The US Supreme Court rejected Binance's appeal. Trump may issue an executive order on his first day in office

Headlines

▌The U.S. Supreme Court rejected Binance's appeal and upheld the ruling that securities laws apply to U.S. investors

The U.S. Supreme Court on Monday rejected an appeal by Binance and its former CEO Changpeng Zhao. Previously, the Second Circuit Court ruled that U.S. securities laws still apply to the cryptocurrency exchange even if Binance does not have a physical headquarters.  

Since 2023, Binance and its founder Changpeng Zhao have been facing legal disputes. The U.S. Securities and Exchange Commission (SEC) accused the trading platform of illegally providing services to U.S. citizens. At the end of 2023, Binance paid $4.3 billion in fines and forfeitures and pleaded guilty to multiple felony charges. Binance is widely regarded as the world's largest cryptocurrency exchange based on trading volume.  

The core dispute in this case is whether Binance is subject to U.S. securities laws because it provides services to U.S. customers, even though it has no formal office location and headquarters in the United States. Binance had asked the Supreme Court to review the Second Circuit’s ruling, which held that even if Binance had no office in the United States, the trading platform must comply with U.S. law as long as U.S. investors purchased tokens through Binance and the transactions took place on U.S. servers.

▌Trump may issue executive orders on his first day in office, involving bank crypto operations and repealing controversial crypto accounting policies

According to The Washington Post, sources said Trump is expected to issue an executive order on the first day of his presidency, involving bank crypto operations and repealing controversial cryptocurrency accounting policies that require digital assets held by banks to be accounted for as liabilities on their balance sheets.  

“The Trump team has made it clear that this is a priority,” a source told The Washington Post. These upcoming executive measures target cryptocurrency regulation and are intended to protect cryptocurrency investors from what Trump calls the “Washington bureaucratic swamp.”

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $94,364.60, with a daily increase or decrease of -0.2%;

ETH's latest transaction price is $3,130.23, with a daily increase or decrease of -4.4%;

BNB's latest transaction price is $687.75, with a daily increase or decrease of -0.8%；

SOL's latest transaction price is 182.12 US dollars, and its intraday increase or decrease is -3.4%；

DOGE's latest transaction price is 0.3368 yuan, and its intraday increase or decrease is +0.2%；

XPR's latest transaction price is 2.52 US dollars, and its intraday increase or decrease is +0.5%。

Policy

▌US judge allows release of prosecutor report on Trump's attempt to overturn the election

Court documents released on January 13, local time, showed that U.S. District Judge Erin Cannon allowed the Department of Justice to release a special prosecutor's report on Trump's attempt to overturn the election in 2020. In addition, the judge extended the suspension of the release of the report on Trump's case involving confidential documents. (Jinshi)

▌The U.S. Third Circuit Court approved Coinbase's mandatory writ and ordered the SEC to review the petition for crypto rulemaking

Coinbase Chief Legal Officer paulgrewal.eth posted on the X platform that Coinbase had just won a petition for a writ of mandamus in the Third Circuit Court. The court dismissed the U.S. Securities and Exchange Commission's (SEC) order dismissing its rulemaking petition, which means that the SEC must reconsider Coinbase's request and provide more adequate reasons to explain why they refuse to make clear rules about cryptocurrencies. The judge believes that "the SEC's order is conclusive, insufficiently reasoned, and therefore arbitrary and capricious. We partially approve Coinbase's petition and send it back to the SEC for a fuller explanation." ▌ Trump plans to visit Los Angeles as soon as next week after taking office ▌ Trump plans to visit Los Angeles as early as next week after taking office ▌ Trump plans to visit wildfire-ravaged Los Angeles as early as next week to view the damage and assess reconstruction needs, according to the Wall Street Journal, people familiar with the matter said. The exact time of the visit is still undecided, but Trump advisers are considering setting the time later next week, after the inauguration on Monday. Trump advisers want to ensure that Trump's appearance will not interfere with efforts to extinguish wildfires. Trump's response to the fire will be an initial test of his presidency, and the reconstruction of Los Angeles requires close coordination between federal, state and local officials in the United States. The wildfire has been raging in the area for more than a week, killing 24 people and may become one of the most costly natural disasters in U.S. history. Trump had previously clashed publicly with Democratic California Governor Newsom, who asked Trump to visit Los Angeles to see the disaster in person, accused Trump of incompetence and asked him to resign, and Newsom accused Trump of politicizing the fire.

▌Robinhood will pay $45 million to settle a series of securities claims

The U.S. "Internet celebrity broker" Robinhood will pay $45 million to settle a series of securities claims. The U.S. Securities and Exchange Commission (SEC) announced today that broker-dealers Robinhood Securities LLC and Robinhood Financial LLC (collectively, Robinhood) have agreed to pay a total of $45 million in civil penalties to resolve more than 10 charges arising from their brokerage business.  

The SEC said Robinhood Securities LLC and Robinhood Financial LLC violated more than 10 separate securities law provisions, including failing to promptly report suspicious transactions, failing to implement adequate identity theft protections, and failing to adequately address unauthorized access to Robinhood's computer systems.

▌FDIC Vice Chairman Calls on Bank Regulators to Issue New Digital Asset Guidelines

FDIC Vice Chairman Travis Hill was critical of the FDIC's stance on digital assets in a recent public speech and called on bank regulators to issue new digital asset guidelines. 

Hill, who was appointed to the board by the Republicans two years ago, criticized the FDIC's role in pressuring banks to abandon crypto customers. He said: "The FDIC's long-term goal is to reduce the number of unbanked people. Depriving law-abiding customers of banking services is unacceptable, and regulators must work to stop it. Anyone who overtly or covertly forces banks to stop serving law-abiding customers has no place at the FDIC."

Current FDIC Chairman Martin Gruenberg has informed agency employees that he will resign on January 19, the day before Trump's inauguration. In the absence of the chairman, Vice Chairman Travis Hill will temporarily serve as chairman.

Blockchain Applications

▌Stargaze Announces the Launch of Intergaze, a Zero Gas Chain Based on Initia

NFT Application Chain Stargaze announced the launch of Intergaze, a zero-gas chain based on the Rollup interoperability protocol Initia. Intergaze is designed for creators and NFTs, and is developed with support from Initia's Interwoven Stack. It can be seamlessly minted, sent and traded on any chain regardless of the VM used.

Cryptocurrency

▌BlackRock Launches Bitcoin ETF on Cboe Canada

According to the official announcement, BlackRock has launched a new Bitcoin ETF, the iShares Bitcoin ETF, on Cboe Canada. The iShares ETF currently trades on Cboe Canada under the ticker IBIT, and the U.S. dollar-denominated units trade under the ticker IBIT.U.  

The iShares Bitcoin ETF seeks to generally reflect the performance of the price of Bitcoin before paying the expenses and liabilities of the iShares Fund. The iShares Fund invests all or substantially all of its assets in the iShares Bitcoin Trust ETF, while US IBIT invests and holds substantially all of its assets for long-term holdings in Bitcoin. The iShares Bitcoin ETF will allow investors to access Bitcoin in their brokerage accounts.

▌Bitfinex Report: Bitcoin faces consolidation risks amid soaring Treasury yields and bleak economic outlook

According to Bitfinex's latest Alpha report, Bitcoin's relative strength amid macro pressures can be attributed to optimism about potential regulatory changes. President-elect Donald Trump's new term and the prospect of more favorable cryptocurrency policies have boosted market confidence, providing a counterweight to broader risk asset challenges.  

With Bitcoin hovering around the key support level of $90,000, the market may enter a range-bound environment characterized by a period of consolidation. The evolving macroeconomic backdrop of rising Treasury yields, hawkish signals from the Fed, and ETF outflows suggest a challenging road ahead for risk assets.  

However, Bitcoin's resilience compared to traditional stocks suggests it may continue to attract investor interest, primarily as regulatory clarity emerges. Currently, Bitcoin holders face a balancing act of coping with macroeconomic headwinds while waiting for potential tailwinds from policy and sentiment changes.

▌Viewpoint: Traditional markets are dominating cryptocurrency price movements, and ETF trading time restrictions may increase volatility during the opening hours

Frank Chaparro, director of special projects at The Block, expressed his market view that with the launch of the spot Bitcoin ETF, traditional market forces are dominating cryptocurrency price movements. After the release of the US employment data on January 12, the crypto market and the Nasdaq index showed a high degree of linkage, highlighting the profound impact of the macro economy on the market.

Greg Guttas, an analyst at Flowdesk, pointed out that the mismatch between the ETF trading time limit (6.5 hours per day) and the 24/7 trading attributes of cryptocurrencies may increase volatility during the opening hours. Although the crypto industry faces favorable factors, such as an improved regulatory environment and increased participation in the banking industry, current market sentiment suggests that these benefits may be difficult to offset the pressure brought by macroeconomic headwinds.

▌Opinion: DEXs have replaced venture capital markets in terms of token price discovery

According to an analyst who goes by the pseudonym Ignas, PENGU and CGPT are the only recently launched tokens that have not experienced a full-blown crash after listing on Binance. At press time, PENGU is trading at $0.028, down 60% from the $0.07 price level it reached on the day of its listing on the exchange, while CGPT has fallen 4.7% since its listing on January 10. Meanwhile, memecoin Simon Cat (CAT) and Magic Eden’s native token ME have fallen by about 70% since listing.  

Ignas believes this is a positive shift for the market: “Before, price discovery happened in the private venture capital market with CEXs (centralized exchanges) as exit liquidity. Now, DEXs [decentralized exchanges] are responsible for price discovery and CEXs are responsible for exit liquidity.” 

Ignas further highlighted this new dynamic using the listing of Velodrome (VELO) as an example. After Binance created a trading pair for the VELO token on its platform, its price dropped by nearly 70%, currently trading at $0.1154 at press time. The reasoning behind this change is that traders categorized as “smart money” have taken over the decentralized exchanges. 

In addition, Ignas also noted that having exit liquidity flows such as centralized exchanges is healthy for the market.

▌Report: Crypto OTC Volumes Soar Over 100% in 2024, Driven by Trump Victory and Institutional Demand

The cryptocurrency over-the-counter (OTC) market matured significantly last year, growing 106% year-over-year, according to Finery Markets’ 2024 Year in Review report. The report highlights that it was a dynamic year for institutional and large-scale digital asset trading, driven by key macroeconomic and industry-specific developments, including the launch of Bitcoin and Ethereum exchange-traded funds, the crypto-friendly Donald Trump victory, and the continued institutionalization of digital assets.  

OTC trading refers to over-the-counter transactions conducted directly between buyers and sellers, typically facilitated by a broker or trading desk. This approach enables institutions and high-net-worth individuals to trade large amounts with minimal market impact. "As the industry matures and traditional financial leaders shift their stance from skepticism to neutrality or acceptance, institutions are either entering the cryptocurrency market or planning acquisitions to build," the analysts wrote.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in January is 97.3%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in January is 97.3%, and the probability of a 25 basis point rate cut is 2.7%. The probability of maintaining the current interest rate unchanged by March is 79.8%, the probability of a cumulative 25 basis point rate cut is 19.7%, and the probability of a cumulative 50 basis point rate cut is 0.5%.

▌Trump team studies gradual increase in tariffs, 2%-5% per month

According to foreign media citing informed sources, Trump's economic team is discussing a slow increase in tariff rates month by month. The gradual increase in tariffs is intended to increase bargaining chips while helping to avoid soaring inflation. People familiar with the matter said that one of the ideas is to set a timetable for increasing tariffs by about 2% to 5% per month, and will follow the executive power under the U.S. Emergency Economic Powers Act. The proposal is in its early stages and has not yet been presented to Trump, who has not yet evaluated or approved the idea of ​​gradual tariffs. Advisers involved in the plan include Treasury Secretary Scott Bessant, National Economic Council Director Kevin Hassett, and National Economic Council Chairman Stephen Milan.

▌New York Fed Survey: U.S. Consumers Have Mixed Inflation Expectations, Household Finances Are Mixed

In December, U.S. consumers had mixed expectations for the path of inflation, while concerns about their families' ability to repay debts increased significantly, according to a survey released by the New York Fed on Monday. In its latest consumer expectations survey, the New York Fed said respondents expect inflation to remain at 3% in a year. It is worth noting that expectations for price pressures in three years have climbed to 3% from 2.6% in November, while expectations for price pressures in five years have fallen to 2.7% from 2.9% in November. In addition, the survey also revealed that the uncertainty in the inflation outlook has increased in the one-year and three-year forecasts, but has fallen in the five-year forecast. In terms of various price expectations, the survey showed that food price expectations have increased, but expectations for other key categories have declined, with gasoline price expectations hitting their lowest level since September 2022. The expected increase in house prices has remained basically stable at 3.1%. Not only that, the New York Fed's survey also found that households' views on their own financial situation are also mixed. Although more respondents are optimistic about their personal financial situation, they also said that they expect smaller income and earnings growth in the future. At the same time, consumers have different views on the prospects of the job market.

Golden Encyclopedia

▌What is a teardrop attack in crypto?

In the context of cryptocurrency, teardrop attacks often target the decentralized nature of blockchain platforms. Even if they do not target the blockchain's encryption algorithms, disrupting the underlying peer-to-peer network infrastructure that cryptocurrencies rely on can lead to service disruptions, loss of funds, and decreased user trust. Attackers can interfere with the consensus process, transaction verification, or node-to-node communication by focusing on specific nodes or servers. This can lead to network fragmentation, processing delays, or even complete shutdown.

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