Headlines
▌Trump Signs Executive Order to Establish Cryptocurrency Working Group: Evaluates Creating National Reserve, Bans CBDC
Trump signed an executive order establishing the President's Digital Assets Working Group, tasked with developing a federal regulatory framework for digital assets (including stablecoins) and evaluating the creation of a strategic national digital asset reserve. The group will be chaired by the White House's "AI and Cryptocurrency Czar" David Sacks, with members including the Treasury Secretary, SEC Chair, and heads of other relevant departments and agencies. The executive order directs agencies to provide recommendations to the working group on any regulations or other agency actions that should be rescinded or amended to impact the digital asset sector. Additionally, the order prohibits agencies from taking any action to establish, issue, or promote a central bank digital currency (CBDC). The order also revokes the previous administration's "Executive Order on Digital Assets" and the Treasury Department's "Framework for International Engagement on Digital Assets," stating they stifled innovation and undermined the U.S.'s economic freedom and global leadership in digital finance.
Previously, President Trump had indicated he would be signing executive orders related to AI and cryptocurrencies.
▌Trump: Will Demand Fed Immediately Cut Rates, Calls on World to Follow Suit
Trump said on Thursday at the World Economic Forum in Davos, Switzerland, "As oil prices come down, I'm going to demand immediate rate cuts, and I'm going to say to the world, you better start cutting rates too." The Fed is set to hold its first policy meeting since Trump took office on January 28-29, with widespread expectations that it will keep rates unchanged. Trump has broadly criticized the Fed's rate hikes during the first two years of his term and attacked Powell, whom he appointed as Fed chair, for leading those actions.
Market
As of press time, according to Coingecko data:
BTC last traded at $103,957, with a daily change of +0.3%;
ETH last traded at $3,336.19, with a daily change of +3.0%;
BNB last traded at $688.80, with a daily change of -0.9%;
SOL last traded at $253.11, with a daily change of -1.7%;
DOGE last traded at $0.3518, with a daily change of -3.0%;
XPR last traded at $3.11, with a daily change of -1.7%.
Policy
▌U.S. Democratic Senator Elizabeth Warren Calls for Federal Agencies to Investigate Trump Family's Meme Coin
U.S. Democratic Senator Elizabeth Warren has criticized Trump's meme coin and urged the U.S. government's ethics office and financial regulators to thoroughly investigate the ethical and regulatory details of the TRUMP token.
Warren, a senior Democrat on the Senate Banking Committee responsible for overseeing U.S. financial regulators, stated that these assets, including First Lady Melania Trump's eponymous meme coin, pose a conflict of interest risk and highlight the "most destructive and volatile corners" of the cryptocurrency space.
Warren concluded in her letter: "$TRUMP and $MELANIA pose a serious risk to President Trump's ability to govern the country fairly, and a serious risk to investors who may become victims of a carefully crafted Trump family scheme."
▌Chief Legal Counsel of U.S. Government Efficiency Department Bill McGinley Announces Resignation
Bill McGinley, the Chief Legal Counsel of the U.S. Government Efficiency Department (DOGE) led by Musk, announced his resignation just days after Trump's return to the White House.
▌U.S. SEC Officially Rescinds SAB 121 Blocking Banks from Custodying Cryptocurrencies
According to the official page, the U.S. Securities and Exchange Commission (SEC) has issued SAB 122, officially rescinding SAB 121 which had blocked banks from custodying cryptocurrencies.
Staff Accounting Bulletin 121 (SAB 121) was guidance issued by the SEC in 2022 requiring companies holding cryptocurrencies to record these assets on their balance sheets and disclose related risks. The bulletin applied to all SEC-regulated entities, particularly banks and financial institutions, potentially subjecting them to higher capital requirements and impacting their ability to provide cryptocurrency custody services.
▌Trump's Eldest Daughter Ivanka Warns Against Purchasing Fraudulent Meme Coin Bearing Her Name
Ivanka Trump, the daughter of former U.S. President Donald Trump, warned investors not to purchase a fraudulent meme coin bearing her name. On Thursday local time, Ivanka wrote on social media platform X: "I have become aware that a cryptocurrency called 'Ivanka Trump' or '$IVANKA' is being promoted and traded without my knowledge or consent. Let me be clear - I have nothing to do with this cryptocurrency and do not endorse it. It may be a scam intended to take advantage of consumers and could expose them to financial losses." Ivanka added, "The use of my name and likeness for this cryptocurrency without my permission constitutes fraud." Her legal team is reviewing the matter and will take action to stop the unauthorized use of her name.
▌Trump Signs Executive Order to Declassify Kennedy Assassination Records
U.S. President Trump signed an executive order to declassify records related to the assassinations of former President John F. Kennedy, former Senator Robert F. Kennedy, and civil rights leader Martin Luther King Jr. Robert F. Kennedy was the brother of President John F. Kennedy, who was assassinated in Dallas during his presidency, and later ran for president himself, before being assassinated in 1968 at the age of 42. (CCTV News)
▌TD Cowen: SEC Commissioner Hester Peirce's Term Ending in June Raises Concerns Over Crypto Working Group Progress
Earlier this week, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce was appointed to lead the regulator's newly announced cryptocurrency working group. However, investment bank TD Cowen stated that her term will end in June, raising concerns over the progress of the crypto-focused special working group.
SEC Commissioners can be reappointed for an additional 18 months after their term expires. TD Cowen's Washington research team, led by Jaret Seiberg, wrote in a Thursday report that the SEC's creation of the special working group was an important and long-overdue step towards regulatory transparency in the crypto space. The report stated: "Our only concern is that Peirce may depart in June when her term expires." Peirce has often been referred to as the "Crypto Mom" for her advocacy of balanced cryptocurrency regulation and support for innovation in the space.
Blockchain Applications
▌Cardano Foundation Report: Blockchain Applications Undergoing "Fundamental Shift"
The non-profit organization Cardano Foundation, dedicated to advancing Cardano applications, has released a report stating that blockchain applications are undergoing a "fundamental shift".
The research highlighted Cardano's global impact, noting that 70% of projects in its ecosystem are designed for international deployment. The report stated: "Around 70% of the projects in our ecosystem are designed for international deployment, reflecting not just the geographic scope, but a fundamental shift in how blockchain technology is being used." The Cardano CEO expressed interest in how projects are using verification mechanisms to track assets from origin to end-consumer, transforming global supply chains.
▌DAO Governance Platform Agora to Acquire Boardroom
Here is the English translation of the text, with the specified terms translated as instructed:Blockchain governance startup Agora is set to acquire its competitor Boardroom. The company sees this acquisition as a strategic move to strengthen broader governance within the Ethereum ecosystem, citing clear regulatory promises from US President Trump for the blockchain industry, which is expected to lead to further growth in decentralized governance.
Boardroom was founded earlier than Agora and had similar goals, but adopted a more horizontal blockchain governance approach. Boardroom has gradually shifted from Agora-style DAO tool software to a data feed - similar to a "Bloomberg" for crypto governance data. Agora declined to disclose the acquisition price for Boardroom. Boardroom employees have been hired by Agora, and Boardroom founder Kevin Nielsen will continue to serve as an advisor. Agora co-founder Yitong Zhang stated, "There are no plans to abandon" Boardroom, and the Agora team will keep both platforms running and work with users to determine how to gradually integrate these tools.
Cryptocurrencies
▌Vitalik Buterin: Political tokens may pose a risk of "unconstrained political bribery"
Ethereum co-founder Vitalik Buterin recently posted on X, pointing out the serious risks posed by political tokens, particularly "unconstrained political bribery". He emphasized that over the past year we have entered a new order where the most powerful people in the world are encouraging everyone to create all kinds of tokens, and the scale of these tokens is no longer limited. He mentioned that this is not only about the contrast between short-term gratification and long-term value building, but also about the difference between modern addictive mobile games and chess or World of Warcraft. Vitalik believes that large-scale political tokens have gone beyond the realm of entertainment and become potential tools for unconstrained political bribery, which may even include bribery from foreign sources.
▌JPMorgan: Crypto venture capital funding expected to increase in 2025
JPMorgan analysts stated that crypto venture capital funding is expected to increase in 2025, but may not reach the levels of 2021 and 2022. The analysts pointed out that while increased regulatory transparency in the US and Europe is likely to encourage more investment, other factors are also presenting new challenges for venture capital.
The analysts noted that competition from large institutions, high interest rates, and the rise of platforms like ETFs and Echo are the main challenges facing venture capital firms. The report stated that going forward, crypto venture capital firms are expected to prioritize projects with tangible user adoption and focus on long-term growth, rather than traditional short-term metrics like total value locked and token economics.
▌Experts: Phemex breach may have been orchestrated by North Korean hackers
Several blockchain security experts have suggested that North Korean hackers may be behind the multi-million dollar attack on the Phemex cryptocurrency exchange. On Thursday, the Singapore-based exchange was breached. The Singapore-based exchange was alerted to suspicious activity by several blockchain security firms and temporarily suspended withdrawals earlier that day. Around $30 million was stolen at the time, but the attack appears to be ongoing, with more tokens being stolen.
SomaXBT.eth stated that the perpetrators of this attack are likely an organization affiliated with or based in North Korea. "The attack vector is similar to their attacks," he said. "I've never seen their activity on other chains."
▌Pump.fun founder: Did not create the ALON token and does not recommend anyone buy it
Addressing the community's question "Why did you create the ALON token as the CTO?", Pump.fun founder Alon posted on the X platform stating: "In a permissionless asset creation world, most people will have their own tokens. That said, it's best to reach a consensus on this relatively early, so people don't farm or PVP on other games." He then clarified: "To be clear, I did not create it and do not recommend anyone buy this token. I acquired ownership of the TG group created for this coin months ago and paid the Dexscreener fee. It's a bit crazy that no one has really cared about it these past few months."
▌JPMorgan CEO: We do provide banking services to some crypto firms, but they may face fines if issues arise
JPMorgan CEO Jamie Dimon stated in the Chase for Business podcast "The Unshakeables" that while JPMorgan does provide banking services to some crypto firms, these companies may face fines of hundreds of millions of dollars if issues arise. Jamie Dimon also pointed out that banks are not allowed to inform clients of the reasons for service termination.
Jamie Dimon has long been a critic of cryptocurrencies, stating: "I think we should be allowed to tell the client why." He added: "When we report these things, the federal government should know, and there should be clearer rules to define our responsibilities and obligations."
Key Economic Developments
▌Trump: I understand interest rates better than Powell, will talk to him "at the appropriate time"
US President Trump on Thursday questioned Federal Reserve Chairman Powell's interest rate decisions and said he plans to talk to the Fed chief "at the appropriate time". Trump told reporters in the Oval Office: "I think I know more about interest rates than they do. I think I know more about it than the people who are supposed to be making the decisions." He was apparently referring to Powell. "If I disagree, I'll let everybody know." While presidents traditionally avoid directly commenting on central bank policymaking, Trump had indicated during his campaign that he should be able to tell Powell how he thinks interest rates should change.
▌99.5% probability of Fed keeping rates unchanged in January
According to the CME FedWatch tool, there is a 99.5% probability of the Fed keeping rates unchanged in January, and a 0.5% probability of a 25 basis point cut. By March, the probability of keeping current rates unchanged is 71.6%, the probability of a cumulative 25 basis point cut is 28.2%, and the probability of a cumulative 50 basis point cut is 0.1%.
▌Foreign media: US Treasury implements new measures to avoid breaching debt ceiling
According to foreign media reports, the US Treasury Department stated that it will expand the use of special accounting measures to avoid breaching the federal debt ceiling that was reinstated earlier this month. Acting Treasury Secretary David Lebryk notified congressional leaders of this move in a letter on January 23rd. This new measure is a supplement to the steps recommended by former Treasury Secretary Yellen last week. Lebryk stated that as of Thursday, the Treasury can no longer fully invest the government securities investment fund of the "Thrift Savings Plan" for federal employees, which is a fixed-contribution retirement fund for federal employees. He stated that "once the debt limit is raised or suspended, that fund will be made whole".
▌US dollar index fell 0.11% on the 23rd
The US dollar index, which measures the dollar against six major currencies, fell 0.11% that day, closing at 108.046 in the New York market close. At the New York market close, 1 euro was exchanged for $1.0423, up from $1.0420 the previous trading day; 1 pound was exchanged for $1.2360, up from $1.2324 the previous trading day. 1 dollar was exchanged for 155.81 yen, down from 156.52 yen the previous trading day; 1 dollar was exchanged for 0.9068 Swiss francs, up from 0.9061 Swiss francs the previous trading day; 1 dollar was exchanged for 1.4362 Canadian dollars, down from 1.4371 Canadian dollars the previous trading day; 1 dollar was exchanged for 11.0035 Swedish kronor, up from 10.9945 Swedish kronor the previous trading day.
▌The yield on the 10-year US Treasury Inflation-Protected Securities (TIPS) hit the highest level since 2009
The U.S. Treasury Department issued $20 billion in 10-year Treasury Inflation-Protected Securities (TIPS), with a winning yield of 2.243%, the highest since January 2009, 1 basis point higher than the pre-issuance trading level, indicating slightly lower-than-expected demand. Primary dealers were allocated 10.2%, lower than the previous time, while direct bidders' allocation rose to 23.3%, and indirect bidders' allocation fell to 66.5%. The bid-to-cover ratio was 2.48 times, compared to an average of 2.39 times in the previous three auctions.
▌Trump criticizes the EU's targeting of U.S. tech companies like Apple and Google
Trump, at the World Economic Forum in Davos, Switzerland, criticized the EU's regulatory bodies for targeting Apple (AAPL.O), Google (GOOG.O), and Meta (META.O), calling the EU's accusations against U.S. companies a "form of taxation." The EU is known globally for its strict regulation of big tech companies, often clashing with major social media platforms like Facebook and X over content moderation, and with companies like Apple and Google over antitrust issues. "Whether you like it or not, these are American companies," Trump said in his speech at the World Economic Forum in Davos. "They shouldn't be doing that. In my opinion, that's a form of taxation. We have a tremendous problem with the European Union." Trump specifically mentioned Apple's loss in an EU court case last year involving a 13 billion euro Irish tax bill.
Jinse Finance
▌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 cryptocurrencies, disrupting the underlying peer-to-peer network infrastructure that cryptocurrencies rely on can 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, publishes articles for informational reference only and does not provide actual investment advice. Please everyone establish the correct investment concept and improve risk awareness.
