Daily Report | CFTC Chairman to resign on Trump's inauguration day; Backpack Exchange has acquired FTX EU; Binance Alpha adds HAT, AIXCB, NEUR
January 7 News Overview整理：Fairy，ChainCatcher
重要资讯：
- U.S. court documents show the number of victims in the Do Kwon case may exceed one million
- CFTC chairman to step down on Trump’s inauguration day, stating that regulation of digital assets remains insufficient
- Backpack Exchange has acquired FTX EU, with Backpack EU expected to launch in the first quarter
- Musk: After addressing dollar inflation, the dollar price for buying cryptocurrencies will actually decrease
- Upbit will list Sonic SVM (SONIC) trading pairs with KRW, Bitcoin, and USDT
- Binance Alpha adds HAT, AIXCB, NEUR
- Ripple CEO: The company's original $11 billion valuation is "severely outdated"
- The 14th U.S. state is preparing to introduce "strategic Bitcoin reserve" legislation
"What important events happened in the past 24 hours"
CFTC chairman to step down on Trump’s inauguration day, stating that regulation of digital assets remains insufficient
According to the Financial Times, CFTC chairman Rostin Behnam will step down on January 20, the day of President Donald Trump's inauguration.
Behnam is concerned that regulation of digital assets, including Bitcoin and other cryptocurrencies, remains insufficient. He stated, "There is still a large portion of the digital asset space that is unregulated in the U.S. regulatory framework, and given the adoption we see from some traditional financial institutions and the huge demand from retail and institutional investors for these products, it is very important to fill this gap."
He noted that the CFTC is still "well-positioned to become the spot regulator for digital commodity assets."
Musk: After addressing dollar inflation, the dollar price for buying cryptocurrencies will actually decrease
Musk posted on X, stating, "If dollar inflation is resolved, under the same conditions, the dollar price for buying cryptocurrencies will actually decrease. What matters is the ratio of the dollar to cryptocurrencies."
Binance to launch COOKIE, ALCH, and SWARMS 1-75x USDT perpetual contracts
Binance's contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75x:
January 7, 2025, 19:30 (UTC+8): COOKIEUSDT perpetual contract
January 7, 2025, 19:45 (UTC+8): ALCHUSDT perpetual contract
January 7, 2025, 20:15 (UTC+8): SWARMSUSDT perpetual contract.
Backpack Exchange has acquired FTX EU, with Backpack EU expected to launch in the first quarter
FTX's European branch, FTX EU, has been acquired by Backpack Exchange for $32.7 million. FTX EU previously held a MiFID II license issued by the Cyprus Securities and Exchange Commission (CySEC).
The company's new European entity will offer a range of crypto derivatives services across the EU, including perpetual futures. As part of the transaction, Backpack EU will be responsible for distributing funds to FTX EU customers according to the court-approved bankruptcy claims process.
After reactivating the license, Backpack EU is expected to launch in the first quarter of 2025.
Upbit will list Sonic SVM (SONIC) trading pairs with KRW, Bitcoin, and USDT
According to an official announcement, Upbit will list Sonic SVM (SONIC) trading pairs with KRW, Bitcoin, and USDT.
Deposits/withdrawals are expected to start at 20:00 on January 7, with the trading support start time to be announced later.
Binance Alpha adds HAT, AIXCB, NEUR
According to official news, Binance Alpha has added HAT, AIXCB, NEUR.
- Top Hat is an AI agent issuance platform on the Solana chain;
- aixCB Capital is a community-supported, AI-driven venture capital project;
- Neur is an open-source full-stack application that integrates LLM models and blockchain technology.
Reddit collectible avatar NFT project leader resigns, raising user concerns about product prospects
Bianca Wyler, the leader of the Reddit collectible avatar project, announced on LinkedIn, "My journey at Reddit has come to an end. While I am saddened by this transition, I am incredibly proud of what I achieved during that time." NFT holders of Reddit Collectible Avatars (RCA) expressed concerns about the future of the product upon hearing the news.
Some Reddit users noticed that Wyler's recent comments on her Reddit account had been deleted, raising further concerns that her seemingly sudden departure might signal upcoming adjustments to the avatar project by the social platform. In an interview, Wyler revealed that her departure reflects a natural shift in social media companies exploring new technologies and adjusting priorities. While uncertain about the direction of the RCA project, she believes Reddit will continue to benefit the community.
Launched in July 2022, RCA was marketed as limited-edition artwork created in collaboration with independent creators. According to Dune Analytics, the total number of holders of these NFTs has exceeded 33.5 million. Since peaking at the end of 2022, sales of these NFTs have not kept pace, with monthly secondary market trading volumes hovering around $100,000 in the last three months of 2024, and trading volumes have declined since their peak in 2022.
Bitwise research director: The number of Bitcoins held by enterprises has grown to 590,649, a year-on-year increase of 63%
Bitwise research director Ryan Rasmussen stated that over the past year, the number of Bitcoins held by enterprises has increased from 262,635 in Q4 2023 to 590,649 in Q4 2024, a growth of 63%.
Ripple CEO: The company's original $11 billion valuation is "severely outdated"
Ripple CEO Brad Garlinghouse announced that with the rise in XRP prices and the growing demand for Ripple's blockchain solutions, the company's original $11 billion valuation is "severely outdated." In an interview, he mentioned that the value of XRP held by Ripple has exceeded $100 billion, becoming a key factor in reshaping the company's valuation outlook. Ripple's last valuation of $11 billion was in early 2024 when the company repurchased $300 million worth of stock.
Garlinghouse pointed out that compared to cryptocurrency-related companies like MicroStrategy, Ripple's trading price in the private market is far below its net asset value. He stated, "The value of XRP we hold has exceeded $100 billion, while MicroStrategy's trading price is three times its net asset value, yet Ripple has been undervalued." In the interview, Garlinghouse reiterated the company's focus on the B2B sector, including banks, payment providers, and enterprises, where Ripple offers solutions such as custody and cross-border payments. Garlinghouse also emphasized that its stablecoin RLUSD will utilize XRP rather than replace it, thereby enhancing its liquidity and opening up more possibilities for utilizing Ripple's decentralized exchange (DEX) and automated market maker (AMM) features.
Ripple's growth has also benefited from changes in the legal environment. Garlinghouse believes that the departure of SEC Chairman Gary Gensler and new regulatory clarity from the government have brought a "turning point" for Ripple. He stated, "The winds have changed; although 95% of our clients are outside the U.S., I expect interest from the U.S. side to return in the coming months."
The 14th U.S. state is preparing to introduce "strategic Bitcoin reserve" legislation
According to Dennis Porter, co-founder of the Satoshi Action Fund, the 14th U.S. state is now preparing to introduce "strategic Bitcoin reserve" legislation.
Nasdaq applies to raise BlackRock Bitcoin spot ETF's position limit to 250,000 shares
According to a publicly available regulatory document, Nasdaq has submitted an application to the U.S. Securities and Exchange Commission (SEC) to raise the position limit for BlackRock's Bitcoin ETF (IBIT) from 25,000 shares to 250,000 shares. It is important to note that this application still requires SEC approval to take effect, and the position limit refers to the maximum number of shares that a single investor or institution can hold in the ETF.
The head of Bitwise Alpha Strategies commented, "Given the continuous increase in trading volume for this ETF, it would be reasonable to raise the position limit to at least 400,000 shares. Nasdaq and BlackRock's request is reasonable and supported by facts."
Cryptocurrency exchange Gemini agrees to pay $5 million to settle CFTC lawsuit
Cryptocurrency exchange Gemini Trust Co., founded by the Winklevoss twins, has agreed to pay $5 million to settle a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The lawsuit claimed that Gemini misled derivatives regulators when attempting to launch the first U.S.-regulated Bitcoin futures contracts. On Monday, documents signed by both parties disclosed this settlement agreement, thereby avoiding a trial set to begin on January 21 (the day after Trump's second inauguration as U.S. president). Gemini neither admitted nor denied liability in this case.
In 2022, the CFTC filed a lawsuit against Gemini in Manhattan federal court, accusing the exchange of making false and misleading statements about how to prevent Bitcoin price manipulation. On Monday, U.S. District Judge Alvin Hellerstein approved this settlement agreement. Last November, Judge Hellerstein rejected Gemini's request, ruling that a jury must determine whether the 32 statements made by Gemini executives to regulators were misleading.
Gemini still faces a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accuses the exchange and cryptocurrency lending company Genesis Global Capital of illegally raising billions of dollars in crypto assets from investors through the so-called Gemini Earn program. In February of this year, Gemini agreed to return at least $1.1 billion to customers as part of another settlement reached with New York regulators.
U.S. court documents show the number of victims in the Do Kwon case may exceed one million
Prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that the collapse of the Terra ecosystem may have resulted in over one million victims worldwide. On January 6, Daniel Gitner, the acting U.S. attorney for the Southern District of New York, informed the court in submitted documents about the procedures for notifying Kwon's victims of their rights in the criminal case. According to the U.S. attorney, the government will establish a website for public procedures regarding the Kwon case, as other methods of providing rights protection for victims are "impractical."
Gitner stated, "Given the massive volume of transactions involving Terraform cryptocurrencies and the manner in which these transactions were conducted (many of which were done on foreign exchanges through digital asset wallets or cryptocurrency trading accounts without personal identifying information), while it is difficult to precisely quantify the number of Kwon's victims, the government estimates that the number of victims in this case exceeds several hundred thousand individuals and entities, and may total over one million."
Previous reports indicated that Kwon is expected to appear in court again on January 8.
"What excellent articles are worth reading in the past 24 hours"
Arthur Hayes' new article: How does dollar liquidity boost the new crypto market trend in 2025?
In this article, Hayes analyzes how dollar liquidity affects the cryptocurrency market, particularly the price movements of Bitcoin, by explaining the Federal Reserve's reverse repurchase operations (RRP) and the cash flow of the Treasury General Account (TGA), exploring how increased dollar liquidity drives the rise of cryptocurrency and stock markets. In the first quarter of 2025, approximately $612 billion in dollar liquidity is expected to be injected, which may positively impact the market. Finally, the author mentions that the Maelstrom fund is investing in the DeSci field and holds a bullish outlook for the future market.
Aave team publicly criticizes the Ethereum Foundation: Founders and team should "not just focus on shipping"
The largest lending protocol in the Ethereum ecosystem, Aave, initiated a wave of "diss the Ethereum Foundation" comments in the community yesterday (6). Marc Zeller, a founder of the Aave contribution team, criticized the Ethereum Foundation's inaction in recent years on X, arguing that most of the idle positions and team leaders at the Ethereum Foundation should be immediately dismissed, and while not mentioning Ethereum founder Vitalik Buterin, many believe he should also bear some responsibility.
The next Dogecoin and SHIB? A brief discussion on Murad's SPX and GIGA
With a muscular build, a wide and plump chin, and a toothy grin showcasing a mysterious smile.
Yes, this is the kind of thing that might not fit your definition of a "handsome man," but in today's online world, his hardware conditions define the concept of "handsome man," he is "Gigachad."
We all know that "Memeologist" Murad became famous for SPX, and the similarly named Memecoin GIGA is also one of Murad's favored Memecoins. Recently, Murad stated on his social media that "#SPX6900 and GIGA will become the DOGE and SHIB of this cycle."
In the past week, SPX and GIGA have performed well. According to Coingecko data, SPX currently has a market cap of about $1.4 billion, ranking among the top 10 Memecoins, with over 80% growth in the past week, leading the gains, even surpassing the currently popular ai16z. $GIGA's performance is slightly weaker, with a market cap of about $800 million, ranking as the 15th largest Memecoin, with approximately 40% growth in the past week.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of January 7, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: KEKIUS, SEN, POPPY, GATSBY, SPX
The top five popular Solana tokens in the past 24 hours are: sCat, PEPECLUB, RANDOM9, FLSHR, KEKE
The top five popular Base tokens in the past 24 hours are: VIRTUAL, CATOF, BRIAN, AIXBT, AKUMA
