18 U.S. states file lawsuit against SEC Tether launches tokenization platform Hadron

Headline

▌18 U.S. states have filed a lawsuit accusing the SEC of "persecuting the cryptocurrency industry" under the leadership of Gary Gensler

According to Fox Business reporter Eleanor Terrett, 18 U.S. states have filed a lawsuit accusing the U.S. Securities and Exchange Commission and its commissioners of overstepping their authority and illegally persecuting the cryptocurrency industry under the leadership of agency head Gary Gensler.  

The lawsuit, signed by 18 Republican attorneys general, details how the agency has implemented "serious government overreach" against the $3 trillion cryptocurrency industry through law enforcement actions, infringing on the rights of states to regulate their economies.

▌Tether announces the launch of Hadron, an asset tokenization platform

According to official news, Tether announced the launch of Hadron by Tether, an asset tokenization platform, to open up new avenues for issuance, investment, and core capital market technologies for a wider audience (from institutions to fund managers, from governments to private companies).  

It is reported that Hadron by Tethe can be used to issue and manage the entire life cycle of digital tokenized assets, providing modularity, security, reliability and seamless user experience. It provides the most comprehensive toolset in its control suite for compliance, KYC, anti-money laundering (AML), risk management and secondary market ecosystem monitoring.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $87,336.45, with a daily increase or decrease of -3.2%;

ETH's latest transaction price is $3,060.96, with a daily increase or decrease of -4.2%;

BNB's latest transaction price is $622.44, with a daily increase or decrease of +4.0%；

SOL's latest transaction price is 209.59 US dollars, with a daily increase or decrease of -2.6%；

DOGE's latest transaction price is 0.3639 yuan, with a daily increase or decrease of -8.8%；

XPR's latest transaction price is 0.7742 US dollars, with a daily increase or decrease of +11.5%。

Policy

▌Trump considers appointing crypto-friendly CFTC chairman

The Trump transition team is considering pro-crypto Summer Mersinger as chairman of the Commodity Futures Trading Commission (CFTC). Mersinger advocates for a looser regulatory policy on cryptocurrencies and has criticized the CFTC for dealing with crypto companies in an "enforcement and regulation" manner. Other candidates include former CFTC Commissioner Jill Sommers and former official Josh Sterling. This move may affect the regulatory direction of the US crypto market.

▌Trump nominates his chief lawyer Todd Blanche as Deputy Attorney General

US President-elect Trump nominated his chief lawyer Todd Blanche as Deputy Attorney General after he takes office as president on November 14, local time, which is the second highest position in the US Department of Justice.

▌Trump nominates former SEC Chairman Jay Clayton as U.S. Attorney for the Southern District of New York

Trump posted on the social media platform Truth Social, "I am pleased to announce that Jay Clayton from New York has been nominated as the U.S. Attorney for the Southern District of New York. Jay performed very well when he served as Chairman of the U.S. Securities and Exchange Commission (SEC) during my first term."

▌Trump nominates Kennedy Jr. as Secretary of Health and Human Services after he takes office

U.S. President-elect Trump said on the 14th local time that he would nominate Robert F. Kennedy Jr. as Secretary of the U.S. Department of Health and Human Services (HHS). (CCTV News)

Blockchain Application

▌The UK Treasury will launch a pilot to use distributed ledger technology to launch digital government bonds

The UK Treasury said in a statement on Thursday that the UK government will launch a pilot to use distributed ledger technology to issue digital government bond instruments similar to bonds. The country's Ministry of Finance said: "The government will launch a pilot to use distributed ledger technology (DLT) to provide digital government bond instruments to demonstrate the government's commitment to innovation in the financial services sector." DLT is the underlying technology of crypto assets, and each node can save and update data. Tulip Siddiq, the UK Treasury's economic secretary, said the Labour Party will soon announce its plans in the cryptocurrency field. Bloomberg cited unnamed sources as saying that the Labour Party is likely to continue to follow in the footsteps of the former ruling Conservative Party and formulate stablecoin and equity pledge legislation.

Cryptocurrency

▌89% of new tokens last week were issued on the Solana network

According to data from The Block, 89% of new tokens last week were issued on the Solana network. DEXs launched a total of 181,000 new tokens, with memecoin issuance on platforms such as pump.fun being the main driver of this activity. Despite the large issuance, only about 1% of tokens were successfully listed on Raydium. Solana is able to handle a large number of transactions without significantly increasing fees, supporting continued activity.

▌Bitfinex hacker Ilya Lichtenstein sentenced to 5 years in prison for laundering 120,000 bitcoins

Ilya Lichtenstein was sentenced to 5 years in prison for his involvement in the 2016 Bitfinex exchange hack and money laundering activities. The sentence was based on Lichtenstein's cooperation with the investigating authorities, and the prosecutor recommended a reduced sentence. Lichtenstein and his wife Heather Morgan conspired to launder money, using crypto mixers, layered transactions, dark web and other means to launder about 120,000 stolen bitcoins, which were once worth $72 million and now have reached $10.7 billion. Lichtenstein and Morgan pleaded guilty to money laundering related to this in August 2023. Morgan's sentencing is scheduled for November 18, and prosecutors recommend that his sentence be 18 months.

▌K33 Research: Bitcoin's speculative frenzy begins to show signs of cooling in the futures market

K33 Research said that the premium of CME Bitcoin futures contracts relative to spot market prices has fallen. According to data from crypto data tracking company Amberdata, open interest in put options with an exercise price of $80,000 has surged in the past 24 hours. "The market appears to be cooling off, with the CME benchmark contract (premium) moving lower since yesterday's close, hovering around 10% throughout the day, down from 13%-16% since the U.S. election, which could be a subtle hint of easing risk conditions," said Vetle Lunde, head of research at K33 Research. The unwinding of leveraged bullish bets across the crypto market has contributed in part to bitcoin's pullback from its record high. Over the past 24 hours, long positions were liquidated twice as much as puts, at $447 million to $207 million, respectively, according to data compiled by Coinglass.

▌Deribit Options Open Interest Reaches $40.8 Billion, Record High

Open interest in options on digital asset derivatives exchange Deribit hit a record high on Thursday, with open interest in bitcoin and ether contracts reaching $37.6 billion and total open interest on the platform reaching $40.8 billion.  

"Record high open interest reflects not only higher prices, but also an increase in overall adoption of options in the crypto derivatives space," said Luuk Strijers, CEO of Deribit. "Institutional and retail investors are increasingly turning to crypto options as they are attracted to the liquidity, strong hedging mechanisms and sophisticated risk management strategies offered by this instrument class."  

Strijers said he expects open interest to continue to grow as institutional participation deepens, which will add stability and maturity to the crypto derivatives space.

▌US Republican Senator Cynthia Lummis Suggests Selling Some of the Fed's Gold to Buy Bitcoin

Donald Trump's ally in the Senate, Republican Senator Cynthia Lummis of Wyoming, said the president-elect's strategic Bitcoin reserve could be filled without increasing the government deficit: selling some of the Fed's gold to buy Bitcoin.  

Cynthia Lummis plans to push a bill to achieve this goal when the new Congress takes office next year. The bill requires the United States to purchase 1 million bitcoins, which costs about $90 billion at current market prices, but if the bill is passed and investors buy before the government enters the market, the number may increase.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25BP in December has dropped to 58.7%

According to CME's "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 41.3%, and the probability of a cumulative interest rate cut of 25 basis points is 58.7%. The probability of maintaining the current interest rate unchanged by January next year is 29%, the probability of a cumulative interest rate cut of 25 basis points is 53.6%, and the probability of a cumulative interest rate cut of 50 basis points is 17.6%. Powell made hawkish remarks about "no rush to cut interest rates" in the early hours of this morning.

▌Strategist: Powell's signal is clearly reflected in the CPI report

Quincy Krosby, chief global strategist at LPL Financial: Fed Chairman Powell delivered a message that the market did not want to hear, but this message was clearly reflected in the last CPI report, that is, the Fed cannot declare victory in its efforts to curb inflation. Various interpretations of the CPI report indicate that some believe that the Fed may cut interest rates in December, while others warn that rising year-on-year inflation shows that the downward trajectory of inflation is losing momentum. Although the last mile to price stability may be bumpy, Powell once again reminded the market that the Fed will not implement the series of rate cuts they want unless the labor market deteriorates-the market certainly does not want this to happen.

▌Powell: It is too early to judge the impact of Trump's policies

Federal Reserve Chairman Powell said that it is too early to judge the impact of Trump's policies, and it is important to wait and see how the actual situation develops. In terms of fiscal policy, it takes a long time to pass a bill. The Fed has time to assess the net effect of policy changes before responding to policies. Changes in government policies usually do not immediately affect the achievement of the Fed's goals.

▌Powell: If the Fed remains independent, it will do better on inflation

Federal Reserve Chairman Powell said that if the Fed remains independent, it will do better on inflation. The Fed needs to maintain a high degree of transparency, which requires the Fed to remain independent. A strong response has been made to inflation, which helps anchor inflation expectations.  

Powell said that when making decisions, the Fed does not consider the interests of any political party. Political factors may become a disruptive factor.

Golden Encyclopedia

▌What is Kraken's Ink?

Ink is a second-layer bridge that Kraken is developing to improve the efficiency of decentralized finance (DeFi) by increasing transaction speed, reducing costs, and increasing flexibility. Kraken's Ink seamlessly integrates centralized and decentralized environments, providing users with all the necessary tools and services while alleviating the common challenges associated with these environments. The solution runs as a second-layer (L2) solution on Ethereum, alleviating the pressure on the first-layer (L1) chain.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.