Market Watch | Bitcoin | $15,194 | 7 day: +12.9% | | Ethereum | $414 | 7 day: +6.2% | | All crypto | $430b | 7 day: +8% | | Bitcoin dominance | 65.4% | 7 day: +2% | Prices as of 4:45 p.m. EST
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Decentralized exchange (DEX) volumes have declined 25% since September. The summer's DeFi boom is busting. - Monthly volumes on DEXs fell 25% in October, following three months of increases that added a total $20b of volume.
- Most DEXs are built atop Ethereum (ETH). Ethereum's gas, its network transaction fee, declined 65% in price during October versus September.
- Ethereum miners' income, determined by gas prices, collapsed similarly in October versus September.
- According to a data source Glassnode, Ethereum miners received about $57.4m worth of gas in October versus $166.3m in September, while DEX trading volumes reached a new low of $19.6b ⏤ DEX's lowest volume since April.
- This story continues below, in part 2.
Coindesk 
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The DeFi fad is scattering, reducing DeFi's usage of Ethereum's network. - Alex Mashinsky, CEO of cryptocurrency lender Celsius, confirmed that lower volumes on DEXs result in fewer reduced Ethreum transactions and lower demand for gas.
- Ethereum users paid record fees due to DeFi projects' explosive growth since June. DeFi darling Compound, a cryptocurrency lending protocol, launched its governance token, COMP.
- Several DeFi projects conducted exit scams, including Kimchi Finance, Soft Yearn, and Chef Nomi from SushiSwap. Other projects like Compound and Yearn Finance continue to operate.
- DeFi attracts low-quality, highly ambitious projects that imitate the ICO boom of late 2017.
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 Huawei advertises its cryptocurrency offerings Huawei's new phone has an integrated DC/EP wallet. - Terminology: Chinese fiat is internationally known by three interchangeable names: renminbi (RMB), Chinese yen (CNY), and yuan (¥). The People's Bank of China (PBoC) issues China's central bank digital currency (CBDC) called simply "digital yuan" or its preferred name, Digital Currency/Electronic Payment (abbreviated DC/EP or DCEP).
- China's telecom giant and 5G provider Huawei has developed a smartphone with a built-in hardware wallet that supports China's DCEP.
- The company revealed the phone, Mate 40, during an Oct. 30 press conference.
Built-in oversight: - Yu Chengdong, CEO of Huawei's consumer business group, says that Huawei Mate 40 is the company's first smartphone with a built-in CBDC hardware wallet.
- The Huawei Mate 40 features hardware-level security with "controllable" secrecy for the digital yuan, according to a Weibo post by Huawei on Oct. 30.
- The phone will allow small transactions when internet connectivity is unreliable.
The Block Crypto
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The SEC has raised its crowdfunding rules to exempt fundraises of up to $5mm from being registered with the Commission. The previous limit was $1.07m. - The Commission voted to raise the threshold under which some companies are permitted to crowdfund.
- The Commission also added an exemption on issuers raising less than $250,000 within 12 months.
- The new rule makes it easier for all startups, including cryptocurrency startups, to legally raise funding methods for developing their business.
- Regulation Crowdfunding provides an exclusion from onerous registration prerequisites, permitting small and medium-sized companies to sell equity without enlisting the offerings with the SEC.
- Jay Clayton, SEC Chairman, said the minor changes in its crowdfunding rules will encourage innovation.
Decrypt
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 Shuttered ICO, Centra Authorities are seeking imprisonment of over 70 months for one of Centra's (CTR) co-founders for his role in its Initial Coin Offering (ICO). - Government federal prosecutors requested U.S. District Judge Lorna Schofield to increase the period of the imprisonment of Centra Tech's co-founder Robert Joseph Farkas, who pleaded guilty on June 16 in a federal court in Manhattan.
- Authorities charged Farkas for his conduct during a $250m ICO scam in 2018.
- Federal agents want Farkas to face "a substantial term of imprisonment," commensurate to the scam's loss.
- They are seeking imprisonment lasting 70 to 87 months. The government also asked the judge to include an additional three years of supervised release.
Law360
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
