Today's News Highlights:
Trump Team Considers Former SEC Commissioner Paul Atkins to Replace Gary Gensler
Russia Passes Cryptocurrency Tax Law, Redefining Digital Currency Rules
Binance: BNSOL Super Staking to Launch First Project Pyth Network
Celsius to Distribute $127 Million in Second Round to Eligible Creditors
Chinese Concept Stock SOS Announces Purchase of $50 Million in Bitcoin, Surges 47.19% at Open
Hyperliquid's Native Token HYPE Genesis Event Scheduled for November 29
Regulation & Policy
Trump's New Government Cabinet Nominations Completed, Over 5 Are "Crypto Players"
According to Jinshi, on November 23 local time, President-elect Donald Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. With this, all cabinet nominations for Trump's new government have been finalized. In addition, Trump has nominated several high-level officials in recent weeks. From the new government's list, besides well-known names in the crypto market like Musk and Howard Lutnick, several cabinet officials are staunch supporters of cryptocurrency and have publicly disclosed their cryptocurrency holdings, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.
Trump Team Considers Former SEC Commissioner Paul Atkins to Replace Gary Gensler
According to Bloomberg, sources revealed that President-elect Donald Trump's transition team has interviewed veteran financial regulator and conservative financial insider Paul Atkins as a candidate for the chair of the U.S. Securities and Exchange Commission. Sources say Atkins is one of the strongest contenders to replace the outgoing SEC Chair Gary Gensler. Trump is expected to make a choice in the coming days, but no decision has been made yet. According to previous reports, Atkins is not only well-versed in cryptocurrency technology but also has a deep understanding of the SEC's internal operations, having served as a commissioner and staff member under two SEC chairs, Richard C. Breeden and Arthur Levitt.
Russia Passes Cryptocurrency Tax Law, Redefining Digital Currency Rules
According to Bitcoin.com, on Wednesday, the upper house of the Russian parliament approved a government-initiated bill outlining the tax framework for digital currencies. The day before, the bill had received preliminary approval in the State Duma (lower house) and was finally passed in a plenary session on Wednesday. The new law classifies digital currencies (including those used as payment tools under experimental legal frameworks) as property according to the Russian Federal Tax Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), alleviating the financial burden on participants in the field. Additionally, services provided by authorized organizations facilitating transactions under these experimental frameworks will also be tax-exempt. An important provision requires mining infrastructure operators to report personal data of individuals using their systems to tax authorities. Income from digital currency mining will be considered taxable income, forming the basis for personal income tax. According to Danil Volkov, head of the relevant department at the Russian Ministry of Finance, businesses engaged in mining activities will be taxed at the standard corporate income tax rate. The law stipulates that mining income will be taxed based on the asset value on international exchanges. For most digital currency earners, the personal income tax rate will remain at 13%, with the rate increasing to 15% for those with annual incomes exceeding 2.4 million rubles starting in 2025. During the legislative process, the bill must undergo multiple reviews in the State Duma, receive approval from the Federation Council, and be signed by the president to become law. With President Putin's expected support, this legislation will formally establish a detailed tax framework for digital currencies in Russia.
AI
According to Bitcoin.com, San Francisco-based data analytics and artificial intelligence (AI) company Databricks has raised $5 billion in its latest funding round, bringing the company's valuation to $55 billion. Sources indicate that Databricks plans to raise a total of $8 billion, potentially making it the largest funding round of the year. Reports suggest that the latest funding round is aimed at allowing employees to sell shares, thereby reducing the immediate need for an initial public offering (IPO). However, while an IPO may not happen soon, it is still possible in the second half of 2025. Although the report did not disclose the identities of the investors participating in the latest funding round, it revealed the company's notable supporters, including Nvidia, Capital One, Andreessen Horowitz (a16z), Baillie Gifford, Fidelity, Insight Partners, and Tiger Global. In September 2023, Databricks raised $500 million, with a company valuation of $43 billion. OpenAI currently holds the record for the largest funding round of 2024, having raised $6.6 billion in October. Billionaire Musk's xai also secured $5 billion in funding, bringing its valuation to $50 billion. Another AI startup, Anthropic, received $400 million in funding from Amazon, raising its total funding to $8 billion.
Project Updates
Binance: BNSOL Super Staking to Launch First Project Pyth Network (PYTH)
According to an official announcement from Binance, BNSOL Super Staking will launch its first project - the oracle network Pyth Network (PYTH). From December 2, 2024, 08:00 to December 17, 2024, 07:59 (UTC+8), users holding BNSOL in their Binance accounts or Web3 wallets, or staking SOL to BNSOL, will receive PYTH APR Boost airdrop rewards. These PYTH APR Boost airdrop rewards are additional token airdrops provided on top of Binance's annualized staking interest rate for SOL, offering users higher yields. The BNSOL Super Staking reward pool will be open from December 2, 2024, to December 17, 2024; the total reward pool includes 1,428,571.43 PYTH, with a daily reward amount of 95,238.095 PYTH. The PYTH APR Boost airdrop rewards will be available for collection starting December 3, 2024, around 13:30 (UTC+8) daily.
a16z General Partner Sriram Krishnan Announces Departure at Year-End
a16z General Partner Sriram Krishnan announced on X platform: "After working at a16z for 4 years, I will be leaving the company at the end of the year. I will discuss my future plans later, and I will share more information in the coming months." Additionally, according to The Information, Krishnan has discussed joining the government efficiency department led by Elon Musk.
Celsius to Distribute $127 Million in Second Round to Eligible Creditors
According to Beincrypto, Celsius is preparing to distribute $127 million in the second round to eligible creditors from its litigation recovery account. The funds will be distributed in the form of Bitcoin, Ethereum, or USD based on eligibility. According to the latest bankruptcy court documents, after deducting fees and expenses, the litigation administrator has allocated approximately $127 million for this round of payments. This funding will be distributed to "effective date debtors" among Celsius creditors who have recovery rights under the company's bankruptcy plan for non-liquid assets. A portion of the funds designated in the plan will be retained as reserves. Notably, creditors wishing to receive distributions in BTC or ETH must have an active Coinbase account, and the account information must match the information on Celsius's records. Celsius stated on X: "According to the Coinbase agreement, non-corporate creditors who have not received Celsius distributions through Coinbase after November 9, 2024, will automatically be handled by the U.S. dollar distribution partner."
Rushi Manche, co-founder of Movement Labs, publicly accused the Scroll team of numerous issues on the X platform, including: 1. After years in the community, they launched a predatory incentive program that ultimately shifted the burden onto ordinary investors. 2. The team has been selling secondary market shares for years before the launch. 3. Other team members were forced to buy in at an $18 billion valuation while senior leadership sold off at the same time. 4. The Scroll team directly allocated airdrops to their own wallets and then cashed out. 5. They designed the most predatory token economic model aimed at harming every community member. Manche accused the Scroll team's actions of damaging the reputation of the EVM L2 ecosystem and called for improvements to avoid "making it look like a complete scam."
Later, news emerged that Scroll Co-Founder Responds to Criticism: Will Improve Project Design Issues, Team is Undergoing Structural Adjustments.
The Aave community has initiated an ARFC proposal titled "Establish Strategic Partnership with Instadapp by Investing in INST Tokens." The proposal includes Aave DAO investing $4 million in INST tokens at a fully diluted valuation (FDV) of $350 million to establish a strategic partnership with the multi-chain DeFi management protocol Instadapp, aimed at strengthening cooperation and coordination between the two protocols. Aave DAO will allocate up to 1/3 of the INST tokens to support GHO trading pairs on Fluid through Merit. The DAO will also provide support and promotion for Instadapp products utilizing the Aave protocol (including GHO and Fluid integration). The remaining tokens will have a one-year vesting period, authorized to the Aave Protocol Embassy.
Coinbase: Pepe (PEPE) Now Available for New York State Users
According to a Coinbase Assets announcement, Pepe (PEPE) is now available for users in New York State, allowing them to buy, sell, convert, send, receive, or store PEPE assets through the Coinbase website and its iOS and Android applications. Coinbase obtained a virtual currency business license from the New York State Department of Financial Services (NYDFS) on January 17, 2017, ensuring compliant operations. Additionally, NYDFS approved the establishment of Coinbase Custody Trust Company LLC in 2018. However, due to failures to comply with the Bank Secrecy Act and anti-money laundering plans (BSA/AML plans) as well as transaction monitoring and cybersecurity plans, Coinbase reached a $100 million settlement agreement with NYDFS in 2023.
Chinese Concept Stock SOS Announces $50 Million Bitcoin Purchase, Surges 47.19% at Open
Chinese company SOS Ltd., listed on the New York Stock Exchange, announced that its board has approved a plan to invest $50 million in Bitcoin (BTC) to strengthen its blockchain industry layout. SOS stated that this plan reflects long-term confidence in Bitcoin as a strategic reserve asset and aims to optimize its investment portfolio and enhance the company's competitiveness in the digital asset space. SOS will employ a diversified quantitative trading strategy, including investment, trading, and arbitrage, to reduce market volatility risks and achieve stable returns. With a market capitalization of approximately $9.16 million, SOS surged 47.19% at the open today, likely influenced by this news.
Tether announced it will stop supporting its euro stablecoin EUR₮ and has ceased processing new minting requests since 2022. This decision is based on the increasingly complex regulatory environment for stablecoins in Europe, while Tether will prioritize supporting new projects, such as the new stablecoins EURQ and USDQ launched in collaboration with Quantoz Payments, compliant with MiCAR regulations. Tether will also provide efficient compliance support for asset issuance, including stablecoins, through its technology platform Hadron. Existing EUR₮ users must complete redemption by November 27, 2025.
Binance to Launch MORPHO and CHILLGUY USDT Perpetual Contracts
Binance's contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75 times: November 27, 2024, 22:30 (UTC+8): MORPHOUSDT perpetual contract; November 27, 2024, 22:45 (UTC+8): CHILLGUYUSDT perpetual contract.
Clanker Co-Founder: Clanker Contract Upgrade Supports Users to Claim 40% Fee Sharing
According to Clanker co-founder proxystudio.eth, the team is upgrading the contract to allow users to directly claim 40% of the fee sharing (including ETH and tokens). MetaMask co-founder Dan Finlay previously stated that the Meme coin CONSENT has been tested on the Base and Solana chains, with data showing a market cap of $2.8 million on the Solana chain and $2 million on the Base chain. Clanker is an AI-driven token deployment tool that allows users to submit token ideas through Warpcast and other Farcaster clients and quickly launch tokens on the Base chain. Related reading: Clanker: "Pump.fun" on the Base chain.
Hyperliquid Reminds Users to Accept Genesis Event Terms Promptly
According to an announcement from the Hyper Foundation, users who recently started using Hyperliquid L1 and those who missed it previously must review and accept the Genesis Event terms and conditions by November 28, 23:59 UTC (07:59 Beijing time on November 29). Failure to complete this on time may affect participation eligibility, so relevant users should act promptly.
According to official news, Japanese listed company Metaplanet announced the issuance of mobile execution stock subscription rights to raise up to 9.5 billion yen (approximately $62 million) to accelerate its accumulation of Bitcoin.
Hyperliquid's Native Token HYPE Genesis Event Scheduled for November 29
According to the official blog, the Hyper Foundation announced that the Genesis event for the decentralized derivatives trading platform Hyperliquid's native token HYPE will occur at 15:30 Beijing time on November 29. The maximum supply of HYPE is 1 billion tokens, distributed as follows: 38.888% for future emissions and community rewards; 31.0% for the genesis distribution; 23.8% for current and future core contributors; 6.0% for the Hyper Foundation budget; 0.3% for community grants; and 0.012% for HIP-2. Tokens will be issued over time, with 76.2% allocated to the community. Qualified participants in the genesis event will receive 310 million tokens, which will be fully unlocked. Unallocated tokens will be transferred to future emissions and community rewards. 60 million HYPE will be allocated to the Hyper Foundation budget, 300 HYPE for grants, and 120,000 HYPE for Hyperliquidity (HIP-2). 388,880,000 unminted HYPE will be reserved for future emissions and community rewards. Core contributor tokens will be locked for one year after the genesis. Most vesting schedules will be completed between 2027-2028; some will continue beyond 2028. The genesis distribution strictly excludes core contributors. No allocations are provided for private investors, centralized exchanges, or market makers.
Slow Mist: JUMPFUN Project Exhibits Obvious Violations, Beware of Risks
Slow Mist founder Yu Xian stated: "According to feedback from Slow Mist's district informants, the JUMPFUN project (@jumpdotfun) is suspected of suspicious behavior. After analyzing the project contract and transaction records, we found the following suspicious situations: The JUMPBonusPool contract was originally designed with two core mechanisms: 1. Bonus Pool Mechanism: The last 5 users to participate in donations can share the accumulated ETH bonus; 2. Time Extension Mechanism: Each time a user makes a donation, the game time is automatically extended by 30 seconds. Yesterday, the project party used owner privileges to modify the JUMPBonusPool contract pointed to by the JUMPTreasury contract twice through the setEmergencyBonusPool function. This modification prevented users from participating in the grand prize competition of the previously accumulated bonuses in the JUMPBonusPool contract through normal donations. Notably, the newly replaced JUMPBonusPool contract has not been open-sourced. These actions are in serious violation of the activity rules previously publicly described by the project party. We remind all participating users to be aware of the risks and participate cautiously."
Previously reported, Slow Mist stated that attackers exploited an XSS vulnerability on the Cointelegraph website to carry out phishing attacks.
Telegram Founder: Received 1% of MAJOR from Major Founder, Will Not Sell for the Next 10 Years
Telegram founder Pavel Durov stated on his personal TG channel: "The Major mini-program is one of my favorite success stories in the Telegram ecosystem. Major was launched by 27-year-old entrepreneur Roxman, who achieved over $10 million in revenue and 70 million users in just five months. I love Major because it quickly adopts new possibilities of the mini-program platform and adds features that feel naturally belonging to Telegram. I also admire Roxman; I have been following him since he launched Fabrika and Major. Roxman generously donated 1% of MAJOR tokens to me, and I will not sell these tokens for the next 10 years. I heard that the Major team is preparing many innovations (such as username NFT leasing and digital IDs). Tomorrow is a big day for them as MAJOR tokens will be listed on six major exchanges. I wish them good luck."
Robinhood Launches Ethereum Staking Service for European Users
According to Crowdfund Insider, Robinhood announced the launch of an Ethereum staking service, allowing European users to earn ETH holding rewards through this service. Additionally, earlier this year, Robinhood Crypto launched Solana staking services in Europe. Johann Kerbrat, General Manager and Vice President of Robinhood Crypto, stated that staking services are a highly demanded feature but may be complex for cryptocurrency newcomers. Robinhood has simplified the staking process, enabling users to efficiently contribute to the security of the ETH network while earning rewards.
Tether CEO: Tether's Commodity Liquidity Fund Could Reach $5 Billion by 2026
BitWise Submits ETF Application to the US SEC Tracking 10 Cryptocurrency Index
According to Beincrypto, BitWise has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its 10 cryptocurrency index fund. If approved, this would become the most diversified and comprehensive cryptocurrency ETF in the U.S. market. According to the documents, the fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. BitWise has maintained this initial fund since 2018, linking its value to the ten most valuable cryptocurrencies. The SEC has officially confirmed receipt of the application, marking the beginning of the countdown for the commission to decide whether to reject or approve the application. However, the deadline for the approval of this application has not yet been determined.
Mining News
Bitcoin Mining Company MARA Increases Holdings by 703 BTC, Total Holdings Rise to 34,794 BTC
According to an official announcement, Bitcoin mining company MARA Holdings, Inc. announced that it has acquired an additional 703 Bitcoins through the issuance of $1 billion in zero-coupon convertible preferred notes, bringing the total amount of Bitcoins purchased through this issuance to 6,474, with an average price of $95,395 per Bitcoin. The year-to-date return per Bitcoin is 36.7%. The company currently holds approximately 34,794 Bitcoins, valued at about $3.3 billion based on the current spot price of Bitcoin at $95,000. MARA has repurchased part of its $200 million bonds maturing in 2026; after deducting transaction costs, the remaining proceeds of about $160 million can be used for future purchases if Bitcoin prices decline.
Tether-Backed Northern Data Receives Acquisition Offer for Its Cryptocurrency Mining Division
According to Bloomberg, Northern Data AG is close to finalizing a deal to sell its cryptocurrency mining business, hoping to capitalize on the rising Bitcoin prices in November. Elliot Jordan, Chief Financial Officer of Northern Data, stated that the company has hired bankers to invite bidders to submit offers and is currently reviewing various proposals. Jordan mentioned during a speech at the German Equity Forum on Wednesday: "It is most appropriate to describe it as 'in progress'; we are receiving offers from multiple different sources, and things are going smoothly." Jordan stated that Northern Data has not valued the business, but reports suggest a valuation of $300 million to $500 million before the rise in Bitcoin prices. He told investors: "Clearly, now is the best time to sell this business." Northern Data's main shareholder is the stablecoin issuer Tether, which is seeking to free up funds to expand its AI services. This shift is being explored by many mining companies following the Bitcoin software update in April, which halved their main source of revenue. Earlier in October, it was reported that Northern Data planned to sell its cryptocurrency mining division, Peak Mining.
XT Exchange: Platform's Own Funds Experienced Abnormal Movements, Will Not Affect User Interests
According to an official announcement from XT, the XT exchange detected abnormal transfers in the platform wallet, involving the on-chain address 0xdb3ded7731c781224ec292e2163d9554c094fd7c, with an amount of approximately $1 million, involving 12 different cryptocurrency assets. XT stated that the assets involved in this incident are the platform's own funds and will not affect user interests.
Currently, the technical team is conducting an emergency investigation into this incident and plans to launch a Merkel Tree asset proof system in mid-December.
Earlier reports indicated that cryptocurrency exchange XT.COM was suspected of being hacked and has currently suspended all withdrawals of cryptocurrencies.
Important Data
Base Network Achieved a Record 11.4 Million Transactions in a Single Day Yesterday
According to UnChained, Coinbase's L2 network Base achieved a record 11.4 million transactions in a single day yesterday, setting not only a historical high for the Base network but also a new record for all Ethereum L2s. Analysts noted that while meme coin activity primarily occurs on Solana, the AI agent Clanker on the decentralized network Farcaster is helping to boost meme season and on-chain activity on Base. The large language model Clanker has currently deployed approximately 4,700 different tokens.
Stablecoin Trading Volume Has Soared to $1.8 Trillion So Far in November
According to Cointelegraph, based on a report from CCData on November 27, stablecoin trading volume surged by 77.5% to $1.81 trillion as of November 25. This increase positions centralized exchanges for a potential record high in monthly trading volume for the year. The total market capitalization of stablecoins has continued its upward trend for 14 months, growing by 9.94% in November to reach $190 billion, surpassing the historical high of $188 billion before the collapse of Terra's TerraUSD algorithmic stablecoin in April 2022. Despite this growth, the market share of stablecoins has decreased from 7.22% in October to 5.54% as investors and traders diversified their investments into Bitcoin and altcoins. USDT continues to perform strongly, with its market capitalization growing by 10.5% to $133 billion. USDT accounts for 69.9% of the overall market, followed by Circle's USDC, which saw a 12.1% increase in market capitalization in November to $38.9 billion, the highest level since February 2023. Ethena Labs' USDe also showed growth momentum, with its market capitalization increasing by 42.2% to $3.86 billion.
Deribit: Approximately $10.85 Billion in Nominal Value of BTC and ETH Options Will Expire Tomorrow
According to Deribit data, approximately $10.85 billion in nominal value of BTC and ETH options will expire tomorrow. Among them, the nominal value of the soon-to-expire BTC options is $9.4 billion, with a Put Call Ratio of 0.83 and a maximum pain point of $80,000; the nominal value of the soon-to-expire ETH options is $1.45 billion, with a Put Call Ratio of 0.73 and a maximum pain point of $2,900.
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