Kategorie: Crypto Markets

• Ripple CEO Brad Garlinghouse endorses John Deaton against Senator Elizabeth Warren.
• Deaton has strong pro-crypto advocacy; Warren criticizes him on various issues.
• Ripple supports Deaton’s campaign while also backing Kamala Harris’s candidacy.

Ripple CEO Brad Garlinghouse has thrown his support behind Republican John Deaton in his bid to unseat incumbent Senator Elizabeth Warren in Massachusetts.

Garlinghouse publicly endorsed Deaton in an October 22 post on X, saying he “enthusiastically and wholeheartedly” backs Deaton due to his work advocating for XRP holders and the broader crypto industry.

Ripple supports Deaton against Warren

Deaton, a well-known lawyer, has been a vocal supporter of cryptocurrency and is challenging Senator Warren, one of crypto’s most prominent critics.

Garlinghouse’s endorsement came as no surprise to many, given Ripple’s substantial contributions to Deaton’s campaign despite also contributing $11 million in XRP to a political action committee supporting Democratic presidential candidate Kamala Harris.

Interestingly, despite Ripple co-founder Chris Larsen recently endorsing Kamala Harris, he and the company’s chief legal officer Stuart Alderoty have also donated to Deaton’s Senate run.

Additionally, Ripple is a major donor to the Commonwealth Unity Fund PAC, which has been running media campaigns in support of Deaton and against Senator Warren.

Clash over digital asset policies

Crypto regulation has emerged as a significant issue in the Senate race, with Deaton and Warren clashing over digital asset policies during two recent debates.

Warren has accused Deaton of prioritizing the interests of the crypto industry over other critical issues such as immigration and the economy. She has claimed that Deaton’s campaign is beholden to crypto, saying “100% of his loyalty in Washington will be to crypto.”

Deaton, in turn, has criticized Warren for focusing excessively on regulating digital assets and failing to address other pressing concerns. Warren and Securities and Exchange Commission Chair Gary Gensler have become two of the most outspoken critics of cryptocurrency in US government.

With less than two weeks until the US elections, Warren holds a significant lead in most polls, but Garlinghouse’s endorsement of Deaton highlights the growing importance of crypto policy in political debates.

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• Tigran Gambaryan and Binance have been accused of laundering more than $35 million
• Nadeem Anjarwalla, a colleague of Gambaryan, was also detained, but managed to escape on a Middle Eastern airline in March

The Nigerian government has dropped all charges against a Binance executive who had been detained in the country since February.

Tigran Gambaryan, head of financial crime compliance at the  crypto exchange, was facing trial on money laundering charges; however, R.U. Adaba, a lawyer representing the Economic and Financial Crimes Commission (EFCC) announced the withdrawal during a hearing at the Federal High Court in Abuja on October 23, according to Premier Times.

He and Binance were charged with laundering over $35 million.

The EFCC lawyer said Gambaryan was an employee of Binance and that he wasn’t involved in the company’s wider financial decisions. The decision was agreed to by Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr Gambaryan.

The decision to drop the charges comes two days before a courtroom session was scheduled for October 25. According to Premier Times, the Wednesday hearing appears to have taken place to avoid as much attention as possible.

Nadeem Anjarwalla, a colleague of Gambaryan, had also been detained while the two were visiting the country. In March, it was reported that Anjarwalla escaped after boarding a Middle Eastern airline with the aid of a fake passport.

Charges dropped, but not acquitted

According to Adaba “diplomatic interventions” and the “extent of the defendant’s involvement in the alleged crimes” were the main factors for the decision.

However, another EFCC lawyer said that the charges against Gambaryan were dropped to enable him to get medical attention abroad.

“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” said EFCC lawyer Ekele Ihenacho.

Notably, while Gambaryan has been discharged, he hasn’t been acquitted. Adaba said the reason they dropped the charges was due to ill health, “it’s not on the ground of insufficient evidence,” adding:

“The matter has not been heard on its merit, and we are still calling witnesses.”

The trial against Binance continues and is scheduled to take place on November 22 and 25.

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• Billionaire Paul Tudor Jones is bullis on gold and Bitcoin.
• The hedge fund manager told CNBC in an interview that commodities are under-owned.

Paul Tudor Jones says he is long the precious metal gold and digital asset Bitcoin (BTC) ahead of the US election and as inflationary pressures look to persist beyond the November vote.

The billionaire hedge fund manager shared his investment strategy during an interview with CNBC’s Andrew Ross Sorkin on Oct. 22. Jones, the founder and chief investment officer of Tudor Investment, told Sorkin that his trading strategy is long gold and long bitcoin.

„I’m long gold, I’m long bitcoin, I think commodities are so ridiculously under-owned so I’m long commodities,“ says @ptj_official. „I probably have some basket of gold, bitcoin, commodities and Nasdaq, something like that. And I own zero fixed income.“ pic.twitter.com/i152rZFlbs

— Squawk Box (@SquawkCNBC) October 22, 2024

Bitcoin, gold

According to the Tudor Investment CIO, the market has commodities “ridiculously under-owned” and that’s why he’s bullish on the commodities as well. Jones also has Nasdaq as a long term bet – despite who wins the US presidential election. Data on Polymarket shows most crypto traders on the platform lean Donald Trump.

While he takes a bullish outlook on BTC gold and commodities in general, Jones is bearish on bonds amid worrying government spending. He believes if the government does not get serious about this, it’s a scenario that could see the bond market hit a major sell-off.

Amid this outlook, the hedge fund manager does not also plan to own any fixed income.

“The question is after this election will we have a Minsky moment here in the United States and U.S. debt markets?” he commented.

Bitcoin price hovered around $67,500 at the time of writing on Tuesday, Oct. 22, up 52% year-to-date and 125% over the past year. The cryptocurrency rallied to an all-time high of $73k in March.

Meanwhile, gold has been on a tear in recent weeks. As of Tuesday, the precious metal’s price ticked $2,747.68 for an all-time high. Gold price has increased over 33% year-to-date.

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