Daily Legal News: Bitcoin briefly breaks through $36,000; US SEC engages in dialogue with Grayscale regarding the conversion of GBTC to a spot Bitcoin ETF.
Selected News:
1. Bitcoin briefly broke through $36,000, reaching a new high since May 7th, 2022.
2. The US SEC has engaged in discussions with Grayscale regarding the conversion of GBTC to a physically-backed Bitcoin ETF.
3. WSJ: Former NYSE President is in talks to relaunch FTX;
4. Shardeum Whitepaper Reveals: SHM Token has a maximum limit of 508 million, with 51% being allocated to the community as node rewards;
5. CryptoPunks floor price has risen above 50 ETH; Ethereum NFT trading volume has exceeded 10,000 ETH, reaching a new high in nearly three months;
Price Observation
SUI price surged briefly to $0.58, up more than 10% in 24 hours
BlockBeats News, on November 8th, according to OKX market information, SUI price briefly rose to touch $0.58 and is now falling back to $0.5676, with a 24-hour increase of 10.85%. According to DefiLlama data, Sui network's total value locked (TVL) has exceeded $100 million, currently at $101 million, reaching a new historical high. This is a 154% increase compared to the previous period and a 534% increase over the past three months.
Bitcoin short-term breakthrough $36,000, 24-hour increase of 0.96%
BlockBeats News, on November 9th, according to OKX market data, Bitcoin briefly broke through $36,000 and is now priced at $35,727, with a 24-hour increase of 0.96%, reaching a new high since May 7, 2022.
CryptoPunks floor price rebounds above 50 ETH
BlockBeats News, on November 9th, according to the official website, the floor price of CryptoPunks NFT series has risen above 50 ETH.
FTT price briefly surged to $1.43 before falling back, up over 10% in 24 hours
BlockBeats News, on November 8th, FTT price briefly surged to $1.43 and has now fallen back to $1.35, with a 24-hour increase of over 10%.
BlockBeats previously reported that Bullish, a cryptocurrency trading platform under Block.one led by former NYSE President Tom Farley, Figure Technologies, a fintech startup, and Proof, a cryptocurrency venture capital firm, are competing to acquire FTX. The winning bidder will be able to relaunch the trading platform after it plans to exit bankruptcy proceedings next year.
BlockBeats News, on November 8th, market data shows that the ILV price briefly surged above $73, now trading at $73.69, with a 24-hour increase of 17.93%. On-chain data shows that the Illuvium team deposited 65,753 ILV into Binance yesterday. BlockBeats previously reported that the RPG blockchain game Illuvium announced plans to launch on Epic Games Store on November 28th, developed on the Immutable X network using Unreal Engine 5.
Transaction Tracking
Pai Dun: FTX transferred 250,000 SOL, worth about $10.9 million, to Binance 6 hours ago
BlockBeats News, on November 9th, according to PeckShieldAlert monitoring, an address marked as FTX transferred 250,000 SOL (approximately $10.9 million) to Binance 6 hours ago. As of now, FTX still holds 1 million SOL (approximately $43.4 million).
NFT whale Christian: Azuki Elementals NFT series floor price has been swept to 0.75 ETH
BlockBeats News, on November 8th, NDV, a cryptocurrency fund co-founder and NFT whale Christian announced on social media that he had swept the floor price of Azuki Elementals NFT series to 0.75 ETH. According to NFTTrack data, the address christian2022.eth (0xc75b143301cF47A3Ad096ED904f5E3f0831a57Fb) currently holds a total of 139 Azuki Elementals NFTs. According to Blur market data, the floor price of Azuki Elementals NFT series has now slightly fallen to 0.7 ETH, with a daily increase of 31.97%.
Project Updates
Illuvium plans to launch on Epic Games Store on November 28th
BlockBeats News, on November 8th, RPG blockchain game Illuvium announced that it plans to launch on Epic Games Store on November 28th. The game is developed using Unreal Engine 5 on the Immutable X network. As previously reported by BlockBeats, the Illuvium team deposited 65,753 ILV ($4.34 million) into Binance yesterday.
Lido announces the launch of Base Network.
BlockBeats news, on November 8th, Lido announced the launch of Coinbase L2 network Base, and wstETH is now available throughout the Base ecosystem. Base users can initially interact with wstETH through dApps such as KyberSwap, Beefy, and Aerodrome.
BlockBeats News, on November 9th, Shardeum, a Layer1 blockchain based on EVM, released its white paper, which detailed its token economics model. The white paper emphasizes that Shardeum's token (SHM) is designed as a deflationary asset with a fixed maximum supply, totaling no more than 508 million, and will not be changed by any form of future voting. In addition, all transaction fees will be burned and not paid to any miners or validators, which makes SHM increasingly scarce in design. SHM tokens confiscated from validators will also be destroyed, further increasing the scarcity of SHM. With the maturity of Shardeum technology and wider adoption, it is expected that the supply of SHM will become extremely deflationary, as the number of tokens burned will exceed the number of tokens awarded as node rewards.
去中心化 AI 计算平台 Ritual 完成 2500 万美元融资，Archetype 领投 Translation:
Decentralized AI computing platform Ritual completes $25 million financing, led by Archetype
BlockBeats News, on November 8th, decentralized AI computing platform Ritual announced the completion of a $25 million financing round, led by Archetype with participation from Accomplice and Robot Ventures. Ritual aims to create an "incentive network" that utilizes distributed computing devices to drive all aspects of artificial intelligence. Co-founder Niraj Pant pointed out that currently, the chips, computing power, and models of AI tools are controlled by a few companies, which poses a threat to the future of technology. Ritual's goal is to break the dependence on these companies, open access to critical infrastructure, and ensure better construction of artificial intelligence. The funds will be used to build network infrastructure, expand the team, and develop the Ritual ecosystem. Ritual plans to launch its Alpha platform early next year.
DeFi startup Definitive raises $4.1 million in funding, led by BlockTower
BlockBeats news, on November 9th, according to The Block, DeFi startup Definitive completed a $4.1 million financing round, led by BlockTower, with participation from Nascent, Coinbase Ventures, CMT Digital, and others. The raised funds will be used to create a new capital market platform that makes it easier for Wall Street to enter DeFi. Definitive, created by three former Coinbase product and engineering personnel, is expected to provide an execution platform that integrates various protocols, allowing users to trade, gain profit opportunities, and automatically monitor the risk level of their holdings.
BlockBeats News, on November 9th, modular framework developer Stackr Labs announced the completion of a $5.5 million seed round of financing, led by Archetype, with participation from a16z CSS, Lemniscap, Superscrypt, Spartan, Scalar Capital, a_capital, Sreeram Kannan, Anurag Arjun, Mustafa Al-Bassam, and others. It is reported that Stackr Labs provides developers with a "Web2 way to build Web3 applications", and the applications built using Stackr are called Micro-rollups, aiming to enable every developer to build scalable Web3 applications.
自托管加密投资应用 Sock 完成 280 万美元种子轮融资，Haven Ventures 领投 Translation:
BlockBeats News, on November 8th, according to FinSMEs, self-hosted cryptocurrency investment application Sock announced the completion of a $2.8 million seed round of financing, led by Haven Ventures, with participation from Designer Fund, Expansion, Spacecadet Ventures, Sunflower Fund, and Olive Capital.
Regulatory News
BlockBeats News, November 9th, according to CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), said that if Tom Farley, CEO of Bullish, a cryptocurrency trading platform under Block.one, or anyone else wants to restart FTX, I would say, 'Act within the legal framework'. If the new leadership team operates with a clear understanding of the law, it is possible to restart FTX. In addition, Gensler stated, "Establishing investor trust in what you do and ensuring that you make appropriate disclosures - and not mixing all of these functions together, and not becoming a counterparty to your customers. Or using their cryptocurrency assets for your own use."
Chairman of the US CFTC: Congress needs to play a more critical role in regulating cryptocurrencies
BlockBeats News, November 9th, according to The Block, Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), stated that Congress needs to play a more critical role in institutional regulation of cryptocurrencies. CFTC and SEC have had a good track record of cooperation in the past, but digital assets are unique. Cryptocurrencies have "enormous potential", and given their growth trend, Congress needs to intervene.
BlockBeats News, November 9th, according to CoinDesk citing anonymous sources, the US Securities and Exchange Commission (SEC) has held discussions with Grayscale Investments regarding the details of converting its trust product GBTC into an exchange-traded product (ETF) for spot Bitcoin trading. Since Grayscale won the lawsuit against the SEC, it has been in contact with the SEC's Trading and Markets Division and Corporate Finance Division. Both departments of the SEC will play a role in shaping and approving the company's ETF application. Craig Salm, Chief Legal Officer of Grayscale, said, "Right now we're just focused on constructive re-engagement with the Trading and Markets Division." An SEC spokesperson declined to comment on the new negotiations.
SEC opposes Binance's motion to dismiss money laundering charges
BlockBeats News, November 8th, the US Securities and Exchange Commission (SEC) stated in a legal document recently submitted that Binance and its CEO CZ operated a securities trading platform in the United States without registration, violating Section 5 of the Securities Act. The SEC accused Binance of providing and selling BNB tokens to US investors through its employees, and inducing investors to purchase through cryptocurrency investment projects such as BUSD, which constitutes unregistered investment contract sales. The SEC requested the court to reject Binance's motion, maintain the securities legal system, and impose legal sanctions on relevant personnel. As previously reported by BlockBeats, Binance US and its affiliated institutions have requested the District Court of Washington, D.C. to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC), stating that the allegations of money laundering transactions "have no factual basis." In June, the SEC accused Binance US, which is affiliated with Binance Holdings Limited and BAM, of allowing Sigma Chain, a trading company owned by Binance CEO CZ, to conduct money laundering transactions.
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