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
▌Economic Daily: Will Bitcoin Become a US Reserve Asset?
The Economic Daily published an article titled "Will Bitcoin Become a US Reserve Asset?".
The article states that although the incoming new US administration is showing strong interest in cryptocurrencies, for Bitcoin to truly become a US national reserve asset, it still needs to pass through multiple "checkpoints". From a policy perspective, listing Bitcoin as a strategic reserve asset would require a complex legislative process, involving the coordination and balancing of interests of multiple regulatory agencies, and the traditional financial institutions, conservative lawmakers, and interest groups skeptical of digital assets are likely to concentrate their opposition, making implementation quite difficult. The soaring price of Bitcoin seems to have given some people hope of recreating the process "from the collapse of the Bretton Woods system to the establishment of the petrodollar". However, the inherent attributes of Bitcoin are not stable, and once it becomes a strategic reserve asset, it may bring greater challenges to regulatory agencies and may also arouse the vigilance of other countries in the world, exacerbating frictions in the international financial arena. Whether the US economy, which has been eroded by high inflation for days, can withstand its impact remains to be seen.
▌Bitcoin's Market Dominance Rises to 57%
According to data from The Block, Bitcoin's market share has reached a high of 57% so far this year, reflecting the growing share of Bitcoin in the total cryptocurrency market capitalization.
The Block analyst said that in the previous cycle, Bitcoin's dominance had once dropped to 39%, which was in line with the DeFi craze and the subsequent Altcoin rebound. The current 57% dominance, coupled with Bitcoin's strong price performance, may indicate that the market is at the beginning of this cycle, and BTC is entering a price discovery phase.
▌Trump and Musk Observe the 6th Test Flight of SpaceX's Starship in Texas
The 6th test flight of SpaceX's Starship was ignited and launched, with Trump and Musk observing on site in Texas.
SpaceX said the Starship successfully ignited one of its Raptor engines for the first time in space. The sixth flight test of the Starship lasted about 30 minutes, and all systems appeared to be functioning normally.
▌Japan Pushes Economic Stimulus Plan, Aims for 20% Unified Crypto Tax Rate
The Japanese government has announced a new economic stimulus plan, which is expected to be approved by the end of 2024. The plan includes changing the crypto tax rate from the current highest 55% "miscellaneous tax" to a 20% unified rate. In addition, the reform proposal also involves raising the individual tax exemption limit to about $11,345, reducing fuel and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba has promised to work with all parties to push through this legislation.
▌Trump Team Considers Establishing the First-Ever Crypto-Related Position in the White House
According to informed sources, the Trump team is discussing with the digital asset industry whether to establish a new position in the White House specifically responsible for crypto currency policy. Trump's team is reviewing candidates to fill this role. If this new position is indeed established, it would be the first crypto-specific position in White House history. Discussions about the position include leading a small team and serving as a liaison between Congress, the White House, and various agencies with jurisdiction over cryptocurrencies, including the SEC and CFTC. Meanwhile, informed sources also revealed that former Coinbase and Binance US executive Brian Brooks met with Trump on Tuesday, and is also a potential candidate for SEC chairman. Coinbase CEO Brian Armstrong also spoke with Trump this week.
Policy
▌SEC Delays Decision on Franklin Crypto Index ETF EZPZ
According to a document released on Wednesday, the US SEC has delayed its decision on the Franklin Crypto Index ETF EZPZ.
Franklin Templeton submitted a registration statement for a Franklin Crypto Index ETF to the agency in August, which would hold both Ether and Bitcoin. If approved, the proposed Franklin Crypto Index ETF would list on the Cboe BZX Exchange and use Coinbase Custody Trust Company LLC as its digital asset custodian.
The SEC stated in the document that "the Commission believes that a longer period should be designated to take action on the proposed rule change to provide sufficient time to consider the proposed rule change and the issues raised therein".
▌SEC Begins Returning Over $4.6 Million to BitClave ICO Victims
According to the official announcement, the SEC will distribute over $4.6 million to investors who were harmed by the unregistered digital asset securities ICO of BitClave (PTE Ltd.). After the notification and claims process, investors will now receive their corresponding shares of BitClave, and checks have started to be mailed out.
This payment is part of the settlement that BitClave agreed to pay in 2020, after the SEC accused the search engine of failing to register its 2017 ICO as a securities offering. In 2020, BitClave agreed to compensate the approximately 9,500 investors who purchased its $25.5 million ICO three years prior. BitClave did not admit wrongdoing, but agreed to return the $25.5 million raised from the ICO and pay an additional $4 million penalty.
▌Cboe Submits 4 Solana Spot ETF Listing Applications to SEC
Bloomberg senior ETF analyst James Seyffart posted on social media that "Cboe has just filed applications with the SEC for 4 Solana spot ETFs, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject the filings, the final deadline would be around early August next year."
▌Source: Former SEC Commissioner Paul Atkins Likely to Replace Gary Gensler as Chair
According to informed sources, former US Securities and Exchange Commission (SEC) Commissioner Paul Atkins is currently seen as the leading candidate to replace Gary Gensler as SEC Chair. The previous frontrunner, Robinhood's General Counsel Dan Gallagher, has largely withdrawn from the competition. Atkins, due to his free-market oriented regulatory style and support for cryptocurrencies, enjoys broad support from the business and crypto industry. Meanwhile, Gensler's decision not to seek another term as SEC Chair has also won praise from the business community. The source noted that the selection is not yet finalized and may still change.
▌Crypto Companies Including Circle and Ripple Vying for Seats on Trump's Promised Crypto Council
According to Reuters, a range of cryptocurrency companies including Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm are vying for seats on the cryptocurrency advisory council that President-elect Donald Trump promised, seeking a voice in his planned US policy reforms.
Trump promised to establish a new council as part of a crypto-friendly government when he campaigned in Nashville in July. Insiders say his transition team is discussing how to organize and staff it, and which companies should be included.
▌US Court Postpones Ruling on Trump "Hush Money" Case
On November 19 local time, the scheduled November 26 ruling on the Trump "hush money" case was canceled. The court updated the status of the ruling in the court record that day but provided no explanation. Meanwhile, Manhattan District Attorney Alvin Bragg faces a deadline to advise the court on how the case should proceed. (CCTV News)
▌Trump Team Lists Crypto Lawyer Teresa Goody Guillen as SEC Chair Candidate
According to sources, the Trump team is considering Teresa Goody Guillen, a partner at the law firm Baker Hostetler and co-head of its blockchain team, as one of the candidates for the next SEC chairman. Goody Guillen is an experienced securities lawyer with experience serving the SEC and representing blockchain companies and traditional companies against the agency. Sources say Trump is looking for a non-bureaucratic crypto-friendly person to thoroughly reform the U.S. Securities and Exchange Commission (SEC). Insiders in Washington say that unlike Trump's first term, the election process for the second term is swift and orderly, and the SEC chairman is expected to be selected before Thanksgiving. ▌Trump nominates crypto supporter Howard Lutnick as Commerce Secretary According to The Wall Street Journal, Trump said on the 19th local time that he will nominate veteran Wall Street financier Howard Lutnick as the next U.S. Commerce Secretary, elevating one of his most outspoken supporters in the financial world to a key position. In addition, Lutnick will also directly lead the U.S. Trade Representative's Office. Lutnick is the CEO of financial services firm Cantor Fitzgerald, and has become a close ally of Trump in recent months and has long been a top contender for Treasury Secretary. If confirmed by the Senate, Lutnick will be tasked with expanding U.S. economic growth and promoting domestic industry. He may also help maintain and expand the government's relationship with the business community. The Commerce Department and other agencies will play a central role in implementing the elected president's proposals to impose tariffs on U.S. imports. Lutnick is a crypto supporter, and his company Cantor Fitzgerald has been managing Tether's U.S. Treasury portfolio since 2021.Blockchain Applications
▌Magic Eden announces ME token economics: 1 billion total supply, over half to be allocated to the community Magic Eden has announced the official token economics of its ME token, with a total supply of 1 billion tokens, to be distributed over 4 years, with over half allocated to the community. The initial ME claim at TGE is 12.5%; Community & Ecosystem 37.7%; Contributors 26.2%; Strategic Participants 23.6%. The ME tokens will be fully distributed within 4 years, with the majority allocated to the community. To ensure the safety of the community and the protocol, a 5-member security committee will be appointed to oversee a multi-signature wallet capable of executing emergency and non-emergency delayed actions. The ME Foundation will serve as the custodian of the ME. ▌Crypto wallet Phantom ranks above WhatsApp and Instagram in iOS top free apps The cryptocurrency wallet platform Phantom hit a historic high in its iOS app store ranking on Wednesday. Phantom ranked 9th in the free iPhone apps, the first time it has cracked the top 10. It trails the 8th-ranked short video app TikTok, but surpassed messaging platform WhatsApp and social media giant Instagram, which ranked 13th and 14th respectively in free apps. Additionally, Phantom ranked 2nd in the iOS app store's free utility apps on Wednesday, behind only Google's search engine app. Phantom is a non-custodial digital asset wallet and browser extension that raised $109 million in a Series B round. The wallet was initially Solana-based but has since expanded to support Ethereum, Bitcoin, Base and Polygon. ▌Injective launches iAgent SDK to allow users to create on-chain AI agents Layer 1 blockchain protocol Injective has announced the launch of its iAgent software development kit (SDK), which allows users to create on-chain AI agents. The iAgent is reportedly deployed with OpenAI's ChatGPT and other large language models, enabling users to command AI agents to complete tasks based on Injective. ▌Metaverse industry is "tempting", with many regions actively laying out the layout From live streaming rooms to storm scenes, immersive live broadcasting brings you to the scene; intelligent entities "see through the fire", and logistics innovation is within reach; VR exhibition halls let you transcend reality and create new exhibition trends... All of these are inseparable from the hot word "metaverse". In recent years, the metaverse has become a new hotspot in the digital economy, and an institution predicts that by 2030, the scale of China's metaverse market may reach 850 billion yuan. According to incomplete statistics, more than 150 metaverse-related policy documents have been issued at the national and provincial levels so far. These policies not only provide strong policy support for the development of the metaverse industry, but also ignite the enthusiasm of various regions to actively layout the metaverse industry. Beijing, Shandong, Henan and other places have successively introduced relevant policies to promote the innovative development of the metaverse industry. At the same time, various regions have also relied on their own advantages and characteristic resources to build a number of metaverse industry parks and innovation platforms.Cryptocurrencies
▌Benchmark analyst: BTC expected to reach $225,000 by the end of 2026 Benchmark fintech analyst Mark Palmer said he expects BTC to reach $225,000 by the end of 2026. The analyst also said that MicroStrategy's "controversial" BTC strategy has attracted a lot of criticism, but its huge impact on the company's stock price has provided ample justification, as its stock has outperformed almost all major U.S. companies over the past four-plus years. ▌Coin Center lawyer appeals lawsuit, says Tornado Cash is not "property" Coin Center is appealing a previous ruling by the U.S. District Court for the Northern District of Florida, which ruled that Tornado Cash created indirect benefits for foreign individuals and entities that can be defined as financial interests subject to sanctions by the Office of Foreign Assets Control (OFAC). Coin Center legal counsel Jeffrey S. Hetzel told the 11th Circuit Court of Appeals: "The simplest way to resolve this case is to find that the plaintiff's transactions did not involve foreign property. The district court must remove the word 'property' from the regulations." Hetzel said: "The government has argued in the appeal that the software published at the banned addresses is property, but that software is non-proprietary code that no one on Earth can own, control or modify in any way." ▌USDS on Solana surpasses $89 million in circulation in less than 24 hours of launch The USDS stablecoin issued by Sky (formerly MakerDAO) has seen its circulation on Solana exceed $89 million in less than a day of launch, making it the fastest growing stablecoin on Solana. It is reported that due to the increased rewards provided by Sky, lenders on Save, Drift and Kamino are seeking yields over 20% on USDS. Sky also encourages traders to transfer funds to Solana via the token bridge service Wormhole, further increasing the circulating supply. ▌Charles Schwab president: Will consider offering spot crypto trading if regulations change Charles Schwab President Rick Wurster said in a Bloomberg radio interview on Thursday that the company will consider offering spot cryptocurrency trading if U.S. regulations allow, and this is more likely to happen after Donald Trump's presidency. Wurster said: "When the regulatory environment changes, we will enter the spot cryptocurrency space, and we do expect it to change, and we are preparing for that possibility." He also said: "Cryptocurrencies have certainly attracted a lot of attention, and a lot of people have made a lot of money from them, and I haven't bought any cryptocurrencies, and now I feel pretty stupid." Wurster added that he is not currently planning to invest in cryptocurrencies, but he supports Schwab clients who want to invest in the field. ▌Trump's media tech group may be considering launching a crypto payment service called Truth FiAccording to a report in The New York Times, based on a trademark application filed this week, the Trump Media & Technology Group has filed an application for a cryptocurrency payment service called Truth Fi, describing it as a platform for cryptocurrency payments, financial custody services, and digital asset trading. The application does not provide details on how the project would operate or how close it is to completion, but the move appears to be an attempt by the group to diversify its business beyond the Truth Social social media platform. Any large-scale cryptocurrency project would likely require the Trump Media & Technology Group to acquire another company, as it has fewer than 36 employees. This week, the stock price of the cryptocurrency trading platform Bakkt soared after the Financial Times reported that Trump Media is in talks to acquire the platform.▌Musk Tweets Content with Banana Emoji
Musk retweeted a comment "Elon is the undisputed meme king. (banana emoji)" and replied "(banana emoji) for scale".▌VanEck Executive: VanEck Supports Strategic Bitcoin Reserves
VanEck's head of digital asset research, matthew sigel, posted on X that "VanEck supports strategic Bitcoin reserves. No need to cite 'sources' - we'll announce it ourselves." Previously, Fox reporter Eleanor Terrett cited sources saying BlackRock had not established strategic Bitcoin reserves.▌Analysis: Pro-Crypto Nominee to Lead Commerce Department, Bitcoin ETF Options Listing Drives Bitcoin to New High
With the listing of Bitcoin ETF options, Bitcoin price reached a new high of up to $93,905 per coin, and the market expects that the listing of Bitcoin ETF options will likely increase financial institutions' exposure to Bitcoin. Options contracts allow investors to buy or sell an asset at a specific price and time. Genesis' former head of market insights, Noelle Acheson, said that while the Chicago Mercantile Exchange already offers Bitcoin options, Bitcoin ETF spot options are a big deal for both retail and institutional investors. A deeper onshore derivatives market will increase the growing market complexity, which will boost investor confidence in Bitcoin, bring in new investment groups, and enable more diversified investment and trading strategies. Additionally, the earlier report that pro-crypto Howard Lutnick is expected to be nominated by Trump as Commerce Secretary also contributed to Bitcoin's rise.Key Economic Developments
▌New York Fed Says Bank Reserves Are Ample, Indicating No Obstacle to Continued Balance Sheet Reduction
The latest data from the New York Fed shows the Federal Reserve has not encountered any obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve requirement elasticity indicator was -0.15 as of November 13, remaining stable compared to a month earlier. The New York Fed stated in its report that "reserves remain ample". This index, which began being publicly released a month ago, is intended to indicate the adequacy or tightness of bank reserves. A turn to negative values could signal increasing reserve tightness, directly indicating the Fed's ongoing quantitative tightening (QT) efforts to reduce its bond holdings. The New York Fed's indicator suggests there is no immediate need to halt this process, aligning with recent statements from Fed officials and market expectations that QT will end at some point next year.▌Shanghai Securities News: Limited Upside for the US Dollar, Positive Signals Emerge in the RMB Exchange Market
The US dollar index has been shining in the foreign exchange market recently - the index has surged past 104, 105, and 106 in the past half month, rising more than 2.5% so far in November. Despite external headwinds, the previously strong Chinese yuan has seen a slight pullback recently. However, market participants have observed that the RMB exchange market is continuing to show positive signals. And with the year-end settlement season approaching, the downward pressure on the yuan in the short term may subside.▌Poll: 35% of Americans Want Trump to Focus on Inflation After Taking Office
A Reuters/Ipsos poll released on Tuesday showed that Americans believe inflation is the top issue President-elect Trump should address in his first 100 days in office. In the three-day poll, about 35% of respondents said inflation should be Trump's focus area, compared to 30% who said immigration, 27% who said jobs and the overall economy, and 23% who said unifying the country. Smaller shares of respondents said he should focus on taxes, crime, or foreign conflicts. Only 1% said he should focus on international trade and tariffs. The poll surveyed 1,014 U.S. adults nationwide and had a margin of error of about 3 percentage points.▌Fed's Bullard: Inflation Battle Not Yet Won
Federal Reserve's Bullard stated that the fight against inflation is not yet over. Upcoming tariff and immigration policies could impact employment and inflation, which would be relevant to the Fed.▌US Stock Indexes Close Mixed
The three major US stock indexes closed mixed, with the Nasdaq up 0.6%, the S&P 500 up 0.39%, and the Dow down 0.13%. Most large tech stocks rose, with Tesla up over 5%, Intel and Netflix up over 2%, and Google and Apple up over 1%, while Meta and Microsoft saw small gains; Nvidia fell over 1% and Amazon dipped slightly. Trump Media & Technology surged over 16%, and US-listed BKKT soared over 162% on reports that Trump's social media company is in advanced talks to acquire the cryptocurrency trading platform Bakkt, owned by Intercontinental Exchange.▌San Francisco Fed Report: US Labor Market Still Adding to Inflationary Pressures
A research report published by the San Francisco Fed on Monday said the tight US labor market is still adding to inflationary pressures, though to a lesser degree than in 2022 and 2023. "Over the past two years, the decline in labor demand has lowered the inflation rate by nearly 0.75 percentage points," wrote San Francisco Fed economists Regis Barnichon and Adam Hale Shapiro. "However, the still-elevated demand will contribute 0.3 to 0.4 percentage points to inflation through September 2024." The San Francisco Fed's research indicates the job market remains a source of inflation. Powell estimated that by the Fed's preferred measure, the inflation rate in October was 2.3%, and by the measure that excludes food and energy, the inflation rate was 2.8%.
