🤑 a16z Pours Another $23M into Crypto-Friendly Fairshake PAC. Andreessen Horowitz makes a massive contribution to Fairshake PAC.
👋 Ethereum Researchers Leave EigenLayer Advisory Roles. Two top Ethereum researchers have stepped back from EigenLayer advisory roles to mitigate community concerns.
💰 Michigan Joins the Growing List of States Investing in Crypto. Michigan's state pension fund reveals over $10M in Ethereum ETF Holdings.
. . .
MARKET VIBES
Pre-Election Dump
📸 Daily Market Snapshot: Crypto markets sold off ahead of Tuesday's presidential election. Whether the sell-off mirrors a sudden decrease in Trump's lead across prediction market platforms or merely forecasts investor fears of a sell-the-news event for the election, BTC dominance is nevertheless pushing higher once again.
Prices as of 5pm ET
24hr
7d
Crypto $2.22T
↘ 1.9%
↘ 5.9%
BTC $67,655
↘ 2.0%
↘ 3.2%
ETH $2,385
↘ 3.4%
↘ 7.0%
SUI $1.83
↘ 5.3%
↗ 4.7%
🚰
New Token Rating: SUI’s explosive 140%, 7-day rebound off early August lows heralded the return of crypto’s alt L1 trade. Why might recent SUI stagnation suggest winter is coming?
Once a political afterthought, crypto has swiftly become a focal point in the 2024 Presidential Election.
And while there's certainly been plenty of grassroots energy powering this move, this election has also hosted unprecedented pro-crypto lobbying efforts backed by the industry's most powerful players.
Crypto has become the largest lobbying spender this cycle. Fairshake, which has raised over $200 million from major donors like Coinbase, Andreessen Horowitz, and Ripple, and similar groups have directed their substantial resources toward supporting political campaigns across party lines, all with one goal: helping pro-crypto candidates win.
It's a major investment, but is it money well spent? 👇
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What exactly are Based Rollups? We’ve brought Ethereum Researcher Justin Drake in to give us his reasoning on why he thinks the future of Ethereum is Based.
A handful of teams are already working on this Based Rollup future so, with this episode, we’re front running it and getting you downloaded on all things Based Rollups.
Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time to time, we may add links in this newsletter to products we use. We may receive a commission if you make a purchase through one of these links. Additionally, the Bankless team holds crypto assets.
