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- 11/14/24: The FBI's Questionable Raid 😡🦅🏦
11/14/24: The FBI's Questionable Raid 😡🦅🏦
Today’s issue is brought to you by Safe — the world’s leading smart account provider on EVM, securing $100B+ in assets (including Vitalik’s).
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Top News
FBI seizes Polymarket CEO’s phone and electronics in raid
Trump considers 0% capital gains tax on US-issued crypto
Sr. Federal Reserve official now has “open mind” on Bitcoin
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Specs’ Insights
1. FBI seizes Polymarket CEO’s phone and electronics in raid
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting… x.com/i/web/status/1…
— Shayne Coplan 🦅 (@shayne_coplan)
11:15 PM • Nov 13, 2024
⌐◪-◪ → The FBI just made a big mistake.
The FBI raided Polymarket CEO Shayne Coplan’s apartment, seizing his phone and other electronics. While the exact motive is unclear, speculation is that it’s part of a market manipulation probe suggesting Polymarket polls were rigged to favor Trump — which I’ve already written about at length.
Since this is an ongoing investigation, the FBI hasn’t provided justification. But if they don’t have reasonable grounds, this is a terrible look for the FBI and the current administration. It reeks of political retribution.
Polymarket’s CEO already responded on Twitter with:
It’s important to remember that this is all speculation. Beyond the raid and seizure, nothing has been verified.
While I’m open to the possibility that the FBI had probable cause and that Shayne or Polymarket could be in the wrong, I highly doubt it. If there’s no legal basis here, I hope Shayne sues the absolute shit out of the FBI.
Heavyweights like Elon Musk and Brian Armstrong have already weighed in, backing Shayne and Polymarket. I have a feeling this isn’t going to end well for the FBI, but let’s see.
2. Trump considers 0% capital gains tax on US-issued crypto
There is a rumor that Trump is now seriously considering 0% capital gains tax on cryptocurrencies.
— Fred Krueger (@dotkrueger)
3:34 AM • Nov 14, 2024
⌐◪-◪ → Pinch me, I must be dreaming.
Donald Trump is allegedly considering eliminating capital gains taxes on crypto issued by U.S. companies. This isn’t the first time we’ve heard it — rumors started circulating in late October, which we covered in the 10/31 issue of Specs.
If this isn’t just a rumor, and Trump makes it happen, Americans holding U.S. crypto assets like $ADA, $ALGO, $XRP, and $HBAR would face 0% capital gains — crazy. This has two immediate effects:
Short term: Holders of U.S. crypto might exit their positions to take advantage of tax-free gains.
Long term: U.S. investors would likely overallocate to U.S. cryptos, maximizing gains under a pro-crypto Trump administration.
One of these creates sell-side pressure, while the other creates buy-side pressure. Fundamentally though, this is mega-bullish for U.S. crypto companies. It makes U.S.-issued crypto the logical choice for American investors and would help the U.S. further establish itself as the crypto capital of the world.
While exciting, the reality is that the executive branch doesn’t have the authority to create tax law — it would still need to pass through Congress.
But the simple fact remains: the future of crypto in America has never looked brighter, and the market agrees.
3. Sr. Federal Reserve official now has “open mind” on Bitcoin
A Fed official told CoinDesk he'll have an "open mind" about crypto.
@HeleneBraunn reports
— CoinDesk (@CoinDesk)
5:53 PM • Nov 13, 2024
⌐◪-◪ → Is the Fed changing its tune on crypto?
Minneapolis Federal Reserve President Neel Kashkari just said he’d keep an “open mind” toward crypto in an interview with CoinDesk. This is a big shift, as Neel has been one of crypto’s loudest critics, calling it worthless, fraudulent, and nonsense for years.
Despite his promise to stay open-minded, Kashkari still criticized crypto during the interview, questioning its purpose and utility beyond speculation. This change, of course, comes right after Trump won the election — our first pro-crypto president, with a pro-crypto Republican party now controlling all three branches of government.
This adds new perspective to the possibility of Sen. Lummis’ Bitcoin Act, which would require the U.S. government to purchase 1M Bitcoin (5% of the supply), potentially setting off a global Bitcoin arms race.
It’s refreshing to see longstanding crypto critics start to open their eyes to the asset. It only took Wall Street ETFs, pension fund adoption, new all-time highs, and a Pro-Bitcoin president — but hey, better late than never. I just hope he becomes a genuine believer and isn’t just covering his ass (from getting fired).
I’ll leave you with this → ∞/21M
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Everything Else
🚀 Market Snapshot
⛓️ Crypto & DeFi
Safe to launch new blockchain called Safenet
Coinbase becomes #1 app in the app store
World Liberty Financial partners with Chainlink for DeFi platform
Odell Beckham dunks on haters over taking salary in Bitcoin
Ethereum researchers reveal 'smart transactions' concept
Phantom warns iOS users of wallet resets, urges key backups
Bubblemaps adds AI to identify insider-controlled tokens
Algorand Foundation CEO says Trump sees merits of crypto
Jito downtime temporarily increases Solana transaction fees
AltLayer unveils Autonome platform for AI agents
Fableborne moves from Avalanche to Ethereum’s Ronin network
Moonpay introduces zero-fee fiat onboarding
🏦 Wall Street
BlackRock buys $3B in Bitcoin for its ETF in 5 days
Bitwise CIO makes case for $500K Bitcoin
Bitwise acquires Ethereum staking provider Attestant
Tesla’s Bitcoin holdings officially surpass $1B
Coinbase acquires stablecoin payment processor Utopia Labs
BlackRock’s BUIDL expands to Aptos, Arbitrum, Avalanche, Optimism, Polygon
Robinhood lists Solana, XRP, Cardano, and Pepe
ARK Invest says Trump could clear hurdles for Circle and Kraken IPOs
DeFi Technologies to replicate MicroStrategy with CoreFi launch
Hut 8, Bitfarms, and HIVE report Q3 earnings
Copper to provide custody for tokenized funds like BlackRock’s BUIDL
🚀 Venture Capital
Folks Finance raises $3.2M for cross-chain DeFi platform
Zero Gravity Labs raises $40M to build decentralized AI OS
Arca and BlockTower agree to a merger
🏛️ Legal & Regulatory
U.S. seeks to recover crypto linked to alleged SBF China bribe
Caitlyn Jenner faces lawsuit over JENNER memecoin
Republicans win House majority, completing 2024 trifecta
DOGE department will be led by Musk and Ramaswamy, says Trump
Pete Hegseth, pro-Bitcoin, nominated for Secretary of Defense
Matt Gaetz tapped as Attorney General by Trump
Sen. John Thune to lead Senate as majority leader, supporting crypto
Sen. Warren to lead Senate Banking amid crypto scrutiny
Rep. French Hill urges agencies to halt rulemaking after Trump’s win
🌎 Rest Of The World
WazirX hack suspect arrested in India for $235M theft
$115M crypto fund aims to invest in Latin America
Italy considers crypto tax rate of 28% instead of 42%
Crypto influencer found deceased in Montreal park
Praxis founder pitches Greenland charter city to politicians
🖼️ NFTs & Metaverse
‘MemeFi’ Telegram game boosts Sui airdrop rewards ahead of snapshot
CryptoPunks continue to soar with 38 sales yesterday alone
Hoodie CryptoPunk #1219 sells for 140 ETH ($452k)
NFT collector bids 500 ETH ($1.59M) on CryptoPunk #2386
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