Federal Reserve minutes: Officials lean towards slowing the pace of rate cuts as inflationary risks increase.
According to Caixin, on Wednesday local time, the Federal Reserve released the minutes of its December monetary policy meeting on its official website. The minutes indicate that given the still high inflation risks, Federal Reserve officials have taken a new position on interest rate cuts, deciding to slow the pace of rate cuts in the coming months. The minutes noted that participants believed the committee's interest rate level is close to or at a suitable time to slow the pace of rate cuts. They believe that the pace of rate cuts may be slowed in the future, entering a more cautious operational phase. A series of factors indicate that in the current complex economic environment, Federal Reserve decision-makers believe that careful adjustments to monetary policy are needed to avoid the negative impacts that overly aggressive policy adjustments may bring. For example, too rapid rate cuts could lead to renewed inflationary pressures. Participants expect inflation to continue to converge toward 2%, although they noted that recent inflation data above expectations, as well as the potential impacts of changes in trade and immigration policies, suggest that this process may take longer than previously anticipated. Some participants pointed out that the anti-inflation process may have temporarily stalled or indicated potential risks. Nick Timiraos, the 'voice of the Federal Reserve,' pointed out that the minutes further indicate that at the upcoming meeting at the end of this month, officials are generally willing to maintain interest rates unchanged. The minutes stated: "Participants indicated that the committee is at or near a suitable level to slow the pace of policy easing." Officials believe that based on their current outlook for economic activity, the Federal Reserve may continue to cut rates at a slower pace than in recent months.
Informed sources: Trump is considering declaring a national economic emergency to launch a new tariff plan.
Four informed sources told CNN that Trump is considering declaring a national economic emergency to provide legal grounds for imposing a large number of universal tariffs. This declaration would allow Trump to utilize the International Economic Emergency Powers Act (IEEPA) to create a new tariff plan, which unilaterally empowers the president to manage imports during a national emergency. One source indicated that Trump appreciates this law because it gives him broad jurisdiction over how tariffs are implemented without strict requirements to prove that tariffs are for national security reasons. Trump's transition team did not respond to requests for comments.
The number of initial jobless claims in the US for the week ending January 4 is 201,000, lower than expected.
According to Jin10, the number of initial jobless claims in the US for the week ending January 4 is 201,000, the lowest since the week of February 17, 2024. The expected figure was 218,000, with the previous value at 211,000.
Kraken and several crypto-friendly figures, including a16z executives, are vying for the CFTC chair position.
According to Cryptoslate, citing Fox Business News reporter Eleanor Terrett, the transition team of elected US President Donald Trump is searching for crypto-friendly candidates to serve as the next chairman of the Commodity Futures Trading Commission (CFTC). Competing for this position are current CFTC commissioners Summer Mersinger, a16z crypto policy director and former CFTC commissioner Brian Quintenz, and Kraken's chief legal officer Marco Santori.
According to informed sources, they referred to Quintenz and Mersinger as the 'hot candidates' for the position, both of whom reportedly have extensive experience and credentials in crypto policy. Mersinger is viewed as a thought leader at the intersection of crypto innovation and consumer protection. She frequently speaks at industry events and has consistently advocated for balanced regulation to foster the growth of the industry. Meanwhile, Mersinger has been actively advocating for a regulatory environment that accommodates crypto innovation, a position she honed during her tenure as a CFTC commissioner and in her current role at a16z. If elected, either of these candidates could guide the agency to prioritize clear and innovative policies for the US crypto industry.
While Quintenz and Mersinger are leading, there are several other candidates still on the list, including Republican CFTC commissioner Caroline Pham, who has a strong regulatory background, Neal Kumar, who held senior positions at the CFTC and is viewed as a regulatory expert, and Josh Sterling. Reports indicate that Trump's transition team has reviewed at least six candidates for the position, reflecting the administration's focus on finding a leader aligned with its vision for the crypto industry.
CFTC Chair Behnam, in his farewell speech, called on crypto industry innovators to protect investors.
According to CoinDesk, CFTC Chairman Rostin Behnam, in his last public speech before stepping down, focused on cryptocurrency and its regulatory issues, emphasizing the need to elevate the CFTC as a cryptocurrency regulatory agency. Behnam will step down on January 20, making way for the future appointee of President Trump. He stated in his speech at the Brookings Institution that cryptocurrency "has permeated every stage of my tenure." Behnam pointed out that "in the absence of federal legislation, issues such as customer protection, fraud, and market abuse are becoming increasingly severe. History has shown that placing a large amount of financial activity outside of regulation ultimately leads to bad outcomes." He directly called on industry "innovators" to protect those investors "eager to incorporate digital assets into their portfolios" and emphasized that "the role of market regulators is crucial; they ensure that financial innovation integrates into a regulatory and compliance culture that protects consumers and provides legal certainty." He also stated that he has never supported a law enforcement-led approach to regulation, contrasting it with SEC Chair Gary Gensler, who has been criticized by the industry for adopting a "law enforcement over regulation" approach.
Earlier today, SEC Chair Gary Gensler reiterated that the crypto space is "filled with bad actors."
Oklahoma lawmakers propose the Bitcoin Freedom Act, which aims to allow employees to receive wages in Bitcoin.
According to Bitcoin Magazine, Oklahoma Senator Dusty Deevers has submitted the 'Bitcoin Freedom Act' numbered SB325, which will allow employees in Oklahoma to choose to receive their wages in Bitcoin and allow vendors to accept Bitcoin payments. The SB325 bill ensures that participation is entirely voluntary, respects free market principles, and grants employees, employers, and businesses the right to choose the payment method that best suits them. The SB325 bill is eligible for consideration in the 60th legislative session starting on February 3.
Thailand will pilot cryptocurrency payments in Phuket in 2025 to boost tourism development.
Thailand's Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced that in 2025, a pilot program for cryptocurrency payments will be launched in Phuket, allowing tourists to pay for goods and services in Bitcoin, which will be converted to Thai Baht after settlement. This move aims to enhance payment convenience and attract more tourists while helping to address large payment challenges, such as home purchases. The Phuket pilot will enhance Thailand's competitiveness in the crypto economy, with small communities like 'Bitcoin Village' successfully promoting digital currency payments, providing a reference for the project.
The EU accelerates the investigation into the X platform's content moderation compliance, which may face hefty fines.
According to Bloomberg, senior digital officials in the European Union have pledged to actively advance the investigation into the X platform (formerly Twitter) to determine whether it has violated the (Digital Services Act). This law aims to combat illegal and harmful content, with the investigation focusing on whether the X platform promotes far-right political content through algorithms. If confirmed to be in violation, the X platform could face fines of up to 6% of its global annual revenue. The European Commission stated that it will reach a conclusion as soon as possible according to the law.
A US judge has set the trial start date for Do Kwon to January 26, 2026.
According to The Block, Terraform Labs founder Do Kwon appeared in court in the Southern District of New York on Wednesday, marking his second appearance, as this high-profile and repeatedly delayed federal case enters the evidence disclosure stage. If convicted due to the collapse of the TerraUST stablecoin, he could face up to 130 years in prison. The purpose of Wednesday's 'initial conference' was to determine whether the US case could be resolved without going to trial and to establish other pretrial details. US District Judge Paul Engelmayer set the trial start date for January 26, 2026, and encouraged plea negotiations. The US government noted that both parties submitted 6 TB of evidence for verification, including four cell phones, social media accounts, and other non-public information that Kwon carried while in prison in Montenegro, most of which require translation and decryption. Prosecutors indicated that some of this data may have been collected without a search warrant, and the encryption keys appear to have been 'lost.' Prosecutor Jared Lenow noted that the trial could last up to six weeks, with the prosecution requiring four weeks. The judge also questioned whether securities law would play a significant role in Kwon's case, stating that 'the jury needs an extremely clear understanding.' Prosecutors stated that whether Bitcoin or USDT is a commodity is not important to their case, pointing out that District Judge Jed Rakoff previously ruled that 'Terraform's crypto assets are investment contracts.'
Trump-themed digital cards made their debut on the Bitcoin network through the Ordinals protocol.
According to Cryptoslate, the NFT series supported by elected US President Donald Trump has launched the first batch of 160 pieces on the Bitcoin network using the Ordinals protocol, named 'Trump Bitcoin Digital Trading Cards.' Users who obtain 100 NFT cards from the 'Mugshot Edition' are eligible to claim them through the NFT marketplace Magic Eden after submitting their Bitcoin wallets. As of the time of writing, users have minted 19 of the 119 available Ordinals, with the claim period lasting until January 31. The Trump Bitcoin Digital Trading Cards utilize 'Alpha sats.' Users have listed 11 Trump-inspired Ordinals on Magic Eden, with the lowest asking price at 0.1988 BTC, while the most expensive Ordinals in the series are priced at 20 BTC. Although this is the first Ordinals series related to Trump, the elected president has a history in the NFT space, having launched multiple series over the years, including four sets of 'Trump Digital Trading Cards' showcasing him holding BTC and performing his signature dance.
Blast's mobile platform will launch later this month together with a tokenomics update.
Ethereum Layer 2 network Blast announced on the X platform: 'Blast's mobile platform will launch later this month alongside a tokenomics update. All Blast Dapps should ensure to distribute points and coins to users before these changes. There will be no coin distribution in January. All users should also ensure to log in to the Blast website using their own wallets. The formal release date will be announced soon.'
Solana urges validators to test the early version of the 'Firedancer' upgrade.
According to CoinDesk, Solana is ramping up testing for Firedancer, a software upgrade expected to significantly improve the blockchain's processing speed. According to messages in Solana's technical Discord server, the Solana core development team hopes that by the end of this weekend, 'the majority' of processing capacity in the low-risk on-chain testing network will be able to run Frankendancer (an early version of Firedancer). The call to action for Solana validators marks the biggest test Firedancer has faced thus far. This upgrade has been in progress since the chain frequently failed in 2022 and is seen as a means to enhance Solana's stability and speed. Supporters of Firedancer believe that this software, developed by the trading giant Jump's crypto division, will give Solana an unparalleled advantage in attracting global financial markets into the blockchain competition. They point to its theoretical speed: one million transactions per second, far faster than any current blockchain-based system. A specific release date for Firedancer has yet to be determined. Currently, Jump Crypto has only released Frankendancer, which is a combination of the Firedancer and Solana mainstream client architecture. Prior to this week, only a small number of validators had adopted Frankendancer, and many reported finding it buggy and prone to crashing. On Tuesday, the Solana Foundation first used this subsidy reward and punishment mechanism to directly promote the adoption of Frankendancer. Validators have only a few days to switch their testnet systems to the new client, or they will lose their delegations.
Grayscale updates the fund compositions of its products, including adding LPT to the AI Fund.
According to Globenewswire, Grayscale announced that it has updated the fund compositions and weights of its various products based on the review for Q4 2024. ① Grayscale has included Livepeer (LPT) in its AI Fund portfolio. ② The Grayscale DEFI fund added Curve (CRV) and removed Synthetix (SNX). ③ The Grayscale GDLC fund added Cardano (ADA) and removed Avalanche (AVAX). ④ Grayscale has included SUI in the GSCPxE fund portfolio.
Telegram founder Pavel Durov reiterated the platform's stance in support of free speech.
Telegram founder Pavel Durov stated in his personal channel that Telegram has firmly supported the value of free speech even before it became a political security issue, emphasizing that its core values are unaffected by the US election cycle. He also pointed out that while other platforms have recently announced reductions in censorship, the real test will come when the political winds change again. He mentioned that it is easy to support something when there are no risks involved.
Vitalik calls for Ethereum core developers to prioritize the optimization of key upgrades such as 'Blob scaling.'
Ethereum founder Vitalik Buterin stated in a tweet that Ethereum core development needs to prioritize better. He noted that if he had to choose between 'increasing the Blob target from 3 to 6' and 'other improvements in Pectra', he would prioritize the former. This indicates that data availability scaling (Blob) is his top priority. At the same time, he mentioned priority suggestions for projects like Fusaka and G*, arguing that 'Blob scaling' remains crucial, but also emphasized the importance of improvements to L1 layer EVM (Ethereum Virtual Machine). He specifically mentioned the focus on full account abstraction (AA) from EOF to 7701, SIMD+EVMMAX optimizations, and a moderate increase in gas limits. Vitalik also stated that explorations into 'peerdas' are ongoing and suggested trying more ambitious versions to further promote Ethereum technological innovation and optimization.
Revolut becomes the first bank data publisher to join the Pyth Network.
According to The Block, UK fintech company Revolut has announced that it is the first bank data publisher to join the multi-chain Pyth Network. Revolut integrates its digital asset pricing and trading data into Pyth's price oracle, supporting decentralized finance (DeFi) developers to apply real-time market data in decentralized applications (dApps). The Pyth network currently provides over 500 real-time data streams for more than 80 blockchain ecosystems (including Solana, Ethereum, Arbitrum, etc.), with a total trading volume exceeding $1 trillion in 2024. Revolut stated that this collaboration will drive financial modernization, providing accurate real-time data for users and developers while supporting the development of DeFi applications.
CoinList has removed 2.4 million bots and fraudulent accounts.
CoinList announced that it has removed 2.4 million bots and fraudulent accounts since its inception, ensuring that each user is a unique and real individual through device, IP address, and email verification. This initiative helps project parties build a high-quality, authentic investor community while enhancing distribution opportunities for legitimate investors, promoting long-term stable development.
Crypto exchange Bullish has obtained a BaFin license in Germany and will expand its services in the European Economic Area.
According to an official announcement from the crypto exchange Bullish, its German subsidiary Bullish DE Custody GmbH has been granted licenses for crypto asset custody, proprietary trading, and prime brokerage by the German Federal Financial Supervisory Authority (BaFin). Bullish plans to expand its services in the European Economic Area based on the (Markets in Crypto-Assets Regulation) (MiCA) framework, which takes effect on December 30, 2024. The company appointed Marco Bodewein as the General Manager of Bullish DE; he previously held important positions at futurum bank AG and Bitcoin Group SE and has extensive experience in the crypto and financial services sector. Additionally, BaFin-authorized crypto trading firm tradias has completed integration with Bullish DE and has started trading. Bullish DE is actively attracting professional and institutional investors in Germany, providing secure and compliant digital asset trading services.
Starknet launches development tool SN Stack to assist Appchain development.
According to The Block, the Ethereum Layer 2 project Starknet has launched its development tool SN Stack, supporting developers to create independent application chains (Appchains). SN Stack includes Starknet OS (blockchain operating system), CairoVM (smart contract execution), Blockifier (block construction), and cryptographic proof and verification tools. SN Stack provides three versions to meet different needs: Madara offers a flexible open-source modular framework; Dojo focuses on gaming and advanced on-chain applications; StarkWare Sequencer provides complete infrastructure for high-performance decentralized applications. The first application chain, Paradex, has gone live as a design partner.
a16z crypto releases five cutting-edge trends at the intersection of AI and crypto technology, exploring the possibilities of integration.
According to a16z crypto's official website, a16z crypto released five cutting-edge trends at the intersection of AI and crypto technology, exploring the possibilities of integration. 1. Blockchain empowers AI to reshape the internet: AI has disrupted the traditional internet economy, generating content that replaces user clicks, while deep fakes and misinformation undermine trust. Blockchain's ownership guarantees, identity verification, and tamper-proof features can protect content authenticity and return the internet to openness and diversity. 2. AI centralization, Crypto decentralization: Tensions exist between AI and crypto technology in centralization and decentralization, but their combination can achieve innovations that neither could accomplish independently, such as user control, privacy protection, and decentralized governance. 3. Demand for 'proof of real identity' surges: The explosion of AI-generated false content requires 'human identification' to ensure the authenticity of interactions. Privacy-based unique identity verification becomes key to building trusted digital identities and enhancing cybersecurity. 4. AI wallets promote autonomous behavior: Once AI agents have their own crypto wallets, they can participate in market trading, custody assets, and apply in decentralized physical infrastructure networks, expanding the roles of AI and network value. 5. Trusted execution environments ensure autonomous applications: Trusted execution environments (TEE) can prove the autonomy of AI systems, allowing them to manage keys and assets and operate on permissionless decentralized networks, paving the way for truly autonomous AI applications.
Binance Alpha adds LMT, PAAL, and SNAI.
Binance Alpha has announced a new batch of project listings, including: LMT, PAAL, and SNAI. Project descriptions are shown in the image below:
PeckShield: Orange Finance has suffered a hacking attack, resulting in a loss of approximately $787,000.
According to PeckShield Alert, the liquidity management protocol on Arbitrum, Orange Finance, has suffered a hacking attack, with approximately $787,000 in crypto assets transferred from its contract. The official confirmation indicates that the attacker controlled the admin address, upgraded the contract, and transferred the funds to their wallet. Users are strongly advised to immediately revoke all contract authorizations related to Orange Finance to avoid further losses and to cease any interactions with the compromised protocol. Orange Finance has attempted to contact the attacker through Arbiscan to negotiate the return of funds.
DuckChain releases DUCK tokenomics, with 77% allocated to community and ecosystem development.
According to DuckChain's official tweet, its governance token $DUCK has been officially launched, with a total supply of 10 billion. Of this, 77% is allocated to community and ecosystem development, including 50% for airdrops, 4% for liquidity, 3% for marketing, and 20% for ecosystem support. Of the remaining portion, 10% is allocated to investors, 10% to the team, and 3% to advisors. The DUCK TGE will launch on TON, followed by DuckChain (after public mainnet release), Arbitrum, Base, and others. $DUCK, as the core token of DuckChain, supports governance, staking, payment of gas fees, and other functions. DuckChain aims to provide on-chain support for Telegram's over 1 billion users and dApp developers through AI tools, EVM-compatible technology, and promote the large-scale application of blockchain technology. The $DUCK token will be launched on centralized and decentralized exchanges on January 16, 2025, with specific platforms yet to be announced. Additionally, DuckChain announced that at 12 PM UTC today, users can check airdrop allocations and claim them on OKX exchange through MiniApp.
Movement Labs is nearing completion of a $100 million Series B funding round, with a valuation of $3 billion.
According to Fortune, Movement Labs, focused on Ethereum Layer 2 blockchain development, is nearing completion of a $100 million Series B funding round, with an expected valuation of $3 billion. This round is co-led by CoinFund and Nova Fund (Brevan Howard's digital asset division), with investors receiving equity in the company and its token Move, focusing on the token form. Movement Labs previously completed a $38 million Series A funding round in April 2024, led by Polychain Capital. The completion of this round is expected by the end of January. Movement is based on the Move programming language developed by Facebook, unlike independent public chains Aptos and Sui, adopting a Layer 2 structure to fully leverage the Ethereum ecosystem. Its mainnet test version and Move token were launched in December 2024, with Move currently valued at approximately $2.25 billion, nearly doubling since its launch.
Crypto data platform SoSoValue has completed a $15 million funding round to launch a multi-currency index.
According to Fortune, AI-driven crypto data platform SoSoValue has announced the completion of a $15 million Series A funding round, with a valuation of $200 million. The round was led by Hongshan (Sequoia China), SmallSpark, Mirana Ventures, and Safepal. SoSoValue stated that this round of funding was completed by the end of December, and the funds will mainly be used for the reserves of SoSoValue Indices (SSI). SSI is an innovative spot crypto index protocol designed to facilitate efficient investment in the crypto market, making SoSoValue the first institution to introduce a spot index in token form to the market. SoSoValue aims to provide retail investors with real-time market data and ETF fund flow tracking. The SoSoValue Indices Protocol packages digital assets into cross-chain cryptocurrencies via smart contracts. SoSoValue has launched four indices by the end of December: MAG7.ssi, MEME.ssi (tracking the top ten meme coins), DEFI.ssi, and USSI (hedged). SoSoValue had previously completed a $4.15 million seed funding round in mid-2024, bringing the total funding amount close to $20 million. The number of registered users on the SoSoValue platform has exceeded 8 million.
A certain whale transferred 80,000 SOL to Coinbase Prime 5 hours ago, worth approximately $15.56 million.
PANews reports on January 9 that on-chain analyst Yu Jin monitored a whale who transferred 80,000 SOL (approximately $15.56 million) to Coinbase Prime 5 hours ago. He earned $4.63 million (+36%) through staking and SOL appreciation. This whale had withdrawn 87,000 SOL (worth $12.81 million) from Coinbase Prime six months ago at a price of $147 and staked it until three weeks ago when he redeemed it. After redemption, his SOL was transferred to Binance and Coinbase Prime at an average price of $194, realizing a profit of $4.63 million (+36%).
El Salvador has purchased 11 more bitcoins as part of its strategic reserves.
According to Cointelegraph, El Salvador has just purchased 11 more bitcoins as part of its strategic reserves, worth over $1 million.
Bitcoin ETFs saw a net inflow of 2,586 BTC today, while Ethereum ETFs experienced a net outflow of 20,884 ETH.
According to Lookonchain monitoring, Bitcoin ETFs had a net inflow of 2,586 BTC (approximately $248 million), with iShares (Blackrock) seeing an inflow of 6,078 BTC (approximately $583 million) in a single day, totaling 559,201 BTC (approximately $53.62 billion). Ethereum ETFs had a net outflow of 20,884 ETH (approximately $70.69 million), with Fidelity experiencing an outflow of 19,999 ETH (approximately $67.70 million) in a single day, currently holding a total of 460,501 ETH (approximately $1.56 billion).
The Ethereum Foundation sold 100 ETH in exchange for 336,000 DAI.
According to Arkm data, minutes ago, the Ethereum Foundation address sold 100 ETH at an average price of $3,363, receiving about 336,000 DAI in return.
