PA Daily | The SEC has never stated that Bitcoin and Ethereum are securities; Matrixport claims that a Bitcoin 21-week moving average above $85,000 can be seen as a bull market signal.

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Today's News Highlights:

Bitcoin spot ETF saw a net outflow of $210 million yesterday, marking four consecutive days of outflows

Malaysian Prime Minister announces exploration of cryptocurrency and blockchain policies

Thailand plans to allow the first Bitcoin ETF to be listed to promote the development of the digital asset industry

US SEC Chairman: SEC has never stated that Bitcoin and Ethereum are securities

IOST brand restructuring proposal approved: total supply will double to 4.264 billion, with 97% of new supply allocated to the community

Solv Protocol: SOLV airdrop eligibility query will open on January 16 at 5 PM

Binance Alpha adds GRIFT, VITA, and Aimonica

OKX will launch AIXBT (aixbt by Virtuals) spot trading

Regulation/Macro

Thailand plans to ban Polymarket to combat online gambling

Thailand's Cyber Crime Investigation Bureau plans to propose a ban on the decentralized prediction market Polymarket, citing that it may be viewed as an illegal online gambling platform. The timeline for the potential ban has not yet been clarified. According to a statement released on the authorities' website, the suspension of Polymarket aims to prevent the public from falling into online gambling traps and to curb the use of cryptocurrency in illegal activities to avoid serious impacts on the economy and society. Previously, other regions have taken similar restrictive measures against Polymarket. For example, users in Singapore recently reported being unable to access the site and received illegal warning messages from local authorities. Additionally, Taiwan restricted the use of Polymarket last year and prosecuted a user who bet approximately $530 on election predictions. The US and France have also implemented access restrictions on the platform. Earlier reports indicated that Polymarket was defined as an illegal gambling site in Singapore and was blocked.

Malaysian Prime Minister announces exploration of cryptocurrency and blockchain policies

According to The New Straits Times, Malaysian Prime Minister Anwar Ibrahim stated that the government is studying the formulation of digital finance policies to recognize cryptocurrency and blockchain technology. He discussed with the Abu Dhabi government and Binance founder Changpeng Zhao during the Abu Dhabi Sustainable Development Week on how to promote the development of this field. Anwar emphasized that cryptocurrency and blockchain technology, like artificial intelligence, are rapidly changing the financial world, and Malaysia cannot fall behind. He suggested that the Ministry of Finance, the Securities Commission, and Bank Negara Malaysia conduct comprehensive research and stated that the government will draw on international experiences, including those from Binance and the UAE. He revealed that he would submit a relevant policy draft to the cabinet and prioritize policy innovation in this field to break free from the constraints of the traditional financial system and move towards a new model of digital finance.

Deribit CEO confirms interest in strategic investment but denies rumors of sale

According to CoinDesk, Deribit CEO Luuk Strijers confirmed that the company has hired FT Partners as an advisor to evaluate strategic investment opportunities and potential secondary market equity transactions. He emphasized that Deribit is not for sale but has indeed received interest from multiple parties for strategic investments. Earlier reports indicated that the cryptocurrency exchange Kraken had considered acquiring Deribit but did not make a formal offer. It is reported that Deribit's valuation could be between $4 billion and $5 billion or higher. Currently, the bullish trend in the cryptocurrency market is driving an increase in merger and acquisition activities within the industry, including two significant acquisitions announced this week by Moonpay and Chainalysis.

Thailand plans to allow the first Bitcoin ETF to be listed to promote the development of the digital asset industry

According to Bloomberg, the Thai Securities and Exchange Commission (SEC) is considering allowing the first Bitcoin exchange-traded fund (ETF) to be listed on the local exchange for individual and institutional investors. Currently, there are funds in Thailand that provide indirect Bitcoin exposure by investing in overseas Bitcoin ETFs, but no direct investment Bitcoin ETFs have been approved yet. Thailand currently has about 270,000 active cryptocurrency trading accounts, which, although lower than the peak during the pandemic, is gradually recovering in market activity. SEC Secretary-General Pornanong Budsaratragoon stated that this move aims to provide investors with more options for crypto assets while ensuring appropriate protective measures. She also revealed that Thailand is exploring a pilot sandbox project for using Bitcoin transactions in tourism services in Phuket.

Mosaic Exchange and CEO fined over $1.1 million for digital asset fraud and permanently banned from the industry

The U.S. Commodity Futures Trading Commission (CFTC) recently announced that the U.S. District Court for the Southern District of Florida issued a final default judgment against Mosaic Exchange Ltd. and its CEO Sean Michael, ordering them to pay approximately $468,600 in restitution, $61,000 in illegal profits, and $660,000 in civil penalties, totaling over $1.1 million. Additionally, the defendants are permanently banned from registering for CFTC-related business and participating in CFTC-regulated market trading. The case shows that from February 2019 to June 2021, the defendants induced clients to invest in Bitcoin and other digital assets through false advertising, falsely claiming to manage tens of millions of dollars in assets with high profitability, but no actual returns were generated as claimed, and some client funds were used for personal consumption. The CFTC warns the public to be cautious of commodity pool fraud and advises checking the CFTC registration information of relevant companies before investing.

South Korean authorities arrest President Yoon Suk-yeol

According to Yonhap News Agency, South Korean authorities have arrested President Yoon Suk-yeol. The South Korean Public Prosecutor's Office executed the arrest warrant for Yoon at 10:33 AM (Beijing time 09:33 AM). This marks the first time in South Korea's constitutional history that an arrest warrant has been executed against a sitting president.

US SEC Chairman: SEC has never stated that Bitcoin and Ethereum are securities

According to The Block, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview with Yahoo Finance that the SEC has never declared Bitcoin and Ethereum to be securities. Gensler emphasized that neither the SEC nor its former chairman Jay Clayton has ever stated that Bitcoin is a security. He also added that the SEC has not made a clear determination regarding the securities status of Ethereum but stated that it cannot directly confirm its non-security nature due to the responsibilities of his position. This statement comes as Gensler plans to step down next week, and amid ongoing controversies and related lawsuits regarding whether Ethereum qualifies as a security, members of Congress have repeatedly called for clarification on its classification. Gensler also pointed out that about 70%-80% of the cryptocurrency market is related to Bitcoin and Ethereum, while thousands of other tokens may involve securities attributes and need to comply with disclosure rules.

Financing

WalletConnect developer Reown completes $13 million Series B funding, led by USV and 1kx

According to Business Wire, Reown announced the completion of a $13 million Series B funding round, led by Union Square Ventures (USV) and 1kx, with other investors including SC Ventures, SBI Holdings, Shopify Ventures, and Kraken Ventures. To date, Reown has raised a total of $38 million. As the developer of the WalletConnect Network, Reown focuses on improving the on-chain user experience (UX). This round of funding will be used to accelerate the development of its core products AppKit and WalletKit to simplify user interactions on the blockchain. • AppKit: Supports multi-chain applications such as Solana and Bitcoin, enabling rapid user acquisition through embedded wallets, smart accounts, and other features, recently providing a seamless on-chain experience for Telegram users. • WalletKit: Used by over 600 wallets, including Trust Wallet and Binance Web3Wallet, focusing on solving chain-switching and gas fee issues. The WalletConnect Network, as Reown's flagship project, has connected over 220 million times, covering 35 million users, and launched the WCT token to achieve network decentralization.

BeraTone completes $2 million seed round financing, led by Animoca Brands

The blockchain game project BeraTone has announced the completion of a $2 million seed round financing, led by Animoca Brands, with participation from institutions such as SNZ Holding, Citizen X, Avid3, Metazero Capital, and several angel investors. This round of financing will be used for team expansion, feature development, and enhancing the gaming experience. BeraTone is a farm life simulation game developed on Berachain, combining a Proof of Liquidity consensus mechanism to provide players with tradable game assets and a robust economic ecosystem. The game draws inspiration from "Harvest Moon," "Stardew Valley," and "Animal Crossing," creating an engaging bear-themed virtual world through rhythm challenges, social interactions, and other gameplay elements.

Project Updates

IOST brand restructuring proposal approved: total supply will double to 4.264 billion, with 97% of new supply allocated to the community

IOST officially announced that its brand restructuring proposal has been overwhelmingly approved by the community. According to the new plan, the total supply of IOST will increase from 2.132 billion to 4.264 billion over the next 60 months, with 97% of the new supply allocated to the community. Additionally, the circulating supply will increase by 2.22% (or 474 million IOST) one month after the brand restructuring is completed. This upgrade marks the official launch of IOST 3.0, with 50% of the new supply to be used in the next five years for network infrastructure development, community development programs, and payment innovation funds. Furthermore, IOST 3.0 will introduce several value protection mechanisms, such as an extended token unlocking plan, Layer 2 burning mechanism, and DAO-led periodic destruction activities to ensure long-term value growth. The implementation of IOST 3.0 will be completed in three phases, covering infrastructure deployment, payment protocol activation, cross-chain bridging, and global market expansion. Previously, IOST released a new token economics model: 97% of newly issued tokens will be used for the community.

Solv Protocol: SOLV airdrop eligibility query will open on January 16 at 5 PM

The Bitcoin staking protocol Solv Protocol announced that the eligibility verification for the SOLV token airdrop will open on January 16 at 5:00 PM (Beijing time), with the official distribution starting on January 17 at 5:00 PM. The SOLV token will be listed on exchanges such as Binance, Bybit, and Hyperliquid on January 17 at 6:00 PM. Unclaimed tokens will be returned to the community rewards and DAO treasury after March 18 at 5:00 PM. It stated that since the launch of SolvBTC in April 2024, the platform has attracted over 24,500 BTC deposits. In terms of token distribution, 7.65% of the supply is dedicated to the Solv community, with 7.25% allocated to participants in the Solv points system, 0.25% to early supporters, and 0.15% to users of the OKX Cryptopedia event. Additionally, the top 1% of addresses must comply with a three-month linear unlocking rule, and any portion that does not meet the conditions will be returned to the community rewards pool. To further expand its Bitcoin reserves, Solv plans to conduct three Bitcoin Reserve Offerings (BRO) in 2025, minting 42 million SOLV each time for convertible note sales. Previously, Binance announced that the SolvProtocol (SOLV) Megadrop is now open, with SOLV/USDT trading set to open on January 17.

Binance will delist REEF/USDT perpetual contract and adjust leverage and margin levels

Binance announced that on January 22, 2025, at 5:00 PM (Beijing time), the REEF/USDT USDⓈ-M perpetual contract will undergo automatic settlement and will be officially delisted after the settlement is completed. Additionally, Binance adjusted the leverage and margin levels for this contract on January 15, 2025, at 3:30 PM (Beijing time), with existing positions unaffected. The announcement states that starting from January 22 at 4:30 PM (Beijing time), users will not be able to open new REEF/USDT contract positions. Binance recommends that users close related positions before the delisting to avoid risks associated with automatic settlement.

DAWN official X account hacked and phishing links posted, please be cautious with funds

According to Scam Sniffer, the official Twitter account of the decentralized autonomous wireless network project DAWN (@dawninternet) has been hacked and used to post phishing tweets, urging users to be cautious with their funds.

OKX will launch AIXBT (aixbt by Virtuals) spot trading

According to the official announcement, OKX has announced the launch of AIXBT (aixbt by Virtuals) spot trading. AIXBT will open for deposits at 3:00 PM on January 15, with a call auction from 8:00 PM to 9:00 PM (Beijing time), and the spot trading pair AIXBT/USDT will officially open at 9:00 PM that evening. Withdrawal functionality will be available from 10:00 AM the following morning.

Binance Alpha adds GRIFT, VITA, and Aimonica

The app page shows that Binance Alpha has added a new batch of project listings, including GRIFT, VITA, and Aimonica.

On-chain options protocol Derive has opened the airdrop query page

The on-chain options protocol Derive (formerly Lyra) announced the launch of the DRV token and has opened the airdrop query page (derive.xyz/airdrop). The distribution includes snapshots of LYRA, pre-staking rewards, migration rewards, and trading and deposit rewards. Users can claim DRV through the Derive UI and choose to receive it directly or stake it as stDRV to earn weekly rewards and governance rights. Additionally, DRV supports bridging to Base or Ethereum networks via LayerZero, allowing users to trade on multiple platforms, including AerodromeFi, Kraken, Gate.io, and Infinex, and participate in related trading reward activities.

Spark Protocol will allocate $1.1 billion to Ethena's USDe and sUSDe tokens

According to The Block, Spark Protocol, a lending sub-DAO of the Sky ecosystem, plans to allocate $1.1 billion from its liquidity layer balance sheet to Ethena's USDe and sUSDe tokens to enhance capital efficiency. USDe is an algorithmic stablecoin launched in 2024 and is currently the fourth-largest stablecoin by market capitalization, gaining attention for its yield-earning potential for holders. The Spark team expects that under favorable market conditions, this allocation could achieve an annualized yield of approximately 27%, thereby driving revenue growth for the Sky ecosystem and improving returns for USDS savers. The Spark liquidity layer manages $6.2 billion in stablecoin liquidity, supporting users in converting USDC with Sky's USDS or sUSDS tokens across multiple networks.

OpenAI appoints BlackRock executive Adebayo Ogunlesi to the board

OpenAI has announced the appointment of Adebayo "Bayo" Ogunlesi, an executive at investment firm BlackRock, to its board. Ogunlesi is currently a senior managing director at BlackRock and CEO of Global Infrastructure Partners, with extensive experience in global organizational management. He has held several senior positions at Credit Suisse and served as a law clerk for U.S. Supreme Court Justice Thurgood Marshall. His addition will strengthen OpenAI's board in areas such as AI safety, cybersecurity, regulation, and economics to advance the development of artificial general intelligence (AGI).

Coinbase International will launch Sonic (S) perpetual contracts

Coinbase International announced on the X platform that it will support Sonic (S) perpetual futures contracts on Coinbase International and Coinbase Advanced, with the S-PERP market expected to open on January 16, 2025, at 5:30 PM or later (Beijing time).

Bithumb will launch Game Build (GAME2) KRW trading pair

According to Bithumb's announcement, Game Build (GAME2) will be launched on the KRW trading market, supporting the Ethereum network (other networks are not supported for deposits). The deposit function will open within 2 hours after the announcement, and trading will begin at 6:00 PM (local time) on January 15, 2025.

Insights

Matrixport: Bitcoin above $85,000 on the 21-week moving average can be seen as a bull market signal

According to Matrixport analysis, Bitcoin, as a cyclical and trend-driven asset, can be assessed through the 21-week moving average (approximately 147 days). When the price is above this moving average, it is suitable to hold long positions; when the price is below the moving average, caution is advised. Historical data shows that this moving average has successfully captured major market trends multiple times, including the bull markets of 2020 and 2023, as well as the bear market phase of 2022. Currently, this moving average is around $85,000, and as long as Bitcoin's price remains above this level, the market can be considered to be in a bull market phase.

Important Data

REEF Drops 15.3% Temporarily, Possibly Affected by Binance Delisting

According to Binance market data, possibly affected by the delisting from Binance, REEF temporarily fell below $0.0008, dropping 15.3% at one point, and is currently quoted at $0.000872. Earlier today, it was reported that Binance will delist the REEF/USDT perpetual contract and adjust the leverage and margin levels.

A Whale Purchased 7.05 Million AIXBT Tokens for $3.03 Million in the Last 24 Hours

According to Onchain Lens monitoring, in the past 24 hours, a whale purchased 7.05 million AIXBT tokens for $3.03 million. Currently, this whale holds a total of 7.9 million AIXBT, with a total value of approximately $5.76 million.

Bitcoin Spot ETF Saw a Net Outflow of $210 Million Yesterday, Marking Four Consecutive Days of Outflows

According to SoSoValue data, on January 14, Eastern Time, the Bitcoin spot ETF experienced a total net outflow of $210 million yesterday. Among them, WisdomTree ETF BTCW had a net inflow of $10.2372 million for the day, with a historical total net inflow of $239 million, making it the ETF with the highest net inflow yesterday. VanEck ETF HODL had a net inflow of $5.4596 million for the day, with a historical total net inflow of $825 million. Currently, the total net asset value of Bitcoin spot ETFs is $108.981 billion, accounting for 5.7% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $35.722 billion.

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