SAN FRANCISCO, CA, November 20th, 2024 In a major move to accelerate blockchain development, Ankr has been selected by Story, the highly anticipated Layer-1 blockchain focused on intellectual property (IP), to provide critical infrastructure for its ecosystem.

As part of the partnership, Ankr will support Story by operating nodes and establishing RPC (Remote Procedure Call) connections, empowering developers to quickly and efficiently build decentralized applications (dApps) on its network and promote overall growth.

Opening New Possibilities

Story, valued at $2.25 billion and boasting over 100 ecosystem partners, recently launched its public testnet, Odyssey, inviting developers to begin creating on its innovative platform. The vision of the blockchain is to transform the IP landscape by tokenizing everything, opening up new possibilities for creative ownership in the age of AI. With $24.7 million in funding and a rapidly expanding developer community, Story is already one of the most exciting blockchain projects of 2024.

Moreover, Ankr provides a seamless, high-performance infrastructure that will remove traditional barriers to building for Story and their network, allowing developers to access powerful tools and resources instantly. By offering easily accessible RPC endpoints, Ankr eliminates the need for developers to deploy or maintain their own Story nodes, simplifying the development process and reducing friction in building dApps.

A Perfect Collaboration

The team is thrilled to partner with Story as they equip developers with the tools to disrupt the global IP industry, said Chandler Song, Co-Founder and CEO of Ankr. Chandler went on to say that in an era driven by AI and blockchain, performance is paramount, and the robust infrastructure of Ankr ensures developers can build high-quality, scalable dApps with ease. This collaboration is a perfect fit for our mission to empower Web3 developers and foster innovation across industries, he concluded.

Weilei Yu, VP of Ecosystem at Story, echoed this sentiment, emphasizing the critical role that infrastructure plays, before going on to say that Ankr is the ideal partner to accelerate development within the Story ecosystem. Their cutting-edge RPC solutions empower developers to access on-chain data seamlessly, ensuring that building on the purpose-built IP blockchain of Story is both efficient and scalable, Weilei added.

A Global Phenomenon

The Story RPC service by Ankr acts as a high-speed bridge between dApps, wallets, and the Story blockchain, facilitating the smooth transmission of on-chain data such as transaction submissions and wallet balances. By offering features like high request rates, global node locations, WebSocket capabilities, and a comprehensive support portal, Ankr gives developers everything they need to quickly and effectively bring their ideas to life on the Story network.

In addition, Ankr boasts an extensive infrastructure, spanning over 30 regions worldwide with bare-metal nodes across multiple data centers. This ensures that Story users can take advantage of low-latency and high-performance connections, supporting the global nature of Web3 applications.

About Story
Story is revolutionizing the way intellectual property is managed and monetized on the blockchain. Its unique layer-1 platform enables the tokenization of all types of IP, including memes, video gamer characters, and even memes, thereby creating an open, liquid marketplace for creators. Founded by a team of seasoned entrepreneurs and tech experts with a history of successful exits, Story is backed by top investors like a16z crypto, Endeavor, and Hashed. Visit story.foundation to learn more.

About Ankr
Ankr is a leading Web3 developer hub providing an all-in-one suite of tools and services to build, deploy, and scale decentralized applications. With high-performance connections to over 60 blockchains, Ankr supports multi-chain dApp development, staking solutions, and a globally distributed node infrastructure. Ankr is on a mission to empower developers and create a more decentralized, democratic web experience. For more information, visit ankr.com.

Media Contact
Kevin Dwyer
PR Manager, Ankr
kevin@ankr.com

The Russian government has approved multiple draft changes to a bill that addresses the taxation of income and expenses related to cryptocurrency transactions and mining, according to a recent report by the news agency Interfax on Monday.

Key Details

The proposed changes would categorize cryptocurrencies as property for tax purposes. As a result, income earned through mining will be taxed based on its market value at the time it is received. However, miners would be allowed to subtract expenses incurred in mining activities from their taxable income.

In addition, crypto transactions are set to be exempt when it comes to value-added tax. Income gained through trading will be taxed at the same rates applied to securities transactions, with a maximum personal income tax rate of 15%. The amendments also aim to enforce compliance by requiring mining operators to disclose information about the individuals using their infrastructure.

Maintaining Balance

The Finance Ministry reportedly stated that the decision to tax mining-derived financial income is designed to balance the interests of businesses and the government. The original cryptocurrency taxation bill was introduced in December 2020, and it passed its first reading in 2021, according to Interfax.

Last month, the Russian Federal Tax Service proposed taxing the unrealized gains that miners earn. Earlier this month, the government set a cap on the amount of electricity unregistered individuals could use for Bitcoin (BTC) mining, limiting consumption to 6,000 kilowatt-hours per month.

President-elect Donald Trump is scheduled to meet with Coinbase CEO Brian Armstrong in what is expected to be an important conversation about potential appointments for key positions in the upcoming Trump administration. According to various reports, the two will discuss the selection of personnel for prominent roles in office.

A Historic Meeting

This meeting marks the first time Trump and Armstrong have sat down together since Election Day, signaling the beginning of a series of high-level discussions as Trump continues to finalize his team. As he moves forward with the task of building out his cabinet and selecting top officials, the timing of the meeting is not surprising. It comes at a critical moment in the transition process, as Trump works to assemble a team that can help execute his policy agenda for the next four years.

Among the names circulating for key positions, one figure who has gained significant support is Kevin Warsh, a former Federal Reserve governor. Sources suggest that some high-ranking advisers are strongly backing Warsh for the role of Treasury Secretary, citing his extensive financial expertise and experience within the Federal Reserve system.

Finalizing The Team

It has also been reported that Warsh has been invited to Mar-a-Lago, a private estate in Florida owned by none other than Trump himself, where he is expected to sit down with the president-elect for an interview in the coming days. This visit underscores the seriousness with which Warsh is being considered for a top position in the new administration.

As Trump moves closer to finalizing his cabinet, the meeting with Armstrong, alongside other key discussions and interviews, will help shape the final contours of his team and second term in office. With major decisions ahead, all eyes are now on Trump, with many crypto enthusiasts hoping he can deliver on his numerous promises.

ARK Invest CEO Cathie Wood has voiced her support for the newly launched Department of Government Efficiency (DOGE), led by Elon Musk, while calling for tighter controls on government spending in a series of posts on X this past Sunday.

Wood emphasized the idea that government spending is taxation, drawing on her early economic lessons with Arthur Laffer. She argued that government expenditures either lead to immediate tax hikes, burden future generations with debt, or cause inflation, which she described as the most regressive tax of all.

Restricting Expenditure

The conversation gained further momentum after Coinbase CEO Brian Armstrong suggested constitutional amendments to rein in federal spending. Armstrong proposed limiting government expenditure to 10% of GDP and establishing a U.S. sovereign wealth fund that would distribute dividends via budget surpluses directly to citizens.

Wood, who had previously praised Musk and his leadership of DOGE in a CNBC interview, highlighted Musk and his technological expertise as critical to the overall mission of eliminating waste and improving the efficiency of federal operations. DOGE, named after the popular cryptocurrency Dogecoin, is focused on cutting unnecessary regulations and reorganizing government agencies for greater effectiveness.

Cautiously Optimistic

Wood also drew parallels to major economic transformations in U.S. history, particularly during the Reagan era. She reflected on certain policies introduced by Ronald Reagan, which were continued under Bill Clinton, and how they led to tax cuts, robust GDP growth, and a bull market that lasted for nearly two decades. She believes that the current market cycle is only just beginning to unfold.

Looking ahead, Wood is optimistic about the economic potential under President-elect Donald Trump, whose return to the White House could mirror the deregulation and tax-cutting policies of the Reagan administration. She foresees these changes profoundly shifting the political and economic landscape in Washington, potentially paving the way for lower taxes across the board.

Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF), is sounding the alarm about the rising energy consumption and environmental impact of cryptocurrency mining and AI data centers, warning that the situation could significantly worsen in the next few years.

A Worrisome Scenario

In a recent post on X (formerly Twitter), Gopinath shared data by the IMF, forecasting that the combined energy use of cryptocurrency mining and data centers could climb to 3.5% of global electricity demand by 2027. To put that in perspective, that is roughly the current electricity consumption of Japan, the fifth-largest energy consumer worldwide.

In a more extreme scenario, the share could soar to nearly 6%. On the flip side, the best-case scenario shows a modest rise to just 2.2%. Even more concerning, while the carbon footprint of crypto mining is expected to decrease by 2027, thanks to reduced mining rewards through events like the halving, emissions by data centers are projected to skyrocket. They could contribute as much as 450 million tons of CO₂, or about 1.2% of global emissions.

Why This Matters

The warning by Gita comes at a time when the environmental impact of Bitcoin (BTC) mining is under increasing scrutiny. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining alone is responsible for more greenhouse gas emissions each year than countries like Greece or North Korea.

Yet, despite these environmental concerns, many countries are still keen to tap into the economic potential of the cryptocurrency sector. U.S. President-elect Donald Trump, for example, vowed to make America the global hub for Bitcoin mining during his campaign. And just this year, Russia officially legalized cryptocurrency mining, reflecting a broader global interest in the industry, even as its environmental costs rise.

KOKODI games raised $1.10M in a Private Token Sale with assistance by Merit Circle. KOKODI is an original gaming universe designed as a cross-media franchise with a deep understanding of its target audience.

Thetan Arena secured an undisclosed amount in Strategic Funding with support by Avalanche. Thetan Arena is an Esport P2E (Play-to-Earn) mobile game that is based on blockchain technology. Its mission is to create a game that connects crypto owners with gamers and streamers.

Heurist Ai obtained $2M in Pre-Seed Funding with help by Amber Group. Heurist is a decentralized AI-as-a-Service cloud, pooling compute resources via GPUs and data centers to deliver serverless, API-first AI services without requiring developers to manage hardware, promoting cost-effective, censorship-free AI integration.

Folks Finance raised $3.20M in Series A Funding with support by Borderless Capital. Folks Finance is a pioneering DeFi platform that offers cross-chain lending, borrowing, staking and trading options.

Attestant secured an undisclosed amount in M&A Funding with help by Bitwise. Attestant provides institutional-grade Ethereum (ETH) staking services.

Ennoventure, Inc. acquired $8.90M in Series A Funding with support by Tanglin Venture Partners. Ennoventure provides anti-counterfeit solutions by embedding invisible cryptographic signatures on product packaging.

Utopia Labs obtained an undisclosed amount via M&A Funding thanks to timely assistance by Coinbase. Utopia aims to become the modern system for managing payment requests as well as provide a plethora of services linked to DAOs.

Wyden secured $16.90M in Series B Funding with support by Truffle Capital. Wyden is a digital asset trading technology company for institutional investors. It covers the entire transaction lifecycle while supporting seamless integration of custodial, core banking and portfolio management systems.

Tranched raised $3.40M in Pre-Seed Funding with help by Speedinvest. Tranched is an on-chain lending platform that helps the real economy access financing in a transparent manner without the need for intermediaries.

EIDON AI obtained $3.50M in Seed Funding with assistance being provided by Framework Ventures. Eidon is a decentralized AI network where human-AI agents collaborate to capture real-world data, training the next generation of AI models.

After a brief pause below $90,000 and even $87,000, Bitcoin (BTC) has regained some momentum, rising by more than $4,000 in just one day and surpassing $91,000. Meanwhile, many altcoins have experienced even more remarkable gains, led by double-digit increases in XRP, ADA, PEPE, SUI, ICP, XLM, and others.

Back On Track

Bitcoin had an impressive week, climbing to nearly $94,000 by Wednesday, reaching a new high. Following this surge, a pullback was expected, which occurred on Friday as the price dropped below $90,000 and briefly dipped under $87,000. However, it quickly recovered and tested the $90,000 level by the end of the day. By Saturday morning, Bitcoin had reclaimed that level and surged even further, crossing $91,000, before once again dropping below that level.

On-chain data suggests the bull market is still ongoing, indicated by rising stablecoin inflows to exchanges and decreasing Bitcoin reserves on trading platforms. The rise above $91,000 has also brought the market capitalization of BTC back above $1.8 trillion, while its dominance over altcoins stands at just over 57%.

Double-Digit Gains For Altcoins

More volatile altcoins have posted even larger gains recently, with XRP and ADA leading the way, both soaring more than 20% in the past day. Other significant gainers include PEPE, NEAR, ICP, XLM, BONK, HBAR, KAS, WIF, and MANTRA.

In contrast, major altcoins like ETH, BNB, DOGE, and TON have seen more modest increases, ranging up to 3%. SOL has risen by 5%, while TRX is up by 6%. Overall, the total cryptocurrency market capitalization has surged by more than $100 billion, reaching $3.16 trillion.

Other Markets

Recent developments highlight key shifts in global markets and finance. The Fiesta Tableware Factory is outperforming manufacturing expectations, while retirement experts are advising a reevaluation of 401(k) plans ahead of 2025, suggesting opportunities for more strategic savings.

Meanwhile, Trump-related trade activity is influencing both the dollar and stock markets, with analysts warning that the declining S&P 500 profit outlook could signal a reversal of the stock rally. Amid this volatility, experts recommend adding Bitcoin and gold to portfolios for stability. In the UK, a slowdown in inflation could encourage the Bank of England to take a more cautious approach.

Elsewhere, concerns are rising over credit risk in Structured Real Estate Transactions (SRTs), and losses in Commercial Mortgage-Backed Securities (CMBS) are becoming more prominent. The collapse of commercial real estate is even affecting traditionally safe bonds. Scott Bessent and Howard Lutnick are making a final push for roles in the new Trump administration, particularly as potential Treasury Secretary picks.

Ethereum (ETH) has long reigned as the dominant force in the world of altcoins, holding the top spot with the highest total value locked (TVL) in DeFi protocols and an unrivaled developer ecosystem. Despite numerous challengers over the years, none have come close to dethroning it. But now, Cardano (ADA) is reigniting the debate, positioning itself as a serious contender for replacing Ethereum as the king of the altcoins.

A Bold Challenge

The latest indication of Cardano potentially closing the gap on Ethereum came in a recent Altcoin Daily poll, where nearly 27,000 crypto enthusiasts were asked which blockchain was most likely to surpass Ethereum. In a surprising twist, Cardano took the lead, claiming 46% of the vote. Solana (SOL) followed closely behind with 39%, while other projects like SUI and BNB barely registered.

Cardano influencer YOD₳ weighed in on the results, dismissing the low rankings of SUI and BNB. He pointed out that SUI lacks a strong community and that BNB is often seen as primarily an exchange network, not a fully decentralized blockchain.

On the other hand, both Cardano and Solana are seen as more established, trusted projects within the crypto ecosystem, making them the most likely candidates to challenge Ethereum.

The Growing Hype Around Cardano

Lately, Cardano has been riding a wave of optimism, fueled in part by speculation about new partnerships. One of the most buzzed-about rumors is a potential collaboration with Ripple to support the launch of the RLUSD stablecoin.

However, the excitement reached new heights when Cardano founder and IOHK CEO Charles Hoskinson posted a cryptic image on social media after visiting the SpaceX headquarters in California. This sparked a frenzy of theories, with some suggesting partnerships with Elon Musk, SpaceX, or even a blockchain-based U.S. voting system powered by Cardano.

Though these ideas remain speculative, they have added fuel to the fire, painting Cardano as a potential player in the larger world of real-world governance solutions. Some even speculate that Cardano could help create a federal blockchain-based voting and ID system, in collaboration with entities like X (formerly Twitter), Hyperledger, and Hedera, under the guidance of Musk and political figure Vivek Ramaswamy.

Eighteen U.S. states have come together to file a significant lawsuit against the SEC, challenging what they see as excessive federal control over cryptocurrency regulation. The lawsuit, spearheaded by Kentucky Attorney General Russell Coleman, includes AGs representing states like Florida, Texas, and Tennessee.

If successful, this lawsuit may result in significant changes for the U.S. crypto industry, potentially giving states like Oklahoma and Iowa more authority over crypto regulation. With key political players in power and a possible shift in leadership at the SEC, the outcome of this case could lead to clearer, more innovation-friendly crypto rules, reducing federal overreach and allowing states to play a bigger role in shaping the future of digital assets.

A Cruel And Unusual Approach

The aforementioned leaders argue that the approach adopted by the SEC concerning crypto rules is vague and infringes on numerous state rights. The core issue, they argue, is that the SEC wants to treat most cryptocurrencies as securities, which has led to enforcement actions against major crypto companies such as Coinbase and Ripple for failing to register their assets.

The states contend that these actions are not only overstepping the boundaries of what the SEC is actually allowed to do but also disregarding the intentions of Congress when it comes to crypto oversight. They believe such federal interference could stifle the growth of the rapidly developing digital assets industry. Instead, the AGs advocate for crypto regulations to remain at the state level, where they can be tailored to local needs and foster innovation.

Garnering Support

Unsurprisingly, the lawsuit has garnered significant political and industry support. Figures like Tennessee Senator Bill Hagerty have criticized the SEC as being anti-crypto, aligning the lawsuit with broader political promises to limit federal control over the sector. Industry advocates, along with AGs representing states like Indiana, Mississippi, and Missouri, argue that states are better equipped to craft sensible, effective crypto regulations.

The case also taps into a wider movement to shift regulatory authority by the federal government to the states. For example, John E. Deaton, a former U.S. Senate candidate, recalled his own legal battles against the SEC in 2021, which he believes were part of a broader effort by the SEC to expand its jurisdiction over digital assets.

President-elect Donald Trump has announced that Jay Clayton, former Chair of the United States Securities and Exchange Commission (SEC), would be appointed as the U.S. Attorney for the Southern District of New York (SDNY), leading the Department of Justice (DoJ) for the state.

Since stepping down as the SEC Chair in December 2020, Clayton has worked as an advisor to several cryptocurrency companies. He was involved in the 2017 SEC DAO Report, which claimed broad regulatory authority over the crypto industry, and is known for asserting that many initial coin offerings (ICOs) should be classified as securities, a stance also adopted by his successor, current SEC Chair Gary Gensler.

A Sensible Choice

Trump praised Clayton as a highly respected business leader, counsel, and public servant. Jay was also responsible for authorizing the lawsuit against Ripple Labs, which is still ongoing in federal appellate courts. A judge ruled last year that the sale of XRP tokens to retail investors did not violate securities laws. Clayton is now a senior policy advisor at law firm Sullivan & Cromwell and continues to hold various advisory roles.

Under current U.S. Attorney Damian Williams, the SDNY has handled several high-profile cases, including the prosecution of FTX founder Sam Bankman-Fried, who was convicted and sentenced to 25 years for fraud and conspiracy charges. Trump had previously nominated Clayton for the SDNY position to replace Geoffrey Berman as U.S. Attorney.

In With The New

In the week following his re-election, Trump has announced several other potential appointments, including Robert F. Kennedy Jr. as head of the Department of Health and Human Services, Representative Matt Gaetz for U.S. Attorney General, Senator Marco Rubio for Secretary of State, and former Representative Tulsi Gabbard as Director of National Intelligence.

Additionally, Trump proposed creating a new Department of Government Efficiency, with Elon Musk and Vivek Ramaswamy as co-heads, though this would require Congressional approval to become an official department.

Phantom, the company behind the widely used Solana wallet, recently issued a warning to iOS users after a new app update caused a significant issue for some. Certain users found themselves logged out of the Phantom app and unable to access their wallets after updating to the latest version.

Damage Control

The problem appears to be isolated to iOS users, and specifically impacts those who had not backed up their recovery phrase, also known as the seed phrase. A recovery phrase is crucial for wallet security, as it allows users to restore their wallets and access their funds in case of app issues or device loss.

For those affected by the recent bug, if the recovery phrase was not saved beforehand, it would be impossible to recover the wallet or its contents. Phantom clarified that there is no way for the company to help users recover lost funds in such cases, emphasizing the importance of backing up this critical information. They also urged affected users to contact their support team for further assistance, though recovery options would still be limited without the proper backups.

Not The First Time

This update issue marks the second significant technical problem that Phantom users have faced in the past month. Just weeks earlier, in late October, a glitch within the Phantom app and its browser extension caused a discrepancy in account balances, leaving users concerned about their funds. Phantom has not yet provided an explanation for the cause of the reset issue with the recent update, but they did remind users to always securely store their recovery phrases, as this is a fundamental security precaution for protecting their digital assets.

In light of these ongoing technical difficulties, Phantom has emphasized that maintaining a backup of recovery phrases is one of the most important steps users can take to ensure the security and recoverability of their wallets. Despite these challenges, the company is working to address the issues and provide further guidance to users who may be impacted.

Bitcoin (BTC) surpassed $93,000 for the first time in its history on Wednesday, triggering over $700 million in liquidations. According to Coinglass, a crypto exchange data aggregator, a total of $711.34 million in positions were liquidated within 24 hours, with short positions on Bitcoin accounting for the majority of the losses.

Solid Fundamentals

Binance saw the most liquidations, followed by OKX and Bybit. After peaking at around $93,400, Bitcoin corrected slightly and is currently trading at $92,462, reflecting a 5.5% increase over the past 24 hours and a 24% rise in the past week.

As Bitcoin enters a phase of price discovery, traders and analysts are predicting future price targets. Pseudonymous analyst Dave the Wave told his 147,000 followers on X (formerly Twitter) that Bitcoin is on track for significant rallies that could push it above $100,000 and potentially lead to a parabolic spike reaching as high as $130,000. He emphasized that while the numbers are becoming larger, the technicals remain solid, and a move past the six-figure mark could trigger a sharp rally.

No Time For Greed

In addition, Robert Kiyosaki, author of Rich Dad Poor Dad, shared plans to continue accumulating Bitcoin until it hits $100,000, cautioning against greed and advising followers not to be a pig after that point.

In a separate commentary, BitMEX founder Arthur Hayes speculated that a future administration under Donald Trump could initiate a large-scale quantitative easing (QE) program to support economic policies aimed at reshoring critical industries. Hayes suggested that such measures could drive the price of BTC to $1 million due to the resulting inflationary pressures on the dollar.