PA Daily | Crypto “Czar” David Sacks denies switching from leadership to advisory role; Tether strategically invests $775 million in video sharing platform Rumble
Reprinted from panewslab
12/21/2024·5MToday’s news tips:
1. Jump Trading subsidiary Tai Mo Shan agreed to pay approximately US$123 million to settle with the U.S. SEC
2.Binance Alpha announces the fourth batch of projects
3. Bloomberg: EU crypto exchanges have delisted USDT, which may make Europe miss out on Trump’s crypto craze.
4.IOST releases new token economics: 97% of newly issued tokens will be used in the community
5. People familiar with the matter said that the scope of the encrypted “czar” David Sacks’ responsibilities changed from leadership to a general advisory role, which the latter denied.
6. Crypto institutions such as Coinbase, Kraken and Ripple donated to Trump’s inauguration
7.Uniswap L2 network Unichain mainnet will be launched early next year
8. Tether will make a US$775 million strategic investment in video sharing platform Rumble
9.Tether CEO: Net profit is expected to reach US$10 billion in 2024
regulatory news
French regulator approves French BPCE banking subsidiary Hexarq to launch cryptocurrency business
France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), has approved French bank BPCE to conduct cryptocurrency business. According to an official notification issued by the AMF on December 20, BPCE’s cryptocurrency subsidiary Hexarq has obtained Crypto Asset Service Provider (CASP) authorization. Upon approval, Hexarq is officially authorized to provide a range of crypto services, including crypto custody and the purchase, sale and trading of cryptocurrencies in euros.
In addition, the official website shows that BPCE's Hexarq will begin to provide cryptocurrency investment services in the Banque Populaire and Caisse d'Épargne networks in 2025.
The U.S. Securities and Exchange Commission (SEC) charged Tai Mo Shan, a wholly-owned subsidiary of Jump Trading, with misleading investors about the stability of Terra USD (UST), a so-called "Terraform" token issued by Terraform Labs PTE Ltd. (Terraform). Algorithmic Stablecoin”. The Commission also charged Tai Mo Shan with acting as a statutory underwriter in the issuance and sale of securities in an unregistered transaction, and LUNA, a crypto-asset issued by Terraform, was offered and sold as a security.
As part of the settlement, Tai Mo Shan agreed to pay $73,452,756 in disgorgement, $12,916,153 in prejudgment interest and $36,726,378 in civil penalties. Tai Mo Shan neither admitted nor denied the SEC's findings and agreed to cease registration and fraud violations.
Google released an update to its financial products and services policy and will update its policy on cryptocurrency and related products in January 2025 to clarify the scope and requirements for advertising of cryptocurrency-related businesses and services. Starting January 15, 2025, advertisers targeting UK-based cryptocurrency exchanges will be able to promote these products and services if they meet the following requirements and are certified by Google.
United Kingdom (cryptocurrency exchanges and software wallets): Google allows ads for cryptocurrency exchanges and cryptocurrency wallets targeting the United Kingdom as long as the advertiser is registered with the Financial Conduct Authority (FCA). Any other local legal requirements must also be followed.
United Kingdom (Hardware Wallets): Google allows ads for hardware wallets that hold private keys for cryptocurrencies, NFTs, or other cryptoassets, but do not provide additional services such as buying, selling, exchanging, or trading assets. Any other local legal requirements must also be followed.
Advertisers must also be certified by Google.
Project news
Binance Alpha has announced the fourth batch of projects
According to official news, Binance Alpha announced the fourth batch of projects, which are: $BANANA, KOGE, BOB, MGP, PSTAKE, GNON, Shoggoth, LUCE, and ODOS. The following is a brief introduction to the project:
- $BANANA: A meme coin on the BNB chain, inspired by the "Banana for Scale" joke;
- KOGE: 48 Club® is a DAO on the BNB chain;
- BOB: a meme coin on the BNB chain;
- MGP: Magpie is a platform built on the BNB chain, designed to quickly purchase liquidity providers and governance token holders of high-veTokenomics protocols to increase yields;
- PSTAKE: pSTAKE Finance is a quick purchase and staking protocol for Bitcoin income and liquidity;
- GNON: an AI meme coin on the Solana chain, whose cultural presence is wrapped in a narrative full of philosophical concepts by quick purchases;
- Shoggoth: an AI concept meme coin on the Solana chain;
- LUCE: A meme coin on the Solana chain, inspired by the quick purchase mascot "Luce" for Sheng Nian Ji;
- ODOS: A DEX aggregator.
Bloomberg: EU crypto exchanges delisting USDT may make Europe miss out on Trump’s crypto craze
According to Bloomberg, the EU crypto-asset law will take full effect at the end of the year. In order to comply with the "Crypto-Asset Market Regulation (MiCA)", many cryptocurrency exchanges in the EU have delisted the USDT of the mainstream stablecoin Tether. The move is affecting the market for such tokens, with new issuers trying to fill the void and investors defaulting to the euro for buying and selling cryptocurrencies.
The new EU rules aim to give regulators a deeper understanding of cryptocurrency flows and help prevent criminal activities such as money laundering, for which blockchain forensics experts say USDT is often used. But cryptocurrency executives warned that MiCA could end up drying up market liquidity without meeting EU targets, making the bloc less attractive to digital asset traders at this critical time. Usman Ahmad, CEO of Zodia Markets, a crypto trading company backed by Standard Chartered Bank, said: “I understand the reason for doing this to a certain extent, but it is quite exclusive and restrictive for EU customers themselves, because USDT is the most liquid. A strong stablecoin, far superior to other stablecoins.”
Tether’s main competitor, Circle, received such a license in July. However, Tether has not yet obtained such permission, but has not ruled out the possibility of trying to obtain one in the future. In the absence of Tether's license, regulated exchanges have until December 30 to delist the token. Tether declined to comment on its own plans for an electronic currency license.
MANTRA, a Layer 1 blockchain focusing on RWA assets, stated on the X platform that the updated OM token economics proposal is now online, Snapshot voting is now open, and mainnet voting will take place next week.
While the proposal proposes adjusting the token issuance schedule, individual allocations earned through various activities will remain unchanged. The specific contents of the proposal include:
1. Adjust the vesting schedule of OM upgrade rewards. The cliff period will end on March 18, 2025, followed by a linear vesting period that will continue until October 16, 2028.
2. 10% of the initial airdrop allocation will be unlocked from March 18, 2025, followed by a 6-month cliff period until September 18, 2025. From that date, the remaining rewards will begin to vest in a linear manner and will continue until the end of March 18, 2027. Additionally, a second phase of anti-Sybil checks is proposed for all wallets. Thereafter, the vesting period of airdrop rewards will no longer be extended.
3. The cliff period and vesting period for team and core contributor incentives are extended. The cliff period will end on April 23, 2027, and the vesting period will end on October 22, 2029.
4. The token cliff period for Pre-Seed round investors will end on October 23, 2025, and will end on October 23, 2027; the token cliff period for Seed round investors will end on April 23, 2025. Vesting ends on April 23, 2026.
5. Ecosystem allocation will remain unchanged, and the on-chain inflation rate will be reduced from 8% to 3% starting from January 1, 2025.
The Stargate team said the outage was caused by a failure of DVN's Executors.
Web3 security company ExVul said on the According to the data on layerscan, there are currently 25.6k transactions blocked.
FTX-affiliated fund MNNC Group has raised over $100 million after rebranding from LedgerPrime
According to DL News, MNNC Group, which was renamed by FTX-affiliated crypto hedge fund LedgerPrime in February this year, revealed that the company has raised more than $100 million. The Cayman Islands-based company raised $53 million across two funds, according to a filing with the Securities and Exchange Commission on Thursday. But Ayesha Kiani, chief operating officer of MNNC Group, said: "The amount is much more than that. This is just one of our onshore entities." Kiani said on Friday that MNNC Group has assets under management in excess of "nine figures" but declined to elaborate further. narrate. That figure is up from the "eight figures" the fund disclosed to Bloomberg in February.
Kiani said that after the collapse of crypto exchange FTX in November 2022, LedgerPrime was liquidated and renamed MNNC Group. The company currently has about 10 investors, but declined to disclose their names.
IOST releases new token economics: 97% of newly issued tokens will be used in the community
IOST announced on its official blog that in order to establish itself as a Web3 payment infrastructure, it officially launched a strategic token evolution plan. The plan includes the following key components: enhanced staking mechanism, community priority distribution, and multiple value protection measures. , growth acceleration pool.
In addition, IOST released a new token economic model, the key contents are as follows:
1. Token allocation is as follows: ① The supply of existing IOST tokens will be strategically adjusted: the existing circulating supply is approximately 21.32 billion, and the new allocation for growth is 21.32 billion. ②97% of newly issued tokens are used in the community, including staking rewards, ecological growth and merchant incentives; ③3% are reserved for operating costs and team expansion.
2. The distribution of newly issued tokens is as follows: PayPIN node rewards (60%), airdrops and pledge airdrops (20%), PayFi community incentives (8%), community developer subsidies (5%), Nexus DAO (4%) ), team (3%).
3. Token destruction mechanism: Four interrelated token destruction mechanisms have been implemented, including: transaction fee destruction, node MEV destruction, ecological-based destruction, and DAO governance mechanism destruction. The combination of the four burn mechanisms is expected to bring significant deflation as network adoption grows, with total annual burns expected to be approximately $8 million by the end of 2025.
The official X account of the OpenSea Foundation has been launched and posted its first tweet
The official X account of the OpenSea Foundation has been registered and launched and published its first tweet "ocean enters the chat", which was forwarded by the official X account of OpenSea.
According to previous news , OpenSea has registered the OpenSea Foundation in the Cayman Islands.
Binance will list AIXBTUSDT, FARTCOINUSDT, KMNOUSDT and CGPTUSDT 1-75x USDT perpetual contracts
According to the official announcement, the Binance Futures platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75 times:
- December 21, 2024 02:30 (East 8th District time): AIXBTUSDT perpetual contract
- December 21, 2024 02:45 (East 8th District time): FARTCOINUSDT perpetual contract
- 03:00 on December 21, 2024 (East Eighth District time): KMNOUSDT perpetual contract
- December 21, 2024 03:15 (East 8th District time): CGPTUSDT perpetual contract
Please note that AIXBT(LINK), FARTCOIN(LINK) and CGPT(LINK) are already listed on the Binance Alpha market.
Insider: Crypto “czar” David Sacks’ remit shifts from leadership to general advisory role
According to Fortune, the terms of reference of David Sacks, who was originally scheduled to serve as the "AI and cryptocurrency czar" of the Trump administration, have changed. Two people familiar with the inner workings of the transition team said that while the "czar" position was initially conceived as a clear leadership role, it is now more of a general advisory position. Suffice to say, David Sacks will be overseen by Michael Kratsios, a Scale AI executive who served as chief technology officer during the first Trump administration. Michael Kratsios, who is deeply involved in the current transition, is expected to stay on after Trump takes office, co-leading all technology policy efforts with Gale Slater, who will focus on telecommunications and technology antitrust issues, a person familiar with the matter said.
A person familiar with the matter explained that David Sacks' position was reduced to a more general advisory position in part because he did not divest from investment firm Craft Ventures and did not want to become a full-time government employee, which requires a formal confirmation process. In past administrations, many so-called political and policy "czars" held official positions in the government, in specific departments, and often with Senate approval. If David Sacks were to gain formal employment status, he would likely be a "special government employee," which Congress describes as "temporary or intermittent consultants" who are not subject to the same conflict-of-interest standards as regular government employees. In fact, there are virtually no restrictions on such people continuing to work outside or receive pay, whether or not they are paid for government work.
Crypto “tsar” David Sacks tweeted: “Some legacy media reported tonight that my role has changed, which is completely wrong. I expect to spend half my time in Washington directing policy and the other half in Silicon Valley.”
Crypto institutions including Coinbase, Kraken and Ripple donate to Trump inauguration
Major cryptocurrency companies are joining Big Tech and many other businesses in the U.S. in donating millions of dollars to President-elect Trump’s inauguration celebrations, Fox Business reported. Cryptocurrency exchanges Coinbase and Kraken each donated $1 million to the Trump-Vance inaugural committee to fund three days of lavish celebrations, parades and dinners. Blockchain payments company Ripple also plans to donate $5 million. All three companies confirmed the donations to FOX Business, and Coinbase said it was one of the first cryptocurrency companies to donate to the fund. Another cryptocurrency institution, digital asset payment provider MoonPay, will also donate to the fund but declined to disclose the specific amount. A source on the Trump-Vance inaugural committee said they are confident of raising $225 million before the inauguration.
The blind computing network Nillion mainnet will be launched in February 2025
Blind computing network Nillion tweeted that the mainnet will be launched in February 2025.
Related reading: Nillion completes US$25 million in financing, what is its main focus on blind computing? What is the difference between ZKP and FHE?
Mike Dudas, former founder of The Block: Resigns from Aptos advisory position effective today
Mike Dudas, the former founder of The Block, tweeted that he will resign as an advisor to Aptos starting today. Mike Dudas said he has been working as a consultant for Aptos since 2022 and is the “only” crypto project that serves as a consultant.
Previously , Aptos Labs co-founder Mo Shaikh announced his resignation as CEO, and co-founder Avery Ching will take over.
Uniswap L2 network Unichain mainnet will be launched early next year
Uniswap L2 network Unichain announced the mainnet development roadmap, and the mainnet will be officially launched early next year. Since the launch of the Unichain Sepolia testnet in October, 50 million test transactions and more than 4 million test contracts have been deployed on the network. The Sepolia testnet has been made public and the infrastructure provider is actively testing the mainnet. After the mainnet goes online, it will continue to promote decentralization and performance improvements through new features. These features will first go live on the experimental testnet for stability and performance testing, then move to Sepolia for broader testing, and finally go live on the mainnet. The first feature on the public experimental testnet is Flashblocks, which reduces the effective block time to 250 milliseconds, allowing transactions to be completed instantly. The Unichain Validation Network will also be launched on the experimental testnet, and the community will be invited to run test validation nodes.
Tether CEO: Net profit expected to reach US$10 billion in 2024
According to Bloomberg, Paolo Ardoino, CEO of stablecoin issuer Tether Holdings Ltd., said in an interview that the company’s net profit this year is expected to exceed $10 billion. According to data tracking agency CoinMarketCap, the market value of USDT has increased by nearly US$50 billion this year, and its current market value exceeds US$140 billion. Tether makes most of its earnings from investing its reserves backing stablecoins, including USDT, in U.S. Treasuries, gold and other securities.
Ardoino said Tether will invest more than half of its net profits this year. In morning news, Tether agreed to invest US$775 million in video sharing network Rumble, including an initial commitment of US$250 million in cash. Tether also supports Rumble's acquisition of up to 70 million shares at a price of US$7.50 per share. “Next year we plan to invest at least half of our profits,” including in artificial intelligence, Ardoino said. "Our investment has just begun." He said Tether plans to launch its own artificial intelligence platform in the first quarter, allowing people to interact with artificial intelligence using their mobile phones.
Tether CEO Paolo Ardoino tweeted that the Tether artificial intelligence platform website has completed the preliminary design and is expected to be launched by the end of the first quarter of 2025.
Financing news
Tether to make $775 million strategic investment in video sharing platform Rumble
According to The Block, stablecoin issuer Tether has made a $775 million "strategic investment" in video sharing platform Rumble. The move appears to indicate Rumble is deepening its focus on the cryptocurrency industry, with the company announcing last month that it would allocate up to $20 million of its excess cash reserves to Bitcoin.
Rumble said it would use $250 million of the total to "support growth initiatives." The remaining funds will be used to acquire up to 70 million shares of Class A common stock at $7.50 per share, the same price as Tether's investment. Rumble Chairman and CEO Chris Pavlovski will retain his controlling interest in the company and said he will not sell more than 10 million shares. Tether will purchase a total of 103,333,333 shares.
important data
Of the 11.25 million LINK unlocked about 3 hours ago, 10.625 million were transferred to Binance
According to on-chain analyst Ember’s monitoring, the quarterly Chainlink unlocking took place 3 hours ago: 11.25 million LINK ($258.14 million) were unlocked and transferred out from Chainlink’s 3 non-circulating supply addresses. Among them, 10.625 million (USD 243.82 million) were transferred to Binance, and 625,000 (USD 14.32 million) were transferred to the 0xD50...8Af multi-signature address.
DEX trading volume exceeded US$300 billion in November, a record high
According to data from The Block Research, decentralized exchange trading volume reached $300 billion in November, exceeding the previous cycle high of $260 billion set in May 2021. The ratio of DEX to CEX continues to trend upward, reaching 11% in November, up from 9.3% at the beginning of 2024 and 0.04% at the beginning of 2020.
10 new wallets withdrew 17,698 ETH from Binance, worth approximately $61.66 million
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