LianGuai Morning News | Brazilian official suggests prosecuting Binance executive SBF, whose ambition is to become the President of the United States.

LianGuai Morning News | Brazilian official proposes prosecuting Binance executive SBF, who aims to be US President.

Headlines

▌Former CEO of Alameda: SBF’s Ambition is to Become the President of the United States

Caroline Ellison, former CEO of Alameda Research, testified in court that SBF’s ambition is to become the president of the United States. He is “very interested” in politics and mentioned wanting to use his own money to exert political influence.

▌Brazilian Congressional Committee Recommends Prosecuting Binance Executives Including Changpeng Zhao

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According to Bloomberg, the Brazilian Congressional Committee has recommended prosecuting four senior leaders of Binance, including its founder and CEO Changpeng Zhao. The committee accuses Zhao and three local Binance executives of fraud, unauthorized issuance or trading of securities, and unauthorized operation of financial institutions. Legislators also recommended that the Brazilian Securities and Exchange Commission (CVM) investigate Binance’s derivative sales behavior in the event of a cease-and-desist order. The committee stated in its final report that these ongoing transactions “repeatedly violate securities market rules.”

The committee has been investigating Ponzi schemes related to Brazil and cryptocurrencies, and currently can only make recommendations. It will be up to the Brazilian police to decide whether to proceed with actual prosecution.

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Market

As of press time, according to coinmarketcap data:

BTC recent trading price is $27,387.5, with a daily change of -0.08%;

ETH recent trading price is $1,567.71, with a daily change of +0.00%;

BNB recent trading price is $208.65, with a daily change of +0.66%;

XRP recent trading price is $0.4968, with a daily change of +0.54%;

DOGE recent trading price is $0.0590, with a daily change of+0.61%;

ADA recent trading price is $0.2489, with a daily change of +0.42%;

SOL recent trading price is $22.08, with a daily change of +0.47%.

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Policies

▌North American Securities Administrators Association Opposes “Special Treatment” of Cryptocurrencies in Coinbase Case

The North American Securities Administrators Association stated in a friend-of-the-court brief regarding the Coinbase case that the New York court should not grant “some form of special treatment” to digital assets.

The association supports the lawsuit against Coinbase by the U.S. Securities and Exchange Commission and the court should reject Coinbase’s attempts to narrow and misuse established legal frameworks to avoid the same regulatory obligations as all other participants in the federal securities market. The court should refuse to treat digital assets as some special kind of asset.

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Blockchain Applications

▌Ethereum Client Hyperledger Besu Releases Besu 23.10.0 Version

Ethereum client Hyperledger Besu has announced the release of Besu version 23.10.0, which is recommended for all mainnet/public network users. It includes many performance improvements, bug fixes, and a new transaction pool that can build more efficient modules with fewer resources. Other feature enhancements include removing support for the deprecated Kotti network on Ethereum Classic, improvements to the tracking API, adjustments to garbage collection flags to improve memory consumption, and block execution performance improvements, etc.

▌Botanix Labs Founder: Bitcoin Needs to Start Playing a Role in the EVM World

Willem Schroé, founder of cross-chain infrastructure company Botanix Labs, said in an interview that Bitcoin needs to start playing a role in the EVM world in order to build real-world use cases and increase its adoption and practicality. Bitcoin is technically the most secure and truly decentralized protocol, while the EVM has proven itself to be the application layer of the global financial system. Although Bitcoin is typically used as a peer-to-peer payment system or store of value, Schroé said that its potential cannot be realized unless cryptocurrencies can connect to a wider financial system, such as the security and commodities markets.

Schroé believes that connecting Bitcoin to real-world assets, stablecoins, decentralized finance, and non-fungible tokens based on Ethereum through the EVM is the first step in this direction.

▌Immutable Partners with AWS to Drive Global Adoption of Web3 Games

Web3 gaming company Immutable has announced a partnership with Amazon Web Services (AWS) to accelerate game studios joining the web3 space and enable millions of gamers worldwide to have digital ownership of in-game items.

Immutable has joined AWS’s ISV Accelerate program, a joint sales program for organizations that provide software solutions running on or integrated with AWS. This will enable Immutable to access AWS’s expert resources to help ensure potential customers and ultimately transact with leading game studios worldwide. Web3 gaming projects built on Immutable can also register for AWS Activate, a program that provides AWS credits, technical support, training, resources, etc., for startups. Participants can receive up to $100,000 in AWS credits to scale on AWS infrastructure while leveraging Immutable’s expertise in integration, building, launching, and growing their own web3 games.

▌Web3 Platform IoTeX Launches Confidential Computing Hardware Stack

Hardware and chip technology provider ARM Research and web3 platform IoTeX have introduced confidential computing for encrypted data into IoTeX’s DePIN stack. Xinxin Fan, co-founder and head of blockchain at IoTeX, said that confidential computing is a hardware-supported security and privacy-enhancing technology specifically designed to protect the data being used.

DePIN stands for Decentralized Physical Infrastructure Network, which aims to allow contributors to build decentralized infrastructure for individuals or companies in exchange for economic compensation, according to Xinxin Fan. He believes that the security of zero-knowledge technology comes from mathematics, while confidential computing relies on specific security features of hardware. He thinks that confidential computing is “much more efficient” than zero-knowledge proofs.

▌Coinbase Expands USDC Multi-Chain Availability to Polygon

Coinbase Assets announced in a tweet that Coinbase has expanded the multi-chain availability of USDC on Polygon. This release will bring more efficient USDC transactions, with USDC deposits available on Polygon and all bridged withdrawals converting to native withdrawals around noon on October 12th Eastern Time.

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Cryptocurrency

▌Bloomberg: Bitfinex Owner Considering $150 Million Stock Buyback

A document obtained by Bloomberg shows that the owner of cryptocurrency exchange Bitfinex is exploring a $150 million stock buyback, which would give them greater control over the privately held company, especially with regulatory scrutiny of the industry on the rise.

The document shows that iFinex Inc., a Hong Kong company sharing directors with Tether Holdings Ltd., sent a letter to shareholders on September 22nd proposing a tender offer to buy 15 million shares of stock at a price of $10 per share. The proposal states that this transaction would represent approximately 9% of iFinex’s outstanding capital, valuing the business at $1.7 billion.

“The buyback is a result of the company’s ‘strong performance’ over the past few years,” according to a statement from iFinex cited by Bloomberg.

▌Bitstamp to Cease Services to Canadian Customers from January 8th Next Year

Cryptocurrency exchange Bitstamp will cease its services in Canada early next year. Bobby Zagotta, CEO of Bitstamp in the United States and Global Chief Business Officer, stated in a declaration, “After giving our esteemed customers preliminary notice in March, Bitstamp will officially cease providing services to Canadian customers from January 8th, 2024. As a result, all Canadian accounts will be closed, and customers will no longer have access to their accounts.”

Zagotta urged customers to withdraw their funds before January. Zagotta added that he hopes to be able to provide services to Canadian customers again at some point in the future.

▌CF Benchmarks CEO: Gold ETF Helps Understand SEC’s Consideration of Spot Bitcoin ETF Proposal

Sui Chung, CEO of CF Benchmarks, a subsidiary of Kraken, stated that gold ETFs help understand the SEC’s consideration of the proposal for a spot Bitcoin ETF. If you compare it to gold, nobody really knows how big the physical spot market for gold is because it doesn’t trade on screens and doesn’t have a central limit order book. Cryptocurrencies are different because there is a central order book on the open internet that can be monitored. Whatever decision the SEC makes, whether to approve or not, they need to make an order discussing all the benefits and tools of the proposed rule change, which is a very complicated task.

▌K33 Analyst: Holding BTC May Be the Safest Investment Option Currently

K33 Research pointed out in its latest market report that BTC, as the digital gold in a safe haven environment, and the potential listing of a spot Bitcoin ETF, is more attractive than ETH related to DeFi and NFTs. Holding BTC may be the safest investment option currently until there is clear evidence of upward momentum for ETH. Analysts state that traders in the derivatives market expect ETH to continue underperforming.

▌Former Alameda CEO: Alameda Grants Personal Loans to SBF and Others, Totaling Over $5 Billion

Former Alameda Research CEO Caroline Ellison told the judge that Alameda has granted personal loans to Bankman-Fried, co-founder of FTX, Gary Wang, and former Director of Engineering Nishad Singh, totaling over $5 billion by mid-2022.

She also testified that “any major decisions” at Alameda are always made by SBF.

▌Billionaire Tudor Jones: Bitcoin and Gold are Attractive Choices

Billionaire hedge fund giant Paul Tudor Jones said in an interview with CNBC on Tuesday that widespread geopolitical risks and rising levels of U.S. government debt have made holding stocks difficult, but Bitcoin (BTC) and gold are attractive choices. He also mentioned the U.S. fiscal condition as the weakest since at least World War II.

Jones explained that this could be the most threatening geopolitical environment he has ever seen, and as U.S. interest costs rise, it will fall into a vicious cycle: rising rates lead to higher financing costs, increased debt issuance, further bond liquidation, rising rates again, making it difficult for the U.S. fiscal condition to be sustained. I don’t like stocks, but I like Bitcoin and gold.

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Important Economic News

▌Fed’s Kashkari: Further Rate Hikes May Be Needed if the Economy is More Resilient

Minneapolis Fed President Kashkari said that further rate hikes may be needed if the economy is more resilient. “The higher bond yields might limit the Fed’s action space. However, if the rise in long-term yields is due to market expectations of the Fed’s actions, we may need to stick to our guns and deliver on our promises.”

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Tudor Jones Encyclopedia

▌Long and Short Positions

Long and short positions represent opposing strategies used by investors and traders to speculate on price movements of the assets in question. In cryptocurrency trading, a long position is initiated by buying an asset in the hope that its price will rise, while a short position is initiated by selling an asset (usually borrowed) in the hope that its price will fall.

Disclaimer: As a blockchain news platform, LianGuai’s published articles are for informational reference only and should not be considered as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.

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