LianGuai Daily | BlackRock submits S-1 application for Ethereum ETF; Gas fees on Polygon network surge to over 5000 gwei

Breaking News BlackRock Files S-1 for Ethereum ETF on LianGuai Daily; Gas Fees Reach Extreme High of 5000 gwei on Polygon Network

Today’s headlines:

US SEC Delays Hashdex Bitcoin Spot ETF Application, and reaches a decision on the 19b-4 filing for the Grayscale Ethereum Futures ETF

NY Department of Financial Services Issues Guidance on the Listing and Delisting of Cryptocurrency Companies

BlackRock Submits S-1 Application for Spot Ethereum ETF to US SEC

• The National Pension Service Strikes Gold With Coinbase Investment
• 5 Must-Read Articles | The History of Bitcoin’s Scripting Protocol
• ASICRUN Miners Boosting Efficiency in the Fight for Unparalleled Mining Performance

Jupiter Announces the First Round of Airdrop of 1 Billion JUP Coins Next Week to 955,000 Eligible Wallets

Sei Network Receives Strategic Investment from Circle, USDC to Be Integrated into Sei Network

Pyth Network Adds Token Airdrop, Distributing 55 Million Tokens to DeFi Users

Lens Ecosystem Project lensta Plans to Sell Its Application for 8.88 ETH

Gas Fees on Polygon Network Surge to Over 5000 gwei

Regulatory News

The New York Department of Financial Services (NYDFS) director, Adrienne A. Harris, announced on Wednesday in a statement that the department has strengthened its guidance on the listing or delisting of cryptocurrencies to enhance protection for cryptocurrency investors across the state. This revised guidance comes after NYDFS launched a feedback period in September.

The updated guidance will require cryptocurrency companies to submit their policies for listing and delisting tokens to obtain NYDFS approval. According to the statement, these policies will be evaluated based on stricter risk assessment criteria to ensure that delistings are carried out “in an orderly manner, protecting consumers and minimizing market disruption.” The new rules also require companies to provide prepayment for token delistings and to be more transparent in ceasing support for cryptocurrencies they once listed. Additionally, companies must develop policies based on “specific business models, operations, customers and counterparties, operational geography, and service providers”; as well as the “purpose, function, and specific features” of the tokens under consideration.”

SEC delays decision on Hashdex’s Bitcoin spot ETF application

Bloomberg analyst James Seyffart tweeted that the SEC has delayed its decision on Hashdex’s application to hold spot Bitcoin in its Bitcoin futures ETF. The SEC has also delayed its decision on Grayscale’s Ethereum futures ETF 19b-4 (rule change) filing.

SEC delays decision on Grayscale’s Ethereum futures ETF 19b-4 filing

Bloomberg analyst James Seyffart tweeted that the SEC has delayed its decision on Grayscale’s Ethereum futures ETF 19b-4 (rule change) filing. The analyst stated that an Ethereum futures ETF does not require the 19b-4 process. However, Grayscale may want to force the SEC to make a decision on the 19b-4 filing for the Ethereum futures ETF. If the SEC approves the filing, Grayscale will point out that the SEC treats futures and spot ETFs differently, similar to the GBTC lawsuit. If the SEC rejects the filing, Grayscale can file another lawsuit alleging that the SEC treats Bitcoin and Ethereum futures ETFs differently.

US lawmakers urge Treasury Department to revise proposed cryptocurrency tax rules

According to CoinDesk, Representative Patrick McHenry (R-NC), Chair of the House Financial Services Committee, and Representative Ritchie Torres (DN.Y) are leading a group of nine lawmakers urging the Treasury Department to revise its proposed digital asset tax regime. The group supports cryptocurrency representatives and lawyers, who argue that the proposed tax plan is a “dangerous and inappropriate overreach.” “If finalized, the proposed regulations have too broad a definition of ‘digital asset brokers,’ an insufficient definition of ‘digital assets,’ and an unreasonable comment period, which could hinder the continued existence of a large part of the digital asset ecosystem in the United States. The main point of controversy is how the proposal defines custodial wallet providers, payment processors, some decentralized finance (DeFi) entities, and other entities as “brokers” for tax reporting purposes.

Head of Dubai’s crypto regulatory agency set to resign, authorities considering fines for more than a dozen crypto companies

According to Bloomberg, Henson Orser, the head of Dubai’s cryptocurrency regulatory agency, is set to resign after less than a year in office, and will be replaced by Matthew White, a partner at PricewaterhouseCoopers who previously served as an advisor to the Dubai Virtual Assets Regulatory Authority (VARA). Insiders revealed that Orser is resigning for personal reasons.

Meanwhile, authorities are preparing to impose heavy fines on unauthorized digital asset companies operating in the Emirate. Some insiders say that as leadership changes, Dubai regulators are preparing to fine over ten crypto companies that have failed to comply with their guidelines by the November 17 deadline. It is currently unclear which companies will be fined. Insiders say that crypto exchanges Binance Holdings Ltd., Bybit Fintech Ltd., and OKX are currently not among the companies at risk of being fined, as these three companies have partial digital asset licenses in Dubai. They say that VARA plans to give some applicants, including these three companies, more time to fulfill all the requirements for obtaining a full license. According to the Dubai Virtual Assets Regulatory Authority website, the regulatory body has so far granted licenses to five virtual asset service providers.

Do Kwon’s appeal in the fake passport case was rejected by the Supreme Court of Montenegro

According to CoinDesk, the Supreme Court of Montenegro has rejected Terra founder Do Kwon’s appeal against his four-month prison sentence for forgery charges. The Supreme Court dismissed the appeal based on lack of evidence to overturn the lower court’s decision. In earlier news in June, Do Kwon was sentenced to four months in prison in Montenegro for forging a passport.

Project Updates

BlackRock has submitted an S-1 application for an Ethereum ETF to the US SEC

Official filings show that BlackRock has submitted its S-1 application for an Ethereum ETF to the US Securities and Exchange Commission (SEC) on November 15. In earlier news on November 10, Nasdaq submitted Form 19b-4 (rule change application) for the iShares Ethereum Trust, an Ethereum spot ETF by BlackRock, to the US SEC. The ETF is planned to be listed on Nasdaq, with Coinbase serving as the Ethereum custodian.

LianGuaixos plans to launch a new USD stablecoin for its Singapore operations

Cryptocurrency brokerage firm LianGuaixos has announced that it has obtained preliminary approval from regulatory authorities to offer digital payment token services in Singapore. The company has been provisionally approved to establish LianGuaixos Digital Singapore Pte., according to a statement. The entity from the Monetary Authority of Singapore allows the company to provide services to customers under the Payment Services Act while waiting for full approval. A spokesperson for the company stated that once LianGuaixos obtains full approval to operate in Singapore, it will collaborate with corporate clients to issue a USD-backed stablecoin. Besides being backed by the USD and issued by the new Singapore entity, LianGuaixos has not yet disclosed the name or specific details of the new stablecoin.

Lens Ecological Project Lensta plans to sell its application at a price of 8.88 ETH

Lens Ecological Project Lensta announced the sale of its application, which includes the complete codebase for mobile and web, 8 hours of developer guidance and insights, all social media accounts, as well as Figma files and brand materials. The selling price is set at 8.88 ETH. Lensta also provides some activity and download metrics data for potential buyers.

It is reported that Lensta previously announced that the project had stopped development due to promotion difficulties.

The Philippines will issue tokenized bonds due in November 2024 to institutions

According to Bloomberg, the Philippines will sell tokenized national bonds for the first time on Monday to further develop its domestic debt market. According to the issuance notice, the Ministry of Finance will issue at least 10 billion pesos (179 million US dollars) worth of tokenized bonds with a maturity date of November 2024 to institutional buyers, with a minimum denomination of 10 million pesos and an increase of 1 million pesos. The final interest rate will be determined through bookbuilding and announced on November 20th. Both the Philippine Development Bank and the Land Bank of the Philippines are state-owned banks and are the issuing and managing institutions.

Jupiter will airdrop 1 billion JUP tokens to 955,000 eligible wallets next week

Jupiter Exchange, a Solana-based trading aggregator, has released detailed information about the JUP community airdrop. The total supply of JUP is 10 billion tokens, 40% of which will be distributed to the community through 4 rounds of airdrops. The first round airdrop allocation will begin next week, distributing 10% (1 billion tokens). Eligible for the airdrop are 955,000 wallets that have directly interacted with Jupiter before November 2nd. There will also be airdrops for new users, and the team expects to start another growth-oriented airdrop round before the token launch.

The token is not yet launched, and the team will reopen the airdrop channel for final discussions today and conclude the discussion before Friday.

StraitsX approved to issue Sing-dollar and USD stablecoins in Singapore

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said that StraitsX has received preliminary approval from the MAS for stablecoins. StraitsX also confirmed on its official blog that it has been granted in-principle approval from the MAS to issue single-currency collateralized stablecoins. XSGD (issued by StraitsX SGD Issuance Pte. Ltd.) and XUSD (issued by StraitsX USD Issuance Pte. Ltd.) are used for issuing. XSGD and XUSD are both single-collateral stablecoins (SCS), pegged at a 1-1 ratio with the Singapore dollar and USD, respectively. These stablecoins are designed to comply with MAS’s upcoming stablecoin regulatory framework. XSGD is currently available for minting and redemption on their platform, and the company plans to issue XUSD later.

The Managing Director of the Monetary Authority of Singapore, Ravi Menon, also stated in his keynote speech at the Singapore FinTech Festival: “There are four competitors for digital currencies.” He named them as privately issued cryptocurrencies, CBDCs, tokenized bank liabilities, and well-regulated stablecoins. Cryptocurrencies perform poorly as a medium of exchange or a store of value. Stablecoins and central bank digital currencies (CBDCs) (rather than cryptocurrencies) will become part of the future financial ecosystem. He also stated that the Monetary Authority of Singapore will collaborate with regional banks to pilot the wholesale CBDC.

Tech giants Microsoft, Tencent, and others collaborate with ConsenSys to strengthen the decentralized Infura network

According to Cointelegraph, Microsoft, Tencent, and 16 other Web2 giants have partnered with ConsenSys to jointly fulfill the task of decentralizing the Infura network. The collaboration aims to strengthen the decentralization of the Infura network, which is crucial in preventing disruptions to its Web3 services, including the MetaMask wallet service.

Judge rejects FTX attorney’s motion to postpone bankruptcy proceedings

FTX attorney Lawrence Gebhardt requested the Delaware court to postpone the bankruptcy proceedings “for one to two months” in order to investigate the reasons behind FTX’s bankruptcy. He stated that key parties involved in the case are located around the world, such as FTX’s former attorney Dan Friedberg currently being in Washington, another former attorney Can Sun in the Bahamas, and SBF being in prison. Therefore, the investigation of the case would involve “significant costs and extensive travel” to determine the reasons that led to FTX’s bankruptcy between November 2021 and October 2022. Judge John Dorsey denied this motion, stating that there is no need to postpone the bankruptcy proceedings. If the investigation is as complex as claimed, it should start now without delay.

Raft announces recovery plan for hack incident, to compensate affected users with 3,960,000 DAI

Stablecoin protocol Raft has announced a recovery plan for the hack incident that occurred on November 10th. Raft will compensate affected users with 3,960,000.62 DAI based on their holdings at the snapshot time (November 14th, 2023, 21:48:47, block height: 185729287) and their interaction with the protocol, utilizing the DAI in the Protocol’s Stablecoin Module (PSM). Users must meet the following requirements to be eligible for compensation: 1. Holding requirement, meaning users must hold R at the snapshot time; 2. Trading activity restriction, meaning users haven’t traded R after the hack incident occurred; 3. Users holding R in MEXC must prove that they purchased the tokens before the hack incident. Compensation for liquidity providers will be based on the USD value of each LP position at the snapshot time. Compensation for RR holders will be based on the amount of R held in RR (Ethereum mainnet and Base) at the snapshot time. And compensation for R Idle holders will be based on the amount of idle R held at the snapshot time. The current compensation plan will be open for community feedback and input before 07:59 Beijing time on November 22nd.

Pyth Network: New Airdrop of 55 million tokens to DeFi Users

Pyth Network, the oracle project, announced an expanded airdrop coverage for DeFi participants. Previously, Pyth announced a distribution of 200 million PYTH tokens to on-chain DeFi participants. Now, an additional approximately 55 million PYTH tokens will be distributed, bringing the total airdrop distribution to approximately 255 million PYTH tokens.

Web3 Foundation Launches Polkadot Ecosystem Project Funding Program, Plans to Distribute $20 Million and 5 Million DOT Tokens

According to official sources, the Web3 Foundation announced the “Decentralized Futures” program, which aims to provide funding for startup teams and initiatives to drive the success of Polkadot. The program will distribute $20 million and 5 million DOT tokens to support individuals and teams launching new initiatives to develop the Polkadot ecosystem.

The main goal of the program is to expand the network by increasing self-sustaining participants. The funding is applicable to profit-driven organizations centered around Polkadot, as well as non-profit enterprises that have strategic plans for continuous financing through the Polkadot financial system after 2024. The program is operated by the Web3 Foundation. The application window for the program is from November 2023 to June 2024, with applications currently open. The decision period will begin in December, and the application process will conclude in June next year, with the review process ending in July.

HashKey: Submitted applications for listing 4 currencies to the Hong Kong Securities and Futures Commission, believe there is a chance for retail trading next year

According to Sing Tao Daily, HashKey Exchange, a licensed virtual asset exchange in Hong Kong, recently obtained the Securities and Futures Commission’s approval to launch the first licensed exchange application in Hong Kong. Currently, retail investors can only invest in Bitcoin and Ether on the platform. Andy Wong, Chief Operating Officer of HashKey Group, stated that they have submitted applications for listing 4 currencies to the Securities and Futures Commission and are waiting for further inquiries and approval. He believes there is a chance for retail investors to buy and sell next year.

Andy Wong stated that with the release of the application, it has driven the platform’s total trading volume to exceed $1 billion. The total number of registered users now exceeds 120,000, with the highest growth and trading volume coming from individual professional investor users, mainly from Hong Kong. He mentioned that the remaining time of this year will focus on promoting professional investor trading. He also mentioned that by the end of the year, the number of assets available for professional investors to invest is expected to increase to 15 to 20. Next year, the focus will be on exploring assets related to RWA (Real World Assets), and they expect the total trading volume on the platform to reach $3 billion.

Nostr Assets Protocol considers airdrop to selected BRC20 and Ordinal holders

According to the official blog, the Bitcoin Lightning Network Nostr Assets Protocol is considering an airdrop of TRICK and TREAT tokens to selected BRC20 and Ordinal series holders to further enrich its ecosystem and expand community influence. The total supply of TRICK and TREAT tokens is 210 million each, with approximately 20% already airdropped to the Nostr Assets Protocol community, approximately 70% dedicated to the promotion of the Nostr Assets Protocol ecosystem and community development, and approximately 10% allocated to Nostr Assets Protocol’s team for long-term success.

In addition, Nostr Assets announced that with the TRICK and TREAT assets, users will have the right to vote on key decisions. Each TRICK and TREAT token is equivalent to one vote, and all tokens received during the voting process will be burned. Users will be able to vote on which projects to airdrop and grant tokens, even those authorized to issue Taproot assets according to the protocol. To commemorate the launch of the +Fairmint feature, Nostr Assets also plans to introduce a third asset, the code of which will be determined by the community. The project is also considering introducing staking, allowing users to stake TRICK and TREAT tokens to qualify for a 90% free airdrop, while the team retains the remaining 10%.

Funding News
Tokenization company Superstate raises $14 million investment, bringing traditional funds to the blockchain

Blockchain-based asset management company Superstate has closed a $14 million risk investment round to develop regulated blockchain funds available to US investors. The funding round was led by CoinFund and Distributed Global, with participation from Arrington Capital, Breyer Capital, CMT Digital, DeLianGuairtment of XYZ, Folius Ventures, Galaxy Digital, HackVC, Modular Capital, Nascent, and Road Capital Management. Superstate focuses on developing regulated and compliant investment tools using public blockchains accessible to US investors.

Sei Network receives strategic investment from Circle, USDC to integrate with Sei Network

Layer1 blockchain Sei Network has announced a strategic investment from stablecoin issuer Circle, and USDC will be integrated into the Sei chain. Circle’s investment will enable Sei to integrate USDC with its growing suite of applications, such as the decentralized exchange Sushiswap.

Important Data
Polygon ecosystem fund distributed 2.17 billion MATIC to 70 addresses in the past 12 hours

Blockchain analyst Yu Jin tweeted that the Polygon: Ecosystem Growth address distributed a total of 2.17 billion MATIC ($199 million) to 70 addresses in the last 12 hours. Most of these addresses had received the same amount of MATIC from the Polygon: Ecosystem Growth address one year ago.

South Korea’s National Pension Fund purchased around $20 million worth of Coinbase stock

According to South Korean media reports, the National Pension Fund Association of Korea has submitted a stock holding report to the U.S. Securities and Exchange Commission (SEC), which shows that it holds 282,673 shares of Coinbase stock in the third quarter at a price of $70.5 per share, with a total value of approximately $20 million.

Gas fees on the Polygon Network surge to over 5000 gwei

On-chain data shows that gas fees on the Polygon Network have surged to over 5000 gwei, with standard gas fees currently at 5012.5 gwei. This may be driven by Polygon’s PRC-20 POLS minting activity.

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