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Top 10 News of the Week
1. US Q3 GDP Annual Rate Holds at 2.8%, Core PCE Revised Down to 2.1% link
The revised Q3 US real GDP annual rate was 2.8%, in line with expectations and the prior reading. The revised Q3 US core PCE price index annual rate was 2.1%, below the expected 2.2% and the prior 2.20%.
2. Trump Administration Plans to Expand CFTC Powers, Restructure Crypto Regulation link
The incoming Trump administration plans to expand the powers of the CFTC to regulate the $3 trillion digital asset market. This move aims to reduce the SEC's jurisdiction over the crypto industry and have the CFTC oversee digital assets like BTC and ETH, which are viewed as commodities, as well as their spot markets. The Trump administration believes this will provide a clear regulatory framework for the industry and foster innovation. Former CFTC chairman Chris Giancarlo has been considered a top candidate for the role of the administration's "crypto czar".
3. US Media: US Customs and Border Protection Seizes Imported Bitmain Antminer Miners link
According to an exclusive Blockspace report, the US Customs and Border Protection (CBP) is holding certain imported Bitmain Antminer miners at US ports of entry. The CBP has been holding some shipments for two months, with the seizures "happening nationwide", including ports in San Francisco and Detroit. The imported products involved are Bitmain's Antminer S21 and T21 series, the latest ASIC miner series from Bitmain. The report indicates that these large-scale shipment freezes and related investigations are unprecedented for Bitcoin miners, and the specific reasons for the import detentions are unclear. The CBP has not targeted other ASIC manufacturers such as Whatsminer or Canaan.
4. Court Rules Treasury's Sanctions on Tornado Cash Smart Contracts Exceed Authority link
A US federal appeals court ruled that the US Treasury Department's sanctions on the Tornado Cash non-custodial smart contracts exceeded its authority. The court found that these smart contracts, made immutable through a "trusted setup ceremony", are not "property" or "services" that can be owned or controlled by any entity, and therefore cannot be sanctioned. Although the Treasury tried to impose sanctions, the smart contracts can still freely operate on the blockchain, and any user, including sanctioned entities, can access them. The ruling clarifies the boundaries of the Treasury Department and OFAC's power in digital asset regulation, but does not mean the other parts of Tornado Cash are not sanctioned. The focus of the dispute is on smart contracts without admin keys.
5. Brazilian Congressman Eros Biondini Proposes Bitcoin Strategic Reserve Bill link
Brazilian Congressman Eros Biondini has proposed a bill to establish a "Bitcoin Strategic Sovereign Reserve" (RESBit), allocating up to 5% of the country's international reserves to BTC to diversify national assets, hedge against exchange rate volatility and geopolitical risks. The bill stipulates that the reserve management must follow transparency principles, use high-security cold storage, and be jointly managed by the central bank and finance ministry, with regular reporting. The proposal also plans to support blockchain technology development and provide reserve backing for the future Digital Brazilian Real (Real Digital).
6. CZ: Blockchain and AI Convergence is Emerging, More Tools Needed link
CZ tweeted that AI labeling and data processing are well-suited to be done on-chain, with instant (micro)payments via cryptocurrencies, and leveraging global low-cost labor without geographic constraints. BNB Chain Greenfield provides storage capacity, but more tools are still needed to support this. Zignaly co-founder Abdul Rafay Gadit asked CZ about the best literature on blockchain and AI integration, and CZ responded that it's a relatively new field, and he's been learning through discussions with industry founders and developers. AI expert Elja expressed approval for BNB Greenfield, commenting that the product is excellent but needs stronger user education, and suggested opening a new Twitter account. Angel investor George Kikvadze asked how to design incentive mechanisms to reward consistent high-quality labelers while preventing spam or low-quality submissions. CZ replied that a normal distribution curve could reward high-quality labelers while avoiding rewarding low-quality ones, and preventing bot attacks would require separate considerations.
7. Kraken Announces Closure of NFT Marketplace to Focus on New Projects link
Cryptocurrency exchange Kraken announced it will discontinue the trading functionality of its Non-Fungible Token (NFT) marketplace on November 27, 2024, and fully shut down the marketplace on February 27, 2025. Users can only withdraw their assets currently. Kraken stated that this decision aims to redirect resources to other new products and services, including unannounced plans. Kraken launched the NFT marketplace beta in November 2022, but ultimately chose to shut down this business line due to the persistent low trading volume in the NFT market this year.
8. ZA Bank in Hong Kong Launches Crypto Trading Services in its App on Monday link
ZA Bank in Hong Kong announced it has become the first bank in Asia to provide cryptocurrency trading services for retail users, offering Bitcoin and Ethereum trading in its app starting Monday. Hong Kong residents who open an investment account with ZA Bank need to complete a risk assessment process, then they can buy and sell the two cryptocurrencies in the app. The minimum entry is $70 or HK$600, with a 1.99% or HK$15 commission fee per transaction and a 1.5% platform fee (minimum $1.99 or HK$15). The bank will waive the commission and reduce the platform fee to 0.8% until the end of June 2023.
HashKey Exchange has announced the official launch of its institutional-grade comprehensive service HashKey Pro, aiming to help securities firms, banks, payment institutions and other financial institutions quickly integrate professional and reliable virtual asset trading functions, supporting API trading, block trading services, and enterprise-level account structure and permission management. Leveraging HashKey Pro, ZA Bank has successfully integrated virtual asset trading functionality into its app.
9. Bloomberg Analyst: SOL, XRP Altcoin ETFs May Need to Wait Until Late 2025 link
Bloomberg ETF analyst James Seyffart's latest report suggests that ETF approvals for altcoins like SOL, XRP, LTC and HBAR may be delayed until the end of 2025. Unlike the already approved Bitcoin and Ethereum ETFs, these altcoins lack the support of a regulated CME futures market. While WisdomTree and 21Shares have filed for XRP ETFs, current regulations do not allow their listing until compliance issues around market manipulation and custody are resolved. Seyffart also noted that a more crypto-friendly SEC leadership in 2025 may allow ETF products to include staking features.
10. Multiple industry insiders write about the concept of the World Computer link
Lei Yang from MegaETH and Eigen Foundation, Robert Drost, and Namik Muduroglu have written a paper discussing the concept of the World Computer. The paper argues that the World Computer is a decentralized global shared host based on blockchain technology, capable of running smart contracts and applications, providing a trustless, immutable, and programmable collaborative environment. Decentralized finance, stablecoins, DePIN, social networks, and others are the main application areas. The paper calls on developers and the community to focus on building a decentralized, trustless World Computer to drive the next leap in human collaboration.
Key Financing Events
- Binance Labs announced an investment in the multi-asset liquidity platform Astherus link
- Animoca Brands announced a strategic investment in Igloo, the parent company of Pudgy Penguins link
- TRON announced a $30 million investment in World Liberty Financial link
- Binance Labs announced an investment in Kernel link
- Cross-border payment and settlement blockchain company Partior completed an $80 million Series B funding round link
- Talus Network announced the completion of a $6 million strategic funding round, led by Polychain Capital link
- OpenTrade announced the completion of a $4 million seed extension funding round link
- U2U Network completed a $13.8 million funding round to drive the development of DePIN and hardware technology link
- Bleap, founded by former Revolut employees, announced the completion of a $2.3 million pre-seed funding round link
- DeFi protocol Avant completed a $6.5 million seed funding round link
- Privacy-focused social protocol Rarimo announced the completion of a $2.5 million Vision round funding, with Vitalik as an investor link
For more industry financing events, please visit crypto-fundraising.info.
