Nigeria Drops Charges Against Binance Executive Amid Ongoing Legal Battle

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Table of Content

In today edition we talk about

• Ripple CEO Backs Crypto Lawyer in Senate Race Against Elizabeth Warren

• Nigeria Drops Charges Against Binance Executive Amid Ongoing Legal Battle

• Bitcoin Could Reach $200K by End of 2025: Bernstein Report

• Former Trump Chief of Staff Predicts 'Fascinating' Impact of Crypto on Upcoming Elections

Ripple CEO Backs Crypto Lawyer in Senate Race Against Elizabeth Warren

Ripple CEO Brad Garlinghouse has publicly endorsed Republican John Deaton in his campaign to unseat Senator Elizabeth Warren in Massachusetts. Garlinghouse, along with other Ripple executives, has actively contributed to Deaton’s Senate run, praising his advocacy for XRP holders and the broader crypto industry. Deaton, a strong proponent of digital assets, is seen as a contrast to Senator Warren, one of crypto’s most vocal critics in Congress. During recent debates, Deaton emphasized Warren’s focus on crypto regulation, suggesting her priorities overlook pressing issues like immigration and the economy. Meanwhile, Warren accused Deaton of being excessively loyal to the crypto sector, given his campaign funding. Ripple has also supported Deaton through the Commonwealth Unity Fund PAC, which opposes Warren. Despite these efforts, polls indicate Warren maintains a significant lead ahead of the upcoming election. In addition to backing Deaton, Garlinghouse announced $11 million in XRP donations to support Democratic presidential candidate Kamala Harris, showing Ripple's involvement across both political parties.

Nigeria Drops Charges Against Binance Executive Amid Ongoing Legal Battle

Nigeria has dropped money laundering charges against Tigran Gambaryan, Binance's Head of Financial Compliance and a former U.S. IRS Special Agent, who had been detained since February. The Economic and Financial Crimes Commission (EFCC) announced the decision in a Federal High Court in Abuja, according to Business Insider Africa. However, the Nigerian government will continue prosecuting Binance on charges of money laundering and tax evasion. Gambaryan’s family has maintained his innocence, stressing that he was not a decision-maker at Binance. His health has significantly worsened during detention, suffering from several medical issues. Binance CEO Richard Teng has condemned the poor treatment Gambaryan faced, while Nigerian officials have denied allegations of inadequate healthcare. Despite the dropped charges, the legal case against Binance remains ongoing.

Bitcoin Could Reach $200K by End of 2025: Bernstein Report

Bitcoin could soar to $200,000 by the end of 2025, according to a recent report from Bernstein Research, as the cryptocurrency enters a new "institutional era." The report highlights that institutional investors are increasingly embracing Bitcoin, with around $60 billion held in regulated ETFs, a sharp rise from $12 billion in 2022. Bernstein also predicts that by 2024, Wall Street will surpass individual investors as the largest Bitcoin holders. The bullish forecast aligns with other institutional analysts, such as JP Morgan and hedge fund manager Paul Tudor Jones, who see Bitcoin as a hedge against inflation and geopolitical instability. Bitcoin miners are expected to consolidate, benefiting from rising energy demands driven by artificial intelligence. With the upcoming 2024 Bitcoin halving event, which will cut mining rewards in half, the mining industry is shifting toward additional revenue streams like AI. These trends are gaining momentum ahead of the 2024 U.S. presidential election, with many investors turning to Bitcoin and gold to protect against economic uncertainty.

Former Trump Chief of Staff Predicts 'Fascinating' Impact of Crypto on Upcoming Elections

Mick Mulvaney, former acting White House Chief of Staff under Donald Trump, said the crypto industry is reshaping U.S. politics by appealing to both Democrats and Republicans. In an Oct. 23 interview on NewsNation, Mulvaney noted that crypto has matured significantly, moving from grassroots efforts to professional lobbying operations in Washington, D.C. Mulvaney emphasized that crypto doesn’t fit traditional political divides, with candidates from both parties, including Trump and Vice President Kamala Harris, signaling potential support for the industry in the upcoming election. He predicted that crypto’s influence will be "fascinating to see" in the 2024 election and beyond, as industry-backed political action committees (PACs) pour money into campaigns. With the election just days away, crypto-focused PACs and executives, like Ripple CEO Brad Garlinghouse, are rallying support for pro-crypto candidates, including lawyer John Deaton, who is challenging Senator Elizabeth Warren.

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