PA Daily | Trump states at private gathering that cryptocurrencies could solve the $35 trillion U.S. debt problem; x402 ecosystem token total market value rises to $180 million, up 265% in 24 hours

Today’s Headlines Reminder:

1. Next Week’s Macro Outlook: The Federal Reserve enters with “Shutdown Shackles,” Gold Faces Major Test

2. State Council Report on Financial Work: Implement Moderately Easing Monetary Policy in Detail

3. Trump Said at Private Gathering That Cryptocurrency Might Solve $35 Trillion US Debt Problem

4. CZ: National Stablecoin of Kyrgyzstan to Launch on BNB Chain

5. Prediction Platform Myriad May Go Live on BNB Chain

6. Binance Alpha to Launch Piggycell (PIGGY) on October 28

7. Binance Hired Friend of Trump’s Eldest Son to Lobby the White House, Paying $450,000 for January Work

8. x402 Ecosystem Token Market Cap Rises to $180 Million, Up 265% in 24 Hours

Macro

Next Week’s Macro Outlook: The Federal Reserve enters with “Shutdown Shackles,” Gold Faces Major Test

This week, global markets experienced volatility. Trade conflicts dominated market swings, with prices soaring to a record high of $4,381 on Monday before rapidly falling, with a single-day drop of over 5%, marking the largest decline in nearly a decade. Despite subsequent stabilization and US CPI data below expectations, the market closed its first down week in ten. Key points to watch in the coming week include:

Thursday 02:00: The Federal Reserve announces interest rate decision

Thursday 02:30: Federal Reserve Chair Jerome Powell holds a press conference on monetary policy

Friday 01:15: FOMC voter and Dallas Fed President Logan speaks

Friday 21:30: FOMC voter and Dallas Fed President Logan speaks again

Before gaining clearer insight into inflation and employment, Powell is unlikely to significantly alter his language on future policy paths when announcing a 25 basis point cut. If the Fed questions the market’s expectation of a further 100 basis point cut after October, traders’ disappointment risk increases.

Trump Said at Private Gathering That Cryptocurrency Might Solve $35 Trillion US Debt Problem

According to Bitcoinist, Trump stated at a private gathering that cryptocurrencies have a “great future” and hinted that the US might use crypto to solve its $35 trillion debt problem. A leaked video shows Trump saying, “I’d write on a small note: $35 trillion in crypto, we have no debt—that’s what I like to do.” Notably, this isn’t the first time Trump has hinted at using digital assets to eliminate America’s expanding debt; he has publicly said Bitcoin could “save America.”

Binance Hired Friend of Trump’s Eldest Son to Lobby the White House, Paying $450,000 for January Work

According to Politico, Checkmate Government Relations, owned by Ches McDowell—Trump’s hunting partner and North Carolina lobbyist—earned $7.1 million in just the past three months. The firm only established its Washington office earlier this year. Disclosures show Binance hired McDowell at the end of September to lobby on financial policies and “administrative relief” with the White House and Treasury Department. Binance paid Checkmate $450,000 for its work over the past month.

However, CZ’s efforts for a pardon extend beyond just one month. As early as February—three weeks after Trump’s inauguration—Binance and CZ himself hired crypto lawyer Teresa Goody Guillén, who was considered for SEC Chair by Trump. Her law firm reported earning a total of $290,000 from Binance and CZ this year.

Ghana Central Bank Governor: Will Issue Cryptocurrency Regulations by Year-End

Ghana Central Bank Governor Johnson Asiama stated at the IMF meeting that Ghana will be able to develop strong cryptocurrency regulations by the end of the year. “The bill is being submitted to Parliament. We hope to regulate Ghana’s cryptocurrencies before the end of December.”

The Ghana Central Bank first released a legislative draft in August 2024. The guidelines include an eight-pillar framework, including increased registration and reporting requirements for exchanges and virtual asset service providers (VASPs). The new law aims to meet the growing interest of Ghanaian investors in cryptocurrencies, with approximately 3 million Ghanaians (about 9% of the population) using crypto.

Singapore Monetary Authority Investigates “Prince Group” Chairman Chen Zhi’s DW Capital Holdings

According to Lianhe Zaobao, the MAS is investigating whether Chen Zhi’s Singapore-incorporated company DW Capital Holdings (DWC) violated regulations. Chen Zhi established DWC in 2018 to manage family assets, claiming a portfolio exceeding 60 million SGD, including 10 million SGD in auto financing, 30 million SGD in luxury wine and spirits, and about 20 million SGD in yacht management. DWC claims to meet MAS’s 13X plan criteria, enjoying tax exemptions.

State Council Report on Financial Work: Implement Moderately Easing Monetary Policy in Detail

The State Council’s report on financial work, submitted for review on the 26th, states that Chinese financial institutions’ operational and regulatory indicators remain within reasonable ranges. Financial regulatory systems are further improved. High-level opening-up of finance is expanding in an orderly manner. International financial cooperation continues to deepen, enhancing the country’s financial security.

Regarding next steps, the report proposes six areas: implementing a moderately easing monetary policy in detail to create a suitable financial environment for consolidating and expanding the economic recovery; further strengthening and improving financial regulation to enhance effectiveness; focusing on serving the real economy with high-quality financial services; deepening supply-side structural reforms in finance; advancing high-level two-way financial opening to safeguard national financial security; and preventing and resolving major financial risks to maintain the bottom line of avoiding systemic financial crises.

On promoting high-level two-way financial opening, the report states that China will steadily and prudently advance the internationalization of the RMB, fully enhancing its functions in pricing, payments, investment and financing, and reserves as an international currency.

( Opinions

Vitalik: If Trust Validators Make Off-Chain Decisions, Users Cannot Remedy Malfeasance

Ethereum co-founder Vitalik Buterin regularly reminds on X that “a key feature of blockchain is that even if subjected to a 51% attack, invalid blocks cannot be made valid. This means even if 51% of validators collude (or are attacked via software vulnerabilities), they cannot steal user assets. However, if you start trusting your validator set to make off-chain decisions outside blockchain control, this feature fails—then, 51% validators could collude and give wrong answers, and you would have no remedy.”

ZachXBT: Did Not Call Crypto Wallet Vultisig a Scam, Only Criticized Founder

On X, on-chain investigator ZachXBT clarified that he did not call the crypto wallet Vultisig a scam, only criticizing founder JP for negligence and lack of ethics—such as refusing to refund fees generated from illegal activities or personal wallet theft after North Korean hackers attacked via Telegram calls. If serious incidents occur in the future, he might evade full responsibility.

) Project Updates

CZ: Kyrgyzstan’s National Stablecoin to Launch on BNB Chain

CZ posted on X about visits to Kyrgyzstan, including:

1. Kyrgyzstan’s national Stablecoin to launch on BNB Chain;

2. Kyrgyzstan’s CBDC (Central Bank Digital Currency) is ready for launch;

3. Establishment of Kyrgyzstan’s national crypto reserves, including BNB;

4. Binance Academy collaborating with 10 top universities;

5. Binance App fully localized in Kyrgyz language.

Giggle Academy: No Tokens or Smart Contracts Issued Yet

Giggle Academy clarified on X that it has not issued any crypto, tokens, or smart contracts. Recently, fake token projects impersonating them and their community have appeared, and they have not participated in any investment projects. Their mission is to promote free quality education worldwide and will not solicit funds via private messages or ask users to download apps. The team urges users to beware of suspicious links and scams, and to report imposters immediately to prevent funds loss.

Prediction Platform Myriad May Go Live on BNB Chain

Myriad posted a vague teaser video on X showing a yellow logo similar to BNB Chain. CZ responded with “Good color.”

Decentralized Social Protocol Farcaster Opens Free Sign Up

Farcaster announced on X that account registration is now free. Users do not need an invite code or in-app payment. Previously, new users had to pay $5 to register.

Binance Alpha to Launch Piggycell (PIGGY) on October 28

According to official announcement, Binance Alpha will launch Piggycell (PIGGY) on October 28. Eligible users can claim airdrops via the Alpha activity page after trading opens, using Binance Alpha points. Details will be announced separately.

Binance Alpha Launches Second Wave OLAXBT ###AIO### Airdrop, Threshold 226 Points

Officially, Binance Alpha’s second wave OLAXBT (AIO) airdrop allows users holding at least 226 Binance Alpha points to claim 250 AIO tokens. If rewards are not fully distributed, the threshold will automatically decrease by 15 points per hour. Claiming the airdrop costs 15 Binance Alpha points. Users must confirm within 24 hours on the activity page or forfeit the airdrop.

Pudgy Penguins to Collaborate with “Kung Fu Panda”

NFT project Pudgy Penguins announced on X a partnership with DreamWorks Animation’s “Kung Fu Panda.”

( Key Data

NFT Trade Volume Fell About 40% to $94.91 Million

CryptoSlam data shows NFT market trade volume dropped 39.93% last week to $94.91 million. NFT buyers increased 33.14% to 509,798; sellers rose 21.04% to 413,225. Trade count declined 7.63% to 1,543,392.

Ethereum network trade volume reached $36.75 million, down 62.46% from the previous week. Bitcoin network trade volume was $13.07 million, up 15.57%. Base network trade volume was $9.24 million, down 34.8%.

High-value trades this week included:

• Known Origin #264609 sold for $246,984.31 (63.8 ETH)

• CryptoPunks #7839 sold for $174,846.97 (44.99 ETH)

• CryptoPunks #7378 sold for $173,119.61 (45 ETH)

• CryptoPunks #7461 sold for $167,646.53 (42 ETH)

0xsun.eth Deposited $303,000 USDC Twice, Briefly Shorted BTC, Then Fully Reclaimed on Binance

According to on-chain analyst Ai Aunt, 0xsun.eth deposited $303,000 USDC margin into Hyperliquid two hours ago, briefly opened two short positions on BTC, each lasting only 6-11 minutes, then withdrew all margin and returned funds to Binance.

x402 Ecosystem Token Market Cap Rises to $180 Million, Up 265% in 24h

According to CoinGecko, x402 ecosystem tokens’ total market cap reached $180 million, up 265% in 24h. PING’s market cap is about $51.29 million, down 22.5% in 24h; BNKR’s market cap is about $53.29 million, up 4%.