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FBI seizes Polymarket CEO’s phone and electronics: report
- The New York Post has published a news story alleging the Federa Bureau of Investigations has seized a phone and electronics from Polymarket CEO.
- Sources reportedly see this as political retriution after the betting market platform predicted the 2024 US election.
The Federal Bureau of Investigation has reportedly seized the phone and electronics of Polymarket chief executive officer Shayne Coplan.
On Nov. 13, the New York Post reported that the FBI seized Coplan’s phone early Wednesday, with sources saying FBI agents raided the Polymarket CEO’s home at 6:00 am. Per the NY Post news, Coplan was in his home in Soho when law enforcement officers seized the gadgets.
While the FBI took his items, the New York said citing sources, they did not detain the Polymarket CEO. Coplan has also not made any public comment on the report as at the time of writing. However, the Post alleges political retribution.
“The government is likely trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump,” the New York Post wrote, citing the unnamed sources.
FBI’s raid and confiscation of the items comes just a week after the betting market correctly predicted the win for Donald Trump in the presidential race.
The president-elect beat Democrat Kamala Harris and has begun to form his cabinet and team, including the formation of the Department of Government Efficiency headed by Elon Musk and Vivek Ramaswamy.
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Curve Finance launches scrvUSD, a decentralized yield-bearing stablecoin
- Curve Finance launches yield-bearing stablecoin, Savings-crvUSD (scrvUSD).
- scrvUSD stabilizes borrowing rates and enhances DeFi composability.
- Curve has partnered with The Open Network to boost ecosystem integration and efficiency.
Curve Finance, a leading decentralized finance (DeFi) platform, has launched a new decentralized yield-bearing stablecoin called Savings-crvUSD (scrvUSD) to offer low-risk returns for investors and further scale its crvUSD stablecoin.
The new product aims to stabilize the borrowing rates for crvUSD while enhancing composability within the DeFi ecosystem.
The scrvUSD stablecoin
Launched on November 13, 2024, the scrvUSD stablecoin allows users to mint the token by depositing crvUSD into the scrvUSD module. The underlying crvUSD is overcollateralized by digital assets such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and others, providing security to users’ funds.
Crucially, Curve Finance has emphasized that funds in scrvUSD are not rehypothecated or moved from the vaults, ensuring that the stablecoin remains a safe and sustainable option for investors.
According to Curve Finance founder Michael Egorov, the scrvUSD module is already sustainable, with over 3 million crvUSD stored in the vault. This initiative is designed to offer stability to the DeFi ecosystem, addressing the volatility concerns associated with traditional stablecoins.
The introduction of scrvUSD also marks an important step in Curve Finance’s broader strategy to enhance composability within decentralized finance.
Composability refers to the ability of various DeFi applications to work together seamlessly, allowing users to access innovative financial products.
Curve Finance’s move to scrvUSD follows its earlier decision in June 2024 to adopt crvUSD as the primary fee distribution asset, signalling a shift towards further integration across DeFi platforms.
Curve Finance’s partnership with TON
Additionally, Curve Finance is expanding its ecosystem through a collaboration with The Open Network (TON). This partnership seeks to increase interaction and composability between the two decentralized networks, fostering new opportunities for traders and investors.
As part of this collaboration, a competition was launched to develop Curve’s Constant Functional Market Maker (CFMM) — a tool designed to curb volatility and market slippage, thus improving overall efficiency in the DeFi space.
Through these strategic moves, Curve Finance continues to reinforce its position as a pivotal player in the evolving DeFi landscape.
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Crypto critic Elizabeth Warren rises to top Democrat on Senate Banking Committee
- Senator Elizabeth Warren will be the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee.
- The crypto critic’s new role means her input could have an impact crypto regulation in the US.
Senator Elizabeth Warren, the top crypto critic in the US Senate, has confirmed she’s set to be the senior most Democrat on the crucial Senate Banking, Housing, and Urban Affairs Committee.
Warren, who defeated pro-crypto lawyer John Deaton for the Massachusetts senate seat in the 2024 elections, noted this in a statement published on Wednesday. Notably, the Senate Banking Committee is the entity that’s set to handle critical legislation on cryptocurrencies.
While Republicans have control of the Senate, any changes to this scenario likely during the mid-terms could see Warren become even more influential in the next two years.
Warren’s new Senate role
Warren’s elevated position follows the exit of Sherrod Brown, the former chairperson of the Senate Banking Committee. The Ohio Democrat lost in the 2024 U.S. election, with his defeat coming amid massive effort from across the crypto space to support the winner and new Ohio Senator-elect Bernie Moreno.
The 2024 US election has also seen the most pro-crypto lawmakers elected.
However, the crypto industry’s larger concern will be on the influence of the Dem’s ranking member in Senate. While Warran did mention crypto in the statement, she said:
“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class. For Massachusetts and hard-working families nationwide, this new role means a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams.”
Cryptocurrencies have rallied since Donald Trump won a second term by defeating Democrat Kamala Harris in Nov. 5. Bullish sentiment has seen Bitcoin break past the previous bull market’s high to hit highs of $93k.
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BlackRock’s spot Bitcoin ETF hits $40 billion, sets new record in 211 days
- BlackRock’s IBIT reached a new record in 211 days, surpassing iShares Core MSCI Emerging Markets ETF’s previous record of 1,253 days
- BlackRock’s new record comes two weeks after it hit $30 billion in net assets at the end of October
- BlackRock is now in the top 1% of all ETFs by assets and is bigger than all the ETFs launched in the past 10 years
BlackRock has done it again. This time its IBIT spot Bitcoin exchange-traded fund (ETF) has hit a record of over $41 billion in net assets in 211 days.
News of the milestone comes two weeks after BlackRock reached $30 billion in net assets in 293 days at the end of October.
Posting on X in October, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
With BlackRock’s new achievement, it’s surpassed the previous record of 1,253 days held by iShares Core MSCI Emerging Markets ETF, according to Balchunas.
In a post on X, he said: “[BlackRock’s] now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.”
JUGGERNAUT: $IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by $IEMG. It’s now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years. pic.twitter.com/WTATlpShUq
— Eric Balchunas (@EricBalchunas) November 13, 2024
Now, BlackRock holds more than 467,000 Bitcoin, valued at $41.8 billion, according to iShares data.
Reaching new heights
The new record comes as Bitcoin reached an all-time high of over $93,000 on November 13 in a continued rally that’s showing no signs of slowing.
The upward trajectory is partly due to Donald Trump being re-elected as US President earlier this month. Following news of his win, Bitcoin broke the $75,000 mark. It then passed $82,000, and continued to $84,000, before pushing to $87,000 earlier this week.
In September, Bernstein analysts predicted that Bitcoin would surge to between $80,000 and $90,000 if Trump won the US election. With that prediction having now passed, Bernstein analysts believe Bitcoin could reach $200,000 in 2025, urging investors to “buy everything they can.”
It remains to be seen how far Bitcoin will go, but for now, it’s showing no signs of slowing down.
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