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Crypto PAC exposed

Coinbase’s (NASDAQ: COIN) “Stand With Crypto” Political Action Committee (PAC) is under scrutiny following revelations that its fundraising claims significantly overstate the grassroots support it purportedly enjoys. While the PAC claims to have raised millions from a broad base of crypto advocates, a closer examination reveals a different story.

The “Stand With Crypto” PAC, launched by Coinbase to rally support for cryptocurrency-friendly legislation, claims to have garnered $179 million from over 1.2 million crypto advocates.

However, recent Federal Election Commission (FEC) filings tell a different tale. According to the FEC’s latest quarterly report, the PAC raised only $13,690 from seven individual contributors since its inception. Of these seven donors, two are employed by the PAC, and another two work for Coinbase.

You can read more on the matter here.

What’s going on?

• 400,000 Barrels of Daily Oil Output at Risk as Alberta Fires Spread (theDeepDive)

• China cuts several major interest rates to support fragile economy (Reuters)

• Biden Backs Out Of 2024 Presidential Election Race (theDeepDive)

• Foreign student permits are already outpacing 2023's record numbers (NP)

• U.S. Vice President Kamala Harris looks to lock up Democratic nomination after Biden steps aside (Globe)

• Artemis Gold Removes Non-Essential Staff From Blackwater Mine Amid Wildfire Risk (theDeepDive)

• Netanyahu heads to Washington, says Israel will remain key US ally whoever replaces Biden (Reuters)

• Oracle Agrees to $115 Million Settlement Over Privacy Violations (theDeepDive)

• Andrew Tate banned from leaving Romania after court overturns ruling (CNN)

• Labour Minister Seamus O’Regan to Leave Cabinet: “This Was The Right Time” (theDeepDive)

• Joly tells China’s top diplomat Canada won’t ‘tolerate any form of interference in our democracy’ (Globe)

What’s the latest?

• Rate Cuts: Economists and market watchers anticipate the Bank of Canada will announce another interest rate cut this week, building on the 25-basis-point reduction made last month. This expectation is bolstered by recent data showing inflation easing to 2.7%, alongside rising unemployment and subdued growth forecasts.

• Trump Trade: Investors are reassessing their strategies following Biden's decision to not seek reelection. The announcement has led to a shift towards traditional safe-haven assets like the Swiss franc, U.S. Treasuries, the yen, and gold, while Bitcoin has also seen a modest rise. The recalibration affects the so-called "Trump trade," which benefits from expected looser fiscal policies, higher trade tariffs, and deregulation under a potential Trump presidency.

• O&G M&A: Woodside Energy Group Ltd. has agreed to purchase US LNG project developer Tellurian Inc. for approximately $900 million, aiming to meet growing global demand for liquefied natural gas. The deal includes Tellurian's Driftwood LNG project on the US Gulf Coast, which, if fully developed, could significantly increase Woodside’s LNG export capacity.

• Russian Oil: Hungary and Slovakia have asked the EU to help resolve the issue of Ukraine blocking Russian oil supplier Lukoil's transit, threatening court action if no agreement is reached. Hungary's Foreign Minister stated that the countries seek EU intervention within three days or they will pursue arbitration. The ban has raised concerns over increased fuel costs and potential economic impacts in Hungary, including loss of tax revenue from Hungarian energy company Mol Nyrt.

• AI Startups: Canadian AI startup Cohere Inc. has been valued at $5.5 billion in a new funding round, making it one of the most valuable AI companies globally. Cohere, which specializes in large language models for businesses, raised $500 million in Series D funding led by PSP Investments. Unlike its competitors, Cohere focuses on practical applications for enterprises rather than pursuing artificial general intelligence.

Plurilock Security’s 400% stock surge

The stock market and stuff

• Sleep Country Canada to be Acquired by Fairfax for $1.7 Billion (theDeepDive)

• Reddit partners with NFL, NBA to boost revenue (Reuters)

• Safety, Drug-Use Concerns Emerge at Victoria Gold’s Eagle Mine Following Major Landslide (theDeepDive)

• Warren Buffett’s Berkshire trims Bank of America stake for the first time since 2019 after strong rally (CNBC)

• Panama to Engage in Talks with First Quantum on Shuttered Copper Mine (theDeepDive)

In the juniors

• Tilray Obtains German Cannabis License Under New Regulations (theDeepDive)

• Copper Porphyries and Royalties: Mundoro’s Dual Strategy with Teo Dechev (theDeepDive)

• Hamilton Thorne To Be Bought Out For $2.25 Per Share (theDeepDive)

• IsoEnergy Sells Off Argentina Projects For US$10 Million (theDeepDive)

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