**UBS Launches Tokenized Fund on Ethereum**

UBS has introduced a tokenized money market fund on the Ethereum blockchain, named the "UBS USD Money Market Investment Fund Token" or "uMINT." This move reflects the growing interest in tokenized financial assets among investors.

Thomas Kaegi, UBS APAC co-head, noted the increasing demand for such assets across various classes. Crypto analysts are optimistic, predicting a positive impact on Ether's (ETH) price.

UBS promises institutional-grade cash management solutions for token holders, emphasizing a conservative, risk-managed framework. This follows a successful pilot of the tokenized fund last year.

Other financial institutions are also diving into blockchain-based funds. Franklin Templeton recently launched a tokenized money fund on Coinbase’s Base network, while BlackRock's USD Institutional Digital Liquidity Fund remains the largest of its kind.

Stay tuned as traditional finance increasingly embraces blockchain technology.

**News Flash: Hong Kong Court Rules in Favor of FTX Victims**

A Hong Kong court has ruled in favor of two investors in a civil suit against the now-defunct Dubai-based cryptocurrency exchange JPEX and its affiliate, Web 3.0 Technical Support. The judgment allows the recovery of 1.85 million Hong Kong dollars (approximately $238,000) for the plaintiffs.

This landmark ruling sets a precedent for victims of virtual currency fraud, highlighting that judicial recourse is available. Joshua Chu, the lawyer representing the plaintiffs, emphasized the importance of this decision for victims seeking to recover their assets.

The JPEX scandal, which surfaced in September 2023, has been compared to the FTX collapse due to its significant investor losses and lack of transparency. Local authorities had frozen around $29 million related to the case in April.

**Gemini Expands in APAC with Singapore Approval**

Gemini has received preliminary approval for Singapore's Major Payment Institution license, allowing it to provide cross-border transfers and digital payment token services. If fully approved, Gemini will join other US firms like Coinbase and Circle in serving Singapore clients.

Singapore currently has 28 digital payment token businesses with the MPI license. Gemini has already established its Singapore office as its APAC hub and its Indian office for engineering and operations.

**Central Bankers Criticize Stablecoins**

At the G30 39th Annual International Banking Seminar, Reserve Bank of India Governor Shaktikanta Das criticized stablecoins, advocating for central bank digital currencies (CBDCs) instead. Das expressed strong reservations about stablecoins, questioning their stability and the role of private money in the payment system.

India is reportedly considering banning private sector currencies like Bitcoin and Ethereum, with insiders suggesting that CBDCs offer similar benefits with added security. The RBI has been testing its digital rupee since late 2022, with 5 million users participating in the pilot program.

**Crypto Takes Center Stage in 2024 US Elections**

As the 2024 US elections approach, digital assets are becoming a hot political topic. Industry leaders and advocates are pushing candidates to adopt pro-crypto policies and embrace the future of money.

**Key Legislation to Watch:**

- **Financial Innovation and Technology for the 21st Century Act (FIT21):** Aims to establish a clear regulatory framework for decentralized assets, with oversight split between the CFTC and SEC. Passed the House in May 2024, now awaiting Senate approval.

- **CBDC Anti-Surveillance State Act:** Seeks to prevent the Federal Reserve from creating a consumer-facing central bank digital currency. Passed the House, pending Senate vote.

- **Clarity for Payment Stablecoins Act of 2024:** Proposes regulations for US-dollar stablecoins, allowing smaller issuers to be state-regulated. Awaiting votes in both chambers.

- **Digital Asset Anti-Money Laundering Act:** Introduced by Senator Elizabeth Warren, this bill faces backlash for its stringent reporting requirements on digital asset providers. Yet to pass either chamber.

- **Financial Technology Protection Act of 2023:** Aims to combat illicit finance in emerging technologies. Passed the House, awaiting Senate deliberation.

- **Equal Opportunity for All Investors Act:** Expands the definition of an accredited investor to include those who pass an SEC-administered knowledge test. Passed the House, pending Senate approval.

- **Blockchain Regulatory Certainty Act:** Exempts blockchain developers from traditional financial reporting if they don't handle customer funds. Approved by the House Financial Services Committee, awaiting further action.

- **Keep Your Coins Act:** Protects the use of self-custodial wallets for transactions. Its future remains uncertain.

Stay tuned as these bills could significantly shape the future of digital assets in the US.

**Crypto Industry Faces Major Layoffs Amid Restructuring**

The crypto sector is seeing significant job cuts. Consensys, a blockchain development firm, has reduced its workforce by over 20%, affecting 162 employees. CEO Joe Lubin confirmed the layoffs.

Kraken, a crypto exchange, has also cut 15% of its staff, nearly 400 people. This follows a previous layoff of 1,100 employees in November 2022.

Decentralized exchange dYdX dismissed 35% of its staff, with CEO Antonio Juliano hinting at a new direction for the company. Nova Labs, behind Helium Mobile, also cut 36% of its workforce to focus on its core cellular business.

In other news, Coinbase shares dropped 3.7% after missing Q3 earnings expectations. Reddit sold most of its Bitcoin and Ether holdings, raising $6.87 million. Kraken appointed Arjun Sethi as co-CEO amid layoffs. Circle raised fees for large-scale USDC redemptions, impacting institutional investors.

Stay tuned for more updates on the evolving crypto landscape.

**Zero-Knowledge Proofs: The Future of Decentralized ID**

Zero-knowledge (ZK) proofs are stirring up the crypto world, with debates on their cost and complexity. Critics argue ZK is pricey, but Leo Fan, co-founder of ZK hardware company Cysic, disagrees. He highlights that while ZK-proofs were historically expensive, advancements have made them more cost-efficient than traditional ID systems.

Fan notes that hardware improvements and efficient proof generation have slashed costs and reduced finality time to around 10 seconds. This makes ZK a viable, privacy-preserving method for decentralized identification.

Countries are taking notice. Buenos Aires recently integrated ZK-powered QuarkID into its digital ID system, enhancing data autonomy for 3.6 million residents. In August, Worldcoin introduced its iris-scanning World ID orbs in Vienna, and Malaysia followed suit, incorporating these orbs into its official ID system.

ZK-proofs are proving to be a game-changer, offering a blend of privacy and efficiency that traditional systems struggle to match.

Blockchain advocates argue that being anti-crypto today is like being anti-internet in the '90s—resisting inevitable technological disruption. In the 2024 US presidential election, a candidate's stance on cryptocurrency could significantly impact voter support. Perianne Boring, CEO of The Digital Chamber, highlighted in a recent webinar that 25% of Democrats and 21% of Republicans are more likely to vote for pro-crypto candidates.

Interestingly, only a small fraction of voters would be deterred by a candidate's positive stance on crypto. This makes supporting cryptocurrency a low-risk, high-reward position for politicians.

Samir Kerbage of Hashdex predicts a more favorable policy environment for digital assets in the next four years, though regulatory clarity will take time. The SEC's current enforcement approach has driven many crypto firms away from the US. Boring emphasized that clear guidelines distinguishing the SEC's and CFTC's roles could resolve 70% of regulatory issues, fostering business growth.

**Kalshi Expands Political Betting Markets Ahead of US Presidential Election**

Kalshi, a prediction marketplace, has launched new political betting markets just before the US presidential election on November 5. These contracts cover various events, including the outcome of an Ohio referendum and the last state to be called by the Associated Press. Since October 31, Kalshi has registered over two dozen election-related contracts.

Kalshi’s flagship market, "Who will win the Presidential election?", has seen a betting volume of $144 million since October 7. As of November 1, Kalshi's odds give Trump a 56% chance of winning, compared to Harris's 44%.

Kalshi is competing with Polymarket, a Web3 prediction market on the Polygon network, which has nearly $2.9 billion riding on the election outcome. Polymarket's bettors currently give Trump a 61% chance of winning.

To attract more crypto users, Kalshi began accepting USD Coin (USDC) deposits on October 28. Additionally, Robinhood has introduced election betting contracts for select users.

While US regulators express concerns about the impact of election prediction markets on election integrity, analysts argue these markets often reflect public sentiment more accurately than traditional polls.

**Crypto News Flash: Key Developments in the Crypto World**

**EU’s MiCA Rules Raise Concerns for Stablecoins**
Europe's upcoming crypto regulation, MiCA, is causing jitters. Tether CEO Paolo Ardoino warns that requiring stablecoin issuers to hold 60% of reserves in European banks could introduce systemic risks. With banks lending out most of their reserves, this could destabilize the broader crypto market.

**Vitalik Buterin’s “Purge” to Streamline Ethereum**
Ethereum co-founder Vitalik Buterin has unveiled "The Purge," a plan to reduce data bloat and simplify the blockchain protocol. While not directly affecting gas fees, these changes aim to enhance Ethereum's efficiency and performance.

**Radiant Capital’s Costly Hack**
Radiant Capital has resumed its Ethereum lending markets after a $58 million hack. The team has implemented security improvements, including a timelock contract and an emergency admin role, to prevent future breaches.

**Eastern Europe’s DeFi Boom**
Eastern Europe is seeing a surge in decentralized finance (DeFi) activity, with DeFi transactions making up 33% of the region's crypto value flow. Between July 2023 and June 2024, the region received over $499 billion in cryptocurrency.

**Solana Surpasses Ethereum in Daily Fees**
Solana has overtaken Ethereum in daily network fees, generating over $2.54 million in 24 hours. This surge is driven by increased trading activity on Solana’s leading DEX, Raydium.

Stay tuned for more updates in the dynamic world of cryptocurrency!

**Crypto Market Update: Bitcoin and Altcoins on the Move**

Bitcoin (BTC) dipped below $69,000 on Nov. 1 but quickly bounced back above $70,000, showing strong buying interest. As BTC approaches its all-time high of $73,777, sellers are likely to step in. Data from Glassnode shows short-term holders sent over 54,000 BTC to exchanges on Oct. 31.

Meanwhile, MicroStrategy plans to raise $21 billion in equity and fixed-income securities to buy more Bitcoin over the next three years.

Other cryptocurrencies are also seeing action:

- **Ethereum (ETH)**: Struggling near the $2,558 level, with potential to rally if it breaks resistance.
- **Binance Coin (BNB)**: Trying to clear $587, could rise to $635 if successful.
- **Solana (SOL)**: Holding strong at $164, aiming for $189.
- **XRP**: Trading below $0.53, looking to break resistance at $0.64.
- **Dogecoin (DOGE)**: Rebounding from $0.15, targeting $0.18.
- **Toncoin (TON)**: Defending $4.44-$4.72 support zone, could climb to $6.
- **Cardano (ADA)**: Range-bound, needs to break $0.40 for a rally.
- **Avalanche (AVAX)**: Below support line, could drop to $20.50.
- **Shiba Inu (SHIB)**: Facing resistance at $0.000020, support at $0.000017.

Stay tuned for more updates as the market evolves.

Asset manager 21Shares has filed for approval of a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The filing, submitted on Nov. 1, aims to list and trade Core XRP Trust shares on the Cboe BZX Exchange. While it doesn't provide direct exposure to XRP, it offers investors an indirect market access.

Coinbase Custody Trust Company will act as the custodian for the XRP if the ETF gets the green light. Other firms like Bitwise have also filed for XRP ETFs.

The SEC has approved spot Bitcoin and Ether ETFs for 2024 but hasn't yet responded to spot XRP applications amid its ongoing lawsuit with Ripple Labs. The legal battle includes a federal judge ruling that XRP isn't a security in programmatic sales on exchanges.

Since the approval of spot Bitcoin ETFs, firms like VanEck, 21Shares, and Canary Capital have applied for spot Solana and Litecoin ETFs. The SEC can delay decisions or open comments on these filings, potentially leaving the final call to a new administration. Political experts speculate that Kamala Harris or Donald Trump could replace SEC Chair Gary Gensler if elected.

**News Flash: XYO Bridges from Ethereum to Solana**

XYO, a decentralized physical infrastructure network (DePIN), has announced its expansion from Ethereum to Solana. This move leverages Solana's high throughput, low transaction costs, and scalability. Now, the XYO token is available on both Ethereum and Solana, enabling broader cross-chain access.

Key Points:
- XYO tokens can now be traded against Solana (SOL) and USD Coin (USDC) on Solana-native DEXs, Jupiter and Raydium.
- Co-founder Markus Levin highlighted that this integration allows seamless trading and access to XYO's DePIN data ecosystem.
- XYO aims to make its token accessible across multiple blockchain networks.

DePINs like XYO are seen as the next big use case in crypto, with potential to onboard many new users. Solana's low transaction fees and efficient processing make it an attractive choice for such projects.

**Superscrypt Eyes $100M Fund Raise Amid Past FTX Losses**

Superscrypt, a blockchain and Web3-focused venture capital firm backed by Singapore’s state-owned Temasek, is reportedly aiming to raise $100 million to launch a new investment fund. Partnering with fintech firm Republic, the fund is still in the planning stages and subject to change, according to Bloomberg sources.

Temasek, which lost $275 million in the FTX collapse, faced criticism for not identifying risks earlier. Despite this, the loss was a small fraction of its $293 billion assets. In response, Temasek cut executive pay and conducted an internal review, finding no misconduct. The firm, along with other VCs, faces a class action lawsuit for allegedly aiding fraud at FTX.

**US Treasury Eyes Blockchain for Financial Market Overhaul**

The US Treasury's Q4 2024 report highlights blockchain technology's potential to revolutionize financial market infrastructure, promising enhanced operational and economic efficiencies. However, evolving legal and regulatory frameworks are crucial to unlocking these benefits.

Key points from the Oct. 29 meeting include:
- Stablecoin adoption and Treasury bill tokenization could boost liquidity by reducing operational frictions.
- Distributed ledger technology (DLT) and smart contracts offer greater transparency and efficient collateral management.
- Stablecoins are driving demand for short-term US government bonds, with market capitalization nearing $180 million.

A cautious, central authority-led approach with private sector collaboration is recommended for future developments.

**Web3 Startups Raise $5.4 Billion in 2024**

Web3 startups have secured over $5.4 billion in venture capital during the first three quarters of 2024, according to Crunchbase. The last quarter alone saw $1.4 billion in investments.

**Key Highlights:**
- **Glow** raised $30 million for a decentralized solar grid.
- **Nillion Network** secured $25 million for a privacy platform.

**New Funds for 2025:**
- **Gate Ventures** and **Boon Ventures** partnered with **Movement Labs** to launch a $20 million Web3 fund.
- **Dragonfly Capital** is raising $500 million for its fourth crypto fund.

**Notable Investments:**
- **Binance Labs** invested in Moonwalk Fitness, a gamified fitness app.
- **Craftt** raised $2 million for decentralized workforce benefits.
- **Borderless.xyz** secured $3 million to build a stablecoin payment network.
- **Vixichain** raised $7 million to bridge TradFi with blockchain.
- **karpatkey** secured $7 million for DAO treasury solutions.
- **Axal** raised $2.5 million to automate Web3 tasks.
- **Variational** raised $10.3 million for P2P crypto derivatives trading.

These investments highlight the growing interest in blockchain and AI intersections, decentralized infrastructure, and innovative financial solutions.

**New Investment Opportunities in AI-Driven Node Financing**

Blockchain analytics platform Nansen and yield infrastructure protocol MetaStreet have released an exciting report for tech-savvy investors. They spotlight the potential of decentralized physical infrastructure networks (DePIN), specifically focusing on node financing (NodeFi) and graphics processing unit financing (GPUfi).

**Key Insights:**
- **NodeFi and GPUfi**: These offer new investment avenues as AI increases the demand for computing capacity.
- **High Yields**: Combining NodeFi and GPUfi could yield between 30% to 200% through GPU rentals, token emissions, and DeFi trading.
- **Benefits**: Tokenizing nodes and GPUs provides unique advantages like lending and yield speculation, which traditional finance lacks.

**Challenges**:
- Setting up these investments can be complex, requiring accurate valuation, legal navigation, and efficient execution.

Nansen and MetaStreet's report suggests that DePIN could transform supply bottlenecks into lucrative opportunities, especially as AI continues to grow.

**Bitcoin and the "Balanced Budget Trap": A New Debate**

A recent paper on the Federal Reserve Bank of Minneapolis website suggests Bitcoin could force the US government to balance its budget, sparking debate. The paper argues that banning or taxing Bitcoin could restore the ability to run permanent primary deficits, crucial during emergencies like pandemics.

Crypto enthusiasts are skeptical. Critics, like Matthew Le Merle of Blockchain Coinvestors, argue the real issue is government spending patterns, not Bitcoin. Economist Daniel Lacalle sees Bitcoin as a defense against currency debasement.

While a Bitcoin ban seems challenging, it could reduce its use. However, the paper's authors note that strong network effects might make such policies ineffective. The debate highlights Bitcoin's potential impact on fiscal policy and government spending.

**Crypto Regulation in the 2024 US Presidential Election**

The 2024 US presidential election is heating up, with potential impacts on the future of cryptocurrencies like Bitcoin (BTC). Whether Donald Trump or Kamala Harris wins, crypto regulation will be a key issue.

- **Trump's Stance**: A Trump victory could see a Bitcoin rally, as he promises to reduce regulatory barriers and potentially add BTC to US reserves. His administration might position the US as a global hub for digital finance.

- **Harris' Approach**: Harris is expected to maintain a balanced approach, focusing on consumer protection and preventing financial crimes, while still supporting innovation.

Regardless of the election outcome, 2025 could bring more comprehensive and favorable crypto regulations, driving Bitcoin's price potentially to $100,000. Bitcoin's role as a hedge against financial instability and the push for regulatory clarity are significant factors in its growth.

**Bitcoin Rebounds Amid Surprising US Jobs Data**

Bitcoin (BTC) bounced back after dipping below $69,000 on November 1, thanks to unexpected US jobs data causing dollar volatility. The latest nonfarm payrolls report showed only 12,000 new jobs in October, far below the anticipated 106,000. Revisions for September and August also revealed fewer jobs than initially reported.

Unemployment remained steady at 4.1%. Analysts, including The Kobeissi Letter, suggest this weak job growth could prompt the Federal Reserve to cut interest rates by 0.25% at their November 7 meeting.

The US Dollar Index (DXY) dropped to 103.6 following the data release but later recovered. Bitcoin, meanwhile, surged by 1.6%, reaching over $71,000 and liquidating shorts. Traders are eyeing $71,300 as a key support level, with October's strong monthly close hinting at a bullish trend.

Bitcoin's institutional adoption is on the rise, bolstering its resilience, says Adam Back, co-founder of Blockstream. In a recent Forbes interview, Back highlighted the role of US spot Bitcoin ETFs in attracting financial institutions to the market. He noted that sovereign wealth funds and countries are also showing interest in Bitcoin.

Back, an early Bitcoin developer and creator of Hashcash, emphasized that many initial risks surrounding Bitcoin have diminished. Regulatory fears have lessened as major economic zones have not banned Bitcoin, and its technological risks have also subsided.

Despite these advancements, Back believes there's still room for innovation, particularly in scaling blockchains. He pointed to the Lightning Network as a reliable option for payments but acknowledged the need for further improvements.

Bitcoin's security continues to strengthen, with its hashrate reaching an all-time high of 769.8 exahashes per second on Oct. 21, underscoring the network's growing robustness.

**Polkadot 2.0: Major Upgrade on the Horizon**

Polkadot is gearing up for a significant upgrade, dubbed Polkadot 2.0, set to roll out in phases throughout 2024. Key features include Asynchronous Backing, Agile Coretime, and Elastic Scaling.

- **Asynchronous Backing**: Launched in May, this feature enhances block processing efficiency and reduces wait times.
- **Agile Coretime**: Introduced in September, it lowers entry barriers for developers and allows on-demand blockspace purchases.
- **Elastic Scaling**: Expected by late 2024 or early 2025, it will boost network capacity to handle more blockchains and transactions.

Polkadot's governance has also seen a surge, with a 150% increase in referenda submissions and a 40% rise in voter turnout since 2023. The platform's developer community remains highly active, with nearly 2,500 developers engaged.

Polkadot's evolving ecosystem and ambitious roadmap position it as a key player in the future of decentralized applications and Web3. For a detailed overview, download the full report for free.