Daily Report | Trump appoints David Sacks as head of the cryptocurrency sector; Binance will launch Across Protocol (ACX) and Orca (ORCA); Zhao Changpeng: Satoshi Nakamoto's early and permanent retirement is the best part of Bitcoin's design
December 6 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Florida is expected to launch a strategic Bitcoin reserve in Q1 2025
- Musk will represent DOGE at Capitol Hill to discuss federal government reforms
- Zhao Changpeng: Satoshi Nakamoto's early and permanent retirement is the best part of Bitcoin's design
- Market news: Trump appoints David Sacks as head of the crypto sector
- Australia to crack down on cryptocurrency ATM providers due to money laundering risks
- Sources: SEC rejects two applications for SOL spot ETFs
- Hong Kong's "Stablecoin Regulation Draft" published, set to be submitted to the Legislative Council for first reading on December 18
- Trump: David O. Sacks will work to establish a legal framework for crypto, ensuring the industry thrives in the U.S.
"What important events happened in the last 24 hours"
Florida is expected to launch a strategic Bitcoin reserve in Q1 2025
According to The Street, Florida is expected to launch a strategic Bitcoin reserve in the first quarter of 2025. Samuel Armes, president of the Florida Blockchain Business Association (FBBA), stated that Florida "is very likely to establish a strategic Bitcoin reserve during the upcoming legislative session (starting in Q1 2025)."
It is reported that the plan is based on Florida's existing investments in Bitcoin and crypto-related assets, which are made through its $185.7 billion pension fund, the fourth largest pension fund in the U.S. Armes mentioned, "Florida has already invested in Bitcoin and crypto-related assets through our pension fund." He suggested allocating 1% of Florida's $185.7 billion pension fund, which amounts to $1.857 billion.
Musk will represent DOGE at Capitol Hill to discuss federal government reforms
According to apnews, Musk and Vivek Ramaswamy will head to Capitol Hill to discuss significant reform ideas with Republican members of the House and Senate aimed at "achieving regulatory rollbacks, administrative cuts, and cost savings."
Previously, elected President Trump announced on November 12 that Musk and Vivek Ramaswamy would jointly lead the Department of Government Efficiency (DOGE) after he takes office, paving the way for dismantling government bureaucracy, cutting unnecessary regulations and wasteful spending, and restructuring federal agencies. All of this is part of Trump's "Save America" agenda for his second term in the White House.
Binance founder Zhao Changpeng commented under a social media post discussing Satoshi Nakamoto's identity, stating, "The best part of Bitcoin's design is Satoshi Nakamoto's early and permanent retirement."
Market news: Trump appoints David Sacks as head of the crypto sector
According to market news, Trump has appointed PayPal co-founder David Sacks as the head of the crypto sector, responsible for leading U.S. policy and regulatory affairs in the cryptocurrency space. David Sacks is a well-known Silicon Valley investor and a supporter of blockchain technology.
Australia to crack down on cryptocurrency ATM providers due to money laundering risks
Australia's national financial intelligence agency has prioritized cryptocurrency for the coming year and is forming a new task force to crack down on cryptocurrency ATM providers that may violate anti-money laundering laws.
Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), stated in a December 6 announcement that the agency will focus on the cryptocurrency industry in 2025. He said, "Cryptocurrency and crypto ATMs are attractive avenues for criminals to launder money because they are easily accessible and allow for near-instant and irreversible transfers. This is the first step AUSTRAC is taking to reduce cryptocurrency crime in Australia. Next year, we will focus on this industry."
According to AUSTRAC, the task force will focus on ensuring that crypto ATM operators meet minimum standards to minimize the risk of illegal cash transactions through the machines. Leading cryptocurrency ATM providers in Australia include Coinflip, which has 680 ATMs; Localcoin, with 465 ATMs; and Cryptolink, with 75 ATMs.
Crypto ATM operators have been required to register with AUSTRAC, conduct transaction monitoring, and perform Know Your Customer (KYC) checks on users.
Sources: SEC rejects two applications for SOL spot ETFs
According to FOX Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has notified at least two applicants for SOL spot ETFs that their submitted 19b4 filings will be rejected. Sources revealed that the SEC is unlikely to approve any new cryptocurrency ETF applications during the current administration.
According to a press release from the Hong Kong Special Administrative Region government, Hong Kong published the "Stablecoin Regulation Draft" in the gazette today to introduce a regulatory framework for fiat-backed stablecoin issuers in Hong Kong. The draft aims to improve the regulatory framework for virtual asset activities to address the potential risks that fiat-backed stablecoins pose to financial stability, ensuring sufficient protection for users and leveraging the benefits that virtual assets and their related technologies can bring. Under the proposed licensing system, anyone engaging in any of the following activities must obtain a license from the Financial Management Commissioner:
(i) Issuing fiat-backed stablecoins in Hong Kong as part of their business;
(ii) Issuing fiat-backed stablecoins that claim to be pegged to the value of the Hong Kong dollar as part of their business;
(iii) Actively promoting the issuance of their fiat-backed stablecoins to the public in Hong Kong.
To effectively implement the system, the draft also proposes granting the Financial Management Commissioner necessary regulatory, investigative, and enforcement powers. The draft will be submitted to the Legislative Council for first reading on December 18.
Trump announced the appointment of well-known Silicon Valley investor David O. Sacks as the White House Director of Artificial Intelligence and Cryptocurrency. He posted on the social media platform Truth Social, stating, "I am pleased to announce that David O. Sacks will serve as the 'White House AI and Cryptocurrency Director.' In this important position, David will guide government policy in two areas critical to America's future competitiveness: artificial intelligence and cryptocurrency.
David will work to make the U.S. a clear global leader in both fields. He will protect free speech online, keeping us away from the biases and censorship of big tech companies. He will work to establish a legal framework that provides the clarity the cryptocurrency industry has long sought, allowing it to thrive in the U.S. David will also lead the President's Council of Technology Advisors. David possesses the knowledge, business experience, wisdom, and pragmatism to make America great again in these two critical technologies. Congratulations to David!"
Since June of this year, seven publicly listed Bitcoin mining companies have raised a total of $5.2 billion through convertible bonds. Of this, 70% (or $3.6 billion) was raised in the past four weeks.
MARA and Core Scientific have raised over $2.4 billion through zero-coupon convertible bonds in recent weeks, with MARA alone raising $1.85 billion. The conversion prices for both companies are about 40% higher than the average stock price at the time of issuance.
Richard Charles Appelbaum III, a man from Highland, Maryland, was sentenced to three years in prison for laundering millions of dollars through cryptocurrency and ordered to repay $2.3 million.
The 40-year-old Appelbaum conspired with others to transfer proceeds from business email compromise (BEC) and romance fraud schemes into cryptocurrency through Coins2trade. Under the recruitment of a significant figure in cryptocurrency known as "E.S.," he received training to open fraudulent business and personal accounts, concealing the connection of these accounts to cryptocurrency. Over 36 victims were defrauded, and Appelbaum laundered $3.5 million, transferring funds to different accounts to obscure their source. The FBI led the investigation, uncovering 34 wire transfers totaling $8.3 million related to the fraud.
DEXX officially announced on social media that the hacker attack on November 16 affected approximately 12,413 addresses across the Solana, ETH, BASE, and BSC blockchains, resulting in losses including 32,969 SOL, 634.56 ETH, 204.69 BNB, and other tokens. The compensation plan includes:
- Developing a compensation module, with security guidance features for high-risk users and wallets already in the testing phase for subsequent compensation work;
- Continuously tracking hacker addresses and compensating affected users as soon as assets are recovered;
- 80% of the platform's daily revenue will be regularly used for compensation of affected users' associated addresses, with the remainder used to maintain the team's daily operations and development work;
- Implementing a debt-to-equity conversion plan to provide equity compensation to affected users based on financing valuation;
- Seeking financing solutions, with funds to be separately allocated for compensation plans for affected users upon completion of financing;
- The platform will airdrop some platform tokens as additional rewards for affected users.
Regarding financing, DEXX stated that it is actively pursuing equity financing and has made some progress, coordinating and communicating with potential institutions to support subsequent compensation and operational work.
Binance to list Across Protocol (ACX) and Orca (ORCA)
According to an official announcement, Binance will list Across Protocol (ACX) and Orca (ORCA) and add seed tags for them.
Binance will list Across Protocol (ACX) and Orca (ORCA) for trading on 2024-12-06 at 13:00 (UTC), opening trading for the ACX/USDT and ORCA/USDT spot trading pairs.
According to Cointelegraph, the top 10 publicly listed companies currently hold over 527,000 BTC, accounting for 2.66% of the Bitcoin supply.
According to Coindesk, Citi released a research report on Thursday, with analysts led by Alex Saunders writing that the nomination of Paul Atkins, a digital asset-friendly figure, as SEC chairman provides the final push needed for Bitcoin to break $100,000.
As adoption grows, Bitcoin continues to be supported by ETF funds and other purchasing power. However, altcoins may benefit more from a more relaxed regulatory environment, as Bitcoin's dominance has recently declined.
Analysts added that no significant increase in on-chain activity has been observed yet. In the long run, the utility or value of the network will be tied to its usage, macro relevance, and production costs.
Analysis: $96,870 is the most important support level for BTC
Crypto analyst Ali posted on X platform that $96,870 is the most important support level for BTC, with 1.45 million addresses holding 1.42 million BTC. As long as BTC maintains this price level, it is likely to continue rising.
"What are the must-read articles from the last 24 hours"
Last month, the total financing amount reached $450 million, with 90 financing events. VC coins continue to be impacted, while meme coins are thriving.
This article excerpts some key insights from Chris Dixon, founding partner and managing partner of a16z Crypto, in his new book "Read Write Own: Trends and Potential of Blockchain Networks Opening New Opportunities in WEB3," compiled from related tweets by a16z:
Looking for deeper insights into the world of technology, business, and startups? Want to understand the history and future of the internet? Need a concise explanation of the cryptocurrency and blockchain movement and its significance? We have the answers for you.
Here, we have selected the sharpest excerpts and most provocative insights from the New York Times bestseller "Read Write Own." This book is densely packed with information, deeply analyzing the hidden structures that determine how money and power flow in the network. The author, Chris Dixon, with his decades of experience investing in startups, reveals how the networks that dominate our lives operate and how to restructure these networks to truly empower internet users.
The insights explored in "Read Write Own" provide a new way of thinking about business and life—from fostering innovation to seizing disruptive opportunities to boldly betting on unconventional directions. OpenAI CEO Sam Altman described this book as "a compelling vision of the future of the internet and how to achieve it." Whether you are passionate about the crypto space, just starting to learn, or simply curious about the tumult in this field, this book can bring you value.
Here are the most compelling excerpts from the book, each containing significant insights:
This article summarizes the origins of Bitcoin and some current community speculations about "who is Satoshi." This summary, aided by GPT, may contain inaccuracies.
On December 5, the price of BTC broke $100,000, setting a new historical high.
This bull market has finally come as we wished. After a market downturn since March this year, we have finally welcomed a significant market explosion after waiting for half a year, with the Federal Reserve cutting interest rates, Trump being elected, and the SEC chairman about to resign, leading to a surge in market trading sentiment. On December 5, Bitcoin even broke the $100,000 mark for the first time, with the market generally believing that a bull market peak may occur in the first half of next year.
However, an improving market does not mean that every trade will be profitable. As the saying goes, being good at buying is just a novice skill; knowing when to sell is the true mastery.
The author analyzes the mistakes made in trading based on past failures with two cryptocurrencies, providing insights for beginners to avoid pitfalls.
Old public chains surge, finding hundredfold opportunities on the shoulders of MEME launch platforms
Everyone underestimated the resilience of old public chains, and after the new public chain craze ended, the carnival belonging to old public chains has arrived.
EOS tripled in one month; XLM increased sixfold in one month; while XRP quadrupled in one month, surpassing Solana in market capitalization to become the third largest cryptocurrency by market value.
