Today's News Highlights:
US Court Rules OFAC Exceeded Authority in Sanctioning Tornado Cash Smart Contracts
Trump Administration Considers CFTC to Lead Digital Asset Regulation
OpenAI Secures $1.5 Billion New Investment from SoftBank
Movement Network Foundation Announces MoveDrop, Will Airdrop 10% MOVE Tokens to Community
Uniswap Labs Launches Record $15 Million Bug Bounty Program
US Public Company Banzai Board Approves Purchase of Bitcoin as Reserve Asset
Japanese Social Giant Line Plans to Launch 30 Blockchain-Based Mini Dapps Early Next Year
Regulation & Policy
US Court Rules OFAC Exceeded Authority in Sanctioning Tornado Cash Smart Contracts
The US Fifth Circuit Court of Appeals overturned a lower court's ruling, determining that the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning the immutable smart contracts of Tornado Cash, marking a significant victory for the protocol and its users. The panel of three judges noted in their opinion that while the Treasury has the authority to act against "property," the immutable nature of Tornado Cash's smart contracts means they cannot be controlled or owned, and thus do not constitute property under the International Emergency Economic Powers Act (IEEPA). Coinbase's Chief Legal Officer Paul Grewal stated that these smart contracts must now be removed from the sanctions list, allowing US users to once again utilize this privacy-protecting protocol. The appellate court has instructed the Texas District Court to approve a partial summary judgment motion filed by plaintiffs-appellants including Joseph Van Loon.
Later news, Tornado Cash (TORN) breaks $34, rising over 900% in 24 hours.
The People's Bank of China and seven other departments jointly released the "Action Plan for Promoting High-Quality Development of Digital Finance," which clarifies the acceleration of digital transformation for financial institutions, improvement of the digital financial governance system, promotion of key areas such as technology finance, green finance, and inclusive finance, support for the digital yuan pilot, and enhancement of the quality and efficiency of financial services. At the same time, it emphasizes risk prevention and data security, optimization of the payment environment, aiming to establish a modern financial system that adapts to the development of the digital economy by the end of 2027.
Among the measures to create an efficient and secure payment environment, it mentions the steady advancement of the digital yuan pilot, continuous improvement of the digital yuan acceptance environment, and enrichment of digital yuan usage scenarios. Strengthening anti-money laundering supervision of digital financial businesses.
Trump Administration Considers CFTC to Lead Digital Asset Regulation
According to Fox Business News, the incoming Trump administration aims to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it significant authority to regulate a large portion of the digital asset market. This move is part of a broader effort by President-elect Donald Trump and the Republican majority in Congress to weaken the regulatory authority of the Securities and Exchange Commission (SEC) over the digital asset industry under President Biden and outgoing SEC Chair Gary Gensler. Sources familiar with Trump's team's thinking indicate that as Trump takes office and the influence of the crypto industry in Republican politics grows, the CFTC's responsibilities may soon expand to regulate the spot market for digital assets considered commodities (such as Bitcoin and Ethereum) and the exchanges facilitating their trading. Key figures in the incoming Trump administration believe that regulatory relief is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology. Former CFTC Chair Chris Giancarlo stated, "With sufficient funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump's presidency."
According to Crypto.news, a lawmaker in Brazil's Chamber of Deputies has proposed allocating 5% of the country's $370 billion treasury to a Bitcoin strategic reserve. The proposed Bitcoin bill would limit Brazil's Bitcoin reserves to around $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 the senators in 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, Abdellatif Jouahri, the governor of the Central Bank of Morocco, stated at an international conference that Morocco is pushing for a cryptocurrency-related bill, which is currently in the process of being passed. Since 2017, Morocco has imposed a ban on cryptocurrencies, but underground trading activities remain active. Jouahri revealed that the Bank Al Maghrib has drafted a regulatory law for crypto assets and is studying the feasibility of a central bank digital currency (CBDC). He emphasized that a CBDC, as a digital currency controlled by the central bank, differs from decentralized cryptocurrencies and may play a role in promoting public policy goals such as financial inclusion.
NFT & AI
Kraken to Shut Down NFT Marketplace, Focus on Other Projects
According to The Block, cryptocurrency exchange Kraken announced in a statement that it will shut down its NFT marketplace to reallocate resources to upcoming projects. After November 27, 2024, users will no longer be able to list, bid, or sell items on Kraken's NFT marketplace; they will only be able to withdraw assets. The marketplace will be completely shut down by February 27, 2025. A representative from Kraken stated, "We have decided to close our NFT marketplace to shift more resources to new products and services, including undisclosed plans currently in development. Customers have been informed of these changes, and our team will support them in transferring their NFTs to their Kraken wallet or a self-custody wallet of their choice."
OpenAI Secures $1.5 Billion New Investment from SoftBank
According to CNBC, OpenAI is allowing employees to sell approximately $1.5 billion worth of stock in a new acquisition offer made to SoftBank. Insiders indicate that this new funding will allow SoftBank to acquire a larger stake in OpenAI, while also enabling current and former employees of OpenAI to cash out their shares. The new acquisition offer is set to conclude this week and is driven by SoftBank founder and CEO Masayoshi Son, who has been seeking a larger stake after investing $500 million in OpenAI's previous funding round. This acquisition offer is unrelated to OpenAI's plans to potentially restructure the company into a for-profit entity. Reports suggest that even without SoftBank's substantial financial backing, OpenAI has not faced any issues in raising billions of dollars in cash. Since the launch of ChatGPT, its valuation has soared to $157 billion. OpenAI has raised approximately $13 billion from Microsoft and completed a recent funding round of $6.6 billion led by Thrive Capital in October, with participation from chipmaker Nvidia, SoftBank, and other investors. The company has also secured a $4 billion revolving credit facility, bringing its total liquidity to over $10 billion.
Project Updates
Movement Network Foundation Announces MoveDrop, Will Airdrop 10% MOVE Tokens to Community
The Movement Network Foundation has announced the MoveDrop airdrop plan, aimed at rewarding early users and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE tokens (10% of the total supply) to the community, with eligible users including: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders. Users can visit the MoveDrop website to register, with the deadline set for December 2, 2024, at 2 PM UTC. After the TGE (Token Generation Event), users can check their MoveDrop eligibility and claim the airdrop. Late registration will result in the loss of eligibility for the MoveDrop claim. Users can choose to receive $MOVE on the Ethereum mainnet or wait until after the Movement Network mainnet launch (coming soon) to receive $MOVE, which will yield a 1.25x reward multiplier. The Movement Network Foundation also stated that it plans to distribute more $MOVE tokens in future events. Previously, the Movement Network Foundation announced the MOVE tokenomics, with 60% allocated to the community.
WalletConnect Launches WCT Token Eligibility Check Page
The cryptocurrency wallet protocol WalletConnect has announced the launch of a token eligibility check feature, allowing eligible users to claim and stake WCT tokens.
Uniswap Labs Launches Record $15 Million Bug Bounty Program
Uniswap Labs has announced a bug bounty program with a total of up to $15.5 million, the largest bug reward program in history, aimed at discovering and fixing critical vulnerabilities in the Uniswap v4 core contracts. Uniswap v4 is the latest iteration of the Uniswap protocol, introducing a "hooks" feature that allows developers to customize pools, trades, fees, and liquidity provider (LP) interactions. This version aims to significantly reduce user costs, lowering pool creation fees by 99.99% and optimizing costs for multi-hop trades. The Uniswap v4 code has undergone independent audits from nine firms, including OpenZeppelin and Trail of Bits, and has passed multiple rounds of community security competitions without any major vulnerabilities found.
Starknet Becomes the First Ethereum Layer-2 Network to Support Crypto Staking
According to CoinDesk, the Ethereum Layer-2 scaling solution Starknet has officially launched its crypto staking feature, becoming the first Ethereum L2 network to allow users to earn rewards by staking tokens. Users holding at least 20,000 STRK (approximately $12,000) can become validators, staking assets as collateral to validate transactions and earn rewards; users holding less than 20,000 STRK can delegate their tokens to validators for staking. Users must wait 21 days to stake and retrieve tokens, including rewards generated during the staking period. Additionally, Bitwise Asset Management has announced it will operate a public validator node for STRK holders to delegate staking and provide independent validator services for institutional clients.
US Public Company Banzai Board Approves Purchase of Bitcoin as Reserve Asset
According to Globenewswire, US public company Banzai International, Inc. (NASDAQ: BNZI) has announced that its board of directors has approved the purchase of Bitcoin as a financial reserve asset. The board 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 accounts, to achieve diversification of financial assets and hedge against inflation. Banzai founder and CEO Joe Davy stated, "We believe Bitcoin will diversify our assets and allow us to benefit from Bitcoin's potential long-term value." Banzai is a marketing technology company that provides basic marketing and sales solutions.
NYSE Arca Submits 19b-4 Application for Bitwise Bitcoin and Ethereum ETP
According to official news, cryptocurrency asset management company Bitwise Asset Management announced that NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 application to list a Bitwise exchange-traded product (ETP) that will hold a market-cap-weighted combination of Bitcoin and Ethereum spot assets, providing exposure to both assets. According to the submitted documents, the ETP will directly hold these two assets. The launch of the ETP is pending approval of the Form 19b-4 document and the effectiveness of the Form S-1 registration statement.
MetaMask Co-Founder Issues Meme Coin CONSENT Using Clanker and pump.fun for Comparison
MetaMask co-founder Dan Finlay disclosed on Warpcast that he released a token named "CONSENT" on the Base network using Clanker this morning, followed by a similar token appearing on the Solana network. Dan Finlay later posted, "Comparing the Meme coin experience on WC (Warpcast) and SOL. There are two tokens named CONSENT, and ultimately only one will prevail. So far, the obvious result is: on Clanker, it gets snatched up and rug-pulled by many; whereas on Pump.fun, at least the developers are the actual founding members. For example, it is impossible to crowdfund an organization using Clanker's model. So far, even though the amount I invested on Pump.fun is just a fraction of what I put into Clanker, the returns have already multiplied several times over what I lost on Clanker."
In response, the Base ecosystem AI Agent Clanker stated on X platform: "MetaMask co-founder Dan Finlay used Clanker and pump.fun to issue Meme coins, and he provided us with some great feedback that we will use to improve our product. Dan Finlay mentioned that his experience was not good, but he earned over $26,000 just through ETH."
Swell Opens Wavedrop 1 Airdrop Claim
The re-staking protocol Swell announced on the X platform that it has opened the claim for Wavedrop 1 airdrop, meaning the SWELL tokens earned in Wavedrop 1 are now available for claiming. Continuing to hold Swell assets or using them in supported DeFi integrations can enhance users' next Wavedrop.
Integrated Public Chain Supra Announces Launch of Supra MoveVM Mainnet
According to official news, the integrated L1 public chain Supra announced that the Supra MoveVM Layer1 mainnet is now live, with more products set to launch in the coming months. Supra stated, "Today we begin the next phase of realizing our vision, which is to connect all blockchains and even the Web2 world using Supra's IntraLayer: IntraLayer serves as a unified layer aimed at connecting the entire digital finance space." Additionally, the TGE of its SUPRA token will begin at 9:00 PM Beijing time on November 27.
Japanese Public Company Remixpoint Plans to Purchase $3.27 Million Worth of Bitcoin Again
According to Coinpost, Japanese public company Remixpoint announced it will purchase Bitcoin worth 500 million yen (approximately $3.27 million) again, bringing its total investment in crypto assets to about 3.5 billion yen (approximately $22.92 million). The company plans to complete the acquisition by the end of this year while monitoring market conditions. The company stated that if the new purchase significantly impacts consolidated performance, it will disclose information in a timely manner. Previously, in September, Remixpoint purchased approximately $5.27 million worth of crypto assets, including BTC, ETH, SOL, and AVAX.
Web3 Distribution Platform Portal Announces Three New Products Launching in December
Web3 distribution platform Portal announced that it will launch three new products in December 2024, allowing users to utilize Hyperway's features across any blockchain.
Binance founder Changpeng Zhao (CZ) stated on social media that tasks such as AI data labeling are well-suited to be completed via blockchain, leveraging low-cost global labor and enabling instant payments through cryptocurrency, breaking geographical barriers. He also mentioned that BNB Chain's Greenfield provides storage support, but more tools are still needed for development, calling on developers to collaboratively build a decentralized AI data processing ecosystem.
Japanese Social Giant Line Plans to Launch 30 Blockchain-Based Mini Dapps Early Next Year
According to CoinDesk, Japanese social media giant Line plans to launch 30 blockchain-based mini Dapps (decentralized applications) early next year, covering gaming, social, DeFi, and AI chat functionalities, with plans to expand the total to 150 by the end of the first quarter. This move aims to provide more blockchain services to its 196 million active users, drawing on Telegram's success in Web3 gaming. Line has previously ventured into NFTs but failed to gain traction due to user experience and interface design issues; this time, it will refocus through blockchain games and practical features.
Binance Wealth Management, One-Click Buy, Flash Exchange, Leverage, and Contracts Launch Thena (THE)
According to Binance's announcement, the Binance platform will gradually launch features related to Thena (THE):
Binance Wealth Management: THE principal-protected earning product will go live today at 18:00 (UTC+8) and will be open for subscription; users can purchase THE through the investment platform starting from 18:00 on November 28.
One-Click Buy & Sell: THE can be purchased and sold using credit cards, Google Pay, Apple Pay, or wallet balance through the "One-Click Buy" page one hour after its launch on the spot market.
Flash Exchange Platform: Within one hour of launch, users can exchange THE for BTC, USDT, or other supported tokens on the flash exchange platform without incurring exchange fees.
Leverage Trading: Starting at 20:00 today, Binance will add THE as a borrowable asset for both full and isolated margin trading, along with the THE/USDT leverage trading pair; relevant data will be based on the margin page.
Contract Trading: Starting at 20:15 today, Binance will launch THE perpetual contracts with leverage of 1-75x.
Financing News
Deutsche Bank Joins Partior's $80 Million Series B Financing as a Strategic Investor
Singapore blockchain fintech company Partior announced that Deutsche Bank has joined its Series B financing as a strategic investor, raising a total of $80 million in this round. Previously, the Series B financing was led by Peak XV Partners, with participation from J.P. Morgan, Jump Trading, Standard Chartered, Temasek, and Valor Capital Group.
Partior plans to expand its cross-border settlement capabilities with the support of Deutsche Bank, developing features such as instant foreign exchange swaps and multi-bank payments. Deutsche Bank will join its platform as a settlement bank for euros and dollars, enhancing the capabilities of its recently launched dbX cross-border payment ecosystem. Since its establishment in 2021, Partior has processed over $1 billion in transactions, providing real-time clearing and settlement services through its blockchain-based network, simplifying global payment processes and enhancing transparency and efficiency.
Talus Network Completes $6 Million Financing Led by Polychain Capital, Valued at $150 Million
According to The Block, high-throughput blockchain protocol Talus Network has completed a $6 million strategic financing round led by Polychain Capital, with a valuation of $150 million. This round 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 the "AI Dating Experience" application. Talus's total financing amount now reaches $9 million. Talus aims to support decentralized AI agents, with its developed Talus Agents managing DeFi portfolios, DAO governance fund allocations, and in-game NPC tasks, allowing users to co-own and trade these on-chain assets. Additionally, the platform plans to launch the TAI token for transaction fee payments and resource allocation. As an ecological case, Talus will launch the "AI Bae" application by the end of the year, providing users with personalized AI companions, generating exclusive virtual avatars through TikTok, and supporting chat, social betting, and tokenized interactions.
Important Data
Pump.fun Accounts for 62% of Solana DEX Trading Volume in November
According to Dune data, Pump.fun accounted for 62.3% of the trading volume on Solana decentralized exchanges (DEX) in November, while the trading volume share was 42.3%. Over the past three months, the platform has averaged over 60% of Solana's DEX trading volume. Pump.fun, launched in January 2024, allows users to create tokens for free and has spawned various popular meme coins. However, the platform has faced controversy due to inappropriate content live streams and legal compliance issues, including animal abuse, fake suicide performances, and inappropriate video uploads. Despite this, Pump.fun has made significant contributions to Solana's trading ecosystem, and its future development will directly impact the health and stability of the Solana network. Some analysts believe that Solana's over-reliance on Pump.fun may pose potential risks, necessitating caution regarding the network's long-term sustainability.
Pantera Bitcoin Fund Achieves 1,000x Returns, Cumulative Return Rate Exceeds 131,000%
The Bitcoin fund under Pantera Capital has achieved over 1,000 times return since its establishment in 2013, with a cumulative return rate of 131,165%. This milestone reflects its forward-looking strategy in Bitcoin investment. Fund manager Dan Morehead recalled the background of the fund's inception, mentioning that the team purchased 2% of the world's Bitcoin at the price low in 2013. He stated that Bitcoin's long-term growth potential remains significant, even though only 5% of global financial wealth is currently involved in blockchain assets; this proportion is expected to rise significantly with clearer U.S. regulations and the entry of institutional investors. Morehead predicts that Bitcoin could reach a market value level of $740,000 per coin in the coming years, and he expects the long-term growth of the blockchain industry to continue providing substantial returns for investors. He also emphasized that while the path to investing in Bitcoin is fraught with challenges, its potential asymmetric returns make it one of the most attractive investment opportunities in the past 40 years.
CryptoQuant: Long-Term Bitcoin Holders Have Sold Over 728,000 BTC in the Past 30 Days
According to The Block, based on CryptoQuant data, long-term Bitcoin holders have sold over 728,000 Bitcoins in the past 30 days. CryptoQuant wrote in a post on X: "This is the largest sell-off since April." This also reverses the trend of large buyers aggressively accumulating Bitcoin in October, when the positive inflow of Bitcoin approached 250,000 coins. According to TradingView data, Bitcoin's market share (measuring its proportion of the total cryptocurrency market capitalization) is currently about 58.78%, down from recent highs of over 60%.
Vitalik Earns 22.89 ETH from Selling Meme Coins and Donates 320 ETH to CoinCenter
According to Lookonchain monitoring, vitalik.eth has once again sold some meme coins obtained for free (including the previously reported DOG), earning 22.89 ETH (worth $76,500). He then donated 320 ETH (worth $1.07 million) to CoinCenter.
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