Daily Report ｜ The U.S. SEC is investigating OpenAI's internal documents to determine whether it misled investors; Coinbase surpasses the Hong Kong Stock Exchange to become the fourth largest listed exchange in the world

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Past 24 Hours"

1. The U.S. SEC is investigating OpenAI's internal documents to confirm whether it misled investors
According to ChainCatcher and a report by Forbes, the U.S. Securities and Exchange Commission (SEC) is investigating whether OpenAI misled its investors during an inquiry triggered by the temporary ousting of CEO Sam Altman last year. (Source link)

2. Hong Kong SFC CEO: Those who have not applied for virtual asset trading platform licenses must cease operations in Hong Kong by the end of May
According to ChainCatcher and a report by RTHK, Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder stated that relevant service providers who have not submitted license applications must cease operations in Hong Kong by May 31. The list of applicants is expected to be updated tomorrow.

Additionally, the SFC issued a circular last November regarding tokenized recognized investment products, providing very clear guidelines for intermediaries engaged in tokenized securities activities, including due diligence and risk disclosure requirements. (Source link)
3. Coinbase surpasses Hong Kong Stock Exchange to become the fourth largest listed exchange globally
According to ChainCatcher and a report by Ming Pao, since the U.S. SEC announced the approval of Bitcoin spot ETF listings in January, the market value of Coinbase, the world's second-largest cryptocurrency exchange, has surged, surpassing $50 billion (currently $48.649 billion) this week, exceeding that of the Hong Kong Stock Exchange (HKEX, with a market value of approximately $41.01 billion) and the German Exchange, making it the fourth largest listed exchange globally.

According to Bloomberg data, as of last December, Coinbase's forecasted price-to-earnings ratio reached 124 times among major global listed exchanges, while the HKEX's forecasted price-to-earnings ratio was 26.94 times, still higher than most global exchanges. (Source link)

4. Shiba Inu to launch a privacy-focused new network on Shibarium chain to empower SHIB token
According to ChainCatcher and a report by CoinDesk, Shiba Inu announced it will launch a privacy-focused new network on the Shibarium blockchain to empower the SHIB token.

It is reported that Shiba Inu is collaborating with open-source crypto company Zama to develop this network, with the exact mechanism known as Fully Homomorphic Encryption (FHE), a privacy tool that allows developers to use data in untrusted domains without decryption.

Additionally, the new privacy layer allows developers to add a centralized network on top of Shibarium, which is a Layer 2 network that settles transactions on the Ethereum blockchain. (Source link)

"What Interesting Articles Are Worth Reading in the Past 24 Hours"

1. “Bitcoin Surges Nearly 50% in a Month, Breaking $64,000 - What’s Driving This Rally?”
With yesterday's continued surge, BTC successfully broke through the $60,000 mark and briefly rose to $64,000 early this morning, with a daily increase of nearly 10%. Currently, Bitcoin has reached historical highs against various fiat currencies, including the RMB, JPY, KRW, and AUD, causing a stir in the crypto market, and Bitcoin has successfully returned to the top ten global assets by market value.

In just the month of February, BTC rose about 50%, becoming the best-performing major asset since the beginning of 2024.

According to data on investment returns from major global capital markets, the Russian stock index has the largest year-to-date increase of 40.65%, followed by the Nasdaq index with an increase of 38.7%. Although the commodity market has also shown strong growth momentum in 2024, BTC's increase still leads, as gold, one of the representatives of commodities, reached a historical high in 2024 but saw a smaller increase compared to BTC.

Some investors have dubbed this bull market as "epic," but for most investors, the "50% monthly increase" of BTC was unexpected.

What exactly is driving BTC's relentless rise, pushing it close to $65,000?

2. “Interview with the 'Father of Blockchain': Blockchain Was Born for NFTs, Not Cryptocurrencies”
When Scott Stornetta and Stuart Haber invented blockchain, they envisioned something akin to NFTs, not digital currencies. Jason Bailey (founder of the art and technology blog Artnome.com) had an in-depth conversation with Scott Stornetta and Stuart Haber, discussing the vision of blockchain at its inception over thirty years ago and its subsequent evolution.

3. “Why Has 'Restaking' Taken Over Social Media?”
The Restaking protocol proposed by EigenLayer has recently gained increasing attention, offering new solutions to many issues and becoming an important narrative in the liquid staking derivatives space. The following briefly discusses "restaking" and some related underlying implementations and security risks.