Today in crypto, former White House Crypto Council Executive Director Bo Hines has joined Tether as a strategic adviser, Bitcoin bull and billionaire Chamath Palihapitiya has filed for a $250 million SPAC targeted on decentralized finance and AI, and BitMine’s Ether holdings surged to $6.6 billion regardless of its inventory dropping 14%.
Ex-White House crypto director Bo Hines takes Tether advisory position
Stablecoin large Tether employed former White House Crypto Council Executive Director Bo Hines as its new strategic adviser for digital belongings and US technique, signaling a push to broaden on this planet’s largest financial system.
Tether, the issuer of the USDt (USDT) stablecoin, appointed Hines to instantly have interaction and coordinate the corporate’s US technique and growth as a part of its core focus with quick impact, in response to a Tuesday announcement shared with Cointelegraph.
Hines beforehand served in President Donald Trump’s administration, the place he labored on initiatives to foster digital asset innovation, set guardrails for stablecoin issuers and develop collaboration between authorities and the blockchain trade.
In his new position, Hines will collaborate with Tether’s management crew to execute its US market entry and domesticate “constructive relationships” with policymakers and trade stakeholders.
Hines’ “deep understanding of the legislative course of, mixed along with his ardour for sensible blockchain adoption, makes him a useful asset as Tether enters the largest market on this planet,” mentioned Paolo Ardoino, CEO of Tether, including:
“Bo’s appointment demonstrates our dedication to constructing a powerful U.S.-based presence that spans throughout a number of sectors, beginning with digital belongings and increasing to new alternatives, together with a deep concentrate on potential additional investments in home infrastructure.”
Tether Investments has already reinvested nearly $5 billion within the US financial system. Hines’ addition goals to “reinforce” this dedication and alignment to the US market, the announcement mentioned.
Bitcoin bull and billionaire recordsdata for $250 million SPAC focusing on DeFi, AI
Early Bitcoin investor and billionaire Chamath Palihapitiya has filed to increase $250 million in blank-check firm “American Exceptionalism Acquisition Corp A,” focusing on the decentralized finance, AI, vitality and protection sectors.
The particular function acquisition firm (SPAC) could be led by Social Capital managing companion Steven Trieu as CEO and Palihapitiya as chairman, in accordance to the registration assertion filed with the US Securities and Exchange Commission on Monday.
The $250 million increase seeks to supply 25 million shares at $10 every underneath the ticker AEXA on the New York Stock Exchange.
The pair is betting on decentralized finance, not Bitcoin, to guide the subsequent wave of economic innovation, specializing in options that bridge conventional markets with blockchain tech.
However, SPACs face inherent dangers, and Palihapitiya has a blended document main SPACs prior to now, with three previous endeavors leading to liquidations.
BitMine inventory struggles as ETH holdings surge
BitMine Immersion Technologies’ robust pivot into Ether hasn’t boosted its inventory, with shares tumbling 14% over the previous week, per Google Finance information. Now the world’s largest company holder of Ether, BitMine’s droop highlights that crypto bets don’t at all times yield fast wins for public corporations.
Still, the agency is doubling down. Chairman Tom Lee mentioned the technique is pushed partly by institutional demand, and final week BitMine unveiled plans to increase $24.5 billion to broaden its Ether holdings.
Ether exchange-traded funds have drawn robust demand, with inflows hitting $2.8 billion final week and pushing year-to-date totals above $11 billion.
Corporate and institutional demand has propelled Ether greater than 50% increased over the previous month. Last week, ETH got here inside putting distance of its November 2021 all-time excessive of round $4,870 earlier than pulling again.
