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first_img 22 companies oppose OKX's listing of tokenized stock platform with Intercontinental Exchange

According to a report by Reuters, as of Friday, 22 companies have submitted objections against listing their U.S. stocks in tokenized form on the tokenized stock platform OKXICE, jointly launched by OKX and the Intercontinental Exchange, the parent company of the New York Stock Exchange. The latest batch of companies opposing includes Wells Fargo, Arm Holdings, and Intuit, following Microsoft and Alphabet, the parent company of Google, who joined the opposition the previous week. Among the 22 companies mentioned, 16 are listed on Nasdaq, while only 6 are listed on the New York Stock Exchange.Nasdaq issued guidance in September regarding the U.S. Securities and Exchange Commission's innovation exemption mechanism, reminding issuers that "they must be cautious about their own participation," and stated that the consequences for liquidity, price discovery, and long-term shareholder value may not become apparent until the experiment has progressed for some time. Andrew Cuomo, co-chairman of OKXICE and former governor of New York, indicated that more objections are expected for the joint venture platform, as companies wish to avoid being among the first to test this stock model.Earlier this month, the joint venture platform submitted documents to the U.S. Securities and Exchange Commission, planning to provide tokenized stock listings for 62 companies. Cointelegraph sought comments on Intuit's decision to withdraw from the plan but did not receive an immediate response; spokespeople for Wells Fargo and Arm Holdings declined to comment.

Placeholder Partner: The current market resembles an early bull market opportunity; long-term investors are advised to systematically accumulate tokens

Co-founder Chris Burniske stated that long-term investors should not repeatedly struggle with entering or exiting the market, but should systematically accumulate tokens over time, and not confuse long-term investing with short-term trading. He suggested using his most successful investment targets as a reference, calculating target holdings based on the total supply of network tokens.He gave an example that the total supply of ETH is about 120 million tokens. If one previously held 10 ETH, based on the network holding ratio, the total supply of SOL is about 636 million tokens, corresponding to about 53 tokens; the total supply of TIA is about 1.16 billion tokens, corresponding to about 97 tokens. If one wishes for the TIA network share to reach 10 times the original ETH holding share, approximately 970 TIA would be needed. For ZEC, since its supply is similar to BTC, the ideal BTC holding quantity can be used as a reference for accumulation targets.Regarding the current market, he noted that many crypto assets have fallen 20% to over 40% from their highs, while BTC has dropped less than 10%. He is more inclined to believe that BTC's previous relative resilience has led to significant adjustments in assets with lower risk appetite, making the current situation more like an opportunity in the early stages of a bull market rather than a warning signal of a bull market trap. He also reminded that one should consider the possibility of further price declines, suggesting to invest remaining cash in batches and determine the investment ratio based on the probability of local bottoms at different price levels; even if some preset price levels are not reached and cash remains, it can still be acceptable.

first_img Fairshake affiliated PAC invested over 52 million dollars in the Ohio Senate election, opposing Sherrod Brown

According to documents submitted by the Federal Election Commission (FEC) on October 15, the political action committee Fairshake, primarily funded by Coinbase and Ripple Labs, has invested $46.6 million through its affiliated organization Defend American Jobs in the Ohio Senate election for media advertising opposing former Congressman Sherrod Brown's return to the Senate and supporting Republican incumbent Jon Husted. This expenditure is over 50% more than Fairshake's initial plan of $30 million announced in September.In an interview aired on Pod Save America on October 16, Brown responded that he has spent his entire career battling Wall Street, big pharmaceutical companies, and oil giants, achieving success in many cases, while Husted is a spokesperson for these forces, which is why they have invested tens of millions of dollars. In addition to Fairshake, the super PAC Digital Freedom Fund, established by Gemini co-founders Tyler and Cameron Winklevoss, reported approximately $3 million in advertising expenditures this week to oppose Brown and support Husted, bringing the total media spending in the Ohio campaign to over $5.9 million. With less than three weeks until the U.S. elections, early voting in Ohio has been underway for 10 days.Fairshake's spending this round has exceeded $41 million for 2024, when the PAC supported Republican Bernie Moreno and opposed the incumbent Brown. Brown, who previously served as chairman of the Senate Banking Committee, is one of the lawmakers in Congress openly questioning the laws and policies supported by the cryptocurrency industry. Defend American Jobs also reported spending over $6.7 million in the Nebraska Senate election opposing independent candidate Dan Osborn, whose opponent, Republican Pete Ricketts, voted in favor of the Digital Asset Market Structure Act and legislation related to stablecoins. Fairshake stated in January of this year that it held $193 million in cash before the election.

first_img Binance VIP Head: Traditional hedge funds are actively exploring arbitrage opportunities on cryptocurrency platforms

Catherine Chen, the head of VIP and institutional business at Binance, stated in an interview with The Block during Token2049 that traditional hedge funds, which previously took a wait-and-see approach, are now showing a stronger interest due to the emergence of arbitrage opportunities related to traditional financial instruments such as cash stocks and perpetual contracts on crypto platforms.She pointed out that the improvement in market depth, combined with 24/7 trading and weekend price discovery mechanisms, makes these opportunities more realistic. She also mentioned that when the same tools are offered on second- and third-tier platforms or in DeFi venues, liquidity often falls short of hedge funds' needs. However, she emphasized that this process is still in its early stages and does not expect a surge in capital inflows overnight, with the next 12 to 18 months being worth close attention.Similar changes are happening on the other side of the market. Chen indicated that their crypto-native clients are incorporating more tools linked to traditional financial products to build hybrid investment portfolios. The data she cited showed that the scale of Binance's cash stock assets has increased from about $800 million to $900 million to $1.4 billion, while the trading volume of traditional financial perpetual contracts has risen from about $20 billion to $30 billion per month when launched at the beginning of this year to about $400 billion every 30 days. She believes that tokenization and cross-asset trading are still in their early stages, and regulatory clarity will determine the ultimate integration of traditional and crypto trading more than the product offerings of a single platform.
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