LianGuai Morning News | CfA claims Circle provides convenience to terrorist organizations, Coinbase submits a re-examination application after SEC rejects its petition.

LianGuai Morning News | Controversy Surrounds Circle as CfA Alleges Terrorist Organizations Exploit Convenience, SEC Denies Coinbase's Petition, Re-Examination Application Submitted

Headlines

▌Non-profit ethics organization CfA claims Circle is facilitating funding for terrorist organizations

The non-profit ethics organization “Accountability Campaign” (CfA) released a new open letter on December 14th, claiming that Circle is facilitating funding for terrorist organizations. CfA Executive Director Michelle Kuppersmith stated that Circle’s Cross-Chain Transfer Protocol (CCTP) could be used to promote the fastest-growing illegal financial tools in the digital asset space. It alleges that facilitating transfers to Tron is problematic because the network has been “named in multiple law enforcement actions involving organized crime groups and sanctioned entities involving billions of dollars in transactions”.

▌Coinbase submits request for review to the court after SEC rejects its rule-making petition

Coinbase has formally submitted a request for review to the court after the U.S. Securities and Exchange Commission (SEC) rejected its rule-making petition. This means that the exchange is asking the court to assess the appropriateness of the SEC’s rejection of the petition. Coinbase Chief Legal Officer LianGuaiul Grewal stated, “We have now filed with the Third Circuit Court of Appeals to challenge the SEC’s arbitrary and capricious rejection of our crypto rulemaking petition, and we once again appreciate the court’s consideration.” Grewal described this decision as “arbitrary and capricious,” and Coinbase argued in its review request that the SEC’s rejection is “an abuse of discretion, contrary to law, and in violation of the Administrative Procedure Act.”

• Internet giant founder acquires this license with his own hands
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• Why is the price of BRC20 token consistently rising?

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Market Conditions

At the time of writing, according to coinmarketcap data:

BTC recently traded at $42,006.04, with a daily change of -2.16%;

ETH recently traded at $2,233, with a daily change of -2.8%;

BNB recently traded at $245.64, with a daily change of -2.59%;

XRP recently traded at $0.6171, with a daily change of -2.38%;

DOGE recently traded at $0.09304, with a daily change of -5.07%;

ADA recently traded at $0.599, with a daily change of -6.28%;

SOL recently traded at $73.18, with a daily change of -2.06%.

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Policies

▌U.S. Patent and Trademark Office states that Dogecoin trademark application has been abandoned

A user on X recently accessed the latest updates on the Dogecoin Foundation’s trademark application, and according to a screenshot of a shared email, the U.S. Patent and Trademark Office has abandoned the application, believing it has been abandoned.

▌SEC Chairman refuses to disclose whether a Bitcoin futures ETF will be approved

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gensler, refused to disclose whether or not he will approve a Bitcoin spot ETF. He stated that the SEC is currently evaluating 8-12 Bitcoin spot ETFs and reiterated concerns about the lack of sufficient regulation in cryptocurrency.

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Blockchain Applications

▌Base announces open sourcing of op-viem and op-wagmi code libraries

Base has announced the open sourcing of the op-viem and op-wagmi code libraries, which are extensions of the popular development tools viem and wagmi. The open sourcing aims to allow developers to build on the OP Stack chain faster and easier. With op-viem and op-wagmi, developers can add OP Stack bridging functionality to any application, significantly reducing code volume and coding time.

▌Polygon Labs to stop support for Polygon Edge and focus on CDK extension

Polygon Labs will stop its support for the Edge framework and focus on the extension of the Polygon Chain Development Kit (CDK). Polygon Edge was initially developed as an open-source tool under the ALianGuaiche License 2.0 to create Ethereum-compatible custom blockchain networks. However, according to a statement, the team’s development focus has shifted in the past year, and the emphasis is now on Polygon CDK, a toolkit designed specifically for developing various L2 ZK-Rollups. Chains deployed with CDK are expected to achieve interoperability across multiple blockchain networks.

▌Hubble Exchange goes live on the Avalanche subnet

Hubble Exchange is now live on the Avalanche subnet. Hubble Exchange is the first product on Hubblenet, a new L1 subnet built on Avalanche, which allows Hubble to have highly customizable features. Trading is available for AVAX, ETH, and SOL, with more trading pairs to be added in the future.

▌Gitcoin: Wallet connections re-enabled on Builder and Manager

Gitcoin announced on social media that wallet connections have been re-enabled on Builder and Manager, following precautions to eliminate dependencies on Ledger. Please stay safe and remain vigilant.

▌Synthetix Perps V3 to launch on the Base network

Synthetix, a derivatives protocol, announced that its Synthetix Perps V3 will launch on the Base network with subsequent deployment on the Ethereum mainnet. Perps V3 brings significant improvements compared to Perps V2, introducing native full collateralization, new margin types, and NFT-based account control for enhanced trading and availability.

▌Ethereum community officially adopts ERC-3643 as the standard for compliant asset tokenization

The Ethereum community has officially signed ERC-3643, an Ethereum Improvement Proposal (EIP), establishing it as the recognized standard for compliant tokenization of real-world assets (RWA). According to the announcement, the proposal has reached its final status, meaning it has undergone formal review, discussion, and consensus within the Ethereum community, similar to the process of establishing ERC-20 and other standards. ERC-3643 is reportedly the standard for tokenization of securities, RWAs, payment systems, and loyalty programs. The association behind the proposal explains that it verifies users’ eligibility for tokens through a self-sovereign identity (SSI) framework, providing anonymous yet verifiable credentials.

▌Encryption wallet MPCVault adds support for Base

Encryption wallet MPCVault announced support for Base, allowing users to create wallets that support all Base tokens (ERC20, ERC721, and ERC1155); explore the BASE ecosystem and interact with DApps using MPCVault’s browser extension; establish access controls and transaction policies based on USD volume; and send batch payments to up to 256 addresses.

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Cryptocurrency

▌CertiK: DR token crashes 73%, contract deployer sells tokens worth approximately $237,000

CertiK Alert monitoring data shows that the DR token experienced a short-term crash of 73%, which was caused by the contract deployer selling tokens worth approximately $237,000.

▌Coinbase changes process for asset issuers to submit token listing applications

Coinbase announced changes to the way asset issuers can submit applications to list their crypto tokens on the platform. Asset Hub will no longer be available, and the updated application process is now available on the Coinbase official website.

▌Cathedra Bitcoin announces partial debt repayment and bond extension

Bitcoin mining company Cathedra Bitcoin announces that it has settled a portion of the outstanding principal, repaying 2,000,000 CAD. As of the date of the agreement signing, the total outstanding principal of the bonds equals 5,733,728 CAD. In addition, the maturity date of the remaining principal has been extended by an additional 12 months to November 11, 2025. There have been no other changes to the bonds, and the company will continue to pay quarterly interest at a rate of 3.5% on the remaining principal until the extended maturity date when the remaining principal will be due in full.

▌Ordinal sold for $40,000 with a minting cost of less than $1

According to Bitcoin Magazine, a BitcoinOrdinal was sold for $40,000 with a minting cost of less than $1.

▌Nansen: Ronin blockchain has the highest month-over-month growth rate with 367.9%

Data released by Nansen shows that according to blockchain calculations, Ronin had the highest month-over-month growth rate at 367.9%. Linea, Optimism, Arbitrum, Celo, and Solana also experienced impressive growth. Among them, Linea had 921,000 (+61.4%), Optimism 1.4 million (+66.5%), Arbitrum 2.7 million (+52.8%), Celo 628,000 (+48.4%), and Solana 7 million (+34.1%).

▌Uniswap protocol surpasses $1.76 trillion in trading volume

Uniswap Labs announced on social media that the trading volume on the Uniswap protocol has surpassed $1.76 trillion.

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Important Economic Developments

▌Federal Reserve’s Bullard: Expects two interest rate cuts next year, with the first one happening in the third quarter “at some point”

Federal Reserve’s Bullard stated that interest rate cuts are not imminent, but has instructed staff to begin formulating possible principles and thresholds to guide the process. It is expected that there will be two 25 basis point interest rate cuts in 2024, with the first one happening in the third quarter “at some point,” provided that progress on inflation expectations continues.

▌Fed’s Guolsby: Possibility of interest rate cut at the March meeting next year cannot be ruled out

Fed’s Guolsby stated that the possibility of an interest rate cut at the March meeting next year cannot be ruled out.

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LianGuai Encyclopedia

▌What is composability in DeFi?

In Decentralized Finance (DeFi), composability refers to the ability for various applications and protocols to seamlessly communicate, allowing them to combine and integrate their building blocks to create new functionalities or financial services. This interoperability is similar to building with Lego bricks, where different protocols can be assembled and flexibly combined.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not serve as actual investment advice. Please establish the correct investment concept and always increase risk awareness.

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