The Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering key news of the week, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you through the major events in the blockchain industry this week.
Headline
▌The US SEC has officially appealed the XRP ruling
The U.S. Securities and Exchange Commission (SEC) has officially appealed the ruling made by Judge Analisa Torres, reigniting the legal dispute over whether the sale of XRP by cryptocurrency exchanges meets the criteria for securities. The regulator has questioned key aspects of the court's ruling, including the dismissal of Ripple executives and the non-cash XRP distribution. This outcome could have a significant impact on the future of cryptocurrency regulation.
▌Victory Securities: Bitcoin consolidates, awaiting spillover effect
Zhou Lele, Deputy Chief Operating Officer of Victory Securities, analyzed that the virtual asset market continued the small fluctuations of the previous week, with top assets like BTC and ETH oscillating and struggling, but high-risk Altcoins are recovering from the downward channel. About $3.08 billion flowed into off-exchange BTC ETFs last week, and about $5 million flowed into ETH ETFs; the weak balance on the exchange has been broken, and short-term holders are gradually increasing their holdings, and the recovery stage may be about to begin. The virtual asset shadow stock MicroStrategy hit a new high, and its double-long ETF trading volume is also gradually expanding. The investment in meme coins on the exchange is hot, and the market risk appetite is rising, but the willingness to trade high-yield derivative products is stronger than the investment in the assets themselves. Virtual assets may need to wait for the wealth effect spillover from the global stock market to boost market share.
▌The US SEC has filed a lawsuit against UBI Blockchain, alleging regulatory violations
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against UBI Blockchain, alleging regulatory violations.
The SEC stated that UBI failed to file periodic documents with the SEC as required, and the company has not filed any periodic or other reports since the Commission dismissed the previous lawsuit against UBI on June 2, 2023.
▌Chainalysis faces $650 million defamation case related to YieldNodes project
Blockchain analysis firm Chainalysis is facing a $650 million defamation lawsuit for allegedly misclassifying the YieldNodes project as a scam. The case will be heard in the New York Supreme Court on October 16. Plaintiff Exceptional Media claims that Chainalysis' erroneous classification has severely damaged its reputation and customer base, and was done with malice. Chainalysis has filed multiple motions to dismiss, arguing that the complaint fails to prove its analysis was incorrect, and insisting that YieldNodes may indeed have been an investment scam. Chainalysis has declined to comment on the case.
Policy
▌TD Cowen: Senator Bill Hagerty's stablecoin bill draft may become the 2025 legislative framework
Investment bank TD Cowen said in a report on Monday that the draft stablecoin legislation by U.S. Senator Bill Hagerty could become the framework for future legislation in 2025.
Jaret Seiberg of the TD Cowen Washington Research Group wrote, "This draft should serve as the foundation for the legislation we expect Congress to pass next year. The chances are even higher if Trump wins, as Hagerty is closely aligned with the former president."
It is reported that if Trump wins, Hagerty could be a potential contender for a position in Trump's cabinet, either in national security or the Treasury Department. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over major agencies including the U.S. SEC.
Seiberg noted in the report, "The key will be reaching a bipartisan agreement on the issue of regulating stablecoins. If Trump wins, the prospects for this bill would be even higher."
▌New York regulator suggests crypto companies be proactive in engaging with regulators
Adrienne Harris, head of the New York Department of Financial Services, said at the Ripple Swell event that cryptocurrency companies should take a candid and proactive approach when dealing with regulators. She emphasized that regulators dislike surprises, and companies should communicate openly to keep regulators informed of their actions, rather than letting regulators find out about issues from the news, to avoid being put in a reactive position.
▌Grayscale applies to the SEC to convert its mixed crypto fund into an ETF
Grayscale Investments filed an application with the SEC on Tuesday to convert its mixed crypto fund, which includes BTC, ETH, Solana, XRP and Avalanche, into an ETF.
According to the company's website, Grayscale's product is called the "Digital Large Cap Fund", which is currently traded over-the-counter and manages $524 million in assets. The fund is primarily composed of BTC (nearly 75%) and ETH (about 19%), with the remaining portion in Solana, XRP and AVAX.
▌US Congressman Byron Donalds: Trump may break the "crypto regulatory deadlock"
U.S. Congressman Byron Donalds spoke at the crypto venture capital firm BlockTower's investor day on Wednesday, stating that Trump may break the "crypto regulatory deadlock".
Donalds revealed that he shared a flight from Atlanta to Florida with former President Trump on Tuesday night. Donalds said the two discussed how to dismantle what he described as the regulatory "deadlock" created by President Biden and Vice President Kamala Harris for the $2 trillion crypto industry, Harris being Trump's November opponent.
▌Lead Bank executive: Banks entering crypto need clear regulatory direction
Erica Khalili, co-founder of Lead Bank, said at the Ripple Swell conference in Miami that banks entering the crypto space need to invest heavily and maintain close relationships with regulators. She pointed out that clear regulatory policies and inter-agency cooperation are crucial for banks. Although digital assets bring increased efficiency to the capital markets, banks must have strategies to address regulations and be patient in adapting to constantly changing rules. Khalili emphasized that deep understanding of products, technology and talent is required for banks to succeed in the crypto space, as simply dipping a toe is unlikely to be successful.
Blockchain Applications
▌The "Networked Nation" project Praxis raises $525 million to build a crypto-friendly city
Praxis, which calls itself the world's first "Networked Nation" project, announced on Tuesday that it has raised $525 million to build a technology-forward city supporting the development of crypto, AI, energy and biotech.
According to the announcement, the investors in this round include Arch Lending, GEM Digital, Manifold Trading and others, with new angel investors such as Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner of Dragonfly) and Rob Hadick (General Partner of Dragonfly).
▌Robinhood launches desktop platform and adds BTC futures trading on its app
Robinhood has launched a desktop platform and added futures and index options trading, including stock indices, BTC, energy, metals and currencies, to its mobile app.
▌DTCC launches digital sandbox to innovate capital market infrastructure
The Depository Trust & Clearing Corporation (DTCC) has launched the digital sandbox "DTCC Digital Launchpad" to provide a pilot platform for market participants and technology providers to drive innovation in capital market infrastructure. The sandbox aims to address key pain points in collateral management and provide DTCC's digital asset product suite to clients, allowing them to develop use cases without significant investment. The initial results will be announced in Q1 2025. This move is intended to establish an efficient and secure digital market infrastructure for the industry.
▌HUMBL obtains US blockchain-related technology patent
Blockchain company HUMBL has announced that the United States Patent and Trademark Office (USPTO) has officially issued a patent for the company's blockchain technology.
According to the information provided, HUMBL's newly patented technology appears to be a blockchain-based monetary transaction system that will serve as a bridge between blockchain-based digital currencies and fiat currencies (and vice versa). This payment system will allow nearly any two wallets to transact, without the need for intermediaries other than the blockchain ledger itself. HUMBL stated that the patent approval process took over four years.
▌OrdinalsBot and IP project Royalty launch Elvis Presley-themed Ordinals NFT
Ordinals service OrdinalsBot and the Bitcoin-focused intellectual property (IP) project Royalty have launched an Elvis Presley commemorative Ordinals NFT collection, "Elvis Side $Btc", which features 1,935 generative art pieces inspired by the artwork of Elvis legacy-licensed artist Joe Petruccio.
Royalty plans to release a streamlined whitepaper in the coming weeks detailing how 5% of primary and secondary sales revenue will be used to fund the Elvis Legacy Council, a decentralized autonomous organization (DAO) aimed at "managing the future of Elvis' digital legacy", through a native token.
Cryptocurrencies
▌Galaxy: Harris is more crypto-friendly than Biden, but not as much as Trump
According to an analysis by Galaxy Research, US presidential candidate Kamala Harris is more crypto-friendly in her policy positions than incumbent President Biden, but not as much as Trump. Harris has promised to improve the regulatory environment for the US crypto industry, but takes a more cautious stance on issues like taxation, Bitcoin mining, and self-custody, while Trump has supported Bitcoin mining and pledged to protect self-custody rights. Nevertheless, Harris' policies may be more constructive than Biden's.
▌Santiment: Market turns more optimistic as BTC breaks above $66k
According to Santiment on X, as Bitcoin surged above $66,000 earlier this week, traders are looking for opportunities in the GameFi and Memecoin sectors. The elevated discussion rates between these Altcoin sectors indicate a sustained increase in interest levels. Historically, this suggests the crowd's narrative is gradually turning more optimistic. Given the market has now risen for 5 consecutive weeks, a mild FOMO is expected to persist, drawing more speculative assets into the discussion until a pullback injects fear back into the narrative.
▌Ethereum stakers' revenue down 30% from March peak
Data from The Block shows that Ethereum stakers' revenue has declined 30% from its March peak, with stakers earning a total of $174 million in September, down from the $247 million high in March.
Despite the revenue decline, the validator community continues to grow. Ethereum now has 1.09 million validators, indicating increasing network security participation. While individual rewards have decreased, the growing number of validators suggests continued confidence in Ethereum's long-term prospects.
▌Quantity Funds launches STKD Bitcoin and Gold ETF
Quantity Funds has announced the launch of the STKD Bitcoin and Gold ETF, aimed at hedging against future inflation and "currency debasement". The fund, with the ticker BTGD, seeks to provide investment exposure to both gold and Bitcoin through investments in Bitcoin futures and ETFs, as well as gold futures and ETFs. The fund offers retail investors a model where every dollar invested in the ETF will provide 100% exposure to its Bitcoin and gold strategies. The statement reads: "The Bitcoin strategy seeks to obtain the price return of Bitcoin by investing in Bitcoin futures and ETPs, while the Gold strategy similarly seeks the price return of gold by investing in gold futures and gold ETPs."
▌Thailand's SCB Bank to launch stablecoin cross-border payment service
Thailand's leading bank, Siam Commercial Bank (SCB), has announced a partnership with fintech company Lightnet to provide stablecoin-based cross-border payment and remittance services for its customers. The service will allow customers to conduct cross-border transactions 24/7, 7 days a week, with significantly reduced transaction costs. The service has reportedly passed the regulatory sandbox testing of the Bank of Thailand.
Key Economic Dynamics
▌Bank of America: US debt crisis intensifies, gold becomes the ultimate safe haven
Bank of America has warned that as the national debt continues to rise, gold may become the ultimate safe-haven asset in the US market. The bank points out that gold is more attractive than US Treasuries, especially in the face of potential debt crisis risks. Gold prices have continued to rise, approaching the historical high of $2,700 per ounce in 2024, and are expected to break through $3,000 in the future. At the same time, the economic plans of US government candidates may further increase debt levels, prompting global central banks to increase their gold reserves.
▌Trump: Tariffs will promote US economic growth
On Tuesday local time, former US President and Republican presidential candidate Trump gave a media interview in which he stated that if he were to return to the White House, his core policies would focus on economic growth and bringing businesses back to the US. Trump strongly defended high tariffs, believing them to be a way to stimulate economic growth. In his opening remarks, Trump claimed he would impose tariffs on imported goods and cut taxes for domestic businesses. "The most beautiful word in the dictionary to me is tariff."
▌Fed's latest tool shows ample reserve levels, suggesting QT can continue
According to a new monthly indicator released by the Federal Reserve Bank of New York, the US banking system's reserve levels remain ample. The New York Fed's first publication of a Reserve Requirement Elasticity Indicator showed that bank reserve levels were still sufficient as of October 11. This data is the latest evidence that the Federal Reserve can continue to reduce system liquidity through its Quantitative Tightening (QT) program. The performance of this data was in line with Wall Street strategists' expectations.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for reference only and does not provide actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
