Headlines
Federal Reserve Cuts Interest Rates by 25 Basis Points
The Federal Reserve has lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations.
JPMorgan: Bitcoin Will Benefit from Trump's Victory in the Next Eight Weeks
JPMorgan released a report stating: "We continue to believe that Trump's victory could have a similar impact to that of 2016 in the next eight weeks. Although Bitcoin surged and gold fell due to Trump's win, his policies may support both until 2025, as traders attempt to hedge against currency weakness and geopolitical headwinds, both gold and Bitcoin could benefit from 'devaluation trades.'"
Bloomberg: CZ Reveals He Received Offers to Sell His Stake in Binance
In an interview, CZ reflected on his forced departure from Binance and his four-month prison experience, during which he passed the time by exercising, writing, and discussing cryptocurrency with fellow inmates.
Additionally, CZ stated that he even received offers to sell his stake in the exchange—these shares constitute a large part of his personal net worth, but he declined to disclose who the buyer was or the price.
Industry News
Runestone founder Leonidas issued an open letter to Coinbase on X, requesting clarification on the status of the DOG listing application.
He stated: "We acknowledge that Mr. Armstrong (Coinbase CEO) posted on November 2, 2024, claiming 'free listings,' but despite multiple attempts by the DOG community to reach out to Coinbase, we have yet to receive any response.
We strongly urge Coinbase to improve its Asset Hub process to genuinely include all decentralized and fairly distributed Memecoin communities, regardless of their organizational structure. Currently, the inherent lack of information available for truly decentralized Memecoins (like DOG and Bitcoin itself) creates an unfair competitive environment and undermines the core principles of decentralized cryptocurrency. This structure may inadvertently favor venture capital-backed Memecoins, potentially stifling decentralized, fairly distributed Memecoins and leading to company-controlled Memecoins being sold off to retail investors by insiders. We urge Coinbase to take proactive measures to address this systemic issue and create a fairer listing process that reflects the diverse landscape of the Memecoin market.
For clarity and fairness, we respectfully request the following from Coinbase, including holding a formal meeting to discuss these key issues:
- Specific questions regarding DOG: If any specific issues are hindering DOG's listing, they must be clearly stated so the community can address them;
- Listing standards: A complete and detailed explanation of all listing standards adopted by Coinbase is needed to ensure transparency, trust, and fairness."
Binance has been named in Fortune's inaugural "2024 Asia Fintech Innovators" list, ranking first in the "Blockchain and Crypto" sector. The 2024 Asia Fintech Innovators list showcases 60 of the most dynamic financial service companies in the fastest-growing regions globally.
Crypto.com Faces Public Warning from Polish Regulators
The Polish Financial Supervisory Authority (KNF) issued a public warning to Foris DAX MT, the company operating under the Crypto.com brand, based in Malta, for allegedly conducting unauthorized financial activities in Poland.
The KNF warning is not a ban but a reminder for Polish investors to consider the potential risks associated with the platform. This warning is significant, but the KNF has not blacklisted the company.
In Poland, the KNF's public warning list informs citizens about companies that may be engaging in unauthorized financial activities. Jacek Bardzczewski, head of the KNF department, explained that under Polish law (specifically Article 178 of the Financial Instruments Trading Act), entities providing brokerage or investment services must hold appropriate licenses to operate legally.
Bloomberg: CZ Reveals He Received Offers to Sell His Stake in Binance
In an interview, CZ reflected on his forced departure from Binance and his four-month prison experience, during which he passed the time by exercising, writing, and discussing cryptocurrency with fellow inmates.
Additionally, CZ stated that he even received offers to sell his stake in the exchange—these shares constitute a large part of his personal net worth, but he declined to disclose who the buyer was or the price.
Powell: High Inflation Has Significantly Eased, Labor Market Remains Strong
Federal Reserve Chairman Powell stated that high inflation has significantly eased, and the labor market remains strong. He is committed to maintaining robust economic growth and continues to have confidence that inflation will persistently decline to 2% through adjustments in policy stance.
U.S. Elections
Over 250 Cryptocurrency-Supporting Candidates Elected to Congress in This U.S. Election
According to Fox Business, over 250 candidates supporting cryptocurrency were elected to Congress in this U.S. election.
Ripple CEO Brad Garlinghouse posted on X congratulating Trump on his victory in the 2024 election and listed priorities for the first 100 days of Trump's administration, calling for decisive restructuring of the U.S. SEC and clear cryptocurrency regulation, specifically including:
- Dismiss Gary Gensler. Execute on the first day, do not delay;
- Appoint Giancarlo, Brooks, or Gallagher to replace him, as they would make significant contributions to rebuilding the SEC's rule of law (and reputation);
- Have both Republicans and Democrats push the Senate to pass the Digital Asset Market Structure Bill;
- Last but not least: Can we get some clarification: Is ETH also not a security, similar to XRP and BTC?
Project News
WazirX Plans to Launch Independent DEX and Its Token
Indian cryptocurrency exchange WazirX founder Nischal Shetty announced that the company is expanding its business and exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services.
According to Shetty, the decision to launch a DEX is a response to the WazirX security incident in July 2024, when attackers stole approximately $235 million of user funds from the exchange, and the latest initiative will help eliminate the inherent counterparty risks of centralized platforms.
BNB Chain Launches No-Code RWA Tokenization Service
BNB Chain announced the launch of a new RWA tokenization service, providing individuals and businesses with no-code solutions that can complete tokenization "in minutes." The new service simplifies the asset tokenization process with built-in compliance tools and clear guidance, covering every step of the tokenization process, including asset securitization and on-chain token minting.
It is reported that outsourcing the tokenization process to BNB Chain's tokenization solution can significantly reduce the costs, time, and labor required for asset tokenization, lowering the entry barrier for small businesses seeking to leverage RWA tokenization.
NYDIG Acquires Bitcoin Mining Company Consensus Technology Group
Sources revealed that Bitcoin infrastructure and financial services company NYDIG has acquired Bitcoin mining company Consensus Technology Group (CTG).
According to information on LinkedIn, the deal may have been completed in October. CTG co-founder and CTO David Westrop's LinkedIn shows he started a new operational role at NYDIG last month, and another CTG co-founder Joshua Zappala's LinkedIn also indicates he is employed by NYDIG, responsible for corporate development and strategy. NYDIG declined to comment.
MakerDAO Votes to Retain the Rebranded Sky Brand, Plans to Launch New Stablecoin and Expand Projects
MakerDAO voted to retain its recent rebranding, despite opposition arguing that it wastes the industry recognition of its largest algorithmic stablecoin DAI on Ethereum. Nearly 80% of votes supported keeping "Sky" as the backend protocol brand.
Sky plans to launch new stablecoins, including the decentralized anti-censorship puredai and the compliance-focused NewStable for the mass market, and plans to launch versions on Solana and Ethereum Layer 2 Base. The project also plans to integrate with Aave to launch a staking protocol using SKY and MKR and build a custom bridge called SkyLink for EVM chains.
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