Daily Report | CFTC Chairman will resign on the day of Trump's inauguration; Backpack Exchange has acquired FTX EU; Binance Alpha adds HAT, AIXCB, NEUR.

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“What Important Events Happened in the Last 24 Hours”

CFTC Chair to Step Down on Trump Inauguration Day, Says Regulation of Digital Assets Still Insufficient

According to the Financial Times, CFTC Chair Rostin Behnam will step down on January 20, the day of President Donald Trump's inauguration.

Behnam is concerned that regulation of digital assets, including Bitcoin and other cryptocurrencies, remains insufficient. He stated, "A significant portion of the digital asset space remains unregulated within the U.S. regulatory framework, and given the adoption we see from some traditional financial institutions, it is crucial to fill this gap due to the immense demand from retail and institutional investors for these products."

He mentioned that the CFTC is still "well-positioned to become the spot regulator for digital commodity assets."

Musk: After Addressing Dollar Inflation, the Dollar Price for Buying Cryptocurrency Will Actually Decrease

Musk posted on X, stating, "If dollar inflation is resolved, under the same conditions, the dollar price for buying cryptocurrency will actually decrease. The important thing is the ratio of the dollar to cryptocurrency."

Binance to Launch COOKIE, ALCH, and SWARMS 1-75x USDT Perpetual Contracts

Binance's contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75x:

January 7, 2025, 19:30 (UTC+8): COOKIEUSDT Perpetual Contract

January 7, 2025, 19:45 (UTC+8): ALCHUSDT Perpetual Contract

January 7, 2025, 20:15 (UTC+8): SWARMSUSDT Perpetual Contract.

Backpack Exchange Acquires FTX EU, Backpack EU Expected to Launch in Q1

FTX's European branch, FTX EU, has been acquired by Backpack Exchange for $32.7 million. FTX EU previously held a MiFID II license issued by the Cyprus Securities and Exchange Commission (CySEC).

The new European entity will offer a range of crypto derivatives services across the EU, including perpetual futures. As part of the transaction, Backpack EU will be responsible for distributing funds to FTX EU customers according to the court-approved bankruptcy claims process.

After reactivating the license, Backpack EU is expected to launch in the first quarter of 2025.

Upbit to Launch Sonic SVM (SONIC) Trading Pairs with KRW, Bitcoin, USDT

According to an official announcement, Upbit will launch Sonic SVM (SONIC) trading pairs with KRW, Bitcoin, and USDT.

Deposits/Withdrawals are expected to start on January 7 at 20:00, with the trading support start time to be announced later.

Binance Alpha Adds HAT, AIXCB, NEUR

According to official news, Binance Alpha has added HAT, AIXCB, NEUR.

  • Top Hat is an AI agent issuance platform on the Solana chain;
  • aixCB Capital is a community-supported, AI-driven venture capital project;
  • Neur is an open-source full-stack application that integrates LLM models and blockchain technology.

Reddit Collectible Avatar NFT Project Head Departs, Raising User Concerns About Product's Future

Bianca Wyler, head of the Reddit Collectible Avatar project, announced on LinkedIn, "My journey at Reddit has come to an end. While I am saddened by this transition, I am incredibly proud of what I achieved during that time." NFT holders of Reddit Collectible Avatars (RCA) expressed concerns about the future of the product upon hearing the news.

Some Reddit users noticed that Wyler's recent comments on her Reddit account had been deleted, raising further concerns that her seemingly sudden departure might signal upcoming adjustments to the avatar project by the social platform. In an interview, Wyler revealed that her departure reflects the natural shifts in social media companies as they explore new technologies and adjust priorities. While uncertain about the direction of the RCA project, she believes Reddit will continue to benefit the community.

Launched in July 2022, RCA was promoted as limited-edition artwork created in collaboration with independent creators. Dune Analytics data shows that the total number of NFT holders has exceeded 33.5 million. Since peaking at the end of 2022, sales of these NFTs have not kept pace, with monthly secondary market trading volumes hovering around $100,000 in the last three months of 2024, and trading volumes have declined since reaching their peak in 2022.

Bitwise Research Director: Number of Bitcoins Held by Enterprises Grows to 590,649, Up 63% Year-on-Year

Bitwise Research Director Ryan Rasmussen stated that over the past year, the number of Bitcoins held by enterprises has increased from 262,635 in Q4 2023 to 590,649 in Q4 2024, a growth of 63%.

Ripple CEO: Company's Original $11 Billion Valuation is "Severely Outdated"

Ripple CEO Brad Garlinghouse announced that with the rise in XRP prices and the growing demand for Ripple's blockchain solutions, the company's original $11 billion valuation is "severely outdated." In an interview, he mentioned that the value of XRP held by Ripple has exceeded $100 billion, becoming a key factor in reshaping the company's valuation outlook. Ripple's last valuation of $11 billion was in early 2024 when the company repurchased $300 million worth of stock.

Garlinghouse pointed out that compared to cryptocurrency-related companies like MicroStrategy, Ripple's trading price in the private market is far below its net asset value. He stated, "The value of XRP we hold has exceeded $100 billion, while MicroStrategy's trading price is three times its net asset value, yet Ripple has been undervalued." In the interview, Garlinghouse reiterated the company's focus on the B2B sector, including banks, payment providers, and enterprises, where Ripple offers solutions such as custody and cross-border payments. Garlinghouse also emphasized that its stablecoin RLUSD will utilize XRP rather than replace it, thereby enhancing its liquidity and opening up more possibilities for leveraging Ripple's decentralized exchange (DEX) and automated market maker (AMM) functionalities.

Ripple's growth has also benefited from changes in the legal environment. Garlinghouse believes that the departure of SEC Chair Gary Gensler and new regulatory clarity from the government represent a "turning point" for Ripple. He stated, "The winds have changed; although 95% of our clients are outside the U.S., I expect interest from the U.S. side to return in the coming months."

14th U.S. State Preparing to Introduce "Strategic Bitcoin Reserve" Legislation

According to Dennis Porter, co-founder of the Satoshi Action Fund, the 14th U.S. state is now preparing to introduce "strategic Bitcoin reserve" legislation.

Nasdaq Applies to Increase BlackRock Bitcoin Spot ETF Position Limit to 250,000 Shares

According to a publicly available regulatory document, Nasdaq has submitted an application to the U.S. Securities and Exchange Commission (SEC) to raise the position limit for the BlackRock Bitcoin Spot ETF (IBIT) from 25,000 shares to 250,000 shares. It is important to note that this application still requires SEC approval to take effect, and the position limit refers to the maximum number of shares that a single investor or institution can hold in the ETF.

The head of Bitwise Alpha Strategies commented, "Given the increasing trading volume of the ETF, it would be reasonable to raise the position limit to at least 400,000 shares. The requests from Nasdaq and BlackRock are justified and supported by facts."

Cryptocurrency Exchange Gemini Agrees to Pay $5 Million to Settle CFTC Lawsuit

Cryptocurrency exchange Gemini Trust Co., founded by the Winklevoss twins, has agreed to pay $5 million to settle a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The lawsuit claimed that Gemini misled derivatives regulators when attempting to launch the first U.S.-regulated Bitcoin futures contract. On Monday, documents signed by both parties disclosed the settlement agreement, thus avoiding a trial set to begin on January 21 (the day after Trump's second inauguration as U.S. President). Gemini did not admit or deny liability in this case.

In 2022, the CFTC filed a lawsuit against Gemini in Manhattan federal court, accusing the exchange of making false and misleading statements about how to prevent Bitcoin price manipulation. On Monday, U.S. District Judge Alvin Hellerstein approved the settlement agreement. Last November, Judge Hellerstein denied Gemini's request, ruling that a jury must determine whether the 32 statements made by Gemini executives to regulators were misleading.

Gemini still faces a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accuses the exchange and cryptocurrency lending company Genesis Global Capital of illegally raising billions of dollars in crypto assets from investors through the so-called Gemini Earn program. In February of this year, Gemini agreed to return at least $1.1 billion to customers as part of another settlement reached with New York regulators.

U.S. Court Documents Show Victim Count in Do Kwon Case May Exceed One Million

Prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that the collapse of the Terra ecosystem may have resulted in over one million victims worldwide. On January 6, Daniel Gitner, the acting U.S. Attorney for the Southern District of New York, informed the court in submitted documents about the procedures for notifying Kwon's victims of their rights in the criminal case. According to the U.S. Attorney, the government will establish a website for public procedures related to the Kwon case, as other methods of providing rights protection for victims are "impractical."

Gitner stated, "Given the enormous volume of transactions involving Terraform cryptocurrency and the manner in which these transactions were conducted (many of which occurred on foreign exchanges through digital asset wallets or cryptocurrency trading accounts without personal identification), while it is difficult to precisely quantify the number of Kwon's victims, the government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, potentially totaling over one million."

Previous reports indicated that Kwon is expected to appear in court again on January 8.

“What Interesting Articles Are Worth Reading in the Last 24 Hours”

Arthur Hayes' New Article: How Dollar Liquidity Fuels a New Crypto Market Trend in 2025?

In this article, Hayes analyzes how dollar liquidity affects the cryptocurrency market, particularly the price movements of Bitcoin. He discusses how the Federal Reserve's reverse repurchase agreements (RRP) and the cash flow of the U.S. Treasury General Account (TGA) influence the increase in dollar liquidity and its potential to drive up cryptocurrency and stock markets. In the first quarter of 2025, approximately $61.2 billion in dollar liquidity is expected to be injected, which could have a positive impact on the market. Finally, the author mentions that the Maelstrom fund is investing in the DeSci field and holds a bullish outlook for the future market.

Aave Team Publicly Diss Ethereum Foundation: Founders and Team "Shouldn't Just Focus on Delivering"

Aave, the largest lending protocol in the Ethereum ecosystem, initiated a wave of "diss Ethereum Foundation" comments in the community yesterday (6th). Marc Zeller, the founder of the Aave contribution team, criticized the Ethereum Foundation's inaction in recent years on X. Zeller believes that most of the idle positions and team leaders at the Ethereum Foundation should be immediately dismissed, and although he did not mention Ethereum founder Vitalik Buterin, many believe that he should also bear some responsibility.

Meme Popularity Rankings

According to meme token tracking and analysis platform GMGN, as of January 7, 19:50:

The top five popular Ethereum tokens in the past 24 hours are: KEKIUS, SEN, POPPY, GATSBY, SPX

The top five popular Solana tokens in the past 24 hours are: sCat, PEPECLUB, RANDOM9, FLSHR, KEKE

The top five popular Base tokens in the past 24 hours are: VIRTUAL, CATOF, BRIAN, AIXBT, AKUMA

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