Important information from last night and this morning (January 23rd - January 24th)

The US SEC has officially revoked the crypto accounting policy SAB 121

According to the official website, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of crypto accounting policy SAB 121 in the latest employee accounting announcement No. 122. The document withdraws the explanatory guidance contained in Topic 5.FF, entitled "Accounting for the obligation of an entity to protect crypto assets held by its platform users." Entities should withdraw Topic 5.FF in a fully retroactive manner during the annual period beginning after December 15, 2024. In addition, the SEC emphasized that entities should continue to be obliged to disclose risks related to the custody of crypto assets in accordance with existing regulations.

Trump signs cryptocurrency executive order: evaluating the creation of a national digital asset reserve and banning CBDC

According to Fox Business News, Trump signed an executive order to establish the Presidential Digital Asset Market Task Force, which is tasked with developing a federal regulatory framework for managing digital assets (including stablecoins) and evaluating the creation of a strategic national digital asset reserve. The task force will be chaired by David Sacks, the "AI and Cryptocurrency Tsar" of the White House, and will include the Secretary of the Treasury, the Chairman of the SEC, and the heads of other relevant departments and agencies. The executive order instructs departments to make recommendations to the task force on any regulations and other agency actions that affect the digital asset sector that should be revoked or modified. In addition, the executive order prohibits agencies from taking any action to establish, issue, or promote central bank digital currencies (CBDCs). The executive order also revoked the previous administration's "Digital Assets Executive Order" and the Treasury Department's "International Engagement Framework for Digital Assets," saying that the two executive orders suppressed innovation and undermined the United States' economic freedom and global leadership in digital finance.

Earlier yesterday, Trump said that the United States will become the global capital of artificial intelligence and cryptocurrency.

Ivanka Trump warns against buying fraudulent meme coin named after her

Ivanka Trump, daughter of US President Donald Trump, warned investors not to buy fraudulent meme coins named after her. On Thursday local time, Ivanka wrote on social media X, "It has come to my attention that a fake cryptocurrency called 'Ivanka Trump' or '$IVANKA' is being promoted without my consent and approval. To be clear, I have nothing to do with this token. The currency may deceive consumers and defraud them of their hard-earned money. In addition, the unauthorized use of my name and likeness violates my rights." Ivanka added: "This promotion is deceptive, exploitative, and unacceptable. My legal team is reviewing and will take steps to prevent the continued abuse of my name."

TD Cowen: SEC Commissioner Hester Peirce's term will end in June, raising concerns about the crypto working group

Earlier this week, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce was appointed as the head of the agency's newly announced cryptocurrency working group, The Block reported. However, investment bank TD Cowen noted that her term will end in June, which is worrying. "The SEC's move to establish a working group is an important and overdue step towards regulatory clarity in the cryptocurrency field. Our only concern is that Peirce may leave at the end of her term in June," TD Cowen's Washington research team wrote in a report on Thursday. According to the SEC's official website, if the chairman and commissioners are not replaced after the end of their term, they can continue to serve for up to 18 months. It is reported that Peirce, known as the "crypto mom" for her support for innovation in the cryptocurrency field, has long advocated balanced cryptocurrency regulation.

Senator Lummis announced as Chair of Senate Banking and Digital Assets Subcommittee

U.S. Senator Lummis announced that he will serve as the chair of the Senate Bank Digital Assets Committee. Senator Cynthia Lummis said that digital assets are the future, and if the United States wants to maintain its leadership in global financial innovation, Congress needs to pass bipartisan legislation as soon as possible to establish a comprehensive legal framework for digital assets, while strengthening the strength of the U.S. dollar through strategic Bitcoin reserves. She promised to push the bill to President Trump's desk to lay the foundation for the financial future of the United States.

Glassnode: Bitcoin's current trend is similar to the midpoint of the 2015-2018 cycle, indicating that growth is still continuing

According to Glassnode data, Bitcoin's current price trend is very similar to the patterns of previous market cycles, especially the 2015-2018 cycle, The Block reported. Glassnode's analysis of Bitcoin's historical market data highlights the significant growth in early cycles. The first cycle began with the genesis block in 2009 and ended in 2011, during which the price of Bitcoin increased by 80.51 times. The subsequent 2011-2015 cycle increased by 55.30 times. However, more recent cycles, such as 2015-2018 and 2018-2022, have more modest growth rates of 2.80 times and 3.31 times, respectively, reflecting the trend of diminishing returns as Bitcoin matures as an asset class. In its latest report, Glassnode pointed out that the growth of the current cycle is very close to the 2015-2018 cycle. In the corresponding stage of the 2015-2018 cycle, Bitcoin rose by 562%. Today, it has risen about 630% from its 2022 cycle low of $15,000, suggesting that further growth is possible. However, the size of future gains remains uncertain. Alvin Kan, COO of Bitget Wallet, made a speculative prediction that if Bitcoin could replicate the percentage gains of the 2015-2018 cycle, it could theoretically reach $1.7 million - an increase of 11,374% from the previous low. However, such predictions highlight the challenges of applying historical patterns to future scenarios. Kan said: While historical cycles provide valuable context, today's market environment is fundamentally different.

Experts say North Korean hackers may be behind $70 million theft from Phemex

According to The Block, according to analysis by multiple blockchain security experts, North Korean hackers may be behind the theft of more than $70 million from the crypto exchange Phemex. The Singapore-based exchange was hacked on Thursday and subsequently announced a suspension of withdrawals because several blockchain security companies reported suspicious activities to it. At that time, about $30 million in funds had been stolen, but the attack seemed to be continuing and more tokens were stolen.

The attack appears to follow a similar threat pattern seen in attacks on other high-profile crypto exchanges. Taylor Monahan, lead security researcher at MetaMask, said: "In this incident, a large number of different assets were siphoned off multiple chains at once. These tokens were then immediately exchanged for native assets on the chain, starting with freezable stablecoins and then proceeding one by one in order of value. As with many attacks, the attackers appear to have targeted large assets first and then began targeting lesser-known tokens. All of this activity occurred simultaneously, but they were not scripted. Assets were manually sent to a new address for exchange, and once that was done, they were passed to another new address. The assets then sat there until the real money laundering team picked them up next week or month." Due to the large number of transactions and the wide range of targeted blockchains, Monahan said the attack was likely the work of "a single threat actor group that has been doing this many times before."

Vitalik warns: Political tokens are “a tool for unlimited political bribery”

According to The Block, Ethereum co-founder Vitalik Buterin posted on social media on Thursday that political tokens could lead to "unlimited" bribes. Buterin's comments are part of a broader discussion around trends in the cryptocurrency industry, especially in the context of political leaders such as US President Trump embracing cryptocurrencies. Buterin pointed out that some parts of the industry are in conflict with each other due to their short-term and long-term value, and compared it to "highly addictive mobile games" and chess.

“Over the past year, we are entering a new order where the most powerful people in the world are now cheering the idea of anyone creating a token for anything at any scale,” Buterin wrote on X. “So it’s time to discuss the difference between short-term ‘sugar high’ fun that is not recommended to newbies, and long-term fulfillment and wealth accumulation. It’s not that ‘fun is bad,’ but rather similar to the difference between modern highly addictive mobile games and chess or World of Warcraft. It’s time to discuss the fact that large-scale political tokens cross another line: they are not just a source of fun, where harm is at most limited to mistakes made by willing participants, they are a vehicle for unlimited political bribery, including from foreign governments.”

Two of the most recently announced large-scale political tokens are TRUMP and MELANIA, both of which are associated with President Trump and First Lady Melania Trump. Both tokens were launched before Trump was inaugurated as the 47th President of the United States on January 20, and experienced significant price drops shortly after.

Crypto Czar David Sacks: TRUMP Coin is a collectible and is not concerned about potential conflicts of interest

According to Fox Business News reporter Eleanor Terrett, crypto czar David Sacks said in an interview that they have not yet decided whether to move forward with the digital asset reserve plan. Sacks said: "Yes, we will evaluate it. We have not decided to do it. We need to study it." In addition, Sacks said that the digital asset working group will develop a regulatory framework in the following ways: 1) Implement market structure and define what are digital assets, securities, commodities, collectibles, etc.; 2) Expand the dominance of the US dollar through stablecoins; 3) Evaluate national digital asset reserves. Sacks also said that he believes that TRUMP coins are a collectible like baseball cards, and he is not worried about the possible conflicts of interest in the president's issuance of such tokens; central bank digital currencies (CBDCs) are a threat to freedom and liberty, and stablecoins are a better choice. Expanding the dominance of the US dollar in the digital field may create trillions of dollars in demand for US Treasury bonds, "which may be very useful for us, basically supporting our debt and lowering long-term interest rates." Earlier today, news came that Trump signed an executive order on cryptocurrency, which included evaluating the creation of a national digital asset reserve and banning CBDCs.

Singapore court approves WazirX to repay $235 million in hacker funds

According to Cointelegraph, Indian crypto exchange WazirX has received approval from the Singapore High Court for its restructuring plan, paving the way for the repayment of $235 million in user funds stolen by the North Korean Lazarus Group in July 2024. According to the plan, users are expected to recover 75%-80% of their account balances through token distribution. The restructuring plan was submitted by WazirX's parent company Zettai and aims to avoid liquidation and restore creditors' rights through a court-supervised process. The initial payment will be made within 10 business days after the plan is passed, and the remaining claims will be linked to newly issued "recovery tokens", which will be repurchased through platform earnings and asset recovery. WazirX has frozen some of the stolen funds and is working with multiple governments to track down the remaining assets. The court said that a quick solution and fund distribution are in the best interests of users and supports restructuring over liquidation.

OpenAI releases its first AI agent tool Operator, which can perform web-based operations on behalf of users

According to Jinshi, OpenAI released its first AI agent tool Operator on Thursday, which can perform web-based operations on behalf of users. In addition, OpenAI founder Sam Altman said that the free version of ChatGPT will launch O3-mini.

Binance Labs is renamed YZI Labs, and the first head Ella Zhang returns

Binance Labs announced that it has changed its name to YZi Labs to reflect its independence and expand its investment focus to Web3, artificial intelligence (AI) and biotechnology (biotech). The name change marks the independence of the organization from the Binance brand and its adaptation to the broader technology field. Changpeng Zhao (CZ) will continue to actively participate in investment activities and provide guidance and support to entrepreneurs. At the same time, Ella Zhang, the first head of Binance Labs, returned as the head of YZi Labs to drive the next stage of innovation and growth. YZi Labs will focus on supporting long-term influential projects and explore the intersection of Web3 with AI and biotechnology. It plans to re-optimize the incubation project and introduce a 12-week offline residency event to create an immersive collaborative environment for entrepreneurs. YZi Labs currently manages an investment portfolio covering more than 250 projects in 25 countries around the world, and more than 65 companies have participated in its incubation program.

Ledger co-founder Balland released after being kidnapped in France

According to Tree News, Ledger co-founder Balland was released after being kidnapped in France. The specific details of the case have not yet been disclosed and the relevant investigation is ongoing.

Coinbase International will launch Animecoin perpetual contracts

Coinbase International Exchange and Coinbase Advanced announced that they will support Animecoin (ANIME) perpetual contract trading. The ANIME-PERP market is expected to open for trading on or after 18:00 (UTC) on January 23, 2025.

DEXX will start paying compensation on February 8: direct one-time compensation of $50,000 or less

DEXX officials said that the platform has received a total of $15 million in investment and cooperation from seven leading exchanges, VCs and industry star projects, and will start user compensation on February 8. The compensation plan is as follows: • Users whose losses are $50,000 or less will receive a one-time compensation; • Users whose losses exceed $50,000 will be contacted by a customer service representative to confirm the details. The new version of DEXX will be launched after completing multiple rounds of security upgrades and attack and defense tests. New features include "wallet authorization code", a new secure wallet and risk wallet isolation, etc., and have been reviewed by multiple audit and security agencies. In addition, all damaged users will receive airdrop compensation at the platform token TGE. Officials recommend that users conduct transactions after the compensation is completed and the platform is restarted.

Circle launches Paymaster feature to support USDC for transaction fees

Circle announced the launch of the Paymaster feature, which allows users to pay transaction fees in USDC on Arbitrum and Base without holding native tokens such as ETH. Paymaster will accept USDC and complete the process of paying native tokens to blockchain validators on behalf of users. The service will be expanded to Ethereum, Polygon POS and Solana chains in the future, and will charge a 10% Gas fee for each transaction, but to encourage adoption, the fee will be waived until June 30.

BlackRock CEO Fink: Hope the US SEC approves the tokenization of bonds and stocks

BlackRock CEO Fink: Hope the U.S. Securities and Exchange Commission (SEC) will approve the tokenization of bonds and stocks.

Binance Alpha adds VINE, BUZZ, and BID

The App page shows that Binance Alpha has added VINE, BUZZ and BID. The project introduction is as follows:

Norwegian Wealth Fund CEO: Cryptocurrency will not be part of our portfolio in the short term

Norwegian Wealth Fund CEO: I don’t think cryptocurrencies will be part of our investment portfolio in the short term.

Upbit launches Animecoin (ANIME) trading pairs for KRW, BTC and USDT

According to the official announcement, South Korean crypto exchange Upbit will list Animecoin (ANIME) in the KRW, BTC, and USDT markets, and plans to open ANIME's recharge service at 22:00 (local time) on January 23, 2025. The specific trading opening time will be announced separately, and will be notified 1 hour in advance after sufficient liquidity on the platform. ANIME is based on the Arbitrum One network.

Pump.fun co-founded the eponymous meme coin ALON, and its market value once exceeded 260 million US dollars, but now it has fallen back to 140 million US dollars

GMGN data shows that the market value of ALON, the meme token of the same name owned by Pump.fun co-founder Alon Cohen, once exceeded US$260 million, and has currently fallen back to around US$140 million.

Earlier today , Pump.fun co-founder Alon Cohen said that he did not create the ALON token, but had taken over the token TG group and paid the Dexscreener fees.

Trump family crypto project WLFI increased its holdings by 10.61 million TRX and 3,079 ETH, and pledged another 4,700 ETH

According to Onchain Lens, in the past 4 hours, the Trump family's crypto project World Liberty Financial (WLFI) spent 2.65 million USDT to buy 10.61 million TRX and 10 million USDC to buy 3,079 ETH. They also exchanged 4,700 ETH (worth $15.68 million) into 4,700 stETH and pledged them on Lido. They pledged a total of 14,701.58 ETH, worth $49 million.

Ethereum Layer-2 protocol transaction throughput hits new high

According to CoinDesk, Ethereum Layer-2 protocol transaction throughput hit a new high. According to data from growthepie.xyz, the cumulative transaction throughput of the Layer-2 protocol has soared to 29.64 million gas units per second (Mgas/s), the highest level in history, of which Coinbase's BASE accounts for 67%. As an expansion solution for main chains such as Ethereum, the Layer-2 protocol aims to process more transactions at a lower cost. At the same time as this surge in throughput, the market has also raised concerns that continued demand may exhaust network capacity.