Odaily Planet Daily reports that the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) issued Explanation Letter 1186 on Tuesday, clarifying that banks can hold certain cryptocurrencies on their balance sheets to pay for the costs required to operate blockchain networks. The OCC cites Ethereum as an example, noting that ETH is used to pay transaction gas fees, thus banks can hold necessary crypto assets to ensure the smooth operation of related businesses. The document emphasizes that if banks cannot pay the necessary fees for blockchain transactions, they may face "significant risks such as operational complexity, asset price volatility, and transaction delays," therefore, this type of holding is considered a permitted business activity. (The Block)

Odaily Planet Daily reports that Indiana Republican Senator Todd Young sent a letter on November 19 to Treasury Secretary and Acting IRS Commissioner Scott Bessant, urging the IRS to reassess the 2023 tax guidance on cryptocurrency staking rewards. As a member of the Senate Finance Committee, Senator Young questioned the rationale behind the current rule that treats staking rewards as taxable income upon receipt, rather than upon sale. He pointed out that this policy may not accurately reflect the economic nature of staking mechanisms and urgently needs further review and adjustment. (Bloomberg)

According to The Block, Pump.fun's "Mayhem Model," launched last week, has not significantly boosted platform growth. Data shows that before the model's launch, the platform's average daily new coin issuance was 17,300, increasing to 17,800 within a week, a growth of less than 3%. Although the Mayhem Model introduced AI trading agents to increase initial token trading activity, it failed to drive revenue growth; in fact, platform revenue declined, weakening support for PUMP token buybacks. Currently, PUMP's market capitalization is approximately $1.1 billion, down about 30% from its all-time high.

Huoxun Finance News, November 19th - According to an official Drift announcement, since the TGE in May 2024, 55.6% of the total DRIFT supply (approximately 556 million tokens) has entered circulation, and the lock-up period for major investors has ended. The current circulating supply cap is 750 million tokens, and tokens will continue to be released according to the original 5-year emission plan. Community and trading incentives account for 43%, the team and development fund account for 25%, and strategic investors hold 22%. Drift's total trading volume has exceeded $120 billion, and the launch of Driftv3 is underway.

the total open interest amounted to $114176456242.66704, with BTC at $55.41 billion, ETH at $32.06 billion, XRP at $5.13 billion, LTC at $2.35 billion, ETC at $1.57 billion, DASH at $1.28 billion, IOTA at $1.28 billion, QTUM at $848.90 million, . The data is sourced from the quarterly and perpetual contracts on Bitget,dYdX,Deribit,CME,Hyperliquid,Binance,Coinbase,OKX,Bybit,Gate,HTX,Kraken,Crypto.com,Bitfinex,BitMEX. This report is for informational purposes only and does not constitute investment advice.