Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
▌The US SEC formally appealed the XRP ruling
The U.S. Securities and Exchange Commission (SEC) has formally appealed Judge Analisa Torres’ ruling on XRP, reigniting a legal battle over whether XRP sales by cryptocurrency exchanges qualify as securities. The regulator has questioned key aspects of the court’s ruling, including the ruling clearing Ripple’s executives and non-cash XRP distributions. The outcome could have significant implications for the future of cryptocurrency regulation.
▌Victory Securities: Bitcoin rises slowly and waits for spillover effects
Zhou Lele, deputy chief operating officer of Shengli Securities, pointed out in an analysis that the virtual asset market continued last week's trend with slight fluctuations. Head assets such as Bitcoin and Ethereum are wavering and tangled, but Altcoins with higher odds are recovering and moving out of the downward channel. The over-the-counter Bitcoin ETF inflow last week was about US$3.08 billion, and the Ethereum ETF inflow was about US$5 million; the weak balance in the market was broken, short-term holders gradually increased their holdings, and the recovery phase may begin. The virtual asset shadow stock MicroStrategy hit a new high, and its two-fold long ETF trading volume also gradually expanded. The market is hot for meme coin investment, and the market risk appetite has increased, but compared with the assets themselves, the willingness to trade high-odds derivatives is stronger. Virtual assets may need to wait for the wealth effect of global stock markets to overflow and increase market share.
▌The US SEC filed a lawsuit against UBI Blockchain, accusing it of violations
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against UBI Blockchain, accusing it of violations.
The U.S. SEC stated that UBI failed to submit periodic documents to the SEC as required, and the company has not submitted any periodic or other reports since the Commission ordered the dismissal of the previous lawsuit against UBI on June 2, 2023.
Chainalysis appears in court for $650 million defamation case involving YieldNodes project
Blockchain analysis company Chainalysis faces a $650 million defamation lawsuit for allegedly wrongly labeling the YieldNodes project as a scam. The case will be heard in the New York Supreme Court on October 16. Plaintiff Exceptional Media claims that Chainalysis's misclassification caused serious damage to its reputation and customer base and was malicious. Chainalysis filed multiple motions to dismiss, arguing that the complaint failed to prove that its analysis was wrong and insisted that YieldNodes may indeed be an investment scam. Chainalysis declined to comment on the case.
policy
▌TD Cowen: US Senator Bill Hagerty’s draft stablecoin bill may become the outline of the 2025 bill
Investment bank TD Cowen said in a report on Monday that U.S. Senator Bill Hagerty’s draft stablecoin legislation could form the outline of a future bill as early as 2025.
"This draft should form the basis of legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, given Hagerty's close ties to the former president."
Hagerty has reportedly been a potential contender for a seat in Trump’s cabinet if he wins, either in a national security or Treasury role. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over key agencies including the U.S. SEC.
“The key will be to reach bipartisan agreement on regulators overseeing stablecoins. If Trump wins, the prospects for such a bill are even higher,” Seiberg noted in the report.
▌New York regulator advises crypto companies to actively respond to regulation
Adrienne Harris, head of the New York Department of Financial Services, said at the Ripple Swell event that cryptocurrency companies should be forthright and proactive when dealing with regulators. She stressed that regulators don't like surprises, and companies should keep regulators informed of their actions through public communication, rather than letting regulators learn about problems from the news, to avoid being in a passive situation.
▌Grayscale applies to the SEC to convert its digital large-cap fund containing BTC, ETH and SOL into an ETF
Grayscale Investments filed an application with the U.S. SEC on Tuesday to convert its hybrid crypto fund, which includes Bitcoin, Ethereum, Solana, XRP and Avalanche, into an ETF.
Grayscale’s product, called the Grayscale Digital Large Cap Fund, is currently traded over the counter with $524 million in assets under management, according to the company’s website. The fund is primarily comprised of Bitcoin (nearly 75%) and Ethereum (about 19%), with the remainder made up of Solana, XRP and AVAX.
▌U.S. Congressman Byron Donalds: Trump may resolve the "cryptocurrency regulatory deadlock"
U.S. Rep. Byron Donalds spoke at crypto venture capital firm BlockTower’s investor day on Wednesday and said Trump could potentially resolve the “cryptocurrency regulatory logjam.”
Donalds revealed that he shared a plane ride with former President Trump from Atlanta to Florida on Tuesday night. Donalds said the two discussed how to dismantle what he described as the regulatory "gridlock" that is posing a challenge to the $2 trillion crypto industry by President Biden and Vice President Kamala Harris, Trump's November opponent.
▌Lead Bank executives: Banks entering the crypto space need to clarify regulatory direction
Lead Bank co-founder Erica Khalili said at the Ripple Swell conference in Miami that banks need to invest a lot of money and maintain close relationships with regulators to enter the crypto field. She pointed out that clear regulatory policies and cross-institutional cooperation are crucial for banks. Although digital assets bring efficiency improvements to the capital market, banks must have strategies to deal with regulation and remain patient to adapt to changing rules. Khalili emphasized that getting involved in the crypto banking field requires a deep understanding of products, technology and talent, and it is difficult to succeed by simply testing the waters.
Blockchain Applications
▌“Cyber Nation” project Praxis raises $525 million to build cryptocurrency-friendly cities
Praxis, a project billing itself as the world's first "cyber nation," announced Tuesday that it has received $525 million in funding to build a tech-forward city that will support the development of encryption, artificial intelligence, energy and biotechnology.
According to the announcement, investors in this round of financing include Arch Lending, GEM Digital, Manifold Trading, etc. New angel investors include Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner of Dragonfly), Rob Hadick (General Partner of Dragonfly), etc.
▌Robinhood launches desktop platform and adds Bitcoin futures trading and other features on the APP
Robinhood launched its desktop platform and added futures and index options trading capabilities to its mobile app, including: stock indices, Bitcoin, energy, metals and currencies.
DTCC launches digital sandbox to revolutionize capital markets infrastructure
The Depository Trust & Clearing Corporation (DTCC) has launched the digital sandbox "DTCC Digital Launchpad" to provide a pilot project platform for market participants and technology providers to promote innovation in capital market infrastructure. The sandbox aims to address key pain points in collateral management and provide customers with the DTCC digital asset product suite to develop use cases without making large investments. The first results will be announced in the first quarter of 2025. The move aims to build an efficient and secure digital market infrastructure for the industry.
▌HUMBL obtains US blockchain-related technology patent
Blockchain company HUMBL announced that the United States Patent and Trademark Office (USPTO) has officially issued a patent for the company’s blockchain technology.
According to the information provided, HUMBL's newly applied patent technology appears to be a blockchain-based currency transaction system that will act as a bridge between blockchain-based digital currencies and fiat currencies (and vice versa). This payment system will allow almost any two wallets to conduct transactions without the need for an intermediary other than the digital ledger itself. According to HUMBL, the patent approval took more than four years.
▌OrdinalsBot and IP Project Royalty Launch Elvis Themed Ordinals NFT
Inscription service OrdinalsBot and Bitcoin-focused intellectual property (IP) project Royalty have launched Elvis Presley commemorative Ordinals NFTs, a collection of 1,935 generated images, “Elvis Side $Btc,” inspired by the artwork of Joe Petruccio, an artist licensed from the Elvis Estate.
Royalty plans to release a streamlined white paper in the coming weeks detailing how 5% of revenue from primary and secondary sales will be used through the native token to fund the Elvis Legacy Council, a decentralized autonomous organization (DAO) designed to “steer the future of Elvis’ digital legacy.”
Cryptocurrency
▌Galaxy: Harris is friendlier than Biden on cryptocurrency policy, but not as friendly as Trump
According to Galaxy Research, US presidential candidate Kamala Harris is friendlier to cryptocurrency policy than current President Biden, but not as friendly as Trump. Harris promises to improve the regulatory environment for the US crypto industry, but takes a more cautious stance on issues such as taxation, Bitcoin mining, and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris' policies may be more constructive than Biden's.
▌Santiment: After BTC broke through $66,000, the market gradually became optimistic
According to Santiment on the X platform, as Bitcoin rallied earlier this week and briefly jumped above $66,000, traders were looking for opportunities in the GameFi and Memecoin sectors. The discussion rate between these altcoin sectors shows a continued rise in interest levels. Historically, this indicates that the crowd's view on the market is gradually becoming optimistic. Considering that the market has risen for 5 consecutive weeks, it is expected that mild FOMO will continue, and more speculative assets will attract more and more discussions until a pullback injects fear into the crowd's narrative again.
Ethereum staker income drops 30% since March peak
According to data from The Block, Ethereum stakers’ income has fallen 30% since its peak in March, with stakers’ total income in September totaling $174 million, down from the peak of $247 million in March.
Despite the decline in revenue, the validator group continues to expand. Ethereum currently has 1.09 million validators, indicating that network security participation continues to increase. Despite the reduction in individual rewards, the number of validators is still increasing, indicating that people still have confidence in the long-term prospects of Ethereum.
Quantity Funds launches STKD Bitcoin and Gold ETF
Quantity Funds announced the launch of the STKD Bitcoin and Gold ETF, which aims to mitigate future inflation and "currency debasement". The fund's ticker is BTGD, and it aims to provide investment opportunities in gold and Bitcoin through Bitcoin futures and ETFs as well as gold futures and ETFs. The fund provides retail investors with a model where every dollar invested in the ETF will provide 100% investment opportunities for its Bitcoin and gold strategies. The statement said: "The Bitcoin strategy seeks to obtain Bitcoin price returns by investing in Bitcoin futures and ETPs, while the gold strategy similarly seeks to obtain gold price returns by investing in gold futures and gold ETPs."
▌Thailand's SCB Bank will launch stablecoin cross-border payment services
Siam Commercial Bank (SCB), a long-established Thai bank, announced that it will cooperate with financial technology company Lightnet to provide customers with stable currency cross-border payment and remittance services. This service supports customers to conduct cross-border transactions 24 hours a day, 7 days a week, and significantly reduces transaction costs. It is reported that the service has passed the Bank of Thailand’s regulatory sandbox test.
Important economic developments
▌Bank of America: As the US debt crisis intensifies, gold becomes the ultimate safe-haven asset
Bank of America warns that as national debt continues to rise, gold may become the ultimate safe-haven asset in the U.S. market. The bank points out that gold is more attractive than U.S. Treasuries, especially under the risk of potential debt crisis. In 2024, the price of gold continued to rise, approaching the historical high of $2,700, and is expected to exceed $3,000 in the future. At the same time, the economic plans of U.S. government candidates may further push up debt levels, which has also prompted global central banks to increase their gold reserves.
▌Trump: Imposing tariffs will promote US economic growth
On Tuesday local time, former US President and Republican presidential candidate Trump was interviewed by the media. He said that if he could enter the White House, his core policies would revolve around economic growth and bringing businesses back to the United States. Trump fully defended high tariffs, believing that this is a way to stimulate economic growth. In his opening remarks, Trump claimed that he would impose tariffs on imported goods and reduce taxes on domestic companies. "For me, the most beautiful word in the dictionary is tariff."
▌The Fed’s latest tool shows that the reserve level is sufficient, suggesting that QT can continue to advance
The U.S. banking system still has ample reserves, according to the first monthly indicator released by the New York Federal Reserve. The first indicator of reserve demand elasticity released by the New York Federal Reserve on Thursday showed that bank reserves remained ample as of October 11. The data is the latest evidence that the Federal Reserve can continue to reduce liquidity in the financial system through its quantitative tightening program (QT). The performance of the data was expected by Wall Street strategists.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
