Top News in the Crypto: PCA to Back Pro-Crypto Candidates & BlackRock
Nova Reyes
Markets Navigator
TL;DR
This week in crypto news includes the PCA's support for pro-crypto candidates, BlackRock's revised Bitcoin ETF proposal, and Bitcoin fees surpassing Ethereum for the first time in five years.
Key Takeaways
- PCA has pledged $78 million to support pro-crypto candidates in the 2024 U.S. elections.
- BlackRock filed a revised proposal for a Spot Bitcoin ETF, addressing SEC concerns.
- Bitcoin fees have exceeded Ethereum's for the first time in over five years.
Crypto Royalties to Back Pro-Crypto Candidates in 2024 U.S. Elections
On December 19, 2023, the Fairshake Political Action Committee (PCA) announced a contribution of $78 million to support pro-crypto candidates in the upcoming 2024 U.S. elections. This decision comes amid ongoing regulatory challenges faced by the crypto industry, particularly from the SEC. Industry leaders, including Chris Dixon from Andreessen Horowitz and Ripple CEO Brad Garlington, emphasize the need for responsible regulation that fosters innovation.
BlackRock Filed for a Revised Spot Bitcoin ETF Proposal
On December 18, 2023, BlackRock submitted a revised proposal for its iShares Blockchain & Tech ETF. The SEC had raised concerns regarding investor safety and market manipulation in the original proposal. The updated proposal now includes a cash redemption structure, which the SEC favors. Approval for this ETF is anticipated in early January.
Bitcoin Fees Ahead of Ethereum’s for the First Time in Last Five Years
As of December 19, 2023, Bitcoin's transaction fees have surpassed those of Ethereum for the third consecutive day. This surge is attributed to increased traffic on Bitcoin's blockchain, driven by its stable price performance. In contrast, Ethereum has struggled to achieve significant price gains.
Top Trending Assets and their Prices as of December 12, 2023
- Bitcoin: $43,897.17 (2.47% growth)
- Ethereum: $2,219.31 (0.38% growth)
- Binance Coin: $86.38 (2.12% growth)
- Solana: $86.13 (12.58% growth)
- Cardano: $0.60347802 (2.20% growth)
- XRP: $0.61664330 (1.29% growth)
- Avalanche: $46.07 (10.25% growth)
Related Reading
Stay tuned with Coin Informer for next week’s crypto news roundup.