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Kraken is shutting down its NFT marketplace nearly two years after its launch, reallocating resources to new products and services. Clients have been notified and will receive support in transferring their NFTs to either their Kraken Wallet or a self-custodial wallet of their choice.
President-elect Donald Trump is consulting the crypto industry on his selection for the new SEC chair, with top contenders including Paul Atkins and Brian Brooks. As he prepares to overhaul SEC leadership, Trump has pledged to support the crypto sector, promising to create a favorable regulatory environment and appoint a crypto czar to guide policy. The crypto industry anticipates a significant shift in regulatory dynamics following the resignation of current SEC chair Gary Gensler.
[Bloomberg](https://www.bloomberg.com) and [SEC]
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
Bitcoin's value surged over 400% from November 2020 to November 2024, while Solana skyrocketed nearly 11,000%. Despite regulatory challenges, the crypto market has made significant strides, with stablecoin assets under management increasing to $177.83 billion. Looking ahead, the market is expected to continue its growth trajectory beyond the 2024 US elections, driven by ongoing innovations and adoption in decentralized finance and tokenization.
Bitcoin's rally towards a new all-time high and increased ETF inflows contrasts sharply with a declining interest in other cryptocurrencies, leading to significant job cuts across the industry. Kraken has announced a 15% reduction in its workforce, while Coinbase reported disappointing earnings. Other firms, including Consensys, are also trimming jobs as the market shifts.
Kraken has appointed Stephanie Lemmerman as its new chief financial officer amid a significant executive restructuring. Previously the CFO at Dapper Labs Inc., she will also serve on Dapper's board. Current CFO Carrie Dolan will assist during the transition period.
The US-based cryptocurrency exchange Kraken is implementing layoffs as part of a restructuring following the appointment of Arjun Sethi as co-CEO alongside Dave Ripley. A company spokesperson did not disclose the number of affected employees or their positions.
A French trader has placed over $28 million in bets on Donald Trump winning the 2024 presidential election through four Polymarket accounts, all controlled by the same individual. Despite scrutiny, Polymarket found no evidence of market manipulation, emphasizing that prediction markets reflect event likelihood rather than voter intent. The trader has also wagered over $7 million on Trump winning the popular vote against Kamala Harris, while political betting markets gain prominence in the election cycle.
Kraken, one of the oldest crypto exchanges, is set to launch its own blockchain named Ink early next year, aimed at facilitating decentralized applications for trading, borrowing, and lending tokens without intermediaries. The blockchain will utilize technology similar to Coinbase's Base, which has emerged as a leading DeFi platform since its launch. A testnet for developers will be available later this year, with the full platform expected to open to users in the first quarter.
Kraken
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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