PA Daily | Ohio, USA, proposes a bill to establish a "Strategic Bitcoin Reserve"; OKX will launch VINE (Vine Coin) spot trading

Today's news tips:

Dennis Porter calls for tax exemption for small crypto transactions worth $200

Ohio proposes bill to establish a “strategic bitcoin reserve”

Eric Trump Confirms US Crypto Projects to Enjoy Zero Capital Gains Tax

xAI’s GROK now supports real-time display of stock and cryptocurrency prices

OKX will launch VINE (Vine Coin) spot trading

Virtuals Lianchuang: Plans to launch Solana platform in the first week of February, exploring the use of 50% cbBTC in proxy wallets as a source of liquidity

CZ: 40% of respondents have never purchased BNB, and only 21% have never purchased Meme coins

Paradigm calls for accelerated Ethereum development

Regulatory/Macro

Seminar on the disposal of virtual currencies involved in the case was held in Beijing, and experts called for the improvement of legislation and supervision

According to the Legal Daily, a seminar on "Disposal of Virtual Currency Involved in Cases" hosted by the Law School of Renmin University of China and other institutions was held in Beijing on January 19, 2025, attracting nearly 60 experts from the legislative, judicial and business communities. The meeting conducted in-depth discussions on the legal attributes, regulatory policies and judicial practices of virtual currencies. The main points include: 1. Legal attributes and supervision of virtual currencies: Liu Xiaoyu of Zhongyin Law Firm pointed out that there are many views on the legal attributes of virtual currencies, such as "virtual property theory" and "digital commodity theory". He believes that my country's current "prohibition-style" supervision limits the ability to participate in the global Web3.0 competition, and recommends that policies be adjusted appropriately on the basis of risk prevention. 2. Disposal difficulties in judicial practice: Experts at the meeting generally believe that the current decentralization and transnational characteristics of virtual currencies make judicial disposal difficult to characterize, collect evidence and keep. Guo Shuo of China University of Political Science and Law pointed out that the nature and disposal rules of virtual currencies should be clarified at the legislative level, and the victim's right to participate and the standardization of disposal procedures should be strengthened. 3. International perspective and regulatory coordination: He Ting from Beijing Normal University mentioned that the regulation of virtual currencies needs to focus on the coordination of criminal justice and administrative management, prevent new types of illegal and criminal risks, and solve the problem of recovering stolen money through cross-border cooperation. 4. Combination of technology and law: Nie Youlun from East China Normal University emphasized that blockchain tracking technology and advanced investigative methods should be used to improve the chain of evidence; at the same time, legal interpretation should be optimized to meet practical challenges. Conclusion and suggestions: The meeting unanimously agreed that my country needs to speed up the legislation related to virtual currencies, clarify their property attributes and regulatory boundaries, and strengthen international cooperation and technology applications to provide legal protection for the disposal of virtual currencies involved in the case. In addition, it is recommended to create a better legal environment for the development of the digital economy by formulating dynamic regulatory policies to balance innovation and risks.

Dennis Porter calls for tax exemption for small crypto transactions worth $200

Dennis Porter, co-founder and CEO of Satoshi Action Fund (SAF), wrote on the X platform that the complete abolition of cryptocurrency capital gains tax requires congressional legislation, but it is difficult to achieve in the short term. The main obstacle is the impact of tax losses on the fiscal budget. At present, the US government's top priority is to continue the tax cuts during the Trump era, and any proposals that threaten this policy may be shelved. Porter suggested that the Bitcoin and digital asset industry should focus on promoting a $200 tax exemption policy for small transactions, which is consistent with the existing $200 tax exemption standard for foreign exchange transactions. This move will significantly reduce the tax reporting burden for small daily transactions (such as coffee, dining or groceries) while having a smaller impact on tax revenue. He emphasized that this policy has bipartisan support and is a viable solution to balance innovation and fairness. He also suggested that the tax exemption amount be linked to inflation to ensure the long-term effectiveness of the policy, and called on the crypto industry and tax policy experts to provide advice and jointly promote this legislative proposal.

Dragonfly Managing Partner predicts that the US government may launch a public expenditure reporting system based on the AVAX chain

Haseeb Qureshi, managing partner of Dragonfly, said on the X platform that in 2025, the U.S. Government Accountability Office (GAO) may launch a public expenditure reporting system based on the AVAX chain, and achieve transparent management on the chain through stablecoins. He mentioned that the wallet addresses of government agencies and contractors will be made public and analyzed by the public on a daily basis. Yesterday, Bloomberg reported that the U.S. Government Department of Efficiency (DOGE) led by Musk explored the use of blockchain technology to improve government efficiency. It also mentioned that the California Department of Motor Vehicles has digitized the ownership certificates of millions of cars on the Avalanche blockchain.

Trump: TikTok's future may be decided within 30 days

According to CCTV International News, US President Trump said that he is negotiating with many people about the acquisition of TikTok and may make a decision on the future of TikTok within the next 30 days.

Eric Trump Confirms US Crypto Projects to Enjoy Zero Capital Gains Tax

According to The Street, Trump's second son Eric Trump recently confirmed that US crypto projects such as XRP and HBAR will enjoy zero capital gains tax in the future, while non-US projects will face a 30% tax rate. At the same time, Senator Ted Cruz plans to use the Congressional Review Act to challenge a controversial IRS rule that requires DeFi brokers to report user data and transaction income. Cruz believes that this rule hinders innovation, infringes on privacy, and increases the compliance burden of decentralized platforms.

Ohio proposes bill to establish a “strategic bitcoin reserve”

Dennis Porter, co-founder and CEO of Satoshi Action Fund (SAF), posted on X platform: Ohio, sponsored by the majority whip of the state House of Representatives Steve Demetriou and co-sponsored by 6 members, has proposed a bill to allow the state to establish a "strategic bitcoin reserve". The bill includes: 1. Allowing the state government to invest 10% of the general fund, budget stabilization fund and prize trust fund in bitcoin. 2. Providing a robust custody solution to ensure that the state government uses self-custody or qualified custodians. 3. Technology neutrality, using the term "digital assets" to reduce political resistance and protect the purchasing power of state funds from inflation. 4. Only assets with a market value of $750 billion and an average duration of 12 months are eligible for reserves, and currently only Bitcoin is eligible.

Financing

Cross-chain Meme Coin Launchpad Project Printr Completes $2.5 Million Pre-Seed Round of Financing

Printr, a cross-chain Meme coin Launchpad project, announced the completion of a $2.5 million Pre-Seed round of financing, with participation from Sfermion, Draper Dragon, Bitscale, Hermenutic, Sui Foundation, Axelar Foundation and Flow Foundation.

According to reports, Printr is a chain-abstract token market that can launch Meme on multiple chains with one click and conduct transactions on all chains, such as Ethereum, Solana, Sui, BNB and Base, and unify liquidity through the interoperability platform Axelar.

Fazeshift Completes $4 Million Seed Round to Reshape Accounts Receivable Management with AI

According to Fazeshift's official announcement, the company successfully completed a $4 million seed round of financing, led by Gradient Ventures, followed by Y Combinator, Wayfinder VC, Pioneer Fund, Ritual VC, Phoenix Fund, etc., and also received support from angel investors Terrence Rohan, Kulveer Taggar and Rich Aberman.

Fazeshift focuses on simplifying the accounts receivable process of enterprises through AI technology, and its customers range from fast-growing AI startups to unicorn companies. This round of financing will be used to advance product development, expand the team size, and accelerate its mission of empowering financial teams.

Cross-border payment platform Accrue completes $1.58 million seed round of financing, led by Lattice Fund

Accrue, an African cross-border payment platform, announced the completion of a $1.58 million seed round of financing, led by Lattice Fund, followed by Maven 11, Lava, Kraynos Capital, etc., and celebrated its third anniversary. Accrue was founded by Zino, Clinton and Adesuwa in 2021, and initially focused on fixed investment applications for cryptocurrencies and stocks. After experiencing the market downturn in 2022, the company transformed and launched the cross-border payment tool Cashramp, which has now become the main source of revenue and achieved profitability in mid-2023. Currently, Accrue has served more than 200,000 African users. This round of financing will be used to expand payment infrastructure, optimize product functions and expand the team size to further promote innovation and growth.

AI

xAI’s GROK now supports real-time display of stock and cryptocurrency prices

Independent App developer Nima Owji tweeted that xAI’s GROK now supports real-time display of stock and cryptocurrency prices and provides comparison functions.

xAI launches enhanced sports, finance and location services tools

According to the official announcement of xAI, its platform Grok has added sports, finance and location service tools, covering major events such as NBA, MLB, NHL, NFL and Premier League. Users can check real-time scores, league rankings and schedules. In addition, it also supports complex problem analysis, such as "Who hits the most home runs in 2024". In the financial field, Grok provides real-time news updates on company fundamentals and supports comparative analysis of stocks and cryptocurrencies. For example, you can enter "Compare the recent performance of TSLA and AAPL" to obtain detailed data. The tool is currently available on the web version, and the iOS version will be launched soon.

Project News

OKX will launch VINE (Vine Coin) spot trading

According to the official announcement of OKEx, VINE (Vine Coin) spot trading will be launched on the OKX platform soon. The relevant schedule is as follows: • Deposit opening time: 13:30 on January 26, 2025 (UTC+8) • Call auction time: 17:00 to 18:00 on January 26, 2025 (UTC+8) • Spot trading opening time: 18:00 on January 26, 2025 (UTC+8), the trading pair is VINE/USDT • Withdrawal opening time: 18:00 on January 27, 2025 (UTC+8)

Viewpoint

Virtuals Lianchuang: Plans to launch Solana platform in the first week of February, exploring the use of 50% cbBTC in proxy wallets as a source of liquidity

Virtuals Protocol co-founder everythingempty announced that its platform will be expanded to Base and Solana. Developers can choose to generate proxies and corresponding tokens on the two chains and provide initial liquidity on Uniswap or Meteora respectively. The team plans to launch the Solana platform in the first week of February, when it will launch the $VIRTUAL/SOL liquidity pool and finalize the relevant details with LayerZero. In addition, for the proxy team on the Base chain, although the liquidity pool on Uniswap has been locked for ten years and cannot be migrated, the team is exploring the use of 50% cbBTC in the proxy wallet as a source of liquidity to create a new pool in Solana, and studying cross-chain exchange solutions to achieve asset swaps between Base and Solana. According to previous news, the core contributor of VirtualsProtocol: Multi-chain is crucial, and it will be expanded to other blockchains after Solana.

CZ: 40% of respondents have never purchased BNB, and only 21% have never purchased Meme coins

Binance CEO CZ shared the results of the survey on his social media and pointed out some interesting findings. He said that the survey may be biased, but the data stabilized after a few hundred votes. Here are the main findings: 40% of respondents have never bought BNB, which is very different from CZ's expectations. 45% of respondents have never bought NFTs, but only 21% have never bought Meme coins, which may be related to the current "Meme cycle". More people are making profits through Bitcoin, which may be because the current price of Bitcoin is close to its historical high. The comment area shows that many followers have made considerable profits through BNB.

Coinbase CEO: We will improve the token listing process and promote the deep integration of DEX and CEX

Brian Armstrong, CEO of Coinbase, just said on social media that with about 1 million new tokens being created every week, the traditional listing process of reviewing each one is no longer sustainable. He proposed to switch from the "allow list" to the "block list" mode, helping users to screen high-quality tokens through user reviews, automatic scanning of on-chain data, etc. In addition, he also emphasized that the integration of decentralized exchanges (DEX) and centralized exchanges (CEX) will continue to deepen, and in the future users will not need to pay attention to what platform the transaction takes place on, thereby improving the overall trading experience.

Paradigm calls for accelerated Ethereum development

According to The Block, the co-founder and CTO of crypto venture capital firm Paradigm co-authored an article with other partners, calling for faster development of Ethereum and setting a goal of launching multiple major upgrades each year. They believe that the idea of slow development or "freezing" the core protocol will limit Ethereum's ability to adapt to market changes. The article mentions several improvements that can be implemented quickly, including repricing L1's opcodes to expand the scale of Ethereum, optimizing the user experience of batch transactions through an account abstraction framework, and developing Rollup technology to meet growth needs. In addition, Paradigm also mentioned its Reth Ethereum client, which currently occupies 2% of the market share, and invited the research community to work together to improve Ethereum's performance and anti-censorship capabilities.

The founder of ai16z calls for tokens to be used to fund scientific and technological projects, rather than just hype or meme projects

ai16z founder Shaw wrote that he hopes tokens will enter an era of funding real scientific and technological projects, allowing ordinary people to invest in the next Uber or OpenAI and get returns through smart contracts, rather than just being limited to hype or meme projects.

He stressed that high-value return companies should not be exclusive to a few, and everyone should have the opportunity to support aspiring founders and reap life-changing returns.

Important data

Investors who lost $1.22 million chasing the rise of $VINE and $ALON lost more than $1.78 million in seven days

According to monitoring by @ai_9684xtpa, an investor who lost $1.22 million due to chasing the rise of $VINE and $ALON, recently continued to trade Meme coins at high frequencies, losing another $170,000, with a cumulative loss of $1.787 million in seven days.

Survey: 47.8% of respondents expect BTC to rise next week, and 49.3% expect XRP ETF to be approved first

According to a market survey conducted jointly by Coinness and Kratos, 47.8% of respondents expect Bitcoin prices to rise or rise sharply next week, an increase from 41.2% last week. 34.0% expect prices to go sideways, while 18.4% believe that prices will fall or fall sharply. Regarding market sentiment, 42.0% of respondents expressed neutrality, 40.8% were optimistic, and 17.3% expressed panic or extreme panic. In addition, regarding the issue of whether Trump's second-term government may approve the first altcoin ETF, 49.3% of respondents believe that the XRP ETF will be approved first, 26.1% chose Solana (SOL), and 10.2% chose Litecoin (LTC). Another 4.9% believe that no ETF will be approved this year.

A whale bought another $2 million of TRUMP, with a cumulative profit of more than $24.38 million

According to Ember's monitoring, a whale who had previously made a profit of $39.15 million on multiple MEME coins such as PNUT, TRUMP, and MELANIA purchased 66,855 TRUMPs with 2 million USDC 4 hours ago, with an average price of $29.9. The address had previously realized a profit of $24.38 million in TRUMP transactions.

$7.8 billion worth of Bitcoin options expire at the end of this month

According to Bitcoin News, according to Deribit data, $7.8 billion worth of Bitcoin options will expire at the end of this month, of which about $6 billion of open contracts will be "out-of-the-money" when the contracts expire at 08:00 (UTC) on January 31.

OKG Research: If 15 U.S. states allocate 2% of their annual budget to BTC reserves, it will account for 7.57% of the current BTC circulation

OKG Research stated that even if the national strategic reserve of Bitcoin cannot be implemented in the future, the bottom-up exploration of "strategic Bitcoin reserves" by multiple states in the United States may surpass the global influence of the national strategic reserves of gold and oil.

According to Dennis Porter, co-founder and CEO of Satoshi Action Fund (SAF), at least 15 states in the United States are planning to introduce legislation related to "strategic bitcoin reserves". OKG Research has estimated the future of this event: Assuming that each state uses 2% of its annual budget (about $50 billion) to reserve bitcoin, it will bring in about $15 billion in capital inflows, accounting for 7.57% of the current circulating supply of bitcoin (19.81M BTC).

If all 50 states participate in the reserve in the future, the demand for Bitcoin in this part may account for 25.23% of the circulating supply. In comparison, the current US gold reserves are about 8,133 tons, accounting for 23% of the global total; strategic oil reserves are about 700 million barrels, accounting for 15% of the global reserves.

CryptoQuant founder: Short-term holders are pouring into Bitcoin, bull market signs are obvious

Ki Young Ju, founder and CEO of CryptoQuant, tweeted that Bitcoin is attracting global attention, short-term holders continue to pour in, while long-term holders are selling, which is the definition of a bull market.

He believes that the Trump administration may introduce more policies supporting cryptocurrencies in the next four years and questioned why Bitcoin should be sold at this time. He also jokingly suggested "buy on dips."

Opinion: Capital gains tax on cryptocurrencies cannot be reduced to 0%

Eric Peterson posted on the X platform, saying that it is impossible for the capital gains tax on cryptocurrencies to be reduced to 0% because tax policies are set by Congress, not the president. He suggested that the industry should focus on more realistic goals, such as promoting a de minimis exemption policy similar to foreign exchange transactions, to reduce the tax burden and achieve broader industry support.