Headlines
The Federal Reserve lowered interest rates by 25 basis points.
The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations.
JPMorgan: Bitcoin will benefit from Trump's victory in the next eight weeks.
JPMorgan released a report stating: 'We continue to believe that Trump's victory may have a similar impact to that of 2016 over the next roughly eight weeks. Although Bitcoin surged due to Trump's victory and gold fell, Trump's policies may support both before 2025, as traders attempt to hedge against currency weakness and geopolitical headwinds, both gold and Bitcoin may benefit from 'devaluation trades.'
Bloomberg: CZ revealed he had received an offer to sell his stake in Binance.
CZ reflected on his forced departure from Binance and his four-month prison experience during an interview, during which he passed time through exercising, writing, and discussing cryptocurrency with fellow inmates. Additionally, CZ stated that he even received an offer to sell his stake in the exchange—these shares constituted a large portion of his personal net worth, but he refused to disclose who the buyer was or the price.
Industry News
Runestone founder sends an open letter to Coinbase requesting clarification on the DOG listing application status.
Runestone founder Leonidas sent an open letter to Coinbase on X, requesting clarification on the status of the DOG listing application. He stated: "We acknowledge that Mr. Armstrong (Coinbase CEO) posted on November 2, 2024, claiming 'free listings', but despite multiple attempts by the DOG community to reach out to Coinbase, we have yet to receive any response. We strongly recommend that Coinbase improve its Asset Hub process to truly encompass all decentralized and fairly distributed Memecoin communities, regardless of their organizational structure. Currently, the inherent inability to obtain information on truly decentralized Memecoins (like DOG and Bitcoin itself) creates an unfair competitive environment and undermines the core principles of decentralized cryptocurrency. This structure may inadvertently favor venture capital-backed Memecoins, potentially stifling decentralized, fairly distributed Memecoins, and leading to company-controlled Memecoins being offloaded by insiders to retail investors. We urge Coinbase to take proactive measures to address this systemic issue and create a fairer listing process that reflects the diverse landscape of the Memecoin market. For clarity and fairness, we respectfully submit the following requests to Coinbase, including convening a formal meeting to discuss these key issues: 1. Specific questions about DOG: If there are any specific issues hindering DOG's listing, they must be clearly stated for the community to address; 2. Listing standards: A complete and detailed explanation of all listing standards adopted by Coinbase is needed to ensure transparency, trust, and fairness."
Binance was selected for Fortune's '2024 Asia Financial Technology Innovators' list, ranking first in the 'Blockchain and Crypto' category.
Binance was selected for Fortune's first-ever '2024 Asia Financial Technology Innovators' list, ranking first in the 'Blockchain and Crypto' category. The 2024 Asia Financial Technology Innovators list showcases the 60 most dynamic financial service companies in the fastest-growing regions globally.
Crypto.com received a public warning from Polish regulators.
The Polish Financial Supervision Authority (KNF) issued a public warning to Foris DAX MT, a company operating under the Crypto.com brand based in Malta, stating that it is suspected of conducting unauthorized financial activities in Poland. The KNF warning is not a ban but a reminder for Polish investors to consider the potential risks associated with the platform. This warning is significant, but the KNF has not blacklisted the company. In Poland, the KNF's public warning list informs citizens about companies that may be engaging in unauthorized financial activities. KNF department head Jacek Bardzczewski explained that under Polish law (specifically Article 178 of the Financial Instruments Trading Act), entities providing brokerage or investment services must hold appropriate licenses to operate legally.
Bloomberg: CZ revealed he had received an offer to sell his stake in Binance.
CZ reflected on his forced departure from Binance and his four-month prison experience during an interview, during which he passed time through exercising, writing, and discussing cryptocurrency with fellow inmates. Additionally, CZ stated that he even received an offer to sell his stake in the exchange—these shares constituted a large portion of his personal net worth, but he refused to disclose who the buyer was or the price.
Powell: High inflation has eased significantly, and the labor market remains robust.
Federal Reserve Chairman Powell stated that high inflation has significantly eased, and the labor market remains robust. Committed to maintaining strong economic growth. Continuing to believe that through adjusting policy stance, inflation will continue to decline to 2%.
U.S. Elections
Over 250 candidates supporting cryptocurrency were elected to Congress in this U.S. election.
According to Fox Business, over 250 candidates supporting cryptocurrency were elected to Congress in this U.S. election.
Ripple CEO calls for comprehensive reform of the SEC within the first 100 days of the Trump administration and clarification of crypto regulation.
Ripple CEO Brad Garlinghouse posted on X congratulating Trump on winning the 2024 election, listing priorities for the first 100 days of Trump's administration, calling for a decisive overhaul of the U.S. SEC and clarification of cryptocurrency regulation, specifically including: - Firing Gary Gensler. Execute on day one, no delays; - Appointing Giancarlo, Brooks, or Gallagher to replace him, who would make significant contributions to rebuilding the SEC's rule of law (and reputation); - Letting Republicans and Democrats push the Senate to pass the Digital Asset Market Structure Bill; - Last but not least: Can we get some clarification: Is ETH also not a security, similar to XRP and BTC?
Project News
WazirX plans to launch an independent DEX and its token.
Nischal Shetty, founder of Indian cryptocurrency exchange WazirX, announced that the company is expanding its business and exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services. According to Shetty, the decision to launch a DEX is a response to the WazirX security incident in July 2024, when attackers stole approximately $235 million in user funds from the exchange, and the latest move will help eliminate the counterparty risk inherent in centralized platforms.
BNB Chain launches no-code RWA tokenization service.
BNB Chain announced the launch of a new RWA tokenization service, providing no-code solutions for individuals and businesses that can complete tokenization 'within minutes.' The new service simplifies the asset tokenization process with built-in compliance tools and clear guidance through each step of the tokenization process, including asset securitization and on-chain token minting. It is stated that outsourcing the tokenization process to BNB Chain's tokenization solution can significantly reduce the costs, time, and labor required for asset tokenization, lowering the entry barriers for small businesses seeking to leverage RWA tokenization.
NYDIG has acquired Bitcoin mining firm Consensus Technology Group.
Insiders revealed that Bitcoin infrastructure and financial services company NYDIG has acquired Bitcoin mining firm Consensus Technology Group (CTG). According to LinkedIn information, the transaction may be completed in October. CTG co-founder and CTO David Westrop's LinkedIn shows he started a new operational role at NYDIG last month, and another CTG co-founder Joshua Zappala's LinkedIn also shows he is employed by NYDIG, responsible for corporate development and strategy. NYDIG declined to comment.
MakerDAO resolves to retain the rebranded Sky brand, planning to launch new stablecoins and expand the project.
MakerDAO votes to retain its recent rebranding, despite opposition arguing that it wastes the industry recognition of its algorithmic stablecoin DAI on Ethereum. Nearly 80% of the votes support keeping 'Sky' as the backend protocol brand. Sky plans to launch new stablecoins, including the decentralized, censorship-resistant puredai and the compliance-focused NewStable for the mass market, and plans to launch versions on Solana and Ethereum Layer 2 Base. The project also plans to integrate with Aave to launch a staking protocol using SKY and MKR, and to build a custom bridge named SkyLink for EVM chains.
