Daily Report | U.S. SEC Chairman Gary Gensler will resign on January 20; Musk: Artwork is often used for money laundering and tax evasion; Cboe submits listing applications for 4 Solana spot ETFs to the U.S. SEC
November 22 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- FTX expects restructuring plan to take effect in early January 2025, with user compensation work starting in March
- Cboe submits listing applications for 4 Solana spot ETFs to the US SEC
- US SEC Chairman Gary Gensler will resign on January 20
- Insiders: Trump's "Crypto Advisory Committee" will establish the promised Bitcoin reserve
- Trump Media Technology Group may be considering launching a crypto payment service called TruthFi
- Musk: Artwork is often used for money laundering and tax evasion
"What important events happened in the past 24 hours"
FTX Trading Ltd. and its affiliated debtors announced that FTX is nearing the completion of the final prerequisites for the court-approved bankruptcy restructuring plan, paving the way for FTX to begin distributing compensation to creditors and customers. The effectiveness of the bankruptcy restructuring plan means that the court-approved restructuring plan officially begins implementation. This typically marks that the bankrupt company has completed key steps in the restructuring process, reached agreements with creditors and other stakeholders, and is ready to proceed with actual debt repayment and asset distribution according to the plan.
FTX provided the following updates regarding the expected distribution timeline:
In early December, the debtors expect to finalize arrangements with a professional distribution agent, who will assist FTX in distributing compensation to global customers within supported jurisdictions. At that time, the debtors will provide instructions to guide customers in establishing approved accounts on the existing customer portal.
By the end of December, the debtors expect to announce the exact effective date after the court orders the reserve amount for disputed claims, which is a prerequisite for distribution according to the confirmation order.
The debtors currently expect the bankruptcy restructuring plan to take effect in early January 2025. According to the confirmation order, the first distributions will occur within 60 days after the effective date, targeting convenience creditors allowed to claim under the plan. The record date for the initial distribution will be the same as the effective date.
Cboe submits listing applications for 4 Solana spot ETFs to the US SEC
Bloomberg senior ETF analyst James Seyffart posted on social media: "Cboe has just submitted applications for 4 Solana spot ETFs to the US SEC, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise.
If the SEC does not reject the above filings, the final deadline will be around early August next year."
US SEC Chairman Gary Gensler will resign on January 20
According to an official announcement, US SEC Chairman Gary Gensler will resign on January 20.
The announcement mentioned that in the last full fiscal year, although the cryptocurrency market accounted for less than 1% of the US capital markets, 18% of the tips, complaints, and referrals received by the SEC were related to cryptocurrencies. Courts have supported the commission's actions to protect investors and dismissed all arguments that the SEC could not enforce the law when issuing securities—regardless of the form of the securities issuance.
It is reported that Trump's presidential term will also begin on January 20.
Insiders: Trump's "Crypto Advisory Committee" will establish the promised Bitcoin reserve
According to Reuters, Trump's "Crypto Advisory Committee" is expected to establish the promised Bitcoin reserve. Several crypto companies, including Ripple, Kraken, and Circle, are competing for seats on Trump's crypto advisory committee to seek a voice in US cryptocurrency policy reform.
Two insiders stated that this crypto committee may belong to the White House National Economic Council (responsible for coordinating and implementing presidential economic policies) or an independent White House agency.
According to them and other industry insiders, the committee is expected to provide advice on digital asset policy, work with Congress to advance cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among various agencies, including the SEC, CFTC, and the Treasury Department. One insider also mentioned that the committee may include law enforcement representatives and former policymakers.
Trump Media Technology Group may be considering launching a crypto payment service called TruthFi
According to a trademark application submitted this week, Trump Media Technology Group has filed for a cryptocurrency payment service called TruthFi, describing it as a platform for crypto payments, financial custodial services, and digital asset trading.
The application does not detail how the project will operate, aiming to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project will likely require Trump Media Technology Group to acquire another company, as it currently has fewer than 36 employees.
Musk: Artwork is often used for money laundering and tax evasion
In response to "a banana taped to a wall sold for $6.2 million," Musk stated on X: "Artwork is often used for money laundering and tax evasion. This largely explains the apparent absurdity."
Binance CEO Richard Teng stated in the Binance Square "Celebrating Binance CEO's One-Year Anniversary" AMA that Binance has a strict and comprehensive due diligence process to determine which tokens or projects can be listed on the platform, including Launchpool, Megadrop, etc.
Richard Teng pointed out that there is an independent team within Binance responsible for research and evaluation, which does not interact with the outside world to ensure their independence and that they are not improperly influenced in decision-making and evaluation.
Richard Teng stated that the key criteria for evaluating projects are primarily the quality of the project and the team behind it. Secondly, innovation and project roadmap, and thirdly, market demand and community involvement in project use cases, practical applications, as well as security and compliance.
Sun Yuchen: Willing to donate the banana artwork to Musk, sending it to Mars and the Moon
TRON founder Sun Yuchen tweeted: "I am willing to donate the banana artwork to Musk, sticking it on a SpaceX rocket to send it to Mars and the Moon."
Previously reported, Sun Yuchen purchased Maurizio Cattelan's work Comedian banana for $6.2 million.
The US Department of Justice announced the seizure of the cybercrime platform Popeyetools and charged its administrators Abdul Ghaffar, Abdul Sami, and Javed Mirza, accusing them of selling stolen financial data and assisting in ransomware and fraud crimes. Since 2016, the platform has profited $1.7 million through crypto payments, involving the sale of stolen credit card data and personal identification information. Law enforcement also seized $283,000 worth of cryptocurrency from a wallet controlled by Sami.
US prosecutors stated that this action benefited from international law enforcement cooperation, successfully dismantling the platform that provided services such as "Live Fullz" and financial data verification tools. If convicted, the defendants could face up to 10 years in prison for each charge.
Insiders: Trump has proposed selecting financier Kevin Warsh as Treasury Secretary
According to Jinshi reports, insiders revealed that US President-elect Trump has proposed selecting financier Kevin Warsh as his Treasury Secretary, with an understanding that Warsh may be nominated to lead the Federal Reserve when Jerome Powell's term ends in 2026.
Some insiders said Trump discussed possible arrangements with Warsh at his private club Mar-a-Lago in Florida on Wednesday. Warsh is a popular candidate to lead the Treasury Department, but as of Thursday evening, Trump had not yet decided who to choose for this key cabinet position. Insiders noted that Trump is still weighing how to handle the vacancy for the Federal Reserve Chair position and may wait until Powell's term ends in May 2026 to make a final decision.
Some of these insiders said Trump is considering appointing investor Scott Bessent to lead the National Economic Council, and if Warsh becomes the Federal Reserve Chair, Bessent would be nominated as Treasury Secretary later in his term.
Russian government says 150 companies have applied for cryptocurrency mining licenses
According to Cryptonews, the Russian Federal Tax Service confirmed that Russian companies are applying for cryptocurrency mining licenses, with 150 applications submitted so far. Federal Tax Service head Daniil Egorov stated that these applications were submitted after November 1. Registrants must provide the Federal Tax Service with the cryptocurrencies they mine, crypto wallet addresses, and other data.
Private miners with a monthly electricity consumption of no more than 6,000 kilowatt-hours (kWh) are exempt from registration.
Global asset management firm WisdomTree to launch XRP ETP on European exchanges
Global asset management firm WisdomTree Investments announced the launch of the exchange-traded product WisdomTree Physical XRP ETP (XRPW), which will be listed on multiple European exchanges, including Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext, with a current management fee rate of 0.50%.
It is reported that WisdomTree's product will be 100% backed by spot XRP, with assets stored in cold wallets and adopting a dual custody model, managed by regulated custodians. Currently, WisdomTree's portfolio has expanded to nine cryptocurrency ETPs, covering Bitcoin, Solana, Ethereum, and more.
CFTC Commissioner calls for accelerated cryptocurrency policy reform
Cointelegraph reported that CFTC Commissioner Summer Mersinger spoke at the North American Blockchain Summit, calling for the establishment of standard policies for cryptocurrencies through formal notice and comment procedures. Mersinger stated that the current "enforcement-style regulation" approach by regulators towards the cryptocurrency industry is problematic, particularly mentioning the case of Uniswap Labs. She emphasized that the CFTC is the "ideal regulator for the cryptocurrency spot market" because it can implement significant legislative changes quickly without disrupting the market.
Mersinger pointed out that while cryptocurrency entities (including decentralized finance DeFi) are often classified into existing categories and required to comply with the same laws, there is currently no formal registration pathway. She suggested that the cryptocurrency industry should begin outreach immediately after the new government leadership is determined to facilitate early dialogue. Notably, the relatively small settlement amount recently reached by the CFTC with Uniswap reflects a subtle shift in regulatory attitudes.
According to CoinDesk, Binance stated in its latest statement that it expects its full-time compliance team to reach 645 by the end of 2024, a 34% increase from November last year. Including contractors, there are currently over 1,000 employees focused on compliance work.
Binance Chief Compliance Officer Noah Perlman stated that the cryptocurrency industry has entered a new stage of maturity, and regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. The latest compliance talents added include Todd McElduff, former head of global financial crime compliance at PayPal, and special investigation experts Céline Inial and Caner Akyürek from law enforcement in France and Turkey, with nearly 20 years of experience. In 2023, Binance's compliance spending increased by 36% year-on-year.
Data: Total cryptocurrency market capitalization exceeds $3.4 trillion, reaching an all-time high
According to CoinGecko data, the total cryptocurrency market capitalization has exceeded $3.4 trillion, with a 24-hour increase of 1.3%, reaching an all-time high.
"What excellent articles are worth reading in the past 24 hours"
50 unissued projects in the crypto industry worth paying attention to
Attention in crypto is everything?
This year's narrative may belong to Meme, whose frenzy has come in waves, even overwhelming one another.
Bitcoin continues to set records, while altcoins have not seen the expected rise, making value investment a futile endeavor, with founders raising their hands in surrender, self-mockingly saying, "We can also be Meme."
If Meme is a paradise for adventurers, it is filled with stories of crossing classes and overnight wealth, full of survivor bias. In the dark side of the paradise, it ruthlessly cleanses the participants who go with the flow, with "diamond hands" seizing most of the wealth, while "paper hands" are left with nothing.
Then we might consider value investment as a game for honest people. It must be acknowledged that technology and application innovation are still underpinning the entire crypto industry.
Last week, during the Devcon in Bangkok, the annual summit "DeInsight 2024" was officially announced by the Web3 data platform Rootdata, which released the RootData List 2024 Annual Rankings. The list includes five categories: Top 50 Projects (issued), Top 50 Projects (unissued), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
We believe that the most noteworthy category in the list is "Top 50 Projects (unissued)," as these 50 projects may represent the most important investment opportunities in the crypto market in the coming period for value investors. This article will summarize the fundamentals and recent developments of these 50 projects.
Interview with AI & Web3 dating platform Metya COO: Hope to bring more humanistic care to Web3
Recently, Metya COO Christy participated in the "DeInsight 2024" annual summit co-hosted by the Web3 asset data platform RootData and ChainCatcher during Devcon, and took part in a roundtable discussion themed "Social, AIGC and Metaverse," where she expressed that the progress of social interaction has been underestimated, and she looks forward to AIGC's impact on various aspects of daily socializing. After the discussion, ChainCatcher also invited Christy for an interview.
In the context of the growing development of SocialFi, Metya, as an AI-driven Web3 dating platform, adheres to a people-centered principle, aiming to lower social barriers through technology. We are fortunate to interview Metya's co-founder Christy, who will delve into the vision and mission of this unique platform. Christy stated that Metya combines blockchain and AI technology to provide users with a decentralized, privacy-protecting, and incentivized dating experience. Through token incentives, Metya hopes to help users easily find like-minded partners while gaining tangible benefits from interactions.
With its main business in business intelligence (BI) performing mediocrely, MicroStrategy has undoubtedly become one of the big winners in this bull market due to its successful Bitcoin investments. Thanks to Bitcoin's strong momentum, MicroStrategy achieved huge profits after boldly betting on Bitcoin, driving its stock price to soar. This "lying down to win" strategy is attracting more and more imitators trying to replicate its success.
However, while MicroStrategy realizes capital appreciation through Bitcoin's extraordinary returns, the high premium of its stock price has raised market concerns, with well-known short-selling firm Citron publicly stating its short position. Can MicroStrategy's leverage game continue?
What is Kevin Warsh's connection to Crypto?
On November 12, Beijing time, The Wall Street Journal cited insiders revealing that US President-elect Trump is considering appointing former Federal Reserve Governor Kevin Warsh as Treasury Secretary. The report also indicated that Warsh could be nominated as Federal Reserve Chair after the current chair Jerome Powell's term ends in 2026.
Some insiders stated that Trump is considering appointing Scott Bessent to lead the White House Economic Council, and if Kevin Warsh becomes the Federal Reserve Chair, Trump would nominate Scott Bessent as Treasury Secretary later in his term.
On Polymarket, Kevin Warsh's probability of being chosen as Treasury Secretary has risen to 52% in the prediction market regarding "Who will Trump choose as Treasury Secretary?" while Scott Bessent stands at 29%.
Solana: From zero to a historic high of $100 billion, the most perfect rebirth
"I will buy all the SOL you have at the market price of $3 right now, sell it as you wish, and then you can leave." This was the response from FTX founder SBF to a trader who was bearish on Solana on January 10, 2021, "SOL is about to receive huge buy orders because every billionaire in the world is calling me and SBF (to inquire about Solana)." On December 1 of the same year, Multicoin Capital managing partner Kyle Saman tweeted. At that time, the price of SOL had already exceeded $230, with an annual increase of over 150 times, becoming a star in the entire crypto industry.
"Here are the reasons for Solana's chain disappearance and the zeroing of the SOL token." This was a tweet from ETH maximalist James Spediaccid predicting in December 2022 that SOL would be cleared from the crypto market. At that time, SOL was affected by the crypto winter and the bankruptcy announcement of FTX, dropping to a low of $8, with a decline of over 96% in more than a year, nearly reaching zero.
"Only Possible On Solana," as the community collectively shouts this slogan, on November 22, 2024, the price of SOL reached $260, surpassing the previous bull market's peak. From the low to the high, it increased by over 30 times, completing a phoenix rebirth.
