Today's news highlights:
A US court ruled that OFAC exceeded its authority in sanctioning Tornado Cash's smart contract.
The Trump administration is considering having the CFTC lead digital asset regulation.
A Brazilian congressman proposed a Bitcoin reserve bill, aiming to allocate 5% of the treasury reserves to Bitcoin.
OpenAI received a new investment of $1.5 billion from SoftBank.
Movement Network Foundation announced MoveDrop, which will airdrop 10% of MOVE tokens to the community.
Uniswap Labs launched a historical maximum $15 million bug bounty program.
The board of directors of US-listed company Banzai approved its purchase of Bitcoin as a reserve asset.
Japanese social media giant Line plans to launch 30 blockchain-based mini Dapps in early next year.
Regulation & Policy
A US court ruled that OFAC exceeded its authority in sanctioning Tornado Cash's smart contract.
The US Fifth Circuit Court of Appeals overturned a lower court ruling, determining that the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning the immutable smart contract Tornado Cash, marking a significant victory for the protocol and its users. The panel of three judges noted in their opinion that while the Treasury has the authority to act against 'property', the immutable nature of Tornado Cash's smart contracts means they cannot be controlled or owned, and thus do not constitute property under the International Emergency Economic Powers Act (IEEPA). Coinbase's Chief Legal Officer Paul Grewal stated that these smart contracts must now be removed from the sanctions list, allowing US users to use this privacy-preserving protocol again. The appellate court has instructed the Texas district court to approve a partial summary judgment motion filed by the plaintiffs-appellants, including Joseph Van Loon.
Later news reported that Tornado Cash (TORN) broke through $34, rising over 900% in 24 hours.
The central bank and six other departments jointly issued (Action Plan for Promoting High-Quality Development of Digital Finance).
The People's Bank of China and six other departments jointly issued (Action Plan for Promoting High-Quality Development of Digital Finance), clearly accelerating the digital transformation of financial institutions, improving the digital financial governance system, promoting the development of key areas such as technology finance, green finance, and inclusive finance, supporting the digital RMB pilot, and enhancing the quality and efficiency of financial services. At the same time, strengthen risk prevention and data security, optimize the payment environment, and strive to basically establish a modern financial system conducive to the development of the digital economy by the end of 2027.
The creation of a safe and efficient payment environment mentioned the steady promotion of the digital RMB pilot, continuing to improve the acceptance environment for digital RMB, and enriching the usage scenarios of digital RMB. Strengthen anti-money laundering supervision of digital financial business.
The Trump administration is considering having the CFTC lead digital asset regulation.
According to Fox Business News, the incoming Trump administration seeks to expand the powers of the Commodity Futures Trading Commission (CFTC) to regulate a significant portion of the digital asset market. This move is part of a broader effort by President-elect Donald Trump and the Republican majority in Congress to weaken the Securities and Exchange Commission's (SEC) regulatory authority over the digital asset industry under President Biden and outgoing SEC Chairman Gary Gensler. Sources directly familiar with Trump's team's thinking suggest that with Trump taking office and the growing influence of the crypto industry in Republican politics, the responsibilities of the CFTC may soon expand to regulate the spot market for digital assets seen as commodities (such as Bitcoin and Ethereum) and the exchanges facilitating their trading. Key figures in the incoming Trump administration believe that regulatory loosening is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technologies. Former CFTC Chairman Chris Giancarlo stated: 'With sufficient funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump’s presidency.'
A Brazilian congressman proposed a Bitcoin reserve bill, aiming to allocate 5% of the treasury reserves to Bitcoin.
According to Crypto.news, a member of the Brazilian Chamber of Deputies has proposed allocating 5% of the country's $370 billion treasury to Bitcoin as a strategic reserve. This proposed Bitcoin bill would limit Brazil's Bitcoin reserves to about $18.5 billion. The Brazilian Chamber of Deputies (the lower house of the National Congress) must first pass this bill before it can be submitted to the Federal Senate (the upper house). If the senators in the Federal Senate support the proposal, it will be presented to the Brazilian president for approval to become law.
Morocco may officially lift the 2017 cryptocurrency ban and re-legalize it.
According to Reuters, Abdellatif Jouahri, the governor of the Central Bank of Morocco, stated at an international conference that Morocco is promoting a cryptocurrency-related bill, which is currently in the process of being passed. Since 2017, Morocco has implemented a ban on cryptocurrencies, but underground trading activities remain active. Jouahri revealed that the Central Bank of Morocco (Bank Al Maghrib) has drafted a law regulating crypto assets and is studying the feasibility of a Central Bank Digital Currency (CBDC). He emphasized that CBDCs, as a type of digital currency controlled by the central bank, differ from decentralized cryptocurrencies and may play a role in promoting public policy goals such as financial inclusion.
NFT & AI
Kraken will close its NFT market and focus on other projects.
According to The Block, cryptocurrency exchange Kraken stated in a statement that it will close its NFT market to redirect resources to upcoming projects. After November 27, 2024, users will no longer be able to list, bid on, or sell items on Kraken's NFT market; they can only withdraw assets. The market will completely close on February 27, 2025. A Kraken representative stated: 'We decided to close our NFT market to shift more resources to new products and services, including unpublished plans we are developing. Customers have been informed of these changes, and our team will assist them in transferring their NFTs to their Kraken wallet or a self-custody wallet of their choice.'
OpenAI received a new investment of $1.5 billion from SoftBank.
According to CNBC, OpenAI allows employees to sell shares worth approximately $1.5 billion in a new acquisition proposal made to SoftBank. Sources indicate that this new financing will allow SoftBank to acquire a larger stake in OpenAI, while also enabling current and former employees of OpenAI to cash out their shares. The new acquisition proposal is set to end this week, and the deal has been advocated by SoftBank founder and CEO Masayoshi Son, who has been seeking a larger stake since investing $500 million in OpenAI's previous round of financing. This acquisition proposal is unrelated to OpenAI's plans to potentially restructure the company into a for-profit entity. Reports suggest that even without SoftBank's strong financial backing, OpenAI has not encountered any issues in raising billions of dollars in cash. Its valuation has risen to $157 billion in the two years since the launch of ChatGPT. OpenAI has raised approximately $13 billion from Microsoft and completed the latest round of $6.6 billion financing led by Thrive Capital in October, with participation from chipmaker Nvidia, SoftBank, and other investors. The company has also secured a $4 billion revolving credit facility, bringing its total liquidity to over $10 billion.
Project Dynamics
Movement Network Foundation announced MoveDrop, which will airdrop 10% of MOVE tokens to the community.
The Movement Network Foundation announced the MoveDrop airdrop plan, aimed at rewarding early users and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE (10% of total supply) to the community, with eligible users including: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders. Users can visit the MoveDrop website to register, with a deadline of December 2, 2024, at 2:00 PM UTC. After the TGE (coming soon), they can check MoveDrop eligibility and claim the airdrop. Failure to register on time will result in loss of eligibility for the MoveDrop claim. Users can choose to claim $MOVE on the Ethereum mainnet or wait until after the Movement Network mainnet launch (coming soon) to claim $MOVE, which will yield a 1.25x reward multiplier. The Movement Network Foundation also stated that it plans to distribute more $MOVE tokens in future events. Previously, on the day before, the Movement Network Foundation announced MOVE token economics, with 60% allocated to the community.
WalletConnect launched a WCT token eligibility check page.
The cryptocurrency wallet protocol WalletConnect announced the launch of a token eligibility check feature, allowing eligible users to claim WCT tokens and stake them.
Uniswap Labs launched a historical maximum $15 million bug bounty program.
Uniswap Labs announced the launch of a bug bounty program with a total amount of up to $15.5 million, the largest bounty program in history, aimed at discovering and fixing critical vulnerabilities in the Uniswap v4 core contract. Uniswap v4 is the latest iteration of the Uniswap protocol, adding 'hooks' functionality, allowing developers to customize pools, transactions, fees, and liquidity provider (LP) interactions. This version aims to significantly reduce user costs, decreasing pool creation fees by 99.99%, and optimizing costs for multi-hop transactions. The Uniswap v4 code has already undergone independent audits from nine institutions, including OpenZeppelin and Trail of Bits, and has gone through multiple rounds of community security competitions, with no significant vulnerabilities found.
Starknet becomes the first Ethereum Layer-2 network to support cryptocurrency staking.
According to CoinDesk, Ethereum Layer-2 scaling solution Starknet has officially launched cryptocurrency staking functionality, becoming the first Ethereum L2 network to allow users to earn rewards by staking tokens. Users holding at least 20,000 STRK (approximately $12,000) can become validators, with staked assets serving as collateral to validate transactions and earn rewards; users holding less than 20,000 STRK can delegate their tokens to validators for staking. Users must wait 21 days to stake and retrieve tokens, including rewards accrued during the staking period. Meanwhile, Bitwise Asset Management announced it will operate a public validator node for STRK holders to delegate staking and provide independent validator services for institutional clients.
The board of directors of US-listed company Banzai approved its purchase of Bitcoin as a reserve asset.
According to Globenewire, US-listed company Banzai International, Inc. (NASDAQ: BNZI) announced that its board of directors has approved the purchase of Bitcoin as a treasury reserve asset. The company's board has authorized Banzai to use company funds to purchase and hold a certain amount of Bitcoin, up to 10% of the company's corporate financial accounts, to achieve diversification of financial assets and hedge against inflation. Banzai's founder and CEO Joe Davy stated: 'We believe Bitcoin will diversify our assets and enable us to benefit from Bitcoin's potential long-term value.' Banzai is described as a marketing technology company providing basic marketing and sales solutions.
The New York Stock Exchange NYSE Arca submitted a 19b-4 application for Bitwise Bitcoin and Ethereum ETP.
According to official news, cryptocurrency asset management company Bitwise Asset Management announced that the New York Stock Exchange's NYSE Arca has submitted a 19b-4 application to list a Bitwise exchange-traded product (ETP), which will hold Bitcoin and Ethereum spot assets weighted by market capitalization, providing exposure to both assets. According to the submitted documents, the ETP will directly hold these two assets. The launch of the ETP is still subject to the approval of the Form 19b-4 document and the effectiveness of the Form S-1 registration statement.
MetaMask co-founders used Clanker and pump.fun to issue the meme coin CONSENT for comparison.
MetaMask co-founder Dan Finlay disclosed on Warpcast that this morning on Farcaster, he let clanker issue a token called 'CONSENT' on the Base network, and subsequently a token of the same name appeared on the Solana network. Dan Finlay later posted: 'I am comparing the Meme coin experiences on WC (Warpcast) and SOL. There are two tokens named CONSENT, but only one will prevail. So far, the obvious result is that a lot of people will get rugged on Clanker; whereas on Pump.fun, at least the developers are the real founding members. For example, it would be impossible to crowdfund for an organization using Clanker's model. So far, even though the amount I invested in Pump.fun is just a small fraction of Clanker, the returns have already far exceeded what I lost on Clanker.'
In response, Base ecosystem AI Agent Clanker stated on the X platform: 'MetaMask co-founder Dan Finlay used Clanker and pump.fun to issue the meme coin of the same name, he gave us some good feedback, which will be used to improve our product. Dan Finlay stated that his experience was not good, but he earned over $26,000 just through ETH.'
Swell has opened Wavedrop 1 airdrop claims.
The re-staking protocol Swell stated on the X platform that it has opened Wavedrop 1 airdrop claims, with SWELL tokens earned in Wavedrop 1 now available for claiming. Continuing to hold Swell assets or using them in supported DeFi integrations can enhance the user's next Wavedrop.
The integrated public chain Supra announced that the Supra MoveVM mainnet is now live.
According to official news, integrated L1 public chain Supra announced that the Supra MoveVM Layer1 mainnet is now live, with more products to be launched in the coming months. Supra stated: 'Today we begin the next phase of realizing our vision, which is to connect all blockchains and even the Web2 world using Supra's IntraLayer: IntraLayer serves as a unified layer designed to connect the entire digital finance domain.' Additionally, the TGE of its SUPRA token will start at 21:00 Beijing time on November 27.
Japanese listed company Remixpoint plans to purchase Bitcoin worth $3.27 million again.
According to Coinpost, Japanese listed company Remixpoint announced that it will again purchase Bitcoin worth 500 million yen (approximately $3.27 million), bringing its total investment in cryptocurrency assets to about 3.5 billion yen (approximately $22.92 million). The company plans to complete the acquisition by the end of this year, while monitoring market conditions. The company stated that if the new procurement significantly impacts combined performance, it will disclose information in a timely manner. Previously in September, Remixpoint purchased approximately $5.27 million worth of cryptocurrency assets, including BTC, ETH, SOL, and AVAX.
Web3 distribution platform Portal announced that it will launch three new products in December.
Web3 distribution platform Portal announced that it will launch three new products in December 2024, allowing users to use Hyperway's capabilities across any blockchain.
CZ suggests leveraging blockchain technology for AI data labeling, advocating for decentralized tool development.
Binance founder Zhao Changpeng (CZ) stated on social media that tasks such as AI data labeling are well-suited to be completed via blockchain, leveraging global low-cost labor and enabling instant payments through cryptocurrency, breaking geographical barriers. He also mentioned that BNB Chain's Greenfield provides storage support, but more tools are needed for construction, calling for developers to build a decentralized AI data processing ecosystem together.
Japanese social media giant Line plans to launch 30 blockchain-based mini Dapps in early next year.
According to CoinDesk, Japanese social media giant Line plans to launch 30 blockchain-based mini Dapps (decentralized applications) in early next year, covering gaming, social, DeFi, and AI chat features, with plans to expand the total to 150 by the end of Q1. This move aims to provide more blockchain services for its 196 million active users, drawing from Telegram's success in Web3 gaming. Line previously ventured into NFTs but failed to gain traction due to user experience and interface design issues, and will now re-focus through blockchain games and utility features.
Binance Wealth Management, one-click buy, flash swap, margin, and contracts launch Thena (THE).
According to Binance's announcement, Binance will gradually launch Thena (THE) related features on the platform:
1. Binance Wealth Management: THE capital-protected earning product will be launched today at 18:00 (Beijing time) and open for subscription; users can start purchasing THE through the fixed investment platform from 18:00 on November 28.
2. One-click Buy & Sell: THE can be purchased and sold using a credit card, Google Pay, Apple Pay, or wallet balance through the 'One-click Buy' page one hour after the launch of spot trading.
3. Flash Swap Trading Platform: Within one hour of launch, users can exchange THE for BTC, USDT, or other supported tokens on the flash swap platform without incurring exchange fees.
4. Leverage Trading: Starting from 20:00 today, Coin Security's margin and isolated margin will add THE as a borrowable asset and THE/USDT leverage trading pair, with related data subject to the leverage page.
5. Contract Trading: Starting at 20:15 today, Binance will launch THE 1-75x USDT perpetual contract.
Financing News
Deutsche Bank joins Partior's $80 million Series B financing as a strategic investor.
Singapore blockchain fintech company Partior announced Deutsche Bank as a strategic investor joining its Series B financing, with a total amount of $80 million. Previously, the Series B financing was led by Peak XV Partners, with participation from J.P. Morgan, Jump Trading, Standard Chartered, Temasek, and Valor Capital Group.
Partior plans to expand cross-border settlement capabilities with the support of Deutsche Bank, developing features such as instant foreign exchange swaps and multi-bank payments. Deutsche Bank will join its platform as a euro and dollar settlement bank, enhancing the capabilities of its recently launched dbX cross-border payment ecosystem. Since its establishment in 2021, Partior has handled over $1 billion in transactions, its blockchain-based network provides real-time clearing and settlement services, simplifying global payment processes and enhancing transparency and efficiency.
Talus Network completed $6 million financing led by Polychain Capital, with a valuation of $150 million.
According to The Block, high-throughput blockchain protocol Talus Network completed a $6 million strategic financing led by Polychain Capital, with a valuation of $150 million. This round of financing also attracted investors such as Foresight Ventures, Animoca, Geek Cartel, and Echo, as well as several well-known angel investors, and the funds will be used to expand the Talus ecosystem, including Protochain, Nexus framework, and 'AI dating experience' applications. Talus's total financing has now reached $9 million. Talus aims to support decentralized AI agents, with its developed Talus Agents managing DeFi portfolios, DAO governance fund allocations, and in-game NPC tasks, allowing users to co-own and trade these on-chain assets. Additionally, the platform plans to launch the TAI token for transaction fee payments and resource allocation. As an ecosystem case, Talus will launch the 'AI Bae' application by the end of the year, providing users with personalized AI companions, generating exclusive virtual images by connecting to TikTok, and supporting chatting, social gaming, and tokenized interactions.
Important Data
The US Bitcoin spot ETF saw a total net outflow of $123 million yesterday, with a net asset ratio of 5.45%.
Pump.fun accounted for 62% of Solana DEX trading volume in November.
According to Dune data, Pump.fun accounted for 62.3% of Solana's decentralized exchange (DEX) trading volume in November, while its trading volume accounted for 42.3%. In the past three months, the platform averaged over 60% of Solana's DEX trading volume. Pump.fun, which launched in January 2024, allows users to create tokens for free and has spawned various popular meme coins. However, the platform has been controversial due to inappropriate content live streams and legal compliance issues, including animal abuse, false suicide performances, and inappropriate video uploads. Nevertheless, Pump.fun has made a significant contribution to Solana's trading ecosystem, and its future development will directly impact the health and stability of the Solana network. Some analysts believe that Solana's over-reliance on Pump.fun may lead to potential risks, and caution is advised regarding the long-term sustainability of the network.
Pantera Bitcoin Fund yields reached a thousand times, with a cumulative return rate exceeding 131,000%.
Pantera Capital's Bitcoin fund has achieved over 1000 times returns since its establishment in 2013, with a cumulative return of 131,165%. This milestone reflects its forward-thinking strategy for Bitcoin investment. Fund manager Dan Morehead reviewed the background of the fund's inception, mentioning that the team purchased 2% of the world's Bitcoin at a low price in 2013. He stated that the long-term growth potential of Bitcoin remains enormous, although only 5% of global financial wealth is currently involved in blockchain assets, this proportion is expected to significantly increase with clearer US regulations and the entry of institutional investors. Morehead predicts that Bitcoin could reach a valuation of $740,000 per coin in the coming years, anticipating that the long-term growth of the blockchain industry will continue to deliver substantial returns to investors. He also emphasized that despite the bumpy road to investing in Bitcoin, its potential asymmetric returns make it one of the most attractive investment opportunities in nearly 40 years.
CryptoQuant: Long-term Bitcoin holders have sold over 728,000 BTC in the past 30 days.
According to The Block, based on CryptoQuant data, in the past 30 days, long-term Bitcoin holders have sold over 728,000 bitcoins. CryptoQuant noted in a post on X: 'This is the largest sell-off since April.' This also reversed the trend of large buyers aggressively accumulating Bitcoin in October when the positive inflow of Bitcoin was nearly 250,000. According to TradingView data, Bitcoin's market share (measuring its proportion of the total cryptocurrency market capitalization) is currently about 58.78%, down from a recent high of over 60%.
Vitalik obtained 22.89 ETH by selling Meme coins and donated 320 ETH to CoinCenter.
According to Lookonchain monitoring, vitalik.eth has sold some Meme coins (including DOG reported earlier) obtained for free, earning 22.89 ETH (76,500 USD). He then donated 320 ETH (1.07 million USD) to CoinCenter.
