Japan Gets New Prime Minister As Crypto Community Remains Concerned

Dogecoin (DOGE) is experiencing a significant rise this weekend, reaching its highest value in over a week as rumors about Elon Musk possibly adding payment features to his X platform, formerly known as Twitter, resurface.

In the last 30 days, Dogecoin has increased by 189%, peaking at around $0.43 last week. Originally created in 2013 as a playful tribute to the doge meme featuring a Shiba Inu dog, Dogecoin was a joke designed to mock the rapid emergence of alternative cryptocurrencies after Bitcoin (BTC) gained popularity. Currently, Dogecoin is the largest meme coin by market capitalization.

Musk Chimes In

The Tesla CEO shared a screenshot of Joe Rogan and his profile early Friday, where a dollar sign appeared next to the profile picture, sparking speculation about a new feature on the horizon. When an X user pointed out the unfamiliar widget, currently absent for most users, Musk simply replied by saying it was true.

Nima Owji, an independent app researcher, suggested that the dollar sign button could be linked to X Payments, allowing users to send money. DOGE has also risen 4% in the past 24 hours, reaching $0.40, briefly exceeding $0.41 earlier and marking its highest price in over a week. Over the past week, the meme coin has surged by 87% following a strong rally driven by both Musk and Bitcoin reaching new all-time highs.

Gaining Traction

Despite Bitcoin aiming to break the $100,000 per coin mark, various altcoins, including Dogecoin, are gaining traction. DOGE reached $0.4126 early Friday, its highest level in over a week, with a daily gain of nearly 7% and an increase of almost 15% for the week.

The value of the meme coin skyrocketed after Elon Musk began promoting it on Twitter in 2020 through memes, leading to a cult following. It hit an all-time high of $0.73 in 2021 before experiencing a significant decline. The coin has recently gained momentum again, fueled by Musk and his involvement in a new government initiative named the Department of Governmental Efficiency (DOGE).

Musk, who acquired Twitter in 2022 and rebranded it as X, has expressed enthusiasm about integrating payment features into the platform. While crypto was initially excluded in early plans, documents earlier this year revealed that a payment feature was still being developed, though it did not involve cryptocurrency, at least not initially.

Dennis Porter, CEO of SAF, shared in a recent post on X that he has been invited to speak in Texas about the possibility of establishing a strategic Bitcoin (BTC) reserve for the United States, with lawmakers representing both the U.S. and other countries like Canada and Mexico being expected to attend.

Several Benefits

Texas, with a GDP of $2.4 trillion in 2022, ranks as the eighth-largest economy globally and could have a significant impact on Bitcoin adoption and its security if such legislation is passed. The concept of a Bitcoin reserve is not new at the national level. U.S. Senator Cynthia Lummis introduced a bill in July aiming to establish a U.S. Bitcoin strategic reserve to help mitigate the national debt.

Similarly, Pennsylvania lawmakers proposed a bill that would allocate up to 10% of the state treasury to Bitcoin as a hedge against inflation. Porter emphasized that a Bitcoin reserve could offer more than just protection against inflation, noting their potential to support the U.S. Bitcoin mining sector amid external threats. 

A strategic reserve could also act as a stabilizing force during market fluctuations, Porter added, drawing parallels to major historical events like the Louisiana Purchase and the acquisitions of Florida and Alaska, which significantly shaped the U.S. economy and security.

Gaining Momentum

The idea of a Bitcoin reserve is gaining momentum internationally, with Polish presidential candidate Sławomir Mentzen recently promising to establish a Bitcoin reserve if elected, demonstrating the global appeal of the concept.

In the U.S., the push for Bitcoin reserve legislation is intensifying. Porter expressed excitement about the growing momentum, noting that regardless of the winner in this race, everyone stands to benefit. Additionally, President-elect Donald Trump has also voiced support for a strategic Bitcoin stockpile, signaling further political interest in the idea.

The United States Securities and Exchange Commission (SEC) is likely to settle its ongoing lawsuits against cryptocurrency companies after Gary Gensler steps down as Chair in January 2025, according to Pantera Chief Legal Officer, Katrina Paglia.

Under Gensler, the SEC has aggressively pursued legal action against prominent crypto companies, including Ripple, Binance, and Kraken, a move many in the industry have criticized as overly stringent. As the regulatory landscape shifts, these ongoing cases may see a quieter resolution in the near future.

Resolving Extensive Litigation

Speaking at the North American Blockchain Summit in Dallas, Paglia explained that while the SEC will not completely withdraw its claims, many of these cases are expected to quietly fade away as defendants agree to settlements under terms where they neither admit nor deny wrongdoing. She believes this approach will allow the SEC to make a statement and secure some outcome for the time and resources spent, ultimately helping to resolve the extensive litigation.

Her comments come at a time when President-elect Donald Trump is actively reshaping the landscape of crypto regulation. With the Trump administration reportedly vetting candidates for a new White House role focused on cryptocurrency policy, key industry figures, including Coinbase CEO Brian Armstrong, are engaging in high-level discussions.

Time For Change

Industry experts are hopeful that the aforementioned changes will bring significant shifts in policy. Adam Guren, CIO of Hunting Hill Global Capital, emphasized the need for clear, thoughtful policy and well-defined classifications for digital assets. He believes such clarity would encourage both individual and institutional investors to engage more deeply with the market.

The crypto market has reacted positively to these developments, with Bitcoin (BTC) finally nearing $100,000. Major companies like Ripple, Kraken, and Circle are also seeking a place on the crypto advisory council that Trump has promised.

Coinbase Wallet has unveiled an exciting new opportunity for users to earn 4.7% APY on their USDC holdings, marking a significant expansion of its global rewards program. This new feature, announced in their latest press release, allows users to earn rewards on their USDC assets without the need for lock-up periods, offering flexibility and convenience.

Easy And Accessible

Rewards are paid out monthly and are delivered directly to the wallets through the Base network, making the process seamless and accessible. The rewards program is now available in most regions around the world, with U.S. users set to join the program this week.

This means USDC holders can enjoy the benefit of sending and receiving payments with zero transaction fees on the Base network, all while leveraging the reliable 1:1 peg of the stablecoin to the United States Dollar (USD) for instant, cross-border settlements.

A Much Needed Feature

The program supports USDC balances held in Coinbase Wallet across a wide array of blockchain networks, including Base, Ethereum, Arbitrum, Avalanche C-Chain, Polygon, and Optimism. This broad support provides users with enhanced flexibility in how they manage their assets while still earning rewards on their holdings.

To take advantage of this feature, users simply need to download Coinbase Wallet and activate the USDC rewards option on their asset page, provided they are eligible. The rewards rate may vary depending on the user's region, but eligible users can easily view the current rates directly in their wallets.

This new initiative not only enhances the utility of USDC but also brings a new level of financial empowerment to users, offering a simple yet rewarding way to grow their holdings while enjoying the benefits of a decentralized, fee-free payment network.

A judge in the Songjiang District in Shanghai, China, recently published an article discussing the legality of issuing virtual currency in the country. Her comments were made in the context of a business dispute dating back to 2017, but they also provide insight into the unclear legal standing of cryptocurrency in China.

Defining Ownership Characteristics

An agricultural development firm entered into a Blockchain Incubation Agreement with an investment management company to create a white paper that would serve as the basis for issuing a cryptocurrency, paying 300,000 Yuan (roughly $44,400 at the time) for the service.

However, a year later, the promised token had not been created, and the investment firm argued that the agricultural company needed to develop an app before the token could be issued. The agricultural firm responded by suing for a refund of the money it had already paid.

The court ruled that the agreement between the two companies involved illegal actions, with both parties at fault. It ordered the investment firm to repay 250,000 Yuan. Judge Sun Jie noted that while virtual currency does not qualify as fiat money, it should be seen as a virtual asset with ownership characteristics.

Not Illegal To Hold Crypto

Judge Jie clarified that although it is not illegal for individuals to simply hold virtual currency, commercial entities are prohibited when it comes to engaging in virtual currency investments or issuing tokens independently.

The judge further warned about the potential dangers associated with crypto, stating that activities like cryptocurrency trading could disrupt the financial system and become a means for illegal activities such as money laundering, fraud, illegal fundraising, and pyramid schemes. She advised that individuals and businesses involved in virtual currency transactions might not have full legal protection.

The article also referenced Article 153 of the Civil Code, which pertains to the case. Although China has banned cryptocurrency exchanges since 2017 and intensified regulatory measures in 2021 through several government agencies, ownership of cryptocurrency has never been outright prohibited.

Blockchain oracle service provider Chainlink (LINK) is reportedly collaborating with Microsoft, digital bank Banco Inter, and blockchain finance firm 7COMm on a pilot project for a Brazilian central bank digital currency (CBDC), known as DREX.

The pilot will also focus on tokenizing Electronic Bills of Lading (eBoL), documents used by shippers and carriers for cargo receipts, by placing them on-chain. This will trigger payments to exporters using supply chain data.

Revolutionizing Traditional Finance

Chainlink announced that the team is working together to develop a trade finance solution for DREX. The overall goal is to showcase the automated settlement of agricultural commodity transactions across borders, platforms, and various currencies.

The service provider will therefore leverage its Cross-Chain Interoperability Protocol (CCIP) to ensure smooth transaction settlements by enabling interoperability between the Brazil Central Bank and foreign banks utilizing DREX. CCIP was also recently employed by Swiss crypto firm Taurus in a proof-of-concept with asset management giant State Street to tokenize funds. 

Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, stated that the team is ecstatic to collaborate with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how blockchain adoption, combined with the CCIP protocol, can revolutionize traditional finance. CCIP is critical for facilitating secure cross-border, cross-currency, and cross-chain transactions, and this project will show the potential of tokenized assets for the Brazilian CBDC, she added.

Nazarov Chimes In

Sergey Nazarov, the man who created Chainlink, has predicted that CCIP could help real-world assets (RWAs) surpass the value of other sectors in crypto, ultimately serving as a crucial mechanism for bringing trillions of dollars via traditional finance into the blockchain industry.

Nazarov believes the ecosystem Chainlink is building is focused on enabling DeFi to grow securely while ensuring reliability while simultaneously utilizing the value of TradFi. If successful, CCIP could become a foundational protocol for the Internet of Contracts and the Internet of Value, allowing data and value to flow seamlessly across different blockchains, he added.

Securitize has made a significant move toward bridging traditional assets with the decentralized finance (DeFi) ecosystem by launching a new feature called sToken. This tool, which leverages ERC-4626 vault technology, enhances the liquidity and composability of tokenized assets within DeFi, offering traditional investors new opportunities in the digital and blockchain space.

Securitize CEO Carlos Domingo believes that this breakthrough streamlines asset management for investors, enabling them to enjoy both traditional returns and DeFi opportunities in an accessible and efficient manner.

New Investment Strategies

The introduction of sToken is the result of a partnership with Elixir and its deUSD RWA Institutional Program, which enables institutional holders of over $1 billion in tokenized Real World Assets (RWAs) through Securitize to tap into deUSD liquidity, all while preserving the returns of their underlying assets.

This development allows traditional assets, such as investment funds and real estate, to be utilized within the DeFi ecosystem, creating new investment strategies and optimizing portfolios. Securitize views this innovation as a milestone in the tokenization industry, as it facilitates direct interaction between real-world assets and the digital economy without compromising their value or exposure.

BlackRock Gets Involved

In collaboration with Elixir, the new sToken initiative also introduces the BUIDL token, which was launched by BlackRock. This marked a new phase in the intersection of DeFi and traditional finance. The deUSD currency further allows investors to generate returns via their traditional assets while engaging in DeFi, without increasing collateral risk.

This feature also paves the way for new investment opportunities that blend the strengths of traditional finance with digital assets, presenting a viable solution for institutions previously hesitant to enter the DeFi space due to collateral concerns or volatility.

With sToken, Securitize creates a bridge between conventional finance and decentralized finance, giving institutional investors access to all the benefits of DeFi while safeguarding the returns of their traditional investments.

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.