According to Hollywood rumors, Netflix is planning to make a movie based on the 2022 FTX collapse. Julia Garner is rumored to be finalizing negotiations to play Caroline Ellison, but Bankman-Fried’s actor is less certain.
Several outlets have claimed that Evan Peters, who starred in Netflix’s award-winning series DAHMER, is in talks to play SBF. However, this is presumably even less certain than Garner’s role. Graham Moore, an Oscar-winning screenwriter, is also in talks to write the series.
Netflix’s Take on the FTX Collapse
The FTX collapse in 2022 was one of the most dramatic events in financial history, not just crypto. So, it makes sense that Netflix is planning a movie about it. After all, several studios were fighting to get the film rights the same month that the collapse happened.
Variety recently published rumors about the casting, claiming that Julia Garner is nearly set to play Caroline Ellison.
Julia Garner to star as Caroline Ellison in a limited series about the collapse of cryptocurrency exchange FTX, and the relationship between FTX co-founder and chief executive Sam Bankman-Fried and his girlfriend and business associate Ellison. pic.twitter.com/Df1miZIjb4
Garner previously played digital con artist Anna Delvey and received an Emmy nomination for her performance. This relevant experience could add color to her portrayal of another convicted fraudster in Netflix’s FTX adaptation.
However, Garner’s largest role was Ozark, an acclaimed Netflix show that earned three Emmy awards. Variety further claimed that she may become an executive producer on this series, but again, nothing has been finalized.
Netflix will reportedly use a love story as a framing device for the FTX series’ plot, so the actor playing Sam Bankman-Fried will be essential.
Other industry publications have alleged that Evan Peters is in talks for this role. He has also won awards for a previous Netflix production in 2022.
Evan Peters at a 2019 Convention. Source: Wikipedia
A Netflix adaptation of the FTX story could be highly entertaining, but it’s important to stress that no contracts have been signed. The crypto industry has produced many famous events, after all.
That is to say, “development hell” is a popular term in the film industry for a reason. Hopefully, the crypto community will soon enjoy Netflix’s dramatized take on the FTX collapse. Today, it’s still in the very early stages.
Conor McGregor, the former UFC champion, has entered the crypto scene with the launch of a new memecoin dubbed REAL.
Despite the star power behind it, REAL is off to a sluggish start, struggling to attract investor interest in a memecoin market that is still reeling from recent scandals.
Conor McGregor’s REAL Token Raises Just $218,000
Announced on April 5, McGregor unveiled his plans to disrupt the digital asset space, claiming he had already changed the fight, whiskey, and stout industries.
“I changed the FIGHT game. I changed the WHISKEY game. I changed the STOUT game. Now it’s time to change the CRYPTO game. This is just the beginning. This is REAL,” McGregor announced on X.
According to the project’s website, the team opted for a sealed-bid auction model to launch the token, aiming to prevent bot manipulation and create fairer pricing.
Under this system, participants submitted bids using USDC. Successful bidders would receive REAL tokens based on a clearing price, while those who didn’t meet the mark would be refunded.
“The auction will be open for 28 hours, after which a single clearing price will be determined. Tokens will be locked for 12 hours after auction close to facilitate a snipe-free deployment of on-chain liquidity. Proceeds from the auction will seed this pool and fund the DAO treasury,” the project added.
However, the community’s response to the project has been underwhelming. The team aimed to raise $3.6 million, with a minimum threshold of $1 million. As of press time, the auction has raised just $218,000, far below expectations.
Several issues appear to be fueling investor hesitation. Critics have called out the token’s short unlock window, warning that it creates ideal conditions for rapid sell-offs.
Others raised concerns about the project’s use of third-party logos on its site, hinting at misleading promotional tactics.
Moreover, community feedback about the project has also been overwhelmingly negative. Many users labeled the tokenomics as flawed and accused the team of focusing on short-term hype rather than sustainable value.
“If you’re buying REAL token, prepare to get dumped on. The tokenomics are absolute trash, and the unlock cliff is only 12 hours. You’re essentially giving your money away if you buy this token,” Crypto Rug Muncher wrote.
Conor McGregor’s REAL Token Tokenomics. Source: REAL Website
“Celebrity coins like McGregor’s REAL and Trumps’ are toxic for crypto! Driven by hype, they lack utility, $Trump crashed 81%, $Melania 92%. These [tokens] hurt investors and crypto’s reputation. We need utility tokens for real value and growth,” Maragkos Petros, the founder of MetadudesX said on social media platform X.
Solana (SOL) has struggled to maintain upward momentum in recent weeks. Although the cryptocurrency showed signs of an uptrend, it is now facing challenges due to declining demand for SOL.
The market environment is also deteriorating, which is contributing to the struggles. At $129, Solana is stalled below the key $135 barrier. There is no clear indication of a breakout in sight.
Solana Struggles To Find Demand
The Velocity of Solana has fallen to a 5-month low, signaling weakening demand. Velocity measures the rate at which an asset is circulated within the market. Solana’s current circulation levels are on par with those seen in October 2024, a clear indicator that the cryptocurrency is losing traction.
The drop in Velocity suggests that fewer investors are actively trading SOL, further adding to the bearish sentiment surrounding the token. This lack of demand makes a recovery increasingly difficult, as it implies that traders are hesitant to enter the market.
The ongoing low demand for SOL further confirms a bearish outlook. Many investors are likely waiting for a more favorable environment before committing to new positions, which could delay any potential recovery as the token struggles to attract fresh capital.
Analyzing the 2-week Market Value to Realized Value (MVRV) Ratio, a key metric that tracks the average profit or loss of recent buyers, reveals that the ratio is currently below the zero line. This suggests that investors who purchased SOL within the last two weeks are now facing losses.
This situation could lead to one of two scenarios: either investors hold their positions, hoping for a price recovery, or they sell to cut their losses.
If the latter occurs, increased selling pressure could push the price lower and potentially invalidate any attempts at recovery. In this scenario, the market would likely remain bearish until sentiment shifts.
Solana is currently trading at $130, struggling to break through the critical $135 resistance. While there has been a short-term uptrend, the likelihood of SOL breaching this level seems low. This suggests that the price could remain range-bound for the near future.
The combination of low demand and weak market sentiment points toward a potential decline. Solana may fall through its uptrend support line, with the next significant support levels lying at $125 and potentially $118.
This scenario would delay any recovery, pushing the token further into a bearish trend.
On the other hand, if Solana manages to break through the $135 resistance, the altcoin’s price push toward $148. A sustained move above this level could propel SOL to $150, invalidating the bearish outlook.
Democratic Senator Kirsten Gillibrand has played a significant role in the GENIUS Act, a bipartisan bill that, if passed, will regulate the use of stablecoins in the United States. But, as a lead co-sponsor of the bill, Gillibrand’s involvement in its passage comes with its share of controversy.
In an investigation into campaign financing during the 2024 federal election cycle, BeInCrypto found that the combined donations from individuals associated with prominent crypto firms—including Coinbase, Ripple, Uniswap Labs, Andreessen Horowitz, and dYdX Trading—exceeded $200,000 for the New York Senator’s campaign.
The GENIUS Act: A Step Closer to Federal Stablecoin Regulation
On Monday night, the Senate advanced the GENIUS Act concerning stablecoins by approving a procedural vote. This vote was for cloture, which limits debate and prevents a filibuster.
The road to getting there was difficult. During a previous Senatorial reunion on May 8, the same vote failed to advance to the final round of discussions. Nine Democratic senators – including Gillibrand – retracted their initial support of the bill during that round of debate.
Opposition to the bill stemmed from several concerns. These included inadequate consumer protections, potential risks to national security, and apprehension regarding how the legislation might be affected by or even exacerbate issues related to President Donald Trump’s involvement in different crypto ventures.
During this latest round, some of those Senators, like Delaware Senator Blunt Rochester, decided to greenlight the bill, while others, like New Jersey Senator Andy Kim, remained unconvinced.
What’s certain is that the US is closer than ever to national crypto legislation on stablecoins. Senator Gillibrand’s efforts significantly influenced the road to get here. Her negotiating skills have been instrumental in securing sufficient Democratic support for the bill at every step.
However, her connections to the crypto industry raise questions about her motivations for advocating its passage.
Which Crypto Firms Contributed to Gillibrand’s Campaign?
Gillibrand has been a Senator for her home state of New York since 2009. Last year, she was re-elected to office for a fourth term.
According to OpenSecrets, a non-profit organization that tracks and publishes campaign finance and lobbying data, Gillibrand received tens of thousands of dollars from individuals representing different crypto entities during the last election cycle.
The sum of contributions from donors associated with Coinbase toward Gillibrand’s 2024 election campaign. Source: OpenSecrets.
Under US federal law, corporations generally cannot donate directly to congressional campaigns. This prohibition applies to contributions from a corporation’s treasury funds.
Nonetheless, OpenSecrets monitors contributions from individuals, who are typically required to disclose their employer when donating.
Considering this information, in 2024, contributors associated with Coinbase were the tenth-largest corporate donors to Off the Sidelines, Senator Gillibrand’s leadership PAC. Together, they donated $59,900 to her re-election campaign.
Following its lead, venture capital firm Andressen Horowitz donated $57,000 to Gillibrand’s efforts. In 16th place was Uniswap Labs, where individuals contributed $48,900.
Ripple donors came in 40th place, contributing a total of $32,000. Further down the list was dYdX Trading, donating $19,200.
Gillibrand received $217,000 in total from these different crypto entities. Searching through the Federal Election Commission (FEC) database, BeinCrypto revealed the identities of some of these independent contributors.
Key Individual Donors to Gillibrand’s Leadership PAC
According to data compiled by the FEC, Gillibrand’s leadership PAC received $366,043.12 worth of individual contributions between 2023 and 2024.
Combining these contributions, BeInCrypto found 10 individual donations from prominent figures who listed Coinbase, Ripple, and Uniswap Labs as their employers.
Individual contributors from Coinbase, Ripple, and Uniswap who donated to Off the Sidelines. Source: FEC.
Under the Federal Election Campaign Act, individuals are generally limited to donating $5,000 per calendar year to a traditional Political Action Committee (PAC). This limit applies per election cycle, meaning separate donations can be made for primary and general elections.
Among Coinbase-associated names were CEO Brian Armstrong and Chief Operating Officer Emilie Choi, who donated a total of $8,300 to Gillibrand’s leadership PAC during last year’s primary elections.
In the case of Uniswap, CEO Hayden Adams and Chief Legal Officer Katherine Minarik each donated $3,300. Marvin Ammori, also a Chief Legal Officer, donated a sum of $7,300 on three separate occasions.
BeinCrypto found no individual contributions from dYdX or Andressen Horowitz employees to Gillibrand’s leadership PAC.
Is Crypto Funding Influencing Congressional Impartiality?
Campaign financing from prominent names in the crypto industry, whether from political action committees or individual contributors, became a household activity during last year’s elections.
According to a report by Public Citizen, Behemoths like Coinbase and Ripple Labs each contributed $50 million to Fairshake, the crypto super PAC that spent $119 million during the 2024 federal elections.
In fact, OpenSecrets labeled Fairshake as one of the few Super PACs that qualify as bipartisan committees. Crypto contributions toward Republican and Democratic candidates alike demonstrate the industry’s broad range of investments to achieve a brighter regulatory future for crypto in Washington.
But they also raise questions over the impartiality of congressional representatives like Senator Gillibrand when it comes to voting on legislation that will directly impact the businesses of the very actors who contributed to their political campaigns.
