ChainCatcher news, according to East Net reports, Hong Kong's Deputy Secretary for Financial Services and the Treasury, Chan Ho Lam, met with about 10 representatives from the Web 3 and artificial intelligence (AI) industries on Tuesday to discuss the latest developments in Web 3 and AI, sharing insights on the opportunities and challenges brought to the financial services industry.Chan Ho Lam pointed out that Hong Kong currently has nearly 300 Web3-related companies, and there are 3 virtual asset trading platforms licensed by the Hong Kong Securities and Futures Commission, estimating that several more virtual asset trading platforms will obtain licenses within this year.He mentioned that to promote the development of the virtual asset industry, the Financial Services and the Treasury Bureau will submit a bill to the Legislative Council this year to regulate fiat-backed stablecoin issuers, addressing risks related to money laundering and terrorist financing, protecting investors, and promoting healthy and orderly market development. Additionally, there will be a second round of public consultation next year regarding the regulation of over-the-counter trading of virtual assets and a proposed licensing system for virtual asset custodial service providers.

ChainCatcher news, Trump's Treasury Secretary nominee Bessent supports Federal Reserve Chairman Powell to complete his full term.

ChainCatcher news, according to CoinDesk, based on communication records obtained by a research firm commissioned by Coinbase, it was revealed that in 2022, the Federal Deposit Insurance Corporation (FDIC) suspended or blocked cryptocurrency banking operations in many U.S. banks.The research institution hired by Coinbase, History Associates Inc., filed a lawsuit against the FDIC and the Securities and Exchange Commission (SEC) in June of this year, ultimately gaining access to some internal communication records of the FDIC. A large number of heavily redacted documents released on Friday show that this banking regulatory agency had halted digital asset-related products and services offered or planned by several banks.According to one of the 23 letters shared by the cryptocurrency exchange, the regulator wrote: "We urge you to suspend all activities related to crypto assets. The FDIC will notify all banks under its supervision when it makes a decision regarding the regulatory expectations for engaging in activities related to crypto assets."Coinbase Chief Legal Officer Paul Grewal believes that these letters are conclusive evidence that crypto companies have been systematically cut off from banking services by regulators. Paul Grewal stated, "The FDIC has developed a coordinated plan and executed it without hesitation, depriving a legitimate U.S. industry of banking services. This should give everyone pause."

ChainCatcher news, according to Bloomberg, former U.S. Treasury Secretary Lawrence Summers dismissed the idea of the government establishing a Bitcoin asset reserve, calling it "too crazy" and merely catering to special interest campaign donors.During his campaign, Trump proposed that the government retain tokens, and his allies wanted to scale up to reduce the national debt, as well as appoint a cryptocurrency supporter as the SEC chairman. Summers also stated that Musk's plan to cut $2 trillion in spending is politically very difficult to achieve.

ChainCatcher news, the Chief of Staff and Chief Secretary of the South Korean Presidential Office collectively resigned. (Jinshi)

ChainCatcher news, according to The Washington Post, in the early hours of Tuesday local time, U.S. Secret Service agents fired a shot at a carjacker attempting to break into the vicinity of Treasury Secretary Yellen's home. No one was hit, and the suspect has not been arrested yet. (Jin Ten)

ChainCatcher news, according to Cointelegraph, the UK Advisory Committee on Business Appointments (ACOBA) has approved former Northern Ireland Secretary John Baker to serve as an advisor to the Bitcoin investment firm Axiom. Baker will join the company's second venture capital fund, Axiom Venture Fund II, as a part-time advisor.Axiom announced in August this year plans to raise $75 million for its second venture capital fund. To mitigate potential risks, the committee has set several restrictions on Baker's appointment, including a ban on using government confidential information for Axiom's benefit for the next two years, prohibiting lobbying the UK government, and not providing advice to Axiom in areas related to his former ministerial role.

ChainCatcher news, according to Bloomberg, based on the Bloomberg Billionaires Index, the personal wealth of Howard Lutnick, the Commerce Secretary nominated by Trump, is now at least $2.2 billion (mostly tied to the privately held Cantor Fitzgerald and its related companies). A person familiar with his financial situation stated that Lutnick's net worth may actually be close to twice that figure.

ChainCatcher news, according to AXIOS, Trump is considering appointing an artificial intelligence minister to coordinate federal policy and the government's use of emerging technologies.

ChainCatcher news, AXIOS analyzes the core economic agenda of U.S. Treasury Secretary nominee Scott Bessenet's "3/3/3" policy guideline, which aims to reduce the budget deficit to 3% of GDP, achieve a 3% annual economic growth rate, and increase domestic oil production by 3 million barrels per day.Currently, the U.S. deficit is expected to remain between 6% and 7% of GDP in the coming years, forming a spiraling upward trend that may pose a risk of significant interest rate increases, thus the first agenda will satisfy the "deficit hawks." Regarding the second agenda, the U.S. has historically achieved around 3% growth for a long time, but this goal may conflict with Trump's immigration restriction policies. As for the third agenda, U.S. oil production is currently around 13 million barrels per day, with a market oversupply, and energy executives have questioned the geological feasibility of further significant increases in production.

ChainCatcher message, cryptocurrency supporter Howard Lutnick, who has been nominated by Trump as Secretary of Commerce, previously stated that he would resign from his positions at Cantor, BGC, and Newmark after Senate approval. Howard Lutnick currently serves as CEO of Cantor, and he plans to transfer the company's Tether business relationships to a colleague, who is reportedly likely to be his son Brandon Lutnick. Brandon Lutnick previously interned in Tether's Swiss operations and is currently working at Cantor. It is said that during his internship in Lugano, he counted the gold bars backing Tether Gold, which supports Tether's value of $660 million.

ChainCatcher news, according to The Wall Street Journal, Scott Bessenet stated in his first interview after being nominated by President-elect Trump as the U.S. Secretary of the Treasury that his policy focus will be on fulfilling Trump's various tax cut promises. These measures include making the tax cuts from his first term permanent and eliminating taxes on tips, Social Security benefits, and overtime pay. Bessenet stated that imposing tariffs and cutting spending, as well as "maintaining the dollar's status as the world's reserve currency," will be key priorities.The report noted that Bessenet is one of Trump's closest advisors, adding depth to Trump's economic proposals and defending his more aggressive trade policy plans. He believes that President-elect Trump's plans to extend tax cuts and relax regulations in certain areas of the U.S. economy will create an "economic bonanza."

ChainCatcher news, boosted by the nomination of Scott Basset as Treasury Secretary by the elected President Trump, most Asian currencies strengthened against the US dollar in the Asian morning.Four members of the Commonwealth Bank of Australia's (CBA) global economic and market research stated in a report: "It is reported that Basset tends to favor a weaker dollar and supports the 'shadow' chair strategy of the Federal Open Market Committee (FOMC)." Meanwhile, the FOMC meeting minutes to be released this week may reveal discussions regarding the potential reduction of the federal funds rate and views on core inflation in the United States. (Jin Shi)

ChainCatcher message, former Goldman Sachs executive and founder of macro research firm Real Vision Raoul Pal posted on social media, "New Treasury Secretary Scott Bessent supports using a weak dollar and low oil prices to drive growth in the U.S. and global economy. That's all you need to know. It will boost financial conditions. Scott is good for your bag. I've known him for over a decade, and he understands this."

ChainCatcher news, according to The Block, U.S. President-elect Trump plans to appoint former Bakkt CEO and former Senator Kelly Loeffler as Secretary of Agriculture. Loeffler will also serve as co-chair of Trump's inauguration committee. Notably, Loeffler's husband, Jeff Sprecher, is the founder and CEO of ICE, the parent company of the New York Stock Exchange, which is the founding and major shareholder of Bakkt.Additionally, according to the Financial Times, Trump's social media company Trump Media and Technology Group (TMTG) is in advanced negotiations for an all-stock acquisition of Bakkt. Trump holds a 53% stake in TMTG. According to reports, Bakkt plans to build an institutional investor trading platform and may gradually shut down its licensed cryptocurrency custody business in New York.