Today's Headlines:
- SEC Delays Decision on Hashdex's Bitcoin Spot ETF Application, and Makes Decision on Grayscale's Ethereum Futures ETF 19b-4 Filing
- New York State Department of Financial Services Releases Updated Policy Guidance for Cryptocurrency Company Token Listings and Delistings
- BlackRock Submits S-1 Application to SEC for Ethereum Spot ETF
- Jupiter to Airdrop 1 Billion JUP to 955,000 Eligible Wallets Next Week
- Sei Network Receives Strategic Investment from Circle, USDC to be Integrated into Sei Network
- Pyth Network: Adds 55 Million Tokens for Airdrop to DeFi Users
- Lens Ecosystem Project lensta Plans to Sell Its Application for 8.88 ETH
- Polygon Network Gas Fees Surge to Over 5000 Gwei
Regulatory News:
- New York State Department of Financial Services Releases Updated Policy Guidance for Cryptocurrency Company Token Listings and Delistings
- The New York State Department of Financial Services (NYDFS) Superintendent Adrienne A. Harris stated in a statement on Wednesday that the department has strengthened its guidance for cryptocurrency listings or delistings to enhance protection for cryptocurrency investors statewide. This comes after NYDFS launched revised guidance following a feedback period in September.
The updated guidance will require cryptocurrency companies to submit their token listing and delisting policies for NYDFS approval. The statement noted that these companies' policies will be measured against stricter risk assessment standards to ensure that delistings are conducted "in an orderly manner, protecting consumers and minimizing market disruption to the greatest extent possible." The new rules also require companies to provide pre-funding for token delistings and be more transparent to customers about discontinuing support for cryptocurrencies they have previously listed. Additionally, companies must develop policies based on "specific business models, operations, customers and counterparties, operational geographic locations, and service providers," as well as the intended use, purpose, and specific characteristics of the tokens under consideration.
SEC Delays Decision on Hashdex's Bitcoin Spot ETF Application Bloomberg analyst James Seyffart tweeted that the SEC has delayed its decision on Hashdex's application to hold spot Bitcoin in a Bitcoin futures ETF. The SEC has also delayed its decision on Grayscale's Ethereum futures ETF 19b-4 (trading rule change) filing.
SEC Delays Decision on Grayscale's Ethereum Futures ETF 19b-4 Filing Bloomberg analyst James Seyffart tweeted that the SEC has delayed its decision on Grayscale's Ethereum futures ETF 19b-4 (trading rule change) filing. The analyst stated that an Ethereum futures ETF does not need to go through the 19b-4 process. However, Grayscale may want to compel the SEC to make a decision on the 19b-4 filing for the Ethereum futures ETF. If the SEC approves the filing, Grayscale will point out that the SEC treats futures and spot ETFs differently, similar to the GBTC lawsuit. If the SEC rejects the filing, Grayscale could file another lawsuit, claiming that the SEC treats Bitcoin and Ethereum futures ETFs differently.
US Legislators Urge Treasury Department to Amend Proposed Cryptocurrency Tax Rules According to CoinDesk, Patrick McHenry (R-NC), chairman of the House Financial Services Committee, and Representative Ritchie Torres (D-NY) led a group of nine legislators urging the Treasury Department to amend its proposed digital asset tax regime. The group supports cryptocurrency representatives and lawyers, who stated that the proposed tax plan is a "dangerous and improper overreach." "If finalized, the proposed regulations are overly broad in defining 'brokers' for digital assets, insufficiently defining 'digital assets,' and unreasonably short in the comment period, which could prevent a large portion of the digital asset ecosystem from continuing to exist in the United States. The main controversy lies in how the proposal treats custodial wallet providers, payment processors, some decentralized finance (DeFi) entities, and other entities as 'brokers' for tax reporting purposes."
Dubai Crypto Regulator Chief to Resign, Authorities Plan to Fine Dozens of Crypto Firms According to Bloomberg, Henson Orser, head of the Dubai cryptocurrency regulatory agency, is set to resign after less than a year in office, to be replaced by PricewaterhouseCoopers partner Matthew White, who previously served as an advisor to the Dubai Virtual Asset Regulatory Authority (VARA). Sources revealed that Orser is resigning for personal reasons.
Meanwhile, authorities are preparing to fine over a dozen crypto companies operating in the emirate. Some sources stated that as leadership changes, the Dubai regulatory agency is preparing to fine over a dozen crypto companies that failed to comply with its guidelines by the November 17 deadline. It is currently unclear which companies will be fined. Sources said that crypto exchanges Binance Holdings Ltd., Bybit Fintech Ltd., and OKX are not among the companies at risk of fines, as these three companies hold partial digital asset licenses in Dubai. They stated that VARA plans to give some applicants, including these three companies, more time to meet all requirements for obtaining full licenses. According to the Dubai Virtual Asset Regulatory Authority website, the regulator has so far granted licenses to five virtual asset service providers.
- Do Kwon's Appeal in Fake Passport Case Rejected by Montenegro High Court According to CoinDesk, the Montenegro High Court has rejected Terra founder Do Kwon's appeal against a four-month prison sentence for charges of forging documents. The High Court dismissed the appeal of the lower court's ruling as baseless. Earlier in June, Do Kwon was sentenced to four months in prison in Montenegro for forging a passport.
Project News:
BlackRock Submits S-1 Application to SEC for Ethereum Spot ETF Official documents show that BlackRock submitted its S-1 application for its Ethereum spot ETF to the U.S. Securities and Exchange Commission (SEC) on November 15. Earlier on November 10, Nasdaq submitted a 19b-4 form (rule change filing) for BlackRock's Ethereum spot ETF "iShares Ethereum Trust" to the SEC. The ETF is planned to be listed on Nasdaq, with Coinbase serving as the Ethereum custodian.
Paxos Plans to Launch New USD Stablecoin for Its Singapore Operations Cryptocurrency brokerage firm Paxos announced that it has received preliminary approval from regulators to offer digital payment token services in Singapore. The newly established Paxos Digital Singapore Pte. entity is allowed to provide services to customers under the Payment Services Act while awaiting full approval. The company spokesperson stated that upon obtaining full approval to operate in Singapore, Paxos will work with corporate clients to issue a USD-backed stablecoin. Apart from being backed by USD and issued by the company's new Singapore entity, Paxos has not disclosed the name or specific details of the new stablecoin.
Lens Ecosystem Project lensta Announces Sale of Its Application
The lensta ecosystem project has announced the sale of its application, including the complete codebase for mobile and web platforms, 8 hours of developer guidance and insights, all social media accounts, and Figma files and brand materials. The selling price is set at 8.88 ETH. lensta also includes some application activity and download metrics data for potential buyers to reference.
It was previously announced that the project had ceased development due to promotional obstacles.
Philippines to Issue Tokenized Bonds to Institutions Maturing in November 2024
According to Bloomberg, the Philippines will sell tokenized government bonds for the first time on Monday to further develop its domestic debt market. According to the issuance notice, the Department of Finance will issue at least 10 billion pesos (179 million US dollars) of tokenized bonds maturing in November 2024 to institutional buyers, with a minimum denomination of 10 million pesos and increments of 1 million pesos. The final interest rate will be determined through book-building and will be announced on November 20. The Development Bank of the Philippines and the Land Bank of the Philippines, both state-owned banks, are the issuing managers.
Jupiter to Airdrop 1 Billion JUP to 955,000 Eligible Wallets Next Week
Jupiter Exchange, a Solana-based trading aggregator, has announced detailed information about the JUP community airdrop. The total JUP supply is 10 billion, with 40% to be distributed to the community through 4 rounds of airdrops. The first round of airdrop distribution will begin next week, with 10% (1 billion JUP) to be distributed. 955,000 wallets that have interacted directly with Jupiter before November 2 are eligible for the first round of airdrop. There will also be a subsequent airdrop for new users, and the team expects to start another growth-oriented airdrop before the token launch.
StraitsX Granted Approval to Issue New SGD and USD Stablecoins in Singapore
Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), has stated that StraitsX has received preliminary approval from MAS to issue single-currency pegged stablecoins. This includes the issuance of XSGD (by StraitsX SGD Issuance Pte. Ltd.) and XUSD (by StraitsX USD Issuance Pte. Ltd.), both of which are single-currency pegged stablecoins (SCS) pegged 1:1 to the Singapore dollar and the US dollar, respectively. These stablecoins are intended to substantially comply with MAS's upcoming stablecoin regulatory framework. XSGD is currently available for minting and redemption on its platform, and the company plans to issue XUSD later.
According to Cointelegraph, Microsoft, Tencent, and 16 other Web2 giants have partnered with ConsenSys to collectively fulfill the task of decentralizing the Infura network. The collaboration aims to strengthen the decentralization of the Infura network, which is crucial in preventing disruptions in its Web3 services, including the MetaMask wallet service.
Judge Rejects FTX Lawyer's Motion to Delay Bankruptcy Proceedings
FTX's lawyer Lawrence Gebhardt requested the Delaware court to delay the bankruptcy proceedings "by one to two months" to investigate the reasons for FTX's bankruptcy. He stated that key parties in the case are located around the world, such as FTX's former lawyer Dan Friedberg currently in Washington, another former lawyer Can Sun in the Bahamas, and SBF in prison. Therefore, the investigation into the causes of FTX's bankruptcy between November 2021 and October 2022 would "incur significant costs and require extensive travel." Judge John Dorsey denied the motion, stating that there is no need to delay the bankruptcy proceedings. If the investigation is as complex as claimed, it should start immediately rather than being delayed.
Raft Announces Recovery Plan for Hack Attack, to Compensate Affected Users with 3,963,192.62 DAI
Stablecoin protocol Raft has announced a recovery plan for the hack attack on November 10. Raft will compensate affected users with 3,963,192.62 DAI based on their holdings and interactions with the protocol at the snapshot time (November 14, 2023, 21:48:47, block height: 185729287). Users must meet the following requirements to be eligible for compensation: 1. Holding requirements, meaning users must hold R at the snapshot time; 2. Trading activity restrictions, meaning users have not traded R after the hack attack; 3. Users holding R in MEXC must prove that they purchased the tokens before the hack attack. Compensation for liquidity providers will be based on the USD value of each LP position at the snapshot time. Compensation for RR holders will be based on the amount of R held in RR (Ethereum mainnet and Base) at the snapshot time. And compensation for R Idle holders will be based on the amount of idle R held at the snapshot time. The current compensation plan will be open for community feedback and input until before 07:59 on November 22.
Pyth Network: Adds 55 Million Tokens for Airdrop to DeFi Users
Oracle project Pyth Network has announced an expansion of the airdrop coverage for DeFi participants. Pyth had previously announced the distribution of 200 million PYTH tokens to on-chain DeFi participants and has now increased the distribution by approximately 55 million PYTH tokens, bringing the total airdrop distribution to approximately 255 million PYTH.
According to official information, the Web3 Foundation has announced the "Decentralized Futures" program, which is a funding program to support the successful launch teams and initiatives in the Polkadot ecosystem. The program will distribute $20 million and 5 million DOT tokens to support individuals and teams launching new initiatives aimed at developing the Polkadot ecosystem.
The primary goal of the program is to expand the network by increasing self-sustaining participants. The funds are applicable to profit-generating organizations centered around Polkadot and non-profit entities that have formulated strategies to ensure ongoing financing through the Polkadot on-chain financial system after 2024. The program is operated by the Web3 Foundation. The application window for the program is from November 2023 to June 2024, and the application process is now open. The decision period will begin in December, and the application process will end in June next year, with the review process concluding in July next year.
According to Sing Tao Daily, the licensed virtual asset exchange HashKey Exchange has received approval from the Securities and Futures Commission (SFC) to launch the first licensed exchange application in Hong Kong. Currently, retail investors can only invest in Bitcoin and Ethereum on the platform. Kelvin Wong, Chief Operating Officer of HashKey Group, stated that they have submitted listing applications for 4 cryptocurrencies to the SFC and are waiting for further inquiries and approval. They believe there will be an opportunity for retail trading next year. Kelvin Wong stated that with the release of the application, the total trading volume on the platform has exceeded $1 billion, with over 120,000 registered users, the largest growth and trading volume coming from individual professional investor users, mainly from Hong Kong. He mentioned that the focus for the remainder of the year will be on promoting professional investor trading. He also stated that the number of assets available for professional investors to invest in is expected to increase to 15 to 20 by the end of the year, and next year the focus will be on exploring assets related to RWA (real-world assets), with the expectation that the total trading volume on the platform will reach $3 billion.
According to the official blog, the Bitcoin Lightning Network Nostr Assets Protocol is considering airdropping TRICK and TREAT to selected BRC20 and Ordinal series holders to further enrich its ecosystem and expand community influence. The total supply of TRICK and TREAT is 2.1 billion each, with approximately 20% already airdropped to the Nostr Assets Protocol community, about 70% dedicated to promoting the Nostr Assets Protocol ecosystem and community development, and around 10% to be allocated to the Nostr Assets Protocol team for the long-term success of the project.
In addition, Nostr Assets announced that with the TRICK and TREAT assets, users will have the right to vote on key decisions. Each TRICK and TREAT token equals one vote, and all tokens received during voting will be burned. Users will be able to vote to select projects for airdrops, grant distributions, and even those authorized to execute Taproot asset issuances according to the protocol. To commemorate the launch of the issuance + Fairmint feature, Nostr Assets also plans to introduce a third asset, the code for which will be determined by the community. The project is also considering introducing staking, allowing users to stake TRICK and TREAT to qualify for 90% free airdrops, with the team retaining the remaining 10%.
Funding News
Blockchain-based asset management company Superstate has completed a $14 million venture capital investment to develop regulated on-chain funds accessible to US investors. The funding round was led by CoinFund and Distributed Global, with participation from Arrington Capital, Breyer Capital, CMT Digital, Department of XYZ, Folius Ventures, Galaxy Digital, HackVC, Modular Capital, Nascent, and Road Capital Management. Superstate focuses on developing regulated and compliant investment tools using public blockchains accessible to US investors.
Sei Network Receives Strategic Investment from Circle, USDC to be Integrated into Sei Network
Layer1 public chain Sei Network has announced a strategic investment from stablecoin issuer Circle, and USDC will be integrated into the Sei network. Circle's investment will enable Sei to integrate USDC with its growing suite of applications, such as the decentralized exchange Sushiswap.
Important Data
Polygon Ecosystem Fund Distributes 217 Million MATIC to 70 Addresses in the Past 12 Hours
On-chain analyst Yu Jin tweeted that the Polygon: Ecosystem Growth address has distributed a total of 217 million MATIC ($199M) to 70 addresses in the past 12 hours. Most of these addresses had previously received a similar amount of MATIC from the Polygon: Ecosystem Growth address about a year ago.
National Pension Service of Korea Buys Approximately $20 Million Worth of Coinbase Stock
According to Korean media reports, the National Pension Service of Korea's stock holding report submitted to the U.S. Securities and Exchange Commission (SEC) shows that it holds 282,673 shares of Coinbase stock in the third quarter at a price of $70.5 per share, with a total value of approximately $20 million.
Gas Fees on the Polygon Network Surge to Over 5000 Gwei
On-chain data shows that gas fees on the Polygon network have surged to over 5000 Gwei, with the standard gas fee temporarily reported at 5012.5 Gwei. This may be driven by the Polygon inscription PRC-20 POLS minting activity.
PANews APP Points Mall Officially Launched
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