[U.S. Supreme Court to Hear Case on Tariffs Imposed by Trump Under IEEPA] On November 5, the U.S. Supreme Court will hold oral arguments on whether the president can impose broad tariffs under the International Emergency Economic Powers Act (IEEPA), examining the limits of presidential emergency powers. The case stems from Trump’s declaration of multiple national emergencies to impose global tariffs and reciprocal tariffs on imported goods. Several businesses and state governments filed lawsuits, arguing that long-term trade imbalances do not constitute an emergency and that IEEPA does not authorize the president to impose taxes. The ruling could impact the legality of presidents bypassing Congress to exercise power and the constitutional separation of powers. Trump has stated he will not attend the hearing to avoid distracting public attention.

[Deputy Governor of the People's Bank of China, Lu Lei, Attends Hong Kong FinTech Week 2025] From November 3 to 4, 2025, the 4th International Financial Leaders Investment Summit and Hong Kong FinTech Week 2025 were held in Hong Kong. Deputy Governor of the People's Bank of China, Lu Lei, attended the event and delivered a speech, stating that the People's Bank of China will deepen the interconnection between mainland and Hong Kong financial markets, promote the development of Hong Kong's offshore RMB market, and consolidate Hong Kong's position as an international financial center. Additionally, the People's Bank of China will enhance cross-border payment service efficiency through financial technology innovation, explore cross-border payment cooperation solutions for central bank digital currencies, and strengthen exchange and collaboration in the field of financial technology to support high-quality development of the digital economy.

[WILD Plummets Over 60% Due to Cascade Liquidations, Arthur Hayes Says He Has Bought the Dip] Wild World token WILD plunged 63.3% today due to cascade liquidations. Arthur Hayes posted on social platform X, stating that leverage and debt risks in the DeFi sector need to be fully understood. He mentioned that this liquidation could have been avoided, but he has increased his holdings of WILD tokens at a lower cost and is looking forward to the official launch of Open World in December. Developer n3o explained that this flash crash was caused by a chain liquidation event in the WILD PeaPods lending pool and was not related to security vulnerabilities or attacks. The protocol was not hacked, user funds were not stolen, and the core system did not experience any failures. Liquidations are still ongoing, but prices are expected to stabilize once completed. The project has sufficient financial reserves to continue full-scale development.

[Grayscale Adds Shiba Inu to the List of Assets Eligible for Spot ETF Listing] Grayscale Investments announced that Shiba Inu (Shiba Inu) has been included as one of the crypto assets eligible for listing on a U.S. spot exchange-traded fund (ETF). This news was published in Grayscale's recent blog post, *Market Byte: Here Come the Altcoins*. Grayscale noted that following the launch of Bitcoin and Ethereum ETFs, the development process for ETF products targeting altcoins like Shiba Inu has been significantly simplified. The report mentioned that the first Bitcoin spot exchange-traded product (ETP) took over ten years from its proposal in 2013 to its approval in January 2024. However, the U.S. Securities and Exchange Commission's (SEC) approved 'General Listing Standards' (GLS) framework has now accelerated the rollout of cryptocurrency ETPs.

[Upbit Restricts Deposit and Withdrawal Operations for Addresses Related to MaskEx and Xinbi Guarantee] Upbit has announced restrictions on deposit and withdrawal operations for addresses related to MaskEx and Xinbi Guarantee to prevent the inflow of criminal funds and mitigate money laundering risks. Until the specific facts are confirmed, deposit and withdrawal operations for these addresses, as well as the registration of withdrawal addresses under 1 million KRW, will be prohibited. Upbit reminds users to be cautious, as virtual asset transactions through these services may be exploited for criminal activities.