The Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, mining information, project dynamics, technological advancements, and other industry dynamics from the week. This article is one of the news weekly, giving you an overview of major events in the blockchain industry this week.
Headline
▌Economic Daily publishes article: Will Bitcoin become a US reserve asset?
Economic Daily publishes an article titled 'Will Bitcoin Become a US Reserve Asset?'
The article states that although the incoming US government shows strong interest in cryptocurrency, making Bitcoin a true national reserve asset will still require passing through multiple 'hurdles'. From a policy perspective, designating Bitcoin as a strategic reserve asset requires a complex legislative process involving coordination among multiple regulatory agencies and balancing interests, as traditional financial institutions, conservative lawmakers, and interest groups skeptical of digital assets may mount concentrated opposition, making implementation not easy. The explosive rise in Bitcoin prices seems to give some people hope of rekindling the process from the collapse of the Bretton Woods system to the establishment of the petrodollar. However, Bitcoin's inherent properties are unstable, and once it becomes a strategic reserve asset, it could present greater challenges for regulators and may also raise alarms in other countries, escalating frictions in the international financial realm. Whether the US economy, which has been eroded by high inflation for days, can withstand its impact remains uncertain.
▌Bitcoin market dominance rises to 57%
According to data from The Block, Bitcoin's market share has reached a high of 57% so far this year, reflecting the increasing share of Bitcoin in the total cryptocurrency market capitalization.
The Block analyst stated that during the last cycle, Bitcoin's dominance once fell to 39%, corresponding to the DeFi boom and subsequent altcoin rebound. The current dominance of 57%, combined with Bitcoin's strong price, may indicate that the market is at the start of this cycle, and BTC is entering a price discovery phase.
▌Trump and Musk observe SpaceX Starship's sixth test flight on-site in Texas
SpaceX Starship's sixth test flight ignites launch, Trump and Musk observe on-site in Texas.
SpaceX stated that the Starship successfully ignited one of its Raptor engines for the first time in space. The sixth flight test of the Starship has been ongoing for about 30 minutes, and all systems still appear normal.
▌Japan advances economic stimulus plan, proposing a unified cryptocurrency tax rate of 20%
The Japanese government announced plans to advance a new economic stimulus plan, expected to be approved by the end of 2024. The plan includes changing the cryptocurrency tax rate from the current maximum of 55% 'miscellaneous tax' to a unified rate of 20%. Additionally, the reform proposal also involves raising the personal tax-free allowance to about $11,345 and cutting fuel taxes and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba promised to work with various parties to promote the legislation.
▌Trump team considers establishing the first ever cryptocurrency-related position in the White House
According to insiders, Trump's team is discussing whether to establish a new position at the White House specifically responsible for cryptocurrency policy in the digital asset industry. Trump's team is reviewing candidates to fill this role. If established, it would be the first position in the White House dedicated to cryptocurrency. Discussions about the position include leading a small team and serving as a liaison between Congress, the White House, and various agencies with jurisdiction over cryptocurrencies, including the SEC and the CFTC. Additionally, sources say former Coinbase and Binance US executive Brian Brooks met with Trump on Tuesday and is also a potential candidate for SEC chair. Coinbase CEO Brian Armstrong also spoke with Trump this week.
Policy
▌US SEC delays decision on Franklin Crypto Index ETF EZPZ
According to a document released on Wednesday, the SEC has delayed a decision on the Franklin Crypto Index ETF EZPZ.
Franklin Templeton submitted a registration statement to the agency in August for a Franklin Crypto Index ETF that will hold both Ether and Bitcoin. If approved, the proposed Franklin Crypto Index ETF will be listed on the Cboe BZX exchange and use Coinbase Custody Trust Company LLC as its digital asset custodian.
The SEC stated in documents: "The Commission believes that a longer period should be designated to act on the proposed rule changes to allow sufficient time to consider the proposed rule changes and the issues raised therein."
▌US SEC begins returning over $4.6 million to BitClave ICO victims
According to the official announcement, the SEC will issue over $4.6 million to investors harmed by BitClave (PTE Ltd.'s unregistered digital asset securities ICO). After the notification and claims process, investors will now receive their respective shares from BitClave, and checks have begun to be sent out.
This payment is part of the settlement that BitClave agreed to pay in 2020, after the SEC accused the search engine of failing to register its 2017 ICO as a securities offering. In 2020, BitClave agreed to compensate about 9,500 investors who purchased its $25.5 million ICO three years prior. BitClave did not admit to any wrongdoing but committed to returning the $25.5 million raised from the ICO and paying about $4 million in additional fines.
▌Cboe submits listing application for four Solana spot ETFs to the SEC
Bloomberg senior ETF analyst James Seyffart posted on social media: "Cboe has just submitted applications for four Solana spot ETFs to the SEC, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject these applications, the final deadline will be around early August next year."
▌Insiders: Former SEC Commissioner Paul Atkins is likely to succeed Gary Gensler as chair
According to insiders, former SEC Commissioner Paul Atkins is currently seen as a top candidate to succeed Gary Gensler as SEC chair. The previous front-runner, Robinhood's general counsel Dan Gallagher, has largely withdrawn from the competition. Atkins, known for his free-market-oriented regulatory style and support for cryptocurrencies, has garnered broad support from the business and cryptocurrency industries. At the same time, Gensler's decision not to seek reappointment as SEC chair has won praise from the business community. Sources indicate that this candidate has not yet been finalized and may still change.
▌Companies including Circle and Ripple are competing for the cryptocurrency advisory committee seat promised by Trump
According to Reuters, a series of cryptocurrency companies, including Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm, are competing for the cryptocurrency advisory committee seat promised by President-elect Donald Trump, seeking to have a voice in his planned US policy reforms.
Trump, while campaigning at a Bitcoin conference in Nashville in July, promised to establish a new committee as part of a cryptocurrency-friendly government. Insiders say his transition team is discussing how to organize and staff the committee and which companies should be included.
▌US court delays ruling on Trump's hush money case
On November 19 local time, the ruling originally scheduled for November 26 in the hush money case involving Trump was canceled. It is reported that the court updated the ruling status in the court records that day but did not provide an explanation. Meanwhile, Manhattan District Attorney Alvin Bragg faces a deadline to provide the court with recommendations on how the case should proceed. (CCTV News)
▌Trump team lists crypto lawyer Teresa Goody Guillen as a candidate for SEC chair
According to sources, Trump's team is considering listing Baker Hostetler partner and co-head of its blockchain team, Teresa Goody Guillen, as one of the candidates for the next SEC chair. Goody Guillen is an experienced securities lawyer with experience serving the SEC and representing blockchain companies and traditional businesses against the agency.
Sources say Trump is looking for a non-bureaucratic supporter of cryptocurrency to overhaul the US Securities and Exchange Commission (SEC). Washington insiders say that unlike the first term of Trump's administration, the election process for a second term is fast and orderly, with the SEC chair expected to be selected before Thanksgiving.
▌Trump nominates cryptocurrency supporter Howard Lutnick as Secretary of Commerce
According to the Wall Street Journal, Trump announced on the 19th local time that he would nominate veteran Wall Street financier Howard Lutnick as the next Secretary of Commerce in the upcoming US government, elevating one of his most outspoken supporters in the financial sector to a key position. Additionally, Lutnick will directly lead the Office of the US Trade Representative. Lutnick is the CEO of financial services firm Cantor Fitzgerald, and in recent months, he has become a close ally of Trump and has been a top contender for Treasury Secretary. If confirmed by the Senate, Lutnick will be responsible for expanding US economic growth and promoting domestic industries. He may also help maintain and expand government-business relations. The Department of Commerce and other agencies will play a key role in implementing the President-elect's proposal to impose tariffs on US imports.
Blockchain applications
▌Magic Eden announces ME token economics: total supply of 1 billion, over half will be allocated to the community
Magic Eden announced its official ME token economics, with a total supply of 1 billion, and the token distribution will be issued within four years, with over half allocated to the community.
Among them, the initial ME allocation for TGE: 12.5%; community and ecosystem: 37.7%; contributors: 26.2%; strategic participants: 23.6%.
ME will be distributed within four years, at which point all ME will be fully circulated, with most allocated to the community. A security committee of five members will be appointed to oversee a multi-signature wallet capable of executing urgent and delayed non-urgent actions to ensure the safety of the community and protocol. The ME Foundation will act as the manager of ME.
▌Crypto wallet Phantom ranks above WhatsApp and Instagram in iOS top free apps
Crypto wallet platform Phantom reached a historic high in the iOS App Store rankings on Wednesday.
Phantom ranks ninth in free iPhone apps, marking Phantom's first entry into the top ten. It is behind the short video app TikTok in eighth place but ahead of messaging platform WhatsApp and social media giant Instagram, which ranked 13th and 14th in free apps, respectively.
In addition, Phantom ranked second in the free utility apps in the iOS App Store on Wednesday, second only to Google's search engine app.
Phantom is a non-custodial digital asset wallet and browser extension that raised $109 million in Series B funding. The wallet was initially based on Solana but later expanded to support Ethereum, Bitcoin, Base, and Polygon.
▌Injective launches an SDK called iAgent, allowing users to create on-chain AI agents
Layer 1 blockchain protocol Injective announced the launch of a software development kit (SDK) called iAgent, which supports users in creating on-chain AI agents. It is reported that iAgent has deployed OpenAI's ChatGPT and other large language models, so users can command the AI agents to complete tasks based on Injective.
▌Metaverse industry is 'attractive' with many regions rushing to layout
From live broadcasts to storm sites, immersive reports take you through the experience; agents 'see through everything,' making logistics innovations easily accessible; VR exhibitions allow you to transcend reality and create new exhibition trends... all of these revolve around a buzzword: 'metaverse.' In recent years, the metaverse has become a new hotspot in the digital economy, with institutions predicting that by 2030, China's metaverse market size is expected to reach 850 billion yuan. According to incomplete statistics, as of now, national and provincial levels have issued more than 150 policy documents related to the metaverse. These policies not only provide strong policy support for the development of the metaverse industry but also stimulate enthusiasm in various regions to actively layout the metaverse industry. Beijing, Shandong Province, Henan Province, and other regions have successively introduced related policies to promote the innovative development of the metaverse industry. At the same time, various regions are also relying on their own advantages and characteristic resources to build a number of metaverse industrial parks and innovation platforms.
Cryptocurrency
▌Benchmark analyst: BTC is expected to reach $225,000 by the end of 2026
Benchmark fintech analyst Mark Palmer stated that BTC is expected to reach $225,000 by the end of 2026.
Additionally, analysts noted that MicroStrategy's 'controversial' BTC strategy has drawn many critics, but its significant impact on the company's stock price has provided ample justification, as its stock has outperformed nearly all major US companies over the past four years.
▌Coin Center lawyer appeals lawsuit, claims Tornado Cash is not 'property'
Coin Center is appealing a previous ruling by a US District Court in Northern Florida that determined Tornado Cash created indirect benefits for foreign individuals and entities, which can be defined as financial interests subject to sanctions by the Office of Foreign Assets Control (OFAC).
Coin Center legal advisor Jeffrey S. Hetzel told the 11th Circuit Court of Appeals: "The simplest way to resolve this case is to determine that there is no foreign property in the plaintiff's transactions. The district court must remove the word property from the regulations." Hetzel stated: "The government has argued in the appeal that the software posted at the banned address is property, but the software is non-proprietary code that no one on earth can own, control, or modify in any way."
▌Stablecoin USDS's circulation on Solana exceeds $89 million in under 24 hours
The USDS issued by Sky (formerly MakerDAO) has seen its circulation on Solana exceed $89 million in less than a day after its launch, becoming the fastest-growing stablecoin on Solana.
It is reported that due to increased rewards provided by Sky, lenders on Save, Drift, and Kamino are seeking yields exceeding 20%. Sky also encourages traders to transfer funds to Solana through the token bridging service Wormhole, further increasing the circulating supply.
▌Charles Schwab president: will consider offering spot crypto trading once regulations change
Charles Schwab president Rick Wurster stated in an interview with Bloomberg Radio on Thursday that the company will consider offering spot cryptocurrency trading once US regulations allow, and that this is more likely to happen after Donald Trump becomes president.
Rick Wurster stated: "When the regulatory environment changes, we will enter the spot crypto market. We do expect that to happen, and we are preparing for that possibility."
He also stated: "Cryptocurrency has indeed attracted a lot of attention, and many people have made a lot of money from it. I have never bought cryptocurrency, and now I feel foolish." Wurster added that he does not currently plan to invest in cryptocurrency, but he supports Charles Schwab clients who wish to invest in the field.
▌Trump Media Technology Group may be considering launching a cryptocurrency payment service called Truth Fi
According to the New York Times, Trump Media Technology Group submitted a trademark application this week for a cryptocurrency payment service named Truth Fi, 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 or how close it is to fruition, but this move appears to be an attempt by the group 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 has fewer than 36 employees. This week, the stock price of the cryptocurrency trading platform Bakkt surged after the Financial Times reported that Trump Media is negotiating to acquire the platform.
▌Musk posts content with banana emoji
Musk retweeted 'Elon is the undisputed meme king. (banana emoji)' and replied: '(banana emoji) for scale.'
▌VanEck executive: VanEck supports strategic Bitcoin reserves
VanEck digital asset research director Matthew Sigel posted on X platform: "VanEck supports strategic Bitcoin reserves. No need to cite 'sources'—we will announce ourselves."
Earlier, Fox reporter Eleanor Terrett cited sources that BlackRock has not established a strategic Bitcoin reserve.
▌Analysis: Pro-crypto candidates will lead the US Department of Commerce, and ETF options listing will push Bitcoin to new highs
With the listing of Bitcoin ETF options, Bitcoin prices set new highs, reaching a maximum of $93,905 per coin, and the market expects that Bitcoin ETF options will likely increase financial institutions' exposure to Bitcoin. Options contracts allow investors to buy or sell an asset at a specific price and predetermined time. Noelle Acheson, former head of market insights at Genesis, stated that while the Chicago Mercantile Exchange already offers Bitcoin options, the Bitcoin ETF spot options are a big deal for both retail and institutional investors. A deeper onshore derivatives market will enhance the increasingly complex market, boosting investor confidence in Bitcoin, attracting new investment groups, and enabling more diversified investment and trading strategies. Additionally, earlier reports that pro-crypto Howard Lutnick will be nominated by Trump as Secretary of Commerce have also contributed to the rise in Bitcoin.
Important economic dynamics
▌New York Fed says bank reserves are sufficient, indicating no obstacles to continued balance sheet reduction
The latest data from the New York Fed indicates that the Fed has encountered no obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve demand elasticity indicator was -0.15 on November 13, remaining stable compared to a month earlier. The New York Fed stated in its report that "reserves remain sufficient." This index was publicly released a month ago to show the degree of abundance or tightness of bank reserves. A negative shift could indicate increased tightness of bank reserves, directly indicating that the Fed is continuously working to reduce bond holdings through quantitative tightening (QT). The New York Fed's indicators suggest that there is no immediate need to halt this process, which aligns with recent statements from Fed officials and market expectations, with the market currently anticipating that quantitative tightening will end sometime next year.
▌Shanghai Securities News: The upward space for the dollar is limited, and the RMB exchange market shows positive signals
The dollar index has recently enjoyed remarkable performance in the foreign exchange market—over the past half month, the dollar index has skyrocketed, breaking through levels of 104, 105, and 106 consecutively, rising more than 2.5% in November. Despite external headwinds, the previously strong RMB has recently seen a slight pullback. However, market participants have observed that the RMB exchange market is continuously showing positive signals. As the year-end settlement tide approaches, the short-term depreciation pressure on the RMB may ease.
▌Poll: 35% of Americans hope Trump will quickly address inflation issues after taking office
A Reuters/Ipsos survey released on Tuesday shows that Americans believe inflation is the top issue President-elect Trump should address in his first 100 days in office. In the three-day poll, about 35% of respondents believe inflation is the area Trump should focus on, compared to 30% who think immigration, and 27% who think employment and the overall economy. Another 23% said Trump should focus on unifying the country. A smaller portion of respondents said he should focus on taxes, crime, or foreign conflicts. Additionally, only 1% of respondents believe Trump should focus on international trade and tariffs. This survey was conducted among 1,014 adults across the US, with a margin of error of about 3 percentage points.
▌Fed's Schmid: The fight against inflation is not over yet
Fed's Schmid stated that the fight against inflation is not over yet. Upcoming tariffs and immigration policies, if they affect employment and inflation, will be related to the Fed.
▌US stock market closes mixed
The three major US stock indices closed mixed, with the Nasdaq rising 0.6%, the S&P 500 up 0.39%, and the Dow Jones down 0.13%. Most large tech stocks rose, with Tesla up more than 5%, Intel and Netflix up more than 2%, and Google and Apple up more than 1%, while Meta and Microsoft rose slightly; Nvidia fell more than 1%, and Amazon dipped slightly. Trump's media technology rose over 16%, and the US stock BKKT surged over 162%. Reports indicate that Trump's media company is in deep negotiations to acquire the cryptocurrency trading platform Bakkt owned by Intercontinental Exchange.
▌San Francisco Fed report: US labor market still increasing inflationary pressures
A research report released by the San Francisco Fed on Monday stated that the tight US labor market continues to increase inflationary pressures, albeit at a lower level than in 2022 and 2023. "In the past two years, the decrease in demand for labor has suppressed the inflation rate by nearly 0.75 percentage points," wrote San Francisco Fed economists Regis Barnichon and Adam Hale Shapiro. "However, as of September 2024, high demand still contributes 0.3 to 0.4 percentage points to inflation." The San Francisco Fed's research indicates that the employment market remains a source of inflation. Powell estimates that the inflation rate in October was 2.3% based on Fed's target measures, and the inflation rate, excluding food and energy, which the Fed uses to measure core inflationary pressures, was 2.8%.
