Headlines
▌Gary Gensler Suspected to Post Farewell: It Has Been an Honor to Serve as Chair of the U.S. Securities and Exchange Commission
Gary Gensler is suspected to have posted a farewell on the X platform, where he wrote: Serving as Chair of the U.S. Securities and Exchange Commission has been an honor of a lifetime, and public service is giving back to our communities, whether it's the neighborhood, the county, or the state; or, as part of this institution, I firmly believe that capital markets, competition, and commonsense rules benefit both investors and issuers, which is why the U.S. Securities and Exchange Commission and its staff play a critical role in overseeing markets and ensuring adherence to the commonsense rules of the U.S. securities laws: 1. We've lowered costs and risks and enhanced the integrity of our two largest markets—the nearly $60 trillion stock market and the $28 trillion Treasury market; 2. We've helped improve the transparency and integrity of corporate governance at public companies, including by implementing new cooling-off periods and other conditions before insiders at companies that may possess material non-public information can trade their company's securities; 3. We've adopted rules requiring regulated broker-dealers and investment advisers to notify clients of data breaches that may put their personal information at risk; 4. We've laid the groundwork for important debates about the growing use of artificial intelligence in finance; 5. We've updated the rules of the stock and Treasury markets, shortening the settlement cycle; 6. We've returned over $2.7 billion to harmed investors.
▌Thailand to Launch Crypto Payments in Phuket by 2025
Thailand will launch crypto payments in Phuket by 2025, allowing tourists to use Bitcoin for payments, which will be automatically converted to Thai baht.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $104,499, with a daily change of +4.0%;
ETH's latest trading price is $3,470.18, with a daily change of +2.6%;
BNB's latest trading price is $719.71, with a daily change of +0.2%;
SOL's latest trading price is $218.72, with a daily change of +1.9%;
DOGE's latest trading price is $0.4282, with a daily change of +12.4%;
XRP's latest trading price is $3.24, with a daily change of -3.6%.
Policy
▌DCG Fined $38 Million by SEC for Genesis Lending Fraud
According to market news, Digital Currency Group (DCG) has been charged and fined $38 million by the U.S. Securities and Exchange Commission (SEC) for lending fraud by its subsidiary Genesis. Note: Genesis was one of the largest institutional lending platforms in the crypto industry, but suspended customer withdrawals in late 2022 and filed for bankruptcy in January 2023, with assets and liabilities estimated between $1 billion and $10 billion. According to the SEC investigation, Genesis and DCG were accused of concealing financial losses through false statements, involving over 230,000 investors and over $1 billion.
▌Crypto Supporter Vivek Ramaswamy to Run for Ohio Governor
According to The Block, U.S. Republican Vivek Ramaswamy plans to formally announce a run for Ohio governor soon. Vivek Ramaswamy has co-led the American Efficiency Office with Elon Musk, served as a proxy for Donald Trump's campaign, and has been a vocal supporter of cryptocurrencies.
▌Crypto.com Receives Principle Approval for MiCA License
According to The Block, the Singapore-based digital asset exchange Crypto.com has received principle approval for a Crypto Asset Markets (MiCA) license. While the exchange has not yet obtained a full license, receiving the final approval will allow Crypto.com to operate across the EU after the MiCA rules take effect in late December 2024. MiCA was first passed in April 2023, establishing a regulatory framework for digital assets in the EU and allowing companies with a MiCA license in one EU member state to operate across the entire EU.
▌International Crypto Currency Supplier Sentenced to 121 Months in Prison for Conspiracy to Launder Money
According to a U.S. Department of Justice announcement, U.S. District Judge Gregory Van Tatenhove sentenced Indian national Anurag Pramod Murarka to 121 months in prison for conspiracy to launder money. Murarka, age 30, operated an international virtual currency supplier business under two monikers ("elonmuskwhm" and "la2nyc"). Court documents show that from April 2021 until September 29, 2023, Murarka ran an international money laundering business. Murarka frequently advertised his services as a money laundering service on dark web markets. Clients would then contact him via encrypted messaging to negotiate exchange rates. Murarka would then instruct clients to send cryptocurrency to certain addresses, and he would arrange a complex, pre-arranged hawala operation in India to have cash delivered to his employees in the U.S. Murarka's network of employees across the U.S. and abroad would collect the cash from his hawala connections and then package the cash in various ways, including between book pages and sealed in multiple envelopes, before mailing it to clients. Murarka charged service fees and used a portion to bribe employees and co-conspirators. Murarka knew many of his clients were involved in criminal activities, such as computer hacking and drug trafficking, and that his business facilitated the concealment of the illegal sources of funds, enabling criminal activity. Murarka and his co-conspirators laundered over $20 million.
▌The ETF Store President: 7 Crypto-Related ETF Applications Filed in the Past 48 Hours
The ETF Store President Nate Geraci tweeted that multiple institutions have submitted crypto-related ETF applications in the past 48 hours, indicating a shift in regulatory sentiment. The specific applications include: VanEck Blockchain Economy ETF, Canary Litecoin ETF (19b-4), Oasis Capital Digital Asset Debt Strategy ETF, CoinShares Digital Assets ETF, ProShares Leveraged and Inverse XRP ETF, ProShares XRP Futures ETF, and ProShares Solana Futures ETF.
▌Trump May Issue Executive Order Favorable to Crypto Industry Within Days of Taking Office
According to Jinse Finance, multiple sources have revealed that President-elect Trump plans to use his executive power to ease regulatory burdens on crypto companies and promote digital asset adoption within the first few days of taking office. It is expected that Trump will sign an executive order to establish a crypto advisory council, an idea he first proposed last July.
Blockchain Applications
▌MARA CEO: Trump President Portrait in Bitcoin Block Generated by AI
MARA CEO Fred Thiel confirmed on the X platform that the company has embedded a portrait of President Trump in BTC block 879613, and revealed that the "Trump 47" block portrait was generated by AI, to celebrate his upcoming tenure as the first U.S. president to support Bitcoin.
Cryptocurrencies
▌Whale/Institution Address Sold 7,983.8 ETH 6 Hours Ago, Profiting $1.05 Million
According to on-chain data analyst Yujin, a whale/institution address sold 7,983.8 ETH for 2.729 million DAI 6 hours ago, at an average price of $3,419 per ETH. The address had purchased the 7,983.8 ETH 5 days ago at $3,286, realizing a profit of $1.05 million (+4%).
▌Coinbase Supports Establishing Bitcoin Strategic Reserves, Suggests Creating Economic Zones for Digital Asset Economy
Coinbase recognized the idea of a U.S. Bitcoin strategic reserve on Friday, as part of a blog post by its CEO Brian Armstrong on "economic freedom." He wrote, "Economic growth comes from free market capitalism, deregulation, small government, and technological innovation. If other G20 countries also want to participate in economic prosperity, it would be wise to join the tide of embracing economic freedom and free markets." Brian Armstrong called on world leaders to do four things in the spirit of technological optimism next year: first, pass laws to keep crypto companies in their countries; second, establish a strategic Bitcoin reserve, as the article states, "The next global arms race will be in the digital economy, not in space"; third, create economic zones for the digital asset economy; and finally, improve government efficiency, specifically mentioning the efforts of the Department of Government Efficiency (DOGE). ▌CryptoQuant: Coinbase Prime's over-the-counter Bitcoin trading has increased significantly CryptoQuant analysts found that over-the-counter (OTC) trading activity on Coinbase Prime has increased significantly, indicating that institutional investors are increasing the amount of Bitcoin they are accumulating through OTC trading channels. CryptoQuant CEO Ki Young Ju explained, "When the inflow of funds to Coinbase Prime Brokerage Service, the preferred Bitcoin purchase channel for U.S. institutions, increases significantly, it indicates that various OTC trades are currently taking place, and institutions are more willing to conduct OTC trades." Important Economic Dynamics ▌U.S. Congressional Budget Office: U.S. real GDP growth rate forecast to be 1.9% in 2025 The U.S. Congressional Budget Office (CBO) stated that the forecast for U.S. real GDP growth rate in 2025 is 1.9%, down slightly from the 2.0% forecast in June, and the average annual growth rate is expected to be 1.9% from 2024 to 2034. Jinse Encyclopedia ▌What is a Sybil attack in crypto? In the cryptocurrency environment, Sybil attacks often target the decentralized nature of blockchain platforms. Even if they do not target the cryptographic algorithms of cryptocurrencies, disrupting the underlying peer-to-peer network infrastructure that cryptocurrencies rely on can lead to service interruptions, fund losses, and a decline in user trust. Attackers can focus on specific nodes or servers to interfere with the consensus process, transaction verification, or node-to-node communication. This can lead to network fragmentation, processing delays, or even a complete shutdown. 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 to establish the correct investment concept and improve risk awareness.
