Coinbase Says Crypto Industry Raised $78M to support 2024 Politics

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Daily News:

1) Coinbase Says Crypto Industry Raised $78M to Support 2024 Politics

2) CoinTracking Launches Services in the UK to Demystify Tax Code 

3) Gods Unchained' Returns to Epic Games Store After P2E Policy Change

4) Wynd Network Raises $3.5M

5) Farfetch Acquired by Korean eCommerce Giant Coupang

Coinbase Says Crypto Industry Raised $78M to Support 2024 Politics:

• Coinbase, along with other prominent crypto players like Kraken, Ripple, and Andreessen Horowitz, has contributed to a $78 million fund to support "pro-innovation" political candidates in the 2024 elections. This funding is facilitated through a crypto-focused political action committee (PAC) named Fairshake, dedicated to advocating for favorable cryptocurrency policies and candidates.

• Fairshake, registered with the Federal Election Commission, primarily focuses on independently supporting candidates. Its past contributions have predominantly supported Patrick McHenry, R-N.C., Chair of the House Financial Services Committee (retiring in 2025), along with other political figures like Rep. Ritchie Torres, D-N.Y., and Rep. Tom Emmer, R-Minn. The recent surge in crypto lobbying, as reported by Open Secrets, shows a doubling of federal lobbying spending by the crypto industry in 2022, with significant spending from Coinbase and Binance.

• The push for political influence by the crypto industry comes amid challenging times, including high-profile legal cases and the downfall of key industry figures. The focus is also on advancing crypto legislation, with efforts to regulate stablecoins at the federal level and develop comprehensive sector regulations. Coinbase has specifically targeted Ohio, hosting events and launching ads to influence voters and legislators, such as Sen. Sherrod Brown, D-Ohio, who has expressed skepticism towards cryptocurrency.

CoinTracking Launches Services in the UK to Demystify Tax Code:

• CoinTracking, a digital asset tax solution, has launched in the UK to assist investors with cryptocurrency tax calculations, payments, and compliance. The service, already successful in 25 countries, simplifies the complex UK tax code for digital assets and helps manage regulatory filings.

• The platform offers tailored tax solutions and expert assistance for investors, allowing them to track taxes using various accounting methods, including the HMRC method. Operational with 1.4 million users globally, CoinTracking plans further expansion.

• UK investors can import data from virtual asset exchanges, wallets, and dApps for tracking and tax report generation. With increasing regulations on cryptocurrency profits, the UK government urges voluntary disclosure of trading gains to avoid tax liabilities, and mandates centralized exchanges to make periodic filings for tax recovery.

Gods Unchained Returns to Epic Games After P2E Policy Change:

• The Epic Games Store, operated by Fortnite publisher Epic Games, has revised its content policies to allow Adults Only (AO)-rated blockchain games like "Gods Unchained." This change follows the game's removal due to receiving an AO rating from the Entertainment Software Rating Board (ESRB) for its play-to-earn elements.

• The ESRB assigns AO ratings to games suitable only for individuals over 18 years old. "Gods Unchained" received this rating because it includes play-to-earn features where players can earn NFTs or crypto tokens with real-world value. This type of rating is generally given to games with intense violence or explicit content, but blockchain games now receive it for their monetary elements.

• Epic Games Store's updated policy now accepts blockchain games that are rated AO solely due to their use of blockchain or NFT technology, while still upholding bans on content involving gambling, pornography, and hateful themes. This decision resolves a previous dilemma for developers, as Epic welcomes blockchain games but had barred AO-rated ones.

Wynd Network Raises $3.5M:

• Polychain Capital and Tribe Capital led a $3.5 million seed funding round for Wynd Network, the developer of Grass, a decentralized web scraping network aimed at creating decentralized AI models. This investment was supported by Bitscale, Big Brain, Advisors Anonymous, Typhon V, Mozaik, and a pre-seed round in December 2022 led by No Limit Holdings.

• Grass, developed by Wynd Network, is a browser extension that utilizes individuals' unused internet bandwidth for web scraping and rewards users with Grass Points. Wynd Network sells these scraped datasets to companies, including AI developers, demonstrating a practical application of blockchain technology in AI development. This is particularly relevant as AI models, like ChatGPT, require vast online data for training.

• Wynd Network is also using blockchain to authenticate the origins of its scraped data, addressing concerns about data legitimacy and potential biases. Chief Technology Officer Chris Nguyen highlights that, while blockchain cannot support the extensive data required for AI training, Wynd can cryptographically link data sets to requests with minimal on-chain data. The team is collaborating with open-source AI companies and exploring other use cases that merge AI and crypto. This growing interest in AI and crypto integration is also seen in other ventures, such as Ritual's $25 million raise and a16z crypto's focus on AI for 2024.

Farfetch Acquired by Korean eCommerce Giant Coupang:

• South Korean eCommerce giant Coupang has acquired struggling luxury retailer Farfetch, providing Farfetch with a $500 million investment to continue operations. This acquisition grants Coupang greater access to the lucrative personal luxury goods market, particularly in South Korea, known for the world's highest per-capita spending on personal luxury goods.

• Farfetch's founder José Neves had previously considered taking the company private. The new agreement with Coupang follows Farfetch's decision to abandon its plan to acquire Yoox Net-A-Porter from Cartier owner Richemont. Richemont has indicated it will explore other options for its eCommerce services and does not expect the repayment of a $300 million loan given to Farfetch in November 2000.

• Farfetch's journey leading to the acquisition has been marked by significant developments and challenges. After recording a turnaround in May with 8% year-over-year revenue growth, Farfetch discontinued beauty product sales in August, a year after acquiring upscale beauty retailer Violet Grey. The decision highlighted the intense competition in the industry dominated by giants like Sephora and Ulta.

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