Category: AI

SUIpriceisshowingsignsofrecoveryastheindicatorsbegintoimprove.Thecoinisupalmost20%inthelast24hours,butnewgainscouldhappensoon.DespitetheTVLstillbeingbelow$1billion,recentinflowsindicaterenewedinterestandengagementfromusers. TheBBTrendalsosuggestsapotentialshiftfrombearishtobullish,reflectingweakeningdownwardpressure.Additionally,EMAlineshintatanupcoming“goldencross,”apositivesignalforfurtherupwardmovement. SUITVLIsStillBelow$1Billion SUI’sTotal-ValueLocked(TVL)hasreached$970million,amajorincreasefrom$313milliononAugust4. TrackingTVLisessentialforunderstandingthehealthofablockchainecosystem.AhigherTVLoftenindicatesgreateradoption,userengagement,andliquidity.SUI’sTVLhitarecord$1.1billiononOctober13andstayedabove$1billionuntilOctober22. SUITVL.Source:DeFiLlama Despitenowbeingbelow$1billion,SUI’sTVLjumpedbynearly$100millioninasingleday,indicatingrenewedmarketinterest.Suchfluctuationsshowthatusersarestillactivelyinteractingwiththeplatform,withsubstantialinflowsthatsuggestconfidenceinSUI’sgrowthpotential. SUIBBTrendAppearstoBeRecovering SUI’sBBTrendiscurrentlyat-4.8.BBTrend,orBollingerBandTrend,measuresthestrengthanddirectionofapricetrendbasedonBollingerBands. AnegativeBBTrendindicatesabearishphase,suggestingdownwardpressureonprice.Currently,SUI’scurrentlevelof-4.8showsthatitisstillinbearishterritory,butlesssothaninpreviousdays. SUIBBTrend.Source:TradingView SUI’sBBTrendhasbeennegativesinceOctober24,whenitwasaslowas-15.Althoughstillnegative,itappearstobegraduallyrecovering,decreasingfrom-15to-4.8overthepastfewdays. ThisconsistentupwardmovementintheBBTrendindicatesaweakeningofbearishmomentumandpotentialtrendreversal.Therecoverysignalsgrowingstrength,hintingatapossibleshifttoabullishphaseassellerslosecontrolandbuyingintereststartstore-emerge. SUIPricePrediction:CanItRise19.7%? SUI’sEMAlinesshowtheshort-termEMAsarenearingacrossoverabovethelong-termEMAs.Thispotentialcrossoverisknownasa“goldencross,”whichistypicallyabullishsignal. Itsuggeststhatshort-termmomentumisgainingstrength,andbuyerscouldbetakingcontrol,indicatinganupcominguptrend. SUIEMALinesandSupportandResistance.Source:TradingView. SUI’simmediateresistanceisat$2.16.Ifthislevelisbreached,thecoin’spricecouldcontinuerisingto$2.36,representingapotential19.7%gain.However,iftheuptrendfailstoestablish,SUImayfaceadowntrendandtestsupportlevelsat$1.74andpossibly$1.60. Breakingbelowthesesupportlevelscouldleadtomorebearishpressure,soholdingabovethemiscrucialtomaintainingpositivemomentum. beincrypto.com

Mostcryptocurrenciesaretradinginthegreeninthepast24hours,asBitcoinpriceroseto$73,000topushtheglobalcryptomarketcapto$2.45trillion. ThishappensasBitcoin(BTC),theflagshipdigitalasset,topped$73,000onOct.29.ThisisthehighestlevelforBTCsincebullshittheall-timehighinMarch2024. Percrypto.newsdata,BTCpricerosetohighsof$73,001acrossmajorexchanges,witha5.7%surgein24hours.Thismeantbullstouchedthepsychological$73,000markagain.WhileBitcointradesjustbelow$72,930atthetimeofwriting,cryptoanalystssuggestbullsmaynotbedoneyet. InanOct.28interviewwithCNBC,VanEckheadofdigitalassetsMatthewSigelsaidthecurrentmarket,includingtheNov.5vote,offersaverybullishsetupforBitcoin. VeterantraderPeterBrandtalsoaddedtothebullishprojection,suggestingBTCisheadedto$94k. BITCOIN$BTCTherearenumerouswaystodeterminetargets.Onevariableiswhethersemi-logorlinearscaleisusedTargetof94,000ismeasuredmoveoftriangleprojectedfrombreakoutlevelonsemi-log⬇️🧵1/3pic.twitter.com/VI0n7OAvia —PeterBrandt(@PeterLBrandt)October29,2024 SomeanalystsexpectabreakoutpasttheATHwillinviteabreatheraslikelyprofitsattractbids.However,themorebullishperspectiveisthatthemarketissettocontinuehigherincomingmonths. Thissentimenthashelpedpushmostaltcoinshigher.Ethereum(ETH)isabove$2,650,BNB(BNB)above$607andSolana(SOL)$181.Sui(SUI)isup24%to$2.03,whilememecoinshavealsopumped,ledbyPopcat(POPCAT). However,therearesectorsthathaveoutpacedtherestandcouldcontinuetodominate. AccordingtocryptoanalystMilesDeutscher,memeswith+219%year-to-datearethetopperformingsector.However,alsooutpacingtherestofthemarkethavebeenartificialintelligence,real-worldassets,Bitcoinecosystemanddecentralizedphysicalinfrastructurenetwork. Pertheanalyst,AItokensareup217%YTDasareBRC-20tokens,whileRWA(+134%)andDePIN(+73%)havetoppedamidthe2024bullcycle. Butnotallsectorsareenjoyinganuptickyear-to-date.Whilecoinsinsocialfinance,zero-knowledgeandmetaversehavenudgedhigherinrecentweeks,SocialFiisdown57%,ZK-36%andmetaverse-30%torankamongworstperformingsectors.Governancetokensandlayer-2tokensarealsointhiscategory,with-25%and-16%YTDreturnsrespectively. crypto.news

Whalewalletsspentmorethan$70MinPolymarketbetsonTrump’selectionvictory.ThebidsonPolymarkettokensoriginatedwith10majorwhales. Atotalof10whalewalletsarebehindthebiggestnumberofbidsfavoringTrumpasthewinneroftheUSPresidentialelections.Inthefinalstretchbeforeelectionday,morethan$70MinbidsweremadeinfavorofTrumpbecominganelectionwinner. Thewhalesspentexactly$70.6Btobuy‘yes’tokensonPolymarket,drivinguptheTrumpwinchanceto66.7%.Polymarketmarkedanotherall-timehighforbidsonTrump’sside. Trump\'soddsjustsetanotherall-timehighagainstKamalaHarris. 🟥Trump•66.7%chance📘Harris•33.3%chancepic.twitter.com/aULiYJlkpC —Polymarket(@Polymarket)October29,2024 Outofthe10knownwallets,fourareconsideredtobelongtothesameperson,oneofthebiggestsingleplayers.ThetopfourwalletswerelinkedtotheidentityofaFrenchnationalwithoverwhelminginterestintheUSelection. Polymarketreachespeakactivity Polymarketisnotapollwebsite,andthebetsdonotreflectresearchorstatisticsonactualelectionoutcomes.However,thePolymarketbetsandbidsfor‘yes’or‘no’tokensreflecttheconfidenceorrisk-takingofindividualplayers. ThevolumesontheTrump-Harrisbettingpairreached$2.7B.Polymarketregistered31Kuniqueactiveusers,remainingthetopapponPolygon. Polymarketreachedpeakuserlevels,remainingoneofthetopappsonPolygon.|Source:DappRadar Nothingpreventsplayersfrombettingonthe‘no’tokenforKamalaHarriswinningtheelections.Overall,holdersoftheoppositepositionsaremorediversebuthavesmaller-sizedbets.Polymarketalsonotedonetraderbetonthe‘no’token,buttherapidlossofvalueledtoadeeploss. TherearealsoothermarketswheretheratioofTrumptoHarriswinningisnotasdramatic.Thepopularvotepollseesthe‘yes’tokenleadwith58%forKamalaHarrisand42%oddsforTrump.Thedisparityledtospeculationsthatwhalesweredeliberatelyswayingthemarket. Atonepoint,bidsonthetokenaccelerateduntiltheypushedtheTrumpoddsabove97%.Suchabetwouldhavelittlemeaningandevensmallerearningsforthewhale.Afterthat,big-positionbuyersweremorecareful,expandingtheoddsataslowerpace. BuyingacceleratesforTrumpbets Thebehaviorofwhalesisnotbasedonsimplebets.TheparticipantsonthemostactivePolygonmarketarealsochoosingdifferentactivitylevels,dependingonthetimeperiod.MostoftherecentwhalesbecameactiveattheendofSeptember. Inthefinalweekbeforetheelections,large-scalebuyingfor‘yes’tokensdominatesthemarket.Inthepastday,high-volumebuyingaccelerated,withnearly$1Minordersmadebyasinglebuyerwithinhours.AsexpectationsforaTrumpvictoryincreased,someofthepreviousbuyersalsoliquidatedtheirpositions,lockinginthelatestgains. Notalltradersaremakinggains,despitetheclearodds.OneTrumpbuyeriscurrentlyatalossof$12Kafterstartingabuyingspreeat$0.67for‘yes’tokens.Oneofthemostactivewhalesinthepastday,withserialtransactionsabove$100K,isGCotrell93.Thebuyerholdsatotalpositionvaluedat$5.6M,withnetgainsof$22K. ThebiggestpositionremainsthatofFredi9999,withmorethan$19.7Mlockedinbettingpositionsanda$3.44Mgain.Thelarge-scalebuyerisalsoknowntobeaFrenchnational,makingitlessprobablethatthemaingoalisthemanipulationofpublicopinion. Thepricemaycontinuetofluctuateinthecomingdays,creatingalivelymarket.ThepresenceofspeculativebetsshowsnotallbuyingonPolymarketaimsatdistortingtheelectionoddsdeliberately.Thepresenceofmorewhaleswithunconnectedwalletssuggeststhebetsmaynotbedeliberatemanipulation,butanhonestexpectationofwinning. BetsonTrumpwinningbuiltlargerpositionscomparedtobetsinfavorofHarris.|Source:Polymarket Betsof$10,000andabovearemorediverse,withmorebuyingofKamalaHarris‘yes’tokens.Thosearestillconsideredwhalepositions,buttheyaremorerandom,unlikethetop10whalesthatdeliberatelybuiltuptheirholdings. Polymarketkeepsdenyingdeliberatemanipulation,asbettingmarketsaredesignedtoself-balance,especiallyifbuyersaredefendinganon-viableposition.Additionally,Polymarket’smostactivebethasgrowntoobigtomanipulatedeliberately. cryptopolitan.com

TheOptimismFoundationhasallocated25millionOPtokenstoKraken,oneofthelargestcryptocurrencyexchangesintheUnitedStates,aspartofastrategicpartnership. Thedeal,whichwasvaluedataround$100millionearlierthisyearandiscurrentlyvaluedataround$42.5millionduetotokenpricefluctuations,seesKrakenbuilditsownlayer-2blockchaincalledInkusingOptimism’sOPStackframework. Kraken’snewlyannouncedprojectInkwilljoinagrowing“Superchain”ecosystemthatincludeslayer-2networksfromothermajorcompanieslikeCoinbase,Sony,andUniswap.TheSuperchainleveragestheOPStackframework,allowingparticipantstocreatetheirownscalablerollupsbasedonOptimism’sblockchaintechnology. Whilebothpartiesconfirmedthedetails,Krakenannouncedthatthetokenallocationwillbedistributedoverasetperiodoftime.AccordingtoInkfounderAndrewKoller,thenumberoftokensprovidedtoKrakenisinlinewithgrantsgiventootherprojectsintheSuperchainecosystem.“Optimismwasactuallythefirsttoproposethisnumber,anditwasverymuchinlinewithwhatotherSuperchainparticipantswereachieving,”Kollersaid. AccordingtoCoinGeckodata,thepartnershipwasreportedlycompletedinJanuaryorFebruary,whentheOPtokenwasvaluedatbetween$3.99and$4.06.Thecurrentpriceofthetokenisaround$1.70,whichisasignificantdropfromtheinitialvaluation. RyanWyatt,chiefgrowthofficeroftheOptimismFoundation,detailedtheallocationbreakdowninaseriesofpostsonX(formerlyTwitter).AccordingtoWyatt,thedealincludes5millionOPtokenstofundengineeringeffortsforInkand20millionOPtokenstiedtotransactionmilestonesintendedtogeneratefeesforthebroaderOptimismecosystem,referredtoas“TheCollective.” Wyattsaidthefoundationremainscommittedtoinvestingindevelopers,adding,“Thecollectivewillnotstopinvestingindevelopers.” *Thisisnotinvestmentadvice. en.bitcoinsistemi.com

Circle,aleadingglobaldigitalfinancialtechnologyfirm,hassignedaMemorandumofUnderstandingwithHKT,aleadingtechnology,mediaandtelecommunicationscompany,toexploreblockchain-basedcustomerengagementsolutionsforinvestorsinHongKong. ThecollaborationaimstoenhancethewayconsumersconnectwithbusinessesbyleveragingCircle’sWeb3ServicesandHKT’sextensivemerchantnetworkandcustomerengagementexpertise. Newblockchain-poweredloyaltysolutionswillfostermoredynamic,socialandvalue-driveninteractionsbetweenmerchantsandcustomers. ANewErainCustomerLoyaltywithWeb3 Circle\'sWeb3Servicesofferasuiteofenterprise-gradedevelopertoolsthatmakeiteasytobuildonblockchaininfrastructure. Akeycomponentoftheofferingisprogrammablewalletsthatstreamlinedigitalassetmanagementandenablecompaniestoseamlesslyintegratesmartcontractsintoconsumerapplications. “WeareexcitedtocollaboratewithHKTtobringourWeb3Servicestotheforefrontofcustomerloyaltyinnovation,”saidJeremyAllaire,co-founderandCEOofCircle. “Thispartnershipreflectsourcommitmenttohelpingbusinessesunlockthepowerofblockchaintechnologytocreateexceptionalcustomerexperiencesandprovidingmerchantswiththetoolstosucceedinthedigitaleconomy.” *Thisisnotinvestmentadvice. en.bitcoinsistemi.com

CryptosecurityfirmPeckShieldrecentlyraisedanalertaboutaphishingscamtargetingfollowersoftheprominentcryptoinfluencer,whoseaccountonX(formerlyTwitter)appearstohavebeencompromised.PeckShield’surgesuserstoavoidengagingwithanyTelegramlinkssharedthroughtheinfluencer’sprofile,specificallywarningagainstthefakeairdropandwallet-relatedinstructionsposted. #PeckShieldAlert#phishing@AndyAyrey\'sXhasbeencompromised.Do*NOT*engagewithanyTelegramcommunitieslinkedtohisaccountpic.twitter.com/LW8SjcCkLD —PeckShieldAlert(@PeckShieldAlert)October29,2024 Theinfluencer,posingas@AndyAyrey,directedfollowerstojoinaTelegramgroupforasupposedtokenlaunch.ThetweetencouragedfollowerstorepostanddroptheirSOLwalletswhilepromotingafakeSolanaairdrop.Themessagefurtherincentivizedusersbyclaimingtherewouldbeatokenlaunchwithin“10-15mins,”creatingafalsesenseofurgencytolureunsuspectingfollowers.Astheinfluencerhasasubstantialfollowing,thispostquicklygainedtraction,posingahighrisktoindividualsunfamiliarwithphishingtactics. Thescamtweetsutilizedlanguageimplyinganexclusiveopportunityforfollowerstoreceivetokensdirectly,aimingtoexploitthetrustbuiltbetweentheinfluencerandtheircommunity.Followerswereencouragedtobuyintothe“1SOLdevsupply,”anapparentattempttodefraudusersbyredirectingthemtoaphishingTelegramchannel. CommunityResponseandPreventativeMeasures Theriseinphishingscamswithinthecryptocommunityhighlightstheimportanceofdigitalvigilance.Cybercriminalsfrequentlyhijackpopularaccountstotargetfollowers,luringthemintoscamsundertheguiseof“airdrops”or“exclusivetokenofferings.”Thislatestbreachunderscoresthegrowingsophisticationofthesescamsandtheneedforbothinfluencersandtheirfollowerstobeawareofpotentialredflags.Suspiciouspromptstosharewalletaddressesorengageinthird-partyTelegramgroupsareoftenclearsignsofmaliciousintent. FollowingPeckShield’salert,manyinthecryptocommunityhavebegunsharingthewarning,urgingfollowerstoreportthecompromisedaccountandrefrainfrominteractingwithanysuspiciouslinksorposts.Theincidentservesasareminderofthevulnerabilitiesassociatedwithsocialmediaplatformsandtheimportanceofaccountsecurity,especiallyforthosewithsignificantinfluenceinthecryptocurrencyspace. blockchainreporter.net

Evolvingthedigitalfinancesystemyetagain,Tether,themostpopularstablecoin,isnowintegratedwiththeAptosblockchain.Thispartnershipaimstoprovideusersanddeveloperswithfasterandlessexpensivedollar-basedtransactionswhileimprovingreliability.WiththelaunchofUSDTontheAptosMovechain,digitalcurrencyusagehasbecomeafocalpointlikeneverbeforeforconsumersandbusinessesinthedigitaleconomysphere. 1/USDThasofficiallyarrivedonAptosMainnet. Whathappenswhentheworld’smostwidely-usedstablecoinmeetstheblockchainbuiltforpayments? Yougetthefastest,mostaffordabledollaronchain.Period.👇pic.twitter.com/c9bxZoZ6aN —Aptos(@Aptos)October28,2024 WhyUSDTonAptosMatters ThepartnershipbetweenTetherandAptoswillredefinetheglobalpaymentsystembyofferingthepossibilityofdollartransactionsontheblockchainthatwouldbecheaperandfaster.Asastablecoinwithahighreliabilityandliquiditylevel,USDTisconsideredabenchmarkinthismarket.Withthisnewlaunch,TetherintendstoleverageAptos’srapidlyexpandingecosystemandtechnologicalcharacteristicstodiversifythestablecoininnewemergingmarkets. “Thiscollaborationunderscoresourongoingeffortstoleadwithinnovationandsupportouruserswithstable,reliablefinancialtools,”saidPaoloArdoino,CEOofTether. KeyFeaturesandBenefits 1-LowTransactionCostsandHighSpeed ThetransactionsinAptosareoptimizedforspeedatthesametime,theAptosUSDTtransactionfeesareexpectedtobesignificantlylowerthanotherchains.Forthedevelopers,itprovidesopportunitiestocreateapplicationswherehigh-speeddataprocessingandlowtransactionfeesarecritical,includingremittances,gaming,andmicrotransactions.Withmoreemergingmarketsadoptingblockchain,feesandtransactionspeedsremainkeydrivers. 2-Near-InstantTransactionSpeed ThearchitectureofAptosisperformance-focused,whichallowssub-secondend-to-endtransactionlatencywithinthenetwork.Thatcapabilitycanbeattributedtothecompany’sgoalofestablishingTethertofacilitatereal-timecross-borderpayments.Aptos,whichhassuccessfullyprocessedover160milliontransactionsinonedayinthefirsthalfofthecurrentyear,isconsideredoneofthemosteffectiveplatformstointegratehigh-speedblockchainsystems. TheconsistencyoftheAptosnetwork,with99.99%uptime,meansthatusers&developerscanconfidentlyanticipatecontinuednormaloperationswithoutdisruptions. 3-Tether’sVisionofGlobalFinancialInclusion IncludingUSDTontheAptos,blockchainbringsoverallefficiencyindollar-peggedtransactionsandalignswithTether’svisionofpromotingfinancialinclusion.ByextendingitsstablecoinutilityontheAptosplatform,Tetherprovidesopportunitiestocommunitiesthatotherwisehavelittleornoaccesstotraditionalbanks.Giventhegrowthofthenumberofdailyactiveusersontheplatformfrom96KinJanuaryto170KinJuly,AptoshasbecomeinterestingforTether,which,underthesloganofdigitaldollars,wantstoreachnewaudiencesworldwide. WhenTethermovestoAptos,itbecomespartofAptosandarangeofprojectsrelatedtodecentralizedfinance,NFTs,DeFi,anddApps.SuchexpansionwillalsohelpAptosincreaseitspotentialasanon-EVMblockchainecosystemintheforeseeablefuture. WhatThisMeansforDevelopers Initially,fordevelopers,Aptosstoodoutwithlowfeesandhighthroughputasanexcitingopportunitytobuildascalableapplicationwithouttoomuchspending.WithTether,developerscanworkwithUSDTtransactionsfordiversepurposes,suchasP2Pexchangeandcross-borderpayments,allwhileleveragingreliableandfastinfrastructure.Thephenomenalgrowth,highthroughput,andinnovativestatusasachainleveragingMovemakeAptosafavouriteamongdevelopersseekingtoharnessblockchain’sfullpowerinfinanceandmore.ThispartnershipopensthedoortootherstablecoinsanddigitalassetstotrysomethingsimilartopushtheDeFiindustryuptothenextlevelofusability. blockchainreporter.net

Inanotabletransaction,anXRPwhalemovedawhopping100millionXRPtokens.Thismovementsparkedspeculationsonthetransaction’spotentialimpactonRipple’snativetokenprice.Meanwhile,analystscontinuedtobeoptimisticonXRPprice’supcomingtrajectory. XRPWhaleMakesBigMove AccordingtoWhaleAlertdata,anXRPwhaletransferred100milliontokens,valuedatapproximately$51.6million,wastransferredbetweenunknownwallets.Sincethemovementwasmadebetweentwowallets,theimpactonthemarketisunknown. Ifthewhalesoldhisholdingsoffthemarket,itwouldn’thaveanyimpact.However,ifthetransactionwasconductedtoinitiateasaleonanexchangeafterwards,thenitcouldexacerbateXRPprice’scurrentwoes.ThismovementhassparkedfreshspeculationaroundXRP’sfuture,especiallyasactivityontheXRPLedger(XRPL)continuestosurge. LatestdataindicatesamajorincreaseinactivityacrossXRPL’sAutomatedMarketMaker(AMM)anddecentralizedexchange(DEX)platforms.Therehasbeenriseinvolumeofupto40timesoverthepastweek.ThisdramaticincreasehighlightsthepotentialforexpandeddecentralizedtradingwithintheXRPLecosystem. 🚨🚨🚨100,000,000#XRP(51,645,295USD)transferredfromunknownwallettounknownwallethttps://t.co/tWxx94W026 —WhaleAlert(@whale_alert)October28,2024 CryptoanalystBlockchainBackerhighlightedthegrowthinAMM-basedtrading,callingthevolumeincreasean“explosion.”Henoted,“#XRPAMMvolumeexplosion.Dailyvolumesare40Xwhattheywereaweekago.”ThisheightenedactivityhasbroughtattentiontotheAMM’sroleinattractingliquidityandcreatingnewtradingopportunitiesforparticipants. FollowingtheAMM’sintroduction,engagementonXRPL’sdecentralizedexchangehasalsogrown.DatafromCryptoQuantrevealsthattheDEXsawa17.6%riseintradingvolumeoverthepastmonthasmoreusersengagedwiththeplatform.Moreover,variousAMM-basedactivitieshaveseennotableincreases,includinga62.35%riseinAMMDepositvolumesanda143.1%increaseinAMMCreatetransactions,bothcontributingtoXRPL’srisingappealamongtraders.AMMVoteactivityalsospikedby65.22%,underscoringthecommunity’sactivegovernanceparticipation. What’sNextforXRP? ThesedevelopmentscoincidewithfluctuationsinXRPprice.Afterabriefdipto$0.4935onFriday,XRPmanagedarecoveryto$0.5144onSaturday,onlytofallbelow$0.50shortlyafter.Despitethisvolatility,someanalystsbelieveXRP’srecentpricemovementssuggestapotentialrally. AccordingtoRandomCryptoPal,anotherpopularcryptoanalystonX,XRP’srecentpricedeclinealignswithtechnicalpatterns.Describingitasa“perfectretestofbothtrendlines,”hesuggestedthatthisretracementcouldsetthestageforanupcomingrally. Forcontext,therecentXRPpriceactionincludesapeakat$0.6622inSeptember,markingthetoken’shighestlevelinrecentmonths.ButpriceshavesinceretreatedamidOctober’sdownturn. However,withfreshactivityinXRPL’sdecentralizedtradingandliquiditymechanismssomeobserversseethisasgroundworkforrenewedgrowth.AlsoRipple’sdevelopmentofprojectsliketheRLUSDstablecoincouldfurtherstimulateinterest. cryptonewsz.com

IntheBebavs.SECcase,Coinbase,Inc.hasfiledanamicusbriefsupportingBebaLLCandtheDeFiEducationFundagainsttheU.S.SecuritiesandExchangeCommission(SEC).ThebriefhighlightswhatCoinbasedescribesasan“arbitraryregulation-by-enforcementcampaign”targetingdigital-assetcompanies.ThecryptoexchangealsoclaimstheSEChasfailedtoprovideclearregulatoryguidelinesforthedigitalassetindustry,leavingcompaniesina“Catch-22”situation. CheckOutContentsofCoinbase’sAmicusBrief Coinbase,thelargestdigital-assetcompanyintheU.S.,arguedthattheSEChasreverseditsstanceondigitalassetswithoutexplanation.Indeed,ithascreatedanatmosphereofregulatoryuncertainty.TheSECallowedCoinbasetobecomeapubliclytradedcompanyin2021withoutraisingconcernsaboutthelegalityofdigitalassetsonitsplatform. Theexchangealsonotesthat“theSEC’sthen-DirectorofCorporationFinancepubliclystatedthatadigitalasset‘allbyitselfisnotasecurity.’”However,Coinbasearguesthattheagencyhassinceshifteditsinterpretationandnowcategorizesmostdigitalassetsassecurities. Accordingtothebrief,“theSEC’sChairnowregularlyassertsthatthe‘vastmajority’ofdigitalassetsaresecurities”despitealackofformalrulemaking.ThebriefcriticizestheSEC’srefusaltoengagein“notice-and-commentrulemaking”toclarifyitsexpectationsfordigitalassets. Coinbasecontendsthatwithoutarulemakingprocess,digital-assetfirmscannotbeexpectedtocomplywithregulationsdesignedfortraditionalfinancialinstruments.Asnotedinthebrief,theexchangefiledapetitioninJuly2022seekingregulatoryclarityfromtheSECbutreceivednoresponsefornearlyayear. Today@coinbasefiledanamicusbriefonbehalfof@BebaCollectionand@fund_defitostopthedestructiveregulation-by-enforcementcampaignwagedby@SECGovagainstlaw-abidingAmericancompanies.MostdestructiveofallisthattheSECitselfcan’tevenmakeuptheirmind…pic.twitter.com/qeFdCrdsKn —paulgrewal.eth(@iampaulgrewal)October28,2024 Initspetition,Coinbasehighlightedthechallengescryptofirmsfaceinattemptingtocomplywithregulationstailoredfor“legacyfinancialinstrumentsmanagedbycentralizedcompanies,ratherthanfordigitalassetsoperatingondecentralizedblockchains.”Moreover,theexchangefurtherarguesthatSECenforcementactionspresupposea“revisionistviewofthesecuritieslaws.” OtherClaims ThecompanyclaimstheSEChasfailedtospecifywhichdigitalassetsitconsiderssecuritiesorexplaintheagency’sjurisdictionoversuchassets.Coinbaseasserted,“theagencyhassteadfastlyrefusedtoengageinrulemaking.”Insteaditreliesonenforcementactionsthatmakeitdifficultforcompaniestocomplywithexistingregulations,thebriefstated. TheexchangesuggestedthattheSEC’sstrategyistoimpose“punitive,retroactivepenalties”oncompaniesfornotregisteringdigitalassetsassecuritiesdespitethelackofclearguidelines.Moreover,Coinbaseclaimstheagency’sapproachhascreatedan“intractabledilemma”forfirmsattemptingtonavigateunclearrules. “TheSEChasevenopenlydeniedthatithasanobligationtomakecompliancewithitsrulesfeasibleatall,”thebriefstates.Thus,theexchangeurgesthecourttograntdeclaratoryrelief,emphasizingthat“grantingdeclaratoryreliefinthiscasewouldbeacriticalsteponthepathoutofthismorass.” CoinbaseassertedthattheSEC’senforcementapproachunfairlytargetsdigital-assetfirmsanddisregardsfundamentalprinciplesofregulatoryfairness.Accordingtotheexchange,thisapproachisa“nakedefforttoblockaccesstocryptoasanassetclass”and“securetheextinctionofthisnewtechnology.” ThebriefconcludesbyaskingthecourttorecognizetheSEC’sstanceasoverreaching.Itstatedthat“thisCourtcanhelprelievethepressureoftheagency’sunlawfulenforcementthreats.” cryptonewsz.com

WorldLibertyFinancial,acryptoprojectconnectedtoformerU.S.PresidentDonaldTrump,planstointroduceastablecoin,accordingtosourcesfamiliarwiththecompany’sdevelopmentstrategy.Followingitsinitialtokensale,whichraised$14million,thecryptoprojectaimstolaunchastablecryptocurrencythatcouldbepeggedtotheU.S.dollar. DonaldTrumptoLaunchStablecoin Stablecoins,bydesign,offerusersadigitalassetmeanttomaintainaconsistentvalue,afeatureseenasessentialforsteadytradingamidstcryptomarketvolatility.However,achievingthestabilityrequiredforsuchanassethasposedchallengesformanysimilarinitiatives. Accordingtoindividualswithknowledgeoftheproject’soperations,creatingasafeandreliablefinancialproductremainsaprimarygoal.Whilethedevelopmentprocesscouldtakesometime,WorldLibertyFinancial’steamisfocusedonensuringthatallmajorprojectfeaturesaresynchronizedandavailablewhenthey’remoststrategicallyviable. Onesourceexplainedthatworkonthestablecoincontinuesinparallelwithotherelements.Theysaid,“TheteamisworkingconcurrentlyonmajorprojectcomponentsforWorldLibertyFinancial,includingthestablecoin,”accordingtoaDecryptreport. ArecentannouncementnamingRichTeo,co-founderofPaxos,aprominentstablecoinissuer,astheheadofstablecoinandpaymentoperationsforWorldLibertyFinancialhasfurtherfueledspeculationabouttheinitiative’sambitions.However,Teohasnotcommentedonthematter,andrepresentativesfromWorldLibertyFinancialalsodeclinedtorespond. TRUMPCRYPTOPROJECTWORLDLIBERTYPLANSTOISSUESTABLECOIN,SOURCESSAY DonaldTrump’scontroversialcryptoproject,WorldLibertyFinancial—whichrecentlyraised$14millioninaninitialtokensale—hasplanstocreateandissueitsownstablecoin,sourcesfamiliarwiththe… —*WalterBloomberg(@DeItaone)October28,2024 Nevertheless,theproject’smoveshaveraisedinterestandsparkeddebates,particularlygiventheproject’splansforanEthereum-basedlendingandborrowingplatformwithdirectassociationstoDonaldTrump. StablecoinRegulatoryLandscape&Challenges Stablecoinsarenowconsideredanessentialpartofthecryptoecosystemastheyallowuserstoshieldtheirinvestmentsinacurrencylesspronetomarketswings.Also,theyfacilitateconversionsbetweencryptocurrenciesandtraditionalfiatcurrency.However,theregulatorylandscapesurroundingstablecoinsintheU.S.remainsuncertain. TheSecuritiesandExchangeCommission(SEC)haspreviouslypursuedlegalactionagainstcryptofirms,includingBinance,onthegroundsofallegedlyissuingunregisteredsecuritiesintheformofstablecoins.Althoughthesechargesweredroppedearlierthisyear,apendingdebateinCongresscouldaffectthefutureofsuchassets. IfDonaldTrumpisre-elected,hemaybeuniquelypositionedtoinfluenceboththeregulatoryandoperationaldynamicsoftheindustry.HemayfacetheCongressonstablecoinlegislationwhilehisbusinesspartnerscontinuetoexpandtheircryptoproducts. Withpotentialprofitsonthehorizon,therevenuemodelforstablecoinslikethoseenvisionedbyWorldLibertyFinancialisclear.Stablecoinprovidersearnbyreinvestingcustomerdepositsinhigh-yieldproducts,includingU.S.Treasurybills.TheBritishVirginIslands-basedTether,whichleadsthestablecoinmarket,recorded$5.2billioninprofitsinthefirsthalfof2024. Accordingtoindustryinsiders,stablecoinprojectsrequiresignificantcollateraltosupportapeggedvalue.Circle,aU.S.-basedstablecoinissuer,disclosedthatitholdsover$34billionindollar-backedreservesatregulatedinstitutionstosupportitsUSDCstablecoin.Thus,amidregulatoryhurdlesandheavycompetition,WorldLibertyFinancialmustsecuresupportfrommajorexchangeslikeCoinbaseandBinancetoreachitstargetaudienceeffectively. Trump’sventuremightgainleverageinnegotiationswithexchanges,giventhatbothBinanceandCoinbaseareembroiledinlegalbattleswiththeSEC,potentiallyaffectingtheirlong-termoperations.Notably,Trump’stransitionteamco-chairisalsotheCEOofCantorFitzgerald,theassetmanagerholdingasignificantportionofTether’sreserves,creatingawebofconnectionsthatcouldaidthelaunchofanewstablecoin. Meanwhile,Trump’scriticismofaU.S.government-issuedcentralbankdigitalcurrency(CBDC)contrastswithhisendorsementofstablecoins.SpeakingatacampaigneventinNewHampshire,heremarked,“Suchacurrencywouldgivethefederalgovernment—ourgovernment—theabsolutecontroloveryourmoney.”Headded,“Theycouldtakeyourmoney.Youwouldn’tevenknowitwasgone.” cryptonewsz.com