Hello, ApolloXplorer!Have you seen today’s key headlines yet?<h2 id="header-0">#1. CFTC declares Ether as a commodity again</h2>The U.S. CFTC has again labelled Ether as a commodity in a December 13 court filing.In its lawsuit against Sam Bankman-Fried, FTX, and sister company Alameda Research, the regulator had referred to Ether, Bitcoin and Tether &#34;among others&#34; as &#34;commodities&#34; under United States law.However, there is disagreement within the CFTC itself. CFTC chief Rostin Benham had reportedly suggested that Bitcoin is the only crypto asset that should be viewed as a commodity.Source: <a href="https://cointelegraph.com/news/cftc-declares-ether-as-a-commodity-again-in-court-filing" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-1">#2. Tether to reduce secured loans to zero</h2>Tether has pledged to eventually stop the practice of lending out funds from its reserves.The stablecoin issuer addressed recent FUD concerning its secured loans, reiterating that its secured loans are covered by “extremely liquid assets”.Tether’s secured loans operate similarly to private banks lending to customers using secured collateral. However, unlike banks that operate on fractional reserves, Tether claimed that its loans are fully backed by over 100%.Source: <a href="https://cointelegraph.com/news/tether-to-reduce-secured-loans-to-zero-in-2023-amid-battle-against-fud" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-2">#3. MetaMask Institutional, Cobo and Gnosis DAO team up for SBT project</h2>Digital asset custodian Cobo, MetaMask Institutional and Gnosis DAO revealed a new soulbound token project.The three parties will work on SBT project “Evolution”, a tool to help users define themselves in digital reality.“Evolution” will also allow holders to receive exclusive quarterly research on the DeFi space unavailable to those outside their SBT community.Source: <a href="https://cointelegraph.com/news/metamask-institutional-cobo-and-gnosis-dao-team-up-for-soulbound-token-project" rel="noopener noreferrer nofollow">Cointelegraph</a><h2 id="header-3">#4. Binance withdrawals exceed $3 billion in 24 hours</h2>Crypto exchange Binance saw massive withdrawals in the past week, Nansen data has revealed.Binance’s international arm faced a net outflow of roughly $3.66 billion. Binance US saw a net outflow of over $38.7 million in that same period.While Binance is currently seeing a high volume of withdrawals, the exchange still holds roughly $58.9 billion in assets at time of writing.“We saw some withdrawals today,” Binance CEO Changpeng Zhao said. “I actually think it is a good idea to ‘stress test withdrawals’ on each CEX on a rotating basis.”Source: <a href="https://decrypt.co/117155/binance-customer-withdrawals-exceed-3-billion-in-24-hours" rel="noopener noreferrer nofollow">Decrypt</a><h2 id="header-4">#5. FTX and Alameda Research were deeply intertwined</h2>Court filings are shedding more light on the relationship between FTX and sister hedge fund Alameda Research.“There was no meaningful distinction between FTX customer funds and Alameda’s own,” the U.S. SEC alleged Tuesday. Alameda is said to have improperly siphoned $8 billion from customers of the now-bankrupt FTX.The U.S. CFTC also said Alameda enjoyed special access to FTX’s trading backend. Alameda could execute trades faster than other customers, was exempt from auto-liquidation and could borrow as much money as it liked.Source: <a href="https://www.coindesk.com/business/2022/12/13/bankman-fried-lawsuits-expose-ftxs-special-treatment-of-alameda-research/" rel="noopener noreferrer nofollow">CoinDesk</a>--The ApolloX app is available on Apple Store or Google Play <a href="https://apollox.onelink.me/rf4R/newscryptowndl" rel="noopener noreferrer nofollow">here</a>.Stay up to date with ApolloX!<a href="https://t.me/apollox_com" rel="noopener noreferrer nofollow">Telegram</a> |<a href="https://twitter.com/ApolloX_com" rel="noopener noreferrer nofollow"> Twitter</a> |<a href="https://www.facebook.com/ApolloXcom" rel="noopener noreferrer nofollow"> Facebook</a> |<a href="https://www.instagram.com/apollox_com/" rel="noopener noreferrer nofollow"> Instagram</a> | <a href="https://apollox.link/blog-discord" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://apollox.link/blog-APXNewsStation" rel="noopener noreferrer nofollow">ApolloX News Station</a> | <a href="https://coinmarketcap.com/community/profile/ApolloX" rel="noopener noreferrer nofollow">CMC</a>

Crypto News of the Day: CFTC declares Ether a commodity again, Tether promises to reduce secured loans to zero

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