Ripple Boosts Political Influence with $25M Contribution

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Table of Content

In today edition we talk about

• Brazil Proposes Bitcoin Reserve to Hedge Against Global Economic Risks

• Ripple Boosts Political Influence with $25M Contribution to Fairshake PAC

• Changpeng Zhao Calls for Focus on Real Blockchain Applications Over Memecoins

• Bitwise Proposes ETF for Bitcoin and Ether Amid Changing US Regulatory Landscape

Brazil Proposes Bitcoin Reserve to Hedge Against Global Economic Risks

A new bill introduced in Brazil’s Congress on November 25 aims to create a Sovereign Strategic Bitcoin Reserve (RESBit) to enhance economic resilience and diversify the nation’s assets. Proposed by Congressman Eros Biondini, the reserve would allocate up to 5% of Brazil’s $355 billion in sovereign reserves to Bitcoin, acquired through phased purchases.

The legislation suggests the Bitcoin reserve could mitigate risks from currency fluctuations and geopolitical instability, as well as serve as collateral for Brazil’s upcoming central bank digital currency, Real Digital (Drex). The reserve would be managed by the central bank using blockchain and AI technologies, with oversight from a technical advisory committee.

The bill draws inspiration from El Salvador, which adopted Bitcoin as legal tender in 2021 and currently holds nearly 6,000 BTC. Brazil views El Salvador’s Bitcoin strategy as a model for economic diversification and financial innovation.

The proposed law includes penalties for mismanagement of RESBit and will undergo committee reviews after approval by the Speaker of the House of Representatives. This move aligns with Brazil’s broader digital asset strategy, following the implementation of a regulatory framework in June 2023 granting the central bank authority over virtual asset providers.

Ripple Boosts Political Influence with $25M Contribution to Fairshake PAC

Blockchain payments firm Ripple has pledged an additional $25 million to the pro-crypto political action committee (PAC) Fairshake, aiming to support candidates favoring innovation and growth in upcoming US elections. This follows Ripple's earlier $45 million contribution during the 2024 election cycle, making it one of Fairshake’s largest backers alongside Coinbase, Jump Crypto, and Andreessen Horowitz.

Fairshake played a pivotal role in the 2024 elections, with roughly two-thirds of its supported candidates winning seats in Congress. The PAC confirmed it has $103 million in funding for the 2026 election cycle and plans to focus on key races, including targeting crypto-skeptic Senator Sherrod Brown.

The November 2024 elections resulted in a Republican presidency and control of both legislative chambers, raising questions about future crypto legislation. The next Congress may prioritize bills such as the Financial Innovation and Technology for the 21st Century Act and stablecoin regulations.

Ripple CEO Brad Garlinghouse and other industry leaders are actively shaping the political landscape, underscoring the growing influence of the crypto sector in US elections. The next midterms, scheduled for November 3, 2026, will be a crucial test for the PAC’s efforts to advance pro-crypto policies.

Changpeng Zhao Calls for Focus on Real Blockchain Applications Over Memecoins

Changpeng “CZ” Zhao, former Binance CEO, urged the crypto community to prioritize meaningful blockchain solutions instead of focusing on memecoins. In a November 26 post, Zhao expressed disillusionment with the memecoin ecosystem, noting that projects originally seen as humorous have become “a little weird.”

Since stepping down from Binance in 2023 due to legal restrictions, Zhao has focused on promoting grassroots development and Web3 education. While memecoins like Dogecoin and Shiba Inu retain popularity, fueled by figures like Elon Musk, the broader market has shifted toward Bitcoin and projects offering tangible value.

Critics argue Binance contributed to memecoin speculation by listing tokens lacking utility, with some new listings, like Why (WHY) and Cheems (CHEEMS), experiencing rapid price declines. Despite these issues, memecoins maintain a significant presence, accounting for $110 billion, or 3.44%, of the crypto market's total capitalization.

Incidents such as a suicide threat during a livestream on Pump.fun, a Solana-based memecoin platform, highlight growing concerns about the risks associated with speculative projects. Pump.fun responded by removing its live-streaming feature while defending its moderation efforts.

Zhao’s comments reflect a broader call to refocus the crypto industry on innovation and long-term value creation over hype-driven investments.

Bitwise Proposes ETF for Bitcoin and Ether Amid Changing US Regulatory Landscape

Bitwise Asset Management has filed for an exchange-traded fund (ETF) offering exposure to both Bitcoin and Ether on the NYSE Arca. The filing, announced on November 26 via an S-1 registration statement with the SEC, aims to provide investors with a balanced, market-cap-weighted approach to the two largest cryptocurrencies.

The launch date remains uncertain, as approval from the SEC is required. This comes as the SEC is poised for new leadership in 2025, with Chair Gary Gensler stepping down and a potential successor to be nominated by President-elect Donald Trump. The Republican-majority Congress could usher in a more crypto-friendly regulatory environment.

Recent months have seen increasing ETF proposals from asset managers, including those tied to Solana, XRP, and Hedera, suggesting firms are testing the regulatory waters following the SEC’s approval of spot Bitcoin ETFs in January and spot Ether ETFs in May.

Bitwise’s filing reflects growing industry optimism about the potential for favorable crypto policies under the incoming administration.

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