On October 24, according to CCTV News, Major General Ali Abdollahi, Chief of Staff of the Iranian Armed Forces, stated that the Iranian military has successfully deterred the U.S. Navy, preventing it from approaching the waters near the Persian Gulf or Iranian territorial waters. Under no circumstances will Iran allow U.S. military ships to enter the Persian Gulf; the idea of the U.S. wanting to return its military forces to the Persian Gulf is merely a fantasy. Abdollahi also pointed out that the U.S. and Israel, along with their military forces, will increasingly find themselves deeper in the quagmire they have created, and the longer the confrontation lasts, the more entrenched they will become.
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Iranian Armed Forces: U.S. Navy Ships Not Allowed in the Persian Gulf Under Any Circumstances
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CMCC Global Plans to Issue Tokenized Bitcoin Fund in El Salvador in Partnership with Tether and Bitfinex Securities
On October 24, investment management company CMCC Global announced plans to represent its two digital asset funds—Crest and the Liberty Bitcoin Accumulation Fund (LBAF)—in token form. These tokens will be issued and managed through Tether's Hadron infrastructure and distributed by Bitfinex Securities under El Salvador's digital asset framework. Both funds operate as fund-of-funds structures. Crest is priced in USD and aims to outperform U.S. Treasury yields, while LBAF is priced in Bitcoin with a target annual net return of 8% to 12% (BTC), which is an investment target rather than a guaranteed payment. The tokens represent economic rights to the underlying fund shares, minted according to corresponding shares and destroyed upon redemption, still subject to legal and operational conditions, and are not unlicensed tokens. Issuance requires identity verification, anti-money laundering checks, and whitelist addresses; Bitfinex Securities will provide issuance, distribution, and secondary trading. The institution BTCS S.A. has tentatively agreed to provide a three-digit Bitcoin anchor configuration (specifics not disclosed). The issuance price is set at $10 per Crest token and 0.0001 BTC per LBAF token. -
Chinese Ministry of Commerce Responds to U.S. Proposed Investment Restrictions
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IRS Plans to Reform Voluntary Disclosure Program, Lower Crypto Penalties and Expedite Cases
According to Forbes, the Internal Revenue Service (IRS) is preparing to reform its voluntary disclosure program, aiming to reduce penalties and expedite the handling of tax violations, including those related to cryptocurrency. Jarod Koopman, the head of IRS Criminal Investigation, stated at the UCLA Extension Tax Controversy Conference that the goal is to launch the revised program by December, allowing taxpayers to resolve their cases within 120 days after completing the required filings; the current process often takes over a year. The reform will not create a separate disclosure process for digital assets, which will still be handled under the existing voluntary disclosure procedures. Koopman mentioned that the revised penalties will be 'significantly lower' than current levels, although he did not provide specific figures, and he is considering allowing taxpayers to settle their debts through installment payments or offers in compromise. Meanwhile, lawmakers are pushing for an independent voluntary disclosure program for taxpayers who unintentionally report crypto errors, as proposed in Section 502 of the Digital Asset Taxation Certainty Act, which passed the House Ways and Means Committee in September. -
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Ren Zeping's WeChat Account Banned from Following Due to Violations
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