Compiled by Luan Peng, ChainCatcher.
Important news:
FTX expects the reorganization plan to take effect in early January 2025, with user compensation work starting in March.
Cboe submitted applications for 4 Solana spot ETFs to the SEC.
SEC Chairman Gary Gensler will leave office on January 20.
Insiders: Trump's 'Cryptocurrency Advisory Committee' will establish the previously promised Bitcoin reserve.
Trump Media Technology Group may be considering launching a cryptocurrency payment service named TruthFi.
Musk: Artwork is often used for money laundering and tax evasion.
"What important events have occurred in the last 24 hours?"
FTX expects the reorganization plan to take effect in early January 2025, with user compensation work starting in March.
FTX Trading Ltd. and its affiliated debtors announced that FTX is nearing completion of the final prerequisites for the court-approved bankruptcy reorganization plan, paving the way for FTX to begin distributing compensation to creditors and clients. The effectiveness of the bankruptcy reorganization plan means that the court-approved reorganization plan is officially starting to be implemented. This usually marks that the bankrupt company has completed key steps in the restructuring process, reached agreements with creditors and other stakeholders, and is ready to proceed with actual debt repayment and asset distribution according to the plan.
FTX provided the following update regarding the expected distribution timeline:
1. In early December, debtors are expected to finalize arrangements with professional allocation agents who will help FTX distribute compensation to global clients in supported jurisdictions. At that time, debtors will provide guidance for clients to establish approved accounts on the existing client portal.
2. By the end of December, debtors expect to announce the exact effective date after the court order approving the disputed claims reserve amount, which is a prerequisite for distribution according to the confirmation order.
3. Debtors currently expect that the bankruptcy reorganization plan will take effect in early January 2025. According to the confirmation order, the first distribution will occur within 60 days after the effective date, targeting convenience class creditors allowed for claims in the plan. The record date for the initial distribution will be the same as the effective date.
Cboe submitted applications for 4 Solana spot ETFs to the SEC.
Bloomberg senior ETF analyst James Seyffart posted on social media: 'Cboe has just submitted applications for 4 Solana spot ETFs to the SEC, with issuers including VanEck, 21Shares, Canary Capital, and Bitwise.'
If the SEC does not reject the above document applications, the final deadline will be around early August next year.
SEC Chairman Gary Gensler will leave office on January 20.
According to an official announcement, SEC Chairman Gary Gensler will leave office on January 20.
The announcement mentions that in the previous full fiscal year, although the cryptocurrency market accounted for less than 1% of the U.S. capital markets, 18% of the tips, complaints, and referrals received by the U.S. Securities and Exchange Commission were related to cryptocurrencies. Courts supported the Commission's actions to protect investors and dismissed all arguments regarding the Commission's inability to enforce the law when issuing securities—regardless of the form of security issuance.
It is reported that Trump's presidential term will also begin on January 20.
Insiders: Trump's 'Cryptocurrency Advisory Committee' will establish the previously promised Bitcoin reserve.
According to Reuters, Trump's 'Cryptocurrency Advisory Committee' is expected to establish a committed Bitcoin reserve. Several cryptocurrency companies, including Ripple, Kraken, and Circle, are competing for a seat on Trump's cryptocurrency advisory committee to seek a voice in the reform of U.S. cryptocurrency policy.
Two sources indicated that this cryptocurrency committee may belong to the White House National Economic Council (responsible for coordinating and implementing presidential economic policies) or an independent White House agency.
According to them and other industry insiders, the committee is expected to provide advice on digital asset policy, collaborate with Congress to promote cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among various agencies including the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury Department. One insider also stated that the committee may include law enforcement representatives and former policymakers.
Trump Media Technology Group may be considering launching a cryptocurrency payment service named TruthFi.
According to a trademark application submitted this week, Trump Media Technology Group has submitted an application for a cryptocurrency payment service named TruthFi, describing it as a platform for crypto payments, financial custody services, and digital asset trading.
The application did not detail how the project would operate, as its purpose is to diversify its business beyond the social media platform Truth Social. Any large-scale cryptocurrency project is likely to require Trump Media Technology Group to acquire another company, as it has fewer than 36 employees.
Musk: Artwork is often used for money laundering and tax evasion.
Musk responded on X to the news that 'a banana taped to the wall was sold for $6.2 million,' stating: 'Artwork is often used for money laundering and tax evasion. This largely explains the apparent irrationality.'
Binance CEO: Binance strictly evaluates the operating team, roadmap, market demand, and security of the projects it lists.
Binance CEO Richard Teng stated in the Binance Square (celebrating the one-year anniversary of Binance CEO) AMA that Binance has a strict and comprehensive due diligence process to determine which tokens or projects can be listed on the platform, including Launchpool, Megadrop, etc.
Richard Teng pointed out that there is an independent team within Binance responsible for research and evaluation, which does not interact with the outside world to ensure their independence and avoid undue influence in decision-making and evaluation.
Richard Teng stated that the key criteria for evaluating projects are first the quality of the project and the team behind it. Second is innovation, the project roadmap, and third is market demand and community involvement in the project use case, practical applications, as well as security and compliance.
Sun Yuchen: Willing to donate a banana artwork to Musk, sending it to Mars and the Moon.
Tron founder Sun Yuchen tweeted: 'I am willing to donate a banana artwork to Musk, to be taped on a SpaceX rocket, sending it to Mars and the Moon.'
Previously, it was reported that Sun Yuchen purchased Maurizio Cattelan's artwork Comedian banana for $6.2 million.
The U.S. Department of Justice has seized the cybercrime market Popeyetools, which profited $1.7 million through methods such as cryptocurrency payments.
The U.S. Department of Justice announced the seizure of the cybercrime platform Popeyetools and indicted its administrators Abdul Ghaffar, Abdul Sami, and Javed Mirza, accusing them of selling stolen financial data and assisting in ransomware and fraud crimes. Since 2016, the platform has profited $1.7 million through methods such as cryptocurrency payments, involving the sale of stolen credit card data and personal identification information. Law enforcement also seized cryptocurrency worth $283,000 from a wallet controlled by Sami.
U.S. prosecutors stated that this operation benefited from international law enforcement cooperation, successfully dismantling a platform providing services such as 'Live Fullz' and financial data verification tools. If convicted, defendants could face up to 10 years in prison for each charge.
Insiders: Trump has proposed choosing financier Kevin Warsh as Treasury Secretary.
According to Jinshi reports, sources familiar with the matter revealed that U.S. President-elect Trump has proposed selecting financier Kevin Warsh as his Treasury Secretary, but there is an understanding that when Jerome Powell's term as Federal Reserve Chairman ends in 2026, Warsh may be nominated to lead the Federal Reserve.
Some insiders said that Trump discussed possible arrangements with Warsh at his private club Mar-a-Lago in Florida on Wednesday. Warsh is a popular candidate to lead the Treasury Department, but as of Thursday evening, Trump had not yet decided who to appoint to this key cabinet position. Insiders familiar with the situation said that Trump is still weighing how to handle the vacancy of the Federal Reserve Chairman position, and may not make a final decision until Powell's term ends in May 2026.
Some say Trump is considering appointing investor Scott Bessent to lead the National Economic Council, and if Warsh becomes the Federal Reserve Chairman, Bessent may be nominated for Treasury Secretary later in his term.
The Russian government claims that 150 companies have applied for cryptocurrency mining licenses.
According to Cryptonews, the Russian Federal Tax Service confirmed that Russian companies are applying for cryptocurrency mining licenses, with 150 applications submitted so far. Federal Tax Service head Daniel Egorov stated that these applications were all submitted after November 1. Registrants must provide the federal tax authority with the cryptocurrencies they mine, cryptocurrency wallet addresses, and other data.
Private miners with monthly electricity consumption not exceeding 6,000 kilowatt-hours (kWh) are exempt from registration.
Global asset management company WisdomTree will launch XRP ETP on European exchanges.
Global asset management company WisdomTree Investments announced the launch of the exchange-traded product WisdomTree Physical XRP ETP (XRPW), which will be listed on multiple European exchanges, including Deutsche Börse Xetra, SIX Swiss Exchange, and the pan-European exchange, with a current management fee rate of 0.50%.
It is reported that WisdomTree's product will be 100% backed by spot XRP, with the assets stored in cold wallets and adopting a dual custody model, managed by regulated custodians. Currently, WisdomTree's portfolio has expanded to nine cryptocurrency ETPs, covering Bitcoin, Solana, Ethereum, and more.
CFTC commissioner calls for accelerated cryptocurrency policy reform.
Cointelegraph reported that CFTC Commissioner Summer Mersinger spoke at the North America Blockchain Summit, calling for the establishment of standard policies for cryptocurrencies through formal notification and review procedures. Mersinger pointed out that the current regulatory approach of 'enforcement-style regulation' toward the cryptocurrency industry has problems, particularly mentioning the case of Uniswap Labs. She emphasized that the CFTC is 'the ideal regulator for the cryptocurrency spot market,' as it can quickly implement significant legislative changes without disrupting the market.
Mersinger noted that while cryptocurrency entities (including decentralized finance DeFi) are often classified into existing categories and required to comply with the same laws, there is currently no formal registration pathway. She suggested that the cryptocurrency industry should begin outreach immediately after determining the leadership of the new government to facilitate early dialogue. Notably, the recent settlement amount reached between CFTC and Uniswap is relatively small, reflecting a subtle change in regulatory attitude.
Binance's latest statement: It is expected that the full-time compliance team will reach 645 members by the end of the year, a year-on-year increase of 34%.
According to CoinDesk, Binance stated in its latest announcement that it expects its full-time compliance team to reach 645 members by the end of 2024, a 34% increase from last November. Including contractors, there are currently over 1,000 employees focused on compliance work.
Binance's Chief Compliance Officer Noah Perlman stated that the cryptocurrency industry has entered a new stage of maturity, where regulatory compliance has become a fundamental standard for user experience and protection, business success, and responsible growth. The latest compliance talent added includes former PayPal Global Financial Crime Compliance Head Todd McElduff, and special investigative experts Céline Inial and Caner Akyürek from French and Turkish law enforcement agencies, with nearly 20 years of experience. In 2023, Binance's compliance expenditure increased by 36% year-on-year.
Data: Total cryptocurrency market value exceeds $3.4 trillion, hitting a historical high.
According to CoinGecko data, the total market value of cryptocurrencies has exceeded $3.4 trillion, with a 24-hour increase of 1.3%, hitting a historical high.
"What are the exciting articles worth reading in the past 24 hours?"
The 50 most noteworthy unissued projects in the cryptocurrency industry.
Attention in crypto is everything?
This year's narrative may uniquely belong to Meme, as its frenzy is fierce, even overwhelming wave after wave.
Bitcoin continues to set records, while altcoins have not seen the expected rise, leaving value investments in vain, with founders throwing up their hands in surrender, self-mockingly saying 'We can also be Meme.'
If Meme is a playground for adventurers. It is filled with stories that cross classes, tales of overnight wealth filled with survivor bias. On the dark side of paradise, the flowing participants are ruthlessly washed away, with the 'diamond hands' grabbing most of the wealth, while the 'paper hands' are left with nothing.
Perhaps we can see value investing as a game for honest people. It must be acknowledged that technology and application innovation are still underpinning the entire cryptocurrency industry.
Last week, during the Devcon in Bangkok, the Web3 data platform Rootdata officially announced the RootData List for 2024. The list includes five categories: Top 50 Projects (Issued Tokens), Top 50 Projects (Unissued Tokens), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
We believe that the most noteworthy item on the list is 'Top 50 Projects (Unissued Tokens),' as for value investors, these 50 projects may represent the most important investment opportunities in the cryptocurrency market in the coming time. This article will outline the fundamentals and recent developments of these 50 projects.
Dialogue with AI & Web3 dating platform Metya COO: Hopes to bring more human care to Web3.
Recently, Metya COO Christy participated in the 'DeInsight 2024' annual summit co-hosted by Web3 asset data platform RootData and ChainCatcher during Devcon, and took part in a roundtable discussion themed 'Social, AIGC, and Metaverse,' where she stated that the progress of social interactions is underestimated, and she looks forward to the impact of AIGC on various aspects of daily social interactions. After the event, ChainCatcher also invited Christy for a dialogue interview.
In the context of the growing SocialFi, Metya, as an AI-driven Web3 dating platform, adheres to a human-centered principle, aiming to lower the social barrier through technology. We had the privilege of interviewing Metya's co-founder Christy, who will provide us with an in-depth introduction to the vision and mission of this unique platform. Christy stated that Metya combines blockchain and AI technology to offer users a decentralized, privacy-protecting, and incentivized dating experience. Through token incentives, Metya hopes to help users easily find like-minded partners while gaining practical benefits in interactions.
MicroStrategy's stock price was shorted, with Bitcoin holdings exceeding $32.6 billion. Can the leverage game continue?
While the main business of business intelligence (BI) has performed mediocre, the side business of investing in Bitcoin has been thriving, making MicroStrategy undoubtedly one of the big winners of this bull market. Benefiting from Bitcoin's strong momentum, MicroStrategy achieved huge profits after boldly betting on Bitcoin, driving its stock price to soar. This winning strategy is attracting more and more imitators, trying to replicate its success.
However, while MicroStrategy achieves capital appreciation through Bitcoin's super returns, the high premium of its stock price has raised market concerns, with the well-known short-selling firm Citron publicly stating its bearish position. Can MicroStrategy's leverage game continue to play out?
Kevin Warsh, what are his connections to crypto?
On November 12, Beijing time, The Wall Street Journal cited sources revealing that U.S. President-elect Trump is considering appointing former Federal Reserve Governor Kevin Warsh as Treasury Secretary. The news also indicated that after the current Federal Reserve Chairman Jerome Powell's term ends in 2026, Kevin Warsh may be nominated as the Chairman of the Federal Reserve.
Some sources indicate that Trump is considering appointing Scott Bessent to lead the White House Economic Council, and if Kevin Warsh becomes the Federal Reserve Chairman, Trump will nominate Scott Bessent for Treasury Secretary later in his term.
On Polymarket, the prediction market regarding 'Who will Trump choose as Treasury Secretary?' shows Kevin Warsh's winning probability has risen to 52%, with Scott Bessent at 29%.
Solana: From zero to a historical high of $100 billion, the most perfect rebirth.
'I will buy all the SOL you have at the market price of $3 right now, feel free to sell, and then you can roll.' This was a response from FTX founder SBF to a trader who was bearish on Solana on January 10, 2021, 'SOL is about to receive huge buy orders because every billionaire in the world is calling me and SBF (consulting about Solana).' By December 1 of the same year, Multicoin Capital managing partner Kyle Saman tweeted. At that time, the price of SOL had exceeded $230, with an annual increase of over 150 times, becoming a star in the entire cryptocurrency industry.
'Here are the reasons for the disappearance of the Solana chain, and the SOL token going to zero.' This was a tweet from ETH maximalist James Spediaccid predicting that SOL would be cleared from the crypto market in December 2022, a year later. At that time, SOL was affected by the crypto winter and FTX's bankruptcy announcement, plummeting to a low of $8, with a drop of over 96% in more than a year, nearly going to zero.
'Only Possible On Solana,' in the moment when the community collectively shouts this slogan, on November 22, 2024, the price of SOL reached $260, breaking through the previous bull market's high point. The increase from the low to the high exceeds 30 times, completing its phoenix rebirth.
