Headline
▌18 U.S. states have filed a lawsuit accusing the SEC under the leadership of Gary Gensler of "persecuting the cryptocurrency industry"
According to a report by Fox Business reporter Eleanor Terrett, 18 U.S. states have filed a lawsuit accusing the U.S. Securities and Exchange Commission and its commissioners, under the leadership of agency head Gary Gensler, of overstepping their authority and illegally persecuting the cryptocurrency industry.
The lawsuit, signed by 18 Republican attorneys general, details how the agency has engaged in "severe government overreach" against the $3 trillion cryptocurrency industry through enforcement actions, infringing on the states' right to regulate their economies.
▌Tether announces the launch of the asset tokenization platform Hadron
According to official information, Tether has announced the launch of the asset tokenization platform Hadron by Tether, opening up new avenues for issuing, investing in, and accessing core capital market technologies for a wider audience (from institutions to fund managers, from governments to private companies).
Reportedly, Hadron by Tether can be used for the entire lifecycle of issuing and managing digitally tokenized assets, providing modularity, security, reliability, and a seamless user experience. It offers the most comprehensive toolset in its control suite for compliance, KYC, anti-money laundering (AML), risk management, and secondary market ecosystem monitoring.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $87,336.45, with a daily change of -3.2%;
ETH's latest trading price is $3,060.96, with a daily change of -4.2%;
BNB's latest trading price is $622.44, with a daily change of +4.0%;
SOL's latest trading price is $209.59, with a daily change of -2.6%;
Doge's latest trading price is $0.3639, with a daily change of -8.8%;
XRP's latest trading price is $0.7742, with a daily change of +11.5%.
Policy
▌Trump considers appointing a crypto-friendly CFTC chair
The Trump transition team is considering appointing crypto-friendly Summer Mersinger as the chair of the Commodity Futures Trading Commission (CFTC). Mersinger advocates for a more lenient regulatory approach to cryptocurrencies and has criticized the CFTC for taking an "enforcement-centric" approach to crypto companies. Other candidates include former CFTC commissioner Jill Sommers and former official Josh Sterling. This move could influence the regulatory direction of the U.S. crypto market.
▌Trump nominates his chief counsel Todd Blanche as Deputy Attorney General of the U.S. Department of Justice
U.S. President-elect Trump has nominated his chief counsel Todd Blanche to serve as Deputy Attorney General of the U.S. Department of Justice, the second-highest position in the DOJ.
▌Trump nominates former SEC chair Jay Clayton as U.S. Attorney for the Southern District of New York
Trump posted on the social media platform Truth Social that "I am pleased to announce that Jay Clayton of New York has been nominated to be the United States Attorney for the Southern District of New York. Jay did an outstanding job as the Chairman of the Securities and Exchange Commission (SEC) during my first term in office."
▌Trump nominates Robert F. Kennedy Jr. as Secretary of Health and Human Services
U.S. President-elect Trump stated on November 14 that he will nominate Robert F. Kennedy Jr. to serve as Secretary of the Department of Health and Human Services (HHS). (CCTV News)
Blockchain Applications
▌The UK Treasury will launch a pilot to issue digital government bonds using distributed ledger technology
The UK Treasury said in a statement on Thursday that the UK government will launch a pilot to issue digital government bond-like instruments using distributed ledger technology (DLT). The UK Treasury said: "The government will launch a pilot to provide a digital bond instrument using distributed ledger technology (DLT) to demonstrate the government's commitment to innovation in financial services." DLT is the underlying technology for crypto assets, with each node maintaining and updating the data.
Tulip Siddiq, the UK Treasury's Economic Secretary, stated that the Labour Party will soon announce its plans in the cryptocurrency sector. Bloomberg cited unnamed sources saying that Labour is likely to follow the previous Conservative government's steps in developing stablecoin and proof-of-stake legislation.
Cryptocurrencies
▌89% of new tokens were issued on the Solana network last week
According to data from The Block, 89% of new tokens were issued on the Solana network last week. DEXes launched 181,000 new tokens, with memecoins on platforms like pump.fun being the main driver of this activity. Although the issuance volume was high, only about 1% of the tokens successfully listed on Raydium. Solana's ability to handle large transaction volumes without significantly increasing fees has supported this ongoing activity.
▌Bitfinex hacker Ilya Lichtenstein sentenced to 5 years in prison for laundering 120,000 BTC
Ilya Lichtenstein was sentenced to 5 years in prison for his involvement in the 2016 Bitfinex exchange hack and money laundering activities. The sentencing was based on Lichtenstein's cooperation with the investigation, with the prosecution recommending a reduced sentence. Lichtenstein and his wife Heather Morgan jointly planned the money laundering, using crypto mixers, layered transactions, the Dark Web, and other methods to clean the approximately 120,000 stolen BTC, worth up to $72 million at the time and now valued at $10.7 billion. Lichtenstein and Morgan pleaded guilty to related money laundering charges in August 2023. Morgan's sentencing is scheduled for November 18, with the prosecution recommending an 18-month sentence.
▌K33 Research: Signs of cooling in the speculative frenzy in the Bitcoin futures market
K33 Research states that the premium of the CME Bitcoin futures contracts over the spot market price has declined. According to data from crypto data tracking firm Amberdata, the open interest in put options with a strike price of $80,000 has surged in the past 24 hours. K33 research's head of research Vetle Lunde said: "The market seems to be cooling, with the CME benchmark contract (premium) hovering around 10% since yesterday's close, down from 13%-16% post-US election, which could be a subtle hint of easing risk conditions." The unwinding of leveraged long positions across the crypto market has contributed to Bitcoin's pullback from its record high. According to data compiled by Coinglass, long liquidations over the past 24 hours were double the short liquidations, at $447 million and $207 million, respectively.
▌Deribit's options open interest reaches a record high of $40.8 billion
The digital asset derivatives exchange Deribit set a new record high for its options open interest on Thursday, with Bitcoin and Ethereum contract open interest reaching $37.6 billion, and the platform's total open interest reaching $40.8 billion.
Deribit CEO Luuk Strijers stated: "The record-high open interest not only reflects the price appreciation but also indicates an overall increased adoption of crypto currency options, as institutional and retail investors are increasingly turning to crypto options for their liquidity, robust hedging mechanisms, and precise risk management strategies."
Strijers expects the open interest to continue growing as institutional participation deepens, which will bring more stability and maturity to the crypto derivatives space.
▌Republican Senator Cynthia Lummis suggests selling some of the Federal Reserve's gold to purchase Bitcoin
Cynthia Lummis, a Republican Senator from Wyoming and an ally of Donald Trump in the Senate, suggested that the strategic Bitcoin reserve proposed by the President-elect could be funded by selling a portion of the Federal Reserve's gold holdings, without increasing the government's deficit.
Cynthia Lummis plans to introduce a bill in the next Congress to achieve this goal. The bill would require the US to purchase 1 million Bit, which at the current market price would cost about $90 billion, but if the bill is passed, investors may rush to buy before the government enters the market, increasing that figure.
Important Economic Dynamics
▌The probability of a 25BP rate cut by the Fed in December has dropped to 58.7%
According to the CME "Fed Watch", the probability of the Fed keeping the current interest rate unchanged in December is 41.3%, and the probability of a cumulative 25 basis point rate cut is 58.7%. The probability of keeping the current interest rate unchanged in January next year is 29%, the probability of a cumulative 25 basis point rate cut is 53.6%, and the probability of a cumulative 50 basis point rate cut is 17.6%. Powell made hawkish remarks about "not being in a hurry to cut rates" earlier today.
▌Strategist: The signal Powell conveyed is clearly reflected in the CPI report
Quincy Krosby, Chief Global Strategist at LPL Financial: Fed Chair Powell delivered a message that the market did not want to hear, but this message was clearly reflected in the previous CPI report, which is that the Fed cannot yet declare victory in its efforts to curb inflation. The various interpretations of the CPI report show that some believe the Fed may cut rates in December, while others warn that the year-over-year increase in inflation indicates that the downward trajectory of inflation is losing momentum. Although the last mile to price stability may be bumpy, Powell has once again reminded the market that the Fed will not implement the series of rate cuts they want, unless the labor market deteriorates - a scenario the market certainly does not want to see.
▌Powell: It's too early to judge the impact of Trump's policies
Fed Chair Powell said it's too early to judge the impact of Trump's policies, reserving judgment on the impact of new policies, and the important thing is to observe and see how the actual situation develops. In terms of fiscal policy, it takes a long time to pass a bill. The Fed has time to assess the net effect of policy changes before responding. Changes in government policies usually do not immediately affect the achievement of the Fed's goals.
▌Powell: The Fed will do better on inflation if it maintains independence
Fed Chair Powell said the Fed will do better on inflation if it maintains independence. The Fed needs to maintain a high degree of transparency, which requires the Fed to maintain independence. A strong response has already been made to inflation, which has helped anchor inflation expectations.
Powell said the Fed does not consider the interests of any political party when making decisions. Political factors may become a disruptive factor.
Golden Encyclopedia
Ink is a Layer 2 bridge being developed by Kraken, aimed at improving the efficiency of decentralized finance (DeFi) by increasing transaction speed, reducing costs, and enhancing flexibility. Kraken's Ink seamlessly integrates the centralized and decentralized environments, providing users with all the necessary tools and services while mitigating the common challenges associated with these environments. The solution runs as a Layer 2 (L2) solution on Ethereum, relieving the pressure on the Layer 1 (L1) chain.
Disclaimer: Jinse Finance, as a Bit information platform, the articles published are for information reference only and not as actual investment advice. Please everyone to establish the correct investment concept and must improve risk awareness.
