Top Stories
Ethereum On-Chain Volume Hits 2024 High Amid Market Resurgence
On November 15, 2024, Ethereumās daily on-chain volume reached $7.13 billion, marking its highest single-day volume of the year and a 1% increase over the previous peak in March. This surge reflects renewed network activity as the crypto market turns bullish, driven by factors such as Bitcoin and Ethereum ETF inflows and Donald Trump's U.S. presidential election victory. Ethereumās on-chain volume has soared by 85% in just two weeks, from $3.84 billion on November 1 to the current high, aligning with Bitcoin's rally to new all-time highs earlier in the month. As the market regains momentum, Ethereum's position as a key trading environment for risk-on assets suggests further acceleration in on-chain activity, particularly as liquidity transitions from centralized exchanges to decentralized platforms.
Source: The Block
Mobile Crypto Apps Surge Amid Bitcoinās Record-High Rally
The recent spike in Bitcoin prices to all-time highs has propelled mobile crypto apps to dominate App Store rankings, with Coinbase leading the charge as the #1 app in Appleās Free Finance category. Coinbase saw a sharp rise in trading volume, peaking at $12 billion on November 12, marking its highest day of the year. Other major apps like Robinhood and Crypto.com followed closely, while meme coin trading platform Moonshot saw a remarkable jump to #84, reflecting growing retail interest in accessible crypto platforms. Moonshot, with over 90,000 downloads, offers simplified investments in meme coins using payment methods like Venmo. Meanwhile, newer players like Tensorās Vector.fun aim to rival established apps with social trading features.
To The Moon SOL
Solana continues to outpace its competitors, capturing 89% of new token launches and processing 41 million non-vote transactions last week, highlighting robust user engagement. Platforms like pump.fun have streamlined token deployment, driving the launch of 206,000 tokens, though only 1% achieve Raydium listings. Solanaās scalability and cost efficiency are evident as its chain fees now reach 80% of Ethereumās, a dramatic increase from just 1.36% a year ago, while protocol fees surged to $343 million this month, nearly doubling Ethereumās $178 million. With decentralized exchange volumes at 199% of Ethereumās, Solana is no longer defined by potential but by measurable success, solidifying its status as a leading blockchain ecosystem.
Source: The Block
Regulation
Quantoz Launches MiCA-Compliant Stablecoins Amid Tetherās Licensing Uncertainty
Netherlands-based Quantoz Payments has unveiled USDQ and EURQ, MiCA-compliant stablecoins pegged to the U.S. dollar and euro, respectively, on the Ethereum blockchain. This launch positions Quantoz as a competitor to Circle's EURC and other euro-stablecoin issuers ahead of the EUās MiCA regulations taking full effect in December. Tether, the largest stablecoin issuer, has yet to secure MiCA licensing for its USDT, which may explain Tether's investment in Quantoz alongside Kraken and Fabric Ventures. USDQ and EURQ, fully backed by fiat and liquid financial instruments, will debut on Kraken and Bitfinex on November 21, with Quantoz retaining 2% of tokens per MiCA rules. This move highlights the growing competition in Europeās stablecoin market under the evolving regulatory landscape.
Dogecoin Investors Drop Lawsuit Against Elon Musk Amid Rising DOGE Prices
Dogecoin investors have withdrawn their class-action lawsuit against Elon Musk, which accused him of manipulating DOGE's price during its 2021 surge. The lawsuit, dismissed earlier in August with claims Muskās statements were "aspirational and puffery," faced cross-motions and appeals last month. A stipulation to dismiss these motions was filed in Manhattan federal court, pending approval by U.S. District Judge Alvin Hellerstein. Investors alleged Musk inflated Dogecoinās value using social media posts and public appearances, including "Saturday Night Live," but Musk and Tesla denied owning DOGE-related wallets. Notably, the lawsuitās end aligns with Musk's appointment as head of President-elect Trumpās Department of Government Efficiency, nicknamed "DOGE." In a related case, Musk reportedly rejected OpenAI's plan to launch a token via an ICO in 2018, according to a Thursday court filing.
Gary Gensler Reflects on SEC Tenure Amid Speculation of Departure
SEC Chair Gary Gensler reflected on his tenure in prepared remarks at the Practicing Law Instituteās 56th Annual Institute on Securities Regulation, expressing pride in his work and the SEC teamās efforts to protect American families and maintain strong capital markets. His comments come amid speculation that he may step down following Donald Trumpās presidential victory. Pro-crypto Trump has pledged to remove Gensler, calling him hostile to the crypto industry, though Gensler could remain as a commissioner. During his speech, Gensler reiterated his stance on crypto, urging exchanges to register and issuers to make disclosures. He highlighted that aside from bitcoin, ether, and stablecoins, the remaining $600 billion in crypto assets represents less than 20% of the crypto market and a fraction of the global capital markets, continuing his critique of the sectorās regulatory compliance. See more: 18 U.S. States Sue Gary Genslerās SEC Over Crypto Crackdown
Republicans Retain U.S. House Majority, Paving Way for Crypto-Friendly Leadership
Republicans have secured a majority in the U.S. House of Representatives, ensuring control of the influential Financial Services Committee, which oversees crypto regulations and agencies like the SEC and Federal Reserve. With current Chair Rep. Patrick McHenry (R-N.C.) set to retire in January 2025, candidates such as Reps. French Hill, Andy Barr, Bill Huizenga, and Frank Lucasāall crypto proponentsāare in line to lead. A Republican-led committee is expected to prioritize stablecoin regulations and crypto market structure bills, followed by initiatives addressing decentralized finance (DeFi) and non-fungible tokens (NFTs). This development signals increased legislative focus on digital asset innovation and oversight.
Trump Reconsiders Pro-Bitcoin Treasury Secretary Picks Amid Internal Drama
President-elect Donald Trump is reportedly reconsidering his top picks for Treasury Secretary, moving away from crypto-friendly candidates Scott Bessent and Howard Lutnick due to interpersonal conflicts. Bessent, a proponent of a federal Bitcoin reserve, and Lutnick, whose firm manages assets for stablecoin issuer Tether, could have marked a significant shift toward pro-crypto policies at the Treasury. However, Trump is now evaluating former Federal Reserve governor Kevin Warsh, an advocate for central bank digital currencies (CBDCs), and investor Marc Rowan, who has expressed skepticism about crypto's role in the U.S. economy. This pivot could significantly impact the administration's stance on digital assets, as Trump weighs candidates with mixed views on the burgeoning sector.
Other Domestic Regulation Updates
- FBI seizes Polymarket CEOās phone and electronics: report
- President-elect Trump nominates bitcoin-friendly RFK Jr. for US Secretary of Health
- Trump confirms 'DOGE' efficiency dept. will be led by Musk and Ramaswamy as Dogecoin's market cap swells
- Bitcoin Strategic Reserve Could Happen. Why Not Dogecoin, Says Co-Founder
- Centralized Exchange Volumes Rose 19% in October
- AI Firm Genius Group Adds BTC as Treasury Asset
- Crypto Anti-Money Laundering Specialist Notabene Raises $14.5MM Series B
- Detroit Will Accept Crypto via PayPal for Tax PaymentsĀ
Other International Regulation Updates
- FTX files $1.8 billion lawsuit against Binance and founder Changpeng Zhao
- Revolut expands crypto exchange to 30 new markets in Europe
- Blackrock Launches BUIDL on Five New Blockchains
- FTX, Alameda Launch 28 Lawsuits Seeking $284B, Plus $2B Suit Against BinanceĀ
- Kenya Collects $77MM From 384 Traders Amid Crypto Tax PushĀ
Pain & Gain
Pain
- Crypto influencer found dead in Montreal park months after abduction, was under investigation by Canadian regulator
Gain
Important Legal Notices
This reflects the views MJL Capital LLC (āMJLā), but it should in no way be construed to represent financial or investment advice. Nothing in this correspondence is intended to constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite, or otherwise acquire or dispose of any security, including any interest in any private investment fund managed by MJL. Any such offer may only be made pursuant to a formal confidential private placement memorandum of any such fund, which may be furnished to potential investors upon request and which will contain important information to be considered in connection with any such investment, including risk factors associated with making any investment in any such fund. Further, nothing in this correspondence is, or is intended to be treated as, investment or tax advice. Each recipient should consult their own legal, tax and other professional advisors in connection with investment decisions.
Domenic Salvo is a Managing Partner at MJL Capital, helping lead Portfolio Research and Investor Relations.
