👀 Democrats Overlook Crypto in 2024 Policy Platform

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The Democratic Party’s 2024 policy platform conspicuously makes no mention of crypto. The omission comes after rumors circulated that a Harris-led party would soften its stance towards the web3 sector.

Curve’s founder wants 21 million CRV from the Curve Community Fund to support the project’s development team. However, the project’s community is pushing back.

An impressive early morning crypto market rally came to an abrupt halt as U.S. stock indexes pulled back. While most top digital assets are sitting on modest daily gains, BTC and ETH fell at least 4% from their intraday highs.

Plus, Clearpool is working on an L2 for RWA-based DeFi, Ledn takes out the first Bitcoin-backed syndicated loan, and Bitcoin miners are pivoting to artificial intelligence.

✍️ In today’s newsletter:

Crypto is absent from Democrats’ policy platform
Impressive crypto rally erased by stock sell-off
Clearpool unveils real-world asset-focused Layer 2
Ledn bags $50M loan backed by BTC from Sygnum
Curve community slams Swiss Stake funding proposal
Falling profits drive BTC miners to AI

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🇺🇸 Democrats’ 2024 Manifesto Ignores Crypto

The U.S. Democratic Party’s 90-page policy manifesto makes no mention of crypto. The news comes despite the party’s supporters claiming Kamala Harris’s ascension to the top of the Democratic Party ranks would herald a move towards embracing the web3 sector.

🐻 Bears Halt Crypto Market Rally

Digital assets suffered a sharp pullback in recent hours, erasing most of the sector’s impressive rally during the early hours on Tuesday. Bitcoin tumbled 4% from an intraday high of $61,400, while Ethereum shed 4.8% after unsuccessfully retesting $2,700. The retracement coincided with U.S. stock indexes dipping.

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💵 Ledn Secures $50 Million Bitcoin-Backed Loan From Sygnum

Ledn, a CeFi lending platform, borrowed $50 million from institutional clients of Sygnum, a digital asset bank, via a loan collateralized by BTC. Ledn described the deal as the first Bitcoin-backed syndicated loan.

🌐 Clearpool Unveils RWA-Focused Layer 2

Clearpool, a top DeFi credit protocol, is building a Layer 2 network designed to facilitate real-world asset-based DeFi. The network, Ozean, will combine an optional compliance layer, a digital identity token for KYC requirements, a U.S. treasuries-backed native stablecoin, and an "RWA liquidity layer."

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🫴 Michael Egorov Requests 21M CRV Grant To Fund Curve’s Development Team

Michael Egorov, the founder of Curve Finance, published a proposal requesting 21 million CRV tokens to fund Swiss Stake AG, the company behind Curve’s development, for one year. However, Curve’s community is pushing back against the proposal, noting it requests 44% of the Curve Community Fund and lacks a detailed costing analysis.

⛏️ Bitcoin Mining Operations are Pivoting to AI

The post-halving landscape continues to wreak havoc on Bitcoin miners. Many mining firms are now turning to the artificial intelligence sector in a bid to shore up their profits.

🌍 ELSEWHERE

State Street and Taurus team up for digital asset custody and tokenization services (The Block)
Solana's Former Top Decentralized Crypto Exchange Faces SEC Securities Violations (CoinDesk)
Nigeria’s SEC to Licence Crypto Exchanges as Adoption Surges (Bloomberg)
Most Users Keep Losing Money on Pump.Fun, Despite the Protocol’s Record Profits (Unchained)