The U.S. Supreme Court rejects Binance’s appeal and Trump may issue an executive order on his first day in office

headlines

▌The U.S. Supreme Court rejected Binance’s appeal and upheld the ruling that securities laws apply to U.S. investors

The U.S. Supreme Court on Monday rejected an appeal by Binance and its former CEO Changpeng Zhao. Previously, the Second Circuit ruled that U.S. securities laws apply to Binance even though the cryptocurrency exchange does not have a physical headquarters.

Binance and its founder Changpeng Zhao have been facing legal troubles since 2023. The U.S. Securities and Exchange Commission (SEC) accused the trading platform of illegally providing services to U.S. citizens. At the end of 2023, Binance paid $4.3 billion in fines and forfeitures and pleaded guilty to multiple felony charges. Binance is widely considered the world’s largest cryptocurrency exchange based on trading volume.

The core dispute in this case is whether Binance is subject to U.S. securities laws for providing services to U.S. customers, even though it does not have a formal office or headquarters in the United States. Binance had asked the Supreme Court to review the Second Circuit's ruling, which held that even though Binance does not have an office in the United States, as long as U.S. investors purchase tokens through Binance and the transactions occur on U.S. servers, the exchange must Comply with U.S. laws.

▌Trump may issue an executive order on his first day in office, involving bank encryption business and repealing controversial encryption accounting policies

According to the Washington Post, sources said Trump is expected to issue an executive order on the first day of his presidency regarding bank crypto operations and repealing the controversial cryptocurrency accounting policy that requires banks to hold Digital assets must be accounted for as liabilities on the balance sheet.

A source told The Washington Post, “The Trump team has made it clear that this is a priority.” These upcoming executive actions target cryptocurrency regulation and are intended to protect cryptocurrency investors from Trump’s The impact of the so-called "Washington bureaucratic swamp."

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Quotes

As of press time, according to Coingecko data:

BTC’s recent transaction price was US$94,364.60, with an intraday increase or decrease of -0.2 % ;

ETH’s recent transaction price was US$3,130.23, with an intraday increase or decrease of -4.4 % ;

BNB’s recent transaction price was US$687.75, with an intraday increase or decrease of -0.8 % ;

SOL’s recent transaction price was US$182.12, with an intraday increase or decrease of -3.4 % ;

DOGE’s recent transaction price was 0.3368 yuan, with an intraday increase or decrease of +0.2% ;

XPR’s recent transaction price was $2.52, with an intraday increase or decrease of +0.5% .

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policy

▌U.S . judge allows release of prosecutor 's report on Trump's election overturn case

Court documents released on January 13, local time, show that U.S. District Judge Erin Cannon allowed the Department of Justice to release the special prosecutor’s report on Trump’s attempt to overturn the election in 2020. In addition, the judge extended the suspension of the release of reports on Trump’s classified documents case. (Golden Ten)

▌The U.S. Third Circuit Court approved Coinbase’s writ of injunction and ordered the SEC to review the encryption rulemaking petition

Coinbase Chief Legal Officer paulgrewal.eth posted on the X platform that Coinbase has just won a petition for a writ of mandamus in the Third Circuit Court. The court rejected the U.S. Securities and Exchange Commission’s (SEC) order dismissing its rulemaking petition, meaning the SEC must reconsider Coinbase’s request and provide stronger reasons for why they refused to create clear rules regarding cryptocurrencies.

The judge found that “the SEC’s order is conclusive, insufficiently justified, and therefore arbitrary and capricious, and we grant Coinbase’s petition in part and remand it to the SEC for a fuller explanation.”

** ******▌Trump plans to visit Los Angeles after taking office as soon as next week

According to the Wall Street Journal, people familiar with the matter revealed that Trump plans to visit wildfire-ravaged Los Angeles as early as next week to inspect the damage on site and assess reconstruction needs. The exact time of the visit has not yet been determined, but Trump advisers are considering setting the time for later next week. That's right after the inauguration on Monday. Trump advisers want to ensure Trump's presence does not disrupt efforts to fight wildfires. Trump's response to the fires will be an early test of his presidency, with Los Angeles' rebuilding requiring close coordination among federal, state and local officials. The wildfire has been raging in the region for more than a week, killing 24 people and making it one of the costliest natural disasters in U.S. history. Trump and Democratic California Governor Newsom had a public conflict before. Newsom asked Trump to go to Los Angeles to see the disaster in person. Trump accused him of incompetence and asked him to resign. Newsom accused Trump of politicizing the fire. .

▌ Robinhood will pay $45 million to end series of securities claims

Robinhood, an American “influencer brokerage”, will pay $45 million to end a series of securities claims.

The U.S. Securities and Exchange Commission (SEC) announced today that broker- dealers Robinhood Securities LLC and Robinhood Financial LLC (collectively, Robinhood) have agreed to pay civil penalties totaling $45 million to resolve more than 10 charges stemming from their brokerage operations.

The SEC said Robinhood Securities LLC and Robinhood Financial LLC violated more than 10 separate securities law provisions, including failing to promptly report suspicious transactions, failing to implement adequate identity theft protections and failing to adequately address breaches of Robinhood's computer systems. Unauthorized access issues.

▌The Vice Chairman of the US FDIC calls on bank regulators to issue new digital asset guidelines

Travis Hill, vice chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), criticized the FDIC’s stance on digital assets in a recent public speech and called on banking regulators to issue new digital asset guidelines.

Hill, who was appointed to the board by Republicans two years ago, has criticized the FDIC’s role in pressuring banks to abandon crypto clients. "The FDIC's long-term goal is to reduce the number of unbanked people," he said. "Depriving law-abiding customers of banking services is unacceptable, and regulators must work to stop it. Anyone who overtly or covertly forces banks to stop serving law-abiding customers It has no place at the FDIC.”

Current FDIC Chairman Martin Gruenberg has informed agency employees that he will resign on January 19, the day before Trump’s inauguration. In the absence of the Chairman, Vice Chairman Travis Hill will serve as Chairman on an interim basis.

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Blockchain application

▌ Stargaze announced the launch of Intergaze, a zero-Gas chain based on Initia

NFT application chain Stargaze announced the launch of the zero-Gas chain Intergaze based on the Rollup interoperability protocol Initia. Intergaze is specially designed for creators and NFTs. It is provided with development support by Initia's Interwoven Stack. No matter which VM is used, it can be deployed on any chain without any gas. Seam casting, sending and trading.

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cryptocurrency

▌BlackRock launches Bitcoin ETF on Canada’s Chicago Board Options Exchange

According to an official announcement, BlackRock launched a new Bitcoin ETF, the iShares Bitcoin ETF, on Cboe Canada. The iShares ETF currently trades on Cboe Canada under the symbol IBIT, with U.S. dollar-denominated units trading under the symbol IBIT.U.

The iShares Bitcoin ETF seeks to generally reflect the performance of the price of Bitcoin before paying the fees and liabilities of the iShares Fund. The iShares Fund invests all or most of its assets in the iShares Bitcoin Trust ETF, while US IBIT invests and holds most of its assets for long-term holdings of Bitcoin. The iShares Bitcoin ETF will allow investors to acquire Bitcoin in their brokerage accounts.

▌ Bitfinex report: Treasury yields soar, the economic outlook is bleak, and Bitcoin faces consolidation risks

Bitcoin’s relative strength amid macro pressures can be attributed to optimism about potential regulatory changes, according to Bitfinex’s latest Alpha report. President-elect Donald Trump's new term in office and a more favorable cryptocurrency policy outlook have bolstered market confidence, providing a counterweight to broader risk asset challenges.

With Bitcoin hovering near key support at $90,000, the market may enter a range-bound environment characterized by periods of consolidation. The changing macroeconomic backdrop, including rising Treasury yields, hawkish signals from the Federal Reserve and outflows from ETFs, suggests that the road ahead for risk assets is challenging.

However, Bitcoin's resilience compared to traditional stocks suggests it may continue to attract investor interest, mainly as regulatory clarity becomes clearer. Currently, Bitcoin holders face a balancing act of dealing with macroeconomic headwinds while waiting for potential tailwinds from changes in policy and sentiment.

▌Opinion : Traditional markets are dominating cryptocurrency price trends, and ETF trading time restrictions may increase volatility during the opening period.

Frank Chaparro, director of special projects at The Block, expressed a market view and pointed out that with the launch of spot Bitcoin ETF, traditional market forces are dominating cryptocurrency price trends. After the release of U.S. employment data on January 12, the crypto market and the Nasdaq index showed a high degree of linkage, highlighting the profound impact of macroeconomics on the market.

Flowdesk analyst Greg Guttas pointed out that the mismatch between the ETF trading time limit (6.5 hours a day) and the 24/7 trading attributes of cryptocurrencies may exacerbate the volatility during the opening period. Although the crypto industry faces favorable factors, such as an improving regulatory environment and increased participation in the banking industry, current market sentiment suggests that these positive factors may not be able to offset the pressure caused by macroeconomic headwinds.

▌Opinion : DEX has replaced the venture capital market in terms of token price discovery

According to the analyst who goes by the pseudonym Ignas, PENGU and CGPT are the only recently launched coins that have not experienced a full-blown crash following their listing on Binance. At press time, PENGU was trading at $0.028, down 60% from the $0.07 price level it reached on the day it listed on the exchange, while CGPT was down 4.7% since listing on January 10. Meanwhile, memecoin Simon Cat (CAT) and Magic Eden’s native token ME have fallen roughly 70% since listing.

Ignace sees this as a positive shift for the market: “Previously, price discovery took place in the private venture market, with CEXs (centralized exchanges) as exit liquidity. Now, DEXs [decentralized exchanges] ] is responsible for price discovery, and CEX is responsible for exiting liquidity.”

Ignace further emphasized this new dynamic, citing the listing of Velodrome (VELO) as an example. After Binance created a trading pair for the VELO token on its platform, its price dropped by nearly 70%, with the current price at $0.1154 at press time. The reason behind this change is that traders classified as “smart money” dominate decentralized exchanges.

Additionally, Ignas noted that having exit liquidity flows such as centralized exchanges is healthy for the market.

▌Report : Driven by Trump’s victory and institutional demand, crypto OTC trading volume surges by more than 100% in 2024

The cryptocurrency over-the-counter (OTC) market matured significantly last year, recording an annual growth rate of 106%, according to Finery Markets’ 2024 Review Report. The report highlights that it was a dynamic year for institutional and large-scale digital asset trading, driven by key macroeconomic and industry-specific developments, including the launch of Bitcoin and Ethereum exchange-traded funds, crypto-backing Donald Events such as Trump’s election victory and the continued institutionalization of digital assets.

OTC transactions are over-the-counter transactions conducted directly between buyers and sellers, usually facilitated by a broker or trading desk. This approach enables institutions and high net worth individuals to conduct large transactions with minimal market impact. “As the industry matures and the stance of traditional financial leaders shifts from skepticism to neutrality or acceptance, institutions either enter the cryptocurrency market or plan acquisitions to build,” the analysts wrote.

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Important economic developments

▌The probability that the Fed will keep interest rates unchanged in January is 97.3%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in January is 97.3%, and the probability of cutting interest rates by 25 basis points is 2.7%. The probability of keeping current interest rates unchanged by March is 79.8%, the probability of a cumulative 25 basis point interest rate cut is 19.7%, and the probability of a cumulative 50 basis point interest rate cut is 0.5%.

▌The Trump team is studying a gradual increase in tariffs, ranging from 2% to 5% per month

According to foreign media citing people familiar with the matter, Trump's economic team is discussing slowly increasing tariff rates month by month. The gradual increase in tariffs is intended to increase negotiating leverage while helping to avoid a spike in inflation. One scenario is to develop a schedule of monthly incremental tariff increases of about 2% to 5% that would follow executive powers under the U.S. Emergency Economic Powers Act, people familiar with the matter said. The proposal is in its early stages and has not yet been submitted to Trump, who has not yet evaluated or approved the idea of ​​progressive tariffs. Advisers involved in the plan include Treasury Secretary nominee Scott Bessant, National Economic Council Director Kevin Hassett, and National Economic Council Chairman Stephen Millan.

▌New York Fed Survey: U.S. consumers have mixed inflation expectations and household financial conditions are mixed

According to a survey released by the New York Federal Reserve on Monday, U.S. consumers had mixed expectations for the path of inflation in December, and at the same time, their concerns about households' ability to repay debts increased significantly. The New York Fed noted in its latest consumer expectations survey that respondents expected inflation to remain at 3% a year from now. It is worth noting that the expectation of price pressure in three years has climbed to 3% from 2.6% in November; while the expectation of price pressure in five years has dropped from 2.9% in November to 2.7%. In addition, the survey also revealed that uncertainty about the inflation outlook has increased in one- and three-year forecasts, although it has declined in five- year forecasts. In terms of various price expectations, the survey showed that food price expectations have increased, but expectations for other key categories have declined, with gasoline price expectations hitting the lowest level since September 2022. The expected increase in house prices is basically stable at 3.1%. Not only that, but the New York Fed survey also found that households' views on their financial situation are equally mixed. While more respondents were optimistic about their personal finances, they also said they expected less revenue and earnings growth going forward. At the same time, consumers have different views on the prospects of the job market.

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Golden Encyclopedia

▌What is a teardrop attack in encryption?

In the cryptocurrency environment, teardrop attacks often target the decentralized nature of blockchain platforms. Even if they don’t target the blockchain’s cryptographic algorithms, disrupting the underlying peer-to-peer network infrastructure that cryptocurrencies rely on could lead to service disruptions, loss of funds, and loss of user trust. An attacker can interfere with the consensus process, transaction validation, or node-to-node communication by focusing on specific nodes or servers. This can lead to network fragmentation, processing delays or even complete outages.

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.