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Cointime News Wrapup-Afternoon: Binance Reportedly Removes Restrictions on Russian Users
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
US House of Representatives will investigate Representative Mike Flood's recent statement: "Despite widespread opposition, SAB 121 is still operating as a regulation, even though it has never gone through the normal Administrative Procedure Act process." Flood said, "I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler resigns on his own or President Trump fulfills his promise to dismiss Gensler, the new government has an excellent opportunity to usher in a new era after Gensler's departure." He added, "It's not surprising that Gensler opposed the digital asset regulatory framework passed by the House on a bipartisan basis earlier this year. 71 Democrats and House Republicans passed this common-sense framework together. Although the Democratic-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and may provide information for the work of the unified Republican government when the next Congress begins in January next year."
Indian billionaire Gautam Adani and his nephew, Sahil Adani, have been subpoenaed by the US Securities and Exchange Commission (SEC) to explain allegations of paying over $250 million in bribes to win solar power contracts. According to the Press Trust of India (PTI), the subpoena has been delivered to the Adani family's residence in Ahmedabad, a city in western India, and they have been given 21 days to respond. The notice, issued on November 21 by the Eastern District Court of New York, states that if the Adani family fails to respond on time, a default judgment will be made against them.
US Congressman French Hill revealed at the North American Blockchain Summit (NABS) that Republican SEC Commissioner Hester Peirce is "likely" to become the new acting chair of the US Securities and Exchange Commission (SEC). He noted that current chair Gary Gensler will step down on January 20, 2025, and the Republican Party will take over the SEC, with Peirce expected to succeed him.
a spokesperson for Tether stated: "The relationship between Tether and Cantor Fitzgerald is purely a business relationship based on managing reserves. Claims that Howard Lutnick's joining the transition team in some way implies an influence on regulatory actions are baseless."
Hunter Horsley, CEO of Bitwise, posted on X platform that he was happy to see capital inflows into Bitwise's Ethereum exchange-traded fund ETHW, iShares, and Fidelity this Friday. He reminded that ETHW is not a registered investment company under the U.S. Investment Company Act of 1940 and therefore is not protected by the law. ETHW is not suitable for all investors due to its high risk and volatility.
Musk posted a picture on his social media platform saying he likes the "WOULD" meme. As a result, the meme coin with the same name briefly surged. According to GMGN data, the meme coin with the same name created 123 days ago surged over 400 times in a short period of time, with a current market value of 4.5 million US dollars. Reminder to users: Meme coins have no practical use cases, prices are highly volatile, and investment should be cautious.
Zhou Lele, the Vice Chief Operating Officer of Victory Securities, analyzed that the macro and high-level negative impact risks in the cryptocurrency market have passed. The risks are now more focused on expected realization, such as the American entrepreneur Musk and the American "Efficiency Department" (DOGE) led by Ramaswamy. After media reports, the increase in Dogecoin ($DOGE) was only 5.7%, while Dogecoin rose by 83% in the week when the US election results were announced. Last week, the net inflow of off-exchange Bitcoin ETF was US$1.67 billion, and the holdings of exchange contracts and CME contracts remained high, but the funding rates halved and fell back, indicating that the direction of Bitcoin in the short term is not one-sided, and bears are also accumulating strength.
ECB board member Villeroy de Galhau said in an interview that the decline in inflation allows the ECB to lower interest rates. In addition, the slow pace of price increases compared to average wages is also a factor in the rate cut. Villeroy de Galhau emphasized that the ECB's interest rate policy decision is independent of the Fed. Evidence shows that the ECB began to lower interest rates in early June, while the Fed lowered interest rates three months later. With the decline in inflation, we will be able to continue to lower interest rates. Currently, the market generally expects the ECB to cut interest rates by 25 basis points at the next meeting in December, but weaker data increases the possibility of a 50 basis point cut.
George Milling-Stanley, the head of gold strategy at Dominion Bank, warned that the rise of Bitcoin may mislead investors to overlook the stability of gold. He believes that Bitcoin is more like a return-driven investment, while gold provides long-term stability. He also criticized Bitcoin promoters for misleading the market by using the term "mining," and believes that gold is still a more reliable investment choice.
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