The US SEC formally appealed the XRP ruling, and ETH is showing similar properties to US debt

Headline

▌U.S. SEC formally appeals XRP ruling

The U.S. Securities and Exchange Commission (SEC) has formally appealed the XRP ruling made by Judge Analisa Torres, reigniting a legal battle over whether XRP sales by cryptocurrency exchanges qualify as securities. Regulators have questioned key aspects of the court's ruling, including the ruling to clear Ripple executives and non-cash XRP distributions. The outcome could have a significant impact on the future of cryptocurrency regulation.

▌ARK Invest Report: ETH is showing U.S. debt-like properties

ARK Invest's latest report points out that ETH is showing properties similar to U.S. Treasuries in the digital asset field. ETH pledge yield is seen as an indicator of smart contract activity and economic cycles in the digital asset field, similar to the federal funds rate in traditional finance. The report emphasizes that although ETH is volatile, as one of the most mature cryptocurrencies, it is becoming an important asset with its extensive collateral use and potential to generate income. With the launch of the spot ETH ETF, the acceptance of ETH may increase and volatility may decrease.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,384.36, with a daily increase or decrease of -0.5%;

ETH's latest transaction price is $2,605.62, with a daily increase or decrease of -0.4%;

BNB's latest transaction price is $592.54, with a daily increase or decrease of -1.5%；

SOL's latest transaction price is 150.45 US dollars, and its intraday change is -2.7%；

DOGE's latest transaction price is 0.1296 yuan, and its intraday change is +2.9%；

XPR's latest transaction price is 0.5439 US dollars, and its intraday change is -0.9%.

Policy

▌U.S. CFTC: Federal court allowed Kalshi to launch prediction market "wrongly"

In a brief filed with the Court of Appeals, lawyers for the U.S. Commodity Futures Trading Commission (CFTC) argued that a federal judge "wrongly" allowed prediction market Kalshi to list and trade election contracts, reiterating many of the arguments it made in the lower court.

The judge ruled last month that the CFTC could not prohibit Kalshi from listing election contracts. The regulator applied to the Court of Appeals for a stay of execution to prevent the company from launching the product before the outcome of the appeal. But the judge of that court ruled that the CFTC failed to prove that irreparable harm would be caused.

Blockchain Application

▌HUMBL obtains U.S. patent for blockchain-related technology

Blockchain company HUMBL announced that the U.S. Patent and Trademark Office (USPTO) has officially issued a patent for the company's blockchain technology.  

Based on the information provided, HUMBL’s newly applied patent technology appears to be a blockchain-based currency transaction system that will act as a bridge between blockchain-based digital currencies and fiat currencies (and vice versa). This payment system will allow almost any two wallets to conduct transactions without the need for an intermediary other than the digital ledger itself, and according to HUMBL, the patent approval process took more than four years.

▌OrdinalsBot and IP Project Royalty Launch Elvis Themed Ordinals NFT

Inscription service OrdinalsBot and Bitcoin-focused intellectual property (IP) Project Royalty have launched Elvis Presley commemorative Ordinals NFTs, a set of 1,935 generated images, “Elvis Side $Btc,” inspired by the artwork of Joe Petruccio, an artist licensed by the Elvis estate.  

Royalty plans to release a streamlined white paper in the coming weeks detailing how 5% of the proceeds from primary and secondary sales will be used through native tokens to fund the Elvis Legacy Council, a decentralized autonomous organization (DAO) designed to "manage the future of Elvis' digital legacy."

▌Worldcoin launches its Layer2 mainnet World Chain after changing its name to World Network

Sam Altman-backed Worldcoin officially launched its Layer2 mainnet World Chain after officially changing its name to World Network (World for short). Optimism, Alchemy, Uniswap, Safe, Dune and Etherscan will support the launch of the blockchain. The blockchain is built using OP Stack, and World Network said that user transactions account for about 44% of OP Mainnet activity, making it the largest application on the network.

Cryptocurrency

▌Morgan Stanley holds $272.1 million worth of spot Bitcoin ETF

Morgan Stanley holds $272.1 million worth of spot Bitcoin ETF, according to the latest filings from the U.S. Securities and Exchange Commission (SEC).

▌Crypto Industry Condemns Trump-backed World Liberty Financial

Early sales of World Liberty Financial tokens brought in less than $13 million, far below its $300 million target. Crypto industry figures condemned World Liberty Financial's poor sales performance, calling it a "meme masquerading as a utility project."  

Two Prime CEO Alexander Blume said: "I don't see anything interesting or unique about it except that it carries the Trump brand. I don't think that's enough for most people, and I think the crypto community was skeptical about this project before it was launched. It seems to be just speculative, especially because it doesn't do anything new."

▌Venmo US users can now use MoonPay to buy cryptocurrency

According to the official announcement, Venmo's 60 million users in the United States can now use MoonPay to buy cryptocurrency. With this new integration, you can use your Venmo balance to buy tokens. MoonPay said that the feature is now live and will be launched in the MoonPay partner network soon.

▌DEX's share of futures trading volume relative to CEX fell to 3.26% in September

According to data from The Block, in September, the share of decentralized exchanges (DEX) relative to centralized exchanges (CEX) futures trading volume fell to 3.26% from a peak of 5.18% in February.  

This indicator represents the ratio of futures trading volume occurring on DEX to futures trading volume occurring on CEX, indicating that users seem to be gradually turning to centralized platforms. Data shows that Hyperliquid has become one of the largest DEX perpetual swap platforms, with a market share of nearly 50%.

Important Economic Dynamics

▌Bank of America: As the US debt crisis intensifies, gold becomes the ultimate safe-haven asset

Bank of America warns that as national debt continues to rise, gold may become the ultimate safe-haven asset in the US market. The bank pointed out that gold is more attractive than US Treasuries, especially under the risk of potential debt crisis. In 2024, the price of gold continued to rise, approaching the historical high of $2,700, and is expected to break through $3,000 in the future. At the same time, the economic plans of US government candidates may further push up debt levels, which has also prompted global central banks to increase their gold reserves.

▌The probability of the Fed cutting interest rates by 25BP in November is 86.2%

According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 86.2%, and the probability of maintaining the current interest rate unchanged is 13.8%. The probability of a cumulative interest rate cut of 25 basis points by December is 24.4%, and the probability of a cumulative interest rate cut of 50 basis points is 73.6%.

▌U.S. Treasury Secretary Yellen: In the medium and long term, promoting growth requires attention to the supply side of the economy

U.S. Treasury Secretary Yellen believes that in the medium and long term, promoting growth requires attention to the supply side of the economy.

▌The Fed's latest tool shows that the level of reserves is sufficient, suggesting that QT can continue to advance

According to the first monthly indicator released by the New York Federal Reserve, the scale of reserves in the US banking system is still sufficient. The first reserve demand elasticity indicator released by the New York Federal Reserve on Thursday showed that the level of bank reserves remained sufficient as of October 11. The data is the latest evidence that the Federal Reserve can continue to reduce liquidity in the financial system through the quantitative tightening program (QT). The performance of this data is expected by Wall Street strategists.

Golden Encyclopedia

▌What is Proto-Danks Sharding

Sharding is a method of splitting a ledger into smaller parts (called shards). But proto-danksharding is one of the most opaque terms in the vocabulary of the crypto world. There is no particular guiding meaning to this term. Is proto short for prototype? Is this the same dank from your favorite meme folder? Both assumptions may be quite reasonable, but both are wrong. The idea was first proposed by protolambda and Dankrad Feist, who named it after themselves. Proto-danksharding is a transaction type that accepts the above blobs. The solution using blobs aims to overcome Ethereum's long-standing problems of high gas fees and low transaction throughput.

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