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Hines, the Executive Director of the White House Crypto Council, will step down and be succeeded by Patrick Witt, as he transitions to a private sector role while advising on AI policy alongside David Sacks.
VIPBitget VIP Weekly Research InsightsThe cryptocurrency market has recently seen increased volatility, driven by macroeconomic policies, global trade tensions, and expectations the Federal Reserve's monetary policy. Although some indicators came in weak, investor sentiment improved as market expectations for a September rate cut rose sharply. Meanwhile, the slowdown in tariff adjustments has helped ease major trade frictions in the short term, with no signs of systemic risk emerging for the time being. On the crypto side, BTC turnover has fallen as many short-term traders exit the market, leading to more stable price movements. The altcoin sector continues to underperform due to a lack of sustained narratives. Despite the surge in memecoins, high-quality projects remain scarce. Large volumes of capital are cycling in and out quickly, making it difficult to invest effectively. With short-term uncertainty still high, many investors are allocating part of their portfolios to stablecoin-based Earn products. Alongside leading DeFi protocols such as Aave and Compound, platforms like Bitget offer diversified, high-yield stablecoin opportunities, providing investors with more avenues to preserve and grow their assets.
Ethena’s USDe records $5.7B in cross-chain volume, ranking third among synthetic dollars by market cap.Climbing the Synthetic Dollar RankingsImplications for DeFi and the Stablecoin Market
- 16:04Philippines plans to launch a blockchain-based budgeting system, legal experts warn of risksJinse Finance reported that the Philippine Senate is currently reviewing Bill No. 1330, which was proposed by Senator Paolo Benigno "Bam" Aquino IV at the end of August. The bill plans to invest approximately $8.6 million to record the national budget on-chain, aiming to improve government spending transparency and curb corruption. This move comes amid strong public concern over alleged irregularities in infrastructure projects worth about $9.2 billion. However, several legal experts have expressed concerns. Former Philippine Solicitor General Florin Hilbay warned that simply using blockchain technology does not automatically promote transparency or prevent corruption; instead, it may be reduced to a "marketing tool." Technology law expert Russell Geronimo pointed out that the issue does not lie in the lack of an immutable ledger, but rather in the weak mechanisms for procurement oversight, auditing, and whistleblower protection. The Philippine Fintech Lawyers Association also cautioned that private entities controlling blockchain infrastructure could lead to the de facto privatization of public data. They recommended that the government retain ownership and control over budget data and adopt open-source protocols to prevent vendor lock-in and monopolies.
- 16:04Lightspark launches Grid API for banks and developers, enabling real-time cross-border bitcoin paymentsJinse Finance reported that Lightspark has announced the launch of Grid API for banks and developers, supporting real-time cross-border payments with bitcoin. The Grid API can use bitcoin as an invisible settlement layer, enabling instant cross-border payments in 65 countries. This modular platform allows banks, wallets, and developers to transfer funds in real time between fiat currencies, stablecoins, and bitcoin.
- 16:04Voyage secures $3 million in Pre-Seed fundingOn October 16, AI infrastructure project Voyage announced the completion of a $3 million Pre-Seed funding round. Investors include a16z Speedrun, Alliance DAO, Solana Ventures, LECCA Ventures, IOSG VC, Big Brain VC, MH Ventures, GAM3GIRL VC, Y2Z Ventures, as well as Faracaster co-founder Varun Srin and former Uniswap executive Kuan Huang. Voyage aims to build the first "GEOFi (Generative Engine Optimization Finance)" network, establishing a fair distribution layer for the citation system of AI-generated content and rewarding genuine knowledge contributors.