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The three major political action committees in the U.S. cryptocurrency industry spent approximately $170 million to influence the midterm elections, with funding clearly favoring the Republican Party

According to CoinDesk, as the U.S. midterm elections on November 3 approach, the three major political action committees (PACs) in the cryptocurrency industry have collectively invested about $170 million to support congressional candidates, with the overall funding flow clearly favoring the Republican Party, despite recent polls and prediction markets indicating that the Democratic Party is more likely to expand its influence in Congress.Among them, Fairshake, supported by Coinbase, a16z, and Ripple Labs, has invested about $154 million and retained approximately $56 million for the next round of elections. The Digital Freedom Fund, backed by the Winklevoss brothers, has invested over $8 million this month, focusing on preventing Democratic candidates in Ohio, Texas, and Iowa from winning Senate seats. The Fellowship Fund, closely related to Cantor Fitzgerald and Tether, primarily supports Republican candidates while providing a total of $600,000 to three incumbent Democratic lawmakers.Reports indicate that Fairshake has invested nearly $56 million to prevent former Democratic Senator Sherrod Brown from returning to the Senate and has invested nearly $11 million to support Nebraska Republican Senator Pete Ricketts.Currently, the prediction market Kalshi gives the Democratic Party about a 70% chance of controlling both the House and Senate simultaneously. Even if the Republican candidates supported by the cryptocurrency industry win, significant legislation regarding the future structure of the cryptocurrency market and taxation will still need to seek Democratic support to overcome the procedural threshold of 60 votes typically required in the Senate.

first_img The Bank of England has launched a consultation on the use of tokenized collateral for central clearing

The Bank of England has launched a consultation on how central counterparties (CCPs) can accept digital forms of eligible collateral, stating that current rules allow for such arrangements provided that the relevant assets meet clearing standards. The draft regulatory statement released by the bank will clarify the matters that CCPs must specify when submitting applications under the existing approval process, covering collateral that has been accepted as well as types that meet the criteria under the proposed UK CCP rulebook but have not yet been used in practice. The Bank of England emphasized that this statement will not create new regulatory obligations.The Bank of England pointed out that tokenized collateral must always be capable of being valued, transferred, and liquidated, including under stress scenarios; the improvement in cross-border transfer speed helps institutions meet margin calls in a timely manner. Sarah Breeden, the Deputy Governor responsible for financial stability, stated that this consultation reflects the bank's goal of promoting innovation in financial market infrastructure while maintaining financial stability, and is part of a broader agenda by regulators and the industry to promote the responsible application of tokenization in financial markets.The consultation document will close for feedback on February 12, 2027, and the Bank of England plans to subsequently publish a policy response and related rules.
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