Trump Surges Ahead of Harris in Polymarket Predictions for 2024 Election

Introduction today is September 5th 2024 my name is Nicodemus and welcome back to the disruptive technologist podcast in today's episode we're diving into the mounting challenges facing the cryptocurrency industry as both the UK and the US Regulators tighten their grip we'll explore why the UK's Financial conduct Authority rejected 87% of crypto firms and how the Federal Reserve is cracking down on crypto-friendly banks across the Atlantic is this part of a larger effort to stifle crypto Innovation stay tuned as we unpack these stories and examine what they mean for the future of digital Finance but first let's talk about bybit bybit is one of Bybit’s bbSOL Launch Powers Solana the major players in the cryptocurrency exchange scene and they just launched their new liquid staking token BB Soul on the salanta blockchain this move aims to give token holders greater Financial flexibility while contributing to the growth of the Salena ecosystem to bring BBS Sol to life bit teamed up with several key players sanctum Cino Finance Orca and Solair together they've created a staking option that users earn rewards on Solano without sacrificing liquidity traditionally staking involves locking up assets to support a blockchain but liquid staking changes the game by allowing investors to earn rewards while still being able to trade or utilize their tokens by bits CEO is one Ben Z and Mr Z is optimistic about the potential he said quote by facilitating seamless asset management and unlocking new earning potential bbso empowers token holders project Developers decentralized exchange operators and liquidity providers in the goal to drive both the growth of sala's network and maximize returns for participants liquid staking is already proven to be a GameChanger on ethereum in fact it's become the largest decentralized protocol category according to defi llama ethereum's liquid staking boasts over $39 billion in total value locked surpassing even that of lending now lending R second with 30 billion if Salena follows ethereum's trajectory it could see similar growth positioning liquid staking as a key pillar in its ecosystem currently sala's liquid staking tvl stands at 3.79 4 billion which is a promising start for the Network's future so why is liquid staking such a big deal well the answer lies in its flexibility while traditional staking locks up liquid assets liquid staking allows users to continue trading tokens while still earning staking rewards this is crucial during Market downturns when liquidity can be a Lifeline for investors by bit's new BBs token offers this functionality letting users stake Soul while retaining liquidity all while the value of BB Soul increases as staking rewards AC crew now the trend of integrating liquid staking into cryptocurrency exchanges is becoming increasingly Popular by giving investors the ability to stay flexible while earning rewards exchanges like bybit are tapping into a new Revenue stream and for Salen which has seen its Network tvl grow significantly liquid sticking could be the Catalyst for further expansion but it's not just salanta the benefits of staking Bitcoin native defi is also on the rise with projects like zest protocol launching a liquid staking token for Bitcoin much like BB so on salana Bzz allows Bitcoin holders to earn passive income through staking while keeping their assets liquid this growing trend of liquid staking across multiple blockchain networks shows how defi is evolving to provide more opportunities for investors without locking them into rigid systems with buybits bbso token and other liquid staking Solutions gaining momentum the world of crypto is opening up new ways for investors to earn rewards while maintaining control over their assets a shift that could redefine staking in the decentralized finance landscape the UK's FCA Rejects 87% of Crypto Firms Financial conduct Authority has dealt a major blow to the crypto industry with a staggering 87% of crypto companies failing to secure licensing under the country's anti-money laundering regulations this latest Crackdown by the FCA highlights the growing tension between the regulators and the expanding crypto space in its annual report the FC revealed that only four out of the 35 crypto firms that apply for registration between April 2022 and March 2023 managed to actually get approved among the few successful applicants were binance's payment partner BN XA a UK unit of PayPal and kenu they're a crypto custody Venture backed by namura now the remaining companies were either rejected outright or they withdrew their applications due to missing key compliance components the FCA issued a statement quote over8 87% of crypto registrations were rejected withdrawn or refused while the regulator claims that it did provide guidance on good and poor practices to help the firms meet requirements the success rate remains alarmingly low in total only 44 firms have been registered under the fca's money laundering regulations since 2020 that's 44 out of 359 applicants it's not great odds the failure rate has frustrated many in the crypto industry some firms alleg that the fca's registration process is plagued by long wait times a lack of transparency and unfair treatment these delays have driven several companies to leave the UK altoe opting to serve UK customers from abroad where regulatory Frameworks are less burdensome regulatory uncertainty has been further exacerbated by the new labor government they paused previous plans to regulate the crypto sector more comprehensively across the Atlantic the US is facing its own regulatory battles the Federal Reserve recently issued a cease and desist order against United Texas Bank citing significant deficiencies in the bank's risk management system particularly in relation to its dealings with crypto clients following an examination in May the FED found weaknesses in the bank's corporate governance in compliance with the bank secrecy Act and the anti-money laundering regulations while the specifics of how the bank failed in its crypto dealings have not been outlined the FED emphasized the need for stronger oversight United Texas bank has begun to improve its adherence to BSA AML rules and agreed to submit a more formal plan to strengthen board oversight with around $1 billion in assets and 75 employees the bank is now scrambling to meet regulatory expectations and to be sure this enforcement action is not an isolated incident just a month earlier the FED also targeted Pennsylvania based customers bank for similar failures in its Risk Management Systems related to crypto the sudden Spate of enforcement actions against crypto-friendly Banks has reignited accusations of a coordinated effort by the US government to block financial institutions from engaging with the crypto industry something insiders are calling operation choke point 2.0 at which point I say we need regulation not strangulation now Dan sper is the head of public affairs at the blockchain association and he sees the Crackdown as part of a broader strategy to suppress crypto's growth sper stated that the fed's actions are continuation of efforts to limit the sector which some argues goes beyond typical regulatory enforcement as both the UK and the US clamp down on crypto firms and Banks alike the tension between regulators and the fast growing digital asset industry is reaching a boiling point leaving companies to either adapt or seek refuge in less restrictive Trump Leads Harris in Polymarket Crypto Poll jurisdictions Donald Trump has taken a decisive lead over Camala Harris in the race for the US Presidency at least according to the decentralized predictions platform poly Market as of Thursday Trump holds a seven-point Advantage marking his largest lead since August and sparking further debate about how cryptocurrency and AI powered prediction markets are reshaping the election landscape now poly Market is a blockchain-based predictions platform and it shows Trump with a 53% Chance of winning the November election compared to Harris's 46% this shift follows a recent reversal in the lead that Harris briefly held in August after taking over the Democratic candidacy from President Joe Biden the decentralized nature of poly Market allows users to wager on outcomes based on their beliefs offering an alternative to traditional polling methods and with over $800 million in trading volume the US election Remains the largest prediction Market on the platform in critical swing States like Arizona Georgia Nevada and Pennsylvania Trump current holds the edge Harris currently leads in Michigan and Wisconsin now these key Battlegrounds will play a major role in determining the final outcome of the election interestingly poly markets odds diverge from the national polling data which still gives Harris a slight Edge analyst from Bernstein noted in a recent report that National polls average 47 to 44% in Harris's favor highlighting poly markets growing mainstream influence its election odds were recently integrated into Bloomberg Terminal A significant step towards Bridging the Gap between blockchainbased predictions and traditional financial analysis as blockchain technology continues to democratize Market participation some see platforms like poly Market as offering a more transparent view of potential outcomes Bernstein analysts would point out that users skeptical of traditional polling can turn to poly market for alternative insights now when it comes to cryptocurrency Trump and Harris present different Visions during the Bitcoin 2024 conference in July Trump made his stance clear by promising to fire SEC chair Gary Gensler if he's elected he cited guinsler aggressive stance towards the crypto industry Trump also pledged to stop the US from selling its Bitcoin Holdings and suggested creating a strategic Bitcoin reserve and Trump's engagement with crypto doesn't stop there just last week he launched his fourth nft collection raising over $2 million and he teased a family crypto project called World Liberty Financial built on the ethereum blockchain Harris on the other hand has not directly addressed crypto during her campaign however her campaign adviser hinted at support for policies that would help the digital asset industry grow meanwhile the liberal leaning pack future forward has started indirectly accepting crypto donations on Harris's behalf through coinbase Commerce now some say this signals her team's quiet acknowledgement of crypto's growing role in political fundraising others suggest that this is just future forward attempting to give the illusion that Harris supports crypto future forward raised over $160 million to support Harris and its adoption of coinbase Commerce allows donors to contribute using various cryptocurrencies including bit coin ethereum and Dogecoin the growing influence of crypto in the political Arena has sparked debate among political analysts a recent scientific poll by fairly Dickinson University shows that crypto holders favor Trump by a margin of 12 points over Harris while some believe this so-called crypto block could have a substantial impact on the election others are more skeptical nor Eastern University political scientist Nick bamp noted that while the number of crypto donors is significant the average voter still doesn't prioritize crypto as a top issue as the 2024 US presidential election approaches the intersection of cryptocurrency decentralized platforms like poly market and traditional politics will continue to shape not only the narrative but possibly the outcome of the race itself thank you for listening to this episode of the disruptive Technologies podcast we'll see you next time [Music]