US court rules OFAC exceeded its authority in sanctioning Tornado Cash smart contract
In a major victory for the protocol and its users, the U.S. Court of Appeals for the Fifth Circuit overturned a lower court ruling, finding that the Office of Foreign Assets Control (OFAC) exceeded its authority when it sanctioned Tornado Cash’s immutable smart contracts. In its opinion, the three-judge panel noted that while the Treasury Department has authority to act on “property,” Tornado Cash’s smart contracts are immutable and cannot be controlled or owned, and therefore do not constitute property under the International Emergency Economic Powers Act (IEEPA). Coinbase Chief Legal Officer Paul Grewal said the smart contracts must now be removed from the sanctions list and that U.S. users will once again be allowed to use the privacy-preserving protocol. The Court of Appeals has directed the District Court for the District of Texas to grant a partial motion for summary judgment filed by plaintiff-appellant Joseph Van Loon et al.
Later in the day, news broke that Tornado Cash (TORN) broke through $34, up more than 900% in 24 hours.
According to Jinshi, the minutes of the Fed's most recent policy meeting showed that Fed officials generally supported being cautious about future interest rate cuts while the economy remained solid and inflation slowly cooled. According to the minutes, "participants expected that if the data were about as expected, inflation continued to decline to 2%, and the economy remained near maximum employment, it might be appropriate to gradually shift to a more neutral policy stance over time." Minutes of the November meeting showed that some officials said the Fed might pause rate cuts and keep borrowing costs at restrictive levels if inflation continued to rise. Some officials noted that rate cuts could be accelerated if the economy or labor market deteriorated. Policymakers also pointed out that the lack of clarity about the so-called neutral interest rate was also a reason for caution. According to the minutes, many officials said that uncertainty "complicates the assessment of the extent of monetary policy restrictions, and they believe that it is appropriate to gradually reduce policy restrictions." Over the past year, officials' estimates of the neutral interest rate have steadily risen, but it remains unclear how far interest rates are from that level. It is reported that Fed officials will hold their last policy meeting of the year on December 17-18. In this regard, Nick Timiraos, the "Federal Reserve mouthpiece", wrote that the Federal Reserve meeting minutes suggested that if inflation stagnates, interest rate cuts will become cautious.
Trump administration considers letting CFTC take the lead in digital asset regulation
The incoming Trump administration wants to expand the Commodity Futures Trading Commission’s (CFTC) powers, giving it the authority to regulate a large portion of the digital asset market, according to Fox Business News. The move is part of a broader effort by President-elect Donald Trump and the Republican majority in Congress to weaken some of the Securities and Exchange Commission’s regulatory powers over the digital asset industry under President Biden and outgoing SEC Chairman Gary Gensler. With Trump in office and the crypto industry’s growing influence in Republican politics, the CFTC’s responsibilities may soon expand to regulate the spot market for digital assets that are considered commodities, such as Bitcoin and Ethereum, and the exchanges that facilitate their trading, according to sources with direct knowledge of the Trump team’s thinking. Key figures in the incoming Trump administration believe that deregulation is needed to spur innovation in the crypto business, including the potentially transformative blockchain technology. “With adequate funding and the right leadership, I think the CFTC could start looking at regulating digital commodities on day one of the Trump presidency,” said former CFTC Chairman Chris Giancarlo.
According to Crypto.news, members of the Brazilian Chamber of Deputies have proposed allocating 5% of the country's $370 billion treasury to a strategic Bitcoin reserve. The proposed Bitcoin bill would limit Brazil's Bitcoin reserves to approximately $18.5 billion. The Brazilian Chamber of Deputies (the lower house of the national congress) must first pass the bill before it can be submitted to the Federal Senate (the upper house). If members of the Federal Senate support the proposal, it will be submitted to the Brazilian president for approval to become law.
Morocco may officially lift 2017 cryptocurrency ban and re-legalize
According to Reuters, Morocco's central bank governor Abdellatif Jouahri said at an international conference that Morocco is promoting a cryptocurrency-related bill, which has now entered the approval process. Morocco has imposed a ban on cryptocurrencies since 2017, but underground trading activities are still active. Jouahri revealed that the Moroccan Central Bank (Bank Al Maghrib) has drafted a law to regulate crypto assets and is studying the feasibility of central bank digital currencies (CBDCs). He emphasized that CBDCs, as a digital currency controlled by the central bank, are different from decentralized cryptocurrencies and may play a role in promoting public policy goals such as financial inclusion.
Kraken to shut down NFT marketplace, shift focus to other projects
According to The Block, the crypto exchange Kraken said in a statement that the company will close its NFT market to free up resources for upcoming projects. After November 27, 2024, users will no longer be able to list, bid, or sell items on Kraken's NFT market; they can only withdraw assets. The market will be completely closed on February 27, 2025. A representative from Kraken said: "We have decided to close our NFT market in order to shift more resources to new products and services, including unannounced plans under development. Customers have been informed of these changes, and our team will support them in transferring their NFTs to their Kraken wallets or self-custodial wallets of their choice."
Movement Network Foundation announces MoveDrop, airdropping 10% of MOVE tokens to the community
The Movement Network Foundation announced the MoveDrop airdrop program, which aims to reward early users and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE (10% of the total supply) to the community, and eligible users include: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders. Users can visit the MoveDrop website and register until 2pm UTC on December 2, 2024. After the TGE (coming soon), you can check MoveDrop qualifications and claim the airdrop. Failure to register on time will result in loss of MoveDrop eligibility. Users can choose to claim $MOVE on the Ethereum mainnet or after the Movement Network mainnet (coming soon), which will generate a 1.25x reward multiplier. The Movement Network Foundation also stated that it plans to distribute more $MOVE tokens in future events. Earlier yesterday, the Movement Network Foundation announced the MOVE token economics, with 60% allocated to the community.
WalletConnect launches WCT token qualification check page
Crypto wallet protocol WalletConnect announced the launch of a token eligibility check function, allowing eligible users to claim WCT tokens and stake them.
Glassnode: Bitcoin may fall below $88,000 before trying to break through $100,000 again
According to a report from Glassnode, if the market falls further, Bitcoin could fall to the sub-$88,000 area before continuing to move towards the $100,000 threshold, Cryptoslate reported. The report highlights a critical "gap" because BTC's rapid rise has resulted in little trading activity between $76,000 and $88,000, creating an undeveloped price range that could attract market attention if the current pullback continues. However, this price behavior is natural in the price discovery phase, which typically involves cycles of increases, corrections, and consolidation to establish a stable price range. Observing supply distribution during the price discovery phase is crucial to revealing supply and demand areas that may affect Bitcoin's trend.
Earlier today, analysts at Standard Chartered Bank said that BTC may consolidate in the range of $85,000 to $88,700 and then move upward.
Uniswap Labs launches $15 million bug bounty program
Uniswap Labs announced a $15.5 million bug bounty program, the largest in history, to discover and fix critical vulnerabilities in Uniswap v4 core contracts. Uniswap v4 is the latest iteration of the Uniswap protocol, adding a new "hooks" feature that allows developers to customize pools, transactions, fees, and liquidity providers (LP) position interactions. This version aims to significantly save user costs, reduce pool creation fees by 99.99%, and optimize the cost of multi-hop transactions. The Uniswap v4 code has been independently audited by 9 institutions including OpenZeppelin and Trail of Bits, and has undergone multiple rounds of community security competitions, with no major vulnerabilities found.
Starknet Becomes the First Ethereum Layer-2 Network to Support Crypto Staking
According to CoinDesk, Ethereum's Layer-2 expansion plan Starknet has officially launched a crypto staking function, becoming the first Ethereum L2 network that supports users to earn income by staking tokens. Users holding at least 20,000 STRK (about $12,000) can become validators, and the pledged assets are used as collateral to verify transactions and receive rewards; users holding less than 20,000 STRK can entrust tokens to validators for staking. Users need to wait 21 days to stake and retrieve tokens, including rewards generated during the staking period. At the same time, Bitwise Asset Management announced that it will operate a public validator node for STRK holders to entrust staking, and provide independent validator services to institutional clients.
Banzai's board of directors approves purchase of Bitcoin as reserve asset
According to Globenewswire, Banzai International, Inc. (NASDAQ: BNZI), a US listed company, announced that its board of directors has approved the purchase of Bitcoin as a fiscal reserve asset. The company's board of directors has authorized Banzai to use company funds to purchase and hold a certain amount of Bitcoin, up to 10% of the company's corporate financial account, to diversify financial assets and hedge against inflation. Banzai founder and CEO Joe Davy said: "We believe that Bitcoin will diversify our assets and enable us to benefit from the potential long-term value of Bitcoin." According to reports, Banzai is a marketing technology company that provides basic marketing and sales solutions.
NYSE Arca Files 19b-4 Filing for Bitwise Bitcoin and Ethereum ETPs
According to official news, crypto asset management company Bitwise Asset Management announced that NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 application document to list a Bitwise exchange-traded product (ETP), which will hold both Bitcoin and Ethereum spot weighted by market value, providing exposure to both assets. According to the submitted documents, the ETP will directly hold both assets. The launch of the ETP still needs to wait for the approval of the Form 19b-4 document and the effectiveness of the Form S-1 registration statement.
Talus Network Completes $6 Million Funding Led by Polychain Capital, Valuing $150 Million
According to The Block, the high-throughput blockchain protocol Talus Network has completed a $6 million strategic financing led by Polychain Capital, with a valuation of $150 million. This round of financing also attracted investors such as Foresight Ventures, Animoca, Geek Cartel and Echo, as well as several well-known angel investors. The funds will be used to expand the Talus ecosystem, including Protochain, Nexus framework and "AI dating experience" application. Talus' total financing amount has reached $9 million. Talus is committed to providing support for decentralized AI agents. The Talus Agents it developed can manage DeFi portfolios, DAO governance fund allocations and in-game NPCs and other tasks. Users can jointly own and trade these on-chain assets. In addition, the platform plans to launch TAI tokens to pay transaction fees and resource allocation. As an ecological case, Talus will launch the "AI Bae" application by the end of the year to provide users with personalized AI companions, generate exclusive virtual images by connecting to TikTok, and support chat, social gambling and tokenized interaction.
Pump.fun accounts for 62% of Solana DEX trading volume in November
According to Dune data, Pump.fun accounted for 62.3% of Solana's decentralized exchange (DEX) trading volume in November, while its transaction value accounted for 42.3%. In the past three months, the platform has contributed an average of more than 60% of Solana's DEX trading volume. Pump.fun was launched in January 2024, allowing users to create tokens for free and spawning a variety of popular meme coins. However, the platform has been controversial for live broadcasts of inappropriate content and legal compliance issues, including animal abuse, fake suicide performances, and inappropriate video uploads. Despite this, Pump.fun has made a huge contribution to Solana's trading ecology, and its future development will directly affect the health and stability of the Solana network. Some analysts believe that Solana's over-reliance on Pump.fun may lead to potential risks, and it is necessary to be vigilant about the long-term sustainability of the network.
Since its establishment in 2013, Pantera Capital's Bitcoin Fund has achieved a return rate of more than 1,000 times, with a cumulative return rate of 131,165%. This milestone achievement reflects its forward-looking strategy for Bitcoin investment. Fund manager Dan Morehead reviewed the background of the fund's initial establishment and mentioned that the team purchased 2% of the world's Bitcoin when the price of Bitcoin was at its low point in 2013. He said that Bitcoin's long-term growth potential is still huge. Although only 5% of global financial wealth is involved in blockchain assets, this proportion is expected to increase significantly with the clarification of US regulations and the entry of institutional investors. Morehead predicted that Bitcoin may reach a market value of $740,000 per coin in the next few years, and it is expected that the long-term growth of the blockchain industry will continue to bring rich returns to investors. He also emphasized that although the road to investing in Bitcoin is full of twists and turns, its potential asymmetric returns make it one of the most attractive investment opportunities in the past 40 years.
Pump.Fun once again transferred nearly 100,000 SOL to Kraken
According to Onchain Lens, Pump.Fun transferred 99,999 SOL (worth about $22.74 million) to the Kraken exchange. So far, the address has accumulated 893,242 SOL, with an average price of $164. In addition, Pump.Fun has accumulated 1,487,066 SOL through its operations, currently worth about $344.85 million.
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