📢 Today’s Top Crypto Headlines:
💼 Circle Reports Strong Q3 Earnings
• Revenue +66% YoY → $740M (beat expectation: $707M)
• Net profit +202% → $214M, EPS $0.64 (vs. $0.183 expected)
• Despite strong performance, stock fell due to:
• Upcoming large token unlocks
• Heavy reliance (95%) on interest income, vulnerable to falling rates
• USDC usage rising, but B2B growth still early-stage
📈 XRP ETF Set to Debut on Nasdaq
• Canary XRP ETF launching Nov 13
• Supports physical + cash redemption models
• Expected to broaden institutional & retail access
• SoSoValue to offer real-time ETF dashboard
🏛️ SEC Chair Gives Digital Asset Classification Guidance
• Asset form does not change whether it’s a security
• Classification depends on economic reality, not naming
• Assets relying on efforts of others → likely securities (Howey Test)
• Network tokens, collectibles, decentralized tools → less likely securities
• Aligned with the Clarity Act direction
⚖️ Dubai Freezes $456M Linked to TrueUSD Reserves
• First-ever global asset freeze by Dubai’s Digital Economy Court
• Allegations: TUSD reserve funds used for loans & private investments
• Redemption rush caused liquidity crisis
• Justin Sun reportedly provided emergency funds to restore reserves
• Highlights stablecoin reserve mismanagement risks
⛔ Hyperliquid Halts Trading After Manipulation Allegations
• Exchange paused operations following POPCAT price manipulation claims
• One trader used 19 wallets to build a $30M leveraged long
• Buy wall removed → POPCAT –19%
• Liquidity provider vault suffered $4.9M loss
• Community questions Hyperliquid’s true decentralization after quick system shutdown
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