Foreign media: Gary Gensler issued a statement suggesting that he may leave the US SEC
According to Bitcoin Magazine, Gary Gensler issued a statement suggesting that he might leave the SEC. In the two paragraphs of the intercepted statement of Gensler, Gensler wrote: "Before I close, I want to say a few words about the U.S. Securities and Exchange Commission (SEC) and its staff." "I am honored to work day in and day out with my colleagues at the SEC to protect American families on the financial highway."
After review, in this statement, Gary Gensler elaborated on how he believes the SEC should effectively regulate the crypto industry: "First, parties who issue or sell securities to the public need to register and make appropriate disclosures to the public; second, intermediaries need to register and be properly regulated in terms of conflicts, disclosures, and business practices." He said: "Before I joined the commission, many applications for Bitcoin ETFs and ETPs had been rejected or withdrawn by SEC staff. Shortly after I joined in 2021, the first Bitcoin futures ETF came into effect after consultation with SEC staff. The Commission approved ETPs for physical Bitcoin and Ethereum earlier this year. Subsequently, investors in these products have benefited from disclosure, supervision, lower fees, and more intense competition compared to non-compliant crypto asset markets. Everything we do is to ensure compliance with the law."
Earlier yesterday, it was reported that Gensler was making final lobbying for US crypto industry regulatory rules .
Fed Chairman Powell "suddenly hawkish", saying there is no need to "rush" to cut interest rates
According to Xinhua Finance, Federal Reserve Chairman Powell delivered a speech on the economic outlook and monetary policy path in the early hours of Friday morning Beijing time. He said that the US economy has recovered well, the labor market is solid, inflation has fallen from its peak and is moving towards the 2% target, so there is no urgent need to cut interest rates. Powell stressed that the Fed is committed to supporting maximum employment while reducing inflation to the target level. He also mentioned that economic growth is strong and consumer spending is growing, but the real estate market is weak. Powell expects inflation to continue to fall to the 2% target, but the process may fluctuate. The Fed will adjust its policies based on economic data and prospects to achieve maximum employment and price stability. After Powell's speech, the interest rate market lowered its bets on the Fed's December rate cut expectations. Analysts believe that inflation will continue to be higher than the Fed's 2% target, which brings more uncertainty to the Fed's actions after the December meeting.
Regarding his term, Powell only said that he would be committed to completing his term as chairman. "I must serve to the end. This is the most important thing during my term. This is what I decided and what I considered." Powell's term as a member of the Board of Governors will expire in January 2028.
According to Fox Business reporter Eleanor Terrett, 18 states in the United States have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its commissioners, accusing them of unconstitutional over-intervention and unfair "persecution" of the crypto industry under the leadership of SEC Chairman Gary Gensler. The lawsuit signed by 18 Republican state attorneys general in the United States details how the agency has "severe government over-intervention" in the $3 trillion industry through law enforcement actions and infringed on the power of states to regulate their economies. 18 Republican state attorneys general in the United States asked the court to declare that "digital asset transactions are not investment contracts" and to issue an order to prevent the SEC from bringing charges in the future against "digital asset platforms that fail to register as securities exchanges, dealers, brokers or clearing agencies." According to the complaint, many states have already developed their own regulatory frameworks for the crypto industry and encouraged industry development.
Nebraska and Kentucky are co-leading an 18-state coalition challenging the Biden-Harris administration’s unlawful and extensive regulation of cryptocurrencies, according to Nebraska Attorney General Mike Hilgers. In a lawsuit filed in the U.S. District Court for the Eastern District of Kentucky, state attorneys general and others accuse the U.S. Securities and Exchange Commission (SEC) of exceeding its authority. Despite previous actions and public statements by the SEC and its chairman, the agency has launched a regulatory offensive against crypto companies. The SEC has exceeded its authority granted by Congress by attempting to classify cryptocurrencies as investment contracts so that they are regulated by the SEC. In addition to Nebraska and Kentucky, participating states include Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, and West Virginia.
According to Fox reporter Eleanor Terrett, the Pennsylvania House of Representatives submitted a legislative proposal today that would allow the state to include Bitcoin (BTC) on its balance sheet as a reserve asset.
According to The Block, Ilya Lichtenstein was sentenced to five years in prison for his involvement in the 2016 Bitfinex exchange hack and money laundering. The sentence was based on Lichtenstein's cooperation with the investigating authorities, and the prosecutor recommended a reduced sentence. Lichtenstein and his wife Heather Morgan conspired to launder money, using crypto mixers, layered transactions, dark web and other means to clean up about 120,000 stolen bitcoins, which were once worth as much as $72 million and now have reached $10.7 billion. Lichtenstein and Morgan pleaded guilty to money laundering related to this in August 2023. Morgan's sentencing is scheduled for November 18, and the prosecutor recommended that he be sentenced to 18 months.
The official X account of the newly established Department of Government Efficiency (DOGE) in the United States posted a message thanking thousands of Americans for their interest in joining the department, but made it clear that it does not need "part-time creative contributors" but "revolutionaries with super high IQs and committed to small government reforms", requiring applicants to work more than 80 hours a week and focus on unpretentious cost reduction. Qualified applicants can submit their resumes via private messages, and Elon Musk and Vivek Ramaswamy will personally review the top 1% of outstanding applicants.
Meta fined nearly 800 million euros for violating EU antitrust rules
According to Jinshi.com, Meta Platforms (META.O) was fined nearly 800 million euros for violating EU antitrust rules. Meta Platforms (META.O) plans to appeal the EU fine.
Fast food giant McDonald's has reached a cooperation with NFT brand Doodles, and will launch a co-branded coffee and collectibles series on November 18, including Doodles limited edition cups. American customers can participate in 13,500 McDonald's stores across the country.
Hong Kong Stock Exchange has officially launched a series of virtual asset indexes
According to the official website of the Hong Kong Stock Exchange, the Hong Kong Stock Exchange Virtual Asset Index has been launched. The current Hong Kong Stock Exchange Bitcoin Reference Index is 87,984.14, the Hong Kong Stock Exchange Bitcoin Reference Exchange Rate Index is 89,996.74, the Hong Kong Stock Exchange Ethereum Reference Index is 3,063.82, and the Hong Kong Stock Exchange Ethereum Reference Exchange Rate Index is 3,198.29. The reference exchange rate is calculated at 4 pm Hong Kong time every day, which is the average of the index values every five minutes within one hour before the end of the day calculation of the corresponding real-time reference index (i.e. 3 pm to 4 pm Hong Kong time).
BlackRock CEO: Tokenization of financial assets will be the next step in future development
According to Cointelegraph, Larry Fink, CEO of BlackRock, the world's largest asset management company, said that "the tokenization of financial assets will be the next step in future development." He pointed out that in the future, every stock and bond will have a unique identification code (similar to CUSIP), all transactions will be recorded on a unified ledger, and investors will also obtain exclusive identity identification. Fink said that tokenization can not only effectively prevent illegal activities, but more importantly, it can achieve instant liquidation and significantly reduce the settlement costs of stocks and bonds. In addition, tokenization will also bring the possibility of personalized investment strategies and improve corporate governance efficiency, ensuring that every shareholder can exercise voting rights in a timely and accurate manner. Tokenizing real-world assets such as real estate, commodities, wine or art means creating blockchain tokens that represent ownership, making it easier to trade these traditionally difficult-to-sell assets.
According to the official website of the U.S. Securities and Exchange Commission (SEC), the 13F document submitted by Goldman Sachs Group disclosed that as of September 30, its Bitcoin spot ETF holdings were worth more than $710 million. These included: $461 million in IBIT (12,769,510 shares, an increase of 83% from the last filing in August); $95.5 million in FBTC (1,720,291 shares, an increase of 13% from the last filing); $71.8 million in GBTC (1,423,069 shares, an increase of 116% from the last filing); $59.7 million in BTCO (940,443 shares, the same as the last filing); and $22.5 million in BITB (650,961 shares, an increase of 156% from the last filing).
NYSE Arca applies to list Bitwise’s crypto index fund BITW as an ETP
According to official news, asset management company Bitwise announced that NYSE Arca has filed Form 19b-4 to apply for the listing of the crypto index fund Bitwise 10 Crypto Index Fund (BITW) as an ETP. The application is the latest move in Bitwise's ongoing efforts to convert a $1.3 billion publicly traded trust into an ETP structure. BITW's shares are currently traded on the OTCQX Best Market. According to Bitwise, the ETP structure brings many benefits to shareholders, including greater efficiency and regulatory protection. It is worth noting that ETPs continue to accept subscriptions and redemptions at net asset value (NAV), creating an arbitrage mechanism that enables the fund to trade on the secondary market in a manner that is more closely related to its NAV. The Bitwise 10 Crypto Index Fund holds the 10 largest cryptocurrency assets, ranked and weighted by market capitalization. As of October 31, 2024, the fund holds the following assets: Bitcoin (75.1%), Ethereum (16.5%), Solana (4.3%), XRP (1.6%), Cardano (0.7%), Avalanche (0.6%), Bitcoin Cash (0.4%), Chainlink (0.4%), Uniswap (0.3%), Polkadot (0.3%),
Tether Launches Asset Tokenization Platform “Hadron by Tether”
According to the official blog, Tether announced the launch of Hadron by Tether, an asset tokenization platform that simplifies the process of converting various assets into digital tokens. The platform allows users to easily tokenize stocks, bonds, commodities, funds, and reward points. This opens up new opportunities for individuals, businesses, etc. to raise funds using tokenized collateral. The platform provides a range of tools, including asset issuance and destruction, KYC compliance, blockchain reporting, capital market management, and regulatory guidance.
U.S. money market fund assets exceed $7 trillion for the first time
Money market funds added about $91 billion in assets under management in the week ended Nov. 13, pushing total assets above $7 trillion for the first time, a milestone for the industry, which has seen its popularity among investors soar thanks to high, reliable yields, according to Crane Data, which has long studied the sector. Before the $7 trillion mark, money market assets had hit record highs for months, defying questions about whether the industry would remain popular as Federal Reserve officials cut rates from a 20-year high. Investors continued to pile into money market funds after U.S. policymakers cut rates by 50 basis points in September and another 25 basis points this month, largely because they offer higher yields than other instruments — especially bank deposits. These funds tend to be slower to pass on the effects of lower interest rates than banks.
Web3 infrastructure platform Caldera acquires Hook team
According to The Block, Caldera, a Web3 infrastructure platform backed by Founders Fund, has acquired the Hook team to jointly build Metalayer, an Ethereum Rollup infrastructure platform. The amount of the acquisition was not disclosed, following Caldera's $15 million Series A financing in July. The Hook Odyssey protocol originally developed by the Hook team focused on the perpetual futures market for Meme coins and NFTs, built on the Arbitrum Orbit framework, but the protocol has been shut down so that the team can focus on the development of Metalayer. Caldera is a Rollup-as-a-Service platform that has assisted more than 50 projects in creating application-specific chains, including Manta Pacific, Injective, and ApeChain. The Metalayer platform aims to optimize the development experience of multiple Rollup applications and strengthen the collaboration between the Optimistic and ZK Rollup frameworks to unify Ethereum's expansion ecosystem.
Franklin Templeton Expands Its Money Market Fund FOBXX to Ethereum Blockchain
According to CoinDesk, Franklin Templeton has expanded its U.S. Government Money Market Fund (FOBXX) to trade on the Ethereum blockchain. Launched in 2021, FOBXX is the first money market fund to use a public blockchain for trading and ownership tracking, with a current market value of $410 million, ranking third among tokenized money market funds. This year, the fund has added support for multiple blockchains, including Base, Aptos, and Avalanche, with Ethereum being the latest to join. Ethereum is the blockchain of choice for issuing tokenized traditional assets, currently managing $1.6 billion in assets. Franklin Templeton uses Stellar as its primary public blockchain, while BlackRock and Ondo are the top two tokenized funds by market value.
The Trump family crypto project WLFI announced that it will adopt the Chainlink standard for on-chain data and cross-chain connections as a secure way to bring DeFi to the next stage of mass adoption.
Bhutan government address deposited 367.26 BTC worth $33.51 million to Binance
According to Onchain Lens, the Royal Government of Bhutan has just deposited 367.26 BTC worth US$33.51 million into Binance.
A whale deposited 115,000 SOL to Kraken 40 minutes ago, about 24.39 million US dollars
According to on-chain analyst Yu Jin’s monitoring, 40 minutes ago, a whale deposited 115,000 SOL, about 24.39 million US dollars, into Kraken.
A Bitcoin whale was activated after lying dormant for 14.3 years and transferred 2,000 BTC
According to Onchain Lens, a Bitcoin whale that had been dormant for 14.3 years was activated this morning. Back when Bitcoin was only worth $0.067, this miner had accumulated 2,000 BTC. After so many years of holding, this wallet finally took action and transferred the BTC to a new wallet, which was then dispersed to 50 different wallets. Today, the total value of these BTC is as high as $176.2 million.
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