Headlines
▌The German government "sold off" Bitcoin, missing out on $2.03 billion in potential profits
According to Arkham data, the 49,858 BTC previously held by the German government are currently worth $4.92 billion. The German government sold its BTC holdings in July this year for $2.89 billion, at an average price of $57,900, missing out on $2.03 billion in potential profits.
▌South Korean virtual asset platform Delio declares bankruptcy, owing $1.75 billion
The Seoul court has declared the South Korean virtual asset deposit platform Delio bankrupt. Delio suspended withdrawals last year, owing customers 2.45 trillion won ($1.75 billion). It will now enter liquidation proceedings, and customers can file claims by February 21, 2025. The first creditors' meeting will be held on March 19. The platform's assets were largely held in FTX accounts, and after FTX's bankruptcy, the assets could not be recovered, affecting around 2,800 customers.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $98,581.17, with a daily change of +0.5%;
ETH's latest trading price is $3,339.07, with a daily change of +0.6%;
BNB's latest trading price is $638.06, with a daily change of +1.8%;
SOL's latest trading price is $255.80, with a daily change of +0.0%;
DOGE's latest trading price is $0.4064, with a daily change of +6.1%;
XPR's latest trading price is $1.58, with a daily change of +18.3%.
Policy
▌Another SEC member announces early resignation, giving Republicans a majority on the commission
Jaime Lizarraga, a Democratic member of the SEC's five-person commission, has stated that he will resign more than two years early, leaving the commission with only two Republicans and one Democrat after Trump's administration takes office next year. Lizarraga, a former aide to House Speaker Pelosi, was appointed to the SEC's five-year term in 2022; in announcing his decision, he cited his wife's poor health. The previous day, SEC Chair Gensler announced that he would be leaving the SEC on the day Trump is scheduled to take office. With Lizarraga's departure, the Republicans will outnumber the Democrats on the commission from the first day of the new administration, potentially enabling them to take a markedly different path on policy issues such as cryptocurrency regulation and enforcement cases.
▌After Trump's return to the White House, the SEC's five-person commission may only have one Democrat left
According to Bloomberg, SEC Commissioner Jaime Lizarraga, who previously served as a congressional aide and helped push for corporate reporting requirements on climate risk and data breaches while regulating Wall Street, plans to resign on January 17. A day before Lizarraga announced this decision, SEC Chair Gary Gensler said he plans to leave on January 20. Bloomberg reports that after President-elect Donald Trump returns to the White House, Caroline Crenshaw will be the only Democrat on the SEC's five-person commission, serving alongside Republican Commissioners Hester Peirce and Mark Uyeda.
▌Fox reporter: Trump may choose two Democrats more aligned with his policies to serve on the SEC
Fox reporter Eleanor Terrett stated on X platform that Democratic SEC Commissioner Jaime Lizarraga will resign on January 17, leaving only one Democrat, Caroline Crenshaw, on the commission after Trump takes office. This means that three seats will need to be filled by January 20, and until these nominees are confirmed, the Republicans will have a 2-1 majority on the SEC (with Uyeda and Peirce as Republicans, and Crenshaw as the Democrat). Trump may choose two Democrats more aligned with his policies, as past precedent has been for the minority party to recommend minority party candidates to the president, making the confirmation process easier, though the president is not obligated to follow this advice. Trump could also choose to appoint independents to these positions. The rule is that no more than three members of the commission can be from the same party as the president.
▌SEC commissioner candidate Teresa calls for "Making Crypto Great Again"
Teresa Goody Guillen, a former SEC official, crypto lawyer, and partner at Baker Hostetler, has called for "Making Crypto Great Again". Sources previously revealed that the Trump team is considering appointing Teresa Goody Guillen as the next SEC chair.
▌Trump has chosen Scott Bessent as the next U.S. Treasury Secretary
Forbes reporter Eleanor Terrett posted on X platform that Trump has chosen George Soros' former fund manager Scott Bessent as the next U.S. Treasury Secretary.
Blockchain Applications
▌CFTC has approved the use of blockchain technology to manage derivative market collateral
According to a report released by the CFTC's Global Markets Advisory Committee on November 21, the CFTC has approved the use of blockchain technology to manage collateral for derivative transactions in the U.S. The report states that blockchain technology (including distributed ledgers and tokenization) can address long-standing challenges in traditional derivative exchanges and expand the types of assets that can be used as collateral.
Cryptocurrencies
▌Mara Holdings: Acquired 5,771 BTC through convertible note issuance
Bitcoin mining company Mara Holdings stated on X platform that it has acquired 5,771 BTC at an average price of $95,554 per BTC through a 0% convertible note issuance. Mara Holdings now holds a total of approximately 33,875 BTC, worth $3.4 billion (based on the current spot BTC price of $99,000).
▌143,012 ETH worth over $473 million transferred from unknown wallet to Coinbase
According to blockchain data tracking service Whale Alert, around 7:05 am Beijing time, 143,012 ETH ($473,934,082) were transferred from an unknown wallet to Coinbase.
▌Former Coatue Management executive co-founds new VC firm, aiming to raise $500 million
According to a Bloomberg report citing sources, Michael Gilroy, the former fintech chief at crypto-friendly investment firm Coatue Management, is co-founding a new venture capital firm. Gilroy is collaborating with technology investor and Coinbase board member Gokul Rajaram to raise up to $500 million for the firm's first fund. The two are in discussions with anchor investors, but the fundraising is not expected to officially begin until 2025. While Gilroy and Rajaram have not yet named their new company, Bloomberg's report states that it will focus on investing in early-stage fintech and software companies in the U.S.
Key Economic Dynamics
▌US stock indexes collectively rose, with Tesla hitting a new high since April 2022
The three major US stock indexes collectively closed higher, with the Dow Jones Industrial Average up 0.97%, up 1.96% for the week; the S&P 500 index up 0.35%, up 1.68% for the week; the Nasdaq up 0.16%, up 1.73% for the week. Large-cap tech stocks were mixed, with Tesla up nearly 4%, Microsoft up 1%, Apple, Netflix, and Intel rising slightly; Nvidia fell more than 3%, Google fell more than 1%, Amazon and Meta fell slightly. Among them, Tesla hit a new high since April 2022, with a total market value of $1.13 trillion; Netflix has set new highs for five consecutive trading days. ▌Federal Reserve: Stablecoin assets have grown significantly since the April report According to the Federal Reserve, stablecoin assets have grown significantly since the April report. US debt sustainability poses a top financial stability risk. Hedge fund leverage has reached the highest level since 2013, or is near that level.
