Headlines
▌Japan Advances Economic Stimulus Plan, Aims for 20% Unified Crypto Tax Rate
The Japanese government has announced the advancement of 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 "miscellaneous income tax" of up to 55% to a unified rate of 20%. Additionally, the reform proposal involves raising the individual tax exemption limit to around $11,345, reducing fuel and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba has pledged to work with all political parties to push for this legislation.
▌Trump Team Considers Establishing First-Ever Crypto-Focused Position at the White House
According to sources, the Trump team is discussing with the digital asset industry the possibility of establishing a new position at the White House specifically focused on crypto policy. Trump's team is reviewing candidates to fill this role. If this new position is established, it would be the first crypto-specific position in White House history. The discussions around this position include leading a small team and serving as a liaison between Congress, the White House, and various agencies with jurisdiction over crypto, including the SEC and CFTC. Additionally, sources reveal that former Coinbase and Binance US executive Brian Brooks met with Trump on Tuesday, and is also a potential candidate for the SEC chair position. Coinbase CEO Brian Armstrong also spoke with Trump this week.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $94,365.68, with a daily change of +2.1%;
ETH's latest trading price is $3,072.66, with a daily change of -1.3%;
BNB's latest trading price is $606.13, with a daily change of -1.6%;
SOL's latest trading price is $235.96, with a daily change of -0.8%;
Doge's latest trading price is $0.3793, with a daily change of -3.0%;
XRP's latest trading price is $1.11, with a daily change of -0.2%.
Policy
▌US 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 Ethereum and Bitcoin. The proposed Franklin Crypto Index ETF, if approved, 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 is appropriate to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein."
▌US SEC Begins Returning Over $4.6 Million to BitClave ICO Victims
According to an official announcement, the US SEC will be distributing over $4.6 million to investors harmed by the unregistered digital asset securities ICO of BitClave (PTE Ltd.). After a notification and claims process, investors will now receive their respective shares, with checks being mailed out.
This payout is part of the $3.25 million settlement BitClave agreed to in 2020, after the SEC charged the search engine for 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.
Blockchain Applications
▌Crypto Wallet Phantom Ranks Above WhatsApp and Instagram in Top Free iOS Apps
The cryptocurrency wallet platform Phantom reached 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 short-video app TikTok, which is ranked 8th, but surpasses messaging platform WhatsApp and social media giant Instagram, which are ranked 13th and 14th respectively in the free apps.
Additionally, Phantom ranked 2nd in the free utility apps on the iOS app store 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.
Cryptocurrencies
▌Benchmark Analyst: Expects BTC to Reach $225,000 by End of 2026
Benchmark fintech analyst Mark Palmer says he expects BTC to reach $225,000 by the end of 2026.
The analyst also stated that MicroStrategy's "controversial" BTC strategy has attracted much criticism, but its massive impact on the company's stock price has provided ample justification, as its stock has outperformed nearly all major US companies over the past four-plus years.
▌Coin Center Lawyer Appeals Lawsuit, Argues Tornado Cash Is Not "Property"
Coin Center is appealing a previous ruling by the US District Court for the Northern District of Florida, which determined that Tornado Cash created indirect financial interests for foreign individuals and entities that can be defined as financial interests subject to OFAC sanctions.
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 plaintiffs' transactions did not involve foreign property. The district court must remove the word 'property' from the regulation." Hetzel stated: "The government has argued on 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."
▌Stablecoin USDS Surpasses $89 Million in Circulation on Solana in Under 24 Hours
The USDS stablecoin, issued by Sky (formerly MakerDAO), has surpassed $89 million in circulation on Solana in less than a day, becoming the fastest-growing stablecoin on the Solana network.
It is reported that due to the increased rewards offered by Sky, lenders on Save, Drift, and Kamino are seeking yields exceeding 20% on USDS. Sky has also encouraged traders to bridge funds into Solana using the token bridge service Wormhole, further increasing the circulating supply.
▌Bitcoin Market Cap Reclaims 7th Spot Globally, Surpassing Saudi Aramco
According to Infinite Market Cap data, Bitcoin's market cap has surpassed Saudi Aramco, reclaiming the 7th position in the global asset rankings. The data shows that Bitcoin's current market cap is $1.866 trillion, up 2.13% in 24 hours, while Saudi Aramco's market cap is $1.805 trillion, up 0.18% in 24 hours.
▌Coinbase to List FLOKI
Coinbase has announced that it will add support for FLOKI (FLOKI) on the Ethereum network, with trading expected to commence on or after November 21, 2024, at 9:00 AM Pacific Time, subject to sufficient liquidity. Once supply is adequate, the FLOKI-USD trading pair will be rolled out in phases. Support for FLOKI may be restricted in certain supported jurisdictions.
Key Economic Developments
▌52.3% Probability of 25bps Fed Rate Cut in December
According to the CME "Fed Watch", the probability of the Fed maintaining current rates in December is 47.7%, while the probability of a cumulative 25bps rate cut is 52.3%. The probability of maintaining current rates in January 2024 is 35.5%, the probability of a cumulative 25bps rate cut is 51.1%, and the probability of a cumulative 50bps rate cut is 13.4%.
▌US stock indexes closed mixed
The three major US stock indexes closed mixed, with the Nasdaq falling 0.11%, the S&P 500 index flat, and the Dow Jones rising 0.32%. Large-cap tech stocks were mixed, with Netflix up more than 1%, and Apple and Meta rising slightly.
▌Fed Governor Bowman: Progress towards inflation target appears to have stalled
Federal Reserve Governor Bowman expressed unease on Wednesday about cutting interest rates with inflation still above the 2% target, adding more color to her call for further cautious rate cuts. "We are in the process of adjusting policy, but we have not yet achieved our inflation target, which concerns me," she said. Bowman said that with inflation still high, the progress towards the Fed's 2% target appears to have stalled, "I tend to be cautious in lowering the policy rate, to better assess how far we are from the endpoint, while recognizing that we have not yet achieved our inflation target, and closely monitoring the evolution of the labor market." She believes the neutral policy rate is much higher than before the COVID-19 pandemic, and the Fed is not constrained from cutting rates again as the market currently expects. She also said the greater risk facing the Fed is the price stability objective, although a deterioration in labor conditions is also possible.
Jinse Finance
Dogwifhat was launched in November 2023, and is a Solana-based memecoin with the image of a Shiba Inu dog wearing a pink knit hat. WIF has not positioned itself as a symbol of progress or a vision of the future, but has maintained simplicity and embraced its meme identity, without any grand ambitions. Even the code "WIF" is a misspelling of "with", which is a typical meme form, highlighting the playfulness of the token.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
