- The battle between Coinbase and SEC over encryption rules; Runes mainnet will be launched in April next year (12.18)
headlines
Coinbase challenges SEC’s decision to reject new crypto rules in court
Coinbase Chief Legal Officer Paul Grewal said on Friday that the cryptocurrency exchange is challenging the U.S. Securities and Exchange Commission’s (SEC) decision to deny its request for new digital asset regulatory rules.
Previously, the SEC issued an announcement indicating that it had rejected a rulemaking petition submitted on behalf of Coinbase Global, Inc. The specific reasons are as follows:
1. Existing laws and regulations apply to the cryptocurrency securities market;
2. SEC solves crypto securities market issues through rulemaking;
3. It is important to maintain the Commissions discretion in setting its own rulemaking priorities.
Industry news
Russia: Considering legalizing mined cryptocurrencies as export commodities
The Russian Ministry of Finance is considering allowing cryptocurrency miners to classify the cryptocurrencies they mine as exports, classifying the commodity and operating in a similar manner to natural gas exports.
Russian Deputy Finance Minister Ivan Chebeskov recently said that the Russian government is drafting legislation to allow miners to sell their mined cryptocurrencies as exports based on current restrictions on natural gas exports. Many miners have set up residence in Russia given its abundant resources and low electricity prices.
SEC denies Coinbase push for cryptocurrency regulation, calls it baseless
Coinbase filed a petition with the U.S. Securities and Exchange Commission (SEC) to create a customized system of rules for digital assets, but the regulator rejected it. “The existing securities regime appropriately governs crypto-asset securities,” Chairman Gary Gensler denied in a statement. In addition to arguing that the SEC has sufficient authority under todays laws, he said the industry regulator is already involved in rule proposals that would directly regulate cryptocurrency businesses and that its enforcement division would also be able to address misconduct. He also made a third argument that it is important to maintain the Commissions discretion in setting its own rulemaking priorities.
Inscription dynamics
Ordinals founder may launch Runes mainnet in April next year
Ordinals founder Casey will launch the Runes mainnet at Bitcoin block 840000 (approximately April next year), and the relevant tweet was forwarded by Casey.
The Celestia inscription project CIAS posted on the X platform that its minting process has reached about 29%, and the total number of holders exceeds 52,000. More than 50% of transactions on the Celestia chain are related to CIAS.
CIAS said the RPC malfunction occurred after the website received more than 1 million visits from more than 120,000 people within an hour of launch. The team will improve the user experience and get back online as soon as possible, and will notify the recovery time 12 hours in advance.
Atomics Market: 28,000 ATOM compensation has been airdropped successfully
Atomics Market posted on the X platform that its 28,000 ATOM compensation has been successfully airdropped.
Previously, according to official announcements, Atomics Market stated that it suffered a hacker attack on November 25, resulting in users losing 23,000 ATOMs. This incident occurred before the new team took over, and like previous hacking incidents, the main reason was the improper use of insecure signatures. In addition, it also found that 5 users lost 5,000 ATOMs in other similar hacking incidents. Atomics Market will compensate for the 28,000 ATOM lost in this incident.
The inscription avav on Avalanche is all completed and holds more than 50,000 addresses.
Avascriptions data shows that all inscriptions avav on Avalanche have been completed, with 52,367 addresses held.
Project News
Multiple NFT Trader contracts were attacked, and hackers made more than $4 million in profit
NFT whale dingaling discovered that NFT Trader’s Batch Swap contract has also been attacked. Users should immediately cancel authorization for multiple contracts, as follows:
0x 1 3d 8 faF 4 A 690 f 5 AE 52 E 2D 2 C 52938 d 1167057 B 9 af
0x C 310 e 760778 ECBca 4 C 65 B 6 C 559874757 A 4 c 4 Ece 0
SlowMist founder Cosine Statistics said that in this attack, the hackers made a total profit of more than 4 million US dollars.
Polygon Labs will stop supporting Polygon Edge to focus on CDK extensions
Polygon Labs will stop accepting contributions to its Edge framework, also known as Supernets, and instead focus on the Extension Chain Development Kit (CDK).
Edge was originally developed as an open source tool under the Apache License 2.0 to facilitate the creation of custom blockchain networks compatible with Ethereum. However, the teams development focus has changed over the past year, according to a statement.
Polygon Labs will now no longer continue to use Edge, but will shift its focus to its successor solution CDK, which the company has developed for various Layer 2 ZK-Rollups (Layer 2 networks designed using zero-knowledge proofs) Toolkit. It is expected that chains deployed using CDK will be able to achieve interoperability within a wide range of networks.
Arbitrum officials said the Arbitrum One sequencer stopped functioning at 10:29 a.m. ET during a large surge in network traffic. Arbitrum is working to resolve the issue as quickly as possible and will provide a postmortem as soon as possible.
Solana phone sold out in North America due to BONK price
The Saga phone launched by Solana has been completely sold out in North America, and there are only a few phones left in Europe. The current order limit is only one new phone per household. Each Solana phone comes with 30 million BONK tokens, and the token value has reached $990, a recent record high. In comparison, the phone sells for only $599, so some people bought it in bulk Mobile phones take advantage of the skyrocketing price of BONK for arbitrage.
Character*Voice
VanEck CEO: SEC may approve all Bitcoin spot ETF applications at the same time
VanEck CEO Jan van Eck expects the U.S. SEC to approve all Bitcoin spot ETF applications at the same time. Jan van Eck believes that BTC is a unique asset whose value is extremely difficult to copy or surpass. And Jan van Eck also dismissed speculation that the asset is a huge bubble, saying that BTC will hit an all-time high in the next 12 months.
Onchain Capital: BTC is expected to reach $200,000 in the next bull market cycle
Ran Neuner, co-founder and CEO of Onchain Capital, said in a recent interview with Altcoin Daily that he believes the price of BTC may soon undergo a significant correction. However, Neuner has very high expectations for BTC’s next bull cycle, predicting that its price could reach $200,000.
Bloomberg ETF analyst James Seyffart said on The Scoop podcast that a Bitcoin spot ETF is likely to be approved before 1/10/24. That’s because by this time Ark and 21 Shares’ ETF applications, which were first filed in April, have reached their final deadlines. The SEC has been strategically delaying to avoid giving one company a first-mover advantage. However, Grayscale’s ETF application is currently different from others and may not be approved at the same time.
Feds Williams: Fed is not really talking about cutting interest rates right now
Feds Williams said we are not really talking about cutting interest rates at the moment. The economy and inflation remain highly uncertain. We need to be prepared for further tightening of policy. The Fed must be prepared to raise interest rates again if necessary.
