Today’s news tips:
Gary Gensler, Chairman of the US SEC, will officially step down on January 20, 2025
Four institutions submitted Solana ETF applications. If the SEC accepts them, they may be approved in early August next year.
US court ruling: SEC’s “broker rule” exceeded statutory authority and was revoked
Source: Trump Crypto Advisory Board Expected to Set Up Committed Bitcoin Reserve
Trump Media may launch crypto payment service “TruthFi”
MicroStrategy Completes $3 Billion Convertible Bond Issuance and Plans to Continue to Increase Bitcoin Holdings
Total assets under management for digital asset ETPs hit $150 billion, a record high
Bitcoin spot ETF had a net inflow of US$1.005 billion yesterday, maintaining net inflow for 4 consecutive days
Regulatory News
Gary Gensler, Chairman of the US SEC, will officially step down on January 20, 2025
According to an announcement released on the official website of the U.S. Securities and Exchange Commission (SEC), SEC Chairman Gary Gensler will officially step down at noon on January 20, 2025. Since taking office on April 17, 2021, Gensler has promoted a number of important reforms, including capital market efficiency, resilience, and integrity. During his tenure, the SEC completed thousands of enforcement actions, recovered approximately $21 billion in fines, and returned $2.7 billion to damaged investors.
Gensler has made significant enforcement efforts in the field of cryptocurrency, taking action against false transactions, registration violations and other behaviors. According to SEC data, about 18% of reports in fiscal year 2024 were related to cryptocurrency. In addition, he has promoted a number of rule reforms, including shortening the stock settlement cycle to one day, enhancing network and climate risk disclosure, and strengthening supervision of investment advisors.
Four institutions submitted Solana ETF applications. If the SEC accepts them, they may be approved in early August.
Bloomberg ETF analyst James Seyffart wrote that Cboe BZX exchange documents show that the exchange proposes to list and trade four Solana-related ETFs on its platform. These ETFs were initiated by Bitwise , VanEck, 21Shares and Canary Funds, and are classified as “commodity-based trust fund shares” and submitted in accordance with Rule 14.11(e)(4). If the SEC formally accepts the application, the final approval deadline is expected to be early August 2025.
People familiar with the matter: Negotiations between the US SEC and issuers who want to launch SOL spot ETFs are “making progress”
US court ruling: SEC’s “broker rule” exceeded statutory authority and was revoked
The U.S. District Court for the Northern District of Texas ruled that the U.S. Securities and Exchange Commission (SEC)’s final rule on the “Dealer Rule” exceeded its statutory authority and declared the rule invalid. The court pointed out that the SEC’s expansion of the definition of “broker” is inconsistent with the text, history and structure of the Securities Exchange Act, and the scope of the rule is too broad and may unreasonably cover trading activities in DeFi protocols.
The court held that the SEC’s attempt to simply define trading activities as market liquidity provision and classify them as “brokers” failed to reflect the legal distinction between brokers and ordinary traders. Ultimately, the court ruled to revoke the rule and emphasized that the SEC did not follow a reasonable decision-making procedure when making the rule, which violated the Administrative Procedure Act.
Source: Trump Crypto Advisory Board Expected to Set Up Committed Bitcoin Reserve
According to Reuters, several crypto companies including Ripple, Kraken and Circle are vying for seats on the crypto advisory committee that President-elect Donald Trump has promised to establish. Sources said the advisory committee may be affiliated with the White House National Economic Council or an independent White House department, and its main responsibilities include coordinating digital asset policies, working with Congress to develop crypto legislation, setting up Bitcoin reserves, and collaborating with agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Treasury Department. In addition, the Trump team is also considering setting up a crypto “general manager” role to lead the committee. During his campaign, Trump promised to create the image of a “crypto president”, end the current President Biden’s strict supervision of crypto companies, and guarantee crypto companies’ access to banking services through executive orders.
According to people familiar with the matter, Coinbase CEO Brian Armstrong recently met with Trump, and Circle CEO Jeremy Allaire has publicly expressed his willingness to join the committee. At the same time, the crypto departments of Paradigm and Andreessen Horowitz (a16z) are also expected to take a seat on the committee.
AI
OpenAI plans to launch a browser with ChatGPT integrated to compete with Google Chrome
According to The Information, OpenAI is considering developing its own web browser to compete directly with Google Chrome, which will integrate its AI model ChatGPT.
Project News
Trump Media may launch crypto payment service “TruthFi”
According to the New York Times, US President-elect Donald Trump’s social media company Trump Media & Technology Group recently filed a trademark application to launch a crypto payment service called “TruthFi”. The platform will focus on crypto payments, financial custody and digital asset trading.
“Musk’s Life List” is on the cover of Time magazine: from rocket recovery to helping Trump get elected
Charles Schwab plans to launch spot crypto trading after regulations improve
According to Bloomberg, Charles Schwab’s incoming CEO Rick Wurster said the company plans to launch spot cryptocurrency trading after crypto regulations improve in the United States. “We expect the regulatory environment to change and are preparing for that possibility,” Wurster said in an interview.
Schwab currently offers crypto-related ETFs and crypto futures, but has not yet directly entered the spot trading market. Wurster mentioned that cryptocurrencies have attracted a lot of attention, but he personally has no investment plans for the time being, although he supports customers investing in crypto assets. Wurster will take over the CEO position in early 2025, and the current CEO Walt Bettinger will retire.
Coinbase International will launch CoW Protocol perpetual futures contracts
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for CoW Protocol perpetual futures contracts. The COW-PERP market is expected to open at or after 17:30 on November 26, 2024, Beijing time.
Michael Novogratz: Bitcoin is expected to pull back, there is a lot of leverage in the crypto market
According to CNBC, Galaxy Digital founder and CEO Michael Novogratz expressed his views on Bitcoin. He said that Bitcoin is expected to break through the much-anticipated $100,000 mark in the strong rebound after the US election, but this does not mean that it will continue to rise. Novogratz pointed out in the “Financial Forum” program that although it is “inevitable” for Bitcoin prices to reach six figures and may continue to rise, it will eventually pull back. He emphasized that there is a lot of leverage in the cryptocurrency market at present, and the crypto community is already highly leveraged, so a market correction is coming.
However, Novogratz predicts that Bitcoin will not fall below $80,000, the level before Trump’s election. He also warned that stocks like MicroStrategy, which trade in a similar way to leveraged Bitcoin, may face a bigger correction. In addition, Novogratz recommends that investors buy Bitcoin directly instead of companies like MicroStrategy.
Zircuit’s ZRC token transfer restrictions to be lifted on November 25
Zircuit announced that its native token $ZRC will be officially open for trading on November 25, 2024, and revealed that it will release a major product next week.
Binance reveals that its compliance staff has increased by 34% year-on-year, saying that the industry has entered a new stage of maturity
According to CoinDesk, the crypto exchange Binance said that as its compliance department continues to build rapidly, it is expected to have 645 full-time compliance employees by the end of this year, an increase of 34% from November last year. According to a press release issued by Binance on Friday, including contractors, the cryptocurrency exchange has more than 1,000 employees focusing on compliance. Noah Perlman, chief compliance officer of Binance, said: “Our industry has entered a new stage of paradigm shift and maturity, in which regulatory compliance has become an important standard for user experience and protection, business success and sustainable growth. Binance has grown with regulators and other participants over the years, and the continued growth of our compliance team and projects is a testament to this and a testament to this stage of our industry that is destined to be strong and sustainable growth.” Binance’s recent recruitment of compliance personnel includes some people who have worked in traditional finance and government departments for a long time. Todd McElduff, Binance’s new corporate compliance director, will be responsible for the exchange’s relationship with global law enforcement agencies. He previously led PayPal’s global financial crime supervision department. Prior to this, he was the head of Morgan Stanley’s financial crime department. Binance has also hired two special investigation experts, Céline Inial of France and Caner Akyürek of Turkey, both of whom previously worked in law enforcement in their respective countries for nearly 20 years.
Financing News
Bitcoin mining company MARA completes $1 billion convertible senior notes issuance
According to official news, Bitcoin mining company MARA Holdings, Inc. completed the issuance of $1 billion convertible senior notes, including $150 million of notes issued pursuant to the purchase agreement granting the initial purchasers a purchase option with a term of 13 days from the date of the first issuance of the notes. The initial purchasers exercised all of them on November 19, 2024, and the additional purchases were completed on November 20, 2024.
MicroStrategy Completes $3 Billion Convertible Bond Issuance and Plans to Continue to Increase Bitcoin Holdings
According to MicroStrategy’s announcement, the company has completed the issuance of $3 billion in zero-interest convertible senior bonds, which will mature in 2029 and have a conversion price of 55% higher than the market price, about $672 per share. The net proceeds from this issuance are approximately $2.97 billion, and MicroStrategy plans to use most of the funds to purchase more Bitcoin and other company operations.
The bond issuance is only for qualified institutional investors and is not registered with the U.S. Securities and Exchange Commission. After conversion, it can be converted into cash, stock, or a combination of the two. MicroStrategy continues to consolidate its position as the “world’s largest Bitcoin treasury company.”
Steakholder Foods board of directors approves purchase of cryptocurrency as reserve asset
Canaan Inc. Raises $30 Million in Preferred Stock Offering
According to Finance Magnates, Bitcoin mining machine manufacturer Canaan Inc. (NASDAQ: CAN) recently signed a securities purchase agreement to sell up to 30,000 shares of Series A-1 preferred stock to an institutional investor at $1,000 per share. The agreement will raise $30 million to support the development of digital mining and equipment in North America. Previously, Canaan Technology completed its Series A financing in September 2024, in which it sold up to 125,000 shares of Series A convertible preferred stock.
Decentralized game player network KGeN completes $10 million financing, led by Aptos Labs
According to official news, the decentralized game player network KGeN announced the completion of US$10 million in financing, led by Aptos Labs, with participation from Game7 DAO and Polygon.
According to reports, KGeN aims to provide more accurate user portraits for game projects based on its data collection of game players and reduce customer acquisition costs. So far, KGeN has mapped over 197 million game player attributes based on 10.8 million players, thereby gaining insights into gaming behavior.
Galaxy Research: Bitcoin L2 project financing totals $447 million
According to Galaxy Research data, Bitcoin Layer 2 (L2) projects have received a total of $447 million in financing since 2018, accounting for more than 36% in 2024 alone. The report pointed out that currently about 0.8% of BTC circulation is locked in L2, wrapped assets and pledge agreements, and it is expected that this proportion will increase to 2.3% by 2030, corresponding to about $47 billion in BTC liquidity.
The number of Bitcoin L2 projects has increased from 10 to 75 since 2021. Existing L2 solutions mainly include sidechains and Rollups technology, among which Rollups significantly improve transaction speed and reduce costs through data compression and batch processing. The report emphasizes that Bitcoin L2 provides BTC with more efficient transactions and revenue applications, but the current bridge mechanism and trust issues in asset withdrawal still need to be optimized.
Important data
Bitcoin spot ETF had a net inflow of US$1.005 billion yesterday, maintaining net inflow for 4 consecutive days
Data: Hong Kong virtual asset ETF today’s trading volume is about HK$167 million
Bitcoin-related assets daily trading volume exceeds $70 billion
According to data shared by Bloomberg ETF analyst Eric Balchunas, the trading volume of the Bitcoin-related asset ecosystem hit a new high today, estimated to reach $70 billion, of which $50 billion was contributed by MicroStrategy ($MSTR) and its related 2x leveraged products, which have set new trading records. At the same time, $IBIT’s single-day trading volume reached $5 billion, setting the second highest record in history, and $MSTZ (reverse 2x leveraged MSTR product) also broke the $1 billion mark for the first time.
AI company Genius Group purchased an additional $4 million worth of Bitcoin, increasing its holdings to 153 BTC
29,000 BTC options and 164,000 ETH options will expire today, with a total notional value of $3.39 billion
According to Greeks.live, 29,000 BTC options will expire this week, with a Put Call Ratio of 1.1, a maximum pain point of $86,000, and a total notional value of $2.84 billion. At the same time, 164,000 ETH options will expire, with a Put Call Ratio of 0.65, a maximum pain point of $3,050, and a total notional value of $550 million.
Total assets under management for digital asset ETPs hit $150 billion, a record high
James Butterfill, head of research at CoinShares, wrote on the X platform that the total assets under management of digital asset ETPs reached $150 billion for the first time, mainly due to the rise in Bitcoin prices.
This month, Solana Ecosystem DEX monthly trading volume is close to 100 billion US dollars, setting a new record high
According to SolanaFloor monitoring, the monthly trading volume of Solana ecosystem DEX has reached nearly US$100 billion so far this month, setting a record high.
A newly created wallet withdrew 309.6 billion PEPE from KuCoin, worth about $6.45 million
Spot On Chain monitoring shows that a new wallet user created an account 13 hours ago and withdrew 309.6 billion $PEPE from KuCoin, worth approximately $6.45 million, with an average purchase price of $0.00002082.
A whale holding nearly 400,000 ETH has cashed out about $224 million
According to Lookonchain monitoring, a whale account has recently become active again and started selling the ETH it holds. The account bought 398,900 ETH (worth $2.4 million at the time) at an average price of about $6 between January 18 and March 10, 2016.
After being silent for 8 years, the account became active again on November 7 this year. It has sold 73,356 ETH so far, cashing in approximately US$224 million, leaving 325,500 ETH (currently worth approximately US$1.1 billion).
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