TL;DR

• Bitcoin miners earned $815.7 million in September, marking the lowest monthly income since 2024.

• Over 20 key industry leaders have requested a meeting with the Harris campaign’s policy team this month to discuss cryptocurrency regulations.

• A man from Indiana has admitted to wire fraud and money laundering, having stolen over $37 million in cryptocurrency.

• The cryptocurrency group COPA has initiated legal action to challenge a dominant player in the blockchain patent space.

• There is a 63.3% chance that the Federal Reserve will reduce interest rates by 25 basis points in November.

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Alpha of the Day

The Virtual Currency Pyramid Scheme in Yunnan, China

A group of individuals in Yunnan, China, thought they could get rich quick by launching an online platform to distribute virtual currencies. Instead, they found themselves behind bars, convicted for running what authorities labeled as a pyramid scheme. These “crypto entrepreneurs” set up the platform to recruit users, but the catch was that users had to bring in more participants, classic pyramid style. Unfortunately for them, the pyramid collapsed, and now they're building a new structure—made of prison walls. Lesson learned: if your crypto plan feels like a house of cards, it probably is.

Bitcoin Miners Hit a New Low in Earnings

September was not a kind month for Bitcoin miners, who raked in a measly $815.7 million—marking their lowest earnings since 2024. While that number still sounds like winning the lottery for most of us, in the wild world of Bitcoin mining, it’s more like finding out your scratch-off ticket won you a free coffee. The drop in earnings could be tied to Bitcoin’s price fluctuations and increased mining difficulty, leaving miners with a bittersweet taste. But hey, maybe it’s time for these miners to take a much-needed coffee break.

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Harris Campaign Gets Crypto in the Spotlight

This month, over 20 big names from the crypto world have decided it’s time to chat with the Harris campaign’s policy team about—you guessed it—crypto regulations. With industry insiders pulling up a seat at the political table, it looks like digital currency is no longer the weird cousin nobody talks about at family gatherings. Whether they’ll be dishing out advice on blockchain or lobbying for better crypto tax policies, one thing’s clear: crypto is getting political, and the Harris campaign might want to buckle up.

Indiana Man’s $37 Million Crypto Heist Ends in Guilty Plea

A man from Indiana just found out that stealing $37 million in cryptocurrency isn't as slick as it sounds. He pleaded guilty to wire fraud and money laundering after orchestrating a digital heist worthy of a Hollywood plot—except this one didn’t end with him sailing off into the sunset. Instead, it ended with a court date and some hefty charges. This guy probably thought he could pull a fast one with that much crypto, but it turns out you can’t just launder millions without anyone noticing. Better luck next time, buddy.

COPA Takes On the Blockchain Patent Giant

The Crypto Open Patent Alliance (COPA) has decided they’re not letting a blockchain “patent giant” run the show. They’ve launched legal action to fight what they see as overly restrictive patent claims that could stifle innovation in the crypto space. It’s basically the crypto version of a David vs. Goliath showdown, where COPA is standing up for the little guys against the big, bad patent holders. The question now is: can they sling their legal stones with enough force to win? We’ll have to wait and see.

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Fed Rate Cut on the Horizon?

There’s a 63.3% chance that the Federal Reserve will chop interest rates by 25 basis points in November, according to the latest market predictions. Basically, the Fed is playing a game of “will they, won’t they” with the economy, and everyone’s on the edge of their seats. A rate cut could mean lower borrowing costs and more liquidity in the market, which is music to the ears of investors. But nothing’s set in stone—this is just the latest gossip from the finance world’s version of Vegas odds.

Bank of England and FCA Test DLT in a New Sandbox

The Bank of England and the FCA are diving into the world of digital securities with a brand-new sandbox. No, this isn’t the kind of sandbox you played in as a kid—this one’s for testing distributed ledger technology (DLT) in the world of financial securities. It’s all part of a plan to figure out how DLT can revolutionize finance, and, spoiler alert: they’re expecting some pretty cool results. If this sandbox experiment goes well, we might just see DLT become the new backbone of securities trading. Time to grab your shovel and bucket, folks.

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