Today's news highlights:
Trump's team is considering appointing former SEC commissioner Paul Atkins to replace Gary Gensler
Russia passes cryptocurrency tax law, redefining digital currency rules
Binance: BNSOL super staking will launch the first phase project Pyth Network
Movement co-founder accuses the Scroll team of multiple misconducts, damaging the reputation of the EVM L2 ecosystem
Celsius will distribute a second round of $127 million to eligible creditors
Chinese concept stock SOS announces it will purchase $50 million in Bitcoin, surging 47.19% upon opening
The genesis event for Hyperliquid's native token HYPE will take place on November 29
The Japanese listed company Metaplanet plans to raise approximately $62 million to accelerate Bitcoin accumulation
Regulation & Policy
Trump's new government minister nominations are complete, with over 5 being 'crypto traders'
According to Jin10, on November 23 local time, the elected President Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. With this, all cabinet minister candidates for Trump's new government have been confirmed. In addition, Trump has nominated several high-ranking officials in recent weeks. From the new government's list, besides well-known names in the crypto market like Musk and Howard Lutnick, several cabinet officials are staunch supporters of cryptocurrency and have publicly disclosed their cryptocurrency holdings, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.
Trump's team is considering appointing former SEC commissioner Paul Atkins to replace Gary Gensler
According to Bloomberg, insiders revealed that the transition team of elected President Donald Trump has interviewed senior financial regulator and conservative financial insider Paul Atkins as a candidate for the chair of the SEC. Insiders say Atkins is one of the strongest contenders to replace the departing SEC chair Gary Gensler. Trump is expected to make a choice in the coming days, but no decision has been made yet. According to previous reports, Atkins is not only well-versed in cryptocurrency technology but also has a deep understanding of the SEC's internal operations; he has served as a commissioner and staff member under two SEC chairs, Richard C. Breeden and Arthur Levitt.
Russia passes cryptocurrency tax law, redefining digital currency rules
According to Bitcoin.com, on Wednesday, the Russian Federation Council approved a government-initiated bill outlining the tax framework for digital currencies. The day before, the bill had received preliminary approval in the State Duma (lower house) and was finally passed in the plenary session on Wednesday. The new law classifies digital currencies (including those used as payment tools under experimental legal frameworks) as property according to the Russian Federal Tax Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), alleviating the financial burden for participants in this field. Additionally, services provided by authorized organizations that facilitate transactions under these experimental frameworks will also be tax-exempt. An important provision requires mining infrastructure operators to report personal data of individuals using their systems to tax authorities. Income from digital currency mining will be treated as taxable income, forming the basis for personal income tax. According to Danil Volkov, head of the relevant department in the Russian Ministry of Finance, enterprises engaged in mining activities will be taxed at standard corporate income tax rates. The law stipulates that mining income will be taxed based on the asset value at international exchanges. For most digital currency earners, the personal income tax rate will remain at 13%, and starting in 2025, the rate will increase to 15% for annual income exceeding 2.4 million rubles. In the legislative process, the bill must undergo multiple reviews in the State Duma, receive approval from the Federation Council, and be signed by the president to become law. With President Putin's expected support, the legislation will formally establish a detailed tax framework for digital currencies in Russia.
AI
AI company Databricks raised $5 billion in its latest funding round, with a post-money valuation of $55 billion
According to Bitcoin.com, San Francisco-based data analytics and AI company Databricks raised $5 billion in its latest funding round, bringing the company valuation to $55 billion. Sources say Databricks plans to raise a total of $8 billion, expected to become the largest funding round of the year. Reports state that this latest funding round is aimed at allowing employees to sell shares, thereby reducing the need for an immediate initial public offering (IPO). However, while an IPO may not come soon, it is still possible in the second half of 2025. Although the report did not disclose the identities of investors participating in the latest funding round, it revealed notable supporters of the company including Nvidia, Capital One, Andreessen Horowitz (a16z), Baillie Gifford, Fidelity, Insight Partners, and Tiger Global. In September 2023, Databricks raised $500 million, valuing the company at $43 billion. OpenAI currently holds the record for the largest funding round in 2024, raising $6.6 billion in October. Elon Musk's xai also secured $5 billion in funding, bringing its valuation to $50 billion. Another AI startup, Anthropic, received $400 million in funding from Amazon, bringing its total funding to $8 billion.
Project dynamics
Binance: BNSOL super staking will launch the first phase project Pyth Network (PYTH)
According to the official announcement from Binance, BNSOL super staking will launch the first phase project - Oracle Network Pyth Network (PYTH). From December 02, 2024, 08:00 to December 17, 2024, 07:59 (UTC+8), users holding BNSOL in Binance accounts or staking SOL to BNSOL will receive PYTH APR Boost airdrop rewards. These PYTH APR Boost airdrop rewards are additional token airdrops on top of the annualized interest rate of Binance SOL staking, providing users with higher returns. BNSOL super staking reward pool: opening date from December 02, 2024, to December 17, 2024; total reward pool contains 1,428,571.43 PYTH, with a daily reward amount of 95,238.095 PYTH. PYTH APR Boost airdrop rewards will be available for collection starting December 03, 2024, around 13:30 (UTC+8).
a16z general partner Sriram Krishnan announced he will leave by the end of the year
a16z general partner Sriram Krishnan announced on the X platform: 'After working at a16z for 4 years, I will leave the company by the end of the year. I will discuss my future plans later, and I will share more information in the coming months.' Additionally, according to The Information, Krishnan has discussed joining the government efficiency department led by Elon Musk.
Celsius will distribute a second round of $127 million to eligible creditors
According to Beincrypto, Celsius is preparing to distribute a second round of $127 million to eligible creditors from its litigation recovery account. Funds will be distributed in the form of Bitcoin, Ethereum, or USD based on eligibility. According to the latest bankruptcy court documents, after deducting fees and expenses, the litigation manager allocated approximately $127 million for this round of payments. These funds will be distributed to 'effective date debtors' among Celsius creditors who are entitled to recovery of non-liquid assets under the company's bankruptcy plan. A portion of the funds specified in the plan will be retained as reserves. Notably, creditors wishing to receive distributions in BTC or ETH must have an active Coinbase account, and the account information must match Celsius's records. Celsius stated on X: 'According to the Coinbase agreement, after November 9, 2024, non-business creditors who have not received Celsius distributions via Coinbase will automatically be handled by the U.S. dollar distribution partner.'
Movement co-founder accuses the Scroll team of multiple misconducts, damaging the reputation of the EVM L2 ecosystem
Movement Labs co-founder Rushi Manche publicly accused the Scroll team of numerous issues, including: 1. A community for years, yet launched a predatory incentive plan, ultimately shifting the burden onto ordinary investors. 2. The team had been selling secondary market shares for years before the launch. 3. Other team members were forced to buy in at an $18 billion valuation while senior leadership was simultaneously selling off. 4. The Scroll team directly allocated airdrops to their own wallets and then cashed out. 5. Designed the most predatory token economic model, aimed at harming every community member. Manche blamed the Scroll team's actions for damaging the reputation of the EVM L2 ecosystem and called for improvements to avoid 'making it look like an outright scam'.
Later news, Scroll co-founder responded to the doubts: will improve project design issues, and the team is making structural adjustments.
The Aave community initiated an ARFC proposal 'Establishing a Strategic Partnership with Instadapp by Investing in INST Tokens'
The Aave community initiated an ARFC proposal 'Establishing a Strategic Partnership with Instadapp by Investing in INST Tokens'. The proposal includes Aave DAO investing $4 million in INST tokens at a fully diluted valuation (FDV) of $350 million to establish a strategic partnership with the multi-chain DeFi management protocol Instadapp, aimed at enhancing cooperation and coordination between the two protocols. Aave DAO will allocate up to 1/3 of the INST tokens, supporting Fluid's GHO trading pairs through Merit. The remaining tokens will have a one-year vesting period, authorized to the Aave Protocol Embassy.
Coinbase: Pepe (PEPE) is now launched for users in New York
According to Coinbase Assets announcement, Pepe (PEPE) is now available for users in New York, who can buy, sell, convert, send, receive or store PEPE assets through the Coinbase website and its iOS and Android apps. Coinbase obtained a virtual currency business license from the New York State Department of Financial Services (NYDFS) on January 17, 2017, ensuring compliant operations. In addition, NYDFS also approved Coinbase to establish Coinbase Custody Trust Company LLC in 2018. However, due to its failure to comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) plan as well as trading monitoring and cybersecurity plans, Coinbase reached a $100 million settlement agreement with NYDFS in 2023.
Chinese concept stock SOS announces it will purchase $50 million in Bitcoin, surging 47.19% upon opening
Chinese company SOS Ltd., listed on the NYSE, announced that its board of directors has approved a plan to invest $50 million in purchasing Bitcoin (BTC) to strengthen its blockchain industry layout. SOS stated that this plan not only reflects long-term confidence in Bitcoin as a strategic reserve asset but also aims to optimize its investment portfolio and enhance the company's competitiveness in the digital asset space. SOS will adopt a diversified quantitative trading strategy, including investment, trading, and arbitrage, to reduce market volatility risks and achieve stable returns. SOS has a market capitalization of approximately $9.16 million, and after today’s opening, it surged 47.19%, likely influenced by this news.
Tether halts EURT issuance due to European regulatory environment, users have one year to complete redemption
Tether announced it will cease supporting its Euro stablecoin EUR₮ and has stopped processing new minting requests since 2022. This decision is based on the increasingly complex regulatory environment for the European stablecoin market, while Tether will prioritize supporting new projects such as the compliant MiCAR-regulated new stablecoins EURQ and USDQ launched in collaboration with Quantoz Payments. Tether will also provide efficient compliance support for asset issuance, including stablecoins, through its technology platform Hadron. Existing EUR₮ users must complete redemption by November 27, 2025.
Binance will launch MORPHO and CHILLGUY USDT perpetual contracts
Binance's contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75 times: November 27, 2024, 22:30 (UTC+8): MORPHOUSDT perpetual contract; November 27, 2024, 22:45 (UTC+8): CHILLGUYUSDT perpetual contract.
Clanker co-founder: Clanker contract upgrade supports users to receive 40% fee sharing.
According to proxystudio.eth, co-founder of Clanker, the team is upgrading the contract to allow users to directly receive a 40% fee sharing (including ETH and tokens). MetaMask co-founder Dan Finlay previously stated that they have tested the Meme coin CONSENT on Base and Solana chains, with data showing that Solana's market cap reached $2.8 million and Base's was $2 million. Clanker is an AI-driven token deployment tool, allowing users to submit token ideas via Farcaster clients like Warpcast and quickly launch tokens on the Base chain. Related reading: Clanker: 'Pump.fun' on the Base chain
Hyperliquid reminds users to accept Genesis Event terms as soon as possible
According to the Hyper Foundation announcement, users who have recently started using Hyperliquid L1 and those who missed out earlier need to review and accept the Genesis Event terms and conditions before 23:59 UTC on November 28 (07:59 Beijing time on November 29). Failure to do so may affect participation eligibility; related users should act promptly.
The Japanese listed company Metaplanet plans to raise approximately $62 million to accelerate Bitcoin accumulation
According to the official news, the Japanese listed company Metaplanet announced the issuance of mobile execution stock subscription rights to raise up to 9.5 billion yen (approximately $62 million) to accelerate Bitcoin accumulation.
The genesis event for Hyperliquid's native token HYPE will take place on November 29
According to the official blog, the Hyper Foundation announced that the genesis event for the decentralized derivatives trading platform Hyperliquid's native token HYPE will take place at 15:30 Beijing time on November 29. The maximum supply of HYPE is 1 billion tokens, distributed as follows: 38.888% for future emissions and community rewards; 31.0% for the genesis distribution; 23.8% for current and future core contributors; 6.0% for the Hyper Foundation budget; 0.3% for community grants; 0.012% for HIP-2. Tokens will be issued over time, with 76.2% allocated to the community. Qualified participants in the genesis event will receive 310 million tokens, which will be fully unlocked. Unallocated tokens will be transferred to future emissions and community rewards. 60 million HYPE is allocated to the Hyper Foundation budget, 300 HYPE for grants, and 120,000 HYPE for Hyperliquidity (HIP-2). 388,880,000 unmined HYPE is reserved for future emissions and community rewards. Core contributor tokens will be locked for one year after the genesis. Most vesting plans will be completed between 2027 and 2028; some will continue beyond 2028. The genesis distribution strictly excludes core contributors. No allocations are provided for private investors, centralized exchanges, or market makers.
Slow Mist: JUMPFUN project involves obvious violations, beware of risks
Slow Mist founder Yu Xian stated: 'According to feedback from Slow Mist district intelligence agents, the JUMPFUN project (@jumpdotfun) appears to have suspicious behavior. After analyzing the project contract and transaction records, we found the following suspicious situations: The JUMPBonusPool contract originally designed two core mechanisms: 1. Bonus pool mechanism: the last 5 users to donate can share the accumulated ETH bonus; 2. Time extension mechanism: each time a user donates, the game time is automatically extended by 30 seconds. Yesterday, the project party used owner permissions to modify the JUMPBonusPool contract twice through the setEmergencyBonusPool function, leading to users being unable to participate in the competition for previously accumulated bonuses in the JUMPBonusPool contract through normal donations. Notably, the newly replaced JUMPBonusPool contract has also not been open-sourced. These behaviors are severely inconsistent with the activity rules previously disclosed by the project party and involve obvious violations. We remind all participating users to be aware of the risks and participate cautiously.'
Earlier news indicated that Slow Mist stated that attackers exploited XSS vulnerabilities on the Cointelegraph website for phishing.
Telegram founder: Received a donation of 1% MAJOR from Major founder, will not sell it in the next 10 years
Telegram founder Pavel Durov stated on his personal TG channel: 'The Major mini-program is one of my favorite success stories in the Telegram ecosystem. Major, launched by 27-year-old entrepreneur Roxman, earned over $10 million in just five months and attracted 70 million users. I love Major because it quickly adopts new possibilities of the mini-program platform and adds features that feel naturally belonging to Telegram. I also like Roxman, as I have been following him since he launched Fabrika and Major. Roxman generously donated 1% of MAJOR tokens to me, and I will not sell these tokens for the next 10 years. I heard the Major team is preparing many innovations (such as username NFT leasing and digital ID). Tomorrow will be a big day for them as MAJOR tokens will be launched on six major exchanges. I wish them good luck.'
Robinhood launches Ethereum staking service for European users
According to Crowdfund Insider, Robinhood announced the launch of Ethereum staking services, allowing European users to earn ETH holding rewards. Additionally, earlier this year, Robinhood Crypto launched Solana staking services in Europe. Johann Kerbrat, General Manager and Vice President of Robinhood Crypto, stated that staking services are a highly demanded feature by users but may be complex for newcomers to cryptocurrency. Robinhood has simplified the staking process, enabling users to efficiently contribute to the security of the ETH network while earning rewards.
Tether CEO: Tether's commodity liquidity fund may reach $5 billion by 2026
BitWise submitted an ETF application to the SEC tracking an index of 10 cryptocurrencies
According to Beincrypto, BitWise has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its index fund of 10 cryptocurrencies. If approved, this will become the most diversified and widely covered cryptocurrency ETF in the U.S. market. According to the documents, the fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. BitWise has maintained this initial fund since 2018, linking its value to the ten most valuable cryptocurrencies. The SEC has officially confirmed receipt of the application, marking the start of the countdown for the commission to decide whether to reject or approve the application. However, the deadline for approval of the application has not yet been determined.
Mining news
Bitcoin mining company MARA increased its holdings by 703 BTC again, raising its total holdings to 34,794 BTC
According to the official announcement, Bitcoin mining company MARA Holdings, Inc announced that it acquired an additional 703 Bitcoins through the issuance of $1 billion zero-coupon convertible preferred notes, bringing the total amount of Bitcoins acquired through this issuance to 6,474, with an average price of $95,395 per Bitcoin. The return on each Bitcoin from the beginning of the year to now is 36.7%. The company currently holds approximately 34,794 Bitcoins, valued at about $3.3 billion at the current spot price of $95,000 per Bitcoin. MARA has repurchased part of its $200 million bonds due in 2026; after deducting trading costs, the remaining proceeds of about $160 million can be used for future purchases when Bitcoin prices drop.
Tether-supported Northern Data received a takeover bid for its cryptocurrency mining division
According to Bloomberg, Northern Data AG is close to finalizing a deal to sell its cryptocurrency mining business, hoping to take advantage of the Bitcoin price surge in November. According to Northern Data CFO Elliot Jordan, the company has hired bankers and invited bidders to submit offers, currently reviewing various proposals. Jordan stated in a speech at the German equity forum on Wednesday: 'It is most appropriate to describe it as 'ongoing'; we are receiving offers from multiple different aspects, and progress is smooth.' Jordan indicated that Northern Data has not valued the business, but reports suggest a valuation of $300 million to $500 million before the Bitcoin price surge. He told investors: 'Clearly, now is the best time to sell this business.' Northern Data's main shareholder is stablecoin issuer Tether, which is seeking to release funds to expand its AI service business. This is a shift many mining companies are exploring after the Bitcoin software update in April, which halved their main source of revenue. Earlier in October, Northern Data planned to sell its cryptocurrency mining division, Peak Mining.
XT Exchange: The platform's own funds have experienced fluctuations, which will not affect user interests
According to XT's official announcement, XT Exchange detected abnormal transfers in the platform's wallet, involving the on-chain address 0xdb3ded7731c781224ec292e2163d9554c094fd7c, totaling about $1 million and involving 12 different types of assets. XT stated that the assets involved in this incident are the platform's own funds and will not affect user interests.
Currently, the technical team is conducting an emergency investigation into this incident and plans to launch the Merkel Tree asset proof system in mid-December.
Earlier reports indicated that the cryptocurrency exchange XT.COM may have been hacked, and it has currently suspended the withdrawal of all cryptocurrencies.
Important data
The total net inflow of the U.S. Bitcoin spot ETF reached $103 million yesterday, with an ETF net asset ratio of 5.46%
Base network's daily trading volume reached 11.4 million transactions yesterday, setting a new historical high
According to UnChained, Coinbase-incubated L2 network Base reached a daily trading volume of 11.4 million transactions yesterday, setting not only a historical high for Base but also a new record for all Ethereum L2s. Analysts state that while Meme coin activity mainly occurs on Solana, the decentralized network Farcaster's AI agent Clanker is helping to grow the Meme season and on-chain activity on Base. The large language model Clanker has currently deployed approximately 4,700 types of tokens.
As of November, the trading volume of stablecoins has soared to $1.8 trillion
According to Cointelegraph, based on CCData's report dated November 27, as of November 25, the trading volume of stablecoins has sharply increased by 77.5% this month, reaching $1.81 trillion. This increase is expected to set a new annual high for the monthly trading volume of centralized exchanges. The total market capitalization of stablecoins has continued its upward trend for 14 months, growing by 9.94% in November to reach $190 billion, surpassing the historical high of $188 billion before the collapse of Terra's TerraUSD algorithmic stablecoin in April 2022. Despite the growth, the market share of stablecoins declined from 7.22% in October to 5.54% as investors and traders diversified their investments in Bitcoin and altcoins. USDT continues to show strong performance, with its market cap growing by 10.5% to $133 billion. USDT accounts for 69.9% of the overall market, followed by Circle's USDC, which grew by 12.1% in November to reach $38.9 billion, the highest level since February 2023. Ethena Labs' USDe also showed growth momentum, with its market cap increasing by 42.2% to $3.86 billion.
Deribit: Options with a nominal value of approximately $10.85 billion for BTC and ETH will expire tomorrow
According to Deribit data, options with a nominal value of approximately $10.85 billion for BTC and ETH will expire tomorrow. Among them, the impending BTC options have a nominal value of $9.4 billion, with a Put Call Ratio of 0.83 and a maximum pain point of $80,000; the impending ETH options have a nominal value of $1.45 billion, with a Put Call Ratio of 0.73 and a maximum pain point of $2,900.
