HEX

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Subject: =?UTF-8?Q?Answering_key_questions_about_FTX=E2=80=99s_collapse?=
To: Vincent Herbert <vince@showfile.com>

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Coinbase Bytes A closer look at the exchange=E2=80=99s rapid demise View in=
 browser=20
<https://links.coinbase.com/e/evib?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D13MTWc9rmAu7VSpz-JdNwPtHm836lrhkr-=
9lu4molfKGyzU1lifZ4cXpUuDCthmWUqLT4iwsiyEVM243V3zZqA%3D%3D>
 <https://coinbase.com>=20
 17/11/2022
 <https://www.coinbase.com>=20
Crypto winter has taken a harsh turn in the wake of FTX=E2=80=99s collapse.=
 We=E2=80=99re=20
breaking down what you need to know. [Image via Adam Chang]

What=E2=80=99s up? It=E2=80=99s Coinbase Bytes

Before we begin this week, a quick programming note: Bytes will be off next=
=20
week, but back in your inboxes the following week. Now back to business. He=
re=E2=80=99s=20
what you need to know this week:

 * FTX=E2=80=99s collapse raised many questions inside and outside the cryp=
to industry.
A closer look at some key talking points that have emerged.=20
 * What Coinbase customers should know amid market turbulence. Our approach=
 to=20
protecting your account and assets.=20
 * Several pro-crypto candidates are heading to Washington D.C. Meet the=20
politicians who will likely be at the center of the crypto debate.=20




Bitcoin

 =C2=A313,959.78=20

 -1.83%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,020.02=20

 +3.33%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20


Cardano

 =C2=A30.28=20

 -3.20%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20

Dogecoin

 =C2=A30.07=20

 +7.66%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20


Polygon

 =C2=A30.76=20

 +5.86%=20
 <https://coinbase.com/price/polygon?bytes_title=3Dpolygon>=20

Polkadot

 =C2=A34.77=20

 -1.04%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20


Bitcoin

 =C2=A313,959.78=20

 -1.83%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,020.02=20

 +3.33%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20

Cardano

 =C2=A30.28=20

 -3.20%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20


Dogecoin

 =C2=A30.07=20

 +7.66%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20

Polygon

 =C2=A30.76=20

 +5.86%=20
 <https://coinbase.com/price/polygon?bytes_title=3Dpolygon>=20

Polkadot

 =C2=A34.77=20

 -1.04%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20
Price changes are for the past week, ending on Nov 17, 2022 at 12:24 AM UTC
See the latest prices <https://www.coinbase.com>=20



 FTX FALLOUT=20

4 key questions about the impact of FTX=E2=80=99s collapse

Last Friday, the beleaguered crypto exchange FTX filed for bankruptcy=20
<https://www.ft.com/content/afe56c4e-2d68-457e-bbb2-476752d5f02e> after a=
=20
stunning five-day collapse of the once-$32 billion dollar crypto empire. Th=
e=20
company is now facing investigations in boththe Bahamas=20
<https://www.cnn.com/2022/11/13/business/ftx-bahamas-criminal-investigation=
> and
the U.S=20
<https://www.wsj.com/articles/sec-investigates-crypto-platform-ftx-11668020=
379>
. for its handling of users=E2=80=99 assets.

FTX=E2=80=99s books revealed the exchange had more than $9 billion in liabi=
lities=20
<https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558>, but less=
=20
than $1 billion in liquid assets the day before its bankruptcy filing. And=
=20
after an apparent hack drained$477 million=20
<https://www.cnbc.com/2022/11/12/ftx-says-its-removing-trading-and-withdraw=
als-moving-digital-assets-to-a-cold-wallet-after-a-477-million-suspected-ha=
ck.html>
 of the company=E2=80=99s remaining assets on Friday night,customers are fa=
cing long=20
odds=20
<https://www.bloomberg.com/news/articles/2022-11-13/ftx-s-balance-sheet-hac=
k-paint-dim-picture-for-user-recovery?sref=3DaInCMkkj>
 of ever recovering much of their deposits. At least$1 billion=20
<https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-fun=
ds-missing-report.html>
 in customer funds are unaccounted for, and FTX may owe as many asone milli=
on=20
creditors=20
<https://www.cnbc.com/2022/11/15/ftx-says-could-have-over-1-million-credito=
rs-in-new-bankruptcy-filing.html>
.

As the business world tries to keep pace with this fast-moving story, we=E2=
=80=99re=20
attempting to answer a few bigger picture questions about FTX=E2=80=99s col=
lapse and=20
its implications for the crypto industry. Let=E2=80=99s dive in.

How have crypto markets and businesses been affected?

 * Crypto=E2=80=99s total market cap has dropped below the $1 trillion mark=
 since=20
FTX=E2=80=99s trouble started early last week, and sitsnear $826 billion=20
<https://coinmarketcap.com/> as of Wednesday morning. After the firm=E2=80=
=99s Friday=20
bankruptcy filing, BTC sank nearly 25%, dropping below $16,000, before slig=
htly=20
recovering; ETH fell by more than 30% in the same span.=20
 * Market contagion and liquidity issues have spread to a growing=20
<https://www.ft.com/content/d45310c9-4f8c-4349-b9bb-c8edb5d2863f> number=20
<https://www.bloomberg.com/news/articles/2022-11-14/crypto-exchange-aax-hal=
ts-withdrawals-says-normal-operations-7-10-days-away?sref=3DaInCMkkj>
 of crypto businesses, from lenders including Genesis Global Capital, Block=
Fi,=20
and Voyager to web3 VCs likeParadigm=20
<https://www.theblock.co/post/186449/paradigm-marks-down-ftx-investment-to-=
zero-sources>
,Ikigia=20
<https://www.coindesk.com/business/2022/11/14/ikigai-asset-management-had-l=
arge-majority-of-assets-on-ftx/>
, andGalois=20
<https://www.reuters.com/technology/hedge-fund-galois-capital-says-half-its=
-capital-stuck-ftx-exchange-ft-2022-11-12/>
. On Wednesday, Genesis, a leading lender in the crypto industry,suspended=
=20
redemptions=20
<https://www.theblock.co/post/187545/genesis-global-capital-suspends-redemp=
tions-with-impact-spreading-to-gemini>
, citing =E2=80=9Cextreme market dislocation =E2=80=A6 caused by the FTX im=
plosion.=E2=80=9D Last week,=20
BlockFihalted withdrawals=20
<https://www.yahoo.com/news/crypto-lender-blockfi-says-significant-18141640=
6.html>
 and cited =E2=80=9Csignificant exposure to FTX.=E2=80=9D They are nowplann=
ing to file for=20
bankruptcy=20
<https://www.wsj.com/articles/blockfi-prepares-for-potential-bankruptcy-as-=
crypto-contagion-spreads-11668534824>
. Voyager, a bankrupt lender that FTX had planned to purchase for $1.4 bill=
ion,
no longer has a buyer=20
<https://www.coindesk.com/business/2022/11/11/bankrupt-crypto-lender-voyage=
r-reopens-bidding-process-following-ftxs-collapse/>
, meaning its customers might not be able to recover funds.=20
 * FTX=E2=80=99s collapse has also disrupted the Solana ecosystem. The exch=
ange was=20
heavily invested in SOL andmany of Solana=E2=80=99s DeFi projects=20
<https://blockworks.co/news/solana-community-remains-bullish-despite-ftx-fa=
llout/>
 were also allegedly backed by FTX. The tokenlost more than 60%=20
<https://coinmarketcap.com/currencies/solana/> of its value in the week aft=
er=20
rumors of FTX=E2=80=99s insolvency began.=20


Have larger investors and traditional firms been impacted?

 * Since its founding in 2019, FTX raised nearly $2 billion in capital from=
=20
sources like venture capital firms and pension funds, and its bankruptcy me=
ans=20
that many of its investors will likely need towrite their investments off a=
s=20
losses=20
<https://www.nytimes.com/2022/11/11/technology/ftx-investors-venture-capita=
l.html?>
.=20
 * SoftBank, Tiger Global, and Sequoia Capital are among the many well-know=
n=20
firms who made now-worthless bets on FTX. Last Wednesday, Sequoia sent alet=
ter=20
<https://twitter.com/sequoia/status/1590522718650499073> to investors that =
the=20
firm was marking its $213 million stake down to $0.=20
 * The impact isn=E2=80=99t limited to venture capital firms either =E2=80=
=94 the Ontario=20
Teachers Pension Fund=20
<https://www.forbes.com/sites/mikemcshane/2022/11/15/a-crypto-warning-from-=
the-ontario-teachers-pension-plan/?sh=3D36396ac934fa>
 lost $95 million investing in FTX=E2=80=99s funding rounds and athletes li=
ke tennis=20
star Naomi Osaka andNFL quarterback Tom Brady=20
<https://www.coindesk.com/business/2022/11/09/nfl-legend-tom-brady-caught-i=
n-ftx-fallout-risks-losing-complete-strategic-investment/>
 are among the individuals who had equity stakes in the company.=20


What does this mean for the future of crypto regulation in the U.S.?

 * In the wake of the exchange=E2=80=99s collapse, there has been a chorus =
of calls=20
<https://decrypt.co/114333/chorus-of-lawmakers-collectively-call-for-crypto=
-controls-in-ftx-fallout>
 from business leaders and lawmakers regarding the need for greater oversig=
ht=20
of the crypto industry. U.S. Congressman Patrick McHenry, the top Republica=
n on=20
the House Financial Services Committee,said=20
<https://republicans-financialservices.house.gov/news/documentsingle.aspx?D=
ocumentID=3D408466>
 last week: =E2=80=9CIt=E2=80=99s imperative that Congress establish a fram=
ework that ensures=20
Americans have adequate protections while also allowing innovation to thriv=
e=20
here in the U.S.=E2=80=9D=20
 * Coinbase CEO Brian Armstrong noted=20
<https://www.cnbc.com/2022/11/11/op-ed-crypto-markets-need-regulation-to-av=
oid-ftx-type-situations.html>
 in an op-ed for CNBC on Friday that the U.S.=E2=80=99s confusing array of =
existing=20
regulations have failed to provide a workable framework for how crypto serv=
ices=20
=E2=80=9Ccan be offered in a safe, transparent way.=E2=80=9D As a result, u=
sers have been=20
engaging with risky, offshore platforms like FTX that have little regulator=
y=20
oversight and are largely outside the protection of U.S. regulators.=20
 * The solution, said Armstrong, is to create smarter regulation that prote=
cts=20
consumers and makes the U.S. a more attractive place for crypto companies t=
o=20
operate. =E2=80=9CThose of us who care about the future of crypto want to c=
reate=20
sensible regulation for centralized exchanges and custodians in the U.S. an=
d=20
other regions,=E2=80=9D he said.=20


What should I know as a Coinbase customer?

Coinbase has a clear approach to transparency, risk management, and consume=
r=20
protection, as outlined in a recentblog post=20
<https://www.coinbase.com/blog/our-approach-to-transparency-risk-management=
-and-consumer-protection>
 by CFO Alesia Hass. Here=E2=80=99s the TLDR.

 * Coinbase has very little exposure to FTX and our customers are not in an=
y=20
direct danger of liquidity or credit risk.=20
 * There can never be a =E2=80=9Crun on the bank=E2=80=9D at Coinbase becau=
se we hold all=20
consumer assets 1:1, which can be reviewed in our publicly filed, audited=
=20
financial statements.=20
 * Coinbase is extremely well capitalized, with $5 billion in cash and cash=
=20
equivalents.=20
 * Our risk team has decades of experience managing trading and credit=20
businesses across a range of economic cycles. Ourprudent approach=20
<https://www.coinbase.com/blog/institutional-insights-our-approach-to-crypt=
o-financing>
 to risk management is part of how we keep customers safe.=20


Additional resources from around Coinbase

 * There has been a surge in questions this week around how to safely and=
=20
securely transfer assets to Coinbase. Here=E2=80=99s aguide=20
<https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-t=
rading-pairs/how-to-send-and-receive-cryptocurrency#receive>
 to doing so. And if you=E2=80=99re looking for an alternative to import yo=
ur=20
self-custody wallet, check outCoinbase Wallet <https://www.coinbase.com/wal=
let>
. You can import today followingthese steps=20
<https://www.coinbase.com/learn/wallet/how-to-add-crypto-to-cb-wallet> and =
pay=20
no gas fees along the way.=20
 * Brian Armstrong will be hosting a Twitter Spaces=20
<https://twitter.com/i/spaces/1djxXlmqAXLxZ> with Ryan Selkis, co-founder a=
nd=20
CEO of Messari, on Wednesday November 16 from 11am-12pm PT to talk about th=
e=20
FTX news and where we go from here. If you miss the chance to listen live, =
you=20
can find a recording of this conversation through our Around the Block podc=
ast=20
on Thursday viaSpotify <https://open.spotify.com/show/4QsMNyNEUDu62E3L1PSlW=
B> or
YouTube=20
<https://www.youtube.com/playlist?list=3DPL0zEUTVaoPOyNcYavOkwIXsVHtU6839jC=
>.=20
 * Coinbase=E2=80=99s Institutional Research team has published a new repor=
t=20
<https://www.coinbase.com/institutional/research-insights/research/monthly-=
outlook/the-long-winter-gets-longer-november-2022>
 that looks at how the FTX bankruptcy could continue to impact the crypto=
=20
industry.=20

How we protect customers=20
<https://www.coinbase.com/blog/our-approach-to-transparency-risk-management=
-and-consumer-protection?src=3Dftxfallout_cta>
 <http://coinbase.com/buy?src=3Dbytesdynamicbanner_cta>=20

 POLITICAL CAPITAL=20

How U.S. midterm election results could impact crypto regulations

According to a recent survey=20
<https://blockworks.co/news/poll-us-voters-who-own-crypto-are-on-the-rise-j=
ust-in-time-for-midterms/>
 conducted by GMI PAC, a crypto-focused group, 44% of U.S. voters are =E2=
=80=9Ccrypto=20
voters,=E2=80=9D which pollsters define as owning or considering owning dig=
ital assets.=20
With the U.S. midterm results nearly settled, andcalls for clear crypto=20
regulation=20
<https://www.cnbc.com/2022/11/11/op-ed-crypto-markets-need-regulation-to-av=
oid-ftx-type-situations.html>
 mounting in the wake of FTX=E2=80=99s collapse, a group of newly elected, =
and=20
re-elected, politicians in Washington will likely play a pivotal role in=20
shaping the regulatory conversation. Here=E2=80=99sa quick look at some=20
<https://blockworks.co/news/new-crypto-friendly-politicians-are-headed-to-w=
ashington/?utm_source=3DSailthru&utm_medium=3Demail&utm_campaign=3DDaily%20=
NL%20Thursday%2011.10.22&utm_term=3DDaily%20Newsletter>
 of those politicians.

 * Rep. Harriet Hageman: A newly elected Republican from Wyoming, a state t=
hat=20
has taken a leading role in proposing crypto-friendlylaws=20
<https://www.npr.org/2022/03/10/1084166077/with-federal-rules-unclear-some-=
states-carve-their-own-path-on-cryptocurrencies>
, Hageman is a proponent of limiting the federal government=E2=80=99s influ=
ence over=20
parts of the industry, like mining operations. Crypto is =E2=80=9Can import=
ant states=E2=80=99=20
rights issue,=E2=80=9D she said over the summer. Sen. Cynthia Lummis (R-Wyo=
.), a vocal=20
crypto advocate and co-author of theResponsible Financial Innovation Act=20
<https://www.coinbase.com/bytes/archive/the-key-crypto-bills-in-congress>,=
=20
called Hageman =E2=80=9Can excellent teammate=E2=80=9D to have in Washingto=
n.=20
 * Rep. Jonathan Jackson: An incoming Democrat from Illinois, Jackson was=
=20
propelled to office in part due toa swath of donations=20
<https://chicago.suntimes.com/columnists/2022/6/21/23177138/cryptocurrency-=
pac-money-jonathan-jackson-congress-ftx-web3-forward-bankman-fried>
 from crypto-related political groups including Three PACs, DAO for America=
,=20
Web3 Forward, and Protect Our Future. Jackson hassaid=20
<https://jonathanjacksonforcongress.com/issues/with-regulatory-clarity-digi=
tal-asset-markets-offer-great-business-opportunities-for-communities-of-col=
or/>
 he supports regulations that promote innovation =E2=80=9Cand add clarity a=
nd=20
protection for those entering this burgeoning arena.=E2=80=9D=20
 * The Congressional Blockchain Caucus: Several representatives in this=20
bipartisan group=20
<https://congressionalblockchaincaucus-schweikert.house.gov/about> won=20
re-election, including chairs Tom Emmer (R-Minn.) and Bill Foster (D-Ill.),=
 and=20
caucus members Josh Gottheimer (D-N.J.), and Richie Torres (D-N.Y.) The=20
congressional group says that it supports a =E2=80=9Clight touch regulatory=
 approach=E2=80=9D=20
and is focused on blockchain technology applications like =E2=80=9Cidentity=
 management,=20
asset tracking and ownership, healthcare records management, [and] intellec=
tual=20
property rights.=E2=80=9D=20


Why it matters=E2=80=A6 As calls for regulatory clarity grow from business =
leaders and=20
politicians alike, the 118th U.S. Congress will likely face increased press=
ure=20
to formulate clear laws to guide the crypto industry in the U.S. A possible=
=20
starting point?Three key bills=20
<https://www.coinbase.com/bytes/archive/the-key-crypto-bills-in-congress>=
=20
proposed earlier this year are already awaiting congressional action in 202=
3.
See our policy efforts=20
<https://www.coinbase.com/public-policy?src=3Dpoliticalcapit_cta>=20



 NFL NFTS=20

Rarity League=E2=80=99s NFL helmet NFTs are a real game changer

For football fans who can never get enough NFL excitement, the latest Rarit=
y=20
League release should be top of mind. This NFT collection features official=
=20
NFL-licensed, one-of-a-kind helmets for all 32 NFL teams that are integrate=
d=20
into NFL Rivals, the first NFL and NFLPA officially licensed video game on =
the=20
blockchain. The latest release dropped on Tuesday, and you can useCoinbase=
=20
Wallet <https://www.coinbase.com/wallet> to get in on the collector action =
at=20
RarityLeague.com=20
<https://www.rarityleague.com/?utm_source=3Dcoinbase&utm_medium=3Dreferral&=
utm_campaign=3Drl-drop-2>
.




 TOKEN TRIVIA=20

How frequent are Bitcoin halvings?

A Every six months=20
B Every six years=20
C Once per decade=20
D Every four years=20
Find the answer at the end of the email.
Learn about BTC halvings=20
<https://www.coinbase.com/learn/crypto-basics/what-is-a-bitcoin-halving?src=
=3Dtrivia_cta>



 NOW TRADING ON COINBASE=20

HFT=20
HFT is the ERC-20 governance token of the Hashflow protocol, which features=
 a=20
decentralized exchange that supports MEV-protected, bridgeless cross-chain=
=20
token swaps with zero slippage.
 <https://www.coinbase.com/price/hashflow?bytes_new=3Dhashflow>=20
MSOL=20
mSOL tokens represent SOL tokens staked using the Marinade.Finance liquid=
=20
staking protocol.
 <https://www.coinbase.com/price/marinade?bytes_new=3Dmarinade>=20
MNDE=20
MNDE is the governance token of Marinade.Finance, a liquid staking protocol=
 on=20
Solana.
 <https://www.coinbase.com/price/mnde?bytes_new=3Dmnde>=20


Trivia answer

D Every four years=20

 <https://itunes.apple.com/us/app/coinbase-bitcoin-wallet/id886427730?mt=3D=
8> =20
<https://play.google.com/store/apps/details?id=3Dcom.coinbase.android>=20
Disclaimer: This material is the property of Coinbase, Inc., its parent and=
=20
affiliates ("Coinbase"). The views and opinions expressed herein are those =
of=20
the author and do not necessarily reflect the views of Coinbase or its=20
employees and summarizes information and articles with respect to=20
cryptocurrencies or related topics that the author believes may be of inter=
est.=20
This material is for informational purposes only, and is not (i) an offer, =
or=20
solicitation of an offer, to invest in, or to buy or sell, any interests or=
=20
shares, or to participate in any investment or trading strategy, (ii) inten=
ded=20
to provide accounting, legal, or tax advice, or investment recommendations =
or=20
(iii) an official statement of Coinbase. No representation or warranty is m=
ade,=20
expressed or implied, with respect to the accuracy or completeness of the=
=20
information or to the future performance of any digital asset, financial=20
instrument or other market or economic measure. The information is believed=
 to=20
be current as of the date indicated on the materials. Recipients should con=
sult=20
their advisors before making any investment decision. Coinbase may have=20
financial interests in, or relationships with, some of the entities and/or=
=20
publications discussed or otherwise referenced in the materials. Certain li=
nks=20
that may be provided in the materials are provided for convenience and do n=
ot=20
imply Coinbase's endorsement, or approval of any third-party websites or th=
eir=20
content. Coinbase, Inc. is not registered or licensed in any capacity with =
the=20
U.S. Securities and Exchange Commission or the U.S. Commodity Futures Tradi=
ng=20
Commission.



 =C2=A9 Coinbase 2022 | Coinbase Europe Limited=20
 70 Sir John Rogerson=E2=80=99s Quay | Dublin 2 | D02 R296 | Ireland=20
 +353 1800 200 355=20
 =C2=A9 Coinbase 2022 | CB Payments, Ltd=20
 5 Fleet Place | London | EC4M 7RD | UK=20
 +44 808 168 4635=20

 CB Payments, Ltd. is authorised by the Financial Conduct Authority under t=
he=20
Electronic Money Regulations 2011 (register number 900635) for the issuing =
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electronic money.

 Cryptocurrency is not regulated by the UK Financial Conduct Authority and =
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not subject to protection under the UK Financial Services Compensation Sche=
me=20
or within the scope of jurisdiction of the UK Financial Ombudsman Service.=
=20
Investing in cryptocurrency comes with risk and cryptocurrency may gain in=
=20
value, or lose some or all value. Capital gains tax may be applicable to=20
profits from cryptocurrency sales.


Unsubscribe=20
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55878e9689713&_s=3D8331bd2e46504a91b1bea4ad5841d81b&_t=3D13MTWc9rmAu7VSpz-J=
dNwPtHm836lrhkr-9lu4molfKGyzU1lifZ4cXpUuDCthmWGg5bkypEd1ACUpm5thSRAyK77tmDZ=
niQ7DEfcE3Oe-Wq2jfdncAyLdRTaBzObn6dkTSUyHOqzDc4xBWF9ywNya2t3pC9wE63sYHdqkUq=
pFyStb3OL251Lg8V0yUwEVz5>
 from future editions of Coinbase Bytes.


------=_Part_12362_1634729036.1668644884760
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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www=
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ze: 16px;color: #0A0B0D;"><span style=3D"color:transparent;visibility:hidde=
n;display:none;opacity:0;height:0;width:0;font-size:0;">A closer look at th=
e exchange=E2=80=99s rapid demise</span><img src=3D"https://links.coinbase.=
com/e/eo?_t=3D3aca56371967418192255878e9689713&amp;_m=3D8331bd2e46504a91b1b=
ea4ad5841d81b&amp;_e=3D13MTWc9rmAu7VSpz-JdNwPtHm836lrhkr-9lu4molfKGyzU1lifZ=
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h=3D"1" height=3D"1"/> <div id=3D"root" style=3D"min-width: 320px; backgrou=
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;" class=3D"block-grid"> <div style=3D"padding: 0px 10px 10px;"> <div style=
=3D"text-align: right; margin-bottom: 24px;"><a href=3D"https://links.coinb=
ase.com/e/evib?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b=
1bea4ad5841d81b&_e=3D13MTWc9rmAu7VSpz-JdNwPtHm836lrhkr-9lu4molfKGyzU1lifZ4c=
XpUuDCthmWUqLT4iwsiyEVM243V3zZqA%3D%3D" target=3D"_blank" rel=3D"noopener n=
oreferrer" style=3D"color: rgb(91, 97, 110); text-decoration: none; line-he=
ight: 1.5; font-size: 12px;">View in browser</a></div> <div style=3D"margin=
-bottom: 20px;"> <table style=3D"width: 100%;"> <tbody> <tr> <td style=3D"t=
ext-align: left; vertical-align: middle;"><a href=3D"https://links.coinbase=
.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1b=
ea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6DzSodilT9aXke9TO3zAqWR-DrDS-u2SB_2hn=
yo66ZVdd_KdBdo0oNWkUI-P3J8b7WO3yLqpGtLOqPdIj63sYQHX9pitoOknakpBmHst-Cwbpu2J=
tgzTJrysTfGPM2d_oXh-qmphFv8sQoF5-EYCXDN_nehplI556I5MXmnMdw00gIS1uHd58ToApTy=
6-us-055GvEzy6Ps002IGnS8X5Wr03AxmsHgqukEEle2HEsjvTdmViIsKsdjg-zdTWgTISZUazh=
RGYZuiu7piqJ84kUbmBPp9ks4pmLx3Y4aNY6USI" title=3D"Coinbase Bytes" target=3D=
"_blank" rel=3D"noopener noreferrer"><img src=3D"https://d15k2d11r6t6rl.clo=
udfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3=
aca56371967418192255878e9689713/cbytes-4x.png" height=3D"36" style=3D"displ=
ay: block; height: 36px;"></a></td> <td style=3D"text-align: right;"><p sty=
le=3D"font-size: 20px; color: rgb(10, 11, 1); margin: 10px 0px 0px;"> 17/11=
/2022</p></td> </tr> </tbody> </table> </div> <a href=3D"https://links.coin=
base.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a9=
1b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQOAwmYXY0S=
X4yuX0ZkAng8S6B42AUSgquqv7M1PBg9ipPwG_aLZS5lvrMv8CngDWBhXAmh_2bFEHsrXC9fQ3s=
Ud8t8pXA8thwYhIuLpWKadW9nviMymKOAXt1cTLszQmau5pqFYf21l-VW387kBLG4tGr6x_3yP9=
9l4XgAOeuuCD0bhtumwDhRyLi7Jgpa5vryJ_ODVvohxQJLc4cTAOwYTwceoR9Sx33yXeePCkypE=
jxFr0NPUcebvz23P4SHJgqmDmbJrHEnU3ITFnB0NAHt" target=3D"_blank" rel=3D"noope=
ner noreferrer"><img src=3D"https://images.ctfassets.net/q5ulk4bp65r7/3FocD=
unlvcF99iplHhbGMd/bd99b527bb4786c7563d9b76cff92b5c/adam-chang-IWenq-4JHqo-u=
nsplash.jpg" width=3D"100%" style=3D"display: block; width: 100%;"></a> <p =
style=3D"margin: 16px 0px 0px; line-height: 1.5; word-break: break-word; fo=
nt-size: 12px; color: rgb(91, 97, 110);">Crypto winter has taken a harsh tu=
rn in the wake of FTX=E2=80=99s collapse. We=E2=80=99re breaking down what =
you need to know. [Image via Adam Chang]</p> <p style=3D"margin: 48px 0px 1=
6px; font-size: 32px; line-height: 1.26; word-break: break-word;"><strong>W=
hat=E2=80=99s up? It=E2=80=99s Coinbase Bytes</strong></p> <p style=3D"marg=
in: 0px; line-height: 1.6; word-break: break-word;">Before we begin this we=
ek, a quick programming note: Bytes will be off next week, but back in your=
 inboxes the following week. Now back to business. Here=E2=80=99s what you =
need to know this week:</p> <!--[if mso]><ul style=3D"line-height:1.6;mso-l=
ine-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"margin=
: 10px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> <li sty=
le=3D"margin: 0px; padding: 6px 0px;"><strong>FTX=E2=80=99s collapse raised=
 many questions inside and outside the crypto industry. </strong>A closer l=
ook at some key talking points that have emerged.&nbsp;</li> <li style=3D"m=
argin: 0px; padding: 6px 0px;"><strong>What Coinbase customers should know =
amid market turbulence. </strong>Our approach to protecting your account an=
d assets.&nbsp;</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>S=
everal pro-crypto candidates are heading to Washington D.C. </strong>Meet t=
he politicians who will likely be at the center of the crypto debate.</li> =
</ul> <p style=3D"margin: 0px; padding: 0px;"></p> <!--[if !mso]><!--> <div=
 class=3D"desktop_hide" style=3D"mso-hide:all;display:none;max-height:0;ove=
rflow:hidden;"> <table style=3D"width:100%;table-layout:fixed;margin:0;"> <=
tbody> <tr> <td style=3D"padding-top:40px;"> <a href=3D"https://links.coinb=
ase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91=
b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8n-aAl9Nq6bR=
GOMZro6IrKmgdapU3Y1hz8t5eWOmg9DV1kLqqCbBkYDheBtLPDMkk3xkRqBvlTje9iBHUOE-lLG=
KINgYDz4l1QIJnHhfOqL91iXMGpuaCKx65udMor-BHcIHfD3sPZIa6HC5_qbNM4Hoi5L1x8FD6g=
WnQazmUsOElubZWVpsUCs1WwYiJ-8sDHWGcZCb0tmkQordgySgnO52bo-iB1gxutREu0cRow49q=
TtjjdMLY6TGRRGTjP3ySHKHkuVgVlE5lmLSDQVzUm2ktomf6uveZ6d0DyfOko-hHZt93qHHZs2n=
C8dUZsv8-g%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0=
D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img=
 src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d=
5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arro=
w.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-alig=
n:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-=
align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-hei=
ght:1;"> <p style=3D"margin:0;"><strong>Bitcoin</strong></p> <p style=3D"ma=
rgin:8px 0px;"> =C2=A313,959.78 </p> <p style=3D"margin:0;font-size:12px;">=
 -1.83% </p> </div> </td> </tr> </tbody> </table> </a> </td> <td style=3D"p=
adding-top:40px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5=
6371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHa=
rquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8li7b_Dp45YQ6PyR3HA6rwXxVHoQWMTD2aXhPH=
4N9ew5S-CCNw7_3BsIfQPFupBz7zahxGJKRS6a_yLsRW4MT2fQ2ol7O-ewsJ6k0QfkQugTlO95g=
IuUON_7uzRNzk5P6nuK8PNlLJsvQwAIth3CN55iBr3fwgVW7Ge0Qmq4wmObaicqg4oUEQ88Gamd=
-V15Cuo9z-Hue8DWO_UxzmWw4RHIXUpRhxRD3Hd0fSDp_gl3Ck-tMrLVrygvZ1QVdFTo14q-8u8=
qqBFHaI6G7uiGxRYm9KL7uhCu7UqZlOQ2K7IX5OLG63AV7HgAnZTpQGTgAw%3D" target=3D"_=
blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> =
<td style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6=
t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cf=
f6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D"height:12px;=
width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=
=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"=
text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin=
:0;"><strong>Ethereum</strong></p> <p style=3D"margin:8px 0px;"> =C2=A31,02=
0.02 </p> <p style=3D"margin:0;font-size:12px;"> +3.33% </p> </div> </td> <=
/tr> </tbody> </table> </a> </td> </tr> <tr> <td style=3D"padding-top:20px;=
"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255=
878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6=
D9zSo14MiGpvA33SkQ1cH8mz51tB8mhQjzOJMNdUpGXHwSAT3x-qRNCcElE1MfWwwEzb94jnZwt=
VnEP-V9hInhHtUcGgV6wRgsV31Vw_iy0CbAxSrLYmsCJkl24lYlREkPJ1MUq6fR6NJmLqg0xw4G=
XcSBZefLxrwecgle4jk0I1XCxUssR9EWfrLoXE4Ws_Ovgp49Pq6BXVCnF7ij69FAee5wvvod1y2=
ZIt6dhBMCvLQOo1pICgDSebVqu6WLtpLXZCJyXk45KGQHyOerIc13OuZ0ZN7Iz8s52ESnjhs7qU=
Glue3Lyg5BT6GEnnDi5lXGNJhX_JUH4FZ_U3XXW5H6U%3D" target=3D"_blank" style=3D"=
text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"pad=
ding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.=
net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371=
967418192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px;mar=
gin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td>=
 <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left=
;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Ca=
rdano</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.28 </p> <p style=
=3D"margin:0;font-size:12px;"> -3.20% </p> </div> </td> </tr> </tbody> </ta=
ble> </a> </td> <td style=3D"padding-top:20px;"> <a href=3D"https://links.c=
oinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e4650=
4a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8kDn218N=
K4N5FFFht9UfQkErazxYEEmYGTmwMvHHG_n3RgeaO5XvFceGnWHyBnr1o46Tp_dfNUopuywiCZN=
ZHM-j8n83PF_WfFT_hUVwIoMmmdEQAGFwTDOu1PmW9CqXZ-RHj03y71W56YrshGGXqC2wP_cQwo=
6VLb7N3YrllqsVPaQcbQFltcHWjBw96eLcMDeEZU9mf5xfet-mkFk9NvJepUvnOd6kdepKaTy_6=
mnW2kZgUJxx0P5dlCbfC-LY9rZMi42CZErCU3yipfJrSda2agGRfzitpbujyA4c1oPZO69rIL7c=
WgmIwVnEXFFbEU%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0=
A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> =
<img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/=
669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-ar=
row.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-al=
ign:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertica=
l-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-h=
eight:1;"> <p style=3D"margin:0;"><strong>Dogecoin</strong></p> <p style=3D=
"margin:8px 0px;"> =C2=A30.07 </p> <p style=3D"margin:0;font-size:12px;"> +=
7.66% </p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> <tr> <td s=
tyle=3D"padding-top:20px;"> <a href=3D"https://links.coinbase.com/a/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&=
_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8kBE6lJ2Ab0CWCa3jVbul-HDYtkH7=
FmuazS4qUQLP76FQGs1klqLMx6ey2xqlCV5DWclvcMJK4AvEZ3A6OF6Z7hWLu1pC8t8EiBUNNwg=
YQuF0vUyDjtlH0HKa4hb91viYZzNlp_2VPHPC5PWSQkiyYKQe86TphODu_NW6Q6I0VZ9Xl-WNVa=
OMFGMDKiYLczhKlFmDgtJ7Gu7XlYfk0SvFzCw-GHTeaJ8Er4iKzDahvGiCFXjXHwz3DV2WtLiQY=
3fh_EnaJMbiT_MhS57bNwqx01ZyW9wxMIO5GiAJTvwptRO0VliUpcw0K-qyqdy0kxOmw%3D" ta=
rget=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbo=
dy> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d=
15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd=
7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D"hei=
ght:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"1=
2" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div s=
tyle=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=
=3D"margin:0;"><strong>Polygon</strong></p> <p style=3D"margin:8px 0px;"> =
=C2=A30.76 </p> <p style=3D"margin:0;font-size:12px;"> +5.86% </p> </div> <=
/td> </tr> </tbody> </table> </a> </td> <td style=3D"padding-top:20px;"> <a=
 href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9=
689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo=
14MiGpvA33SkQ1cH8lFmyj3gwHAujB5LOG8fOOlHjKl1Hki5Ut-2GJfymW7Fvbp19rX-ymxy0Gu=
DBee8GZgKUIJTuogE6YQyUh2Q4DfRZYLIkfeovxXV-O6M4uGUQJLvWAzcJBUXm6b-MHsdtPEBcp=
JfuQ9hSWujIehpfF1oKteTy3-MRvYJdSLapRVIvwUzoe-TJKXpsO25TX2fMiqoI-uzH_o5Y1zuP=
1vprvdCFXyxTKJiw-M6pEAW_gSbcTwYdnIDiEQ7ygntT4ysfmU-1GTRkqZqIFZ43D7EFKZPTK7i=
ow0TlOvP4p99gCaWFnibDy7cZZ_oy27-_9b2XY%3D" target=3D"_blank" style=3D"text-=
decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:=
0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/p=
ublic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741=
8192255878e9689713/down-arrow.png" style=3D"height:12px;width:12px;margin:2=
px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td =
style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;marg=
in:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Polkado=
t</strong></p> <p style=3D"margin:8px 0px;"> =C2=A34.77 </p> <p style=3D"ma=
rgin:0;font-size:12px;"> -1.04% </p> </div> </td> </tr> </tbody> </table> <=
/a> </td> </tr> </tbody> </table> </div> <!--<![endif]--> <div class=3D"mob=
ile_hide"> <table style=3D"width:100%;table-layout:fixed;margin:0;"> <tbody=
> <tr> <td style=3D"padding-top:40px;"> <a href=3D"https://links.coinbase.c=
om/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea=
4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8n-aAl9Nq6bRGOMZr=
o6IrKmgdapU3Y1hz8t5eWOmg9DV1kLqqCbBkYDheBtLPDMkk3xkRqBvlTje9iBHUOE-lLGKINgY=
Dz4l1QIJnHhfOqL91iXMGpuaCKx65udMor-BHfJd01TArlwq7gcu9FO2zKtkc13arwYzJeslwRP=
Tk5DJYZjXWqL8eTmE8Jk-GKyWICbJchNmDYPPZaA8miFnbT_LetaZLgLssJP_kh4kVDEZdwB4vX=
YfBYw9lAFXGNi4Sefw_3YoTzdkRoJoroHmMy690VKuSmAmYjujPt4cT4H14tgEtfbh47o-Fe348=
5Li7M%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> =
<table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.pn=
g" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:to=
p;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-alig=
n:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:=
1;"> <p style=3D"margin:0;"><strong>Bitcoin</strong></p> <p style=3D"margin=
:8px 0px;"> =C2=A313,959.78 </p> <p style=3D"margin:0;font-size:12px;"> -1.=
83% </p> </div> </td> </tr> </tbody> </table> </a> </td> <td style=3D"paddi=
ng-top:40px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371=
967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw=
_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8li7b_Dp45YQ6PyR3HA6rwXxVHoQWMTD2aXhPH4N9e=
w5S-CCNw7_3BsIfQPFupBz7zahxGJKRS6a_yLsRW4MT2fQ2ol7O-ewsJ6k0QfkQugTlO95gIuUO=
N_7uzRNzk5P6nuK8PNlLJsvQwAIth3CN555AC1DPJjDM7Von1DOCpDoOkXXLXe89wszwzdDtYj0=
L4WZswlavBONI6YcsGo9ilyyNi5uuBnbX9RQqw1hDrMY7Kdc5rFj4tyN9c5XlRFcIyOhkl-mLkF=
-AF4Iv8h_4-0CbMjN--rFkjVq9H6xQbHLcLYLh8sdnKUs8qIzfkWkvk%3D" target=3D"_blan=
k" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td =
style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl=
.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd=
6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D"height:12px;widt=
h:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"1=
2"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-=
align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;">=
<strong>Ethereum</strong></p> <p style=3D"margin:8px 0px;"> =C2=A31,020.02 =
</p> <p style=3D"margin:0;font-size:12px;"> +3.33% </p> </div> </td> </tr> =
</tbody> </table> </a> </td> <td style=3D"padding-top:40px;"> <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA3=
3SkQ1cH8mz51tB8mhQjzOJMNdUpGXHwSAT3x-qRNCcElE1MfWwwEzb94jnZwtVnEP-V9hInhHtU=
cGgV6wRgsV31Vw_iy0CbAxSrLYmsCJkl24lYlREkPJ1MUq6fR6NJmLqg0xw4GVJ-b3F5xWirFQ5=
yESJUcQp3IJKN_-mjELRSYlopJLkTeXs-8GVJiKAi-lPsjEdfx5V5BYWMdtj9Qp1FPHglywLLKh=
Qh9xNBsCdYTYNGOQogDVHGB8FX0WmPm1zzjvY8x2ryRDkmU9bpgjadogm7X3k3KgNcuHr0-T-18=
OEhwYJz8se2rvlwbD139D9utYaje0%3D" target=3D"_blank" style=3D"text-decoratio=
n:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertica=
l-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/use=
rs/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741819225587=
8e9689713/down-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0p=
x 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"=
padding:0;vertical-align:top;"> <div style=3D"text-align:left;margin:0px 0p=
x 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Cardano</strong>=
</p> <p style=3D"margin:8px 0px;"> =C2=A30.28 </p> <p style=3D"margin:0;fon=
t-size:12px;"> -3.20% </p> </div> </td> </tr> </tbody> </table> </a> </td> =
</tr> <tr> <td style=3D"padding-top:20px;"> <a href=3D"https://links.coinba=
se.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b=
1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8kDn218NK4N5F=
FFht9UfQkErazxYEEmYGTmwMvHHG_n3RgeaO5XvFceGnWHyBnr1o46Tp_dfNUopuywiCZNZHM-j=
8n83PF_WfFT_hUVwIoMmmdEQAGFwTDOu1PmW9CqXZ-RHj03y71W56YrshGGXqC2quY7MxFPJwi1=
_PQ4Q9MN4jd665hwCZPBn2hAMarlZuzl694lDptODmzCt5Mdf8Tjq9kmb-IVHAzf5EpniLtkVEE=
4c_wE53hgFPbsB7fE2f157ggmNFsoHdbITHMdfpVVRKi0-1L-nJ59LPoUbEQlaVlTsZnmgYWOkW=
H4qXB0Bgo%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D=
;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img =
src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5=
713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.p=
ng" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:t=
op;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-ali=
gn:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height=
:1;"> <p style=3D"margin:0;"><strong>Dogecoin</strong></p> <p style=3D"marg=
in:8px 0px;"> =C2=A30.07 </p> <p style=3D"margin:0;font-size:12px;"> +7.66%=
 </p> </div> </td> </tr> </tbody> </table> </a> </td> <td style=3D"padding-=
top:20px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967=
418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R=
4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8kBE6lJ2Ab0CWCa3jVbul-HDYtkH7FmuazS4qUQLP76FQ=
Gs1klqLMx6ey2xqlCV5DWclvcMJK4AvEZ3A6OF6Z7hWLu1pC8t8EiBUNNwgYQuF0vUyDjtlH0HK=
a4hb91viYaCwtB3PEnmwEAnHj-98LjRh9kV2qnAnKMpxK32iSDXsblbvzrW9BDbfJOvdKG0tbPi=
njnQ7eKw3yYfHMf26FqiOEfx372mq6ubH3Ful5BczcCDWfxyvBMM1ygBJj5X15Vrsc99chYjL8O=
r5SmcEO8d8Z0h7zhyCp3D9p0ZOxAzv6gC3A4JUjFzUHNGEVQpnXk%3D" target=3D"_blank" =
style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td sty=
le=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cl=
oudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/=
3aca56371967418192255878e9689713/up-arrow.png" style=3D"height:12px;width:1=
2px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/=
> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-ali=
gn:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><st=
rong>Polygon</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.76 </p> <p =
style=3D"margin:0;font-size:12px;"> +5.86% </p> </div> </td> </tr> </tbody>=
 </table> </a> </td> <td style=3D"padding-top:20px;"> <a href=3D"https://li=
nks.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2=
e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9zSo14MiGpvA33SkQ1cH8lF=
myj3gwHAujB5LOG8fOOlHjKl1Hki5Ut-2GJfymW7Fvbp19rX-ymxy0GuDBee8GZgKUIJTuogE6Y=
QyUh2Q4DfRZYLIkfeovxXV-O6M4uGUQJLvWAzcJBUXm6b-MHsdtPEBcpJfuQ9hSWujIehpfF1eh=
JnJ8U6_Vyp1bb6SW2Mk82oQYAx3jPlk4BPC0-TKIjUxg6XM4fy1WEFl2c_XfE6-Exm3cLqkbU-g=
Ly9Dijrt-hDd25Wx1TuDvRSAbG-bCuRIU9L2oXZzo7AJDwIRuCL6uqtFwNSGBmsRxgHjcFn2tT8=
Z18PcuQaSpMcnFv50rc%3D" target=3D"_blank" style=3D"text-decoration:none;col=
or:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:to=
p;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integra=
tors/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/=
down-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vert=
ical-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;=
vertical-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px=
;line-height:1;"> <p style=3D"margin:0;"><strong>Polkadot</strong></p> <p s=
tyle=3D"margin:8px 0px;"> =C2=A34.77 </p> <p style=3D"margin:0;font-size:12=
px;"> -1.04% </p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> </t=
body> </table> </div> <p style=3D"margin: 20px 0px 0px; line-height: 1.5; w=
ord-break: break-word; color: rgb(91, 97, 110); font-size: 12px;">Price cha=
nges are for the past week, ending on Nov 17, 2022 at 12:24 AM UTC</p> <div=
 class=3D"cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 5=
0%;"><!--[if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
 border=3D"0" style=3D"border-spacing:0;border-collapse:collapse;mso-table-=
lspace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"lef=
t"> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:s=
chemas-microsoft-com:office:word" href=3D"https://links.coinbase.com/a/clic=
k?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d8=
1b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQOAwmYXY0SX4yuX0ZkAng8S6B=
42AUSgquqv7M1PBg9ipPwG_aLZS5lvrMv8CngDWBhXAmh_2bFEHsrXC9fQ3sUd8t8pXA8thwYhI=
uLpWKadRBnXHDsYSUFwRydRJfFWjZKQy6z2DqiTZLadYmXHk5BSEUK4kP5q2HoKERPASlj-o9sq=
TAfU6-mLGTp5xgHON8H3p46Cu-pux_Hf7scgDZA8aXMtBr0vGuZD9IQyaUcW-ytIND5rKxKXf_i=
qEtSMm7ZKiI2iNtRS16kb8OMuHWj" style=3D"width:350pt;v-text-anchor:middle;" a=
rcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/><v:te=
xtbox inset=3D"0,0,0,0"><center style=3D"font-family: Helvetica Neue, Helve=
tica, Arial, sans-serif;"><![endif]--><a href=3D"https://links.coinbase.com=
/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4a=
d5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQOAwmYXY0SX4yuX0Zk=
Ang8S6B42AUSgquqv7M1PBg9ipPwG_aLZS5lvrMv8CngDWBhXAmh_2bFEHsrXC9fQ3sUd8t8pXA=
8thwYhIuLpWKadbnjSojB7ir2JW0JgZC0dqiFqv-WsRkaQVasZA47AhlqKIOHOB1J25m2x9T9dT=
LyTfbyXmZlVpvUu4wvPyVk9a2kWy18K7FRO8-am5S9V6HhWPJT-jSkrxqJrLBHVzpX_PfJ7vuDV=
2KLyNEdERI3lHLtJfDpbpaIGrxc-H05lXXg" target=3D"_blank" rel=3D"noopener nore=
ferrer" style=3D"display: block; margin: 0px; line-height: 1.2; font-size: =
16px; text-decoration: none; color: rgb(255, 255, 255); background-color: r=
gb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;=
"><strong>See the latest prices</strong></a><!--[if mso]></center></v:textb=
ox></v:roundrect></td></tr></table><![endif]--></div> <table width=3D"100%"=
 role=3D"presentation" valign=3D"top" style=3D"table-layout: fixed; vertica=
l-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 10=
0%; text-size-adjust: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <=
td valign=3D"top" style=3D"word-break: break-word; vertical-align: top; min=
-width: 100%; text-size-adjust: 100%; padding: 48px 0px;"><table border=3D"=
0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" align=3D"center" role=
=3D"presentation" valign=3D"top" style=3D"table-layout: fixed; vertical-ali=
gn: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px so=
lid rgb(222, 224, 226); width: 100%;"> <tbody> <tr style=3D"vertical-align:=
 top;"> <td valign=3D"top" style=3D"word-break: break-word; vertical-align:=
 top; text-size-adjust: 100%;"><span></span></td> </tr> </tbody> </table></=
td> </tr> </tbody> </table> <div> <table style=3D"margin: 0px; padding: 0px=
;"> <tbody> <tr> <td style=3D"margin: 0px; padding-right: 11px; vertical-al=
ign: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/user=
s/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878=
e9689713/dot-1.5x.png" width=3D"12" height=3D"12" style=3D"display: block; =
width: 12px; height: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; v=
ertical-align: middle;"><p style=3D"margin: 0px; font-size: 16px; letter-sp=
acing: 0.075em;"><strong> FTX FALLOUT </strong></p></td> </tr> </tbody> </t=
able> <p style=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; =
word-break: break-word;"><strong>4 key questions about the impact of FTX=E2=
=80=99s collapse</strong></p> </div> <p style=3D"margin: 16px 0px 0px; line=
-height: 1.6; word-break: break-word;">Last Friday, the beleaguered crypto =
exchange FTX <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca5637196=
7418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-=
R4U8Czmsr6D6UdPg9hj15FH7rCBMMlqhpBWnzzSfYqTDN-Uk6FxjtyAGO-ImPUgGqq2diM7AcIi=
LEqpLeHSav1zkrfRsux_rDnTZBP5SYjg1tJzQ61C70GdRsbnyocBmerfIw2YoUdE5k7mFVPePtZ=
DfJRy0yEPDvupLatNVSsosUgojA9ZQdRtWekiE4Xr-6g4hNuqtOLo-d9jxPbbVXWCq0k8rYIi2g=
F_Mt-jHnb6E1XaakNvH6lgIEKi6u0JA23Bu4NSvM7XMupawWHSaENl_D2Ct_V0cIuYUam61UVBh=
1WQ7tNKERURSg0cifoHOT15O3spAGi3mgCLLASjwTjL3fEUQnDnio-V5RJ2936KzH_GQDgJSxh"=
 target=3D"_blank" rel=3D"noopener noreferrer">filed for bankruptcy</a> aft=
er a stunning five-day collapse of the once-$32 billion dollar crypto empir=
e. The company is now facing investigations in both <a href=3D"https://link=
s.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e4=
6504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9sqMqqIvQTxmQx2ZX8dppuH41=
68BAtsyleDl3Bwpwg_6FTAcAybmuPy3tn5yE99ADE9ppSRGZJlBeepxyNL1cKoDzXGSrHBSVW2i=
xsAizzLmZvLn4IGpt_XIyuP2Ah0A5y0v5e4e8V4cCk46JHzI806MWelLQUXYdZmZ6Xi3E-qMdBz=
z4AFrYRbIesSF_GiW-3HuCnmbIKIfxPtHqYLK4YC-W2V60kxaz_H38WRQVpSdvGqk8gau3hb5_I=
UOEFQFuFEmdqJflZN843Gr--UnzEXy2Q_mVpIoizh6qfWPhfir-tPQ0fTCqhK69IRAONA4KtaNN=
B_zPDXxoCTFy1JHIGIwrv7i9Fe0doAENU1DCcB" target=3D"_blank" rel=3D"noopener n=
oreferrer">the Bahamas</a> and <a href=3D"https://links.coinbase.com/u/clic=
k?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d8=
1b&_e=3D1rHarquw_-R4U8Czmsr6D3eEDx00oQlEcuVPP-Fh_9G90NZ_pZhEFDiEuLTfGMWFB3N=
SSGBs-oYo31TMAzL1e6kq0TiTs3lTZjD9At6td2qo2EYz_QXUJyDub178zNdak29hfZf4z00Xj_=
UBQpnR-xEyf3ZH5oxSs_IfTWO2mOdHdK9ym-wcrNTaCnGXXUPqTkKf5Me9hT8MxwsAN0pN3XFZI=
mTcfEBBZHIV7tU0l2quhdy8pVZXv-5mfhwrjmK61g6_hHpNsD3JBWx3jQXo1s6AUQvnV0WU2_Kr=
ZC99uv1PMbPRioPWoDLn5XeXpcHwu3Jn6be5dlgg2-Y7jtdmL-1MRCQDax4aSoZuPIF3kbsOZI5=
YKtAOv0LygpeG2ocNCpAb8eJxFhHICCBqVjunOg%3D%3D" target=3D"_blank" rel=3D"noo=
pener noreferrer">the U.S</a>. for its handling of users=E2=80=99 assets.&n=
bsp;</p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: br=
eak-word;">FTX=E2=80=99s books revealed the exchange had more than <a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D6UdPg9hj1=
5FH7rCBMMlqhpZFGFVmTGpPkVXMV21PC8nqCjsV9rSHG6mPH94zEx6mw1Y2tQp-7N1BO7BVHSx0=
NYC0mui6GtKyASWc4sPpcuvdlO2Ux4dt1qym11ypMkMykjafb-he8mBX4RNNl-dmSiDKnsyExm2=
zlz1BLgnJLNm3YD_SOnjCEO8eyuKj2-XVQw3NHCzRhwZGkbhJc0NNg4X0-7AyabMQQ-Fwu153pL=
BFbjNYzXPwQTi7U-oFQfHJob46sFLEuuzgu-sV1tvmvXbEeBpY3xCJtTXySX7YSljW2DV5zRTvh=
oZ8O5sK9TFgcko5LqOSSDzvIhYZL3QzpvsEsXA2uXqE5g_dXbaFPR_" target=3D"_blank" r=
el=3D"noopener noreferrer">$9 billion in liabilities</a>, but less than $1 =
billion in liquid assets the day before its bankruptcy filing. And after an=
 apparent hack drained <a href=3D"https://links.coinbase.com/u/click?_t=3D3=
aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D=
1rHarquw_-R4U8Czmsr6D3Ceu68RffWml8J5UzsBOJupdMfdzRdgEETzGmweu5JwcsZpPuO8XqA=
3xc-HgcwICC8Zj6dRAfpYo6Zlb8QlwRN1GmO5NSVH1bIe12fEVZqogjNpRlmsAr77kKlAxdQMVs=
A7KkSy25-BUWY8omBaaDG_5lfwlPN-gHZFwIdqv2D1uoyhNiMtxL9Ok79xUYV7wYouBfjim9D9Q=
XhT4dnlodP9WZJwEPUPAISM4Nk0b5gyV9TdJIBFFWPcz8TxXPYFH-Y2wbuo4FUQmCunSMZ5eMwi=
oRX5RLEJV5D-SpOxRfOr7m9r7MInWaLNzCOoPckRVFUtlX2UriXqncSepaEwqAkmru2x3IpcxcZ=
nPjlojJaTa8xdFtsi-UHOm5CZo_sRsNZXYNGbfknZ4LF1IOXbeiuP4YIbFB-mKt8V3lM8ioSOfs=
ZYpMmM99COG9SZMzGr3gXuhWneNQym46tp51pZQTUigoSsoHchgYIOX1yvJixf" target=3D"_=
blank" rel=3D"noopener noreferrer">$477 million</a> of the company=E2=80=99=
s remaining assets on Friday night, <a href=3D"https://links.coinbase.com/u=
/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5=
841d81b&_e=3D1rHarquw_-R4U8Czmsr6D1orULKr-4T08hGvesPSCvi3hdgzdRL96-KOHGVmNb=
ULFGOgRtCrIzvMT59S_PBny57p0BruvL8x8wvvCfCwwCgziuuyOSs3-5KPo8_16UpP2cKnYQ_Ka=
6sbzrMPl7fJDjoioR7Z0q03OCbodklHPwT4-x0pF9iSTkyWKRoXNWlRLjhBgP1_gc3O58DYQZ1R=
t2gZc5SF594GaqDICsmPdb91yY5FzKZsWdusZjnHt1LuPcGC1X3jRBm7Yh3zhStikwd9Y_oR2nr=
JmHI1oNXFmgCE6Tsn0YvGkLpHWZsNHQ6pWSOWmyN-tSo9ZeRRddWHOezYwzmm3tNUXO7iiGjIsl=
QArVxHnCENMABlZC0Ho0Flfm4RWsAa9aWXDp3crp1nZpXFtQjz6lc0bwcmTe4xXpLDgKs07L2cf=
neaTCX_Q7Klwkf3rX4IIVAYyLL3Tzb93g%3D%3D" target=3D"_blank" rel=3D"noopener =
noreferrer">customers are facing long odds</a> of ever recovering much of t=
heir deposits. At least <a href=3D"https://links.coinbase.com/u/click?_t=3D=
3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=
=3D1rHarquw_-R4U8Czmsr6D3Ceu68RffWml8J5UzsBOJtmw2AdMjibWHswWes1c_hUtoOvaB6Q=
KFdS0g2DOXrCELV8GmZp7nVyP1vvq7JPQAvdSRWr020KoWerOQsK1xz8WYmQJ1eQeBBMBhSGe-s=
zGfTw1_00YE9JGB4tGSKk0_ZT4YlLsGVyy363TBEnZ4_WtYZgDYPotLz7FCa3cmC9AG15gC6Qhi=
ZN4mPR5WcB313g1qhV9e2mCcQNk2aF0TeLOVMITxqjzP-00ARPSiB9m61IuU8qRZgLMKKXXa3P8=
wMxvzbaZNjoz4cVZ4oLrk4JLSVRUFcB6jO4RrBSaX1fsfTU8TYiTihXLyEFEzNl3Tc1p11nKkuG=
OuP1FIlvfaRS_rU8B3HDR6gMqXXzLPVKOSpJxs1URwgM5mYWpt1XVhQ%3D" target=3D"_blan=
k" rel=3D"noopener noreferrer">$1 billion</a> in customer funds are unaccou=
nted for, and FTX may owe as many as <a href=3D"https://links.coinbase.com/=
u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad=
5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D3Ceu68RffWml8J5UzsBOJs_axURH-u_BSC__ka5b=
K4rw0mrHLIPUTq9DmKEADadcLn147qXhMJAxKqfYatHTcGxwvvZZREVXkInxCrPgIJwhXm_l6kq=
MzBn_0CYZP07h6qUuTMYWhxZN_pjI1xHwJTDOgEWMsD0dWUyW_GXiWxugfQZHpWdpTk035d0Ugi=
-pKSKYGm_TiFJLt0bY24WvxwUHqeb2slBL6HHaIujQ97MqDlU158Z9BvwqT-t0TxAzF4oQ9RHGc=
UresMU2NF3jApibvxygunME9kCWs1gWioRBkb9E_P2DjI5gM5n9hy11xIaV5fapu85CVir5xJYN=
EAzbtCfTSD11KTtbta0Roiy8ub0rbuDBjd4RVqIIjf8z80lT5aquboehTOjnZznXPo%3D" targ=
et=3D"_blank" rel=3D"noopener noreferrer">one million creditors</a>.</p> <p=
 style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">=
As the business world tries to keep pace with this fast-moving story, we=E2=
=80=99re attempting to answer a few bigger picture questions about FTX=E2=
=80=99s collapse and its implications for the crypto industry. Let=E2=80=99=
s dive in.&nbsp;&nbsp;</p> <p style=3D"margin: 16px 0px 0px; line-height: 1=
.6; word-break: break-word;"><strong>How have crypto markets and businesses=
 been affected?</strong></p> <!--[if mso]><ul style=3D"line-height:1.6;mso-=
line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"margi=
n: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> <l=
i style=3D"margin: 0px; padding: 6px 0px;">Crypto=E2=80=99s total market ca=
p has dropped below the $1 trillion mark since FTX=E2=80=99s trouble starte=
d early last week, and sits <a href=3D"https://links.coinbase.com/u/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&=
_e=3D1rHarquw_-R4U8Czmsr6D7sVRonw5XBNoVJDxP6F3L_0gZq1vOOfnAB1Z_73ujo9o1ytW-=
sxdmafmnxvQqDZEiHBv8mUAF0HocxB_TZfa-NLSNjdEp4c-BWEFaB1ciNB9Iq4GbOQJA2F5oc-Q=
u2wVXwddItDfONcVuuQKn8NUmlwge8ed-_BwQKv_mKo3o-BVi3xPvx-rKjEoeRVXVHvbqHboWOD=
Ms0HpynT2emVsSalw-JMWxcto-NcK-3Y8kY2DRgOaxn_JCdE8ibayXC8eYsg8iGKxXnEqStKfci=
6_Umez1U20cRq6GqkJwHMgW3X" target=3D"_blank" rel=3D"noopener noreferrer">ne=
ar $826 billion</a> as of Wednesday morning. After the firm=E2=80=99s Frida=
y bankruptcy filing, BTC sank nearly 25%, dropping below $16,000, before sl=
ightly recovering; ETH fell by more than 30% in the same span.</li> <li sty=
le=3D"margin: 0px; padding: 6px 0px;">Market contagion and liquidity issues=
 have spread to a <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56=
371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHar=
quw_-R4U8Czmsr6D6UdPg9hj15FH7rCBMMlqhogWFAPPwAcsSUwYvqEFblxRpcFRHhpCrnP_arB=
ppDAmBck5ow32XrXvxpE2jQrp3c3-Bnldk8lV7MFdRzLNKxDzX1gUM9eoxN82psrNCmElsPsWom=
adGhX27aANm23F0kmBSSx9FdodtibpTfqeJYcjWtNtqL7AApsS8tRzmp4yFlwx9rd4CoW7uvKLI=
12FDqDJwobxAy2051HfR2w4VoCNIih4sIaHsL61cnQHcRJbgBOLAw2l9kdDJ8qWeS26bfFnMcCp=
Mk1IppVUpQpz2DqwolMKpER7T_vRQMTHuna8qNubbOplJ58qj3v3CeNVbauh7W4HlmWagnwy9H2=
pkGq" target=3D"_blank" rel=3D"noopener noreferrer">growing</a> <a href=3D"=
https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D1orULKr-4T08h=
GvesPSCvi3hdgzdRL96-KOHGVmNbULo8vpjBVMW7_IxgF5DtDokjaJLRWDIzCteh2KKXBi4XCvz=
hyiePOFwB0EgCkUJPMcd5f9I9gc4O0xr8FAJyYwP7i0InS5KBn09aY1FlgEpzKdQnUs6KOAYds_=
5uLaRmdfHEhCxdMno3fhWHp0g0Sw0zY4_T8-U61pZ0WJk6HLsTZ1ILlxGRWSg7kUV4Gtj7GOtEH=
w08WfgUjdARgdvM8AbvyL5TdrZrQrwIpRiE2Rb3ieumsDfFg_3TAbEdp2UAzTy-z_ljvkoJtMnM=
W1w5TPmHATHkOMIlOaM-4qc83ueGoZUFZzv_tERw27OBAVP3WMCq5Ta1XcDvnLuR3eqO0_qyTZO=
DzSp_ROz7apG_PeiTvynaoTKUPHgoBpBxEygrJMbR8ApyuxvlqNixF4ertna1x04w5njTWhPB1j=
j1rnAP8%3D" target=3D"_blank" rel=3D"noopener noreferrer">number</a> of cry=
pto businesses, from lenders including Genesis Global Capital, BlockFi, and=
 Voyager to web3 VCs like <a href=3D"https://links.coinbase.com/u/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_=
e=3D1rHarquw_-R4U8Czmsr6D25gQUNqKCGmXR4a-lRCUbpEYV-c_h7amVOEJgp6DLhqpz5CvBt=
XJXosHoSwWsl-qJyx7Uun32ZEZaXOYTeYwgSIGBwF9nGy0sEidzVgsQeD721-Wnl6_JdGvuGvRA=
o-Qy0tJ3ZMUmaEOUXGSx1Xa0LawaoVkmn8H4OUHcF5qc_WhlcCfkOk4ynq5AXrOMCoDL7cRqbUb=
O3kgy3MToXD2CBIJLKtTCWPIsfui0xiDwpzCysvhIN9i0ROIDf_3IWvipUitpnQZyur51hYFV7h=
tmASvJH1eh_-pEQCYNIOpjYXegeK-i6sLfHKcpwqe92VkWqbx_imWaBVsyM4XPYIux5ao3F_1jH=
Hl2Vih-5HJMKJcLDD5MIvItPARE0wl3BblQ%3D%3D" target=3D"_blank" rel=3D"noopene=
r noreferrer">Paradigm</a>, <a href=3D"https://links.coinbase.com/u/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&=
_e=3D1rHarquw_-R4U8Czmsr6D1PRgno-zNV1-vqwz53IIH4rTUryfKNmubrNljUCDXYAvBp4Gd=
UM7FL5Uwdo3NP9oW52hW3eDyBBhp-zfFEkPRXiD8JMuMSj-Zty0FchNbAciK_yr7VVDwF8WjUPB=
0fSRnEtit9vy86moyBtKSN3hRDhjs7d68v5Bshfss-XBvJ0h2bXoZDgtzEpSzfMnt8t-hEgsuUb=
ZZ55BCSVZHHE_xq7logWwpq1FYegVZCJ4JBalckaMND5321CsvIAmf7hkJgTdR-7x-9UQYPsU_t=
FKtxt3VDQuL5gh6yN-Q6Cntvv84ZccFqK_5gXMjFSW6H-N_fcSlCdn3NOCWJpzCxbknE5nAWbDx=
cdVWDJP---gQvM_lGq79-bHGTgNK-ClKDwxE4o6fGnPHCpasK_yu9MCtg%3D" target=3D"_bl=
ank" rel=3D"noopener noreferrer">Ikigia</a>, and <a href=3D"https://links.c=
oinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e4650=
4a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dy3TJeXXhJY9tCURrKflTPi0lGthf=
dvAPrLPVC41V0OPgJhkV1bQ9GFu1juYF-NazcSAzzXLxtJEkWNviskgYf8BMvt9BAk41_TUka-X=
8G2xgo8_Q4D-dKBb0JPEMzD2XlJ0gCG0isvL0JMWG-2rmLSm7jbDIWTPPL5b0fWbQntu5BF2y5P=
4MKH0iVAEZ7q3KUetE-u5aD27eUKvZWN0DasZQRg0RfmUqhmWrMMss9caOO4bsbAeBhLXnLO9VN=
ubFnM-rMhDCZaEC78S2VMG7wU6ho7UmbvF2sUG8OgvM0c-x1xixKt2M5mUOtJFP0hyWHnB1EtUJ=
F-_YgOGi8pNiAq2U8H5vWXQPe-YZfRzSDGi5oL6hpa52kV3ECeOKVW6HF8DHJevCE7iSPmsq_Nw=
XX6HtSNAp9ZQF6Kz9HHXtaXu" target=3D"_blank" rel=3D"noopener noreferrer">Gal=
ois</a>. On Wednesday, Genesis, a leading lender in the crypto industry, <a=
 href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9=
689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D25gQ=
UNqKCGmXR4a-lRCUbpoVu6YkY7vCTzLlFLyuwoO9G-Cjjsp6hKPjQZApxk-S5_-T4TZkjnF1eBZ=
wp9MtXyKAxpquuA0EDQc1KtqORm8oVVWr1Igat2Jmqzf8BG9F1i0o_HwNF_f2JFZgV93aC_D-xr=
7Vua9n6BIifE-LLGxRfuiOhy_bV6vbslibVo0UzkKiasgzrUAqmf27kzWvf3ZeCKEQGUs-o3mtA=
pxFKzOvmQBgTPTPElsmW_Z9m8JDuw9_hyfcBT7Xl7kvR_rswQCLPMxT9qQzEmUaIpgw2_q1Xu-w=
DgNd7891VTB1qg14KR83iAf62W-GJkvUuuGri6tsUb9taNzvjo32iQ9crkufYnU0Zi9skdQM6JU=
UYCF2S1lMTbsSwShDrN3xH1RbeiClOpiEV5zk4BBYiq7sbDq" target=3D"_blank" rel=3D"=
noopener noreferrer">suspended redemptions</a>, citing =E2=80=9Cextreme mar=
ket dislocation =E2=80=A6 caused by the FTX implosion.=E2=80=9D Last week, =
BlockFi <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719674181=
92255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8C=
zmsr6D9sxbu3D0TaGa8Zo9N-L1OFl7CzdE8kEolFOpMfCjRQW36H0zjKwAboYXzZJo0kmMIJKlX=
xLnWK3qca7hXpfa_kG7sYMPQyWxKkHvIpcynBHz6sEQ66mOZVHAlfldZYqdUhmv-7o0eXPHOyuz=
Pk1VL0wMkBrFJjCTv8pWYoXrs61r95wk5lBwivZgvK7K_OtoVPiwqbw02b8NKDBbw6oI9olkT5L=
-eRWJRhkgEr6yF8rQK3KIqlDrAy1MExVObkeTh3UDp9nq9tWc1TaQJOKOOaOcvJ5NaOOIfyGp0R=
p5KfbHjoOKYxQcSzunnk9kYOhZCCkqFactjA-WEhkDfRO8AomAIihXYGxRf4vnJ3brnlvtHo7lv=
cuhqqqMWswnxBw8A%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">halte=
d withdrawals</a> and cited =E2=80=9Csignificant exposure to FTX.=E2=80=9D =
They are now <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca5637196=
7418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-=
R4U8Czmsr6D3eEDx00oQlEcuVPP-Fh_9Ff2KddjVoUO09x47C4u2tNmDIxQzIG6ao9DTl2xrcFk=
bAVx0ixMNGjwJJa5LXr5cUvC_XfUh36_xv19xxR6HWzBxNQ8i8usH6n-BY7Y1_Bmb_L1mbKgfhA=
Uek4RWBek3j9TK2zCvieiAsDDXci7ZAd1EhboozW0HVzHkac6QLOeUFk3rxN0oC7B49mle4b2HE=
FTUI6pvOIYeEr2NVPpaUywGMqslqsPz2W9lS32l8fd_slnl6u9crS95XggO4mNiPY35PYHu_Cca=
q34kshuDiGHa2DEEoDjAEuGHPeHS1d6WYZom6DRyMlJ4Hf7NWgChnEGtrJDpYkeyZnsBkSMpDG0=
a4whToQDdKq4tAWih3YRtch8Zfj1jH9TWub6wZ7_3jjUcoq3gJY6_05UEBJDXfL" target=3D"=
_blank" rel=3D"noopener noreferrer">planning to file for bankruptcy</a>. Vo=
yager, a bankrupt lender that FTX had planned to purchase for $1.4 billion,=
 <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca5637196741819225587=
8e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D1=
PRgno-zNV1-vqwz53IIH4rTUryfKNmubrNljUCDXYAOOP70LG7R8yIVkzNCKxuZCvEgOuAdVOoS=
Sr6KnzvZgVmBDKauOKRa6mHZOMgqLZpbbYKUwLfEFjC4nz_2PiA-SvXHv-0ZQBd-VlOGB5pE2g1=
Bi3gMswBMp3JkO_GyGnAwDiUW2pSm94iVBLrs86mcdQkYesmK1Gg9qsonvHgs8GWfH9AXWQWpF3=
HiMFPmIJQpyGjIje_BJ4gfBVsL4nqnOgd0gaWKZaK6sxjNVfgS4Hll0hmNrHOin_CPaotTbtNtl=
AUWsTn4nPRb2FCMcJMElCr5YycN2cu1F5BQyKVsb4O4IHAOeCfncsH-fI_XQAuMM56eH4qk8XYk=
Pqc8xzYfMKcgFoxo4ckYhenJJrhR-9T48i9pUhs1ACkxYJ0ORP13V4_R4Zt-9kkeODOS2KEhw%3=
D%3D" target=3D"_blank" rel=3D"noopener noreferrer">no longer has a buyer</=
a>, meaning its customers might not be able to recover funds. </li> <li sty=
le=3D"margin: 0px; padding: 6px 0px;">FTX=E2=80=99s collapse has also disru=
pted the Solana ecosystem. The exchange was heavily invested in SOL and <a =
href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e96=
89713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D3uSbn=
tO9rmqvKAJJdbURmiE0zHYQsKIye9b7foKm4cDynYTaZTpMPXG1DOL1nYzOZ3oUW74tyAkF0Ww2=
iam_OV4eoG0JaKdxxE8GekyWTs8NHt3blrYFrVpELaIWw3-VfPTPdSNDi3xnjhVaruOhIRQxWNj=
cjGRkjHPF6iaAqutJd33iB3SETvAwjLSdsuh_d5ZeYFhA8o2L_A1mq9kETUrKldUCqZ0TbRlLkK=
Sg6X5tSp2IEK35KqCKf7qfv90KMQ080eTaEbZHIJSiwqWhvXjZz7OddECqunEtQzMYMnYV0Kj7x=
fTz7P-9v3quW58ziABPUMh7mPfYoOUe_t6ZWYs2DhEf3wLCpbFRYVG3_-F_Qc7eJG6Ie5qjQDZU=
JSGqg%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">many of Solana=
=E2=80=99s DeFi projects</a> were also allegedly backed by FTX. The token <=
a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e=
9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D7sV=
Ronw5XBNoVJDxP6F3L9qQ8Hg18m00BDD4y2KdRw8oxo0u0fED3vabhJaDdrHk4sPUsFbNANtyuz=
tMN2O0h49NSUQI9Vu9xHV4sUKMW_2sd7F8CLa9zW7Kvn269z0JOyO0iCLJVdNSkhdOOVsGP1ZoR=
cvU0gGL-Ll9T3coUFRUebx8QWbcp2Wyg5QHGfj_6JXD_wpWEiZnUVnkKXaVlpae790ERQ70SnyF=
THNVp6AR5TysAJ-zazMFmOyv9tP_xwN37aCgvl2XHGGuOooB_WvBUl_-1EBe2qvSSiPcftCpmPI=
5vxCY0g5FVP-HAcHxAqUuUy1iLqg0mlSzLyAdkw%3D" target=3D"_blank" rel=3D"noopen=
er noreferrer">lost more than 60%</a> of its value in the week after rumors=
 of FTX=E2=80=99s insolvency began.&nbsp;</li> </ul> <p style=3D"margin: 0p=
x; padding: 0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; =
word-break: break-word;"><strong>Have larger investors and traditional firm=
s been impacted?</strong></p> <!--[if mso]><ul style=3D"line-height:1.6;mso=
-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul style=3D"marg=
in: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<![endif]--> <=
li style=3D"margin: 0px; padding: 6px 0px;">Since its founding in 2019, FTX=
 raised nearly $2 billion in capital from sources like venture capital firm=
s and pension funds, and its bankruptcy means that many of its investors wi=
ll likely need to <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56=
371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHar=
quw_-R4U8Czmsr6D2NxHs16dBkuCOVvXOFt_tVSdrCb4Qog1sS_DRRKKEQxvJlbKYbVAWRzIK4e=
UWmhaigxBEy-td0_iE6Gd9f1eGk9okj8DGp-Y8dPJVU9NgZEgRXnZvTP7rYheo8S3cjN1Aq7-2I=
Y8VaeSk_1YatalvNREWLzKSJNWAOyIHtlNiVYt3PzvxTwR76mcYm0UxydtgZOWBecZnSKxGjaJj=
xZyflclSkLVk9JdQQJxwMmruT-xxvdAA7O-T-flQ9dsJshloPXB_CymhNfyuxoYYJRBujLXxKX-=
Y6w_dbHnJtNSgHpb-_2R8rNpemMW02s4m7XR8PxHfotiAjMMZ9wS1-a4lGlX43uGT5RYjXQkHP2=
OCxAMj-_BuYdZ1GnCAnP3-TqIw%3D%3D" target=3D"_blank" rel=3D"noopener norefer=
rer">write their investments off as losses</a>.&nbsp;</li> <li style=3D"mar=
gin: 0px; padding: 6px 0px;">SoftBank, Tiger Global, and Sequoia Capital ar=
e among the many well-known firms who made now-worthless bets on FTX. Last =
Wednesday, Sequoia sent a <a href=3D"https://links.coinbase.com/u/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_=
e=3D1rHarquw_-R4U8Czmsr6DzMzGp2lCDZ48d55xGyRxmxiobJK9349sPYKzru9XXNCpIuT_Og=
gure7an7PpmhphorKj32hP5TwWiG0msU7LtvateV0KZuCxWV9PugFkV998Qbsapej1YbZ5fG19I=
CQokXFcHx1ih8ZXNCeDdenMspnNLmHx3ARyX4rIT4YAu8AatbvXGtbiExV9nZi5ONOQgs61ZPuh=
P9IHNV51hcbjCC25h37RDJG_cG1nyInyfo8h8QucTxqwQ0GyyoV-tWXkV5ms8OiIR0a1234o1VM=
XfAVczHc1WVXLIIVW9he9_GNrWCGE7P1ZZAQP2wVFbP9lFZhciOlw3Zb88Ym1EFKnVk%3D" tar=
get=3D"_blank" rel=3D"noopener noreferrer">letter</a> to investors that the=
 firm was marking its $213 million stake down to $0.&nbsp;</li> <li style=
=3D"margin: 0px; padding: 6px 0px;">The impact isn=E2=80=99t limited to ven=
ture capital firms either =E2=80=94 <a href=3D"https://links.coinbase.com/u=
/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5=
841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9b-B4k9ELIQRyL323XoF08v4o1wprJS6f_YbVOlZh=
wHuvX1Pji-1WI-rzDuHcT7nhEVKIK5wQGvEmx1sbaftUCyMnDXwRPuLswhPU0vpVuxPN1K8u3F0=
oFPSIg3n8IOQLkqxj0Vm49rcf3OZKLmxAeSo-fb40WfDTI1C4CCkfV42fsrmTCeaQzNji3IWpbi=
WUWDEJYNNyRC8t6P5A-Q0xsg-nq35wXKdgonuIscRDLMj0qWD5kP6aj69B4sIfU2GABbznvzD9Z=
vKZFWrinKeKgxUjybpKG2qhaLfjUzJ5MLMtFxE4lnTU4uxuZpm1dSz3Qd3zr--r5rh46U2XlyMg=
BhUFqLQuVSGBQoKnE5snsHi7ueGmO4flhbygBxcTJDvBuhj55a0tBdLTWUcoaMxfOJEWmQVqSge=
QjlNY_WoUy8U14frXhNz6_ka2JyWkh-OQ%3D%3D" target=3D"_blank" rel=3D"noopener =
noreferrer">the Ontario Teachers Pension Fund</a> lost $95 million investin=
g in FTX=E2=80=99s funding rounds and athletes like tennis star Naomi Osaka=
 and <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719674181922=
55878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czms=
r6D1PRgno-zNV1-vqwz53IIH4rTUryfKNmubrNljUCDXYAVoU3eXuZ0RTNOeCrK6xxgzvjpU7hn=
_NhRXcX1pbPElLvcq_rNxyxjdRlselQK1WcLI7zktsj0TrWK-w0cJQgtTXQbvX4zDANyE2mfIWw=
yu8_RGHhMO84Fn1X558mV1NwSuxnQYDZmKoKTAKvUK5ynldUEFqBYCSp44eqtxQETVY8EZH9sXZ=
cX3EyJ5ik50rmVjrgvsa9RSyQKxVPsQRxQaJjUK5n4bXjBmwbGbuYAIEJ-4688n4d5fNiS5XG8m=
iQiPMmfh6C-LBYytnn2xHgr5a30Q76iFfTw2NXla8ak-Tjg1lu-KAzNZTqcWGn4ZSHuHZjSqe59=
DpiCos8Km7frtxpjl87QAMzfXI7s9Xr_J7-nMdsX8Pdbrrm06WjEdDCkXfvRuzA1KxDxVk3JaIy=
hA%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">NFL quarterback Tom=
 Brady</a> are among the individuals who had equity stakes in the company.&=
nbsp;</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p> <p style=3D"m=
argin: 16px 0px 0px; line-height: 1.6; word-break: break-word;"><strong>Wha=
t does this mean for the future of crypto regulation in the U.S.?</strong><=
/p> <!--[if mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><!=
[endif]--><!--[if !mso]><!-- --><ul style=3D"margin: 10px 0px 0px; padding-=
left: 24px; line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; p=
adding: 6px 0px;">In the wake of the exchange=E2=80=99s collapse, there has=
 been a <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719674181=
92255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8C=
zmsr6D-oF8n2G9DVxUTH7Uhq_L93yBE1JKeqMsXyII9y8BkoTn-kMKEdR5sQyZVpf1mMUrt4KdR=
eG0hLSU0kAo7jkqR7Uick2mIbC0F7kFzUyHistkMK-GY0Cp5e2DsGl36eTdL1AQKpjxCXCVYK3J=
UKtxEUbz6NNyzuRl85j-DWd2Ccm_jXrf1PUpwmquj-9V_IOosD0XYFxTbzw4Xupoi5WcJ7u7Uh3=
mqHLAOKj2PcS3ZeyEonLkExqWHI1WCBRJ4dthQV2CflJWZjUvKnDJ-zdSdSUC89mVmv_g_CPm7k=
Vm2tf2yt_RuWFcQWuBcX18TxpZiF70XNaEa9X6AmVHqPF_8aL8f_v9k1YsdKQk8LUx_x2bVXI4v=
4PdbrsDmkn7nAdTjKsdzZ2DKvz1VyTFDyEu8s%3D" target=3D"_blank" rel=3D"noopener=
 noreferrer">chorus of calls</a> from business leaders and lawmakers regard=
ing the need for greater oversight of the crypto industry. U.S. Congressman=
 Patrick McHenry, the top Republican on the House Financial Services Commit=
tee, <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719674181922=
55878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czms=
r6Dw8jmCUezCezwzYc6ENVPZ3pWuPawZ-by3polLjOI9F-q-g4ohL-Y-TVB7TXyYdulhXXIrY_i=
jbMHSOaqdqwT7fPMePCk6hB-0vm_60iq7oAsaAYq_FPxwPkEb-LuWyOcDtTqLBIG7QtvReE60ck=
dEsfZF0seVdAdk1KFdxfX8wmfEi4Oy3BdLwunirN1YXzoBPpC7TfNub37pLdvcDgOWPItJ3NmW-=
JSt_aZ2wR7pv1QHpGE7QMzbRBJPrMF3mFu8k6NGg5QEkTnGQy9DCbNB1ZbESYkF4y_NQiXU41MX=
HxQVk-gTD_bysddpTyY5Uk4aaLgOlKvLrH_d8_eV3-n4rF1fgQupvBitDVEbIfUVpQJrpPXyiZx=
93KHYvhQEaR0g%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">said</a>=
 last week: =E2=80=9CIt=E2=80=99s imperative that Congress establish a fram=
ework that ensures Americans have adequate protections while also allowing =
innovation to thrive here in the U.S.=E2=80=9D</li> <li style=3D"margin: 0p=
x; padding: 6px 0px;">Coinbase CEO Brian Armstrong <a href=3D"https://links=
.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46=
504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D3Ceu68RffWml8J5UzsBOJtP9wu=
9Zetp6K0MP9PRYnlMLWi0ovd9mgB5IV3UxmqzISS5miMurxqCCYvyQya1i_T6ju5PjkVvhfbvg2=
PNOfHhyQr1j1kbdTg1h8c8K1PtVr2beB9PCy911wdLUIjF6lhrBbnJfyENMJjtqUZqd1SbM7P1s=
xH68ej19eNO_Nrh49lit9bfkTaCwmKV78k6tHCCjbev7VIskcCJNHsJu4tILyV7Aa-1XdN-5mrl=
-4m0h4iDk6OMjL8R9QiWDA2IJ06ixXZOpiiHwuw0VkCTvK-I33fCSMf2nzD_92WOe-rJvhoLfGo=
KEx8K-1IG18EtBSQxlQWHqA0frrCEtMxHYq5TTpHC3qqgIHetvVYMx1AmA-mne2uorSzoqT7aTI=
WlgPU%3D" target=3D"_blank" rel=3D"noopener noreferrer">noted</a> in an op-=
ed for CNBC on Friday that the U.S.=E2=80=99s confusing array of existing r=
egulations have failed to provide a workable framework for how crypto servi=
ces =E2=80=9Ccan be offered in a safe, transparent way.=E2=80=9D As a resul=
t, users have been engaging with risky, offshore platforms like FTX that ha=
ve little regulatory oversight and are largely outside the protection of U.=
S. regulators.</li> <li style=3D"margin: 0px; padding: 6px 0px;">The soluti=
on, said Armstrong, is to create smarter regulation that protects consumers=
 and makes the U.S. a more attractive place for crypto companies to operate=
. =E2=80=9CThose of us who care about the future of crypto want to create s=
ensible regulation for centralized exchanges and custodians in the U.S. and=
 other regions,=E2=80=9D he said.&nbsp;</li> </ul> <p style=3D"margin: 0px;=
 padding: 0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; wo=
rd-break: break-word;"><strong>What should I know as a Coinbase customer?</=
strong></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break:=
 break-word;">Coinbase has a clear approach to transparency, risk managemen=
t, and consumer protection, as outlined in a recent <a href=3D"https://link=
s.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e4=
6504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSTudm=
SlSj2lUWZ0KvPOHZ0fEpnMt668FiTBWjyBoZwa-tOUp6o_KP5IJgqM8EsrRWSS48Bp36qISrDCj=
9ONKtsFsFwOENhwB0aUv8EdrTEU7qrfPVCaSrUFyFQw7i-9_gbaINy3Ente-9-TExZVhHJf4Wdw=
xCezLFk6RSMGvxHIYe8F2JCadWPIO0lSZutmiwtKoRuQcWK7msroFeltRG6b31CbFuhevVti0EV=
N7cL12aP9_jHQTlLUoOGQenTJYkYua-m_2UfK-z5-lQLHBG1ypXR0e6gl5gXm4SwFgN22W2ZqgB=
X5Wg_dSnP0CdXxYAZ_bvRvtFswJSl7bkI_WCGpjsH5-EwPnJYjo_NhbIh3fza5T8Y96uONuzKhe=
AR6A0k%3D" target=3D"_blank" rel=3D"noopener noreferrer">blog post</a> by C=
FO Alesia Hass. Here=E2=80=99s the TLDR.</p> <!--[if mso]><ul style=3D"line=
-height:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><u=
l style=3D"margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!-=
-<![endif]--> <li style=3D"margin: 0px; padding: 6px 0px;">Coinbase has ver=
y little exposure to FTX and our customers are not in any direct danger of =
liquidity or credit risk.</li> <li style=3D"margin: 0px; padding: 6px 0px;"=
>There can never be a =E2=80=9Crun on the bank=E2=80=9D at Coinbase because=
 we hold all consumer assets 1:1, which can be reviewed in our publicly fil=
ed, audited financial statements. </li> <li style=3D"margin: 0px; padding: =
6px 0px;">Coinbase is extremely well capitalized, with $5 billion in cash a=
nd cash equivalents.</li> <li style=3D"margin: 0px; padding: 6px 0px;">Our =
risk team has decades of experience managing trading and credit businesses =
across a range of economic cycles. Our <a href=3D"https://links.coinbase.co=
m/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4=
ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSTwNecEH3NcEJ1ov7x=
7kkSJ4kxSfZmGyqzyP26vZp_t02e2u_plbC-SMzngnc3lzEDOi63C7ES8Qyxuj_f37bF2zgl3I6=
uZjCR7zov9bnU8we6SdUKxo4a0b_-bQXOeKXkunO6XcKVn167zIhCU6ea54wkPKA6GtHFZXuvZx=
7KT_TEsyWOQbJiubg-vj29YBgCvkXxF1qRPySxNwmAVjrWUv37p5Qac-EQkx1z8JGGxYFK6nsnm=
J5M6uSKSFGcw_L0lcWMLYsUgIIToYwiN5EG5YC-wRuiF-r21VVRCBgTVgMLOmu_beEcZSFuXuNa=
n0Iw1aoi3_wl-aZXPu9pVXmW2H-XQj8lNFl2kpqFta03I4A%3D%3D" target=3D"_blank" re=
l=3D"noopener noreferrer">prudent approach</a> to risk management is part o=
f how we keep customers safe.</li> </ul> <p style=3D"margin: 0px; padding: =
0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: =
break-word;"><strong>Additional resources from around Coinbase</strong></p>=
 <!--[if mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><![en=
dif]--><!--[if !mso]><!-- --><ul style=3D"margin: 10px 0px 0px; padding-lef=
t: 24px; line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; padd=
ing: 6px 0px;">There has been a surge in questions this week around how to =
safely and securely transfer assets to Coinbase. Here=E2=80=99s a <a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6DyBaWKUjLN=
htE8R-7K6DZYTmuy-d-r6WMXJGxRW42owZHjgDGXRuzBrCL2xuHZUgylybKeAbBIW_wbW8C1YrP=
78ajgPEOBvCoOEghgpvu2v5nMVCgNqxOESXhV_mi5DauYpN1QalKdgRGMuXZwapQE0Qa8QotcNa=
GGU-ZLzxoxbAc-eiZa4du1OE8wHQPQKNfgaxGOXDM04toUkw9VppPE2cKIVYz7RuglwEkywtuAm=
RlrsmrYn03eN1bsx-0XYeJYncQ0OC5IyDI7-3gLs1thF_FiLguND44gXXhGzL9k-gPi_IcFE3mY=
dUTuMwg1bz_aXZxLdQGNB-JGH-hH0j3TZQsFK3ze2DiwMVGzrEGao-CE3jlTBTYUct1mUA5v4lS=
3ZMEnex8HvfWKk2IRRdZ_LxVL_S69WX1GBRHxbV71HcTdxjv19gs1TpcVj9x4mKoA%3D%3D" ta=
rget=3D"_blank" rel=3D"noopener noreferrer">guide</a> to doing so. And if y=
ou=E2=80=99re looking for an alternative to import your self-custody wallet=
, check out <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967=
418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R=
4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSTG0hsMaoVDVtc-iKfJhWDmkUfQQfDnk4J4aJtNOZe-rs=
OwsI7fTl3JldVStpbi4olqeNz7mZ25T7XunQAgsVqBXq30VK8dcxLaL0WuRnOYCyP74QFvAnzS-=
IrSlY5_jaeLAfBgKNLjLaYLI5cNX3PGveLuKbvOGGvWB4pEj_gaBEE8ywB4cTLx7dS74sRIKozW=
2_f7myJDfyWl5yyUaHNBEvjMxS8h1uy2wY7hhAIKIWDpWjoWCVOmdaRacEaguHkFrO1mBpdKvln=
IvvB--MU7jLA8-8CxIz5XBXHOdkgQgQ%3D%3D" target=3D"_blank" rel=3D"noopener no=
referrer">Coinbase Wallet</a>. You can import today following <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5Q=
YKU4MaVSR0405XsLtnhy628coRyW817gBq1Ki_Jl832JwkV91Pwfd2DKPeyQoXjFc8hYEgBz0v3=
m7cviVI110OINSE_nhuAaGaCgRH0xgKyCxnsmfkMqnFpo42fg4OX4Wt4BDFfJusPjqpUw5EljKZ=
gkpj-K9ixVaNMwzx2bIxgLdO6eSCmjMeZech-5orh3iVxsZKiA9oRwjHFRPmtTLkBz9_bRckpXY=
zo8W2SwZbw_BfjG6XfUwn5S0kfSegCIpe-iB8ozYRjIGf6Ql4jmF3DIHggiJZVKKA-ttLZmqKZR=
oj5lE6keMeytG1wSZIQVBN2PEMENxa1L4iPm6z_cG50Xi4uqlv" target=3D"_blank" rel=
=3D"noopener noreferrer">these steps</a> and pay no gas fees along the way.=
</li> <li style=3D"margin: 0px; padding: 6px 0px;">Brian Armstrong will be =
hosting a <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca5637196741=
8192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U=
8Czmsr6D4dVb41i8puvkzA6J8-vvUK8aAFvA_5dH39M25nB2Wkbrv5hlnO3r8tSabs5YONJDYPI=
0Xssbbh52bzbmlJqJu_7XEUx-CZvboGlP8QvhRtA7uhZdlm0i4L97iqV6flujDd7Xs39sdM0x7-=
rtbOQMFfXRCCSA35lyt-pgSeNH3Wn6Qwo9thEXDW2ycxhz4TmOqdV5zN5ROFtf97OtZVNA3-VVk=
575fICkvy4ZQEhG_Dir8uJnwXt1XhAo53cQGBpdraoqONqKFeDUoSPwD1KeO2WsE1qzqW9clWG4=
kTvfLDvN5QrTIYLax9-9wrKlGtOjg%3D%3D" target=3D"_blank" rel=3D"noopener nore=
ferrer">Twitter Spaces</a> with Ryan Selkis, co-founder and CEO of Messari,=
 on Wednesday November 16 from 11am-12pm PT to talk about the FTX news and =
where we go from here.&nbsp; If you miss the chance to listen live, you can=
 find a recording of this conversation through our Around the Block podcast=
 on Thursday via <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563=
71967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarq=
uw_-R4U8Czmsr6Dyzs2qHa8NV2oc3oWdnBtTKqBpPewUxKDhGgqtDq0D9EcS9E6HgBOjhI3Y57q=
CSsJs_D7fhV7ZYWrjEeIy_hrGfUNhMIysRSORuOsdgWexygwpRLcXbV6tRDQN_3WGXMqMQyjY1z=
haOv_mjFbvVwMIzWxODZvtf2NKL0IWmi-yaCjuqApfYY8jQ9WVMuZbd2Af6-cqlvFreM15nJmDM=
-612SkJzHJ7zRgUOgD9upJ3QyvYJeqrsOdyCF9tZqjmgYqIAnUQ_X2f5fFDJXidqYZu3ksoX-nK=
hT6zVFongcIemaMEogn5HwAfDuXE5NOD2KCDCFxPZQ0aAZU02Cz6QDQBI%3D" target=3D"_bl=
ank" rel=3D"noopener noreferrer">Spotify</a> or <a href=3D"https://links.co=
inbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504=
a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D9XoWqxXVU2B-_BbqwrEw96No0EQks=
v9Ib-HpzGWJYIJV25LA5wxBupMdndj1lwrOdZF2SQupAgIAN9qXXfhkYLdtTzjNwEOXa58Zn99e=
zLI_Vhg9SKQ8Mu4ghKjEFmUUi_b5rt9FJAGcadFSFMoF5CCt1OcsgMkbqeRLTQYB3h87V-QEh2m=
ibssIZ1NOo2mKQ9gu9KNjvvslg-azHN3NJlL1www8Ua7EYdTKTGyToBSBONOPcjo_EYmKiO4KoV=
li5otaRiYblVbW1r6PRdP0G3NfWZQeeGiXc3yjRrPtFsHpLcyFtxZEiWeX3oT2D1I6f30xXxtU4=
OvVi5GNLLM0_WIfexgKPSeMDC2h6UOI7-1" target=3D"_blank" rel=3D"noopener noref=
errer">YouTube</a>.</li> <li style=3D"margin: 0px; padding: 6px 0px;">Coinb=
ase=E2=80=99s Institutional Research team has published a new <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5Q=
YKU4MaVSQPtO9IgCTkUghcszVWTzz-epgT3MkjIZyeHvER73Nk8gmdrjs-SYQouND9ySc_pOX5O=
hpOPuKNdCUewvpXiuJUR4ifBnYh0Bsi3_xVDr0N2fTaQGJW0_MYtsmoSpx8kGrFCcdpcR5IsOxr=
ypwfc5HZTxTHdM-6ZTKVDNkSVuTd1YIoCujpaFYwfuwH2xWPZzJnMEkLkp73qY7eE7fs2Qx6weG=
ecKYCoVd-T1gJCMzm92wHfYvoljswMEK7jjLFgz8fvW4YYBxFcmdyArJ8-9LLqPQ_K_UeY7QvKu=
fQYhMj-XSW7L4QGbI4Rs_gjB_SEBzLoMrELCl1cyzpZmWMN2D-CFnsJ2wrHs3TE7wOJL3oSy_JE=
_e8yjwWYdU2Kmt8vi5BrbtyH_6kxih9amUYsvY_" target=3D"_blank" rel=3D"noopener =
noreferrer">report</a> that looks at how the FTX bankruptcy could continue =
to impact the crypto industry.&nbsp;</li> </ul> <p style=3D"margin: 0px; pa=
dding: 0px;"></p> <div class=3D"cta_button" style=3D"margin: 24px 0px 0px; =
padding: 0px; width: 50%;"><!--[if mso]><table width=3D"100%" cellpadding=
=3D"0" cellspacing=3D"0" border=3D"0" style=3D"border-spacing:0;border-coll=
apse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"=
padding:0;" align=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-c=
om:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"https://l=
inks.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd=
2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVST=
udmSlSj2lUWZ0KvPOHZ0fEpnMt668FiTBWjyBoZwa-tOUp6o_KP5IJgqM8EsrRWSS48Bp36qISr=
DCj9ONKtsFuLtGlUk0wnst4fY236IkrDuAYbKq2cYkvTwNqjl7b8r1mKkESSxSEGzK-Uzx2d8jv=
ncoKgh0kTE-slw32lHUtUT3G_fyk4vMaocSxV-DruB8yN905Ym6HJ6_RBlLe4ORpZfySXG8LnKH=
hMDKGFjL0VCpIuyHNSkGUEoi8YzkBbX_sVgVcGqexTyG96fMqDTD_RqmPQeU0VDV7XE4rqJ1b1Q=
wHMEqio2ADbRNAZ6Zjsx3NQt03UfxquSaFOTJmYA6Mq2OqT9xpEPtyG30EHcw8MciHNl8PPsvnm=
TuxLKjUS7vEloWb0ravAmFdUaqqryS" style=3D"width:350pt;v-text-anchor:middle;"=
 arcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/><v:=
textbox inset=3D"0,0,0,0"><center style=3D"font-family: Helvetica Neue, Hel=
vetica, Arial, sans-serif;"><![endif]--><a href=3D"https://links.coinbase.c=
om/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea=
4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSTudmSlSj2lUWZ0Kv=
POHZ0fEpnMt668FiTBWjyBoZwa-tOUp6o_KP5IJgqM8EsrRWSS48Bp36qISrDCj9ONKtsFuLtGl=
Uk0wnst4fY236IkrDuAYbKq2cYkvTwNqjl7b8r1mKkESSxSEGzK-Uzx2d8jvncoKgh0kTE-slw3=
2lHUtUT3G_fyk4vMaocSxV-DruB8yN905Ym6HJ6_RBlLe4ORPA8ihojv-Mf60L5-Jx61koqo6-n=
sIK-fYHLXwcpHVShHwJU9e2zoHi0fdVCjxbYss5KMFAlh0KKoGTy3LC5foTxI4QEc-7VwSCvCiA=
RCrRs4EMbLAxwYlA4wyC7yn3vmZRAB45r4O3HqHx2NrHpFQwllGkivM2egGXhLIolGFk80ftghL=
yMm6dMnwJkYBOah" target=3D"_blank" rel=3D"noopener noreferrer" style=3D"dis=
play: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoratio=
n: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); bord=
er-radius: 30px; text-align: center; padding: 18px 0px;"><strong>How we pro=
tect customers</strong></a><!--[if mso]></center></v:textbox></v:roundrect>=
</td></tr></table><![endif]--></div> <a href=3D"https://links.coinbase.com/=
a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad=
5841d81b&_e=3D7s5oxuNU853GT63ch6VAfQ-USjzisqBacq2Y4k1wlO9ocNx90d8r-WvfMEHsW=
KKeIg5NSammrgZ87hUNF7y9zYCbhgs2FNYVoT42H9Oi8IXDdgU_onuDvETiTaRGZokb5dCjjzp_=
xUl0OC4ySRBVPFG1xLbwqgXMM8fE2_Xjww3lYSdCdUllztw5TKevA3lUgmKBW1fJVz_6wqpR3IE=
_dECyvDv8Ef05ckCVpQ5IBmRslcQg7VuNgDLAxWLh483ajpJWpUdKbeZkAOrVoS50tsSxOtaRjY=
ZDgf4vUlwoE1sHT-JSRpQ0MfPJvj4q-7bx_i5nh9YKPRxNEM6LH7VRJJO1yJh9JfAxlMY1jMTll=
10%3D" target=3D"_blank" rel=3D"noopener noreferrer"><!--[if !mso]><!-- -->=
<div class=3D"desktop_hide" style=3D"display: none; max-height: 0px; overfl=
ow: hidden;"><img src=3D"https://images.ctfassets.net/q5ulk4bp65r7/4teCjcLj=
em1niYca1gZAL2/7d35fb7498879e1bbb5eb8ec8946e948/coinbase_bytes_recurringbuy=
s_650x360px.jpg" width=3D"100%" style=3D"display: block; width: 100%; margi=
n: 64px 0px;"></div><!--<![endif]--> <div class=3D"mobile_hide"><img src=3D=
"https://images.ctfassets.net/q5ulk4bp65r7/5VsknV0vDAHtkTR76kCkdB/005d7f399=
fa55e57d50380f5ab05855d/coinbase_bytes_recurringbuys_1060x408px.jpg" width=
=3D"100%" style=3D"display: block; width: 100%; margin: 64px 0px;"></div> <=
/a> <div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td sty=
le=3D"margin: 0px; padding-right: 11px; vertical-align: middle;"><img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png"=
 width=3D"12" height=3D"12" style=3D"display: block; width: 12px; height: 1=
2px;"></td> <td style=3D"margin: 0px; padding: 0px; vertical-align: middle;=
"><p style=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><stro=
ng> POLITICAL CAPITAL </strong></p></td> </tr> </tbody> </table> <p style=
=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: br=
eak-word;"><strong>How U.S. midterm election results could impact crypto re=
gulations</strong></p> </div> <p style=3D"margin: 16px 0px 0px; line-height=
: 1.6; word-break: break-word;">According to a <a href=3D"https://links.coi=
nbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a=
91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D3uSbntO9rmqvKAJJdbURmj_XdnBApy=
Ksv3siP2PQvf8LWX4EeJPzptMRbjQ_lxVSGhacYhr6ua77pryno0WeS6FB-h_H-WIgfHqzoO5SG=
OWb4j2ScPxigpRt6kBvCZXH1ffOb6YcMExqHu9qZc8bidbrUeF9EnvZi3qD1WgDylotLvpoU7gi=
4K0WzO1IBxCCtWKdUj03wo1ZKnS1NB3Ve4bW6_SCRCaSnaDvIn7iCefLOeF06gb50Q4bp4pAuUI=
0KyH0gPTEqPtf0N7cdwz9UwZEYIE2PS0Xw2c2wMi99m5Y4zbgPUqjaKmmybWvJedoQ0HQnetJCk=
3iJo_bUolmSygnG1gBTlBGvunbvGh5fUVQofuZRuu3FYbs3rHkEw5--eb_XOgbeYQlnt4rxQyBO=
Q%3D" target=3D"_blank" rel=3D"noopener noreferrer">recent survey</a> condu=
cted by GMI PAC, a crypto-focused group, 44% of U.S. voters are =E2=80=9Ccr=
ypto voters,=E2=80=9D which pollsters define as owning or considering ownin=
g digital assets. With the U.S. midterm results nearly settled, and <a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D3Ceu68Rff=
Wml8J5UzsBOJtP9wu9Zetp6K0MP9PRYnlMLWi0ovd9mgB5IV3UxmqzISS5miMurxqCCYvyQya1i=
_T6ju5PjkVvhfbvg2PNOfHhyQr1j1kbdTg1h8c8K1PtVr2beB9PCy911wdLUIjF6lhrBbnJfyEN=
MJjtqUZqd1SbM7P1sxH68ej19eNO_Nrh49lit9bfkTaCwmKV78k6tHAbQCDSPovr0ANK4HFNyS9=
Jfn5LVBADjQwZ5Jmp33trhKMsElVFlv_9bEvrr9afyPiiQZBGcC_1cMyt5kF_qmklBbTxgqVWI4=
-k12hFBpmV93D8KQtqBiFVA6vJ5lgx-cb94I17bybvMfU4qB9znwiRo9qACiCYTKhiE4iH1UERx=
jptNefY1iN3RMg0085BK_I%3D" target=3D"_blank" rel=3D"noopener noreferrer">ca=
lls for clear crypto regulation</a> mounting in the wake of FTX=E2=80=99s c=
ollapse, a group of newly elected, and re-elected, politicians in Washingto=
n will likely play a pivotal role in shaping the regulatory conversation. H=
ere=E2=80=99s <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719=
67418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_=
-R4U8Czmsr6D3uSbntO9rmqvKAJJdbURmj5o_IMXAAHTGpPOqg1nM1Q2oXX7TQEbjHG45yU9o80=
EIcWSKSBAV-DYdyH-U6bbcRr28-w2WnP126qOlYREEhF-lFqFMAIc5xXY9Yzsv3uG8va-_AA5ag=
Ccq7sHWKybQJCVMliJxL8iXnTwIikHZOYqtH6h7MJtaG6v973q0xHBKSoitlWzhmWiXIb3TGCsw=
GhbyL2Wh6Z3N12cIgDb30rjCTkm90wFULICZ7qf3qHDCXJl0xYAI1PPsmLIUWDGxPIP3PRZFWzV=
q_8zcnJ_lqz0-9XjgfeZQNxZyRs9kxXhK_1eLV6FJdk0U2HzUibJB9AB4iN0W7EfGfbpuNNdpxy=
pCGc8I6UA5qiB3B9mgddrjhZwL4b4ca0mPutCWWxEErWY1hkKSPxrnTugB0ctl8INArO5WuPYip=
0FqL_0k4L5GrosDAbtFlKKFbRV_E62iZ088eWyJWmrMGtW0AbSvvI0Gf7fNL_hnDRAY1qJFR8Iw=
zNys9OXXgNLFXweey6hc8%3D" target=3D"_blank" rel=3D"noopener noreferrer">a q=
uick look at some</a> of those politicians.&nbsp;</p> <!--[if mso]><ul styl=
e=3D"line-height:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if !mso]><=
!-- --><ul style=3D"margin: 10px 0px 0px; padding-left: 24px; line-height: =
1.6;"><!--<![endif]--> <li style=3D"margin: 0px; padding: 6px 0px;"><strong=
>Rep. Harriet Hageman: </strong>A newly elected Republican from Wyoming, a =
state that has taken a leading role in proposing crypto-friendly <a href=3D=
"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_=
m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D_RoMgRW4Ni3U=
tmIdOYodnTO8N3MZuINk6K6AdLbZF5S2mt8Us_jmyQpIy2LzG3syeO_86Ca_dAnRV7IjAG7zOpN=
QRSzdutkC1OsDmlEu-jOUaC9Ul5txNQ8wIvt04HKuiNYTDOlQEQ2uTsmflYpVZUlfmBEUzUuvFT=
cMTwtpyeUpeH6xM3TSojdF22TMLw_zgqXjpZiwTS_KYkwPilfqfbQmxInH7UWiXDFwGTP0bLzlF=
_WW3D1NxN2nUnjlGLN94djZqMHL6LiIgrUJZjg4Me11h3vN9McKjUQJEYXN6SP0pb0iFi1-JWZ9=
pFV0OOcjZX8xWm-OtIYa3mK4PsxXTZRXz9c-w3ks4MPHuswcOQB2BqnujWyGCzE-c3dVXMPzrgz=
JRnzzjz40I3ViUI_8hFbzrhJjYSyTS9WA3c5eNR_" target=3D"_blank" rel=3D"noopener=
 noreferrer">laws</a>, Hageman is a proponent of limiting the federal gover=
nment=E2=80=99s influence over parts of the industry, like mining operation=
s. Crypto is =E2=80=9Can important states=E2=80=99 rights issue,=E2=80=9D s=
he said over the summer. Sen. Cynthia Lummis (R-Wyo.), a vocal crypto advoc=
ate and co-author of the <a href=3D"https://links.coinbase.com/a/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_=
e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQbJbHXJusKBoGjTcK-jjJF34JS4bp=
ulrjpRl_KZgVWYle6vOMUfX4o7JWV8H4X75oyGWHPMw_9FkcMcAXheiz6lz-O6UaUqE2F3HO-WI=
VJtr8mjcFEpOddHGRTcGjqxocIMxVtyjQsP8Necg_r_0nKQYcI_k6Bmi9uK0LgZ1F7hPxpU8Sek=
1eegNY4vcQGw0wukySfIIK9dLoBpJFYeUZDb-8eRha5ZyasAJV00y9Anipv2qz5IxZXaDG6100k=
99j1wOhfmqO1rRiJG4dDQzNzLSTn5pG3mRIMDqMlptZjhNT9qKveLuaFr0s5NdwIcFEB_3_tSi_=
jS6-r5K4_vPmD" target=3D"_blank" rel=3D"noopener noreferrer">Responsible Fi=
nancial Innovation Act</a>, called Hageman =E2=80=9Can excellent teammate=
=E2=80=9D to have in Washington.</li> <li style=3D"margin: 0px; padding: 6p=
x 0px;"><strong>Rep. Jonathan Jackson: </strong>An incoming Democrat from I=
llinois, Jackson was propelled to office in part due to <a href=3D"https://=
links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331b=
d2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D7E1LB348pSFx8WJfOrt83=
2wl6xjgm_Zj2pEJlVnWff8-3guhnh90aGyEgFDjvcmnCcXa9I2NDtsi8Iys-fO1YKekMLs9GiVb=
wk4-g_OcM5abbn7pdajlUB-RIgZJaKYSB2kwYtnd3zv9vfymnMrxSfzckv52eIeowKJfweOzKYb=
0w-DWa-rxRgMSI4tFQsQGJlVOn4gqRfQFBupBxcKqfglRzvQmVSniPos4gg-Ljnuj7CLKQrrnkj=
emuW8Flf2_ln3-XwOb0aRWBBHMOTvuxNWgVMIs7Up_8Cwb7rd_PE9EAxm5dUZsP6kCbJPCvRLWv=
3USW28Hxd5KMVD6rPiBEz6woxQk7HAtH0k97-lpQc4_NVFfqBtscZV0sREHDRpePIiOJnGqchPh=
ZYZ3P25RnAcmQwhuUTuoyUcd0PpEIrCEJOS82U4-aLoDX05wNmW6kgRaZdIyIGpjA_5-muQ0Y0%=
3D" target=3D"_blank" rel=3D"noopener noreferrer">a swath of donations</a> =
from crypto-related political groups including Three PACs, DAO for America,=
 Web3 Forward, and Protect Our Future. Jackson has <a href=3D"https://links=
.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46=
504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D_vywAkk4HOUSyGeU6tX1dZjrys=
qyJ2F9nBHhuVGoTD8gel_oWPsuBuMsg0HvHwRj-XMqfVNEpsBwXHoat6Yzos0_RImbWw2deiNwB=
pLobCWA_Tb3vbE-2FfJNF4QhwX9LsZNxuLe1dWVjCLL9w2hZcR0-Ges3dzMUszXCUdvPwLKgYCm=
2qrBnWdqGh1DJO2YrUUjS6R5nDjLT2K_vI7aEQYuCe9j4kEWxXnohM0rzoUGhdZHV487OdEh6ZQ=
O_HZe4Rd_OS2wE6FlHvauf3Hp7XUVA-MD9PbuahrPm9qGB73cGLFQ8FSXuaYn7_VJfaYV3r1h-W=
2zTqt4jqpbYSFlWEb1dPXzY7g1KAuuqkKPXdh7i5-odSX4xVS3Ekzr9bdaZagltGt2pDVJhdoeQ=
Nv3w9XIDSfcRiqYwB9o6yMsm5IFo13aRJEtvEwreRk4bgB2_drGy2xv0vxZHt8FZSNHUY%3D" t=
arget=3D"_blank" rel=3D"noopener noreferrer">said</a> he supports regulatio=
ns that promote innovation =E2=80=9Cand add clarity and protection for thos=
e entering this burgeoning arena.=E2=80=9D</li> <li style=3D"margin: 0px; p=
adding: 6px 0px;"><strong>The Congressional Blockchain Caucus: </strong>Sev=
eral representatives in this <a href=3D"https://links.coinbase.com/u/click?=
_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b=
&_e=3D1rHarquw_-R4U8Czmsr6D7jcOPFWZ8IcwrVG5yfKzetKjQTCOmJxkgSHYdxqyerE9qr7K=
Y2yNVR9S4xu8rIRGwzDcfKA-RNfI9dbosnaEilsVedimTw2tu-y7qCtTu_eZnZljB9U0HSlAtkD=
aEDYiXbk9cPQA42RYFxcmPtj4hPJ9u0Yq9QY45puAEl9kEHE3FeiA6A7dWFuuypcYfsubI_9RcX=
PJeESB_AEbfIMoqkkYSjDf14dy6lpw4sgeDctZOP4Jh588Bi0wX4EdFlPXfu8N9vgOIJrZLcJBK=
rKIqO47sreP34CASpPTjBRdK88XQXPj5HO04_9217IUfyAftESRUTn8tcxmum0FGTNfZzVDDcY_=
eJ0YDs1qgeAyz6J" target=3D"_blank" rel=3D"noopener noreferrer">bipartisan g=
roup</a> won re-election, including chairs Tom Emmer (R-Minn.) and Bill Fos=
ter (D-Ill.), and caucus members Josh Gottheimer (D-N.J.), and Richie Torre=
s (D-N.Y.) The congressional group says that it supports a =E2=80=9Clight t=
ouch regulatory approach=E2=80=9D and is focused on blockchain technology a=
pplications like =E2=80=9Cidentity management, asset tracking and ownership=
, healthcare records management, [and] intellectual property rights.=E2=80=
=9D&nbsp;&nbsp;</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p> <p =
style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;"><=
strong>Why it matters=E2=80=A6 </strong>As calls for regulatory clarity gro=
w from business leaders and politicians alike, the 118th U.S. Congress will=
 likely face increased pressure to formulate clear laws to guide the crypto=
 industry in the U.S. A possible starting point? <a href=3D"https://links.c=
oinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e4650=
4a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQbJbHXJ=
usKBoGjTcK-jjJF34JS4bpulrjpRl_KZgVWYle6vOMUfX4o7JWV8H4X75oyGWHPMw_9FkcMcAXh=
eiz6lz-O6UaUqE2F3HO-WIVJtr8mjcFEpOddHGRTcGjqxocIMxVtyjQsP8Necg_r_0nKQYcI_k6=
Bmi9uK0LgZ1F7hKCIqr5-vV5KIPUKEiqzSQmWHYnIpN_uUCa48Qv_wJDsXpVQiyPAVKcz8wk_Ag=
KVOmuvKaL3OKqNXZW8gQnMONDOtbBtuC7RtxgGm8wxi3oA9BnvRXS4unfxm9HptBfPCZGYhGzWu=
TO5-CBlIYwTZSCXo5IshtTOkfQST64_7gwf" target=3D"_blank" rel=3D"noopener nore=
ferrer">Three key bills</a> proposed earlier this year are already awaiting=
 congressional action in 2023.</p> <div class=3D"cta_button" style=3D"margi=
n: 24px 0px 0px; padding: 0px; width: 50%;"><!--[if mso]><table width=3D"10=
0%" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"border-spacin=
g:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><t=
r><td style=3D"padding:0;" align=3D"left"> <v:roundrect xmlns:v=3D"urn:sche=
mas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" hr=
ef=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689=
713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMa=
eDPr5QYKU4MaVSR1NkxxiaObl0L7U04f-haYfQ6OVQSTrik9EfPfslS3ntrHyu6zEZfxWnfBApd=
WdSfwc6XANiUZ7ApC28evyZ90kn5xwDGAcHPUGlqtMyTZNcrNsU-7UcOKbv0KZrt0o1g7wmAswn=
KhfUVzw5w3llKNUC7a2dvic5a2q8TbUmAt_kkF1aZb45od2jmiC0SubpNd3o6rwkZqmHVZCdV6p=
Tl8kR8Ad_sihH4ok6pYsfc_XZyLzq5HnFPaIKUIBgL8u5r0XewLq6CElHHkbxtlNOcuTe0goEUI=
NYjxwp41ftmO60C-6_dsunZAJHE9-YIgl-O7tVN4eaOrJMZQ0FOW-cGT" style=3D"width:35=
0pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0=
052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center style=3D"font-f=
amily: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]--><a href=
=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeD=
Pr5QYKU4MaVSR1NkxxiaObl0L7U04f-haYfQ6OVQSTrik9EfPfslS3ntrHyu6zEZfxWnfBApdWd=
Sfwc6XANiUZ7ApC28evyZ90kn5xwDGAcHPUGlqtMyTZNcrNsU-7UcOKbv0KZrt0o1g7wmAswnKh=
fUVzw5w3llKN81ZRiLPOrPYMc7UffcM1RHbMJc61ROOsSRF2PRFjInxZq2V2P34zfEwl1TBna2K=
yczg51J3jjKGRHxB196_YjtA9mLn3c6f-XEaFha4yD7rwg8W8Bdf8VG1Vmm2kzThiCN8_2J2OoD=
AImXVz8dXh7y5jtkJkDi5VA_h2YeTvy2WembqCmkaCbphb0XTPfF8a" target=3D"_blank" r=
el=3D"noopener noreferrer" style=3D"display: block; margin: 0px; line-heigh=
t: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); =
background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center;=
 padding: 18px 0px;"><strong>See our policy efforts</strong></a><!--[if mso=
]></center></v:textbox></v:roundrect></td></tr></table><![endif]--></div> <=
table width=3D"100%" role=3D"presentation" valign=3D"top" style=3D"table-la=
yout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: col=
lapse; min-width: 100%; text-size-adjust: 100%;"> <tbody> <tr style=3D"vert=
ical-align: top;"> <td valign=3D"top" style=3D"word-break: break-word; vert=
ical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px=
;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" a=
lign=3D"center" role=3D"presentation" valign=3D"top" style=3D"table-layout:=
 fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse=
; border-top: 2px solid rgb(222, 224, 226); width: 100%;"> <tbody> <tr styl=
e=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break: break-w=
ord; vertical-align: top; text-size-adjust: 100%;"><span></span></td> </tr>=
 </tbody> </table></td> </tr> </tbody> </table> <div> <table style=3D"margi=
n: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margin: 0px; padding-righ=
t: 11px; vertical-align: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudf=
ront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca=
56371967418192255878e9689713/dot-1.5x.png" width=3D"12" height=3D"12" style=
=3D"display: block; width: 12px; height: 12px;"></td> <td style=3D"margin: =
0px; padding: 0px; vertical-align: middle;"><p style=3D"margin: 0px; font-s=
ize: 16px; letter-spacing: 0.075em;"><strong> NFL NFTS </strong></p></td> <=
/tr> </tbody> </table> <p style=3D"margin: 5px 0px 0px; font-size: 32px; li=
ne-height: 1.26; word-break: break-word;"><strong>Rarity League=E2=80=99s N=
FL helmet NFTs are a real game changer</strong></p> </div> <p style=3D"marg=
in: 16px 0px 0px; line-height: 1.6; word-break: break-word;">For football f=
ans who can never get enough NFL excitement, the latest Rarity League relea=
se should be top of mind. This NFT collection features official NFL-license=
d, one-of-a-kind helmets for all 32 NFL teams that are integrated into NFL =
Rivals, the first NFL and NFLPA officially licensed video game on the block=
chain. The latest release dropped on Tuesday, and you can use <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5Q=
YKU4MaVSTG0hsMaoVDVtc-iKfJhWDmkUfQQfDnk4J4aJtNOZe-rsOwsI7fTl3JldVStpbi4olqe=
Nz7mZ25T7XunQAgsVqBXq30VK8dcxLaL0WuRnOYC6OXNHkTAKVvW3Yr6FN9VGRCHP86E2Km3r35=
6QH23TwXzstFsXa3v0_v_d3z7rMWSnWGRJFHCwE0zg4mDq9kuk6tl_SWLC5B39FQWAf91Ste45I=
YCIthdoqpZxixC0ZQKJBscM6YXvc0C4twNhiU-l-nyU2aXQWBx_vXiPyRTkwNC4ed0xI0yCtfNG=
7ALdmC5w%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">Coinbase Wall=
et</a> to get in on the collector action at <a href=3D"https://links.coinba=
se.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b=
1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6DyOWSdsWN696rqZ0wL_u6GZXA0WJziSZbM=
wkT9rzP0TcDmsKhujOqjZ7ywt7MTc0mEzJcIxPnctWwv_AVz7acbmKnPonAu61iOeXds8irQsrp=
u5w5aybgAY0smlSrsIia32tg_OJTt0KxwiCqlkpHh1hVhtizkHLDRCtyPErp7A6VdOgwImtsfUt=
u5dmj5MU9BdVMRdA1Stb2W6sLxzoN3vE_ikH2AarxoYm0-Y6J-uqOW8bikrwgnDuEAINl3TaM_-=
mWVuqx2q0qNfSCFjdOxIArhpOmXbTzSENI9LjfI-q0ZP4H-E28M-gfPhcXUqFsOoaXwRW8gYXlU=
4zCZLcD5p3o4GEpITxTR0IF0gBcGvlu_t1ViIpgr6jN3Jdlcs1UGsIzcD_YY58o2n7OHQ4lUg%3=
D" target=3D"_blank" rel=3D"noopener noreferrer">RarityLeague.com</a>.</p> =
<table width=3D"100%" role=3D"presentation" valign=3D"top" style=3D"table-l=
ayout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: co=
llapse; min-width: 100%; text-size-adjust: 100%;"> <tbody> <tr style=3D"ver=
tical-align: top;"> <td valign=3D"top" style=3D"word-break: break-word; ver=
tical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0p=
x;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" =
align=3D"center" role=3D"presentation" valign=3D"top" style=3D"table-layout=
: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collaps=
e; border-top: 2px solid rgb(222, 224, 226); width: 100%;"> <tbody> <tr sty=
le=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break: break-=
word; vertical-align: top; text-size-adjust: 100%;"><span></span></td> </tr=
> </tbody> </table></td> </tr> </tbody> </table> <div> <table style=3D"marg=
in: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margin: 0px; padding-rig=
ht: 11px; vertical-align: middle;"><img src=3D"https://d15k2d11r6t6rl.cloud=
front.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3ac=
a56371967418192255878e9689713/dot-1.5x.png" width=3D"12" height=3D"12" styl=
e=3D"display: block; width: 12px; height: 12px;"></td> <td style=3D"margin:=
 0px; padding: 0px; vertical-align: middle;"><p style=3D"margin: 0px; font-=
size: 16px; letter-spacing: 0.075em;"><strong> TOKEN TRIVIA </strong></p></=
td> </tr> </tbody> </table> <p style=3D"margin: 5px 0px 0px; font-size: 32p=
x; line-height: 1.26; word-break: break-word;"><strong>How frequent are Bit=
coin halvings?</strong></p> </div> <div style=3D"margin-top: 16px;"> <table=
 style=3D"line-height: 1.6; word-break: break-word;"> <tbody> <tr> <td styl=
e=3D"padding-right: 12px;"><strong>A</strong></td> <td>Every six months</td=
> </tr> <tr> <td style=3D"padding-right: 12px; padding-top: 12px;"><strong>=
B</strong></td> <td style=3D"padding-top: 12px;">Every six years</td> </tr>=
 <tr> <td style=3D"padding-right: 12px; padding-top: 12px;"><strong>C</stro=
ng></td> <td style=3D"padding-top: 12px;">Once per decade</td> </tr> <tr> <=
td style=3D"padding-right: 12px; padding-top: 12px;"><strong>D</strong></td=
> <td style=3D"padding-top: 12px;">Every four years</td> </tr> </tbody> </t=
able> </div> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break=
: break-word;">Find the answer at the end of the email.</p> <div class=3D"c=
ta_button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%;"><!--[i=
f mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" style=3D"border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;=
mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left"> <v:roun=
drect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-micr=
osoft-com:office:word" href=3D"https://links.coinbase.com/a/click?_t=3D3aca=
56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rH=
arquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSSuy8ifQtG9l-DaOjou0ax2_UyKIuoGDN-WvD=
GFm4DRLftYcyuWSH7v8K9eKquIPaDZyI-tOVSixmZQmZwxURpU-nBlnqpuPI_jpzsWESDO-N0vX=
WPSF10zb1fQkDV_oFewLCGsu4iJKHZQgVmQdZiSn4vAps0g3tdPV8zSZ2HXHrdHeq2vPOW7dJ2T=
R_c2wWxXrX16RnDc9TgQ7IEMa7vC_NQw3i-jwjcF4v3Yi7PNPoPgXgEMNoanBscJjs3116mm6nd=
fHxm4_dEbCTly9bn4bJLNLPqoFjPskbTscd3hrM1BjWevsNKuYyMiR_5iHjpdvCy7XVNVbkh1Jt=
MOi4tEswRSfJut6mbNbOC-ZeOOkw%3D%3D" style=3D"width:350pt;v-text-anchor:midd=
le;" arcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0052ff"> <w:anchorlock/=
><v:textbox inset=3D"0,0,0,0"><center style=3D"font-family: Helvetica Neue,=
 Helvetica, Arial, sans-serif;"><![endif]--><a href=3D"https://links.coinba=
se.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b=
1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSSuy8ifQtG9l-=
DaOjou0ax2_UyKIuoGDN-WvDGFm4DRLftYcyuWSH7v8K9eKquIPaDZyI-tOVSixmZQmZwxURpU-=
nBlnqpuPI_jpzsWESDO-N0vXWPSF10zb1fQkDV_oFewLCGsu4iJKHZQgVmQdZiSn4vAps0g3tdP=
V8zSZ2HXHoLlyUpaFoFCxrD41bCB_wEhvYADPmFqhfUxtSxkthDTmRjkjmALzVPkVXfKmClN9sg=
Id8Wp-zvjl5IOQSHgQGOVIyVWgLcA0uvVkqfrkXQucV8Ikf7dUAJ8Gw0gPJdg-1-TSyxW4qTRwP=
359Jw3lvTkG202RPRo0FzXjemBmltZzL4mxhmoZLrh24CPZeiFZw%3D%3D" target=3D"_blan=
k" rel=3D"noopener noreferrer" style=3D"display: block; margin: 0px; line-h=
eight: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 25=
5); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: cen=
ter; padding: 18px 0px;"><strong>Learn about BTC halvings</strong></a><!--[=
if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]--></=
div> <table width=3D"100%" role=3D"presentation" valign=3D"top" style=3D"ta=
ble-layout: fixed; vertical-align: top; border-spacing: 0px; border-collaps=
e: collapse; min-width: 100%; text-size-adjust: 100%;"> <tbody> <tr style=
=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break: break-wo=
rd; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: =
48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" align=3D"center" role=3D"presentation" valign=3D"top" style=3D"table=
-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: =
collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;"> <tbody> =
<tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break:=
 break-word; vertical-align: top; text-size-adjust: 100%;"><span></span></t=
d> </tr> </tbody> </table></td> </tr> </tbody> </table> <div> <table style=
=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margin: 0px; pad=
ding-right: 11px; vertical-align: middle;"><img src=3D"https://d15k2d11r6t6=
rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6=
dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width=3D"12" height=3D"=
12" style=3D"display: block; width: 12px; height: 12px;"></td> <td style=3D=
"margin: 0px; padding: 0px; vertical-align: middle;"><p style=3D"margin: 0p=
x; font-size: 16px; letter-spacing: 0.075em;"><strong> NOW TRADING ON COINB=
ASE </strong></p></td> </tr> </tbody> </table> </div> <a href=3D"https://li=
nks.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2=
e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSRq=
8JXGBfbGqIKyN8qAocK8DjfA7QGPOKLpaI9VDCdaxldD6FzaALMhs4QHiWyhXCL95yxrBlFUpBX=
UzoD2Irabciz35c6-5nqvFfp9kT4lR1P2CddAd_B7Usz35Ec2HaGYjunxAis_wUEQnzQCa1RHFq=
EvMwWCi7WtIbr8MCd2WF4rjS4mmCrzFKhbDcO6ld7-s_2nVj3omq4sWK3eSm6oZOzs8INVqWSVY=
W366c-fhRlk7OnUSjhODzP68qEsXeHK1bkfC85qxeElT_GLbkNES1cnX4RPtUpm_0t5DItFOVbc=
GJ4IP8qIwV-B6X7hiE8%3D" target=3D"_blank" rel=3D"noopener noreferrer" style=
=3D"color: rgb(10, 11, 13); text-decoration: none;"> <table style=3D"margin=
: 16px 0px 0px; width: 100%;"> <tbody> <tr> <td style=3D"font-size: 32px; l=
ine-height: 1.26; word-break: break-word; vertical-align: middle; white-spa=
ce: nowrap;"><strong>HFT</strong></td> <td style=3D"vertical-align: middle;=
 padding-left: 12px;"><img src=3D"https://dynamic-assets.coinbase.com/b1312=
08fac48d1a39ecdb33e932d5b2c2b782b0f3167ac25af275cb6bedcb4de1ed59cc3df13962b=
a9f0022ad4b6d8b84abc41b333a7aa6e05bf322bd4a5cf12/asset_icons/a88e12541de0ea=
1c7622f60cb6f773a0382cd59ece038ead0f4c2077c2c3e224.png" width=3D"26" height=
=3D"26" style=3D"display: block; width: 26px; height: 26px; vertical-align:=
 middle;"></td> <td style=3D"vertical-align: middle; text-align: right; wid=
th: 100%;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/I=
ntegrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e96=
89713/Newsletter%20Assets/newlistings_light.png" width=3D"21" height=3D"18"=
 style=3D"width: 21px; height: 18px; vertical-align: middle;"></td> </tr> <=
/tbody> </table> <p style=3D"margin: 0px; line-height: 1.6;">HFT is the ERC=
-20 governance token of the Hashflow protocol, which features a decentraliz=
ed exchange that supports MEV-protected, bridgeless cross-chain token swaps=
 with zero slippage. </p> </a><a href=3D"https://links.coinbase.com/a/click=
?_t=3D3aca56371967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81=
b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5QYKU4MaVSQSgEwl6HaRyW5FeCVpb46pjHWp=
dDV242mRQecS3msATqyY3MkQbQnWN7K-LzIhVn9bN6--2MpTfdN25V3y1HKuUocyQTPkWUXWVJt=
dALfjtLX6HZG5qb9fLAHUgchk6DbYl3JPshPH0gzglFpAUInQWA6VJZWPrAF6C9CRJFUJ8MVCNt=
Wa2IClrL_nyfar3bWb0THa8zcV7YRFvlTGPAnBGwKHC_AgahOF8b-3-aUREQtNBU489xeokLwCG=
6uhwg9wzu1nRWawHaPbyplBTxcxotRATPBJG7k671xaTjfR7U92_AJKmYnXvooHactV6tU%3D" =
target=3D"_blank" rel=3D"noopener noreferrer" style=3D"color: rgb(10, 11, 1=
3); text-decoration: none;"> <table style=3D"margin: 16px 0px 0px; width: 1=
00%;"> <tbody> <tr> <td style=3D"font-size: 32px; line-height: 1.26; word-b=
reak: break-word; vertical-align: middle; white-space: nowrap;"><strong>MSO=
L</strong></td> <td style=3D"vertical-align: middle; padding-left: 12px;"><=
img src=3D"https://dynamic-assets.coinbase.com/47eff673556d5aa24cfc3f9a062b=
1a859b1cb922718c391729eaebc4a446a30caff856976aae04f53191f59dec3f2ee4245c215=
c0516005c5809e3d0d752a485/asset_icons/562b2c61adf693a4eff231a90643b93652380=
c585c5cc7b77bf7fcd7a9d1e518.png" width=3D"26" height=3D"26" style=3D"displa=
y: block; width: 26px; height: 26px; vertical-align: middle;"></td> <td sty=
le=3D"vertical-align: middle; text-align: right; width: 100%;"><img src=3D"=
https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6=
a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Asse=
ts/newlistings_light.png" width=3D"21" height=3D"18" style=3D"width: 21px; =
height: 18px; vertical-align: middle;"></td> </tr> </tbody> </table> <p sty=
le=3D"margin: 0px; line-height: 1.6;">mSOL tokens represent SOL tokens stak=
ed using the Marinade.Finance liquid staking protocol. </p> </a><a href=3D"=
https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6Dw6aolMaeDPr5Q=
YKU4MaVSRCcH9GlKqqs3NkAoTxX4PhLMkXATAmWqidEggf9WnQDFgCNx6koj0qRgFWIM15LmLfy=
pHOXsd-AOKhQXACvlSxUqTnFldS__cjxXqSPCSoMsDr754cYEFt-w4adLi8HXb-ql9SibQ-Oo_G=
iKXN4or45AJ3T9GCAoZobjQS9bZJHoYmPqfPq9ka41wjZ0pjsDasEUviic5xStvdydnTWcwQuCn=
mknrjne9QHZ-mxXDqgE_OqVAgjb88MJmKNioI5Riud_3lEVAb3tieHjVFcFG7TKMo4x31wz6fWd=
TxhWaVJATk82ZS1uYQTyw7OCaTVyE%3D" target=3D"_blank" rel=3D"noopener norefer=
rer" style=3D"color: rgb(10, 11, 13); text-decoration: none;"> <table style=
=3D"margin: 16px 0px 0px; width: 100%;"> <tbody> <tr> <td style=3D"font-siz=
e: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle;=
 white-space: nowrap;"><strong>MNDE</strong></td> <td style=3D"vertical-ali=
gn: middle; padding-left: 12px;"><img src=3D"https://dynamic-assets.coinbas=
e.com/6c403a7c91215250847a00527ce838a0fc62c01b74fa6c13f8beb2e0f87986e842bc2=
076787dcb5a82a696c6f1719d8c5aff802f5d377aa91ff89ae2292c9c1c/asset_icons/b4b=
ca469b3203dd32119960f1a85dc5bd39e58bf5f7b06a8e4bc1a81e7bcfc31.png" width=3D=
"26" height=3D"26" style=3D"display: block; width: 26px; height: 26px; vert=
ical-align: middle;"></td> <td style=3D"vertical-align: middle; text-align:=
 right; width: 100%;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/pub=
lic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca563719674181=
92255878e9689713/Newsletter%20Assets/newlistings_light.png" width=3D"21" he=
ight=3D"18" style=3D"width: 21px; height: 18px; vertical-align: middle;"></=
td> </tr> </tbody> </table> <p style=3D"margin: 0px; line-height: 1.6;">MND=
E is the governance token of Marinade.Finance, a liquid staking protocol on=
 Solana. </p> </a> <table width=3D"100%" role=3D"presentation" valign=3D"to=
p" style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; =
border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;"> <tbod=
y> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-bre=
ak: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100=
%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D=
"0" width=3D"100%" align=3D"center" role=3D"presentation" valign=3D"top" st=
yle=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; borde=
r-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%=
;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D=
"word-break: break-word; vertical-align: top; text-size-adjust: 100%;"><spa=
n></span></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <p styl=
e=3D"margin: 0px; line-height: 1.6; word-break: break-word;"><strong>Trivia=
 answer</strong></p> <table style=3D"margin: 12px 0px 0px; line-height: 1.6=
; word-break: break-word;"> <tbody> <tr> <td style=3D"padding-right: 12px;"=
><strong>D</strong></td> <td>Every four years</td> </tr> </tbody> </table> =
<table style=3D"margin: 48px 0px 0px;"> <tbody> <tr> <td style=3D"text-alig=
n: left;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/In=
tegrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e968=
9713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt=3D"Coinbase" height=
=3D"26" style=3D"display: block; height: 26px; margin-bottom: 24px;"></td> =
</tr> <tr> <td><a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371=
967418192255878e9689713&_m=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw=
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NtRLPfx12yZf_wdKMFjesz08sDdC0RCznXOpdlZmbhnPD81finTsWvJ4I4dZ0yHHlUtT5tZqF6z=
9Pnm5xPmpL0HQKUYqeMKlYACZQQS3O0AbSoGd0ivyoVwoELVR8DmqQmS-M8OP_z0BqJJ7z55i0A=
5JeAu31fyYp5OuBVEjZAOWKmDMu7lZmsrbLgiXiB2ynfyOBlCPlNJCKL_6dQLAkVn3QFVT5xkB1=
nDR7ofJH0IUMEAnCc02aIPd6zb9eHWrCcCWVS77O2qSvi3fEzqUGRBaM5r5uzZt9-HFjFafzJUM=
I" title=3D"coinbase ios app" target=3D"_blank" rel=3D"noopener noreferrer"=
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s/app_apple.png" alt=3D"Download on iOS App store" height=3D"46" style=3D"d=
isplay: block; height: 46px; margin-right: 8px;"></a></td> <td><a href=3D"h=
ttps://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D8331bd2e46504a91b1bea4ad5841d81b&_e=3D1rHarquw_-R4U8Czmsr6D7MmGMCQiwKxsF=
Il9SFU1pLGvYXvTMhGd065MGWN7yGh0IGpn8hbLpG-_okfQLFaT3p85LsWFL-nAZB6kDZsNx8t7=
XQwzxkm9mjjxzEXbf-Hj2VeWGaHNj_vZiq4CdprFuQjr_pzGOAcob5qEOGTgBoG-oYTMNJAU1n3=
Pt8tkfIrFMvU_XJoFON5SNXkhtB8WcKqlnevuAWeJK7XtwB_CNlZUIAWVL-Bkk24oVIGmTf5wsq=
KLUlKupNoBumSH6RAvd6ng-pJhqzaLrkHBfl2dFc_zxCUIP_ZRFFgdVu7g6vBSmzWY6P9Wzr6cl=
1mKDjax80htcp1MN8cuYRI7pUpp3tgy2Gf1QuXlddLvW0LtOWD" title=3D"coinbase andro=
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=3D"Download on Google Play" height=3D"46" style=3D"display: block; height:=
 46px;"></a></td> </tr> </tbody> </table> <div style=3D"margin-top: 24px;">=
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