Headline
▌Texas Invests $10 Million in BlackRock Bitcoin ETF
Texas became the first U.S. state to purchase Bitcoin on November 20th, investing $10 million at approximately $87,000. The Texas State Comptroller and the Treasury Department's investment team closely monitored the market. This initial investment was completed through BlackRock's IBIT ETF, and Texas will self-custody the Bitcoin in the future.
▌Polymarket Receives CFTC Approval for Amended Designation, Allowing Access to the U.S. Market Through Intermediaries
According to market news, Polymarket received amended designation approval from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to access the U.S. market through intermediaries.
As of press time, according to CoinGecko data: BTC price is $87,436.07, a 24-hour change of -1.1%; ETH price is $2,966.25, a 24-hour change of +0.2%; BNB price is $864.02, a 24-hour change of -0.1%. SOL price is $139.30, a 24-hour change of +0.5%; DOGE price is $0.1538, a 24-hour change of +1.0%; XRP price is $2.20, a 24-hour change of -1.1%; TRX price is $0.2742, a 24-hour change of -0.2%. WLFI price is $0.1648, a 24-hour change of +7.2%; HYPE price is $33.82, a 24-hour change of -0.3%. Policy: Acting CFTC Chairwoman Pham Seeks CEOs for Innovation Committee Amid Expanded Crypto Regulation. Acting Chairwoman Caroline Pham of the U.S. Commodity Futures Trading Commission (CFTC) is seeking CEOs from various sectors to join the newly formed "CEO Innovation Committee" to support the agency's efforts to strengthen regulation of digital assets. Pham stated, "To get things moving quickly, the CFTC needs to strengthen its engagement with the public, with the support of industry experts and innovators shaping the future." She announced on Tuesday that the committee nomination process had begun, with a deadline of December 8th.
▌Japan's Financial Services Agency Plans to Mandate Liability Reserves for Cryptocurrency Exchanges
According to Nikkei, Japan's Financial Services Agency plans to mandate liability reserves for cryptocurrency exchanges to address asset outflows caused by unauthorized access and to quickly compensate users in the event of an incident. This institutional arrangement will be included in the Financial Services Council working group's report to be released soon, and the Financial Services Agency will proceed with the formulation of specific rules accordingly.
Blockchain Applications
▌Paxos Announces Acquisition of New York Crypto Wallet Startup Fordefi
Crypto payment infrastructure company Paxos announced the acquisition of New York-based crypto wallet startup Fordefi in a deal worth over $100 million. Fordefi focuses on crypto wallet solutions designed for decentralized finance (DeFi) and currently has approximately 40 employees serving about 300 clients. Paxos CEO Charles Cascarilla stated that the acquisition is to meet the growing demand from clients for DeFi access. Fordefi will initially operate independently, but Paxos plans to eventually integrate its technology into its infrastructure. This is Paxos' second acquisition in the past year, following its acquisition of Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.
▌Payment giant Klarna to launch its stablecoin on the Tempo blockchain next year
Swedish payment giant Klarna will launch its stablecoin on the Tempo blockchain, powered by Paradigm and Stripe, in 2026.
▌MoonPay receives approval from New York State regulators to provide cryptocurrency custody and OTC trading services
According to a post on the X platform by crypto journalist Eleanor Terrett, MoonPay has received limited-purpose Trust Charter approval from the New York State regulator NYDFS, allowing it to provide cryptocurrency custody and OTC trading services in New York State. MoonPay previously obtained a BitLicense, and Coinbase, PayPal, Ripple, and NYDIG are among the companies that currently hold both licenses.
Bitcoin ETFs See Record Outflows of Over $3.7 Billion in November
▌Bitcoin ETFs Experience Record Outflows of Over $3.7 Billion in November
US-listed Bitcoin spot ETFs saw outflows of $3.7 billion in November, surpassing the previous record of $3.6 billion set in February. Bitcoin, a bellwether for the crypto market, has fallen more than 35% from its October high of $126,000, hitting a low of $80,000 on November 21, its lowest level since April. The entire crypto market began a sharp decline in October, with a rate of drop approaching that of the FTX crash (2022). Ethereum-related ETFs also saw outflows of over $1.6 billion in November. Last week, the total market capitalization of global crypto assets fell below $3 trillion for the first time since April.
▌U.S. Bancorp Tests Stablecoin on Stellar Platform
U.S. Bancorp stated that it is testing its self-developed stablecoin on the Stellar blockchain.
▌Coinbase to List Irys (IRYS)
Coinbase announced that it will list Irys (IRYS) spot trading. If liquidity conditions are met and trading is supported, the IRYS-USD trading pair will open later today.
**Important Economic Developments** **▌Bessenter: Trump is very likely to announce the new Fed Chair before December 25th** **US Treasury Secretary Bessenter: The final round of interviews for the new Fed Chair will take place today, with five strong candidates. President Trump is very likely to announce the new Fed Chair before Christmas (December 25th).** **▌Fed Governor Milan: The economy needs a significant rate cut** **Fed Governor Milan: The economy needs a significant rate cut. Hopefully, the employment data will convince other Fed members to cut rates.**
▌Bessenter: Shutdown Costs US GDP at Least $11 Billion
US Treasury Secretary Bessenter: The shutdown has reduced US GDP by at least 1.5%, a loss of at least $11 billion.
▌White House National Economic Council Director Hassett Considered Frontrunner in Fed Chair Selection
November 26th news: According to reports, as the selection process for the new Federal Reserve Chair enters its final weeks, White House National Economic Council Director Kevin Hassett is considered the frontrunner by Trump's advisors and allies for the next Fed Chair. However, sources also point out that Trump is known for making surprising personnel and policy decisions, so nominations cannot be considered final until they are made public. The selection of the Fed Chair and Governors has historically been the most direct way for the president to influence the Fed.
During his first term, Trump nominated current Fed Chairman Jerome Powell, but Trump deeply regretted his decision when Powell failed to push for rate cuts at the pace he expected. Hassett is considered to share Trump's economic views, including advocating for lower interest rates. In an interview on November 20, he stated that if he were Fed Chairman, "we would cut rates now" because "the data suggests we should." According to CME's "FedWatch," the probability of the Fed cutting rates by 25 basis points in December is 84.9%, while the probability of keeping rates unchanged is 15.1%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 66.4%, the probability of keeping rates unchanged is 11.1%, and the probability of cumulative rate cuts of 50 basis points is 22.6%.
Golden Encyclopedia
▌Can Artificial General Intelligence Really Think Like Humans?
When the line between humans and machines becomes blurred, we see Artificial General Intelligence (AGI). Unlike Artificial Intelligence in the Narrow Sense (ANI) (which uses AI to solve individual problems), AGI refers to AI that can understand, learn, and apply knowledge in a way that is difficult to distinguish from human cognition. AGI is still in the theoretical stage, but the prospect of AI completely replacing human input and judgment has naturally attracted widespread attention, and researchers, technology experts, and academics are working hard to turn the concept of AGI into reality. Although AGI is still in the theoretical stage, its enormous potential makes it a science fiction version of artificial intelligence. While existing models (such as ChatGPT) are constantly being developed and improved, the journey to make AGI a reality still requires overcoming significant technical challenges.
The question of whether artificial general intelligence (AGI) can think like a human delves into the core of human cognition. Human thought is characterized by consciousness, emotional depth, creativity, and subjectivity. While AGI can simulate certain aspects of human thought, replicating the full range of human cognition is a formidable challenge. The litmus test for AGI lies in its ability to fully replicate human experience. Once achieved, its potential benefits will be immense, impacting all sectors and every aspect of daily life. Despite its limitations, AGI is increasingly seen as a positive force across various industries. AGI could create computers as intelligent as humans, revolutionizing fields like cryptocurrency trading and market analysis. However, AGI requires trust and fairness to benefit everyone. Blockchain, the technology behind Bitcoin and Ethereum, offers a secure and transparent way to achieve this. However, ongoing challenges such as the slow speed of blockchain, crypto transaction latency, and limited storage capacity may hinder AGI from processing data quickly or handling large datasets. To prepare blockchain for Artificial General Intelligence (AGI), researchers are exploring off-chain storage, sharding and danksharding, and data pruning. AGI represents the pinnacle of AI development, promising capabilities comparable to human intelligence. While AGI can simulate certain aspects of human thought, achieving truly human-like cognition remains a distant goal. Consciousness, emotional depth, and creativity are inherent properties of human experience, posing significant challenges to AGI. Nevertheless, the pursuit of AGI continues to drive innovation and reshape our understanding of intelligence.
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