The political winds have shifted in crypto's favor

This week in crypto was dominated by U.S. politics as the industry digested the strong support shown by Republicans last weekend. At the Bitcoin 2024 conference in Nashville, Trump and RFK both promised to reform crypto regulation, and to create a bitcoin strategic reserve. Senator Lummis proposed the "Bitcoin Strategic Reserve Bill" to convert federal assets into bitcoin. Vivek Ramaswamy predicted increased support for Trump among pro-crypto voters, contrasting with Kamala Harris and the Democrat's expected superficial digital asset policy.

This good news was somewhat offset by the continued spot ether ETF outflows through the first half of the week, and the fact that the crypto market has so far traded down. This suggests that the market hasn't sufficiently appreciated the change in posture of U.S. politicians towards digital assets. Crypto's future is as bright as it has ever been.

-David Sencil

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In the news

Coinbase reports $1.4B in Q2 revenue

Coinbase posted $1.4 billion in total revenue for the second quarter of 2024, marking a period of continued growth and progress in the crypto industry.

The company's earnings report said it also made strides toward regulatory clarity in the U.S., a key development for the broader crypto economy.

Zambia de-dollarization: Central bank seeks to enforce Kwacha

The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal.

The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws designating the kwacha as the sole legal tender for domestic transactions.

Bybit launches digital Rupee for secure INR payments
The crypto exchange Bybit has introduced a digital rupee (eRupee) as a new payment method for Indian rupee transactions.

The launch aims to provide a secure alternative for INR users on its platform.

Crypto industry 'will show no mercy' in November says Winklevoss
Following the announcement that U.S. Vice President Kamala Harris won't attend the Bitcoin 2024 conference in Nashville, Gemini co-founder Tyler Winklevoss said the crypto industry will "show no mercy in November."

Goldman Sachs CEO clarifies his stance on bitcoin
Goldman Sachs CEO David Solomon clarified his stance on bitcoin during a CNBC interview, where his prior skepticism and the recent political focus on bitcoin were discussed.

Although he acknowledged bitcoin's volatility and speculative nature, Solomon stated he had "never been on the other side as to whether or not bitcoin would be something that's around."