🐕 Wild Dog Crypto · Morning Briefing (November 4)
1️⃣ Election night, and voters really aren’t feeling crypto: In a CoinDesk survey of 1,000 registered voters this April, 849 responded; 533 said they viewed the crypto industry less favorably, while only 316 were more positive. The reasons for the negative views were the usual ones: volatility, inadequate regulation, fear of scams, and “this stuff isn’t real money.” Those with a favorable view said they’d made money or could hedge against the dollar. Votes are still being counted, but the prevailing pre-election view was that the House could flip while the Senate was a toss-up—so what matters next is the fate of the CLARITY Act in the new Congress, not something that’s already a done deal (CoinDesk, Cointelegraph).
2️⃣ Tether’s boss casually cited a figure bigger than the one in its financial report: CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano that Tether holds “about 150,000 bitcoin,” worth roughly $11.5 billion. But its Q3 attestation report listed only $8.37 billion in bitcoin, which works out to about 100,060 BTC at $83,621 per coin—a gap of roughly 50,000 BTC, or nearly $3.8 billion, with no explanation of where the coins are or when they were acquired. To be frank: an offhand remark onstage isn’t an audited figure, nor is it evidence that Tether just bought 50,000 BTC. Tether has also said that the company’s own holdings are accounted for separately from USDT reserves (Decrypt, CoinDesk, Bitcoin Magazine).
3️⃣ SEC staff issued a no-action letter for Canton Coin: The Division of Corporation Finance considers CC a digital commodity and, under specified conditions, does not recommend enforcement action or require securities registration for its programmatic issuance by Super Validators, validators, and application providers. But read the fine print: this is only the staff’s enforcement position, not a legal conclusion that “CC is not a security,” and certainly not an official approval from the Commission. a16z’s Miles Jennings said this points the way for network tokens (The Block, SEC letter).
4️⃣ Most chains resumed trading after THORChain’s weekend outage, and RUNE rose about 15% in 24 hours to around $0.64. The root cause: a one-block Ethereum reorganization erased a recorded deposit of 10 ETH, and the refund mechanism then paid out an extra 10 ETH, triggering an automatic pause. Trading has resumed on 10 of the 13 chains; BNB Smart Chain, Cosmos Hub, and Solana are still showing warnings. One unexpected side effect: Chainalysis said the pause also slowed the movement of funds from the Binance hack (Cointelegraph, THORChain status page/CoinMarketCap).
Just the facts—no predictions, no shilling. 🐕
This is not investment advice.
1️⃣ Election night, and voters really aren’t feeling crypto: In a CoinDesk survey of 1,000 registered voters this April, 849 responded; 533 said they viewed the crypto industry less favorably, while only 316 were more positive. The reasons for the negative views were the usual ones: volatility, inadequate regulation, fear of scams, and “this stuff isn’t real money.” Those with a favorable view said they’d made money or could hedge against the dollar. Votes are still being counted, but the prevailing pre-election view was that the House could flip while the Senate was a toss-up—so what matters next is the fate of the CLARITY Act in the new Congress, not something that’s already a done deal (CoinDesk, Cointelegraph).
2️⃣ Tether’s boss casually cited a figure bigger than the one in its financial report: CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano that Tether holds “about 150,000 bitcoin,” worth roughly $11.5 billion. But its Q3 attestation report listed only $8.37 billion in bitcoin, which works out to about 100,060 BTC at $83,621 per coin—a gap of roughly 50,000 BTC, or nearly $3.8 billion, with no explanation of where the coins are or when they were acquired. To be frank: an offhand remark onstage isn’t an audited figure, nor is it evidence that Tether just bought 50,000 BTC. Tether has also said that the company’s own holdings are accounted for separately from USDT reserves (Decrypt, CoinDesk, Bitcoin Magazine).
3️⃣ SEC staff issued a no-action letter for Canton Coin: The Division of Corporation Finance considers CC a digital commodity and, under specified conditions, does not recommend enforcement action or require securities registration for its programmatic issuance by Super Validators, validators, and application providers. But read the fine print: this is only the staff’s enforcement position, not a legal conclusion that “CC is not a security,” and certainly not an official approval from the Commission. a16z’s Miles Jennings said this points the way for network tokens (The Block, SEC letter).
4️⃣ Most chains resumed trading after THORChain’s weekend outage, and RUNE rose about 15% in 24 hours to around $0.64. The root cause: a one-block Ethereum reorganization erased a recorded deposit of 10 ETH, and the refund mechanism then paid out an extra 10 ETH, triggering an automatic pause. Trading has resumed on 10 of the 13 chains; BNB Smart Chain, Cosmos Hub, and Solana are still showing warnings. One unexpected side effect: Chainalysis said the pause also slowed the movement of funds from the Binance hack (Cointelegraph, THORChain status page/CoinMarketCap).
Just the facts—no predictions, no shilling. 🐕
This is not investment advice.