{"id":18232,"date":"2025-11-22T03:51:58","date_gmt":"2025-11-22T02:51:58","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=18232"},"modified":"2025-11-22T03:51:58","modified_gmt":"2025-11-22T02:51:58","slug":"former-coinbase-lawyer-takes-on-ny-ag-race-as-blackrock-pulls-bitcoin-funds","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/22\/former-coinbase-lawyer-takes-on-ny-ag-race-as-blackrock-pulls-bitcoin-funds\/","title":{"rendered":"“Former Coinbase Lawyer Takes on NY AG Race as BlackRock Pulls Bitcoin Funds”"},"content":{"rendered":"

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In today’s crypto buzz: Bitcoin enthusiasts are buzzing over the growing chances of a US Federal Reserve rate cut in December. A former Coinbase attorney has kicked off his campaign for New York State Attorney General, and BlackRock\u2019s iShares Bitcoin Trust (IBIT) had a rocky November, leading to a huge $2.47 billion in outflows, which makes up 63% of the total $3.79 billion pulled from US spot Bitcoin ETFs.<\/p>\n

Bitcoiners Excited as December Fed Rate Cut Odds Soar!<\/h2>\n

Today, Bitcoin fans were full of optimism on social media as the odds of a US Federal Reserve rate cut in December shot up, nearly doubling from the previous day.<\/p>\n

Many in the crypto scene think this could be just the spark Bitcoin needs to reverse its recent downward trend.<\/p>\n

\u201cLet\u2019s see if that\u2019s enough to find a bottom here for now,\u201d crypto analyst Moritz tweeted<\/a> on Friday, as Bitcoin traded at $85,071, down 10.11% over the last week, according<\/a> to CoinMarketCap.<\/p>\n

On Friday, the chances of an interest rate cut at the December Federal Open Market Committee (FOMC) meeting jumped to 69.40%, per<\/a> the CME FedWatch Tool. Just a day earlier, it was almost 30.30% lower at 39.10%!<\/p>\n

The odds of a US Federal Reserve rate cut soared 30.30% on Friday. Source: <\/em>CME Group<\/em><\/a><\/figcaption><\/figure>\n

Many folks in the broader market attributed this surge at least partly to some encouraging comments from New York Fed president John Williams, who mentioned<\/a> that the Fed can cut rates \u201csoon\u201d without risking its inflation goals. Bloomberg analyst Joe Weisenthal noted<\/a> these comments were key to the spike in odds.<\/p>\n

Ex-Coinbase Lawyer Running for New York Attorney General<\/h2>\n

Former Coinbase policy lawyer Khurram Dara has officially launched his campaign for New York State Attorney General<\/a>, gearing up for a 2026 showdown with sitting AG Letitia James.<\/p>\n

In his announcement on Friday, Dara highlighted his experience in regulation and policy, especially in the crypto and fintech world, as major strengths for his candidacy.<\/p>\n

As previously covered by Cointelegraph<\/a>, Dara indicated a potential run since August, arguing that James has unfairly targeted the crypto industry in New York.<\/p>\n

After leaving Coinbase, Dara worked at Bain Capital Crypto\u2014a digital-asset\u2013focused section of the investment company\u2014until at least July.<\/p>\n

James, in office since 2019, has faced pushback from the crypto community for taking enforcement actions against companies like Genesis and KuCoin.<\/p>\n

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Source: <\/em>Khurram Dara<\/em><\/a><\/figcaption><\/figure>\n

BlackRock Bitcoin ETF Faces Major Outflows\u2014$2.47 Billion in November!<\/h2>\n

US spot Bitcoin exchange-traded funds experienced another major reversal on Thursday<\/a>, wiping out a brief spark of hope from earlier in the week.<\/p>\n

After breaking a five-day outflow streak<\/a> with $75.4 million in inflows on Wednesday, the funds faced a wave of redemptions, totaling $903 million on Thursday\u2014the largest outflow day in November and one of the biggest single-day outflows since the funds launched in January 2024, according<\/a> to Farside Investors.<\/p>\n

With $3.79 billion withdrawn this month, November is shaping up to be the worst month ever for US spot Bitcoin (BTC<\/a>) ETF outflows if the remaining days can’t balance out this significant drop.<\/p>\n

This amount has already eclipsed February\u2019s record of $3.56 billion, the largest monthly outflow since these ETFs began.<\/p>\n

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Bitcoin ETF flows, in USD million. Source: Farside Investors<\/em><\/figcaption><\/figure>\n

The BlackRock iShares Bitcoin Trust (IBIT) ETF has been the main contributor to this record outflow in November, with $2.47 billion in net redemptions\u2014making up about 63% of the total $3.79 billion pulled from all US spot BTC ETFs.<\/p>\n