LianGuai Morning News | Circle Internet considers IPO in 2024, Robinhood to launch EU cryptocurrency trading business.

LianGuai Morning News | Circle Internet Rumored to be Considering IPO in 2024, Robinhood to Enter European Cryptocurrency Trading Market

Headline

▌Insider: Stablecoin issuer Circle Internet considers IPO in 2024

According to Bloomberg, insiders have revealed that stablecoin issuer Circle Internet is considering an IPO in 2024.

The sources stated that the company is consulting with advisors to prepare for a potential initial public offering. The deliberations are still ongoing, and it is uncertain whether Circle will decide to proceed with the listing. While it is unclear what valuation Circle is seeking in the IPO, its valuation was $9 billion when it attempted to go public through a blank-check transaction in 2022.

According to Axios data, Circle has raised funds from investors such as Goldman Sachs, General Catalyst LianGuairtners, BlackRock, Fidelity Management, Research LLC, and Marshall Wace LLP. The company was valued at $7.7 billion in a funding round in 2022.

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▌Robinhood plans to launch cryptocurrency trading platform in the EU and expand brokerage operations in the UK

Robinhood announced in its third-quarter financial report that it plans to launch cryptocurrency trading operations in the EU and expand its brokerage operations in the UK in the coming weeks. Earlier this summer, Robinhood revealed that it was seeking to hire employees in the UK as part of its expansion into the region.

In June, Robinhood discontinued support for all tokens classified as securities, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), in response to lawsuits filed by the SEC against cryptocurrency exchanges Binance and Coinbase. The platform currently offers trading for 15 different cryptocurrencies.

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Market Prices

As of the time of writing, according to coinmarketcap data:

Recent BTC trading price: $35,408, with a daily percentage change of +0.97%

Recent ETH trading price: $1,885.07, with a daily percentage change of +1.15%

Recent BNB trading price: $246.34, with a daily percentage change of +0.72%

Recent XRP trading price: $0.6841, with a daily percentage change of +1.76%

Recent DOGE trading price: $0.0732, with a daily percentage change of +1.33%

Recent ADA trading price: $0.3509, with a daily percentage change of +3.10%

Recent SOL trading price: $42.862, with a daily percentage change of +4.02%

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Policies

▌Biden administration seeks new powers from Congress to combat cryptocurrency

According to The Wall Street Journal, a senior official from the U.S. Treasury Department stated that the Biden administration hopes to gain new powers from Congress to assist in combating the illicit use of cryptocurrency. The reasoning behind this request is reportedly tied to alleged links between the flow of digital assets and the Palestinian extremist group Hamas.

Wally Adeyemo, Deputy Secretary of the Treasury, stated at the Securities Industry and Financial Markets Association annual conference in Washington that the Treasury Department has been in communication with both the Democratic and Republican parties regarding actions that can be taken. He said, “We believe that Congress needs to take action in certain areas, and we will work with Congress to get more tools.”

Wally Adeyemo further added that the Treasury Department will continue to take action on its own and will work with legislators to encourage responsible innovation in the cryptocurrency industry.

▌CFTC refers to itself as the “primary enforcement agency” in the cryptocurrency field

The Commodity Futures Trading Commission (CFTC) stated in today’s announcement that this year’s enforcement results include a record number of cases in the digital asset space. The regulatory agency’s statement says, “In fiscal year 2023, the CFTC solidified its reputation as the primary enforcement agency in the digital asset space.”

CFTC Chairman Rostin Behnam added that he is “proud” of the agency’s work in the cryptocurrency field.

The announcement states that in fiscal year 2023, the CFTC initiated 47 lawsuits involving digital asset-related activities, accounting for over 49% of all actions. The CFTC also noted that it has made charges and reached settlements with some decentralized finance (DeFi) protocols.

▌US CFPB proposes regulating digital app providers, including crypto wallets

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to allow it to regulate large non-bank digital wallet and app providers. The rule is part of a broader initiative by the agency, which has expanded its regulatory scope to include consumer reporting, debt collection, student loan servicing, international money transfers, and auto financing.

The proposed rule specifically targets crypto wallets, stating that the definition of “funds” should expand to include crypto assets consistent with other federal regulations. The rule primarily applies to retail use of cryptocurrencies, as purchases or sales of cryptocurrencies with fiat currency and exchanges between different cryptocurrencies would be excluded.

▌Nearly half of the enforcement cases filed by the CFTC in fiscal year 2023 are related to digital assets

According to the latest report from the Commodity Futures Trading Commission (CFTC), in fiscal year 2023, the CFTC’s Division of Enforcement (DOE) initiated 96 enforcement actions, charging fraud, manipulation, and other significant violations in various markets including digital assets and derivatives, resulting in over $4.3 billion in fines, restitution, and disgorgement. Almost half of these enforcement cases (47) are related to digital assets. Notable cases include actions against former CEO of FTX Sam Bankman-Fried, cryptocurrency exchange Binance and its CEO Changpeng Zhao, and Celsius and its former CEO Alex Mashinsky.

According to last year’s report, the CFTC took 18 actions related to digital assets in the 2022 fiscal year.
Blockchain Applications:
– Former Cantor executive launches crypto lending platform to serve spot Bitcoin ETFs.
– Digital Prime Technologies, founded by former Cantor Fitzgerald executives, has launched an institutional digital asset lending platform called Tokenet, which will provide services to potential operators of spot Bitcoin ETFs.
– The company stated that Tokenet already allows clients, including Xapo Bank, to lend digital assets to other institutions such as EDX Clearing and the global institutional credit network Hidden Road LianGuairtners. This setup provides risk management tools and chat functionality for users to manage loans.
– Digital Prime expects that if spot Bitcoin ETFs are approved in the future, there will be an increased demand for borrowing Bitcoin by ETF issuers. Professional traders known as authorized participants can work with the issuer to create shares when the demand increases. When buyer interest cools down, participants will redeem these shares from the fund sponsor in order to reduce supply and keep the ETF’s price in line with its net asset value.

– Aave community proposal suggests using EIP-4824 to expand Aave DAO.
– According to governance forum messages, a new proposal from the Aave community suggests using EIP-4824 to expand Aave DAO. EIP-4824 defines a standard JSON schema for publishing basic DAO metadata on-chain. It achieves this by deploying a new smart contract to store the daoURI. This proposal does not involve any fund transfers or changes to Aave smart contracts and helps enable true interoperability for DAOs.

– Optimism: Superchain testnet to be upgraded to Canyon next week.
– According to an official announcement, Optimism has announced the first network upgrade after Bedrock, called Canyon. Canyon will be activated on the Superchain testnet (OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, Zora Sepolia) at 17:00 UTC on November 14th (1:00 AM Beijing time on November 15th). The announcement states that this network upgrade was built and implemented in collaboration with Base. Canyon has been successfully activated on the development network in coordination with Conduit and Base and will be introduced to the testnet next week. To activate on the OP mainnet, Base, and other mainnets of Superchain, a hard fork of Canyon still needs to go through the Optimism governance process.

– Magic Eden launches multiple new features to enhance support for Polygon and publicly releases Polygon API.
– NFT platform Magic Eden is enhancing its support for Polygon with multiple new features, including an aggregation tool that can integrate multiple market listings. The company stated in a statement that Magic Eden has also deployed royalty enforcement on its Polygon PoS marketplace and publicly released its Polygon API to enable project integrations. In the coming weeks, Magic Eden plans to launch collection pricing and multiple bidding, which will allow collectors to bid multiple times on specific NFTs or entire collections on Polygon PoS while keeping track of them.

LianGuai previously reported that Magic Eden was initially launched as Solana’s digital asset marketplace, and the platform added support for Polygon in November 2022.

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Cryptocurrency

▌Binance’s new Web3 wallet displays “supported by Trust Wallet”

According to community user feedback, the Binance Web3 wallet displays the phrase “Binance Web3 wallet supported by Trust Wallet” on the interface. Earlier news stated that Binance announced it would release a new product on November 8 during the Binance Blockchain Week, and the new product is a key component of “Onboarding the Next Billion”.

According to the Binance Blockchain Week schedule, the theme sharing guests for “Onboarding the Next Billion” include Trust Wallet CEO Eowyn Chen and Binance Regional Director Vishal Sacheendran.

▌Matrixport: Ethereum may rise to $3,000

Markus Thielen, Head of Research at Matrixport, stated in a report this week that with the recent surge in altcoin frenzy rejuvenating network activity, ETH has broken free from its downtrend and may rise to $3,000.

Markus Thielen said, “Revenue from the Ethereum ecosystem is hitting rock bottom, which may indicate a tradable bottom for Ethereum. As long as Ethereum fees stay above $30 million weekly, tactical bullish trades may have value,” and he has set a price target of $3,000 based on technical chart patterns.

▌Total crypto market cap surpasses $13 trillion, the highest level since May 2022

TradingView data shows that as the crypto market rally expands across the board, the total cryptocurrency market cap has surpassed $1.31 trillion, reaching its highest level since late May 2022 (when the Terra ecosystem crashed).

Bitcoin has surged to $35,500, up nearly 2% in the past 24 hours. Supported by continued capital inflows into altcoins, the ecosystems of Solana (SOL), toncoin (TON), and Crypto.com’s ecosystem token (CRO) also rose by 5%-10%.

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Important Economic News

▌Fed Governor Bowman: Expect the need for further increase in the federal funds rate

Fed Governor Bowman said: I still expect the need for further increase in the federal funds rate. Some tightening measures are due to higher long-term government bond yields, which may be unstable. It is still unclear how tightened financial conditions will impact economic activity and inflation. I am still willing to support raising policy rates at future meetings.

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LianGuai Encyclopedia

▌What is metadata in blockchain transactions?

Additional data or information attached to encrypted transactions on the blockchain is called metadata in blockchain transactions. Metadata is data about data. In the context of blockchain transactions, it includes information that is not directly related to the transfer of cryptocurrencies but can provide additional functionality for the transaction. There are two types of metadata: on-chain metadata and off-chain metadata.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational reference only and should not be taken as actual investment advice. Please establish the correct investment principles and always be aware of the risks involved.

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