GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Trump to Tap Ex-Bakkt CEO Kelly Loeffler for Agriculture Secretary

- VanEck Predicts $180K Bitcoin in Current Cycle

- Polymarket Restricts French Users Following Gambling Probe

- CFTC Backs Blockchain for Trading Collateral Tokenization

- Cboe Unveils Cash-Settled Bitcoin Options

- Shiba Inu Eyes Growth as BTC Nears $100K

Donald Trump Expected to Nominate Former Bakkt CEO Kelly Loeffler as Agriculture Secretary 

President-elect Donald Trump plans to nominate Kelly Loeffler, former CEO of the crypto firm Bakkt and ex-U.S. Senator, as Secretary of Agriculture. Loeffler will also co-chair Trump’s inaugural committee, reflecting her close ties to his administration. Loeffler helmed Bakkt from its creation in 2018 until 2019, when she joined the Senate through an appointment by Georgia Governor Brian Kemp. During her tenure, Bakkt saw a sharp revenue rise, from $56 million in 2022 to $780 million in 2023, despite reporting a net loss of $226 million that year. Her ties to Trump extend beyond politics. Loeffler’s husband, Jeff Sprecher, is the CEO of Intercontinental Exchange (ICE), which owns the New York Stock Exchange and majority-controls Bakkt. Loeffler herself has been a prominent fundraiser for Trump’s campaigns.

In a related move, Trump’s media company, Trump Media and Technology Group (TMTG), is reportedly in advanced talks to acquire Bakkt in an all-stock deal. This acquisition would bolster Trump’s crypto-related ventures. Bakkt is expected to focus on institutional trading platforms while potentially scaling back its crypto custody operations. As a senator, Loeffler aligned closely with Trump, maintaining a "100% Trump voting record" and branding herself as "America’s most conservative Senator" during her re-election campaign. While her specific plans for the Agriculture Department remain unknown, Loeffler’s appointment underscores her loyalty to Trump and her involvement in both financial and political circles. The nomination signals Trump’s interest in intertwining financial innovation, such as cryptocurrency, with his administration’s broader agenda.

VanEck Reaffirms $180K Bitcoin Price Target, Citing Favorable Market Conditions

Global investment manager VanEck has reiterated its forecast of Bitcoin reaching $180,000 in the current market cycle, citing a favorable regulatory landscape and growing institutional interest. Analysts Nathan Frankovitz and Matthe Sigel outlined these predictions in a Nov. 21 report, stating that the bull market’s next phase is "just beginning." The report highlights that Bitcoin’s price recently surged to $99,800, nearing the $100,000 milestone, with current trading levels around $98,500. Analysts attribute this momentum partly to Donald Trump’s re-election, which they see as a catalyst for Bitcoin’s growth. Despite the optimism, VanEck analysts flagged elevated funding rates on Bitcoin futures contracts, which exceeded 10% as of Nov. 11.

Historically, such high rates indicate short- to medium-term bullish sentiment but may lead to market “overheating.” They warned that while these conditions support higher returns over 30 to 90 days, they often result in underperformance over longer timeframes, such as 180 days to two years. This suggests caution for investors with long-term horizons. Bitcoin's push toward $100,000 has sparked mixed reactions among market experts. Some believe the milestone could be surpassed within the week, while others see potential for higher price levels by year-end. VanEck’s projection reflects a broader trend of institutional confidence in crypto, underscoring Bitcoin’s growing role in global financial markets. However, the analysts urge investors to monitor funding rates as a critical factor influencing short- and long-term performance.

Polymarket Blocks French Users Amid Gambling Investigation Over Trump Election Bets

Polymarket, a blockchain-based prediction platform, has barred users in France from placing bets or trading amid an investigation by the French gambling regulator, Autorité Nationale des Jeux (ANJ). This restriction, however, allows users to access the platform in view-only mode, as confirmed by screenshots shared on social media. The probe reportedly centers on a French trader, nicknamed "Théo," who wagered over $30 million on Donald Trump’s victory in the 2024 U.S. presidential election, ultimately profiting nearly $80 million. The scale of Théo's activity has raised concerns about market manipulation and potential insider trading, prompting heightened scrutiny of Polymarket’s compliance with French gambling laws. Polymarket operates using blockchain technology, enabling transparent transactions while permitting users to bet on real-world events, such as elections or sports outcomes.

However, French regulators categorize such activities as unlicensed betting, which is prohibited under national law. The restriction in France follows Polymarket's earlier limitations in the U.S., where the platform settled with the Commodity Futures Trading Commission in 2022 and restricted American users. France has historically been a significant market for the platform, making the recent ban impactful. Further complicating matters, FBI agents recently searched Polymarket CEO Shayne Coplan’s New York residence, seizing mobile devices. While the reasons for the investigation remain unclear, the timing coincides with rising regulatory pressure on Polymarket. The move underscores ongoing regulatory challenges for blockchain-based platforms, particularly in regions with stringent gambling laws, as authorities aim to curb unlicensed and potentially exploitative activities.

CFTC Endorses Blockchain Technology for Tokenizing Trading Collateral in U.S. Markets

The Commodity Futures Trading Commission (CFTC) has released a report endorsing the use of blockchain technology, particularly distributed ledger systems and tokenization, to enhance trading collateral management in U.S. derivatives markets. The report, published by the CFTC's Global Markets Advisory Committee on November 21, emphasizes blockchain’s potential to resolve longstanding challenges in traditional financial markets. Tokenized assets, supported by blockchain networks, could facilitate seamless 24/7/365 transfers of collateral without reliance on multiple intermediaries, allowing for direct peer-to-peer asset pledges. These benefits align with successful global use cases for tokenization, according to CFTC Commissioner Caroline Pham, who has advocated for regulatory clarity around digital assets. The report highlights pilot programs such as the Depository Trust and Clearing Corporation's recent use of tokenized U.S. Treasury bills as trading collateral.

This pilot demonstrates how blockchain technology could modernize collateral transactions by eliminating inefficiencies in the existing system. As President-elect Donald Trump prepares to take office, his administration may further shape the regulatory environment for blockchain. Trump has pledged to position the U.S. as a leader in crypto innovation and is reportedly considering appointing pro-crypto figures to lead the CFTC, including Commissioner Summer Mersinger. Additionally, changes are underway at the Securities and Exchange Commission (SEC), with the impending departure of Chair Gary Gensler, known for his stringent stance on cryptocurrency regulation. The shift in leadership at both the CFTC and SEC could signal a more accommodating regulatory landscape for blockchain technologies in the U.S. financial system. The report underscores growing recognition among regulators and market participants of the transformative potential of blockchain in enhancing financial market infrastructure and expanding the scope of tradable collateral.

Cboe to Launch First Cash-Settled Options Index Tracking Spot Bitcoin ETFs

\Cboe Global Markets has announced plans to launch the first cash-settled index options reflecting the price of spot Bitcoin through its new Cboe Bitcoin U.S. ETF Index (CBTX). This index, which tracks the performance of Bitcoin exchange-traded funds (ETFs) listed in the U.S., will be regulated by the U.S. Securities and Exchange Commission (SEC) and is set to debut on December 2 on the Cboe Options Exchange. CBTX, a market cap-weighted index co-developed by Cboe Labs and Cboe Global Indices, provides indirect exposure to Bitcoin by correlating the price of the cryptocurrency with a basket of ETFs. Unlike traditional options, the index options will be settled in cash upon expiration rather than delivering the underlying ETFs. Cboe also plans to introduce mini options, trading under the ticker MBTX, offering one-tenth the notional value of standard options.

These, along with customizable FLEX options for both CBTX and MBTX, allow traders to tailor contract terms like expiration dates and exercise prices. The launch follows high demand for spot Bitcoin ETF options in the U.S., which have significantly bolstered optimism around Bitcoin’s price trajectory. Rob Hocking, Cboe’s global head of product innovation, emphasized that this new suite of options offers retail and institutional traders an efficient and regulated way to gain exposure to Bitcoin’s price movements. Bitcoin's price, which recently surged past $99,000, is eyeing a historic $100,000 milestone. The introduction of cash-settled options is expected to attract broader participation, leveraging the bullish momentum in the cryptocurrency market.

Shiba Inu Price Surges Amid Bitcoin's March Toward $100K

Shiba Inu (SHIB) has seen a notable price increase in November, driven by a bullish cryptocurrency market. As Bitcoin (BTC) approaches the $100,000 milestone, SHIB benefits from strong community support, an accelerated burn rate, and ecosystem developments. Analysts suggest that Bitcoin's rally could further enhance SHIB's upward trajectory, potentially leading to record-breaking gains. Bitcoin recently hit $98,367, fueled by speculation about a crypto-friendly stance from President-elect Donald Trump’s administration. With BTC doubling its value this year, meme coins like Shiba Inu are gaining renewed interest. SHIB's burn rate has surged by over 200% in a day, reducing token supply and boosting expectations for price growth. Institutional activity and large-scale whale transactions have also reinforced Shiba Inu's momentum.

The ecosystem’s expansion, highlighted by initiatives like Shibarium and Shibburn, showcases the coin’s increasing utility and long-term adoption potential. Historical data suggests SHIB may be poised for a parabolic rally as its fundamentals strengthen. Crypto analyst Ali predicts a bullish trend for Shiba Inu, with technical charts forming a bull flag. If SHIB breaks its $0.000025 resistance level, it could climb to $0.000037. Over the past 24 hours, SHIB has gained 6%, with its price currently at $0.00002471, reflecting increased investor activity. With Bitcoin nearing $100K and the meme coin market experiencing heightened attention, Shiba Inu’s upward potential remains strong. Supported by a loyal community and ecosystem growth, SHIB targets new highs as optimism surrounds the cryptocurrency market.

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