11.20 AI Daily Report: The cryptocurrency market ushers in a new era: BTCOptions trading is booming on its first day, intensifying the struggle between regulation and innovation.


The Crypto Assets market is ushering in a new stage of development. On the first day of BTCOptions trading on mainstream exchanges, a record volume of $1.9 billion marks the official entry of encryption assets into the TradFi market. At the same time, governments around the world are constantly seeking a balance between regulation and innovation, presenting new opportunities and challenges for the encryption industry.

1. Headlines

1. BTCOptions trading is hot on the first day, leading the new era of the Cryptocurrency market

BTCOptions was officially launched on Chicago Options Exchange (CBOE) on November 20th, with a record nominal value of $1.9 billion in volume on the first day, sparking market discussions. This is the first time that BTCOptions products have been launched on mainstream exchanges, marking the official entry of cryptocurrency assets into the TradFi market.

The launch of BTCOptions provides institutional investors with more investment and risk management tools. Options contracts allow investors to buy or sell BTC on a future date, providing new channels for hedging risks and profits for investors. Analysts believe that the launch of options will attract more institutional funds into the cryptocurrency market, improving market liquidity and efficiency.

At the same time, the introduction of Options trading also means that the Cryptocurrency market will be subject to stricter regulatory scrutiny. Regulatory agencies will closely follow Options trading to prevent manipulation and illegal activities such as Money Laundering, in order to maintain market order. Industry insiders are calling for strengthened regulation, but also to leave room for innovation and seek a balance between risk and innovation.

Overall, the launch of BTCOptions is an important step towards the mainstream adoption of Crypto Assets. It will encourage institutional investors' participation and enhance market maturity, but at the same time, it will also increase regulatory pressure. In the future, the Crypto Assets market will face more changes, and both investors and regulators need to remain vigilant.

2. The US Department of Efficiency is planning to develop a free tax filing application, causing a stir in the industry.

According to reports, the newly established "Government Efficiency Department" (DOGE) of the US government is considering developing a free mobile tax filing application to simplify the tax process and reduce the cost for taxpayers. This news has caused a stir in the accounting and tax software industry as soon as it came out.

The stock prices of major tax software companies such as H&R Block and Intuit fell 8.2% and 5.1% respectively after the news spread. Analysts believe that if the government really launches free tax filing applications, it will directly impact the core business of these companies, leading to a decline in revenue and profits.

Supporters believe that free tax filing applications will save taxpayers a lot of money, improve tax efficiency, and help alleviate the tax burden on the middle class. However, there are also criticisms pointing out that developing and maintaining such applications require a large amount of funding, which may increase government deficits and pose potential security risks.

In any case, this move will profoundly affect the entire tax service industry. Traditional companies will have to adjust their business models, transform, or seek new growth points. Emerging companies will face tremendous competitive pressure from government platforms. In the future, the tax service market may undergo reshuffling, and the industry landscape will undergo profound changes.

3. ETH spot ETF faces capital outflows, ecosystem faces Crisis of Confidence

According to reports, there has been a net outflow of over $1.2 billion since the launch of the ETH Spot ETF, which has shaken confidence in the Ethereum ecosystem. Concerns and doubts have emerged to varying degrees from the Ethereum Foundation to the developer community, as well as related businesses and investors.

Analysts pointed out that the capital outflows reflect investors' concerns about the future development prospects of Ethereum. Ethereum has always been regarded as a leader in the blockchain field, but in recent years it has faced fierce competition from other public chains. In addition, the slow progress of Ethereum 2.0 roadmap has made investors doubt its long-term value.

At the same time, there have been internal divisions within the Ethereum ecosystem. There are disagreements between the core development team and commercial companies, leading to contradictions over development direction and the use of funds. Some investors and developers have even publicly expressed doubts about the leadership of Vitalik Buterin.

In the face of crisis, Ethereum needs unity and rebuilding confidence. Vitalik Buterin needs to outline a clear development path for the entire ecosystem and take concrete actions to repair internal divisions. Only by maintaining innovation vitality and the coordinated development of the ecosystem, can Ethereum stand invincible in the future blockchain competition.

4. Aptos on-chain Meme launch platform emojicoin.fun online, opening a new interactive mode

On November 20th, Aptos officially announced that its on-chain Meme launch platform emojicoin.fun is officially live on Mainnet. The platform is powered by Aptos blockchain and Move programming language, allowing anyone to create and trade memes with fair issuance, redefining the way on-chain interactions are done.

The emergence of emojicoin.fun has provided a new channel for the dissemination of Meme culture on-chain. Users can not only create and issuance their own MEME coins, but also trade and interact with other users. This decentralized MEME ecosystem is expected to stimulate creativity and promote cultural diversity.

At the same time, the issuance of memes also brings a new economic model to the blockchain. Through tokenization, Meme creators can profit from it, incentivizing creative output. Meme enthusiasts can also benefit from investment, forming a relatively closed-loop economic system.

However, the development of memes also faces some challenges. How to avoid excessive speculation, prevent the proliferation of junk content, protect intellectual property rights, etc., all require self-restraint and regulation of the ecosystem. Only by establishing a healthy order can memes truly unleash their cultural and economic value.

Overall, the launch of emojicoin.fun has opened a new era of blockchain Meme, but its long-term development still needs time to prove. We have reason to be optimistic about this brand new interactive and economic model, but we also need to be vigilant about the potential problems it may bring.

5. South Korea plans to impose a 22% tax on cryptocurrency profits from 2025, with an increased tax exemption threshold

According to reports, South Korea's ruling party, the Democratic Party, plans to implement the 22% tax policy on Cryptocurrency income as originally scheduled in early 2025, while raising the tax-exempt threshold from the original 2.5 million Korean won (about $1800) to 50 million Korean won (about $36,000).

This move aims to regulate the Crypto Assets market, increase government tax revenue, but also has raised concerns among industry insiders. Supporters believe that taxation helps to curb excessive speculation and promote a rational return to the market. However, critics are concerned that high tax rates will inhibit the development of the Crypto Assets industry and affect South Korea's competitiveness in this emerging field.

Analysts point out that the impact of the taxation policy will depend on the specific implementation details. If the tax exemption threshold is set properly and convenient reporting channels are provided to investors, the impact may be relatively limited. However, improper operation may lead to capital outflow and weaken South Korea's position in the Crypto Assets field.

In general, Cryptocurrency taxation is the trend, and countries are exploring reasonable tax policies. South Korea's move reflects the increasing attention paid by mainstream society to Cryptocurrency and the need to integrate it into the formal financial system. However, how to balance regulation and development in the process is still a thought-provoking challenge.

二. Industry Data

BTC recent transaction price 91598.8000 USDT, intraday decline -0.1000%.

2. ETH

ETH recent transaction price is 3118.2700 USDT, with a daily decline of -0.4000%.

3. DOGE

DOGE recent transaction price is 0.3881 USDT, with a daily increase of +3.4000%.

4. SOL

SOL recent transaction price 243.3200 USDT, intraday increase +0.6000%.

5. GT

GT recent transaction price 9.6680 USDT, intraday decline -1.1000%.

3. Industry News

1. BTC hits new high, triggering expectations for AltCoin season

BTC price continues to rise, breaking through a new high of $93,500 on Tuesday. This surge is mainly driven by the declining sentiment of American investors, the continued fear of missing out by investors in Asia and Europe, as well as the purchase of nearly $500 million BTC by MSTR and its imitators.

Analysts believe that the decrease in BTC market capitalization may indicate the arrival of the Altcoin season. Once the BTC market capitalization falls below 35%, it often triggers fund flows to other cryptocurrencies, pushing the Altcoin prices to pump. However, in the short term, the possibility of a BTC pullback is also increasing, and investors need to be aware of the risks.

Exchange data shows that the demand for BTC options contracts is very strong, with the vast majority being call options. This indicates that institutional investors are optimistic about the future of BTC, which is expected to attract more capital inflows and further integrate the cryptocurrency ecosystem with the TradFi market.

2. ETH network activity is low, NUPL indicator shows investors are suffering losses

Despite the underperformance of ETH compared to BTC, ETH holders are unknowingly suffering losses, similar to the lows seen in early 2020. NUPL is an indicator that measures market sentiment and the unrealized profits and losses of cryptocurrency holders.

Analysts pointed out that the future development of Ethereum largely depends on the income created by stablecoins through web applications. However, the current Ethereum ecosystem still faces higher leverage risks, and its attractiveness is lower compared to BTC in the short term. But as regulations gradually become clearer, it may show more potential in the long term.

At the same time, Santiment data shows that the trend of small investors exiting the market due to price declines is intensifying. This level of the indicator is similar to the bottom in early 2020, which may provide an opportunity for long-term investors who are optimistic about ETH.

3. Cardano on-chain activities heat up, WhaleHoldings increase

The price of Cardano has pumped 5.7% in the past week, reaching $0.3. According to Santiment's data, the recent price movement of ADA is attributed to Whale activity and increased trading.

The number of long-term holders with positive earnings is decreasing, indicating that profit-taking is slowing down, and investors are following further pumps. Nevertheless, increased volume, Whale trading, and holdings may increase Cardano's volatility.

However, analysts are looking for the surge in volume and at least two consecutive breakouts of the Closing Price trend line to confirm the sustainability of this pump trend. Overall, on-chain activity of Cardano reflects the increasing market attention to the project.

4. The Solana ecosystem continues to heat up, and the $400 price level is followed

After the price surge, Solana's Market Cap reached nearly $117 billion, setting a new milestone. With the development of the blockchain ecosystem, analysts and investors are starting to follow the $400 price target.

This pump has caught the attention of traders and investors, as SOL's PA shows a strong pump trend. Top encryption analyst Johnny shared Technical Analysis on Solana, suggesting that if it can break through the $400 mark, it will open up further pump space.

Meanwhile, AI and big data-related Tokens surged by 131% during the BTCpump, reflecting investors' enthusiasm for this emerging track. Active Non-fungible Token and Decentralized Finance projects in the Solana ecosystem are expected to benefit from this trend.

5. BlackRock's BTCETF options reached a volume of $1.9 billion on the first day

BlackRock's BTCSpotETFOptions(I) traded an astonishing 73,000 contract orders within the first hour on Tuesday, with a bearish Options ratio of 4.4:1. This activity propelled I into the top 20 most active non-index Options.

This market reaction may attract a new group of investors and enable them to implement diversified trading strategies, which helps to reduce volatility and downside risks, and consolidate the position of BTC in the mainstream market. Other BTC spot ETFs, such as Grayscale BTC Trust and Fidelity Wise Origin Coin Fund, are also expected to launch options products soon.

Analysts believe that the launch of BTCETFOptions represents the growing confidence of institutions in BTC as a mainstream asset class. Investors expect that the introduction of BTCETFOptions in the United States will attract more capital inflows, and the increasing Options Trading Volume is seen as a positive start for the strengthening connection between the Cryptocurrency ecosystem and the TradFi market.

6. The Trump administration may adopt a friendly attitude towards Cryptocurrency.

According to reports, the Trump administration has nominated some cryptocurrency-friendly candidates, including Elon Musk to lead the newly established Department of Government Efficiency, and BTC supporter Pete Hegseth as Secretary of Defense. With the Republican Party controlling the Senate, most nominations are expected to be confirmed smoothly.

These personnel appointments highlight the alignment between the new government and the rising influence of digital assets in policy and finance. Trump plans to complete the cabinet selections before Thanksgiving, which may bring a more friendly regulatory environment for cryptocurrency.

Meanwhile, the Trump Media Group (TMTG) is in acquisition negotiations with Cryptocurrency trading platforms, which could enhance Trump's brand influence in the market. A successful deal will help strengthen Trump's position in the digital asset market he supports in his campaign.

7. Stablecoin inflows into the crypto market signal a bull run

Since November 2021, the net inflow of stablecoins (such as USDT) into the encryption exchange has increased, reaching the highest level ever. This indicates the growing confidence of traders and investors in the cryptocurrency market.

The increasing importance of Stable Coin in encryption transactions and Decentralization financial platforms, and their growing significance in the digital asset ecosystem, may continue to expand. The adoption of Stable Coin in non-US jurisdictions and emerging markets indicates that its role is increasingly enhanced globally.

The sharp increase in Stable CoinMarket Cap may be a potential indicator of a Bull Market in the digital asset market, while historically, the rise of Stable Coins has foreshadowed a bullish cycle in the Virtual Money market. Analysts believe that this series of market changes indicates that the pumping momentum of BTC remains stable.

8. The memes market continues to heat up, and the industry landscape is changing

With the development of the cryptocurrency market, having a secure and reliable storage option has become crucial. The Crypto Briefing pointed out that the increasing demand for easy asset access has made hot wallets popular. In this category, Plus Wallet stands out with its powerful security measures and simple operation.

At the same time, the Cryptocurrency dog coin, known for pumping with memes, is slowly approaching a key price point that could trigger a lot of market activity. The Token that attracts many casual investors and traders' follow may be preparing to revisit its All-time high.

In addition, Magic Eden will Airdrop 125 million Tokens worth $312 million to its community, a move that is expected to further drive the development of the Non-fungible Token market. Missed the peak of DOGE? Analysts suggest not investing in DOGE price, but investing in WallitIQ, which has the potential to earn up to 8,500% in the next 10 days.

9. MemeToken Phenomenon: The Rise of AI, DeSci, and Memes

MEMEToken has complex speculative motives, community collaboration behavior, meme culture dissemination, and the impact of AI technology on the market. From the perspective of game theory, MEMEToken presents multiple interactions of collective belief, coordinated behavior, and market speculation.

AI technology changes the generation and dissemination mode of MEMEToken by optimizing meme content and emotion monitoring, and combines with life science, injecting funds and social follow. MEMEToken is not only an experimental ground for financial speculation, but also a new tool for exploring collective behavior and social psychology.

Analysts pointed out that recently, the main tokens of the hot AI Meme and DeSci Memezone have experienced significant declines, such as ACT falling by more than 12%, ai16z falling by more than 45%, RIF falling by more than 30%, URO falling by more than 40%, etc. This indicates the speculative nature and high risk of this field, and investors need to remain cautious.

10. The standard for listing on Cryptocurrencyexchange has become a focus issue.

Gate.io denied allegations of listing a Token with a racist and offensive name, stating that the Token has never been listed on its platform. The company called on users to report false content and misinformation in the cryptocurrency community, emphasizing the importance of combating misinformation.

Cryptocurrency platforms must consider the listing criteria as an important issue for the future of cryptocurrencies. With the rise of MEMEToken, the rapid and inexpensive creation of problematic tokens becomes possible, and how to prevent the listing of such tokens will be a problem that exchanges need to solve.

Meanwhile, the Bank for International Settlements released a report pointing out that although Uniswap v3 is technically decentralized, the Liquidity market is still dominated by a few large participants, making it difficult for retail Liquidity providers to compete with institutions. These major players hold about 80% of the Total Value Locked, focusing on high-volume and low-volatility.

Four. Project Highlights

1. Solana ecosystem AI project CharacterX registered users exceeded 5 million, DAUs exceeded 200,000

CharacterX is an AI project based on the Solana ecosystem, providing unrestricted customized models based on Llama, as well as multimodal generation capabilities (text, image, video). The project has won the top three places in the 2024 Solana Hackathon and has received millions of dollars in seed round investment from institutions such as Lightspeed Capital.

According to official data, the number of registered users of CharacterX has exceeded 5 million, with DAUs exceeding 200,000. CharacterX stated that reaching 5 million users is an exciting milestone, and they will continue to develop and launch more exciting features and products to inject vitality into the market.

The rapid development of CharacterX reflects the innovative vitality of the Solana ecosystem in the field of AI. As an emerging blockchain ecosystem, Solana is attracting more and more developers and projects to settle in. The success of CharacterX has brought more follow to the Solana ecosystem, and is expected to drive more AI innovation projects to land in the ecosystem.

Analysts believe that the combination of AI and blockchain will become an important trend for future development. The emergence of projects like CharacterX proves the feasibility of this trend and brings new possibilities to the industry. However, it is also important to note that the integration of AI technology and blockchain is still in its early stages and there are many challenges that need to be addressed.

2. Aptos ecosystem memes issuance platform emojicoin.fun Mainnet online

Aptos is an emerging blockchain created by former Meta employees, using the Move programming language. Recently, the Meme coin issuance platform emojicoin.fun of the Aptos ecosystem officially launched on the Mainnet, allowing anyone to create and trade Meme coins with fair issuance, redefining on-chain interaction.

The emojicoin.fun platform is powered by the Aptos and Move programming languages, allowing users to create and trade various meme coins on it. The emergence of this platform is expected to promote the development of meme culture in the Aptos ecosystem and bring users a brand new on-chain experience.

Meme culture is a hot topic in the current cryptocurrency field. As the meme coin market continues to expand, more and more projects and platforms are beginning to lay out in this field. The launch of emojicoin.fun marks the official entry of Aptos ecosystem into the meme coin race, with the potential to attract more innovative projects to settle in.

Industry analysts pointed out that the rise of Meme culture reflects the popularization of the cryptocurrency market. The emergence of MEME has dropped the threshold for cryptocurrencies, making it more accessible to ordinary users. However, caution should also be exercised against the risks of Meme coin bubbles to avoid negative impacts from excessive speculation.

3. WeWallet plugin downloads exceed 2 million

WeWallet is a decentralized Wallet that supports multiple chains, it is a leading product of Cryptocurrency exchange. According to the data from Google Chrome Web Store, the number of downloads of WeWallet plugin is continuously rising and has exceeded 2 million.

Users feedback that the comprehensive functionality, rapid response to market hotspots, smooth user experience, and convenient security are the main reasons for choosing this Wallet. It is reported that WeWallet supports more than 100 public chains, with unified access across four platforms: App, plug-ins, web, and Telegram, covering multiple zones such as Wallet, market, Non-fungible Token market, and DApp exploration.

The Wallet tool is an important gateway for users to access the We world. The continuous increase in WeWallet downloads reflects users' strong interest in the We ecosystem. As a feature-rich multichain Wallet, WeWallet provides users with a convenient We experience, which helps promote the development of the We ecosystem.

Analysts believe that the development of the Wallet tool is an important sign of the maturity of the We ecosystem. In the future, the Wallet tool needs to continuously optimize security, usability, functionality, etc., to provide users with a better experience, thereby promoting the popularization of the We ecosystem.

4. Sui ecosystem Airdrop activity continues to heat up, gate We wallet aggregates multiple project Airdrop

Sui is an emerging public chain based on the Move language, and its recent ecological activity has been continuously increasing. Among them, the Airdrop activity of the Sui ecosystem launched by gate WeWallet has been well received, gathering Airdrop tasks from multiple Sui ecosystem projects.

According to the introduction, the Sui ecosystem Airdrop activity of gate WeWallet will share project Tokens and points worth $68,000 with participants who complete all tasks. Users only need to connect gate WeWallet to participate in interactive tasks of various projects and have the opportunity to get Airdrop after completing the verification.

The launch of Airdrop event is conducive to stimulating the activity of SUI ecosystem, attracting more users and developers to follow. As an emerging public chain, SUI ecosystem is in a rapid development stage, and similar Airdrop events help promote the prosperity of the ecosystem.

Industry analysts pointed out that Airdrop is a common user incentive method in the current public chain ecology, which plays an important role in attracting traffic and promoting projects. However, it is also necessary to be vigilant against speculative behavior in Airdrop activities to avoid risks brought about by excessive hype.

5. The Cardano ecosystem has completed the Decentralized Finance protocol Ardana Token Airdrop, and users can receive ADA Airdrop.

Ardana is a Decentralized Finance protocol built on the Cardano ecosystem, aimed at bringing more Decentralized Finance functionality to the Cardano ecosystem. Recently, Ardana completed an Airdrop of the TokenDANA, and users holding ADA can claim corresponding DANA Airdrop rewards.

According to official news, the Snapshot height of this Airdrop is 3.512 billion, eligible users can claim DANAToken on the Ardana official website. The DANAToken Aggregate Supply is 1 billion, of which 20% will be distributed to ADA holders through Airdrop.

The launch of Ardana marks a new milestone for the Cardano ecosystem in the field of Decentralized Finance. As a mature public chain project, the Cardano ecosystem is gradually improving its Decentralized Finance infrastructure to provide users with more Financial Service.

Analysts believe that Decentralized Finance is an important direction for the development of public chain ecosystems. The emergence of projects such as Cardano will further promote the layout of Cardano's ecosystem in the Decentralized Finance field and inject new vitality into the ecosystem. However, at the same time, attention should also be paid to regulatory risks in the Decentralized Finance field to ensure Compliance operation of the project.

5. Economic Dynamics

1. US inflation data higher than expected, market expects the Fed to slow down rate hikes.

Economic background: The US economy experienced dual pressures of high inflation and a tightening cycle in 2022. Although the latest data show that the inflation rate has slowed down, it is still above the Fed's target level of 2%. GDP rise slowed to 2.6% in the third quarter, and the job market remained robust.

Important Event: The overall annual inflation rate in the United States in October rose from 1.7% in September to 2.3%, higher than the economists' expected 2.2%. This data has intensified concerns in the market about the Federal Reserve's significant interest rate hike again at the December meeting.

Market reaction: The yield of U.S. Treasury bonds rise, reflecting the market's expectation of a reduction in the number of interest rate cuts. Investors expect the Fed to end its rate-hiking cycle in the first half of 2023. The stock market fell slightly, reflecting investors' concerns about economic slowdown.

Expert view: Richard Flax, chief investment officer of Moneyfarm, said that due to the cautious attitude of policymakers, the inflation risedrop has reduced the possibility of a rate cut in December. Goldman Sachs expects the Fed to end its rate hike cycle in March 2023 and start cutting rates in 2024.

2. Russia announces new nuclear policy, causing concerns in global financial markets

Economic Background: The conflict between Russia and Ukraine has been ongoing for nearly a year, causing serious impact on the global economy. Soaring energy prices, Supply Chain disruptions, intensified geopolitical tensions have led to high inflation, putting major economies at risk of recession.

Important event: Russian President Putin has signed a new nuclear policy, relaxing the conditions for the use of nuclear weapons. This move is aimed at countering the sanctions against Russia by the West, but it has raised global concerns about the risk of nuclear war.

Market Reaction: The US stock market experienced a roller coaster ride with initial suppression and subsequent rebound. Initially, investors panicked and turned to safe-haven assets, causing a collective decline in US stocks. However, after the US responded that there is no reason to adjust the nuclear situation, the market shook off concerns about nuclear war escalation, and large-cap tech stocks rebounded.

Expert analysis: Former US Ambassador to Russia Michael McFaul believes that Putin's new policy is sending a threatening signal to the West, but the actual possibility of using nuclear weapons is very low. UBS analysts point out that geopolitical tensions will continue to impact the global economy, and investors need to closely follow the risks.

3. The Brazilian Central Bank has launched the Central Bank Digital Money pilot project

Economic Background: Major global economies are actively exploring Central Bank Digital Money (CBDC) to improve the efficiency and inclusiveness of the financial system. The Brazilian economy is recovering, but still faces high inflation and fiscal deficit pressures.

Important event: The Central Bank of Brazil announced the launch of the second phase of its CBDC pilot project Drex, focusing on establishing trade finance solutions using blockchain technology and Oracle Machine, involving tokenization of electronic bills of lading, etc.

Market response: The move has gained support from enterprises such as Microsoft, chainlink, and Banco Inter, reflecting the market's enthusiasm for CBDC. However, some analysts are concerned that CBDCs may weaken the banking system and bring financial stability risks.

Expert view: Roberto Campos Neto, President of the Central Bank of Brazil, stated that the project aims to integrate CBDC and blockchain technology into the Brazilian economy to address inefficiencies in global trade and promote financial innovation. The bank for international settlements also supports the project, believing that it will help improve the efficiency of cross-border payments.

Six. Regulation and Policy

1. Discipline Inspection Commission announced that former director of the Technology Supervision Department of China Securities Regulatory Commission, Yao Qian, abused power and engaged in corruption by using Virtual Money for bribery.

On November 20, the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission stationed in the China Securities Regulatory Commission and the Discipline Inspection Commission of Shanwei City, Guangdong Province, conducted disciplinary review and supervision investigation on Yao Qian, the former director of the Technology Supervision Department of the China Securities Regulatory Commission and the former director of the Information Center, for serious violations of discipline and law. It was found that Yao Qian abandoned his original mission, pursued fame and fortune, and spared no effort to support specific technology service providers as his "key cultivated objects" for his own selfish interests. He abused his regulatory powers such as policy recommendation, formulation, and enforcement, neglected his responsibilities in technology supervision, sought improper benefits for others in expanding business of information technology system service agencies, hardware and software procurement, etc., and engaged in quid pro quo transactions using Virtual Money.

The case reveals that Yao Qian seriously violated the party discipline and national laws, abused power, and engaged in corruption. As the principal person in charge of the technology supervision department of the China Securities Regulatory Commission, Yao Qian should have upheld integrity and self-discipline and maintained the fairness of supervision. However, for personal gain, he abused his power, not only damaging the credibility of the regulatory agency, but also seriously violating the party discipline and national laws. This case sends a serious warning to the entire society that any abuse of power and corrupt behavior will be severely punished.

The case also highlights the important role of Virtual Money in anti-corruption. The electronic footprint of Virtual Money transactions helps regulatory authorities trace the illegal activities of corrupt individuals. In the future, relevant authorities need to strengthen supervision in the Virtual Money field to prevent its abuse in illegal activities. At the same time, it is also necessary to enhance the education and restraint of regulatory personnel to ensure their integrity, self-discipline, and the maintenance of regulatory fairness.

2. Trump Administration Considering Appointing Crypto-Friendly Teresa Goody Guillén as SEC Chair

According to sources, US President-elect Trump is considering appointing blockchain legal expert Teresa Goody Guillén as Chairman of the US Securities and Exchange Commission (SEC). Guillén is currently a partner and co-head of the blockchain team at BakerHostetler law firm, and has previously worked at the SEC, representing blockchain companies and traditional enterprises in response to SEC enforcement actions.

Sources say the Trump team hopes to select a pro-Cryptocurrency and non-bureaucratic candidate to push for light regulation policies at the SEC, and end the 'enforcement first, regulation second' practice. This personnel arrangement indicates a significant shift in SEC's Cryptocurrency regulation.

Guillén has extensive legal experience in the field of blockchain and cryptocurrency and a deep understanding of industry development. She has criticized the SEC for its strict regulation of cryptocurrencies and advocates for a more open and inclusive approach. If she were to become SEC chairman, it is expected that she would promote a more friendly policy for cryptocurrency regulation by the SEC.

This personnel change has been widely followed and welcomed by the Crypto Assets industry. Insiders believe that Guillén's appointment will create a more favorable regulatory environment for Crypto Assets enterprises, which is conducive to the healthy development of the industry. However, some people are concerned that overly lenient regulations may bring risks, and it is necessary to seek a balance between promoting innovation and protecting investor interests.

Overall, the consideration of appointing Guillén as SEC Chairman by the Trump administration reflects the new government's attention and support for the cryptocurrency industry. If this personnel change is ultimately implemented, it will have a profound impact on the regulatory landscape of cryptocurrencies in the United States and even globally.

3. Russia introduces new energy policy, prohibiting cryptocurrency mining in 13 regions

The Russian government's Energy Development Commission approved Cryptocurrency Mining restrictions on Monday, which will take effect on December 1st and will be implemented annually from November 15th to March 15th until 2031. Deputy Minister of Energy Yevgeny Grabchak confirmed the decision, which applies to 13 regions outside Moscow, including Irkutsk, Buryatia, and the Republic of Buryatia. The extension of the implementation period is to manage peak power demand and address energy shortages.

The Russian government's move is aimed at addressing the key regulatory and fiscal challenges in the affected areas. Cryptocurrency Mining consumes a huge amount of electricity, imposing a heavy burden on the power system. Prohibiting Mining activities during energy shortages and peak electricity consumption periods can alleviate the pressure on power supply, ensuring that the needs of civilian and industrial electricity consumption are met.

The policy has sparked strong dissatisfaction among Cryptocurrency Miners and businesses. They believe that this measure will severely impact the development of Russia's Cryptocurrency industry. Some miners even threaten to move to other countries. However, some experts believe that this policy is only temporary and aims to control electricity demand during peak periods, rather than completely banning Cryptocurrency Mining.

Overall, Russia's new energy policy reflects the government's balancing act between energy security and industrial development. Although cryptocurrency mining puts pressure on the power system, this emerging industry also has significant growth potential. In the future, the Russian government needs to seek a balance between the two and develop more scientifically reasonable regulatory measures.

4. Hong Kong plans to legislate regulations on stablecoin issuers to ensure that price changes are reflected in virtual asset indices.

The Hong Kong Legislative Council and the Subcommittee on Virtual Asset Development recently held a meeting. Karen Lee, Deputy Secretary for Innovation and Technology, said that in addition to launching an index tracking Virtual Money, the Hong Kong government is also studying legislative proposals for implementing a regulatory regime for Stable Coin issuers in Hong Kong. It is expected that the proposal framework will be submitted to the Legislative Council later this year. She also said that she will further discuss with the Treasury Bureau and the Hong Kong Monetary Authority to ensure that Stable Coin price changes can be appropriately reflected in the index, which will help the development of Stable Coin and virtual asset trading centers in Hong Kong.

The Hong Kong government plans to establish a regulatory system for the issuance of Stable Coins, aiming to regulate the issuance and circulation of Stable Coins in Hong Kong, and maintain financial stability. As a bridge between Cryptocurrency and legal tender coins, the issuance and operation of Stable Coins need to be strictly regulated. This move by the Hong Kong government helps to prevent the financial risks brought by Stable Coins and protect the rights and interests of investors.

At the same time, ensuring that the Fluctuation of Stable Coin prices can be appropriately reflected in the virtual asset index is also an important consideration of the Hong Kong government. The virtual asset index is designed to provide investors with a reliable price reference. If the Fluctuation of Stable Coin prices is not promptly reflected in the index, it will affect the accuracy and reference value of the index. Therefore, it is very necessary to formulate relevant regulatory measures.

Industry insiders welcome the Hong Kong government's move. They believe that proper regulation is beneficial to the healthy development of stablecoins in Hong Kong and lays the foundation for Hong Kong to become a virtual asset trading center. However, some experts also caution that regulation should not be overly harsh and that a balance needs to be struck between risk prevention and industry development.

In general, the Hong Kong government's proposal to establish a regulatory system for stablecoin issuers reflects its determination to develop the virtual asset industry. Reasonable regulation will help maintain financial stability, protect the rights and interests of investors, and create a favorable environment for Hong Kong to become an international virtual asset center.