Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.

Headlines

▌Trump is considering signing an executive order to suspend the TikTok ban after taking office

U.S. elected President Trump is considering issuing an executive order to suspend enforcement of TikTok sales or prohibition laws for 60 to 90 days after taking office. Trump may sign an executive order that would lift Biden's nationwide ban on the app on the 19th, according to two people familiar with the matter. Trump said he enjoys widespread support on the platform, with more than 14 million followers. He hopes to fulfill his previous campaign promises. (CCTV News)

▌VanEck submitted an on-chain economic ETF application to the US SEC

Assets Management company VanEck submitted an “Onchain Economy” exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission on January 15 According to the filing, the fund will invest in cryptocurrency companies across the industry, including software developers, mining companies, cryptocurrency exchanges, infrastructure builders, payments companies and other businesses in the cryptocurrency space.

The asset manager defined these companies as "digital transformation companies" and wrote: "The selection of digital transformation companies is based on fundamental analysis, market trends, The company’s strategic positioning in the digital asset ecosystem and its valuation. “The fund will also invest in digital asset instruments such as commodity futures contracts, but will not invest directly in digital assets through holdings of cryptocurrencies.

▌U.S. Congressman Tom Emmer was appointed vice chairman of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence

Forbes reporter Eleanor Terrett posted on He also nominated other Republican members of the committee.

▌The SEC sued Musk: Failure to comply with regulationsDisclosed that it cost $150 million less to buy Twitter stock

The SEC filed a lawsuit in federal court in Washington, D.C. on Tuesday against Musk for alleged securities violations, U.S. The SEC said Musk purchased more than 9% of Twitter's common stock in March 2022 but failed to disclose relevant information in a timely manner, violating federal securities laws. After an 11-day delay, Musk publicly disclosed his beneficial ownership in a report submitted to the SEC on April 4, 2022. The delay allowed Musk to continue buying Twitter stock at artificially low prices, costing him at least $150 million. On April 4, 2022, Twitter's stock price rose by more than 27% from the previous day's closing price. Musk's lawyer responded that Musk had done nothing wrong and that the lawsuit was "a farce."

▌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 ruled that U.S. securities laws apply to Binance even though the cryptocurrency exchange 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 considered 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 for providing services to U.S. customers even though it does not have a formal office or headquarters in the United States. . Binance had asked the Supreme Court to review the Second Circuit's ruling, which held that even though Binance does not have an office in the United States, as long as U.S. investors purchase tokens through Binance and the transactions occur on U.S. servers, the exchange must Comply with U.S. laws.

▌Trump may issue an executive order on his first day in office, involving bank encryption business and abolishing controversial encryption accounting

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

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

▌The U.S. Supreme Court may rule on the TikTok case on Friday

The U.S. Supreme Court It hints that a ruling on the "sell or ban" TikTok ban may be made on Friday (January 17). On January 16, local time, the U.S. Supreme Court issued an announcement on its website stating that the court "may issue an opinion at 10 a.m. ET on Friday (11 p.m. Beijing time)", but did not specify which cases it would decide. . The TikTok ban was originally scheduled to take effect on Sunday (January 19).

▌The U.S. SEC has submitted an appeal opening statement against Ripple

Court documents show that the United States The SEC has filed opening statements in its appeal against Ripple.

Yesterday’s news showed that the U.S. SEC seems to be advancing a series of enforcement cases it is currently hearing in court. Ripple Chief Legal Officer Stuart Alderoty tweeted with X that the SEC will not delay filing a brief as part of its appeal against Ripple’s ruling.

▌Oklahoma state representative introduced bill to establish a Bitcoin strategic reserve in the state

According to Bitcoin Magazine, Oklahoma State Representative Cody Maynard proposed a bill to establish a Bitcoin strategic reserve in the state.

▌Texas senators submitted SB 778 bill to establish a state-level Bitcoin strategic reserve

Texas Senator Charles Schwertner tweeted that he has submitted SB 778, a bill proposing to establish the first state-level Bitcoin strategic reserve in the United States. If passed, this bill will position Texas as a leader in the digital economy and drive economic growth and freedom.

▌The U.S. SEC will BiThe decision to convert twise BITW into an ETF has been postponed to July

According to a public regulatory document, the US SEC will transfer Bitwise 10 Crypto Index Fund (BITW) Decisions on ETF applications have been postponed until late July. This means that whether Bitwise ETF can be approved will still have to wait longer. In addition, Bloomberg ETF analyst James Seyffart pointed out that Grayscale’s next GDLC deadline is February 2. Delays are also expected.

▌U.S. SEC Chairman: The outcome of the 2024 presidential election does not depend on the funding of crypto interest groups

In an interview with CNBC Squawk Box host Andrew Ross Sorkin, U.S. SEC Chairman Gary Gensler said that he believes that funds from cryptocurrency voters and digital asset interest groups are unlikely to affect the outcome of the 2024 U.S. election, making President-elect Donald Trump ·Trump wins.

He said: "I think that although, as you pointed out, this election raised funds from the cryptocurrency space, I don't think it is The purpose of this election, this area, the cryptocurrency area, a highly speculative area, has been inconsistent with various laws, whether it is money laundering laws, sanctions laws, or in our case securities laws. ”

< p style="text-align: left;">▌U.S. SEC Chairman: The SEC has never said that Bitcoin and Ethereum are securities

Outgoing Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler told Yahoo Finance on Tuesday that the commission “never said” Bitcoin and Ethereum were securities, and that neither he nor former SEC Chairman Jay Clayton ever said Bitcoin was a security. .

▌Indian court rejects release request of defendant in one of the country's largest Bitcoin Ponzi scam worth Rs 6,606 crore

India's Special Anti-Money Laundering PMLA Court has dismissed the release request of Hemant Bhope and his wife Lata, who were reportedly charged in connection with one of India's largest Bitcoin Ponzi schemes involving a Delhi-based company Variabletech Pvt Ltd (VTPL), the defendants conspired to lure investors to buy Bitcoin and encourage others to invest in the company to commit fraud. It is reported that the scam amounted to as much as 66.06 billion rupees.

Blockchain Application

▌Abstract launches Abstract Syndicate, open to applications for qualified investors

Abstract announces the launch of Abstract Syndicate powered by echo (@echodotxyz). Selected builders on Abstract now have exclusive access to showcase their applications directly to accredited investors committed to driving the future of consumer cryptocurrency. Qualified investors looking to support and invest in the next wave of Abstract applications can apply to join Syndicate through official channels.

Yesterday’s news, Abstract Ecosystem issued a document on X confirming that Abstract will be launched this month.

▌Stargaze announced the launch of the zero-gas chain Intergaze based on Initia

NFT application chain Stargaze announced Launched Intergaze, a zero-Gas chain based on the Rollup interoperability protocol Initia. Intergaze is designed for creators and NFTs, and is supported by Initia's Interwoven Stack, regardless of which one is used. VMs can be seamlessly minted, sent, and traded on any chain.

▌Hashed CEO: Artificial intelligence has a "black box" problem

Crypto venture capital fund Hashed CEO Simon Kim said in an interview that he believes the future of artificial intelligence depends on a fundamental change: breaking the black box of centralized models such as OpenAI and building a decentralized and transparent ecosystem driven by blockchain.

He said: "AI is being centralized. OpenAI is not open and is controlled by a very small number of people, so this is very dangerous. Creating this [closed source ] The base model is like making a 'god' but we don't know how it works." Kim believes that something like Meta’s LlamaOpen source AI models are an example of AI being built with decentralization and transparency in mind.

▌Multicoin submits a "smart issuance" proposal for Solana, proposing to adjust the SOL issuance rate to a market-based solution

Multicoin Capital is one of Solana’s early investors, and now it is trying to change the inflation mechanism of the Solana network. Two Multicoin Capital partners, Tushar Jain and Vishal Kankani, submitted a “smart issuance” proposal for Solana, proposing to adjust the issuance of SOL from the current fixed schedule to a market-based solution.

Multicoin’s proposal may reduce SOL inflation. In Solana terminology, inflation refers to the network issuing SOL to validators who run Solana software and help build the blockchain. Validators then pass these issued SOL along with some MEV (Miner Extractable Value) rewards to the stakers who delegated the SOL to them.

Cryptocurrency

▌TRM Labs: The volume of illegal transactions on the chain will drop by 24% to US$45 billion in 2024, and TRON will still be the main blockchain for illegal activities

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Blockchain intelligence company TRM Labs found that illegal transaction volume on cryptocurrency chains fell by 24% to $45 billion in 2024, accounting for only 0.4 of the overall crypto transaction volume %. While total transaction volume grew 56% last year to $10.6 trillion, collaborative efforts by law enforcement agencies and industry have effectively curbed illegal activity. TRON’s illegal transactions dropped significantly, with illegal transaction volume reduced by $6 billion and the ratio almost halved, thanks to its T3 financial crime unit established in partnership with Tether and TRM Labs. However, TRON remains the main blockchain for illegal activity, accounting for 58% of total illegal transaction volume, attracting criminals with its low transaction fees and popular stablecoin. The report also showed that sanctions violations accounted for one-third of illicit transaction volume, and scams and fraud accounted for one-quarter, with fraud-related inflows falling by 40% compared with last year. At the same time, there has been an increase in ransomware attacks and terrorism financing, particularly those carried out by North Korean and Russian hackers.

▌Opinion: The United States buying altcoins as strategic reserves is a ridiculous idea that will never happen

Quinn Thompson, founder of hedge fund Lekker Capital, said that the United States buying altcoins as strategic reserves is a ridiculous idea that will never happen. Previously, the New York Post reported that Trump "accepted" The idea of ​​creating tokens including SOL, XRP and Circle’s USDC stablecoin as “America’s priority strategic reserves” Quinn Thompson explained: “No. Power places venture capital bets on altcoins. Rumors about the creation of strategic reserves for other non-BTC currencies is another example of people treating an otherwise bad idea as fact. ”

▌Bloomberg analyst: SEC approval of Solana or XRP ETF is just a matter of "time"

Bloomberg analyst James Seyffart posted on the SEC There is no accusation that Litecoin is a security."

▌U.S. SEC Chairman: Bitcoin is like gold, 7 billion people around the world want to trade it

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in an interview, "Bitcoin is a highly speculative asset, but 7 billion people around the world want to trade it. it. Just like we have had gold for 10,000 years, we now have Bitcoin. ”

In terms of regulatory stance, Gensler noted that the SEC has never classified Bitcoin as a security. As with thousands of other crypto projects, he emphasized the need to prove that they actually Use cases and fundamental value. When the host quipped, “You must hold Bitcoin,” Gensler said he had never held any cryptocurrency in the past 7-8 years. The host then joked, “Now you can. , because you are about to step down as SEC Chairman."

▌Standard Chartered Bank: If Bitcoin falls below the $90,000 support level, it will face a 10% retracement risk

Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, warned that if BitcoinIf the coin “breaks below $90,000,” a downtrend is likely.

Kendrick highlighted in a note on Tuesday that there is "convexity risk" due to the increased likelihood of spot ETF liquidations, which could Pushing Bitcoin price below $80,000 in the short term.

Kendrick said: "We believe that Bitcoin falling below $90,000 will lead to a further 10% decline in the short term to just over $80,000. All other numbers The price of the asset may also fall in response, and once the pullback is over, we recommend accumulating long positions again.”

▌Bitfinex report: Treasury yields soar, the economic outlook is bleak, and Bitcoin faces consolidation risks

According to Bitfinex’s latest Alpha report, under macro pressure , Bitcoin’s relative strength can be attributed to optimism about potential regulatory changes. President-elect Donald Trump's new term in office and a more favorable outlook for cryptocurrencies have bolstered market confidence, providing a counterweight to broader risk asset challenges.

With Bitcoin hovering near key support at $90,000, the market may enter a range-bound environment characterized by periods of consolidation. The changing macroeconomic backdrop, including rising Treasury yields, hawkish signals from the Federal Reserve and outflows from ETFs, suggests that the road ahead for risk assets is challenging.

However, Bitcoin's resilience compared with traditional stocks suggests that it may continue to attract investor interest, mainly as regulatory clarity becomes clearer. Currently, Bitcoin holders face a balancing act of dealing with macroeconomic headwinds while waiting for potential tailwinds from changes in sentiment.

▌View: Traditional markets are dominating cryptocurrency price trends, and ETF trading time restrictions may increase volatility during the opening period

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

Flowdesk analyst Greg Guttas noted that the mismatch between ETF trading time limits (6.5 hours per day) and the 24/7 trading nature of cryptocurrencies could exacerbate volatility during the opening hours. Although the crypto industry faces favorable factors, such as an improving regulatory environment and increased participation in the banking industry, current market sentiment suggests that these positive factors may not be able to offset the pressure caused by macroeconomic headwinds.

Important economic news

The probability that the Federal Reserve will keep interest rates unchanged in January is 97.3%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in January is 97.3%, and the probability of cutting interest rates by 25 basis points is 2.7%. The probability of keeping current interest rates unchanged by March is 70.1%, the probability of a cumulative 25 basis point interest rate cut is 29.2%, and the probability of a cumulative 50 basis point interest rate cut is 0.7%.

▌UBS: The slow and steady sell-off in U.S. bonds may continue

UBS Group strategist Bhanu Baweja and others said that the sell-off in U.S. bonds since September has clearly been "slow and steady", a feature that "should cause concern to bond bulls." "Volatility remains low and while there are concerns, there is no panic," they wrote in a note. "The slow-moving nature of the sell-off may mean this may continue," they warned.

▌The market expects a 90% probability of the Bank of Japan raising interest rates in January, which may undermine the upward momentum of cryptocurrency

Investors are eyeing Trump's inauguration on January 20, which could become a key catalyst for Bitcoin and cryptocurrency prices. However, on January 24, the Bank of Japan is likely to raise interest rates. Markets are currently pricing in a 90% chance of a rate hike on January 24, according to a chart shared by analyst Michael Kramer on the X platform. Previously, the Bank of Japan’s interest rate hike caused chaos in the traditional asset and digital asset markets. This was a key catalyst in the reversal of the yen carry trade in early August, which sent Bitcoin crashing to $49,000. Traders may be preparing for another sell-off this time around.

▌BoE member Taylor: The basic expectation for an interest rate cut this year is about 100 basis points

BoE member Taylor said the basic expectation for an interest rate cut this year is about 100 basis pointspoint.

▌Barclays postpones the expected end of quantitative tightening by the Federal Reserve to September

Barker Lay currently predicts that the Fed's quantitative tightening operations will end in September rather than March, citing the absence of any mention of balance sheet reduction in the meeting minutes released last month. Barclays strategist Joseph Abate wrote in a report that the Fed's decision to stop shrinking its balance sheet may depend more on the ratio of reserves to bank assets rather than a specific date. Barclays assumes the Fed wants to lower its reserves-to-assets ratio to about 12%, a threshold it could reach by August 2025 without a debt ceiling.

Qatar, Egypt, and the United States issued a joint statement: ensuring the full implementation of the three phases of the Gaza ceasefire agreement

Qatar, Egypt, and the United States issued a joint statement on the evening of January 15, local time, announcing that Israel and the Palestinian Islamic Resistance Movement (Hamas) had reached an agreement on a ceasefire in the Gaza Strip and the exchange of detained persons. The statement said the agreement aims to achieve a permanent ceasefire and restore peace in the Gaza Strip. The statement also stated that the agreement will take effect on January 19, 2025 and will be implemented in three phases. The first phase lasted for 42 days. The two sides achieved a ceasefire and exchanged detained personnel. The Israeli army evacuated from densely populated areas of Gaza, the displaced people of Gaza returned to their homes in northern Gaza, and more humanitarian aid supplies entered the Gaza Strip. The statement also stated that Qatar, Egypt, and the United States, as guarantors of the agreement, aim to ensure that the three stages of the agreement are fully implemented. At the same time, the guarantor countries will coordinate with the United Nations and partners in the international community to rapidly and continuously increase humanitarian assistance to the Gaza Strip in accordance with the provisions of the agreement. The guarantor countries urge the international community to provide support in this regard.

Previously, Israel and Hamas reached a ceasefire agreement in Gaza.