1. Tether's AI platform is expected to launch by the end of the first quarter next year.
Tether CEO Paolo Ardoino tweeted that Tether's AI platform is expected to launch by the end of the first quarter next year.
2. Jump Trading subsidiary Tai Mo Shan agreed to pay approximately $123 million to settle with the U.S. SEC.
The U.S. Securities and Exchange Commission (SEC) accuses Jump Trading's wholly-owned subsidiary Tai Mo Shan of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin issued by Terraform Labs PTE Ltd. (Terraform). The Commission also alleges that Tai Mo Shan acted as a statutory underwriter and issued and sold securities in unregistered transactions, with LUNA being the cryptocurrency issued by Terraform as a security.
As part of the settlement agreement, Tai Mo Shan agreed to pay $73,452,756 in illegal proceeds, $12,916,153 in pre-judgment interest, and $36,726,378 in civil penalties. Tai Mo Shan neither admits nor denies the findings of the U.S. SEC investigation and agrees to cease violations of registration and fraud regulations.
3. Cryptocurrency institutions such as Coinbase, Kraken, and Ripple donated over 7 million dollars to Trump's inauguration.
According to Fox Business, large cryptocurrency companies are donating millions to the inauguration of President-elect Trump along with major tech companies and many others in the U.S. Cryptocurrency exchanges Coinbase and Kraken each donated $1 million to the Trump-Vance inauguration committee to fund a three-day grand celebration, parade, and dinner.
Blockchain payment company Ripple also plans to donate $5 million. All three companies confirmed the donations to FOX Business, with Coinbase stating it was among the first cryptocurrency companies to donate to the fund. Another cryptocurrency institution, digital asset payment provider MoonPay, will also contribute to the fund but declined to disclose the specific amount. A source from the Trump-Vance inauguration committee stated they are confident in raising $225 million before the inauguration.
4. Starting next year, Google will require UK advertisers to register their cryptocurrency ads with the FCA.
Google released an update to its financial products and services policy, which will update its cryptocurrency and related product policies in January 2025, clarifying the scope and requirements for advertising cryptocurrency-related businesses and services. Starting January 15, 2025, advertisers promoting cryptocurrency exchanges in the UK can advertise these products and services after meeting the following requirements and obtaining Google certification.
UK (cryptocurrency exchanges and software wallets): Google allows advertising targeted at UK cryptocurrency exchanges and wallets as long as advertisers are registered with the Financial Conduct Authority (FCA). They must also comply with any other local legal requirements.
UK (hardware wallets): Google allows advertisements promoting hardware wallets for storing cryptocurrency, NFTs, or other cryptocurrency private keys, but does not provide additional services such as buying, selling, exchanging, or trading assets. They must also comply with any other local legal requirements.
Advertisers must also obtain Google certification.
5. GCL-Poly and Ant Group are advancing a photovoltaic RWA tokenization project.
According to Yicai, Chen Shan, general manager of GCL-Poly Capital, revealed at the Yicai Capital Annual Conference that GCL-Poly is closely cooperating with Ant Group to jointly advance the RWA tokenization project for photovoltaic power plants, which is expected to become the first successful case in the photovoltaic field.
The project uses existing photovoltaic power plants of GCL-Poly as underlying assets, leveraging blockchain technology to package and process asset information to achieve asset tokenization. Investors purchasing RWA assets can enjoy the operational returns of the underlying photovoltaic assets. This innovative initiative helps lower the investment threshold for the photovoltaic industry, increase asset liquidity, enhance market transparency, reduce transaction risks and costs, and alleviate the financing difficulties faced by green energy enterprises.
6. Wu Jiezhang: Stablecoin reserve assets do not necessarily have to be held in Hong Kong and will seek a compromise solution.
According to Sing Tao Daily, following the introduction of a licensing system for virtual asset trading platforms, regulations for stablecoin issuers have been submitted to the Hong Kong Legislative Council for review this week. Hong Kong legislator Wu Jiezhang pointed out that stablecoins are a foundational infrastructure for virtual assets, serving not only as investments but also for cross-border payments, making them an important tool for citizens to participate in virtual assets. However, he noted that the current regulatory direction suggests issuers must have their reserve assets held by Hong Kong banks, which may not comply with the local regulations of certain coin merchants. There will be increased communication with the government and industry to seek a compromise solution, such as establishing contracts or notes for mutual recognition between the two regions, while not requiring the assets to exist in Hong Kong, thus providing protection for Hong Kong citizens.
7. Microstrategy adds 3 new board members, including the former CEO of Binance.US.
According to The Block, shortly before being included in the Nasdaq 100 stock index, Microstrategy's board increased its membership by 3, bringing the total number of board members to 9. Documents show that the new board members include Brian Brooks, Jane Dietze, and Gregg Winiarski, all of whom have experience working for large companies dealing with digital assets. Each board member will receive equity worth $2 million, half in options and half in RSUs, which will vest over four years.
Brian Brooks served as the CEO of Binance.US from May 2021 to August 2021. From September 2018 to March 2020, Brian Brooks also served as the Chief Legal Officer of Coinbase.
Jane Dietze has served as Chief Investment Officer at Brown University since July 2018, managing the Ivy League school's $7.2 billion endowment. Since February 2022, Jane Dietze has also been a board member of Galaxy Digital, the digital asset company founded by Mike Novogratz.
Gregg Winiarski has served as Chief Legal Officer for sportswear and collectibles company Fanatics since February 2023. He has been a senior advisor to Fanatics since August 2021 until taking the top legal position in February 2023.
8. El Salvador plans to increase its Bitcoin purchases, with a medium-term goal of acquiring 20,000 Bitcoins.
According to Bitcoin Magazine, senior Bitcoin advisor to the President of El Salvador, Max Keiser, revealed that President Bukele has increased daily Bitcoin purchases, with a medium-term goal of acquiring an additional 20,000 Bitcoins.
9. Informed sources: The U.S. Commerce Department plans to add Bitmain-affiliated AI company Sophgo to the restricted trade list.
According to Reuters citing informed sources, the Biden administration plans to add Sophgo, an AI company affiliated with Bitmain, to the U.S. Commerce Department's restricted trade list due to its TSMC-manufactured chips being illegally incorporated into Huawei's AI processors.
Techub News previously reported that according to Cointelegraph, the Bitmain-affiliated chip company Sophgo denied any business relationship with Huawei. Sophgo stated that the U.S. investigation into TSMC and Huawei is unrelated to Sophgo and its products, and that it has never had direct or indirect business dealings with Huawei.
10. The German parliament passed the Financial Market Digitalization Act this week and completed legislation before December 30.
According to Ledger Insights, the German parliament passed the Financial Market Digitalization Act (Finanzmarktdigitalisierungsgesetz of FinmadiG) this week. The parliament responded to industry demands to ensure legislation is in place before MiCAR takes full effect on December 30.
(The Financial Market Digitalization Act) not only involves cryptocurrencies and MiCAR but also affects other EU laws, such as DORA and regulations on fund transfers. For MiCAR, it introduces the Cryptocurrency Market Regulation Act (KMAG), which replaces Germany's old cryptocurrency rules with MiCAR.
