Headlines

▌Senator Warren: A Comprehensive Cryptocurrency Bill Is Being Drafted

U.S. Democratic Senator Warren said that a comprehensive cryptocurrency bill is being drafted, which will give the U.S. Securities and Exchange Commission the greatest regulatory powers in the market.

Policy

▌Signature Bank: Will Reduce Deposits Related to Cryptocurrencies by as Much as 10 Billion US Dollars

Signature Bank (SBNY) stated that it will reduce deposits linked to cryptocurrencies by 8-10 billion US dollars, which marks that the bank will stay away from the digital asset industry. Nearly a quarter of the New York-based bank's $103 billion in total deposits as of September 2022 come from the cryptocurrency industry, and FTX is one of its clients, though the cryptocurrency exchange's deposits at Signature accounting for less than 0.1% of the bank's overall deposits, the relationship between the two has caused Signature's shares to fall nearly 20% in November. In addition, Signature Bank also hopes to exit the stable currency business.

▌Stablecoins Pose A Threat To Financial Stability: The Bank Of Korea

The Bank of Korea (BOK) claimed it needs the authority to monitor and supervise stablecoins, according to the South Korean central bank’s report published on Monday as part of the country’s push to establish a comprehensive cryptocurrency regulatory framework.

Cryptocurrency

▌Tether Launches Offshore RMB Stablecoin CNH on Tron₮

Tether launched CNH₮, a stablecoin anchored to offshore RMB on Tron. Bitfinex will be the first exchange to allow its users to deposit and withdraw CNH₮ on the Tron network. CNH₮ was originally launched by Tether as an ERC-20 token on Ethereum in 2019.

▌Data: The Total Value of zkSync Bridging Storage Exceeded 190,000 ETH, or About 250 Million U.S. Dollars

According to data from Dune Analytics, the total value of Ethereum’s Layer 2 expansion solution zkSync cross-chain bridging storage has exceeded 190,000 ETH, reaching 190,834 ETH at the time of writing (about 250 million U.S. dollars based on the current ETH price). The number of bridge transactions is 498,646 users. According to previous reports, zkSync development company Matter Labs completed a $200 million Series C round of financing in mid-November, led by Blockchain Capital and Dragonfly.

▌Rumors Of A New Native 'Twitter Coin'

In a new roundtable on Twitter Spaces, Musk talks about his vision for the future of the social media powerhouse, including the ability to transact in both digital and traditional currencies. “WeChat has a lot of functionality that Twitter should have. It’s kind of a no brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use.” Musk’s comments come as rumors that Twitter may be working on its own cryptocurrency begin to spread. A researcher named Jane Manchun Wong claimed to have found an image of a “Twitter Coin” buried within Twitter’s web app. Wong’s account is no longer on Twitter and all tweets describing the possible crypto integration have been deleted.

▌FT Discloses All Investment Portfolios of FTX/Alameda

The capital portfolio of the fallen quantitative cryptocurrency trading firm Alameda Capital was recently released by Financial Times, revealing some interesting investments. According to the spreadsheet, there are nearly 500 illiquid investments spread across ten holding companies in the portfolio of FTX/Alameda worth $5.4 billion.

▌Chainlink Staking Is Now Available to Some Users and Will Be Fully Available on 9 December

Staking for decentralized oracle network Chainlink is now live on Ethereum, in what Chainlink co-founder Sergey Nazarov claims is one of the most highly anticipated events for its network. Until now, token holders had been limited in how they could put their LINK to work and receive rewards for securing the network. With staking enabled, holders of LINK can contribute to the network's security and receive rewards.