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Annamite Capital, co-founded by former Citadel executive Tom Geary and Euith CEO Lucas Gaylord, is set to launch in January 2025, focusing on digital assets. The firm has already achieved impressive returns, with net gains of 27.8% in its U.S. dollar share class since March. With a more favorable regulatory environment anticipated under Donald Trump's presidency, Annamite aims to enhance legal and technical infrastructure to mitigate risks in the crypto market.
Coinbase CEO Brian Armstrong's wealth surged by over $2 billion following a 31% spike in the company's stock after the election, attributed to the success of pro-crypto candidates. Armstrong, a major investor in Coinbase, emphasized the election's significance for the crypto industry, while the company continues to advocate for a favorable regulatory environment amid ongoing legal challenges from the SEC. With substantial financial backing for pro-crypto PACs, Coinbase aims to influence future legislation and strengthen its position in Washington.
With Donald Trump poised to win the 2024 election, financial markets are reacting strongly. Bitcoin has reached an all-time high, while the US dollar and stock indices surged over 1%, driven by expectations of inflationary policies and a crypto-friendly regulatory environment under Trump. Treasury yields have also spiked, with the 10-year yield hitting 4.47%, reflecting market volatility and positioning ahead of potential policy shifts.
Bitcoin supporters celebrated as Bernie Moreno defeated incumbent Ohio Senator Sherrod Brown, a key figure against crypto, in a race heavily funded by the crypto industry. With $40 million spent, Moreno's victory signals a shift towards a more pro-crypto Congress, as over 219 crypto-friendly candidates were elected nationwide. Following the election, Bitcoin surged to a record high above $75,000, reflecting the industry's optimism.
Progressives are rallying around Federal Trade Commission Chair Lina Khan as Vice President Kamala Harris faces pressure to either retain or replace her if she wins the presidency. Khan's aggressive regulatory stance has garnered broad support among Democrats, but some business-minded figures, including Mark Cuban, are calling for her ouster, raising concerns about the party's future direction. The decision on Khan will signal Harris's commitment to progressive values versus catering to corporate interests, with potential implications for her administration's tone and policies.
Fairshake, a political action committee backed by major cryptocurrency firms, is set to spend over $40 million in the final weeks of the 2024 US elections, adding to the $140 million already deployed in various Congressional races. This funding has significantly impacted the race for Ohio's Senate seat, where Republican challenger Bernie Moreno has closed the gap on incumbent Democrat Sherrod Brown, making the contest highly competitive.
Sherrod Brown
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new hedge fund annamite capital set to launch amid crypto resurgence
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