YFI plunged more than 40% in a single day, and the team is suspected of selling tokens on a large scale
On November 18th, Yearn finance (YFI) dropped more than 40% in a single day, currently trading at $8,950. According to WhaleWire, a cryptocurrency data tracker, this is due to a large-scale sell-off by the team, as data shows a significant net outflow from their team wallet.
Vivek Ramaswamy：Launches Innovative "Three Freedoms of Crypto" Policy Framework
November 17, local time in the United States, political outsider and 2024 presidential candidate Vivek Ramaswamy announced his new crypto policy to unshackle American innovators from the administrative state that persecutes and stymies such innovation in theNorth American Blockchain Summit.
CFTC Commissioner Kristin Johnson says rules are needed to protect crypto customers’ assets
According to the leader of the Commodity Futures Trading Commission (CFTC), their agency needs to take warnings about cryptocurrencies seriously and call for rules to regulate the field. Two Democratic CFTC commissioners, Christy Goldsmith Romero and Kristin Johnson, have been pushing the agency to issue rules or guidance over the past week to address conflicts of interest in cryptocurrencies and protect consumers. Johnson said at a meeting at the Atlanta Federal Reserve Bank on Monday that the failures of FTX, Binance, Celsius, and Voyager show the need to protect customers by isolating and protecting their deposits. Therefore, the CFTC should "immediately develop regulations on asset custody," Johnson said, adding that rules for managing cryptocurrencies could be issued in the coming weeks. Johnson said, "The CFTC has a way to strengthen protection of customer assets through rules that isolate or separate customer property. These rules simply say that you cannot mix company funds with customer proprietary funds." (The Block)
Republican Presidential Candidate Vivek Ramaswamy Unveils Crypto Policy Framework with Three Freedoms of Crypto
Republican presidential candidate Vivek Ramaswamy has presented a crypto policy framework called "The Three Freedoms of Crypto" at the North American Blockchain Summit. The framework aims to protect developers of smart contract code from being held liable for the actions of users. Ramaswamy has promised to direct government prosecutors to go after bad actors, not the code they use or the developers who write it. He has also pledged to provide regulatory clarity that gives new cryptocurrencies "safe harbor" exemptions from securities laws and prevent federal agencies from creating rules that limit the use of self-hosted wallets. Ramaswamy is currently polling between 0% and 8% of the Republican vote in New Hampshire.
Crypto derivatives trading platform Rho Labs completes US$2.2 million in financing, led by Speedinvest
On November 16th, Rho Labs, a decentralized cryptocurrency derivatives trading platform founded by former Copper Chief Product Officer Alex Ryvkin, announced the completion of a $2.2 million pre-seed round of financing, with Speedinvest leading the investment and participation from Keyrock, Re7 Capital, Daedalus Collective, and Copper.co CEO Dmitry Tokarev.The cryptocurrency derivatives trading platform being built by Rho Labs will provide on-chain trading services based on specific and traditional interest rates, and it is expected that its trading market will launch an internal testing version on the Arbitrum chain by the end of this year.
MAS Official: We've 'Learned a Lot of Lessons' in Crypto
According to Sopnendu Mohanty, Chief Financial Technology Officer of the Monetary Authority of Singapore (MAS), after "learning a lot of lessons" in the encryption field, Singapore's regulatory agency hopes to ensure the sustainability of the artificial intelligence industry. Mohanty said in an interview that MAS wants to "ensure that whatever artificial intelligence we adopt or promote, it will last for a long time." Mohanty added, "We have learned a lot of lessons in the entire cryptocurrency field, and it is not good to be too eager for success." (The block)
Cake Group, parent company of crypto investment platform Bake.io, announces 30% layoffs
On November 14th, Singaporean crypto investment platform Bake's CEO Dr. Julian Hosp announced on his social media platform that the company will lay off about 50 employees and re-adjust the team size to around 120 members to achieve a sustainable "revenue balance" mode. Bake also stated that discussions about possible changes in the organizational leadership have been ongoing, but so far nothing has been confirmed or determined. Once confirmed, it will be communicated internally first and then publicly.<br>Hosp stated that he will continue to serve as the CEO of Cake Group. If there is a leadership transition in the company, business continuity will be given priority through handover and transition plans.
The crypto industry is protesting proposed tax reporting regulations by the U.S. Treasury Department
In August, the US Treasury Department, together with the Internal Revenue Service (IRS), proposed a set of regulations that would require cryptocurrency brokers to be treated similarly to brokers for more traditional investments such as stocks and bonds. Since then, over 124,000 letters have been received, with 2,000 submitted in just the past two days. Some believe that the proposed rules overly expand the definition of brokers.
Crypto.com launches regulated crypto derivatives product Strike Options for US users
On November 13th, according to official sources, Crypto.com, a cryptocurrency trading platform, announced the launch of regulated cryptocurrency derivative product Strike Options for its US users. The feature is gradually being rolled out across the United States. The announcement stated that the product is regulated by the CFTC and currently supports BTC, ETH, LTC, and BCH as underlying assets, with more products to be launched in the future.
Waterdrip Capital announced the appointment of Aaron J as a partner, responsible for IR investor relations management, project incubation and post-investment management
Waterdrip Capital has officially announced the appointment of Jiang Lifeng (Aaron J) as a partner of the company. He will be mainly responsible for the IR investor relations management, project incubation, and post-investment management of Waterdrip Capital and the licensed digital asset fund Pacific Waterdrop Fund launched in cooperation with China Taiping Investment Management (Hong Kong) Co., Ltd. Aaron J has served as a senior executive in listed companies and leading blockchain enterprises in terms of strategy and investment direction. He joined Huobi Labs and Huobi Eco Fund in 2018, focusing on early-stage incubation and investment in Web3 and digital assets. Later, he joined CRC (Chain Renaissance Capital) as a blockchain partner.
