What happened last night... Cryptocurrency morning news for November 8th

1. US Government's Likelihood of Passing 'Bitcoin Law' Increases James Butterfill, Head of Research at European digital asset manager CoinShares, said on the 7th that "with Donald Trump's re-election, the blockchain industry will experience a major boom, and the likelihood of the 'Bitcoin Act' being passed and implemented will increase." The bill, introduced by US Senator Cynthia Lummis of Wyoming, who is pro-cryptocurrency, requires the US Federal Reserve (Fed) to hold up to 5% of the Bitcoin supply as a strategic reserve asset. Butterfill claimed that "if the bill is implemented, it will attract deep interest from financial and government institutions, ultimately leading to an increase in Bitcoin's value." 2. UK Senate Supports Bill Recognizing Cryptocurrencies as Assets UK Peers expressed support for a regulatory bill that recognizes cryptocurrencies as assets and legally protects them, during the second reading held on the 7th. The Senate Committee stated that "this bill aligns with the UK government's policy direction to provide clarity in domestic laws for virtual asset transactions and facilitate the commercialization of virtual assets." 3. Justin Sun Expresses Intention to Hire Gary Gensler... Justin Sun, the founder of Tron (TRX), revealed through X that if Gary Gensler, the US Securities and Exchange Commission (SEC) Chairman, is favorable towards the blockchain industry, he would be willing to hire him. Previously, Donald Trump, who won the recent US election, had stated that he would dismiss Gensler from the SEC on his inauguration day. 4. Former CEO of Alameda Research Sentenced to 2 Years in Connecticut Prison Caroline Ellison, the former CEO of FTX's Alameda Research, has begun serving a 2-year sentence at a federal prison in Connecticut. She was previously sentenced by a US court for aiding FTX's illegal activities. 5. US Fed Cuts Benchmark Rate by 0.25%p, in Line with Market Expectations The US Federal Reserve (Fed) announced on the 7th that the Federal Open Market Committee (FOMC) will lower the benchmark interest rate by 0.25%p. This is in line with market expectations and the second consecutive rate cut since September. As a result, the US benchmark interest rate has decreased to 4.50%-4.75%. 6. Fed Chair Jerome Powell: "I Will Absolutely Not Resign" Fed Chair Jerome Powell stated in the FOMC press conference that "there will be no dismissal by the next President, Donald Trump." He added that "US law does not allow the President to dismiss the Fed Chair."