Headline
▌US CFTC is developing a tokenized collateral policy, expected to be released early next year
The US Congress has been trying to give the Commodity Futures Trading Commission (CFTC) greater direct jurisdiction over the cryptocurrency spot market. According to sources, the CFTC is developing a tokenized collateral policy, expected to be released early next year. This policy may allow the use of stablecoins as acceptable tokenized collateral in the derivatives market. It may first be piloted in US clearinghouses and will implement stricter regulations, requiring disclosure of more information, such as position size, large traders and trading volume, as well as more detailed reporting of operational events.
Crypto hardware wallet provider Ledger may be considering a New York IPO, as a surge in cyberattacks has driven record demand for its hardware, with revenue projected to soar to tens of millions of dollars by 2025. CEO Pascal Gauthier stated that Ledger protects approximately $100 billion worth of Bitcoin. He added that the company is preparing to raise funds next year, possibly through a private placement or a US IPO. He also stated that Ledger is expanding its New York team, noting that "crypto funds are concentrated in New York right now, nowhere else in the world, and certainly not in Europe." As of press time, according to CoinGecko data: BTC price is $104,638, a 24-hour change of +2.1%; ETH price is $3,572.92, a 24-hour change of +4.7%; BNB price is $995.63, a 24-hour change of... rgb(0, 176, 80);">+0.3%；
SOL price is $164.53, 24-hour change+4.0%；
DOGE price is $0.1791, 24-hour change+1.9%；
XRP price is $2.36, 24-hour change+3.3%；
TRX price is $0.2903, 24-hour change；
-0.4%; WLFI price is $0.1262, up +1.3% in 24 hours; HYPE price is $41.87, up +4.1% in 24 hours.
Policy
▌Acting CFTC Chair Confirms Push for Leveraged Spot Crypto Trading on Regulated Exchanges
Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, confirmed that the agency is in direct talks with regulated exchanges regarding leveraged spot cryptocurrency trading products, which could launch as early as next month. Pham has held talks with designated contract market exchanges regulated by the CFTC, including CME, Cboe Futures Exchange, and ICE Futures, as well as Coinbase Derivatives, Kalshi, and Polymarket US, to discuss launching spot cryptocurrency trading products involving margin, leverage, and financing. Instead of waiting for congressional action to explicitly grant the CFTC regulatory authority over the spot crypto market, Pham is utilizing existing provisions of the Commodity Exchange Act, which requires retail commodity trading involving leverage, margin, or financing to be conducted on regulated exchanges.
Trump has nominated SEC official Mike Selig to replace Pham, but due to the government shutdown, it is unclear when Selig will be confirmed by the Senate. Pham is expected to join MoonPay after being replaced.
▌Spain Arrests Leader of €260 Million Cryptocurrency Ponzi Scheme
The Spanish Civil Guard has arrested a man suspected of leading a €260 million cryptocurrency-related Ponzi scheme. He is accused of operating an international investment scam called "Madeira Invest Club." This Ponzi scheme attracted over 3,000 victims by offering guaranteed returns linked to digital art, luxury vehicles, whiskey, real estate, and cryptocurrencies. Authorities stated that no real economic activity occurred. The investigation involved Europol and international law enforcement agencies, uncovering a complex network of shell companies and bank accounts spanning at least 10 countries.
▌Sources: Sufficient Democratic Lawmakers Expected to Support Short-Term Funding Bill
According to ABC News, citing sources in the U.S. Senate, sufficient Democratic lawmakers are expected to support a short-term funding bill to reopen the government. The bill would provide temporary funding to the government until January 31 and full-year funding for the Supplemental Nutrition Assistance Program (SNAP) and the Department of Veterans Affairs.
Blockchain Applications
▌Uniswap v4 Has Processed Over $200 Billion in Transactions
According to the official Twitter account, Uniswap v4 launched 282 days ago and has already processed over $200 billion in transactions.
▌Tether-backed Rumble and Northern Data close to merger agreement
According to sources familiar with the matter, Rumble is pursuing an all-stock takeover bid to acquire German data center company Northern Data. Under the terms of the deal, the target company (Northern Data) will be valued at less than its current market capitalization of $894 million. The sources, who requested anonymity because the information is not public, said that both companies are backed by stablecoin issuer Tether Holdings Ltd. If successful, this transaction would help Rumble achieve its goal of becoming a cloud computing service provider.
▌Yi Lihua: We're Targeting $7,000 for ETH in This Round; Nothing's More Important Than the Midterm Election
LiquidCapital founder Yi Lihua posted on the X platform, stating that they are targeting $7,000 for ETH in this round. Nothing is more important than the midterm election, and nothing is more beneficial to the midterm election than distributing money. Recalling the 2020 pandemic-driven bull market, the core driving force was also the nationwide distribution of money. Recent investment research data is all positive, and with the market shorts already fully mobilized, everything is ready to start a new bull market. All we need to do is wait patiently and avoid futures contracts, as spot market volatility is already high enough. In fact, since the ETH rally began in April, it has only been a few months. As Buffett said, no one wants to get rich slowly because humans have a genetic instinct to be impatient for quick results, and we need to work hard to overcome these human weaknesses.
▌CZ's Public Donation Address Burns Meme Coins Worth Approximately $490,000 Again
According to on-chain analyst Ai Yi's monitoring, after seven months, CZ's public donation address has burned Meme coins worth approximately $490,000 again: quq $305,000; SIREN $142,000; BNBCARD $43,000.
▌Binance Alpha: Users Holding at Least 231 Binance Alpha Credits Can Claim Token Airdrop
Binance Alpha is listed on MetaArena (TIMI). Alpha trading will begin on November 9, 2025 at 21:00 (UTC+8). Users holding at least 231 Binance Alpha Credits can claim a token airdrop.
Claim your 960 TIMI token airdrop on the Alpha event page. If the event continues, the score threshold will automatically decrease by 5 points every five minutes. Please note that claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page, otherwise they will be considered to have forfeited their airdrop.
Important Economic Updates
▌Trump: Will Pay Every American at Least $2,000 in Tariff Benefits
Trump stated on the social media platform Truth Social that those who oppose tariffs are idiots! The United States is now the richest and most respected country in the world, with virtually no inflation, record stock market prices, and 401k retirement accounts reaching an all-time high. We are absorbing trillions of dollars and are about to begin paying off a massive $37 trillion debt. Investment in the United States is at an all-time high, and factory construction is booming across the country.
▌Trump Calls Out to the US Supreme Court: The President Has the Right to Impose Tariffs
Trump posted on social media: "So, let's get this straight? The President of the United States has the power (and full approval from Congress) to completely ban trade with a foreign country (which is much more severe than imposing tariffs!), to approve foreign entry into the domestic market, but not to simply impose tariffs on a foreign country, even for the purpose of national security. This is not what our great Founding Fathers expected! The whole thing is utterly absurd! Other countries can impose tariffs on us, but we can't impose tariffs on them??? This is their dream! Businesses are flocking to the United States because of tariffs. Hasn't the US Supreme Court been informed of this? What's going on???"
▌Bessant: Substantial Progress Made on Inflation, Prices Expected to Fall in the Coming Months
Weatherly
