Golden Web3.0 Daily | Trump’s issuance of Meme coin triggers legal controversy

DeFi data

1. Total market value of DeFi tokens: US$125.743 billion

DeFi total market capitalization data source: coincko

2. The trading volume of decentralized exchanges in the past 24 hours was $18.456 billion

Trading volume data of decentralized exchanges in the past 24 hours Source: coincko

3. Assets locked in DeFi: $127.36 billion

Data source of the top ten locked assets of DeFi projects and locked positions: defillama

NFT data

1.NFT total market value: US$34.082 billion

NFT total market value and market capitalization top ten project data source: Coinmarketcap

2.24-hour NFT trading volume: US$ 7.817 billion

NFT total market value and market capitalization top ten project data source: Coinmarketcap

3. Top NFTs in 24 hours

Top 10 NFT sales within 24 hours Data source: NFTGO

headlines

Forbes: Trump’s Meme coin triggers major legal controversy

Forbes published a column commenting on Trump’s Meme coin issue. Forbes said that Trump’s issuance of Meme coins may trigger a constitutional crisis. According to the report, although the new SEC chairman who is about to be nominated may introduce encryption-friendly policies, the relevant basic legal principles remain unchanged, and the personality and policy preferences of SEC leaders cannot override established securities laws. The Supreme Court's Howey test has been a cornerstone of securities regulation for 75 years, independent of individual governments and political appointees. While the SEC's enforcement priorities may change under new leadership, its statutory obligation to apply the Howey test remains absolutely unchanged. This enduring framework for evaluating investment plans is independent of any chairman’s crypto-friendly stance or industry affiliations. The report pointed out that the launch of the TRUMP Meme coin exposed a fundamental tension in contemporary American politics. While Trump has positioned himself as a champion of the cryptocurrency industry and pledged to make the U.S. the "crypto capital of the world," the structure and timing of his own digital token project illustrates the challenges to his personal enrichment and political power. Convergence is worrisome. The concentration of token ownership in companies with ties to Trump, coupled with the timing of the issuance just before the inauguration, raises questions about whether this represents true support for cryptocurrency innovation or is simply further efforts to alienate the president. A clever attempt at job monetization.

MEME Hotspot

1. Trump’s wife issued the Meme coin MELANIA, and its market value currently exceeds US$7.5 billion.

Trump’s wife Melania said on social media in the early morning that people can now buy the Meme coin MELANIA. Data shows that MELANIA’s circulating market value is currently US$7.58 billion. Trump forwarded this message after he had previously issued his own exclusive cryptocurrency, TRUMP, which plunged after his wife announced the issuance of MELANIA. It briefly fell below $40 and then rebounded, now back to $42.

2. The founder of Messari suggested that Trump fire the relevant people who issued the Melania coin, saying that it might damage its reputation.

Golden Finance reported that Ryan Selkis, a loyal Trump fan and founder of Messari, publicly called on Trump on social media and suggested that he fire the relevant personnel who recommended the launch of the Melania project today. Selkis pointed out the following problems with the project: The project team's lack of professional capabilities may cause significant economic losses and damage to goodwill. Project decisions did not fully consider Trump's interests.

3. Organizer of Trump Bitcoin Conference: TRUMP is a garbage coin

Golden Finance reported that Bitcoin Magazine, the organizer of the Trump Bitcoin Conference, stated on social platforms that TRUMP is a shitcoin. Bitcoin Magazine was a well-known pro-Trump media during the election. During its official event, the Bitcoin 2024 Conference, it invited Trump to the stage and delivered a speech. In the speech, Trump announced the launch of the Bitcoin strategic reserve and ensured that the United States would become the world’s Plans such as the Crypto Center and Bitcoin Superpower, and the firing of the SEC Chairman have kicked off the Trump administration’s crypto-friendly policies.

DeFi Hotspot

1. Data: The total value of assets transferred by deBridge in the past three days reached US$397 million.

Golden Finance reported that according to official data, due to the popularity of Meme coins such as TRUMP over the weekend and the surge in on-chain activities, the total value of assets transferred by deBridge in the past three days hit $397 million, and the number of cross-chain transactions exceeded 43,800.

2. Vitalik: If the Ethereum Foundation pledges ETH, it will have to take a stand when the hard fork is controversial.

On January 20, Vitalik Buterin, co-founder of Ethereum, posted on social media a suggestion that the Ethereum Foundation could pledge its ETH. Historical concerns were: 1. Regulatory issues; 2. If the Ethereum Foundation pledges itself, This effectively forces us to take a stance on any future contentious hard forks. There are fewer regulatory issues than before, but there are still problems with the Ethereum Foundation’s self-staking. There are definitely ways to minimize, and we've been exploring those lately.

3. Vitalik: The Ethereum Foundation is recently exploring paying for the foundation’s budget through staking rewards

Golden Finance reported that Ethereum co-founder Vitalik said in reply to someone else’s tweet that the Ethereum Foundation is recently exploring paying for the foundation’s budget through staking rewards.

4. Editor-in-Chief of TheBlock: Maybe Ethereum should become Solana’s L2

Golden Finance reported that Tim Copelan, editor-in-chief of TheBlock, published an article on the X platform saying that perhaps Ethereum should become Solana’s L2. Many industry insiders have previously expressed dissatisfaction with Ethereum's L2 route, believing that all efforts should be made to expand L1, but more solutions are still needed for long-term expansion. Vitalik Buterin even updated his X avatar to Milady 9286 to “save Ethereum.”

5.Curve founder: The Ethereum Foundation should abandon the L2 route and instead fully expand L1

Golden Finance reported that Curve Finance founder Michael Egorov posted on X that the Ethereum Foundation’s first priority should be to abandon the Layer 2-centric roadmap and fully expand Layer 1.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.