With the US election approaching, decentralized prediction platform Polymarket is seeing a noticeable surge in betting volume. Currently, there are over $926 million in election-related bets. This figure is expected to reach $1 billion in the coming days.
According to Dune data, nearly 70% of Polymarket users are focused on political events, highlighting the central role of elections in the platform’s growth. However, this boom has also attracted increased regulatory scrutiny. Despite the pressures, Polymarket continues to expand, with its total value locked up by 277% since June, reaching nearly $120 million.
Key audience to focus on Cryptocurrency regulation
Amid rising tensions between the digital asset sector and regulators, a crucial hearing is set to take place this week. Dan Gallagher, former SEC commissioner and current Robinhood chief legal officer, will be one of the key figures to testify. Notably, Gallagher has been an outspoken critic of the SEC’s current approach, advocating for clearer rules for cryptocurrencies.
Also appearing will be Michael Liftik, former SEC adviser, and Teddy Fusaro, president of Bitwise Asset Management. Both will discuss how regulatory actions have affected crypto companies.
The hearing promises to be a key showdown over the future of financial regulation in the United States, with pressure mounting on the SEC and its chairman, Gary Gensler, who is accused of stifling innovation with his aggressive approach to crypto assets.
Mark Cuban says he would buy X from Elon Musk, but admits it’s not possible
Mark Cuban, the billionaire from “Shark Tank,” has revealed that he would be willing to buy Platform X and Fox News “in a heartbeat” if his fortune allowed it and they were for sale. However, Cuban was clear in pointing out that Elon Musk would not sell the platform.
Despite this reality, many X users have urged Cuban to “save them” from Musk. Recall that Musk has been criticized for transforming the platform into a space that, according to some, hosts far-right disinformation and propaganda since its purchase in 2022. Although Cuban showed interest in the purchase, he reiterated that “there is no reason” for Musk to sell.
Since Musk acquired Twitter for $44 billion and rebranded it as X, the platform’s revenue has fallen by 84%, according to some reports.
However, a group of users asked Cuban to stay away, arguing that his intervention could restrict freedom of expression on the platform.
UK Crypto Industry Concerned About Strict FCA Regulations
Self-regulatory organisation CryptoUK has spoken out against the strict regulations imposed by the UK’s Financial Conduct Authority (FCA) on cryptocurrency companies. According to CryptoUK, the long and complex registration process is holding back the growth of the sector. In the past year, the FCA has approved only 4 out of 35 applications for registration submitted by crypto companies.
According to law firm Reed Harris, the FCA takes an average of 459 days to process an application, a time comparable to that of a full banking license.
This situation has raised concerns in the industry, which fears that the United Kingdom could lose its attractiveness compared to other markets with more favorable regulations.
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