Good afternoon. Candidate Kamala Harris made her first statement on crypto, ever. Ready for it?
âWe will encourage innovative technologies like AI and digital assets while protecting consumers and investorsâ
The best part is that some are calling this âprogress.â Now, eating crypto burgers, on the other hand… đ¤ˇââď¸Â
Todayâs Stories: đŠ Polymarket mulling token launch âď¸ Silvergate was not insolvent đ New BTC options will hit different
Today's edition is brought to you by Porter & Co. â which has an urgent new election warning for all investors.
Today's newsletter is 1,202 words, a 6.5-minute good read.
Polymarket Reportedly Seeks $50M in New Funding, Mulls Token Launch as Election Bets Surge
Polymarket is seeking $50 million in new funding as well as mulling a potential token launch, according to reporting from The Information.
While a token launch has not yet been confirmed, sources signaled that investors in the latest round will âreceive token warrants.â
“The prediction site could use the tokens as a way for users to validate the outcome of real-world events, one of the people said. Polymarket has not made a decision regarding tokens and thereâs no guarantee of a launch.”
– The Information
This funding round follows the companyâs combined $70 million raised over two rounds which were both led by Peter Thiel's Founders Found.
Why it matters: Polymarket has been one of the most successful crypto projects of 2024, with bets for the 2024 US presidential election winner crossing the $1 billion mark this week and monthly cumulative volume touching nearly $2 billion in September.
What else: Prediction markets really are all the rage right now. With 40 days left until the presidential election, companies everywhere are looking to take advantage of the moment.
Companies like D8X, Injective, and Wintermute have all recently launched prediction market offerings.
PARTNER
The Election Twist Nobody Sees Coming
The race for the White House has been absolute chaos.
The lawfare against Trump, multiple assassination attempts, the cover-up of Bidenâs dementia, Kamalaâs coup to dethrone Biden⌠thereâs never been an election like it.
But the fact is almost everyone is blind to the real election threat thatâs brewing⌠a new type of crisis that I believe will carve a brutal scar on the future of America.
But Iâm not talking politics here. Frankly, it doesnât matter who wins the presidency.
You see, whoever wins the White House, the fact is that theyâre powerless to stop this financial force thatâs about to descend upon America⌠and threaten every dollar in your brokerage, 401k, or savings account.
Whether itâs Trump or Harris who winsâŚ
I believe this unseen, unstoppable event is going to trigger a multi-trillion dollar transfer of wealth that decimates certain investors while making others wildly wealthy.
Which side youâre on depends on what you do before the polls close.
To help you get on the right side of this crisis, Iâm hosting an urgent broadcast for my readers⌠and I want to offer you a complimentary seat to this emergency event too.
So It Turns Out Regulators, Not FTX, Are What Did Silvergate In
Silvergate Bank has officially filed for Chapter 11 bankruptcy as of Tuesday in Delaware.
The filing comes nearly 18 months after Silvergate Bank shut down following the collpase of FTX and other bank failures such as Silicon Valley Bank and Signature Bank.
But, new bombshell testimony in the case suggests that the bank was never actually insolvent and could have withstood the risks surrounding FTXs collapse.
“Despite facing an unprecedented confluence of industry and regulatory pressures, Silvergate Bank did not failâ
– Elaine Hetrick, Former Chief Administrative Officer
Instead, executives at the company â now able to talk â are putting the blame squarely on regulatorsâŚ
“The increased supervisory pressure on Silvergate Bank and other banks focused on servicing crypto-asset businesses forced Silvergate Bank to a point where it would have needed to remake its business model away from its focus on crypto-asset businesses, seek to sell itself as a going concern in the shadow of the regulatory overhang or begin winding down its affairs with the goal of preserving as much value as possible for stakeholdersâ
– Elaine Hetrick, Former Chief Administrative Officer
This affidavit confirms the speculation from people like Nic Carter that Silvergate was forced to shut down not because it was insolvent, but because the Biden Administration opposed the company providing banking services to digital asset companies.
nic carter @nic__carter
Replying to@nic__carter
one point i’ve endeavored to make is that Silvergate died by murder, not suicide. the critical point is that the Fed told them after the drawdown that they had to cut their crypto deposits to 15% of their book, dooming them. (this is obviously unconstitutional, by the way)
The SEC has approved the listing of options on the BlackRock Bitcoin ETF. Trading will go live once the OCC and CFTC give their approvals, which are expected soon.
Why it matters: While bitcoin options have been around, this development brings regulated and easily accessible options to institutional investors.
Jeff Park @dgt10011
If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it’s going to be wild. x.com/i/web/status/1âŚ
11:51 PM ⢠Sep 20, 2024
4.22K Likes 868 Retweets
222 Replies
How This Time Is Different
Letâs be honest, bitcoin options aren't anything new. Exchanges like Deribit already offer them. And the CME already offers options on BTC and ETH futures. It wouldnât surprise us if we had written about these instruments years ago, claiming that they would potentially âchange the gameâ by injecting more leverage or reducing implied volatility.
But as Jeff Park, head of alpha strategies at Bitwise, explained above… there are many more catalysts this time around.
Regulated Environment: Backed by the OCC, these options would reduce counterparty risk significantly. This level of regulatory oversight wasn't present with earlier crypto derivatives.
Mainstream Accessibility: Previous Bitcoin options platforms like Deribit catered mostly to specialized traders. Regulated options on common exchanges are dramatically more accessible than existing products.
Simplified Leverage: CME futures options required too much active management. Now investors will be able to gain leveraged exposure to bitcoin without dealing with complex futures contracts.
Gamma squeeze possibility: A gamma squeeze occurs when stock prices rise rapidly because market makers buy more stock to cover their options positions, driven by high demand for call options.
PARTNER
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Millions of Americans are drowned in advertisements for sports gambling all day every day.
Regulators seem fine with this, as long as there’s a little note saying “gambling problem? call this number.”
But don’t you dare think about investing in crypto đ
9:17 PM ⢠Sep 7, 2024
669 Likes 81 Retweets
52 Replies
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