1 . Review of hot topics this week

1.1 Fed meeting minutes: reiterated caution and needed more evidence to change interest rate stance

On November 21, the meeting minutes released showed that at the recent Federal Reserve monetary policy meeting, Federal Reserve policymakers once again collectively believed that it was appropriate to maintain high interest rates for a period of time, reiterated that they would act cautiously. And did not reveal their willingness to end the interest rate hike cycle.

The minutes suggested officials may be willing to keep interest rates on hold for at least this year. At the same time, Fed officials emphasized that there are two types of risks, one is that inflation is stronger than expected, and the other is that economic growth is weaker than expected. Compared with the minutes of the previous meeting in September, the minutes of this November meeting hinted at a hawkish tendency, but this tendency is moving towards neutrality.

1.2 Grayscale met with the relevant person in charge of the US SEC to discuss Bitcoin spot ETF matters

On November 22, Bloomberg analyst James Seyffart posted on the X platform, Grayscale held a meeting yesterday with the U.S. Securities and Exchange Commission’s (SEC) Trading and Markets Division(Department responsible for approving 19b-4 applications). It is reported that other potential Bitcoin spot ETF issuers have also met with the SEC in the past week.

On November 23, according to market news, the U.S. SEC Commissioner said in an interview, “We have no reason to hinder the approval of a spot Bitcoin ETF.”

1.3 CZ: Resigned as CEO, Binance agreed to pay a $4.3 billion fine

On November 21, Binance CEO Changpeng Zhao arrived at the Seattle Federal Court. According to a comprehensive agreement with the U.S. Department of Justice, Changpeng Zhao will plead guilty to charges of money laundering.

Changpeng Zhao agreed to resign as part of a settlement with the U.S. Treasury Department and the Commodity Futures Trading Commission. Binance agreed to plead guilty to a criminal charge and pay a $4.3 billion fine. The deal will end a years-long investigation into Binance.

On November 23, Reuters reported that U.S. prosecutors pressured a federal judge to require Binance founder Changpeng Zhao to remain in the United States before his sentencing hearing on February 23, 2024.

1.4 OpenAI board of directors and Sam Altman internal strife

On November 17, OpenAI made a sudden announcement announcing a leadership change. Sam Altman was fired by the board of directors and no longer serves as CEO.

On November 20, Sam Altman posted a piece of content on the social platform, "This is my first and last time wearing these." He wore an OpenAI work badge on his chest, but it read "Guest 04." According to the latest news from Bloomberg, OpenAI’s major shareholder Microsoft and major investors such as Prosperity Capital and Tiger Global Management hope that Sam Altman will return to OpenAI.

On November 21, 770 OpenAI employees collectively wrote a letter of protest, threatening to resign and join Altman's team at Microsoft unless the board of directors resigned and Sam Altman returned as CEO.

2. Projects to be unlocked next week

3. Recent key events

November 29 (Wednesday)

The annualized quarter-on-quarter revised value of U.S. real GDP in the third quarter
U.S. personal consumption expenditures (PCE) annualized quarter-on-quarter revised value in the third quarter

November 30 (Thursday)

Number of people applying for unemployment benefits for the first time in the United States in the week of November 25 (10,000 people)
U.S. October PCE price index year-on-year

December 1 (Friday)

U.S. ISM Manufacturing Index for November