1. Trump Elected 47th President of the United States link

On Wednesday, Donald Trump effectively secured his position as the 47th President of the United States, clinching the necessary 270 electoral votes with a victory in Wisconsin. CCTV-2’s Economic News broadcast reported that “Bitcoin’s price has surged to an all-time high, reaching $75,000 with an increase of over 8%.” The report noted that Trump previously pledged to make the U.S. the global capital for Bitcoin and cryptocurrency and to establish a strategic Bitcoin reserve. Rune Christensen, founder of Sky (formerly MakerDAO), commented on social media that Trump’s win could catalyze a genuine, sustained revival of DeFi, with user numbers potentially increasing tenfold, as DeFi stands to benefit the most from reduced regulatory uncertainty in the U.S. compared to other areas of the crypto sector.

2. Trump’s Team Considers Robinhood’s Chief Legal Officer, Dan Gallagher, for SEC Chair link

On Friday, Reuters reported that Donald Trump’s transition team is considering nominating Robinhood’s Chief Legal Officer, Dan Gallagher, as the next chairman of the U.S. Securities and Exchange Commission (SEC). Gallagher, a former Republican SEC commissioner (2011–2015), is known for his support of financial innovation and market liberalization, particularly with a lenient stance on cryptocurrency regulation. He advocates treating cryptocurrency as a distinct asset class rather than strictly categorizing it as a security. In addition to Gallagher, the transition team is also considering former SEC Commissioner Paul Atkins and Robert Stebbins, who served as SEC General Counsel. Another prominent candidate favored by cryptocurrency advocates, Hester Peirce, has declined interest in the role. The team is expected to present a list of candidates to the president-elect in the coming weeks.

3. Federal Reserve Announces Rate Cap at 4.75%, Cuts Rate by 25 bps link

The Federal Reserve has announced a rate decision with the upper limit set at 4.75%, meeting expectations of 4.75% and down from the previous rate of 5.0%. According to the Fed’s statement, the labor market has generally eased since the beginning of the year, with a slight increase in the unemployment rate, though it remains low. Inflation is making progress toward the Committee’s 2% target but still slightly exceeds it. The Fed will maintain its current pace of balance sheet reduction, and the decision was unanimously agreed upon by the committee members.

In a press conference, Chair Jerome Powell noted that inflation has significantly moderated, the labor market remains robust, and the overall economy is performing strongly, expressing confidence that inflation will continue declining toward the 2% target. Powell emphasized that short-term elections would not impact policy decisions, adding, “We don’t speculate, predict, or assume” regarding future policy actions. He clarified that the removal of language in the statement regarding “greater confidence” in inflation was not intended as forward guidance. The recent rate cut aims to reach a neutral rate, and adjustments may be made upon achieving it. When asked if he would resign if requested by the president, Powell firmly stated he would not.

4. Bitcoin Spot ETF Records Single-Day Net Inflow of $1.376 Billion on November 7, Setting a New High link

On Thursday, Bitcoin spot ETFs saw a total net inflow of $1.376 billion. Grayscale’s GBTC ETF had a single-day net inflow of $7.309 million, with total historical net outflows now at $20.188 billion. Grayscale’s Bitcoin Mini Trust ETF (BTC) recorded a single-day net inflow of $20.378 million, bringing its total historical net inflow to $542 million. BlackRock’s ETF (IBIT) led with the highest single-day net inflow of $1.12 billion, marking a new record for daily inflow. Fidelity’s ETF (FBTC) followed, with a single-day net inflow of $191 million.

5. Detroit to Become Largest U.S. City Accepting Cryptocurrency for Tax Payments link

Detroit city officials announced on Thursday that the city will become the largest in the U.S. to accept cryptocurrency payments. Residents will be able to pay taxes and other city fees through a secure platform managed by PayPal. Chief Financial Officer Nikhil Patel stated that this option will be available by mid-2025, alongside further improvements to city payment services. This initiative is part of a broader strategy to explore innovative technologies that can enhance public services, increase civic engagement, and drive economic growth. Currently, three U.S. states — Colorado, Utah, and Louisiana — accept cryptocurrency for state government payments.

6. AC Claims Coinbase Demanded High Listing Fees link

Moonrock Capital CEO Simon recently disclosed a top project that raised nearly nine figures in funding finally received a listing invitation from Binance after over a year of due diligence, with Binance requesting 15% of the project’s total token supply. Coinbase CEO Brian responded by saying that Coinbase’s listings are free. However, Andre Cronje countered, stating that Binance did not charge them any fees for listing, while Coinbase allegedly requested amounts of $300 million, $50 million, $30 million, and, most recently, $60 million (possibly referring to Fantom’s FTM token). Binance’s He Yi clarified that if a project doesn’t pass their screening process, no amount of money or percentage of tokens can secure a listing on Binance. She also mentioned that projects willing to allocate 20% of their tokens for airdrop partnerships are welcome to work with Binance’s Web3 wallet.

7. Kraken, Paxos, Robinhood Launch Global Dollar Network link

Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have announced the launch of the Global Dollar Network, an open platform aimed at accelerating the adoption of stablecoins worldwide, fostering innovation, and incentivizing eligible business participants. The network’s new stablecoin, USDG, is issued by Paxos in Singapore and operates on the Ethereum blockchain. USDG received approval from the Monetary Authority of Singapore (MAS) in July this year, fully complying with the stablecoin regulatory framework established by MAS in August 2023.

8. Circle Co-Founder Intends to Hire and Expand Operations in Hong Kong link

Circle co-founder and CEO Jeremy Allaire has stated that Hong Kong is a crucial market for USDC, with plans to hire more staff and establish operations in the city. Circle is currently awaiting the release of Hong Kong’s new stablecoin regulations to assess requirements before considering a license application. Additionally, Chen Qingqi, Circle’s Vice President for the Asia-Pacific region, highlighted Hong Kong’s advantages in stablecoin development, including the capability for same-day USD settlement and its position as the largest capital market in the Asia-Pacific region. He expressed confidence in the strong market demand for a Hong Kong-backed stablecoin.

9. Tether CEO: No Plans for an Official Blockchain link

Tether CEO Paolo Ardoino tweeted, addressing rumors surrounding Tether Chain, stating that Tether currently has no plans to build an official blockchain. He clarified that some independent Layer 2 solutions are working to support the use of USDt as fuel fees. One of the main reasons Tether is not launching its own blockchain is the importance of neutrality. “Unstoppable TogETHER” is our motto; we prefer to collaborate with other companies and communities rather than trying to centralize everything.

10. Ethereum Foundation 2024 Report: 99.45% of Crypto Holdings in ETH, Reserves at $970.2 Million link

The Ethereum Foundation (EF) released its 2024 report, revealing that as of October 31, 2024, the foundation’s asset reserves amounted to approximately $970.2 million. Of this, $788.7 million is held in crypto assets, while $181.5 million is in non-crypto investments and assets. The majority of EF’s crypto holdings (99.45%) are in the form of ETH, which accounts for 0.26% of the total ETH supply as of October 31, 2024. The foundation’s asset reserve goal is to provide financial support for important public goods within the Ethereum ecosystem for the coming years. To achieve this, the foundation must adhere to a conservative financial management policy, ensuring sufficient resources even during prolonged market downturns. This requires regular sales of ETH to maintain adequate reserves for the future, with plans to increase fiat reserves during bull markets to fund expenditures during bear markets.

Fundraising

• Pond has raised $7.5 million to develop a decentralized AI model ecosystem. link

• The L1 blockchain Cytonic announced the completion of an $8.3 million seed round funding. link

• Blockchain startup VLayer has secured $10 million in pre-seed funding. link

• Solana’s re-staking project Fragmetric has announced the completion of its Builders round funding. link

• Blockchain game developer Delabs Games has completed a strategic financing round, with TON Ventures participating. link

• Blockchain content verification platform OpenOrigins has raised $4.5 million in its seed round. link

Learn more, check out crypto-fundraising.info.

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