[Bitpush Weekend Review] Trump nominates SEC crypto task force chief legal advisor Michael Selig as CFTC Chairman; Trump says at a private gathering that cryptocurrency could help solve the $35 trillion US debt problem; Bloomberg: Since the introduction of regulatory bills in the US, the proportion of stablecoins used for payments has surged by 70%
Bitpush Weekend Key News Review:
[Trump Nominates SEC Crypto Task Force Chief Legal Advisor Michael Selig as CFTC Chairman]
According to Bitpush, Bloomberg reported that an anonymous government official revealed that President Donald Trump has nominated Michael Selig to serve as Chairman of the Commodity Futures Trading Commission (CFTC). Michael Selig is the Chief Legal Advisor of the U.S. Securities and Exchange Commission (SEC) Crypto Task Force and has served as an assistant to SEC Chairman Paul Atkins.
During this period, Michael Selig has been dedicated to coordinating the policies of the SEC and CFTC to align them with various sectors of the financial and cryptocurrency industries. Early in his career, Michael Selig was a partner in the asset management business at Willkie Farr & Gallagher.
[Trump Says at Private Gathering That Cryptocurrency Could Solve the $35 Trillion U.S. Debt Problem]
According to Bitpush and Bitcoinist, Trump stated at a private gathering that cryptocurrency has a "great future" and hinted that the U.S. might use cryptocurrency to solve the $35 trillion U.S. debt problem. According to leaked video footage, Trump said: "I would write on a little piece of paper: $35 trillion in cryptocurrency, we have no debt, that's what I like to do."
It is worth noting that this is not the first time Trump has hinted at using digital assets to eliminate the ever-growing U.S. debt. He has repeatedly stated publicly that bitcoin could be used to "save America."
[Ethereum Treasury Company ETHZilla Discloses ETH Holdings Increased to 102,916, Q3 Financial Report to Be Released on November 14]
According to Bitpush, Ethereum treasury company ETHZilla announced on X platform an update on its ETH holdings. As of this week, the company holds 102,916 ETH, valued at approximately $394 million, with an mNAV of 0.62. In addition, the company announced it will release its Q3 2025 financial results before the U.S. stock market opens on November 14.
[CZ: Kyrgyzstan's National Stablecoin to Launch on BNB Chain]
According to Bitpush, CZ posted on X platform about his visit to Kyrgyzstan, including: 1. Kyrgyzstan's national stablecoin will be launched on BNB Chain; 2. Kyrgyzstan's central bank digital currency (CBDC) is ready for launch; 3. Binance Academy is cooperating with 10 top universities; 4. The Binance App is now fully localized in Kyrgyz.
[Ferrari Plans to Launch Digital Token "Token Ferrari 499P"]
According to Bitpush, world-renowned racing and sports car brand Ferrari announced plans to launch a digital token, "Token Ferrari 499P," allowing fans to bid for the Le Mans endurance race champion model Ferrari 499P. The token will be available to Hyperclub members, and holders will be able to trade with each other and participate in exclusive auctions.
[Bloomberg: Since U.S. Regulatory Bill, Stablecoin Usage for Payments Surges 70%]
According to Bitpush and Bloomberg, since the U.S. passed its first regulatory bill targeting the cryptocurrency industry, consumers and businesses have been rapidly increasing their use of stablecoins (digital tokens pegged to the U.S. dollar) for real-world consumption and payments.
According to blockchain data provider Artemis, as of August 2025, stablecoin transaction volume for goods, services, and transfers has exceeded $10 billion, up from $6 billion in February this year, more than doubling the transaction volume of August 2024.
Artemis researchers stated that at this growth rate, annual stablecoin payment volume could reach $122 billion.
[Binance Hires Trump Jr.'s Close Friend to Lobby White House, Pays His Company $450,000 in Past Month]
According to Bitpush and Politico, Donald Trump Jr.'s hunting partner and North Carolina lobbyist Ches McDowell is becoming one of Washington's most lucrative lobbyists. His company, Checkmate Government Relations, generated $7.1 million in the past three months alone, despite only opening its Washington office earlier this year.
Disclosure reports show that at the end of September, Binance hired McDowell to lobby the White House and Treasury Department on financial policy issues and "administrative relief" matters. Binance paid Checkmate $450,000 for his work over the past month.
However, CZ's efforts to seek a pardon have lasted far longer than a month. As early as February this year, just three weeks after Trump was sworn in as U.S. President, Binance and CZ himself separately hired well-known crypto lawyer Teresa Goody Guillén. Trump had considered appointing her as SEC Chairman. Her law firm reports show that so far this year, it has received a total of $290,000 in fees from Binance and CZ.
Neither McDowell nor Goody Guillén responded to requests for comment.
[Yuga Labs Announces Partnership with Jeffrey Huang's Six Studios to Launch Animated Series]
According to Bitpush, NFT series Bored Ape Yacht Club posted on social media that its parent company Yuga Labs has formed a joint venture, Bored Ape Studios, with "Machi Big Brother" Jeffrey Huang's Six Studios. The first project will be the "Bored Ape Yacht Club" animated series.
[Vitalik: If Validator Set Acts Maliciously, Users May Have No Recourse]
According to Bitpush, Ethereum co-founder Vitalik Buterin posted on X platform reminding that a key feature of blockchain is that even in the event of a 51% attack, invalid blocks cannot be made valid. This means that even if 51% of validators collude (or encounter software bugs), they cannot steal user assets.
However, if the validator set is trusted to do other things that the blockchain may not control, then 51% of validators could collude and give wrong answers, leaving users with no recourse.
