Daily | Trump establishes cryptocurrency working group; SEC has revoked SAB 121; Semler Scientific will raise $75 million to buy Bitcoin

Organized by: Fairy, ChainCatcher

Important information:

• Trump signs executive order to establish cryptocurrency working group: evaluate creation of national reserves, ban CBDC
• Justin Sun: XCN is currently engaging in serious market manipulation, using high leverage and contracts
• Binance Alpha adds ALON
• The account "TOP 최승현" of BIGBANG member X who issued Meme coins is a fake account
• The New York Department of Financial Services issued a consumer warning against Meme currency, emphasizing its high volatility and high risk of fraud.
• Vitalik: Political tokens “are tools for unlimited political bribery”
• The U.S. SEC has officially revoked the encryption accounting policy SAB 121
• Publicly traded company Semler Scientific to raise $75 million to buy more Bitcoin

"What important events happened in the past 24 hours?"

[Justin Sun: XCN is currently engaging in serious market manipulation,

using high leverage and contracts](https://www.chaincatcher.com/article/2164547)

TRON founder Justin Sun posted on We will report their illegal activities to the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) for further investigation."

Binance Alpha adds ALON

According to the official page, Binance Alpha has added ALON.

[The account "TOP 최승현" of BIGBANG member X who issued Meme coins is a

fake account](https://www.chaincatcher.com/article/2164527)

The X platform account @choiseungttt is suspected of impersonating former BIGBANG member TOP to carry out activities related to Meme coin issuance.

At present, there is no conclusive evidence that this account is directly related to TOP. We need to remain highly vigilant about investment projects involving celebrities or public figures.

[U.S. Congressman: Concerned about foreign individuals and governments

using TRUMP or MELANIA to influence President Trump and his family](https://www.chaincatcher.com/article/2164486)

Elizabeth Warren and Rep. Jacob Auchincloss, two senior Democratic congressmen from Massachusetts, warned that in addition to financial risks, the Meme coin issued by the Trumps also has national security concerns, that is, global and largely anonymous Cryptocurrency markets may allow foreign actors to purchase large amounts of TRUMP or MELANIA tokens to influence the U.S. government.

Not only that, the Trumps’ issuance of Meme coins may violate the Constitution’s emoluments clause, which prohibits government officials from accepting payments or gifts from foreign entities without congressional approval. Elizabeth Warren and Jacob Auchincloss wrote in a letter that “nearly anyone in the world can purchase these tokens, raising concerns about foreign individuals and governments using these tokens to influence President Trump and his family. "

[Changpeng Zhao: I have never purchased Meme tokens or NFTs, but that

doesn’t mean I’m against them](https://www.chaincatcher.com/article/2164483)

Changpeng Zhao tweeted, “I can see the arguments on both sides. But I can’t say I know which side is right and which side is wrong. I think the bottom line is that in a decentralized world, no one forces anyone to People buy (or don't buy) Meme tokens. You don't have to participate if you don't want to, but others should have their own choices. I'm a builder myself. Coins (or NFTs) but just because I don’t understand how to appreciate something, doesn’t mean I’m against them.”

[The New York Department of Financial Services issued a consumer warning

against Meme coin, emphasizing its high volatility and high risk of fraud.](https://www.chaincatcher.com/article/2164480)

The New York Department of Financial Services has issued a consumer alert warning against "emotion-based virtual currencies" known as Meme coins, highlighting their extreme volatility, lack of regulation and high risk of fraud, including sudden pump-and-dump schemes. Cutting leeks" plan.

The department warned that these tokens are often controlled by a small group of insiders, created on unlicensed platforms, and are susceptible to serious price manipulation. The New York Department of Financial Services also stated that it has begun to pay close attention to Meme coins. As part of the scam, Meme coin creators or insiders may conduct manipulative "wash trading" to create the illusion of rising market activity prices.

It's often difficult for the public to tell which meme coins are being manipulated, and consumers should be especially wary of the recent surge in sentiment-based currencies created through unlicensed platforms that allow individuals with no technical expertise to create currencies with just a few clicks. Even on regulated platforms, the price of Meme coins is unstable and unpredictable, and can drop significantly over a short period of time.

[Market news: THORChain is in debt repayment crisis, the verification

nodes have suspended network operations, and are voting on the restructuring plan](https://www.chaincatcher.com/article/2164464)

According to X user TCB, THORChain is currently insolvent. Data shows that THORChain’s current liabilities include $97 million in borrowings (ETH and BTC) and approximately $102 million in savings and synthetic assets, while the available assets are only $107 million in external liquidity.

TCB stated that THORChain’s lending obligations are fulfilled by minting and selling RUNE tokens, and this design leads to a high degree of reflectivity, further exacerbating the problem. After yesterday's repayment of $4 million in RUNE liabilities, the agreement owes millions more in RUNE. Validation nodes have suspended network operations and are voting on the reorganization plan.

THORChain faces two options: one is to maintain the status quo, about 5-7% of the value will be extracted by the first batch of exits, and RUNE will continue to fall; the other is to declare a debt default and retain the valuable part through bankruptcy reorganization without affecting the feasibility of the agreement Gradually repay creditors on the premise of safety. TCB recommends adopting the second option to maintain network value and achieve long-term development by protecting the rights and interests of liquidity providers.

[Vitalik: Political tokens “are tools for unlimited political

bribery”](https://www.chaincatcher.com/article/2164424)

According to The Block, Ethereum co-founder Vitalik Buterin posted on social media on Thursday that political tokens could lead to "unlimited" bribery. Vitalik’s comments are part of a broader discussion surrounding trends in the cryptocurrency industry, especially in the context of political leaders such as U.S. President Donald Trump embracing cryptocurrencies. Vitalik noted that some parts of the industry are in conflict with each other over their short-term and long-term value, likening it to "highly addictive mobile games" and chess.

Vitalik inX It reads: “Over the past year, we are entering a new order in which the most powerful people in the world are now cheering the idea of ​​anyone creating a token for anything at any scale. So now is It's time to discuss the difference between short-term 'sugar high' fun, which is not recommended for beginners, and long-term fulfillment and wealth building. This is not to say that 'fun is bad'. , but rather akin to the difference between modern highly addictive mobile games and chess or World of Warcraft. Now it’s time to discuss the fact that large-scale political tokens cross another line: they are more than just fun. sources whose harm is limited, at best, to mistakes made by willing participants, and they are vehicles for unlimited political bribery, including bribery from foreign governments.”

Two recently announced large-scale political coins are TRUMP and MELANIA, both of which are associated with President Trump and First Lady Melania Trump. Both coins were launched before Trump was inaugurated as the 47th President of the United States on January 20 and experienced significant price drops shortly after.

[Publicly traded company Semler Scientific to raise $75 million to buy

more Bitcoin](https://www.chaincatcher.com/article/2164420)

Publicly traded company Semler Scientific will raise $75 million to buy more Bitcoin.

[The U.S. SEC has officially revoked the encryption accounting policy

SAB 121](https://www.chaincatcher.com/article/2164413)

According to the official website, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of the crypto accounting policy SAB 121 in the latest Staff Accounting Bulletin No. 122.

The document withdraws the interpretive guidance contained in Topic 5.FF, titled “Accounting for the Protection Obligations of Entities Holding Crypto-Assets for Users of Their Platforms.” Entities should withdraw Topic 5.FF on a fully retrospective basis for annual periods beginning after December 15, 2024.

In addition, the SEC emphasized that entities should continue to be obligated to disclose the risks associated with the custody of crypto assets under existing regulations.

[Trump signs executive order to establish cryptocurrency working group:

evaluate creation of national reserves, ban CBDC](https://www.chaincatcher.com/article/2164412)

Trump signed an executive order establishing the President’s Working Group on Digital Asset Markets, which is tasked with developing a federal regulatory framework for managing digital assets, including stablecoins, and evaluating the creation of a strategic national digital asset reserve. The working group will be chaired by White House “AI and cryptocurrency czar” David Sacks and will include the Treasury Secretary, SEC Chairman, and heads of other relevant departments and agencies. The executive order directs the departments to make recommendations to the task force on any regulations and other agency actions affecting the digital asset sector that should be rescinded or modified.

In addition, the executive order prohibits agencies from taking any action to establish, issue or promote a central bank digital currency (CBDC). The executive order also revoked the previous government’s “Digital Asset Executive Order” and the Treasury Department’s “Digital Asset International Participation Framework,” saying that these two executive orders suppressed innovation and harmed U.S. economic freedom and global development in the field of digital finance. leadership position.

Earlier news, US President Trump said that he was signing executive orders on AI and cryptocurrency-related executive orders.

“What are some great articles worth reading in the past 24 hours?”

[Who are the main “beneficiaries” and potential “manipulators” behind

Trump’s epic currency issuance?](https://www.chaincatcher.com/article/2164502)

Although Trump said he "doesn't know much" about his eponymous Meme coin TRUMP, the Trump family's entire crypto layout undoubtedly has a strong "operator" hand.

Behind the seemingly inadvertent launch of TRUMP coin, in fact, it has clearly reached early cooperation with multiple project parties such as Moonshot, Jupiter/Meteora, etc. They are the biggest beneficiaries behind Trump’s epic coin issuance except Solana.

For example, Moonshot, which supports legal currency purchase meme, quickly added 400,000 users and became a strong new challenger to CEX. Meteora, who is on the same team as Jupiter, is the fastest growing project in Solana Ecosystem’s Trump currency bonus... As Trump’s strictly selected partners, they deserve long-term attention.

[Full text of Trump's Davos 2025 speech and Q&A with financial

giants](https://www.chaincatcher.com/article/2164493)

President Donald Trump spoke at the World Economic Forum in Davos, Switzerland on Thursday, his first appearance at an international event since returning to the White House earlier this week.

In a 45-minute speech, Trump criticized European regulators for being too tough on U.S. technology companies, oil producers for keeping oil prices too high and big banks refusing to serve conservatives.

He also called on countries around the world to invest in the United States, promising lower taxes and a looser regulatory structure.

On the domestic front, Trump expressed pressure on the Federal Reserve on interest rates.

"I will demand an immediate reduction in interest rates," Trump said. "Similarly, interest rates around the world should fall as well. Rates should follow us down."

Trump's remarks are widely believed to be the opening salvo in his upcoming lobbying campaign against Federal Reserve Chairman Jerome Powell.

[Under the heavy pressure of public opinion, Vitalik issued a message

calling L2: Come back and support ETH.](https://www.chaincatcher.com/article/2164490)

Recently, the performance of Ethereum in this cycle has caused widespread dissatisfaction. Community members have expressed their disappointment with the inaction of the Ethereum Foundation (EF). Even some leading projects in the Ethereum ecosystem have begun to express their dissatisfaction with the Ethereum Foundation. Will raise questions, it seems to have the meaning of "forcing the uterus".

The founders of multiple well-known projects have spoken out one after another, expressing their concerns about the future direction of Ethereum:

The founders of Synthetix and Infinex believe that EF should require L2 (the second layer network) to use its revenue to buy back ETH, thus increasing the demand for ETH and increasing its value.

The founder of Curve believes that EF should abandon its L2 strategy immediately.

The founder of Aave released "12 Measures to Save EF", calling on the foundation to take quick action to deal with the current predicament.

A more intense voice came from the founder of Wintermute, who believed that there was a possibility of a "death spiral" in Ethereum.

Facing strong doubts from ecological cornerstone projects, Ethereum founder Vitalik Buterin finally spoke out today and announced that he would impose a "toll" on the L2 network.

Meme Hot List

According to the Meme token tracking and analysis platform GMGN market data, as of 19:50 on January 24:

The top five popular Ethereum tokens in the past 24 hours are: XCN, SBR , NDAS , DOGE, SPX

The top five popular Solana tokens in the past 24h are: VINE , ALON , SAFEMOON, Oil , Sorkincoin

The top five popular tokens in the past 24h Base are: VIRTUAL , TOSHI, MOXIE, AIXBT, BRETT