Bitcoin Plunges Below $82,000

Whale 0xf7AD, who bought 654,288 $UNI ($5.96M) at an average price of $7.17 over the past month, deposited all of it into #CoinbasePrime 3 hours ago, making a profit of ~$1.27M.

According to CNBC, U.S. Democratic Representative Don Davis of North Carolina introduced the "Ban on Betting on Your Own Election Act" on Monday, which proposes to ban federal public office candidates from trading contracts related to their own elections on prediction markets. Violators will face a fine of $10,000 or three times the net profit from the trade, whichever is higher. The proposal stems from Davis' Republican election opponent Laurie Buckhout, who was previously penalized by prediction market platform Kalshi. Buckhout reached a settlement with the platform in August for trading contracts related to her own candidacy, paying a fine of just under $2,600 and being suspended from Kalshi for three years. She said at the time: "I bet on myself, that's exactly what I did. That was a stupid mistake." Prediction market platforms had previously already imposed self-restrictions on candidates trading contracts related to their own elections to guard against insider trading. Davis hopes to formalize these relevant restrictions into law. However, both the House of Representatives and the Senate are scheduled to resume sessions only after the midterm elections, so the bill is almost impossible to implement during this election cycle. The Senate passed a resolution in April banning senators and their staff from participating in prediction market trading, but it did not cover non-incumbent senatorial candidates.

According to a Bloomberg report, OpenAI is in discussions with multiple UAE investment funds to secure a core investor for a funding round worth at least $300 billion. The funds include Abu Dhabi-based MGX, with several UAE funds planning to form an investment consortium that could contribute up to $100 billion in total. BlackRock is also in talks to join the consortium for this round. OpenAI has also approached existing investors including the University of California Endowment, Thrive Capital, and Andreessen Horowitz about participating. The fundraising is still ongoing, and the final investors and specific terms may change. OpenAI plans to raise funds at a pre-money valuation of approximately $1.4 trillion, offering this valuation as a fixed price to investors even though a lead investor has not yet been finalized. In March this year, OpenAI completed a $122 billion funding round at a post-money valuation of $852 billion. The company has delayed its IPO plans until at least next year, citing a focus on AI safety work as the reason.

Fairshake, the crypto political action committee (PAC) backed by institutions including Coinbase, Ripple Labs, and A16z, announced it will support 32 incumbent U.S. House members in the 2026 midterm elections, comprising 19 Republican lawmakers and 13 Democrats. Fairshake plans to initially deploy $6 million, providing $1 million each in campaign support to 3 Republican and 3 Democratic candidates. Spokesperson Geoff Vetter stated: “We support pro-crypto candidates from both parties who back U.S. innovation.” All 32 candidates voted in 2025 to advance the Digital Asset Market Clarity Act (CLARITY Act), though the bill failed to pass a key Senate vote and remains uncertain. Fairshake expects to invest over $100 million this year on ads supporting House and Senate candidates, with at least $30 million allocated to Ohio’s Senate race, backing Republican candidate Jon Husted against Democratic incumbent Sherrod Brown. Vetter previously noted that as of August, Fairshake held $122 million in cash, with the goal of building the largest pro-crypto congressional coalition in U.S. history.

According to on-chain analyst Ai Yi (@ai_9684xtpa), two hours ago, address 0xf7A…147AB deposited all 654,288 UNI tokens into Coinbase, valued at approximately $5.96 million, an apparent profit-taking move. The tokens were withdrawn from a trading platform between September 3 and October 1, at an average price of around $7.16. Using the withdrawal price as the cost basis and selling at the deposit price, the estimated profit is about $1.27 million, with a return rate of roughly 27.23%.

The U.S. Commodity Futures Trading Commission (CFTC) has released advance notices of proposed rulemaking for the Crypto Asset Trading Regulation (Regulation CTX) and Crypto Asset Market Regulation (Regulation CAM), seeking public input on establishing a comprehensive regulatory framework for retail crypto asset trading. Key focus areas of the consultation include: how to implement a unified national regulatory system to prevent abuses in crypto markets and related transactions; how to clarify compliance requirements and industry best practices for crypto assets; and how to create a dedicated subcategory of registered designated contract markets (DCMs) specifically for crypto asset trading, dubbed "crypto asset markets". CFTC Chairman Michael S. Selig stated that this action will leverage existing statutory authority to advance a federal crypto market regulatory framework, with the goal of preventing fraud like the FTX collapse rather than only pursuing accountability after the fact. The CFTC will consider subsequent rulemaking and other actions based on public feedback. Comments must be submitted in writing within 60 days of the notice’s publication in the Federal Register.