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Republicans won the Senate, but 2 crypto races are still up for grabs

Democrat Ruben Gallego was leading in a race for Arizona’s Senate race, while Republican Sam Brown trailed in Nevada. 

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

After US election wins, the crypto industry looks to the 2026 midterms

Contributions from Coinbase and statements from executives suggested that crypto companies were likely to keep pouring money into future US elections. 

Though reporting varies and may still come in after all the elections are called, many experts said crypto interest groups and political action committees (PACs) spent more than $100 million through campaign contributions and media buys supporting or opposing political candidates in the United States — a strategy that is unlikely to change after 2024.

As of Nov. 7, more than 200 candidates running for the House of Representatives, Senate, and White House who had expressed support for digital assets and blockchain had won their respective 2024 races. Among some of the biggest wins crypto leaders claimed would be good for the industry included Republican Donald Trump for US President and Bernie Moreno for one of Ohio’s Senate seats. 

“The Ohio race was actually incredibly impactful and really proved just how powerful the crypto lobby is now,” Exodus chief legal officer Veronica McGregor told Cointelegraph, adding: 

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Coinbase hit with $300M token listing allegations by Sun and Cronje

The rumors around the alleged listing fees could drive projects to decentralized trading platforms.

Some of the largest cryptocurrency exchanges allegedly ask for up to hundreds of millions of dollars for new token listings.

According to Tron founder Justin Sun, Coinbase allegedly asked for $330 million in total fees to list Tron (TRX). Sun posted on X on Nov. 4 that while Binance did not charge any fee, Coinbase requested 500 million TRX tokens (valued at around $80 million) and a $250 million Bitcoin deposit to be held in Coinbase Custody.

Coinbase listing fee allegations. Source: Justin Sun

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Italy’s finance minister defends 42% crypto capital gains tax plan

Giancarlo Giorgetti said cryptocurrencies like Bitcoin presented a “very high level of risk,” highlighting the need for additional taxes.

Giancarlo Giorgetti, the Italian Minister of Economy and Finance, has pushed back against critics of a plan to raise the country’s capital gains tax on cryptocurrencies like Bitcoin to 42%.

At a World Savings Day event on Oct. 31, Giorgetti said digital assets presented a “very high level of risk,” defending the government’s decision to change the capital gains tax. Italy’s Council of Ministers approved a budget bill to increase withholding taxes for Bitcoin (BTC) from 26% to 42%.

Italian finance minister Giancarlo Giorgetti at World Savings Day on Oct. 31. Source: YouTube

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Major Hong Kong Exchange Group to Launch Virtual Asset Index Series

Major Hong Kong Exchange Group to Launch Virtual Asset Index SeriesHKEX, a major global exchange group, is launching a new index series for Bitcoin and Ethereum to provide a transparent and reliable benchmark for pricing these cryptocurrencies in the Asian time zone. The index series adheres to EU regulations and aims to foster a dynamic virtual asset ecosystem in Hong Kong. Transparent Benchmark Hong Kong […]

Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

US lawmaker claims crypto PACs forced out ’important voices in Congress’

Representative Summer Lee took aim at crypto-backed Super PACs funding media buys that could have contributed to two Democratic lawmakers losing their primaries.

Pennsylvania Representative Summer Lee staunchly criticized cryptocurrency-backed political action committees (PACs) for funding ads “demonizing” candidates in 2024 primaries — often for reasons unrelated to digital assets.

Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.

The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.” 

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

SEC lists crypto as an examination priority in 2025

The regulator’s Division of Examinations specifically named spot Bitcoin and Ether exchange-traded products in its priorities after their 2024 launch. 

The United States Securities and Exchange Commission (SEC) has again included cryptocurrencies in its list of examination priorities for the next year, even as its leadership and government control could change hands. 

In an Oct. 21 notice, the SEC’s Division of Examinations released its priorities for 2025, including crypto assets and their “associated products and services.”

According to the regulator, it planned to focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets,” explicitly naming spot Bitcoin (BTC) and Ether (ETH) exchange-traded products. 

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Most Andrew Tate-endorsed memecoins crashed to zero

The controversial social media figure has already been accused of insider trading and crypto market manipulation in the past.

Most memecoins endorsed by controversial social media figure Andrew Tate have lost 99% of their value, raising concerns of potential insider trading.

Tate jumped on the Solana memecoin bandwagon on June 7, endorsing over 10 tokens, which are known for having no intrinsic value.

However, most of these tokens have lost around 99% of their value shortly after Tate’s endorsement, according to an Oct. 19 X post by Bubblemaps, which stated:

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Paypal Expands Crypto Reach: 60 Million Venmo Users Now Linked to Moonpay

Paypal Expands Crypto Reach: 60 Million Venmo Users Now Linked to MoonpayVenmo’s 60 million users can now fund transactions on the Moonpay platform, thanks to a new integration announced by Paypal. U.S. users can use Venmo balances, linked bank accounts, or cards to buy and sell cryptocurrencies through Moonpay, expanding payment flexibility. However, this option is unavailable in New York and Texas, continuing Paypal’s push into […]

Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery

Pennsylvania, Wisconsin drive surge in crypto interest among swing states

According to a16z’s “State of Crypto” report, crypto interest has surged in three of the top five swing states since 2020.

Digital assets may not be a top issue in the United States presidential elections, but they are increasingly becoming a key topic for many voters, particularly in swing states.

According to a16z’s “State of Crypto 2024” report, data from Google Trends indicates that Pennsylvania and Wisconsin, both expected to host tight races, have recorded the fourth- and fifth-largest increases in cryptocurrency search interest since the 2020 elections.

Other swing states, such as Michigan and Georgia, have also seen a surge in cryptocurrency queries, while Arizona and Nevada have experienced moderate declines in interest since 2020. These states can swing either way — Democratic or Republican — during presidential elections, often playing a crucial role in determining the outcome of US elections.

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Crypto Strategist Sees BTC Bears Flipping Bullish Following Bitcoin’s ‘Notable Momentum’ Recovery