Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news of the week, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events of the blockchain industry this week.
Headlines
▌U.S. SEC formally appeals against XRP ruling
The U.S. Securities and Exchange Commission (SEC) has formally appealed the XRP ruling made by Judge Analisa Torres, once again sparking a legal battle over whether XRP sales by cryptocurrency exchanges qualify as securities. Regulators have questioned key aspects of the court's ruling, including the ruling to clear Ripple executives and non-cash XRP distributions. The result could have a significant impact on the future of cryptocurrency regulation.
▌Victory Securities: Bitcoin rises slowly and waits for spillover effect
Victory Securities Deputy Chief Operating Officer Zhou Lele published an analysis pointing out that the virtual asset market continued last week's trend and fluctuated slightly. Head assets such as Bitcoin and Ethereum were swaying and entangled, but Altcoins with higher odds were recovering and moving out of the downward channel. The over-the-counter Bitcoin ETF inflow last week was about US$3.08 billion, and the Ethereum ETF inflow was about US$5 million; the weak balance in the market was broken, short-term holders gradually increased their holdings, and the recovery phase may begin. Virtual asset shadow stock MicroStrategy hit a new high, and its double-long ETF trading volume also gradually expanded. The market is hot for meme coin investment, and the market risk appetite has increased, but compared with the assets themselves, the willingness to trade high-odds derivatives is stronger. Virtual assets may need to wait for the wealth effect of global stock markets to spill over and increase market share.
▌The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against UBI Blockchain, alleging violations. The SEC said that UBI failed to submit periodic documents to the SEC as required, and the company has not submitted any periodic or other reports since the Commission ordered the dismissal of the previous lawsuit against UBI on June 2, 2023.
▌Chainalysis appears in court for $650 million defamation case involving the YieldNodes project
The blockchain analysis company Chainalysis faces a $650 million defamation lawsuit for allegedly wrongly labeling the YieldNodes project as a scam. The case will be heard in the New York Supreme Court on October 16. The plaintiff, Exceptional Media, claimed that Chainalysis's misclassification had caused serious damage to its reputation and customer base and was malicious. Chainalysis filed multiple motions to dismiss, arguing that the complaint failed to prove that its analysis was wrong and insisted that YieldNodes may indeed be an investment scam. Chainalysis declined to comment on the case.
Policy
▌TD Cowen: U.S. Senator Bill Hagerty's draft stablecoin bill may become the outline of a 2025 bill
Investment bank TD Cowen said in a report on Monday that U.S. Senator Bill Hagerty's draft stablecoin legislation may become the outline of a future bill in 2025.
"This draft should form the basis of legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, given Hagerty's close relationship with the former president."
Hagerty is reportedly a potential contender for a Trump cabinet position, either in a national security or Treasury post, if Trump wins. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over key agencies including the U.S. Securities and Exchange Commission.
Seiberg noted in the report: "The key will be to reach bipartisan agreement on the issue of regulators regulating stablecoins. If Trump wins, the bill's prospects are even higher."
▌New York regulatory chief advises crypto companies to actively respond to regulation
Adrienne Harris, head of the New York Department of Financial Services, said at the Ripple Swell event that cryptocurrency companies should be frank and proactive in dealing with regulators. She emphasized that regulators do not like surprises, and companies should keep regulators informed of their actions through public communication, rather than letting regulators learn about problems from the news, to avoid being in a passive situation.
▌Grayscale applies to SEC to convert its digital large-cap fund containing BTC, ETH and SOL into an ETF
Grayscale Investments submitted an application to the U.S. SEC on Tuesday to convert its hybrid crypto fund containing Bitcoin, Ethereum, Solana, XRP and Avalanche into an ETF.
According to the company's website, Grayscale's product is called "Grayscale Digital Large Cap Fund", which is currently traded over the counter and manages $524 million in assets. The fund is mainly composed of Bitcoin (nearly 75%) and Ethereum (about 19%), with the rest consisting of Solana, XRP and AVAX.
▌U.S. Rep. Byron Donalds: Trump May Unlock 'Crypto Regulatory Gridlock'
U.S. Rep. Byron Donalds spoke at crypto venture capital firm BlockTower's investor day on Wednesday and said Trump may unblock the "crypto regulatory gridlock."
Donalds revealed that he shared a plane ride from Atlanta to Florida with former President Trump on Tuesday night. Donalds said the two discussed how to dismantle what he described as the regulatory "gridlock" that President Biden and Vice President Kamala Harris, Trump's November opponent, have posed to the $2 trillion crypto industry.
▌Lead Bank executives: Banks entering the crypto space need to clarify regulatory direction
Erica Khalili, co-founder of Lead Bank, said at the Ripple Swell conference in Miami that banks entering the crypto space need to invest a lot of money and maintain close relationships with regulators. She pointed out that clear regulatory policies and cross-institutional cooperation are crucial for banks. Although digital assets have brought efficiency improvements to the capital market, banks must have a strategy to deal with regulation and remain patient to adapt to changing rules. Khalili emphasized that getting involved in the crypto banking field requires a deep understanding of products, technology and talent, and it is difficult to succeed by simply testing the waters.
Blockchain Applications
▌"Cyber Nation" Project Praxis Raises $525 Million to Build a Cryptocurrency-Friendly City
Praxis, a project claiming to be the world's first "cyber nation," announced on Tuesday that it has received $525 million in funding to build a technology-forward city that supports the development of encryption, artificial intelligence, energy and biotechnology.
According to the announcement, the financing participants include Arch Lending, GEM Digital, Manifold Trading, etc., and new angel investors include Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner of Dragonfly), Rob Hadick (General Partner of Dragonfly), etc.
▌Robinhood launches desktop platform and adds features such as Bitcoin futures trading on APP
Robinhood launched a desktop platform and added futures and index options trading features to its mobile app (APP), including: stock indexes, Bitcoin, energy, metals and currencies.
▌DTCC launches digital sandbox to innovate capital market infrastructure
The Depository Trust & Clearing Corporation (DTCC) has launched the digital sandbox "DTCC Digital Launchpad" to provide a pilot project platform for market participants and technology providers to promote innovation in capital market infrastructure. The sandbox aims to address key pain points in collateral management and provide customers with the DTCC digital asset product suite to develop use cases without making large investments. The first batch of results will be announced in the first quarter of 2025. The move aims to establish an efficient and secure digital market infrastructure for the industry.
▌HUMBL obtains US blockchain-related technology patent
Blockchain company HUMBL announced that the United States Patent and Trademark Office (USPTO) officially issued a patent for the company's blockchain technology.
According to the information provided, HUMBL's newly applied patent technology appears to be a blockchain-based currency transaction system that will act as a bridge between blockchain-based digital currencies and legal tender (and vice versa). This payment system will allow almost any two wallets to conduct transactions without the need for an intermediary other than the digital ledger itself. According to HUMBL, the patent approval took more than four years.
▌OrdinalsBot and IP Project Royalty Launch Elvis Themed Ordinals NFTs
Inscription service OrdinalsBot and Bitcoin-focused intellectual property (IP) Project Royalty have launched Elvis Presley commemorative Ordinals NFTs, a set of 1,935 generated images, “Elvis Side $Btc,” inspired by the artwork of Joe Petruccio, an artist licensed from the Elvis estate.
Royalty plans to release a streamlined whitepaper in the coming weeks detailing how 5% of primary and secondary sales proceeds will be used via the native token to fund the Elvis Legacy Council, a decentralized autonomous organization (DAO) designed to “steer the future of Elvis’ digital legacy.”
Cryptocurrency
▌Galaxy: Harris is friendlier than Biden on cryptocurrency policy, but not as friendly as Trump
According to Galaxy Research, US presidential candidate Kamala Harris is friendlier than incumbent President Biden on cryptocurrency policy, but not as friendly as Trump. Harris promises to improve the regulatory environment for the US crypto industry, but takes a more cautious stance on issues such as taxation, Bitcoin mining and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Despite this, Harris' policies may be more constructive than Biden's.
▌Santiment: Market gradually optimistic after BTC breaks through $66,000
According to Santiment on the X platform, as Bitcoin rose at the beginning of this week and once jumped above $66,000, traders are looking for opportunities in the GameFi and Memecoin fields. The discussion rate between these altcoin sections shows a continued increase in interest levels. Historically, this shows that the crowd's view on the market is gradually becoming optimistic. Considering that the market has risen for 5 consecutive weeks, it is expected that the slight FOMO will continue to exist, and more speculative assets will trigger more and more discussions until a pullback injects fear into the crowd's narrative again.
▌Ethereum staker income has fallen 30% since its peak in March
According to data from The Block, Ethereum staker income has fallen 30% since its peak in March, with stakers earning a total of $174 million in September, down from a peak of $247 million in March.
Despite the decline in income, the validator community continues to expand. Ethereum currently has 1.09 million validators, indicating increasing participation in network security. Despite the reduction in individual rewards, the number of validators is still increasing, indicating that people are still confident in Ethereum's long-term prospects.
▌Quantity Funds Launches STKD Bitcoin and Gold ETF
Quantity Funds announced the launch of STKD Bitcoin and Gold ETF, which aims to mitigate future inflation and "currency depreciation". The fund's stock code is BTGD, which aims to provide investment opportunities in gold and Bitcoin through Bitcoin futures and ETFs as well as gold futures and ETFs. The fund provides retail investors with a model where every dollar invested in the ETF will provide 100% investment opportunities for its Bitcoin and gold strategies. The statement said: "The Bitcoin strategy seeks to obtain the price return of Bitcoin by investing in Bitcoin futures and ETPs, while the gold strategy also seeks to obtain the price return of gold by investing in gold futures and gold ETPs."
▌Thailand's SCB Bank to Launch Stablecoin Cross-border Payment Service
Thailand's established bank Siam Commercial Bank (SCB) announced that it will cooperate with fintech company Lightnet to provide customers with stablecoin cross-border payment and remittance services. The service supports customers to conduct cross-border transactions 24 hours a day, 7 days a week, and significantly reduces transaction costs. It is reported that the service has passed the regulatory sandbox test of the Bank of Thailand.
Important Economic Dynamics
▌Bank of America: Gold becomes the ultimate safe-haven asset as the US debt crisis intensifies
Bank of America warns that gold may become the ultimate safe-haven asset in the US market as national debt continues to rise. The bank pointed out that gold is more attractive than US Treasuries, especially under the risk of potential debt crisis. In 2024, the price of gold continued to rise, approaching the historical high of $2,700, and is expected to exceed $3,000 in the future. At the same time, the economic plans of US government candidates may further push up debt levels, which has also prompted global central banks to increase their gold reserves.
▌Trump: Tariffs will boost US economic growth
On Tuesday, local time, former US President and Republican presidential candidate Trump accepted a media interview. He said that if he could enter the White House, his core policy would revolve around economic growth and bringing companies back to the United States. Trump defended high tariffs with all his strength, believing that this was a way to stimulate economic growth. In his opening remarks, Trump claimed that he would impose tariffs on imported goods and reduce taxes on domestic companies. "For me, the most beautiful word in the dictionary is tariff."
▌The Fed's latest tool shows that the reserve level is sufficient, suggesting that QT can continue to advance
According to the first monthly indicator released by the New York Federal Reserve, the size of the US banking system reserves is still sufficient. The first reserve demand elasticity indicator released by the New York Federal Reserve on Thursday showed that bank reserves remained sufficient as of October 11. The data is the latest evidence that the Federal Reserve can continue to reduce liquidity in the financial system through the quantitative tightening program (QT). The performance of the data is expected by Wall Street strategists.
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 increase risk awareness.
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