U.S. court rules that OFAC exceeded its authority in sanctioning Tornado Cash smart contract
The U.S. Fifth Circuit Court of Appeals overturned the lower court's ruling, finding that the Office of Foreign Assets Control (OFAC) exceeded its authority when it sanctioned the immutable Tornado Cash smart contract, which is a major victory for the protocol and its users. The three-judge panel stated in the opinion that while the Treasury Department has the authority to take action against "property," since Tornado Cash's smart contracts are immutable and cannot be controlled or owned, they do not constitute property under the International Emergency Economic Powers Act (IEEPA). Coinbase Chief Legal Officer Paul Grewal said that these smart contracts must now be removed from the sanctions list, and U.S. users will be allowed to use this privacy-preserving protocol again. The appeals court has instructed the U.S. District Court for the Northern District of Texas to grant the partial summary judgment motion filed by the plaintiffs-appellants, including Joseph Van Loon.
Later, Tornado Cash (TORN) breaks $34, surging over 900% in 24 hours.
FOMC minutes: Inclined towards "gradual" rate cuts in the future, possibility of a pause
According to Jinshi, the minutes of the latest FOMC meeting show that Fed officials generally support cautious approach to future rate cuts as long as the economy remains robust and inflation cools gradually. According to the minutes, "Participants generally expected that, if the data came in about as anticipated and inflation continued to decline toward 2 percent, it might become appropriate over time to transition to a more neutral policy stance." The November meeting minutes show that some officials said the Fed may pause rate cuts and keep borrowing costs at restrictive levels if inflation remains high. Some officials noted that they could accelerate rate cuts if the economy or labor market deteriorates. Policymakers also pointed out that the so-called neutral rate is unclear as a reason for caution. According to the minutes, many officials said that the uncertainty "complicates the assessment of the appropriate degree of policy restraint," and they believe that a gradual reduction in policy restraint would be appropriate. Over the past year, officials' estimates of the neutral rate have steadily risen, but it is still unclear how far rates are from that level. It is reported that the Fed officials will hold their last policy meeting of the year on December 17-18. In this regard, "Fed mouthpiece" Nick Timiraos wrote that the FOMC minutes suggest that rate cuts will become cautious if inflation remains stagnant.
Trump administration considers letting CFTC lead digital asset regulation
According to a Fox Business News report, the incoming Trump administration wants to expand the powers of the Commodity Futures Trading Commission (CFTC) to give it significant regulatory authority over the digital asset market. This move is part of a broader effort by President-elect Donald Trump and the Republican majority in Congress to curb some of the regulatory power of the Securities and Exchange Commission (SEC) over the digital asset industry under President Biden and outgoing SEC Chairman Gary Gensler. According to sources familiar with the Trump team's thinking, as Trump takes office and the crypto industry gains more influence in Republican politics, the CFTC's responsibilities may soon expand to regulate the spot market for digital assets viewed as commodities (such as Bitcoin and Ethereum) and the exchanges that facilitate their trading. Key figures in the incoming Trump administration believe that regulation needs to be relaxed to stimulate innovation in the crypto business, including potentially transformative blockchain technology.
According to Crypto.news, a member of the Brazilian Chamber of Deputies has proposed to allocate 5% of the country's $370 billion treasury reserves to a Bitcoin strategic reserve. The proposed Bitcoin bill would limit Brazil's Bitcoin reserve to around $18.5 billion. The Brazilian Chamber of Deputies (lower house of the National Congress) must first pass the bill, and then it can be submitted to the Federal Senate (upper house). If the senators support the proposal, it will be submitted to the Brazilian president for approval to become law.
Morocco may officially lift the 2017 cryptocurrency ban and re-legalize it
According to Reuters, Bank Al-Maghrib Governor Abdellatif Jouahri said at an international conference that Morocco is pushing for a cryptocurrency-related bill that is currently in the process of being passed. Morocco has banned cryptocurrencies since 2017, but underground trading activities have remained active. Jouahri revealed that the Bank Al-Maghrib (Morocco's central bank) has drafted a cryptocurrency asset regulatory law and is studying the feasibility of a central bank digital currency (CBDC). He emphasized that CBDC, as a digital currency controlled by the central bank, is different from decentralized cryptocurrencies and may play a role in promoting financial inclusion and other public policy goals.
Kraken to shut down NFT marketplace, shifting focus to other projects
According to The Block, the crypto exchange Kraken said in a statement that the company will shut down its NFT marketplace to free up resources for upcoming initiatives. After November 27, 2024, users will no longer be able to list, bid on, or sell items on Kraken's NFT marketplace; they can only withdraw their assets. The marketplace will be fully closed on February 27, 2025. A Kraken representative said, "We've decided to shut down our NFT marketplace in order to dedicate more resources to new products and services, including some unannounced plans that we're developing. Customers have been notified of these changes, and our team will support them in transferring their NFTs to their Kraken wallets or self-custody wallets of their choice."
Movement Network Foundation announces MoveDrop, will airdrop 10% of MOVE tokens to the community
The Movement Network Foundation has announced the MoveDrop airdrop program, aiming to reward early users and community members of Movement. MoveDrop will distribute 1,000,000,000 $MOVE tokens (10% of the total supply) to the community, with eligible participants including Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated community members, and Movement testnet builders. Users can access the MoveDrop website and register by the deadline of 2:00 PM UTC on December 2, 2024. After the upcoming TGE, they can check their MoveDrop eligibility and claim the airdrop. Failing to register on time will result in the loss of MoveDrop claim eligibility. Users can choose to receive the $MOVE tokens on the Ethereum mainnet or wait until the Movement Network mainnet launch (upcoming) to receive 1.25x the reward multiplier. The Movement Network Foundation also stated that they plan to distribute more $MOVE tokens in future events.
WalletConnect launches WCT token eligibility check page
The crypto wallet protocol WalletConnect has announced the launch of a token eligibility check feature, allowing eligible users to claim and stake the WCT token.
Glassnode: Bitcoin may drop below $88,000, then attempt to break $100,000 again
According to Cryptoslate, based on a report by Glassnode, if the market continues to decline, Bitcoin could drop below the $88,000 area and then continue towards the $100,000 threshold. The report highlighted a key "gap" as the rapid rise in BTC has led to little trading activity between $76,000 and $88,000, creating an underdeveloped price range that could attract market attention if the current pullback continues. However, this price behavior is natural during the price discovery phase, which typically involves cycles of rallies, corrections, and consolidation to establish a stable price range. Observing the supply distribution during the price discovery phase is crucial to revealing potential demand and supply zones that could influence Bitcoin's trajectory.
Earlier today, a Standard Chartered Bank analyst stated that BTC could consolidate in the $85,000 to $88,700 range before moving higher.
Uniswap Labs Launches Historic $15 Million Bug Bounty Program
Uniswap Labs announced the launch of a bug bounty program with a total reward pool of up to $15.5 million, the largest in history, aimed at discovering and fixing critical vulnerabilities in the Uniswap v4 core contracts. Uniswap v4 is the latest iteration of the Uniswap protocol, introducing "hooks" functionality that allows developers to customize pools, trades, fees, and liquidity provider (LP) position interactions. This version aims to significantly reduce user costs, lowering pool creation fees by 99.99%, and optimizing the costs of multi-hop trades. The Uniswap v4 code has undergone independent audits by 9 institutions, including OpenZeppelin and Trail of Bits, and multiple community security contests, with no major vulnerabilities found.
Starknet Becomes the First Ethereum Layer-2 Network to Support Crypto Staking
According to CoinDesk, the Ethereum Layer-2 scaling solution Starknet has officially launched its crypto staking functionality, becoming the first Ethereum L2 network to allow users to earn rewards by staking tokens. Users holding at least 20,000 STRK (around $12,000) can become validators, staking their assets as collateral to verify transactions and receive rewards; users with less than 20,000 STRK can delegate their tokens to validators for staking. Users must wait 21 days to stake and unstake their tokens, including any rewards earned during the staking period. Additionally, Bitwise Asset Management announced that it will operate a public validator node for STRK holders to delegate their tokens, and provide independent validator services for institutional clients.
US-Listed Company Banzai Approves Purchase of Bitcoin as a Reserve Asset
According to Globenewswire, Banzai International, Inc. (NASDAQ: BNZI), a U.S. publicly-traded company, announced that its board of directors has approved the purchase of Bitcoin as a treasury reserve asset. The board has authorized Banzai to use corporate funds to purchase and hold a certain amount of Bitcoin, up to 10% of the company's corporate treasury account, to achieve financial asset diversification and hedge against inflation. Banzai founder and CEO Joe Davy stated, "We believe that Bitcoin will diversify our assets and allow us to benefit from Bitcoin's potential long-term value." Banzai is a marketing technology company that provides basic marketing and sales solutions.
NYSE Arca Files 19b-4 Application for Bitwise Bitcoin and Ethereum ETPs
According to official information, crypto asset management firm Bitwise Asset Management announced that the New York Stock Exchange's NYSE Arca has filed a 19b-4 application to list a Bitwise exchange-traded product (ETP) that will hold a market-cap-weighted exposure to both Bitcoin and Ethereum spot. According to the filed documents, the ETP will hold these two assets directly. The launch of this ETP is pending the approval of the Form 19b-4 filing and the effectiveness of the Form S-1 registration statement.
Talus Network Raises $6 Million in Funding Led by Polychain Capital, Valued at $150 Million
According to The Block, high-throughput blockchain protocol Talus Network has completed a $6 million strategic funding round led by Polychain Capital, valuing the company at $150 million. The round also attracted investments from Foresight Ventures, Animoca, Geek Cartel, Echo, and several prominent angel investors. The funds will be used to expand the Talus ecosystem, including Protochain, the Nexus framework, and the "AI Dating Experience" application. Talus' total funding has now reached $9 million. Talus is dedicated to supporting decentralized AI agents, with its Talus Agents capable of managing DeFi portfolios, DAO governance fund allocations, and in-game NPCs, allowing users to collectively own and trade these on-chain assets. The platform also plans to launch a TAI token for transaction fees and resource allocation. As a use case, Talus will launch the "AI Bae" app by the end of the year, providing users with personalized AI companions by connecting to TikTok to generate custom virtual avatars, and supporting chat, social gaming, and token-based interactions.
Pump.fun Accounts for 62% of Solana DEX Trading Volume in November
According to Dune data, Pump.fun accounted for 62.3% of the trading volume on Solana decentralized exchanges (DEXes) in November, with a 42.3% share of trading value. Over the past three months, the platform has contributed over 60% of Solana's DEX trading volume on average. Launched in January 2024, Pump.fun allows users to create tokens for free, spawning various popular meme coins. However, the platform has been embroiled in controversies over inappropriate live content and legal compliance issues, including animal abuse, fake suicide performances, and inappropriate video uploads. Despite this, Pump.fun has made a significant contribution to Solana's trading ecosystem, and its future development will directly impact the network's health and stability. Analysts suggest that Solana's over-reliance on Pump.fun could pose potential risks and warrant monitoring for the network's long-term sustainability.
Pantera Bitcoin Fund Achieves Over 1,000x Returns, Cumulative ROA Exceeds 131,000%
Pantera Capital's Bitcoin fund has achieved over 1,000x returns since its inception in 2013, with a cumulative return rate exceeding 131,165%, a milestone achievement reflecting the fund's forward-looking Bitcoin investment strategy. Fund manager Dan Morehead recalled the background when the fund was launched, mentioning that the team purchased around 2% of the global Bitcoin supply at the low point in 2013. He stated that Bitcoin's long-term growth potential remains immense, and while only 5% of global financial wealth is currently exposed to blockchain assets, this proportion is expected to increase significantly as U.S. regulations become clearer and institutional investors enter the market. Morehead predicted that Bitcoin could reach a market capitalization of $740,000 per coin in the coming years, and believes the long-term growth of the blockchain industry will continue to generate substantial returns for investors. He emphasized that despite the turbulent journey of investing in Bitcoin, its potential for asymmetric returns makes it one of the most attractive investment opportunities in the past 40 years.
Pump.Fun Transfers Nearly 100,000 SOL to Kraken Again
According to Onchain Lens, Pump.Fun has transferred 99,999 SOL (worth approximately $22.74 million) to the Kraken crypto exchange. To date, this address has accumulated a total of 893,242 SOL, at an average price of $164. Additionally, Pump.Fun has cumulatively earned 1,487,066 SOL through its operations, currently valued at approximately $344.85 million.
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