leaders.



I was reminded of that when Pompliano added: “If he’s going to protect [bitcoin] and not be abrasive, that’s a win.”



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Revisiting Trump’s crypto promises after his election win

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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The November FOMC meeting begins today. Committee members are overwhelmingly expected to deliver a 25-basis point interest rate cut.&nbsp;



This morning’s election results came too late to impact this month’s decision, analysts say. But the potential Republican sweep and resulting market moves leave December’s outcome less certain.&nbsp;



Fed funds futures markets were pricing in a 99.2% likelihood that the committee announces a 25bps cut tomorrow, per CME Group data. Odds of an additional 25bps cut in December are now at 67%.&nbsp;



Donald Trump’s victory could impact the Fed’s leadership and mission. Trump’s planned tax cuts and tariff increases, which he promised on the campaign trail, could, by some economist’s estimates, increase inflation and the federal deficit.&nbsp;



Plus, Chair Jerome Powell’s term ends in May 2026, giving Trump the opportunity to replace the central bank head. He has already said he will not reappoint Powell, and even mentioned wanting to fire him in 2018.&nbsp;



Trump will also have the opportunity to nominate a replacement for Fed Governor Adriana Kugler, whose term ends in January 2026.&nbsp;



Keep your ears open during tomorrow’s press conference, as we expect Powell will face questions about the election and how it impacts future policy. Buckle up; this week is far from over.



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FOMC gathers as country and markets digest election results

Katherine Ross

Bitcoin carved out a fresh all-time high as crypto stocks took off following the outcome of the US presidential election on Wednesday.&nbsp;



President-elect Donald Trump was declared the winner in the wee hours of Wednesday morning, leading to a bump across crypto stocks that’s only gained momentum throughout the trading day.&nbsp;



Bitcoin topped $76,000, a new all-time high just hours after it carved out its last ATH.



<img loading="lazy" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe0O2G7Th0x2HIJMi5e2-FFTDhZzaVqBxHwKYzNjfSVsFKrYyflKAx2PMMeR1an4nINHKx3iOzf4L81y80xZgARJX-14iEo4FUBbIS-kyT4yDVcQKQY_I_xgjYwjNUUdeGKimdJ2PVtFKEW2AqpLq4Dol8?key=5KoM32HRCcPxeRAK35_RCXpJ" width="624" height="192">



Shares of Coinbase were up 30% in midday trading to $253 a share as it inches up toward a 52-week high. COIN is roughly $34 from carving out a new 52-week high, up 187% in the last year.&nbsp;



The market enthusiasm can be boiled down to two things: Trump was largely seen as the pro-crypto candidate, who’s made multiple promises around crypto including a promise to remove Gary Gensler as chair of the SEC. Whether or not he has the ability to do so remains up in the air, as Blockworks’ Casey Wagner reported.&nbsp;



If Gensler steps down or is removed as the head of the SEC, Coinbase could benefit given its multi-year legal battle with the SEC.&nbsp;



But Coin’s not the only stock to see the overall euphoria throughout the crypto community. Bitcoin mining stocks, including Marathon and Riot, were up double digits.&nbsp;



MARA was up over 18%, while RIOT and Cleanspark were up roughly 20% in midday trading.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">🚨 Crypto stocks keep pumping after following President-elect Donald Trump&#39;s win<a href="https://twitter.com/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$COIN</a> up 29%<a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> up 12.5%<a href="https://twitter.com/search?q=%24MARA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MARA</a> up 19%<a href="https://twitter.com/search?q=%24RIOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RIOT</a> up 21%<a href="https://twitter.com/search?q=%24CLSK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CLSK</a> up 20%<a href="https://twitter.com/search?q=%24HUT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HUT</a> up 9%&mdash; Blockworks (@Blockworks_) <a href="https://twitter.com/Blockworks_/status/1854234599783592321?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



&#8220;The GOP&#8217;s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we&#8217;ve always believed that when America steps up in crypto adoption, it&#8217;ll do so with gusto—and ultimately take the lead globally. Now, we&#8217;re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” CoinShares CEO Jean-Marie Mognetti said.



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Bitcoin carves out fresh all-time high as crypto stocks take off

Donovan Choy

On the most important night of the year for Polymarket, crypto’s breakout star application processed a smooth $240 million in trading volumes without a hitch.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="972" height="761" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png" alt="" class="wp-image-94183" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=972 972w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=333 333w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=280 280w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-3.png?w=80 80w" sizes="(max-width: 972px) 100vw, 972px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/polymarket">Blockworks Research</a></figcaption></figure>



It’s an impressive feat for a dapp that is mostly onchain, representing perhaps one of crypto’s first “mainstream” tests.



Polymarket is designed as a &#8220;binary limit order book” (<a href="https://docs.polymarket.com/#introduction">BLOB</a>), a kind of hybrid-decentralized model that is common in many DEXs. Matching (i.e. placing limit orders) on Polymarket is offchain, while settlement and execution of trades goes onchain on <a href="https://blockworks.co/tag/polygon">Polygon’s</a> PoS sidechain.



The underlying blockchain chugged along more or less smoothly, processing 2,921,668 transactions on election day, or about 33.8 TPS at a 7% reversion rate, Blockworks Research data shows.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1492" height="879" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png" alt="" class="wp-image-94181" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=1492 1492w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=443 443w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=372 372w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-1.png?w=80 80w" sizes="(max-width: 1492px) 100vw, 1492px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/polymarket">Blockworks Research</a></figcaption></figure>



Polygon is taking many well-deserved <a href="https://x.com/0xMarcB/status/1853976553459470688">victory</a> <a href="https://x.com/sandeepnailwal/status/1854022707408421048">laps</a>, but what’s not talked about is how little value has accrued to its POL token despite Polymarket’s success. On election day alone, Polymarket users generated a pretty minor $10,571 in fees for Polygon.&nbsp;



The price of POL (<a href="https://blockworks.co/news/polygons-biggest-little-upgrade-matic-to-pol">previously MATIC</a>) is up 7.2% on the day at $0.3, but still down about 54% year to date.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1469" height="773" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png" alt="" class="wp-image-94184" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=1469 1469w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-4.png?w=80 80w" sizes="(max-width: 1469px) 100vw, 1469px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/polymarket">Blockworks Research</a></figcaption></figure>



This is not a knock on Polygon; Polygon’s sidechain design was aimed at delivering ultra-low fees at a time when L2s were still relatively scarce.&nbsp;



Polygon’s bet on POL’s value accrual is aimed at the token’s utility in staking for various different Polygon-related services like block batching in the Agglayer, or providing data availability within its Staking Hub/Layer in 2025.



The plan is also to let POL stakers derive fee revenue from other Polygon CDK chains within its aggregated network of blockchains.



But back to Polymarket — where does the prediction market go from here?&nbsp;



The majority of Polymarket’s usage comes from US political elections. Post-election, Polymarket’s continued success will have to rely on other areas of interest that can stoke the same kind of mainstream appetite as political gambling.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1401" height="493" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png" alt="" class="wp-image-94182" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=1401 1401w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-2.png?w=80 80w" sizes="(max-width: 1401px) 100vw, 1401px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/polymarket">Blockworks Research</a></figcaption></figure>



Sports, which makes up the third-largest category of open interest on Polymarket, is one possible demand driver, but that area of gambling is also saturated with existing crypto players like Shuffle, Gandom, Rollbit, Stake.com and more, as well as a slew of Web2 offerings.



For more on Polymarket’s next steps, plug into the latest <a href="https://www.youtube.com/watch?v=27Ls_ruAvAs">0xResearch podcast</a>.



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Polymarket performs smoothly on Election Day, processes $240M in trading volumes

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



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It was a late night for many Americans, including yours truly, as we stayed up well past our bedtimes to watch the outcome of the election.&nbsp;



President-elect Donald Trump took the lead early on, with the early results playing out in his favor. But, as was proven as the night matured, it wasn’t just a mirage. It felt like — as a non-political reporter who occasionally dabbles — there wasn’t a single swing state with Harris securing a so-called easy win, even in counties that saw Biden, well, trump Trump last election.



Folks over on Crypto Twitter (sorry, X, but Crypto X just doesn’t have the same ring to it) handed Trump the victory early on, following Polymarket’s odds which quickly saw Trump take a hefty lead over Harris.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">🚨 Trump odds hit 90% on Polymarket <a href="https://t.co/suJjx8kKCy">pic.twitter.com/suJjx8kKCy</a>&mdash; Blockworks (@Blockworks_) <a href="https://twitter.com/Blockworks_/status/1853999975807541670?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a pre-victory victory speech, Trump said that his campaign was the “greatest political movement of all time.”



“We’re going to help our country heal,” he added.



“We made history for a reason tonight,” Trump said, alluding to a win that would happen just a few hours after his speech. “I’m excited to be your 47th and your 45th president.”



Trump said that a “star” was born in Tesla CEO Elon Musk, who’s become a very vocal supporter of Trump this election.&nbsp;



“We have to protect our geniuses, we don’t have that many of them,” Trump added.&nbsp;



Meanwhile, we didn’t hear from Vice President Kamala Harris last night. Instead, Harris co-chair Cedric Richmond told a crowd at Harris HQ that the votes were still being counted a couple of hours before Trump took the stage.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">&quot;We still have votes to count, we still have states that have not been called yet. we&#39;ll continue overnight to make sure that every vote is counted, that every voice has spoken &#8230;. so you won&#39;t hear from [VP Kamala Harris] tonight,&quot; Cedric Richmond said to the crowd at Harris…&mdash; Katherine Ross (@byKatherineRoss) <a href="https://twitter.com/byKatherineRoss/status/1854039864997462057?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The enthusiasm was also evident in bitcoin’s price, which took off and carved out fresh all-time highs not once but twice in the same hour. Honestly, I’ll admit I was pretty surprised to see such a push after all of my conversations with analysts, who thought a Trump victory or lead could see a bump but perhaps not an all-time high. I don’t think anyone’s complaining though.&nbsp;



With the Trump win, “expect a green light for crypto and an SEC power shuffle. Trump’s pro-business stance means open doors, with CFTC oversight and a crypto-friendly regulatory landscape in reach,” Thesis general counsel Katherine Snow said.



The night definitely marked a win for the crypto voter, which was very much championed by Coinbase’s CEO Brian Armstrong and CLO Paul Grewal.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">I hope <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There&#39;s no reason to wait.&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1854028953658577240?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The pro-crypto voters notched a few wins, whether you include the presidential race which could be argued as being a win for crypto given Trump’s previous promises to remove SEC Chair Gary Gensler and potential pro-crypto policies — though to be clear, we have yet to see anything materialize on that front yet.&nbsp;



Let’s look at Ohio’s senate race, <a href="https://blockworks.co/news/bernie-moreno-defeats-ohio-senator-sherrod-brown">which saw pro-crypto Republican Bernie Moreno</a> unseat anti-crypto Democrat Sherrod Brown.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Being anti-crypto is simply bad politics <a href="https://t.co/Y6mPMSE3C0">pic.twitter.com/Y6mPMSE3C0</a>&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1854029871040835614?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



A Fairshake-linked crypto super PAC, Defend American Jobs, was a big contributor to Moreno, supporting him with millions of dollars per FEC <a href="https://www.fec.gov/data/committee/C00836221/?tab=spending">filings</a>.&nbsp;&nbsp;



But it wasn’t all wins, pro-crypto candidate John Deaton wasn’t able to upset Senator Elizabeth Warren in their Massachusetts race despite millions of campaign donations.&nbsp;



It certainly was a long night, but now that the wait is over, it’ll be interesting to see how everything plays out — and whether campaign promises are fulfilled.



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Crypto candidates fared well on election night

Michael McSweeney

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Those who bet that a Trump victory —&nbsp;or at least the first inklings of one —&nbsp;would fuel a new all-time high for bitcoin were right.



Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000. It was a remarkable move to correspond with a remarkable political comeback for Trump, who earlier this morning was projected to win enough Electoral College votes to become the 47th president of the United States.



According to <a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD">TradingView</a> data, bitcoin crossed $70K during the morning voting hours before slipping back beneath that level for much of the afternoon trade. As the polls closed on the East Coast, bitcoin regained that level and has held it since.&nbsp;



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="1082" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png" alt="" class="wp-image-94164" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=324 324w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD">TradingView</a></figcaption></figure>



Over in equities, pre-market moves <a href="https://www.cnn.com/markets/premarkets">indicate</a> that US indices will open in the green. The Dow appears poised to open up just over 3% as of the time of writing, with the S&amp;P 500 and Nasdaq primed to open 1.5% and 2.2%, respectively.



Crypto equities appear set for a strong performance today. Coinbase looks set to open up more than 12% at $217.8 after closing Tuesday at $193.96. MicroStrategy’s pre-market trading performance suggests a similarly strong open, up nearly 12%.



Perhaps the strongest market performer on Election Night was Polymarket, which had indicated a Trump win heading into the vote. Trump’s <a href="https://x.com/Blockworks_/status/1853999975807541670">odds hit 90%</a> as bitcoin’s price crested and stayed above that level throughout the duration of the night. The election results hewed closer to the Polymarket odds than those of many polls heading into Election Day. 



With this morning’s victory call, Théo, the <a href="https://www.wsj.com/finance/trump-odds-polymarket-election-betting-whale-3d94bed3?st=FAddHR&amp;reflink=article_copyURL_sharehttps://www.wsj.com/finance/trump-odds-polymarket-election-betting-whale-3d94bed3?st=FAddHR&amp;reflink=article_copyURL_share">French Polymarket whale</a>, might have had the best night of all, having potentially more than doubled his $30 million stake.



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Bitcoin hits new all-time high on Trump presidential victory

The winner of the 2024 presidential election is former President Donald Trump.&nbsp;



Fox News first projected the race for Trump, with networks including NBC officially calling the race for him hours later. Wisconsin’s 10 electoral votes put the President-elect over the top at approximately 5:30 am ET.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The Fox News Decision Desk can now project that Donald Trump will become the 47th President of the United States. The former president’s comeback will be complete with a win in Wisconsin, a state he narrowly lost four years ago. He is the second president in U.S. history to win…&mdash; Bret Baier (@BretBaier) <a href="https://twitter.com/BretBaier/status/1854052897324949806?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trump took an early lead in the night, leading with what’s commonly referred to as the “red mirage.” States primarily in the South were called for the Republican candidate. The popular vote saw Trump with a win of over 70 million. Trump won key states including North Carolina, Georgia, and Pennsylvania.



In a speech before the race was officially called for Trump, the former president took the stage alongside his family, including his wife Melania Trump, and sons Barron and Eric Trump.



“This was, I believe, the greatest political movement of all time,” Trump said to kick off his speech. “We’re going to help our country heal.”



Read more: <a href="https://blockworks.co/news/bernie-moreno-defeats-ohio-senator-sherrod-brown">Republican candidate Bernie Moreno defeats incumbent Sherrod Brown for US Senate seat&nbsp;</a>



“We made history for a reason tonight,” Trump said, alluding to a win. “I’m excited to be your 47th and your 45th president.”



At the time of his speech, only Fox News had projected Trump as the winner of the presidential election, though he sat at 266 electoral votes.



“This will truly be the golden age of America,” Trump told an excited crowd.&nbsp;



<a href="https://blockworks.co/tag/donald-trump">Trump</a> has run for president three times, though this is the first election where he’s promised potential policies that are favorable for crypto. In 2020, Trump lost to current President Joe Biden, who dropped his re-election bid back in July.&nbsp;



In the Republican platform, Trump <a href="https://cdn.nucleusfiles.com/be/beb1a388-1d88-4389-a67d-c1e2d7f8bedf/2024-gop-platform-july-7-final.pdf?utm_medium=email&amp;utm_source=ncl_amplify&amp;utm_campaign=240708-2024_gop_platform_make_america_great_again&amp;utm_content=ncl-4NsN8UE5x2&amp;_nlid=4NsN8UE5x2&amp;_nhids=1vYAUW6K">promised</a> to end the “unlawful and unAmerican Crypto crackdown” <a href="https://blockworks.co/news/donald-trump-selects-vp-2024-election">by Democrats</a>. He’s also pushed for bitcoin to be “<a href="https://blockworks.co/news/on-the-margin-newsletter-trump-bitcoin-mining-meeting">made in the USA</a>,” which could translate into more favorable mining policies.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1858" height="850" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=1024&amp;h=1024" alt="" class="wp-image-94155" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=1858 1858w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Screenshot-2024-11-06-at-03.47.43.png?w=80 80w" sizes="(max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption"><a href="https://truthsocial.com/@realDonaldTrump/posts/112601639679885930">Source</a></figcaption></figure>



However, none of Trump’s <a href="https://blockworks.co/news/donald-trump-speaks-bitcoin-2024">crypto promises</a> have translated into policies yet. He’s set to be inaugurated in late January.&nbsp;



Aside from his potential policies, Trump is also linked to the <a href="https://blockworks.co/news/on-the-margin-newsletter-trump-family-defi-venture">DeFi project</a> World Liberty Financial. The project lowered its fundraising goals, according to a US Securities and Exchange Commission <a href="https://www.sec.gov/Archives/edgar/data/2043140/000204314024000002/xslFormDX01/primary_doc.xml">filing</a>, after <a href="https://blockworks.co/news/world-liberty-financial-kyc-starts">opening its whitelist</a> for accredited investors back in September.&nbsp;



Prior to the election, prediction markets Kalshi and Polymarket showed Trump <a href="https://blockworks.co/news/prediction-markets-election-odds">in the lead</a> for the most part.&nbsp;



As votes were being counted, Trump’s lead over Harris widened with him hitting 90% before major networks called the race for Trump.



Trump’s vice presidential pick, JD Vance, has previously been seen as a crypto supporter. Vance even floated a <a href="https://blockworks.co/news/donald-trump-selects-vp-2024-election">draft of legislation focused on crypto</a> prior to being picked as Trump’s VP, according to a Politico report last summer.



In comparison to his opponent, Vice President <a href="https://blockworks.co/tag/kamala-harris">Kamala Harris</a>, Trump was seen as the crypto candidate. However, Harris also included mentions of crypto in her platforms. A potential Harris administration <a href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf">promised</a> to “encourage innovative technologies” such as crypto.



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Donald Trump wins 2024 presidential election

Republican challenger Bernie Moreno defeated sitting US Senator Sherrod Brown Tuesday, according to Politico. Moreno was leading Brown 50.6% to 46% as of 11:30 pm ET, when 91% of votes had been reported.  



Moreno had not yet made a public statement and Brown had not conceded as of time of publication. Both teams did not immediately respond to Blockworks’ request for comment.&nbsp;



Brown, the current chair of the Senate Banking Committee, has largely been seen by the crypto industry as an adversary. He voted against the resolution that sought to overturn the US Securities and Exchange Commission’s SAB 121 accounting guidance, which <a href="https://blockworks.co/news/senators-oppose-sec-accounting-standards">passed both chambers</a> with bipartisan support before ultimately being vetoed by President Biden.&nbsp;



Read more: <a href="https://blockworks.co/news/on-the-margin-newsletter-harris-team-crypto">Team Harris members show mixed track record when it comes to crypto</a>



Senator Cynthia Lummis, R-Wyo., has <a href="https://www.coindesk.com/policy/2024/04/09/lummis-crypto-will-erupt-as-big-issue-in-senate-races-including-banking-chair-browns/">complained</a> that Brown has not been interested in getting crypto bills to the Committee for markup and votes, including <a href="https://blockworks.co/news/senators-oppose-sec-accounting-standards">the bipartisan effort</a> Lummis has with Sen. Kristin Gillibrand, R-N.Y. Gillibrand was also up for re-election Tuesday, she defeated Republican Mike Sapraicone, earning 58% of the vote at time of publication.&nbsp;



Moreno, a car salesman, made crypto a central part of his messaging <a href="https://blockworks.co/news/senate-race-sherrod-brown-bernie-moreno">on the campaign trail</a>, vowing to block a CBDC and fight against those looking to “destroy crypto.” 



Defend American Jobs, a Fairshake-associated crypto super PAC, has spent more than $34 million supporting Moreno through the end of October, federal <a href="https://www.fec.gov/data/committee/C00836221/?tab=spending">filings</a> show.



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Republican candidate Bernie Moreno defeats incumbent Sherrod Brown for US Senate seat 

Sitting US Senator Elizabeth Warren defeated Republican nominee John Deaton Tuesday night, according to the Associated Press. Warren had 81.6% of the vote as of 8:11 pm ET.&nbsp;



Deaton at 9 pm ET addressed the public via a livestream on X. He said he had spoken to Warren and congratulated her.&nbsp;



“I’m disappointed with the results,” Deaton said. “I&#8217;m a competitive guy.”



“I&#8217;m proud of my campaign and how it was run for this entire time; no lies, no name calling, just trying to focus on policy,” he added. “Although it was fun to tell the truth, look her in the face and say, ‘we know all of you suck in Congress.’”



Cryptocurrency regulation became a hot topic in the race for the Massachusetts seat. During a debate last month, Warren, a long-time adversary of pro-crypto proposals in Congress, alleged that Deaton is only interested in protecting “his crypto buddies.”



Read more: <a href="https://blockworks.co/news/elizabeth-warren-john-deaton-congressional-debate">Crypto gets mention on national stage during Congressional debate&nbsp;</a>



Deaton countered Warren’s characterization of the crypto industry, arguing that bitcoin and digital assets can help elevate marginalized communities. He pointed to his mother, who he said struggled to maintain minimum balances required by banks and often faced additional fees that would be avoided through blockchain transactions.&nbsp;



<a href="https://blockworks.co/tag/elizabeth-warren">Warren</a> eventually during the debate said she’s “fine” if people want to invest in bitcoin and other cryptocurrencies, as long as safety is the top priority. The comment comes months after Warren wrote that the US Securities and Exchange Commission was <a href="https://blockworks.co/news/sec-wrong-bitcoin-etf-elizabeth-warren">“wrong on the law”</a> when they approved spot bitcoin ETFs at the beginning <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">of this year</a>.&nbsp;



Deaton amassed $2.1 million in campaign <a href="https://www.fec.gov/data/candidate/S4MA00358/?tab=raising">contributions</a> as of the middle of October, about half of which was a personal loan from Deaton himself. Other donors include Gemini co-founders Tyler and Cameron Winklevoss, and current and former Ripple CEOs Brad Garlinghouse and Chris Larsen, each of whom donated the maximum amount allowed for&nbsp; individual contributors.&nbsp;



“Contrary to what Senator Warren said, the average donation for my campaign was $105 by regular people, hard working people,” Deaton said Tuesday night. 



The Warren campaign did not immediately respond to Blockworks’ request for comment.



Updated Nov. 5, 2024 at 9:12 pm ET: Added statement from Deaton. 



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Elizabeth Warren defeats crypto-backed challenger John Deaton in Massachusetts Senate race 

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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Regardless of the election outcome and its impact on crypto prices, some industry watchers have repeatedly noted the long-term tailwinds for BTC.



Among them are ongoing government deficit spending, Fed monetary policy and increased institutional adoption. A large demographic related to the latter is pensions and endowments, which brings us to some of the latest news.&nbsp;



You may have seen last month that Emory University <a href="https://www.sec.gov/Archives/edgar/data/1377635/000137763524000025/xslForm13F_X02/usethisfile13F.xml">disclosed</a> owning $15 million of the Grayscale Bitcoin Mini Trust and 4,000-plus shares of Coinbase. Then yesterday, a 13F <a href="https://www.sec.gov/Archives/edgar/data/762152/000076215224000013/xslForm13F_X02/InformationTable_09_30_24.xml">filing</a> detailed the State of Michigan Retirement System’s exposure to crypto.&nbsp;



Wisconsin’s investment board earlier this year <a href="https://blockworks.co/news/wisconsin-discloses-blackrock-ibit-shares">revealed</a> bitcoin ETF holdings amounting to roughly $100 million. So, more surprising than the Michigan fund’s $7 million of exposure to the Ark 21Shares Bitcoin ETF (as of Sept. 30) was its ownership of roughly $11 million worth of Grayscale ether ETFs.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Not only did Michigan&#39;s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one. <a href="https://t.co/0E6O6pKK8S">https://t.co/0E6O6pKK8S</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1853472024833695805?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Also on Monday, consultant firm Cartwright revealed that an unnamed UK pension scheme made a 3% allocation to bitcoin, “reflecting the scheme’s relatively long investment time horizon.” The decision came “after a rigorous training and due diligence process,” it noted.



Samara Cohen, BlackRock&#8217;s CIO of ETF and index investments, said at <a href="https://blockworks.co/recordings?session=195300">Blockworks’ Permissionless conference</a> last month that there remains “a fair amount of plumbing” needed to unlock the ability for pensions and endowments to gain BTC exposure.&nbsp;



“It could be…what is the financial position of the fund [and] does it make sense to have a bitcoin allocation?” she explained. “And if the answer is yes, does a state law permit the fund to buy bitcoin ETPs? Do their investment guidelines? Does their board?” Bitcoin-focused platform Onramp <a href="https://x.com/OnrampBitcoin/status/1821232310978523387">noted</a> that Cartwright chose them as the asset manager and custodian to provide their clients with BTC access. Onramp CEO Michael Tanguma told me he expects other pensions to follow suit, noting that he believes bitcoin will ultimately be a core asset in all portfolios.&nbsp;



He added: “The banks stepping in to custody bitcoin, as well as bitcoin&#8217;s price inevitably hitting the six-figure mark in 2025, will dictate how fast the rest of the institutions follow.”



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Pensions’ move to BTC is slow, steady 

You already know it’s Election Day, and <a href="https://blockworks.co/news/election-eve-harris-trump-crypto-impact">we’ve detailed</a> the events leading up to today and what the results could spur in crypto land.&nbsp;



Bitcoin’s price surged above $70,000 Tuesday morning, before dropping below that threshold. BTC stood at roughly $70,170 just after 2 pm ET — up 3.5% from 24 hours prior.



Bitfinex analysts said in an email that BTC, historically, has <a href="https://blockworks.co/news/btc-election-market-moment">responded positively</a> to periods of political change, especially when fiscal and monetary policies are uncertain. “The demand for safe-haven assets amidst rising US debt and deficits could drive bitcoin’s appeal as election outcomes unfold,” they wrote.



BitOoda analysts noted in a Tuesday report that implied volatility remains elevated. That is likely to persist throughout the week due to the uncertainty around the <a href="https://blockworks.co/tag/elections">election</a> and the Fed’s Thursday meeting, they explained.



“The options market is signaling potential price movements of around 8% following the election, compared to the typical 2% daily fluctuation,” the BitOoda analysts added.&nbsp;



CoinFund managing partner Seth Ginns told Blockworks he would be watching the $75,000 level. “If we break decisively above it, we’d expect a quick and large follow-through,” he noted.&nbsp;



Following <a href="https://blockworks.co/news/btc-price-movements-etf-flows-surge">bitcoin’s rise</a> above $73,000 last week (and subsequent decline), Ledn CIO John Glover predicted another test of the $74,000 level before the election results come in. A <a href="https://blockworks.co/news/on-the-margin-newsletter-republican-sweep-markets">Republican win</a> could bring a “quick jump” to around $82,000, he added, followed by a period of “sideways-to-lower trading” in the $68,000 to $72,000 range.&nbsp;



“A break and close below $63,000…could open up the potential for a correction down to $55,000 to 62,000, but that is not my preferred count,” Glover said.&nbsp;



Beyond price, Ginns’ colleague, CoinFund president Chris Perkins, said crypto voters (estimated to be <a href="https://x.com/HarrisXdata/status/1852520633906975024">18% of the electorate</a>) have already shaped party platforms and will influence a number of election outcomes.



“As a result, we expect the next Congress to be a ‘Crypto Congress,’&#8221; he said. “This will result in a more favorable regulatory and policy climate for the asset class which will be favorable for greater adoption.&#8221;



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BTC sees early Election Day boost above $70K

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Happy Election Day to our US readers! 



Yesterday we wrote about <a href="https://blockworks.co/news/senate-race-sherrod-brown-bernie-moreno">one close race in the Senate</a> that has caught the attention of big crypto donors. Here are some other Senate races we will be watching tonight:&nbsp;



<h2 class="wp-block-heading">Utah Senate Seat: Caroline Gleich (D) v. Rep. John Curtis (R)</h2>



In the race to replace outgoing senator Mitt Romney, current US Rep. Curtis is polling ahead of Democrat Gleich by <a href="https://www.deseret.com/politics/2024/10/25/utah-senate-race-poll-john-curtis/">35%</a> — a lead largely attributed to the crypto industry.&nbsp;



The Defend American Jobs PAC (part of the <a href="https://blockworks.co/news/on-the-margin-newsletter-crypto-super-pac-elections">Fairshake</a> Super PAC trio) donated $1.9 million to Curtis’s campaign as of mid-October, making up almost 35% of the representative’s total contributions.&nbsp;



Curtis co-sponsored two crypto-related bills in the House this session: the <a href="https://blockworks.co/news/house-passes-act-fit21-with-bipartisan-support">FIT21 Act</a> and the <a href="https://blockworks.co/news/house-passes-cbdc-anti-surveillance-act">CBDC Anti-Surveillance</a> State Act. He also voted in favor of the bill that sought to discredit the SEC’s SAB 121 guidance, which was <a href="https://blockworks.co/news/house-fails-to-override-anti-sab121-veto">ultimately vetoed</a> by President Biden.&nbsp;



“[It] is so important to get government involved, because if they don’t understand what you’re doing, they’ll make really bad decisions,” Curtis said last month at Blockworks’ <a href="https://blockworks.co/tag/permissionless">Permissionless</a> conference in Salt Lake City. “The worst part of regulation is its unpredictability.”



<h2 class="wp-block-heading">Michigan Senate Seat: Rep. Elissa Slotkin (D) v. Former Rep. Mike Rogers (R)</h2>



This race will be interesting for two reasons. First, it’s going to be very close, according to the <a href="https://projects.fivethirtyeight.com/polls/senate/2024/michigan/">latest polls</a>, which have Slotkin leading Rogers 49% to 48%. Second, it’s one of very few races this year where both candidates appear relatively supportive of crypto.&nbsp;



Slotkin has an <a href="https://www.standwithcrypto.org/politicians/person/elissa---slotkin">A rating</a> from Stand With Crypto, and she voted in favor of both FIT21 and the bill to overturn SAB 121. The Protect Progress PAC (the Democratic pro-crypto group associated with Fairshake) has spent more than $10 million supporting Slotkin since the end of October, FEC filings show.&nbsp;



While Rogers also headed into Election Day with a Stand With Crypto <a href="https://www.standwithcrypto.org/politicians/person/mike--rogers">A rating</a>, the data to support this ranking is a bit less robust. Rogers, a US representative from 2001 to 2015, doesn’t have a crypto voting record, but has leaned into pro-crypto messaging throughout his campaign.&nbsp;



<h2 class="wp-block-heading">Arizona Senate Seat: Ruben Gallego (D) v. Kari Lake (R)</h2>



In another race shaping up to be neck and neck, Lake and Gallego also both have A ratings from Stand With Crypto.&nbsp;



Lake has publicly supported Donald Trump’s statements on bitcoin as a “last line of defense” against foreign adversaries and has been accepting bitcoin donations throughout her campaign.&nbsp;



Gallego, like Slotkin, also voted in favor of the SAB 121 resolution and FIT21. He has backing from Protect Progress to the tune of $10 million. 



Keep your eye on <a href="http://blockworks.co">Blockworks.co</a> tonight for the latest updates on more crypto-related races. 



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The US Senate races the crypto industry will be watching tonight 

Macauley Peterson

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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The latest turn from Term Finance is turning heads: Its <a href="https://app.term.finance/earn">Blue Sheets Simple-Earn</a> platform now opens institutional-grade fixed-rate lending to the DeFi crowd. For those unfamiliar, Term Finance initially catered to high rollers, running efficient blind auctions onchain to match big-money borrowers and lenders.



Now, the platform — with backing from Coinbase, Electric Capital and Maelstrom — invites anyone with some ether or USDC to earn predictable yields, sans auction hassles and minimum balances.



Co-founder Billy Welch notes that although the Earn platform is only available on Ethereum and Avalanche C-chain for now, there are plans to scale to Ethereum L2s and other EVM networks, as well as to add more assets.



“Integrating Pendle assets is coming very soon — likely this week — as lenders have become more comfortable lending against these assets,” Welch told Blockworks. “We are always interested in more exotic collateral types based on demand, but risk management and lenders&#8217; willingness to lend against assets is a large consideration.”



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Term Finance eyes fixed-rate lending market

Elena Giralt

I am a single-issue voter, and surprise — it’s not Bitcoin. It’s sovereignty.



For Bitcoiners, sovereignty is sacred. It is the highest unspoken commandment, “to thine ownself be sovereign.” Bitcoin, born out of frustration with centralized financial systems, has evolved into a global movement for people reclaiming individual freedom and control.&nbsp;



But true sovereignty goes beyond financial freedom. It means having control in every aspect of our lives — especially over our bodies. At its core, sovereignty is the power to consent, and nowhere is that principle more urgent than in the fight for reproductive rights in the US.



The reversal of Roe v. Wade is not just a political setback; it’s a direct attack on the most essential form of sovereignty: control over your own body. As part of a community that champions freedom through technology, I ask myself why there hasn’t been more discussion about the erosion of freedoms that exist beyond the blockchain.



Read more from our opinion section: <a href="https://blockworks.co/news/crypto-blockchain-not-synonymous">Crypto and blockchain are not synonymous</a>



Bitcoin operates on consent: Independent actors are economically incentivized to maintain the network, with each participant free to join or leave at any time. No one can censor your transactions or interfere with your financial choices. No one tells you what you can and cannot do with your magic internet money. Now imagine applying the same principle to reproductive rights.



The right to decide what happens to your own body is just as essential as the right to decide what you do with your money. True freedom means agency and autonomy over what happens to the stuff that is yours — not just your digital assets, but your own body too. Without both, you’re only halfway free…which isn&#8217;t very free at all.



Bitcoin’s magic appeals to people across the political spectrum — from libertarians to progressives to your cousin who lives in a van. It’s always been about one thing: individual freedom. Freedom from centralized banks, from nosy governments, from unjust and oppressive systems. If we’re going to talk about sovereignty in Bitcoin, we should <a href="https://blockworks.co/news/nft-artist-raises-3-million-to-support-abortion-rights-groups">extend that conversation to all forms of autonomy</a>, including reproductive rights.



Just as we fight government interference in our transactions, we should also be fighting government interference in our personal medical decisions, including those between a woman and her healthcare provider.



Donad Trump’s policies, including the reversal of Roe v. Wade, directly impact my personal sovereignty as a woman living in Texas. For a movement built on individual liberty, it’s worth examining how political support can coexist with policies that restrict bodily autonomy.&nbsp;



Read more from our opinion section: <a href="https://blockworks.co/news/identity-eu-citizens-privacy-surveillance">Self-sovereign identity is not enough</a>



Financial freedom and reproductive rights are just two points on a broader spectrum of individual sovereignty. While we may never be completely sovereign individuals, we can acknowledge how deeply interconnected these freedoms are. For me, Bitcoin has always represented freedom in all its forms — financial and personal. True sovereignty means having control over our futures, our finances and our bodies.



After all, what’s the point of living in a country where my bitcoin is protected, but my uterus is not?



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Bitcoiners who value sovereignty should also defend reproductive rights

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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OpenSea dropped a <a href="https://x.com/dfinzer/status/1853462725742985713">cryptic tweet</a> yesterday, hinting at a “new OpenSea” coming in December 2024.



What’s OpenSea cooking? No one knows, but a waitlist to the new version of OpenSea has racked up about 308k wallets sign-ups so far.



<a href="https://x.com/basedkarbon/status/1853533964822356317?s=46&amp;t=yjAdM2ddX0KgGQimu7jcDQ">Initial speculation</a> is pointing to an OpenSea airdrop token, despite the NFT platform’s <a href="https://x.com/Arthur_0x/status/1467935033004474374">strong hints historically</a> at taking the IPO route.



Of all the major NFT marketplaces, OpenSea is the only player that has yet to launch a token. Blur, LooksRare, X2Y2, Tensor and Sudoswap all have a live token, while Magic Eden <a href="https://blockworks.co/news/magic-eden-announces-me-airdrop">announced</a> plans to launch one in August.



A user leaderboard that tracked rewards for usage was also spotted in OpenSea’s private beta, which the official OpenSea X account has <a href="https://x.com/waleswoosh/status/1853512770374729963">retweeted</a>.



If OpenSea is indeed launching a token, that’s cool, but it feels far too little, too late. NFT markets are <a href="https://blockworks.co/news/lightspeed-newsletter-hyperspace-nft-shutter">down bad</a>, with total NFT market caps down about 97% from their 2022 peaks.



The points meta was hot in early 2024, but it’s since faded off, so a points program built on NFT trading seems highly unlikely.



For these reasons, it’s hard to imagine OpenSea doubling down on an NFT-only strategy.



In Solana land, Magic Eden has already <a href="https://blockworks.co/news/magic-eden-announces-me-airdrop">pivoted</a> to fungible token trading of BTC and ETH with a mobile-centric strategy on its own Magic Eden wallet.



Based on its X account, Tensor seems to be persisting with an NFT product. The Solana NFT marketplace is still <a href="https://dune.com/ilemi/solana-nfts">seeing</a> an average of $3 to $6 million weekly trading volumes.



Blur’s last tweet was almost four months ago and Zora has <a href="https://blockworks.co/news/zora-uniswap-onchain-nft-secondary-market">pivoted</a> to capitalize on memecoin trading with its new “ERC-20z” token standard that allows NFTs to be tokenized into fungible tokens.



Most other NFT trading marketplaces have <a href="https://dune.com/hildobby/ethereum-nfts">negligible</a> daily trading volumes of no more than $22k, and are pretty much dead.



OpenSea hasn’t had a great year. The once-dominant player was brutally <a href="https://blockworks.co/news/blur-opensea-nft-volume-traders-airdrop">outcompeted</a> by Blur, <a href="https://blockworks.co/news/layoffs-opensea-nfts-lido">laid off</a> 50% of its staff in November 2023, and then received a <a href="https://blockworks.co/news/sec-issues-wells-notice-opensea-nfts">Wells notice</a> from the SEC in August that alleged its NFTs were securities.



Keep an eye out for details on <a href="https://x.com/NadavAHollander/status/1849251664311562596">OpenSea 2.0</a> at Devcon next week.



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