Weekly Roundup 11/01/24 (US Treasury on Stables, Polymarket volume, Singh Sentenced) (EP.571)

Matt and Nic return for another week of news and deals. In this episode:

• We check in on the presidential odds
• State races to watch
• As part of their quarterly earnings release, Microstrategy announced a plan to raise $42 billion in the next 3 years in order to buy more Bitcoin. The raise will be evenly split between equity offerings and sales of fixed-income securities.
• Coinbase pledged a future donation of $25 million to Fairshake to be used for the 2026 midterm elections.
• Nishad Singh, the former director of engineering for FTX, avoided prison time following his guilty plea and cooperation in the investigation into the exchange's collapse.
• Blackrock's IBIT Bitcoin ETF saw $872 million of net inflows on Wednesday, which marked a new record for the fund since the launch in January.
• The US Treasury released a quarterly fiscal report this week that had a section dedicated to digital assets, noting stablecoins growth has caused "a modest increase in demand for short-dated treasuries."
• The Bank for International Settlements announced they are no longer working on Project mBridge, a cross-border payment network for CBDCs backed by China, Hong Kong, UAE, Saudia Arabia, among others.

Content mentioned:

• Treasury Presentation to TBAC
• Fortune, Wash Trading on Polymarket
• Blockchain Association, Regulation by Enforcement

Sponsor notes:

• Polymarket and the Power of Collective Intelligence: In Coin Metrics' State of the Network issue 283, we dive into how Polymarket’s prediction markets operate on Polygon and analyze data behind the 2024 U.S. Presidential Election
• Withum’s Digital Currency and Blockchain Technology Team specializes in crypto-assets, offering accounting, tax and advisory solutions to fortify trust in a dynamic industry. Contact them today to get started. - withum.com/crypto