PA Daily | The market value of TRUMP, the "genuine" Meme coin issued by Trump, has exceeded US$10 billion; 8 states in the United States have proposed bills to establish strategic Bitcoin reserves
Reprinted from panewslab
01/18/2025·12days agoToday’s news tips:
1.2025 Central Political and Legal Work Conference: The Ministry of Justice should study new issues such as virtual currency and artificial intelligence
2. The U.S. Supreme Court upholds TikTok’s “sell or ban” bill
3. DCG agreed to settle with the US SEC for a fine of US$38 million.
4. Massachusetts has proposed establishing a strategic Bitcoin reserve, and 8 states have already proposed relevant bills.
5.Gary Gensler issued a "farewell" tweet, reviewing the results of his work over the past four years
6. Trump tweeted to promote his new Meme currency TRUMP, and the market value of new TRUMP exceeded US$10 billion.
7. Orbiter Finance: OBT tokens will undergo TGE on January 20, and 22% will be used for the initial airdrop
8. Azuki founder: ANIME token will undergo TGE on January 23
9. Report: Venture capital investment in cryptography will reach $11.5 billion in 2024, still below previous bull market levels
Regulation/Macro
An Jian, the head of the Central Political and Legal Affairs Commission, posted on the WeChat public account that the 2025 Central Political and Legal Work Conference pointed out that the Ministry of Justice should take the initiative to study and propose legislative proposals, and to study new issues such as driverless driving, low-altitude economy, artificial intelligence, virtual currency, and data ownership. .
It is reported that Changanjian, the Central Political and Legal Affairs Commission, is a new government media platform of the Central Political and Legal Affairs Commission of the Communist Party of China.
Massachusetts Senator Peter Durant has introduced a bill that would establish a “strategic Bitcoin reserve” in the state. Notably, Massachusetts is the first deep-blue state to propose legislation related to a “strategic Bitcoin reserve.” At the same time, Massachusetts became the eighth state to introduce a similar bill. At present, eight states in the United States have proposed bills related to "Strategic Bitcoin Reserves", namely: Oklahoma, New Hampshire, Wyoming, Texas, Pennsylvania, Ohio, and North Dakota.
DCG agrees to settle with SEC for $38 million fine
Digital Currency Group (DCG) will pay $38 million to settle lending fraud charges brought by the U.S. SEC against its subsidiary Genesis Global Capital. The securities regulator accused the company of negligence and misleading investors about the health of its insolvency unit. DCG settled the charges, neither admitting nor denying them.
According to documents filed with the U.S. Securities and Exchange Commission: “In mid-June 2022, a large borrower failed to make a margin payment on time, which harmed GGC’s business. However, the Digital Currency Group was negligent and took misleading actions to downplay the In short, Digital Currency Group failed to take reasonable precautions and gave the public a materially false impression about GGC's financial condition. "
The “big borrower” in question is Three Arrows Capital, a once-prominent crypto hedge fund that went bankrupt in 2022 amid the collapse of the Terra crypto ecosystem. According to SEC filings, bankrupt Three Arrows Capital had $2.4 billion in outstanding loans to Genesis, and DCG knew Genesis would lose at least $1 billion from the fund's collapse. Nonetheless, the SEC said Genesis and DCG continued to act as if their businesses were not threatened by these moves, even though that was not the case.
Gary Gensler issued a "farewell" tweet, reviewing the results of the past four years of work
Gary Gensler posted what appeared to be a farewell tweet, along with a video of the results of his work over the past four years. The tweet said: It has been the honor of a lifetime to serve as SEC Chairman and work for the public. In the past four years, the rules of the stock market and the government bond market have been updated and the settlement cycle has been shortened. In addition, more than $2.7 billion was returned to injured investors.
President of The ETF Store: There were 7 crypto-related ETF applications in the past 48 hours
Nate Geraci, president of The ETF Store, tweeted that in the past 48 hours, many institutions have submitted applications for crypto-related ETFs, and the regulatory direction is changing. Specific applications are as follows:
- VanEck On-chain Economy ETF
- Canary Litecoin ETF (19b-4)
- Oasis Capital Digital Asset Debt Strategy ETF
- CoinShares Digital Asset ETF
- ProShares Leveraged and Inverse XRP ETF
- ProShares XRP Futures ETF
- ProShares Solana Futures ETF
The U.S. Supreme Court upholds TikTok’s “sell or ban” bill
On January 17, Beijing time, the U.S. Supreme Court made a decision on TikTok’s “Sell or Ban” bill: the relevant provisions did not infringe on the petitioner’s First Amendment rights. The Supreme Court supported the bill and required TikTok to withdraw from its service before the 19th. Parent company ByteDance Group has to spin off or face a nationwide ban in the United States. It was previously reported that US President-elect Trump is considering issuing an executive order to suspend the implementation of the TikTok ban for 60 to 90 days after taking office.
TikTok issued a statement on January 17, local time, saying that the latest statements from the White House and the Department of Justice failed to provide necessary clarity and assurance to service providers, who are indispensable for maintaining TikTok's operations in the United States. TikTok said that unless the Biden administration "immediately issues a clear statement" to ensure that the ban will not be enforced, TikTok will be forced to shut down on January 19 local time.
Project news
Binance will launch SOLV 1-75 times U-based perpetual contract
Binance will launch the SOLV 1-75x U-based perpetual contract at 20:15 on January 17, 2025 (Eastern Eighth District time).
In addition, Binance Financial Management, one-click coin buying, flash swap trading platform, leverage, and fixed investment platform will be launched on Solv Protocol (SOLV).
Virtuals Protocol posted on the Liquidity pool created on Virtuals. To better protect our users, we are integrating an audit service to filter out fraudulent tokens being migrated. Please note that the token migration function is temporarily disabled until the integration is completed. Safety."
Binance will launch ARCUSDT and AVAAIUSDT 1-25 times USDT perpetual contract
According to the official announcement, the Binance Futures platform will launch perpetual contracts at the following times, with a maximum leverage of up to 25 times:
- 21:00 on January 17, 2025 (East 8th District time): ARCUSDT perpetual contract
- January 17, 2025 21:15 (East 8th District time): AVAAIUSDT perpetual contract
*Please note that AI Rig Complex (LINK) and Ava AI (LINK) are already listed on the Binance Alpha market.
Open Campus launches its Layer3 blockchain EDU Chain on Arbitrum
Web3 education protocol Open Campus has officially launched its Layer 3 blockchain EDU Chain on Arbitrum Orbit. Launched on January 17, the blockchain aims to support educational applications and on-chain education powered by the EDU token. The outstanding feature of EDU Chain is the Open Campus (OC) achievement system, formerly known as Verifiable Credentials. The system allows educational institutions and training centers to issue decentralized, tamper-proof records of qualifications to learners.
Orbiter Finance: OBT tokens will undergo TGE on January 20, 22% will be used for the initial airdrop
Layer 2 cross-chain protocol Orbiter Finance announced on the X platform that it will launch OBT tokens, and TGE will be held on January 20, 2025. OBT is the protocol's ERC-20 governance and utility token and will be launched on Ethereum, Arbitrum and Base with a total supply of 10 billion and a circulating supply of 2.8 billion (28%) at TGE.
Regarding token distribution, the community allocation accounts for 40%, of which 22% will be distributed to Orbiter users as an initial airdrop, and 3% will be airdropped to eligible users every month for 6 months. The ecosystem and growth allocation accounts for 20%, of which 2.5% will be unlocked in TGE. The allocation ratio of the Orbiter Foundation is 15%, of which 3.5% will be unlocked at TGE and the remainder will vest in monthly increments within 23 months. The allocation proportion to the team and contributors is 15%, and the allocation proportion to investors is 10%. In addition, on-chain governance will be opened in February 2025.
Crypto market data provider SoSoValue plans to airdrop a total of 49 million SOSO tokens in the first quarter. SoSoValue co-founder Jessie Lo said in an interview that this allocation represents 4.9% of the total supply of 1 billion tokens. Lo said the bulk of the airdrop comes from the platform’s 30% ecosystem allocation.
The airdrop is divided into three parts: 4 million SOSO tokens distributed through cryptocurrency exchange Bybit’s Launchpool platform; 15 million proof-of-work (PoW) program tokens distributed during the token generation event; and in the first quarter ( 30 million tokens for Proof of Stake (PoS) rewards from January 25 to February 25). "The Bybit Launchpool allocation comes from the foundation's 17% share, while the PoW and PoS allocations come from the ecosystem allocation," Lo said.
SoSoValue will launch its token on Ethereum next week, with Bybit becoming the first exchange to exclusively list the token, Lo said, adding that listings on other exchanges would follow. Lo said that a snapshot of the PoW program was released today, with 15 million tokens allocated for the program, which have no vesting period. The PoS portion of the airdrop, totaling 30 million tokens, will take place after the token issuance and will be distributed within 31 days. Regarding future airdrops of the remaining 255 million tokens allocated to the ecosystem, Lo said more details will be announced later.
MicroStrategy shareholders will vote on plan to increase stock issuance on January 21
MicroStrategy Inc.'s Michael Saylor may soon own nearly as much common stock as market giants Amazon.com Inc. and Alphabet Inc.'s outstanding shares to fund the company's massive Bitcoin purchases, Bloomberg reported. Analysts expect MicroStrategy to easily pass a company-sponsored proposal to increase the number of authorized Class A common shares from 330 million to 10.3 billion when shareholders vote on January 21. Saylor controls about 47% of the voting rights. That would put MicroStrategy on track to have more shares outstanding than every company in the Nasdaq 100 except Nvidia, Apple, Alphabet and Amazon. The company's shareholders are also expected to pass an amendment on January 21 to increase the number of authorized preferred shares from 5 million to 1 billion. According to the proxy document, MicroStrategy plans to use the additional shares to fund private transactions of Class A shares, conduct a market-for-market equity offering and settle redemptions or conversions of convertible notes.
Michael Lebowitz, portfolio manager at RIA Advisors, said that while additional stock issuances are not unusual, MicroStrategy's plan to significantly increase the number of shares at once would be unique. For a share increase amendment to pass, approval must be obtained from the holders of a majority of the voting rights of all outstanding shares of common stock entitled to vote. The shareholders' meeting will be held on Tuesday, January 21, at 10 a.m. New York time.
Azuki founder: ANIME token will undergo TGE on January 23
Animecoin (ANIME)’s TGE (Token Generation Event) will be launched on January 23, confirmed a post forwarded by Azuki founder Zagabond.
Previously, in April last year, it was reported that Arbitrum and Azuki jointly launched AnimeChain, a blockchain-based animation network. It was reported in January this year that ANIME tokens will be launched on Ethereum and Arbitrum in January 2025, with 50.5% allocated to the community.
People familiar with the matter: World Liberty, the Trump family’s crypto project, will buy TRX
According to people familiar with the matter, World Liberty Financial, a crypto project backed by the Trump family, will acquire tron (TRX). It is unclear how much World Liberty plans to add to its TRX cryptocurrency reserves. World Liberty raised $90 million from the sale of WLFI. The company previously invested seven figures in AAVE and LINK, tokens issued by projects in partnership with World Liberty.
Trump stated on his Truth Social social account that he has launched his new meme currency TRUMP, which users can obtain by visiting the website with the domain name gettrumpmeme. The account is suspected to have been hacked.
Trump tweets about his new meme coin TRUMP
Trump tweeted to promote his new Meme coin, TRUMP, and said: The new official Trump Meme is here and it’s time to celebrate everything we stand for. Join the very special Trump community. Get your TRUMP now." GMGN market data shows that the market value of the new Meme coin TRUMP has exceeded US$3 billion, and the currency price is temporarily quoted at US$2.59.
Hyperliquid launches TRUMP contract, supporting long or short positions with up to 3x leverage
The decentralized derivatives trading platform Hyperliquid has launched the TRUMP contract, supporting long or short leverage up to 3 times. Hyperliquid reminds that this perpetual contract uses the on-chain AMM as the underlying oracle price. Please be aware of low liquidity, high volatility and increased liquidation risk.
point of view
DWF Labs partner: Trump is doing the best marketing for the crypto market
DWF Labs partner Andrei Grachev tweeted that Trump is doing the best marketing for the cryptocurrency market.
Arthur Hayes tweets criticism of Trump's meme posting
Arthur Hayes said regarding "Trump releases Meme $TRUMP": This is the launch of the political memecoin market. Any politician who is not afraid of public opinion will launch his or her own memecoin. These token economics are fugazi (note: derogatory term, fake stuff), but this "shit" will go towards $100 billion.
important data
Cryptocurrency venture capital (VC) activity remains below previous bull market levels despite recent gains in digital asset prices, Galaxy Digital said in a research note on Wednesday. In 2024, total capital allocation by venture capital funds to the crypto industry will be $11.5 billion, down from 2023. Galaxy noted that during previous bull markets in 2017 and 2021, VC activity was highly correlated with crypto asset prices, “but over the past two years, VC activity has remained subdued despite the rise in cryptocurrencies.”
There are several reasons for the stagnation in the venture capital market. Galaxy said these reasons include a "barbell market" in which Bitcoin and its new spot ETFs take center stage, while meme coins have limited "marginal net new activity." These meme coins are difficult to obtain financial support and have “questionable longevity.” The report states that new projects at the intersection of artificial intelligence (AI) and cryptocurrencies are receiving increasing attention, and upcoming regulatory changes may bring more opportunities for stablecoins, decentralized finance (DeFi) and tokenization. The report noted that some large investors may gain cryptocurrency exposure through spot Bitcoin ETFs “rather than turning to early-stage VC investments.”
Galaxy said the United States completed the most deals and invested the most money in the fourth quarter. Galaxy added that early-stage deals accounted for 60% of total investment in the fourth quarter, with stablecoin companies raising the most funds. The report also states that venture capitalists invested a total of $11.5 billion in cryptocurrency and blockchain-focused startups in 2024. These funds invested $3.5 billion in 416 transactions in the fourth quarter, a 46% increase from the previous quarter.
Cryptocurrency companies have poured more than $10 million into Trump’s inaugural fund
Cryptocurrency companies have invested more than $10 million in Trump’s inaugural fund. Cryptocurrency companies including Ripple, Coinbase, Kraken, Robinhood and Circle have donated to Trump’s inaugural committee since Election Day.
According to Lookonchain monitoring, a trader made more than $20 million in profit in just 1 hour through $TRUMP. About 90 seconds after Trump announced the launch of $TRUMP on Truth Social, a trader spent approximately 1.1 million USDC to purchase 5.97 million TRUMP (currently $23 million).
So far, he has sold only 543,000 TRUMP for $404,000 and still holds 5.43 million TRUMP ($21 million), with a total profit of more than $20 million.
GMGN market data shows that the market value of "Trump Meme Coin" TRUMP briefly touched US$10 billion and was temporarily reported at US$8.7 billion, surpassing PEPE and becoming the third largest Meme coin in market value.
According to Lookonchain monitoring, a trader sold 1.35 million TRUMP at a price of 3.65 million US dollars and currently holds 4.62 million TRUMP (67.5 million US dollars), with a total profit of more than 70 million US dollars.
0xsun.sol made $10M trading TRUMP in 4 hours
Crypto KOL 0xsun.sol (@0xSunNFT) tweeted that he earned $10 million on-chain through a public wallet in 4 hours. The attached picture shows that a total of about 3,010 SOL was spent to buy TRUMP, and the floating profit was about 45,700 SOL (about 10.5 million US dollars).
