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Crypto lobbying kicked into high gear this year

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Crypto lobbying kicked into high gear this year

by Kristin Smith
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Kristin Smith is the executive director of the Blockchain Association, the Washington, D.C.-based trade association representing the most prominent and reputable organizations in the crypto industry.
The past year was an awakening for crypto’s nascent national advocacy community.

It’s true: the industry raised a firestorm in Washington around the crypto broker provision in the infrastructure bill and was narrowly defeated in its efforts to remove that provision from the final bill by an unfortunate bit of Senate rule gamesmanship. We consoled ourselves with the knowledge and realization that there were several Senators and House members that would go to bat for our industry and that we likely gained new allies in the fight over this provision.

However, amidst all of the excitement and mobilization that the valiant August struggle brought, we should not lose sight of the fact that we failed insofar as the Senate even thought it was feasible to include such a provision in the first place. A truly influential advocacy and lobbying effort wouldn’t have found itself in this position.

Happily, we believe the crypto community has embraced the need for political power and is ready to engage at a new level of investment in the coming year.

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Ethereum scaling project Polygon was at risk of losing nearly all of its MATIC tokens until it upgraded its network earlier this month. The problem was a “critical” vulnerability in Polygon’s proof-of-stake genesis contract, which could have allowed attackers to steal over 9.2 billion MATIC tokens (currently worth over $24 billion). The total supply of MATIC tokens is 10 billion.
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ProShares files for ETF that tracks companies focused on the metaverse
If approved, ProShares Metaverse Theme ETF, according to Wednesday’s filing, will track the Solactive Metaverse Theme Index. That particular index tracks a who’s-who of technology giants, including Apple, Meta (formerly Facebook) and Alphabet, as well as gaming majors Activision Blizzard, EA and Take-Two, among others.
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Korean crypto exchange ‎Coinone will no longer allow withdrawals to unverified external wallets
Coinone, one of the “Big Four” crypto exchanges in South Korea, announced Wednesday that it will no longer allow withdrawals to non-verified external wallets. The change comes into effect on January 24, 2022. That means Coinone users will have to register their external wallets with the exchange, or else they will no longer be allowed to withdraw their funds held at their exchange accounts.
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5 Ways Fireblocks Advanced Institutional Crypto Trading

1- Improved Fireblocks Network connectivity from 100 to 725+ trading venues and counterparties

2- Provided the industry’s broadest token support with 900+ tokens supported

3- Significantly expanded DeFi capabilities with multiple L1 & L2 support

4- Broke down barriers for compliance-conscious institutions to enter DeFi by becoming the first and only whitelister for Aave Arc

5- Increased insurance coverage of digital assets in storage and transfer for up to $42M, in a unique policy with Munich

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Marathon Digital Holdings, a Nasdaq-listed bitcoin mining company based in Las Vegas, has ordered new machines worth $879.06 million. Marathon is one of the largest public bitcoin mining companies in the world. It is estimated to produce a total of over 3,000 bitcoins in 2021 (currently worth over $143 million) given its track record through the year, according to The Block Research. That is way higher than its 2020 production of 338 bitcoins.
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