Headlines
▌Trump Sworn In, Becomes First "Crypto President" in US History
Trump was sworn in as the 47th President of the United States, becoming the first "crypto president" in US history.
▌US SEC Issues Statement on Gary Gensler's Departure
The US Securities and Exchange Commission (SEC) issued a statement saying that today is the last day of Gary Gensler's tenure at the SEC. Chairman Gensler has had a long career in public service, joining the SEC in 2021. Prior to this, he served as Chairman of the Commodity Futures Trading Commission, Deputy Treasury Secretary for Domestic Finance, Assistant Treasury Secretary for Financial Markets, and Senior Advisor to Senator Paul Sarbanes. He brought his extensive experience and knowledge of financial markets to the Chairmanship, and we have worked together to advance the Commission's mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation.
Although as Commissioners we have approached policy issues from different perspectives, we have done so with dignity in our disagreements. Chairman Gensler has been committed to bipartisan cooperation and respectful discourse, which has helped to further our service to the American public. For this, we are deeply grateful.
Market
As of press time, according to Coingecko data:
BTC last traded at $102,975, with a daily change of +3.1%;
ETH last traded at $3,293.62, with a daily change of +3.6%;
BNB last traded at $684.72, with a daily change of +1.5%;
SOL last traded at $246.05, with a daily change of +2.1%;
DOGE last traded at $0.3582, with a daily change of +1.5%;
XPR last traded at $3.13, with a daily change of +7.3%.
Policy
▌SEC Chair Gary Gensler Officially Resigns
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has officially resigned.
▌Utah Representative Jordan Teuscher Introduces Strategic Bitcoin Reserve Legislation
Utah Representative Jordan Teuscher has introduced strategic Bitcoin reserve legislation.
▌Musk Takes the Stage at Trump Inauguration, Gestures Spark Controversy
Musk took the stage to speak during Trump's inauguration as US President, describing Trump's victory as an event to ensure "the future of civilization" and thanking Trump's supporters for achieving this goal. The world's richest person and a major donor to Trump enthusiastically saluted the audience, but this gesture quickly went viral online, with some critics comparing it to the "Sieg Heil" (a Nazi salute). This is not the first time Musk's stage antics have drawn attention, as he previously drew controversy for a "dark MAGA" dance at a Trump rally in Pennsylvania.
▌White House: Mark Uyeda to Serve as Acting SEC Chair
White House documents show that Mark Uyeda, a Republican, will serve as the acting Chair of the US Securities and Exchange Commission (SEC).
Uyeda has been an SEC Commissioner since June 30, 2022, and previously worked at the SEC for over 15 years. FOX Business previously reported that Mark Uyeda hopes to help Trump fulfill his promise to end the Biden administration's so-called "crypto war".
▌Musk Already Has White House Email Address, May Have Office in White House
On the first day of Trump's presidency, Musk already had his own White House email address.
A source revealed that the billionaire, who is set to become the Secretary of Government Efficiency (DOGE), said his email is already searchable within the internal search function of the Executive Office of the President. The source also showed a screenshot displaying Musk's new email address with the EOP (Executive Office of the President) domain. The source said: "This seems to confirm he will have an office in the Eisenhower Executive Office Building." Another source familiar with Musk's relationship with the Trump administration also said Musk will have an office in the Eisenhower Executive Office Building, but it's unclear how often he will use the office space.
▌New CFTC Acting Chair Caroline Pham Issues Statement Thanking Trump
Fox Business reporter Eleanor Terrett posted on X platform that Caroline Pham, the new acting Chair of the US Commodity Futures Trading Commission (CFTC), issued a statement after being confirmed by the Commission. She said: "I am honored to serve as Acting Chair of the CFTC. This is a critical moment, and I am grateful for the trust placed in me by President Trump, as well as the support of my colleagues and the CFTC staff." Pham also said she looks forward to working with stakeholders in her new role, focusing on the CFTC's mission of promoting well-functioning markets, supporting economic growth, and enhancing America's competitiveness.
▌Trump: We Will Impose Tariffs and Taxes on Foreign Countries, Establish External Revenue Service
President-elect Trump said that we will impose tariffs and taxes on foreign countries to benefit our citizens, rather than taxing our citizens to enrich other nations. To this end, we are establishing an External Revenue Service to collect all tariffs and taxes. This will bring a massive inflow of funds from foreign services into our treasury. The American Dream will soon return and flourish like never before.
▌After Trump's Inauguration, Lawsuits Target Musk's Government Efficiency Department
Within minutes of Trump's presidential inauguration, progressive organizations filed three lawsuits alleging that the Government Efficiency Department (DOGE) led by Elon Musk violated transparency requirements of the 1972 law.
The three lawsuits all argue that DOGE should be treated as a federal advisory committee. Under the 1972 FACA law, such committees must represent balanced perspectives, hold all meetings publicly, and maintain meeting records.
Blockchain Applications
▌Penguin Parent Company's Abstract Chain Announces Mainnet Launch
Abstract Chain, a Layer 2 network designed for on-chain culture and communities, has announced its mainnet launch.
Cryptocurrencies
▌Arthur Hayes: I Don't Think Trump Will Pursue a Bitcoin Reserve
BitMEX co-founder and former CEO Arthur Hayes said: "I don't think Trump is going to go about building a Bitcoin reserve. At the end of the day, I don't know what the use case is for borrowing money to buy Bitcoin on any of Trump's platforms."
He said: "Before you destroy the bond market, you have so much borrowing capacity. Are you going to borrow money to buy Bitcoin? Are you going to borrow money to provide healthcare for the elderly who voted for you, or are you going to borrow money to make more bombs so the defense lobbying groups like you? You can borrow money to buy all sorts of different things. I just don't think he's going to spend the money on Bitcoin. While Bitcoin supporters think Bitcoin is important, there are a lot of other stakeholders who want the borrowed money to go into their pockets."
Here is the English translation of the text, with the specified terms translated as requested:Regarding the implementation of Bitcoin reserves, Hayes said "I hope I'm wrong." But he pointed out that the time before the midterm elections is limited, which may limit the ability to implement major policy changes, and there are many other things that need to be allocated time and budget.
▌The Ethereum Foundation has allocated 50,000 ETH to participate in the DeFi ecosystem, and has conducted test transactions on Aave
Ethereum Foundation staff hww.eth posted on social media that the Ethereum Foundation has established a new 3-of-5 multi-signature wallet and injected 50,000 ETH, and the Ethereum Foundation will use this new wallet to participate in the DeFi ecosystem, and has already conducted test trading activities on Aave.
▌Crypto funds saw net inflows of $2.2 billion last week, reaching a new high in assets under management
According to the latest report from asset management firm CoinShares, driven by the "expectation of Trump's inauguration" and the positive trend in cryptocurrency prices, the global crypto funds managed by institutions such as BlackRock, Bitwise, Fidelity, and Grayscale recorded net inflows of $2.2 billion last week, the largest weekly inflow so far this year. This has pushed the assets under management (AUM) of crypto funds to a new high of $171 billion.
Important Economic Dynamics
▌The probability of the Fed keeping rates unchanged in January is 99.5%
According to the CME "Fed Watch", the probability of the Fed keeping rates unchanged in January is 99.5%, and the probability of a 25 basis point rate cut is 0.5%. By March, the probability of keeping the current rate unchanged is 69.6%, the probability of a cumulative 25 basis point rate cut is 30.2%, and the probability of a cumulative 50 basis point rate cut is 0.2%.
▌Analysts: The US dollar is weakening, and the market's further reaction to Trump remains to be seen
Before Trump delivered his inauguration speech, the US dollar had already fallen by more than 1%, as reports indicated that he would issue a memorandum instructing federal agencies to investigate and work to improve persistent trade deficits. Kristina Clifton, an economist at Commonwealth Bank of Australia (CBA), said that despite this, Trump did not impose any new or higher tariffs. He reiterated plans to crack down on illegal immigration, reduce inflation through declaring a national energy emergency, end the Green New Deal, and revoke electric vehicle authorizations. On Monday, the US market was closed for the Martin Luther King Jr. holiday, so the full market reaction to Trump's speech will not be known until a few hours later. She added that expectations for new policy announcements this week may be too high, and therefore the US dollar may continue to decline.
▌The US dollar index fell 1.19% on the 20th
The US dollar index, which measures the US dollar against six major currencies, fell 1.19% that day, closing at 108.044 in the forex market. As of the close of the New York forex market, 1 euro was exchanged for $1.0421, higher than the previous trading day's $1.0276; 1 pound was exchanged for $1.2337, higher than the previous trading day's $1.2167. 1 US dollar was exchanged for 155.63 yen, lower than the previous trading day's 156.16 yen; 1 US dollar was exchanged for 0.9064 Swiss francs, lower than the previous trading day's 0.9149 Swiss francs; 1 US dollar was exchanged for 1.4307 Canadian dollars, lower than the previous trading day's 1.4461 Canadian dollars; 1 US dollar was exchanged for 11.0183 Swedish kronor, lower than the previous trading day's 11.1918 Swedish kronor.
Jinse Encyclopedia
▌What is a drip attack in crypto?
In the cryptocurrency environment, drip attacks often target the decentralized nature of blockchain platforms. Even if they do not target the cryptographic algorithms of the blockchain, disrupting the underlying peer-to-peer network infrastructure that cryptocurrencies rely on can still lead to service interruptions, fund losses, and a decline in user trust. Attackers can focus on specific nodes or servers to interfere with the consensus process, transaction verification, or node-to-node communication. This can result in network fragmentation, processing delays, or even a complete shutdown.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and improve risk awareness.
