From Trump’s Truth Social partnering with Crypto.com to Democrats introducing bills to ban U.S. officials from trading crypto and stocks, today was a day full of surprises.
Circle launches test net for Arc
Circle Internet Group announced the launch of a public test net for Arc after collaborating with more than a hundred companies to make the test net possible. Arc, which is an open layer 1 blockchain network, is now available for “developers and enterprises to deploy, test, and build on what Circle describes as the new Economic Operating System (“OS”) for the internet.”, according to the press release.
Trump’s Truth Social partners with Crypto.com
Trump-owned Truth Social hopes to integrate prediction markets with an exclusive partnership with Crypto.com. With the launch of the new product, Truth Predict, users will be able to trade event contracts (politics, economics, commodities, sports) with real-time pricing and social features. Beta testing will begin on Truth Social, followed by a U.S. launch and later global rollout after regulatory steps.
OpenAI partnership takes chat to check
ChatGPT users will now be able to do their payments and checkout while on the platform. With the latest announcement of OpenAI teaming up with PayPal, ChatGPT users will be able to instantly complete the payment and checkout. “Hundreds of millions of people turn to ChatGPT each week for help with everyday tasks, including finding products they love, and over 400 million use PayPal to shop,” said Alex Chriss, President and CEO of PayPal. “By partnering with OpenAI and adopting the Agentic Commerce Protocol, PayPal will power payments and commerce experiences that help people go from chat to checkout in just a few taps for our joint customer bases.”
Odds of an interest rate cut increase
CMEGroup’s prediction market has raised the odds of a rate cut for tomorrow to 97.8%. Yesterday, the prediction was somewhere close to 96%; however, with the Fed meeting approaching tomorrow, the markets are vouching for a 25 basis point cut. If the Fed Chair cuts the interest rates, then the interest rate will fall from 4.00-4.25% to 3.75%-4.00.
Bitwise to launch first-ever SOL ETF
Bitwise is all set to launch the first Solana ETF with staking. According to a notice posted by the U.S. Securities and Exchange Commission on October 27, the New York Stock Exchange has formally approved the Solana staking ETF filed by Bitwise, the ETF provider. The approval from the exchange means that the ETF has met all the criteria put forward by it. This Solana ETF will not only track the price of the SOL token, but it will also track the staking rewards, giving more exposure to investors.
Democrat introduces bill to ban
Democrat Ro Khanna introduced a bill to prevent elected officials from trading crypto and stocks. On an X post, the Democrat stated, “We have a president who is building more wealth through his office than any in history. We cannot turn a blind eye to this corruption.”
Khanna took this initiative after Donald Trump pardoned Changpeng Zhao, the ex- CEO of Binance, who was accused of money laundering in 2023.
Binance delists 18 tokens
Binance Alpha delisted 18 tokens from its pool as they did not meet the qualitative and quantitative requirements. Under the quantitative requirements, tokens should have good trading volume and liquidity. In terms of quantitative criteria, the project should have community activity, team credibility, and regulatory compliance.
The tokens that did not meet these requirements and were removed are: $ALON, $CA, $HAT, $URO, $LUCE, $Aimonica, $House, $LMT, $degenai, $MCH, $RIF, $ASRR, $YNE, $MAXONSOL, $GRIFT, $vvaifu, $HAPPY, and $PAIN.
