LianGuai Morning News | New York Financial Services Bureau is expected to become the most influential regulatory agency Traditional finance and Bitcoin need to coexist

LianGuai Morning News | Expansion of New York Financial Services Bureau Expected to Heighten Influence Coexistence of Traditional Finance and Bitcoin

Headline

▌Data: Post-adjustment on-chain total transaction volume in November increased nearly 30% to $255 billion

The Block’s research director, Lars, stated on the X platform that the post-adjustment on-chain total transaction volume in November increased by 29.8% to $255 billion (with BTC growing by 21.2% and ETH growing by 43.9%). Post-adjustment, stablecoin on-chain transaction volume increased by 7.6% to $596.5 billion; circulation increased by 3.7% to $120.1 billion, with USDT and USDC market shares at 74.8% and 18.7%, respectively. BTC miner income increased by 30.1% to $1.15 billion, while ETH staker income increased by 25.7% to $158 million. In November, a total of 102,018 ETH was burned, equivalent to $204 million. Since the implementation of EIP-1559 in early August 2021, a total of 3.77 million ETH has been burned, equivalent to $10.51 billion.

▌Nansen: NFT-500 Index measured in ETH has dropped 50% this year

Data released by Nansen shows that the NFT-500 Index, measured in ETH, has dropped 50% since the beginning of the year. The NFT-500 Index measures the valuation of the top 500 NFTs, and its value measured in USD has decreased by 16%. Meanwhile, the Blue-Chip 10 Index (which focuses exclusively on popular NFT collections such as CryptoPunks and Bored Ape Yacht Club) has dropped by 44% measured in ETH and 1.7% measured in USD.

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Market

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

BTC’s recent trading price is $39,519, with a daily change of +2.00%;

ETH’s recent trading price is $2,166.78, with a daily change of +3.15%;

BNB’s recent trading price is $231.01, with a daily change of +1.13%;

XRP’s recent trading price is $0.6223, with a daily change of +1.59%;

DOGE’s recent trading price is $0.08644, with a daily change of +2.94%;

ADA’s recent trading price is $0.3986, with a daily change of +3.71%;

SOL’s recent trading price is $65.16, with a daily change of +8.30%.

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Policy

▌People’s Bank of China and Central Bank of the United Arab Emirates sign Memorandum of Understanding on strengthening cooperation in central bank digital currency

The People’s Bank of China and the Central Bank of the United Arab Emirates have renewed a currency swap agreement worth 35 billion Chinese yuan/18 billion Emirati dirham ($4.9 billion) in Hong Kong, extending the bilateral currency swap agreement for five years to promote financial and economic ties. The two parties have also signed a Memorandum of Understanding on strengthening cooperation in the development of central bank digital currencies.

▌UK legislators show cautious attitude towards launching retail CBDC

LianGuai reports that the UK Parliamentary Treasury Committee has issued a stern warning about the development of retail central bank digital currencies (CBDC) or “digital pound” and its potential risks to financial stability. The MPs urge the Bank of England and the UK Treasury to thoroughly consider data privacy and financial stability issues before proceeding with the implementation of this new form of currency.

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Blockchain Applications

▌Bank of China applies for blockchain leasing management patent, achieving information sharing and reducing process time

According to the announcement from the National Intellectual Property Administration, Bank of China Limited has applied for a patent titled “A method, device, and medium for blockchain-based container leasing management,” with the publication number CN117151831A and the application date of August 2023.

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Cryptocurrencies

▌New York Department of Financial Services (DFS) could surpass the US SEC as the most influential cryptocurrency regulatory agency

The New York Department of Financial Services (DFS) could potentially surpass the US Securities and Exchange Commission (SEC) as the most influential cryptocurrency regulatory agency. DFS Superintendent Adrienne Harris stated at the Washington Policy Summit hosted by the Blockchain Association, “We have over 60 people at the moment, making us potentially the largest cryptocurrency department in the world, and we are the only prudential regulator with specific authority over cryptocurrencies. I take that very seriously and intend to continue expanding the team to make further advances in strengthening cryptocurrency regulation in the state.”

▌Ripple lawyer claims SEC has bias in handling cryptocurrency cases

US District Judge Robert Shelby issued a warning to the US Securities and Exchange Commission (SEC) in a case involving the cryptocurrency company DEBT Box. Ripple lawyer John E. Deaton stated that he was not surprised by the development, indicating bias in the SEC’s handling of cryptocurrency cases. He expressed on X platform, “The SEC openly ignores Congress’ mandate and even Democrats like Ritchie Torres are recognizing that Gensler and the SEC are out of control.”

▌Surinamese President meets with JAN3 CEO to formulate national Bitcoin strategy

Surinamese President Chan Santokhi recently met with JAN3 CEO Samson Mow, discussing potential strategies for integrating Bitcoin into the Surinamese economy. This meeting is part of broader efforts towards diversifying the Surinamese economic model. The dialogue with JAN3, led by Foreign Minister Albert Ramdin, focused on exploring the potential of Bitcoin in various sectors such as finance, sustainable energy, and technology.

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Important Economic Developments

▌Custodia Bank founder: Traditional finance and Bitcoin need to coexist

Caitlin Long, founder and CEO of crypto-friendly bank Custodia Bank, stated in an interview that given the destructive impact of inflation on people’s lives and significant implications for the capital markets, the recent focus has shifted from making money to wealth preservation. When discussing Custodia’s Bitcoin custody business, Caitlin Long emphasized the need for traditional finance and Bitcoin to coexist, establishing a bridge between the two systems to ensure they do not harm each other while leveraging their respective attributes: a bank with the best form of currency plus offering the most robust customer protection.

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LianGuai Encyclopedia

▌What is NFT DApp?

An application based on blockchain that integrates non-fungible tokens is called an NFT DApp. With such applications, users can create, buy, sell, and trade original digital products such as artworks, collectibles, and in-game items. NFT DApps support game players, artists, and content creators by transforming ownership through the transparency and security provided by blockchain technology. The importance of NFT DApps lies in providing decentralized markets, facilitating peer-to-peer transactions, introducing innovative forms of ownership, disrupting existing industries, and democratizing the global digital economy.

Disclaimer: LianGuai serves as a blockchain information platform, and the published article content is for informational purposes only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.

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