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CoinChain Midday Report | Key Updates for November 14

【CoinChain Midday Report | Key Updates for November 14】7:00–12:00 Keywords: Tether, Meta, Nvidia
1. Nvidia board: No formal contact has been made with any CEO candidates;
2. Louisiana obtains temporary injunction requiring 10 prediction markets to geoblock the state;
3. Tether-linked Bitcoin treasury company posts first-quarter profit, with net income of $1.087 billion;
4. FinCEN designates MEXC as a money-laundering concern and bars U.S. institutions from transferring funds to it;
5. Paraguay will end special electricity contracts for cryptocurrency miners by the end of 2027;
6. Zhang Yiming and Yi He appear to have signed a petition in support of Jensen Huang, with signatures surpassing 20,000;
7. Meta is testing its prediction market app, Takes, internally; real-money betting is not yet supported.

Zhang Yiming and He Yi Appear to Have Signed Petition Supporting Jensen Huang; Signatures Surpass 20,000

[Zhang Yiming and He Yi Appear to Have Signed Petition Supporting Jensen Huang; Signatures Surpass 20,000] According to CoinChain Express, on November 14, a signature attributed to “Yiming Zhang (ByteDance)” appeared on the signatory list of Stand with Jensen, a petition website supporting Jensen Huang. The message read, “Stand with Jensen,” and the signer is suspected to be ByteDance founder Zhang Yiming.
The list also includes a signature attributed to “Yi He, Binance co-founder and Chief Customer Service Officer,” with the message, “I wear a leather jacket too, and I disagree.” He Yi had previously reposted on X a post by Elon Musk supporting Jensen Huang.
The list also includes a16z co-founder Marc Andreessen, Epic Games CEO Tim Sweeney, Y Combinator CEO Garry Tan, Palo Alto Networks CEO Nikesh Arora, and Cohere co-founder Aidan Gomez, among others.
The website shows that the total number of signatures has exceeded 20,000, including 2,107 people who say they are current Nvidia employees, 267 former employees, and 12,406 shareholders. Signers enter their own affiliations, and the website has not verified them. The people named above have not publicly confirmed that they signed the petition.

OpenAI shifts to using general-purpose AI models to control robots directly, no longer developing specialized models separately

【OpenAI shifts to using general-purpose AI models to control robots directly, no longer developing specialized models separately】Coin Chain Express reports that, according to Fortune magazine on Nov. 14, OpenAI has disbanded its dedicated robotics research team and reassigned the researchers to other departments within the company. OpenAI said the move does not mean it is abandoning robotics, but is intended to accelerate the development of general-purpose robots. Following the restructuring, robotics researchers will join the core research team led by Chief Research Officer Mark Chen, while the applied robotics and hardware teams will move to the applications division overseen by President Greg Brockman. The changes reflect a shift in OpenAI’s strategic direction: the company believes general-purpose AI models can now be applied directly to robot control, eliminating the need to develop separate, specialized robotics AI models. OpenAI said that frontier general-purpose models, including GPT-6Astra, have already demonstrated capabilities in robotics applications. A study by Nvidia found that agents powered by Astra achieved a 74.8% success rate in simulated robot-operation tests, higher than the 51% previously reported for specialized robotics models on the same leaderboard. OpenAI still plans to develop humanoid robots, and CEO Sam Altman has previously proposed aiming for a first public demonstration in 2027. However, industry insiders note that general-purpose models still have limitations, such as slower operating speeds and reliance on cloud connectivity, while robotics companies retain advantages in real-world deployment and data collection.

CoinChain Evening Report | Key Developments on the Evening of November 13

【CoinChain Evening Report | Key Developments on the Evening of November 13】12:00–21:00 Keywords: Moonshot AI, Hyperliquid, Robinhood, JPMorgan Chase
1. Reports say Moonshot AI plans to go public in Hong Kong in early 2027
2. U.S. Vice President Vance is considering not running for president in 2028
3. Elon Musk: Jensen Huang will be remembered forever, because some things are eternal
4. Hyperliquid protocol revenue reached $190.9 million in Q3, up 21.7% quarter over quarter
5. Robinhood's crypto trading volume was $17 billion in October, down 48% year over year
6. PBOC: Broad money (M2) balance stood at RMB 359.06 trillion at the end of October, up 7.1% year over year
7. JPMorgan increased its MSTR holdings by 36% to 848,000 shares in Q3, while also holding 11.4 million shares of IBIT

Democrats sweep the midterms. Does the CLARITY Act still have a chance?

After Democrats swept both chambers of Congress in the 2026 midterm elections, the prospects of passing the crypto market structure bill, the CLARITY Act, during the current lame-duck session—when it had been slated for action before year-end—have become extremely slim. As Democrats formally take control of the new Congress on January 3, 2027, the bill is highly likely to expire when the 119th Congress adjourns, with Democrats starting afresh under their own leadership.

The bill’s status: Senate hurdle proves insurmountable, with a huge vote shortfall

On September 15 this year, the Senate voted on a motion to invoke cloture on House Bill 3633, the Digital Asset Market Clarity Act (CLARITY Act). The motion failed, with 49 votes in favor and 50 against—11 votes short of the 60-vote threshold required to begin debate. Although Senator Thom Tillis submitted a motion to reconsider that day to preserve the bill’s procedural viability, it has since stalled.

The voting breakdown shows that the situation is more difficult than the apparent “one-vote difference” suggests:

In favor (49 votes): All were Republican senators.
Against (50 votes): All Democrats present, two independent senators, and four Republican senators who broke ranks (Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis).

Even if absent Democratic Senator Christopher Coons had voted in favor and all four Republicans who broke ranks had changed their votes, the total would have been just 54—still short of the 60-vote threshold. This means the bill would need to win support from a significant number of Democrats to pass.

The two parties’ main disagreements over the bill concern the division of regulatory authority (the Republican version would put the CFTC in charge of regulating digital commodities while limiting the SEC’s authority) and ethics provisions added later by the Senate. Elizabeth Warren, the top Democrat on the Senate Banking Committee, has explicitly opposed the current version, saying it would pose risks to ordinary families, the U.S. economy, and national security. However, payment stablecoins are already covered by the GENIUS Act, and the Office of the Comptroller of the Currency (OCC) is advancing related rules, so this setback does not affect that area.

Election reshapes the balance of power: Democrats have no incentive to compromise

The midterm elections have completely changed the parties’ negotiating leverage. According to CNBC estimates, Democrats have secured at least 255 seats in the new House, and could hold as many as 56 seats in the Senate. In a particularly symbolic development, Republican Susan Collins, who broke ranks in the CLARITY Act vote, lost her race to a Democratic candidate.

When the new Congress is sworn in on January 3, 2027, Democrats will take control of both chambers. For Democrats, there is no point compromising on the Republican bill during the coming weeks of the lame-duck session—they only need to wait six weeks to use their majorities to draft a crypto bill that fully reflects their own regulatory approach.

Year-end window is closing fast: just two narrow paths remain during the lame-duck session

There is very little effective legislative time left for the 119th Congress. The Senate is scheduled to recess for Veterans Day in mid-November and Thanksgiving in late November, and will begin its year-end recess on December 21. In addition, federal government funding expires on December 11, while the National Defense Authorization Act is mired in partisan negotiations. These essential measures for keeping the government running take priority over crypto legislation.

In theory, only two routes remain to rescue the CLARITY Act before Congress adjourns, but the odds of either succeeding are extremely low:

Revive the motion to reconsider: Use the reconsideration process left in place by Thom Tillis to hold another vote. But this would require substantial changes to the text (such as expanding the SEC’s authority and filling out the ethics provisions) to win Democratic votes. Any changes would then need to be coordinated with the House, which passed the original version of the bill last July.
Bundle it with must-pass year-end legislation: Attach crypto regulatory provisions to the government funding bill that must pass by December 11, or to the final version of the National Defense Authorization Act. As of November 12, however, there has been no public indication on Capitol Hill of any effort to do this.

What comes next: The bill may expire as Democrats plan to expand the SEC’s authority

Under the U.S. Constitution’s 20th Amendment, all bills and procedural motions that have not taken effect will automatically expire when the 119th Congress adjourns at noon on January 3, 2027.

Once Democrats formally take power, control of the Senate Banking Committee and the House Financial Services Committee will change hands (Elizabeth Warren is a possible candidate for chair of the Senate Banking Committee). According to reports of internal discussions among House Democrats, the party plans to introduce a broader market structure bill next year, modeled on the Cryptocurrency Investor and Consumer Protection Act previously proposed by Representative Maxine Waters. In sharp contrast to the Republican approach, the Democratic version is expected to significantly expand the SEC’s regulatory authority while correspondingly limiting the CFTC’s role.

Before January 3, markets can keep a close eye on three key indicators: whether crypto-related provisions unexpectedly appear in negotiations over year-end funding and defense legislation; the final results in individual districts where vote counting is still underway; and the selection of chairs for the new Congress’s two key financial committees. Barring any surprises, the CLARITY Act’s prospects as a 2026 legislative initiative are effectively over.

Bitcoin falls below $70,000, BTC wicks down to $67,568, its lowest in nearly three months

Bitcoin fell below $70,000 this morning, hitting its lowest level since August. Liquidations across the crypto market totaled $1.62 billion in 24 hours. The factors weighing on prices even before Jensen Huang’s resignation were consecutive net outflows from spot ETFs, expectations of a December rate hike, and a strengthening U.S. dollar.

Bitcoin fell below $70,000 at around 10:45 a.m. today (November 13). Binance prices show that after 1:45 p.m., it hit an intraday low of $67,568, its lowest since August 19. It was trading at $68,900 as of 2:33 p.m., down 6.37% over 24 hours.

$1.62 billion in liquidations across the market, 96% of Bitcoin liquidations were long positions

According to CoinGlass data, liquidations across the market totaled $1.62 billion over the past 24 hours, affecting 183,264 traders. Bitcoin long positions accounted for $870 million in liquidations, while short positions accounted for just $31 million. Nearly all the liquidated leveraged positions had been betting on prices to rise.

Does Jensen Huang’s resignation have anything to do with Bitcoin?

Many people joked, “What does Jensen Huang’s resignation have to do with Bitcoin?” In fact, the pressure had been building for some time.

According to Farside Investors, spot Bitcoin ETFs recorded net outflows for five consecutive trading days starting November 5, totaling about $1.44 billion.

The U.S. Bureau of Labor Statistics also released October CPI data on November 10: the CPI rose 0.4% month over month, while core CPI rose 0.3%. As of publication, Polymarket put the probability of the Federal Reserve raising rates by 25 basis points at its December meeting at 88.5%, the probability of a hike of 50 basis points or more at 9.15%, and the probability of no change at just 2.1%.

The U.S. Dollar Index closed at 103.17 on November 12, its highest level since April 2025. Outflows, rising rate expectations, and a stronger dollar have all put pressure on Bitcoin.

Bloomberg: SpaceX-Tesla merger could be announced as early as December, but three hurdles remain

Bloomberg reported on November 12, citing people familiar with the matter, that merger talks between Elon Musk’s SpaceX and Tesla have made progress. An announcement could come as early as December, though it could also be delayed until early 2027. That would be a significant acceleration from Bloomberg’s earlier forecast in late October, which put the announcement in the first half of 2027.

If this landmark deal is ultimately approved, it would be the largest merger and acquisition in history. However, the two companies still face three major challenges before they can merge.

Who acquires whom? How big is the deal?

Based on U.S. stock market closing data from November 12:

Tesla: Closed at $397.45 (up 1.69%), with a market capitalization of about $1.571 trillion.
SpaceX (ticker: SPCX): Closed at $139.94 (up 0.14%), with a market capitalization of about $1.9 trillion.
Combined market capitalization: As much as $3.47 trillion.

Market analysts broadly believe this would be a deal in which SpaceX absorbs Tesla. (The main uncertainty is how many SpaceX shares Tesla shareholders would receive.) In terms of corporate control, Musk owns about 20% of Tesla, but controls more than 80% of the voting rights at SpaceX through supervoting shares. After the merger, Tesla shareholders would move from a “one share, one vote” structure into a company under Musk’s absolute control.

Moreover, SpaceX is no longer simply a rocket company. In February this year, it formally folded Musk’s AI company xAI into its business. In the third quarter, its AI division—now renamed Super Intelligence—generated $7.56 billion in revenue, surpassing Starlink’s $5.248 billion for the first time to become SpaceX’s largest source of revenue. The two companies are also working together to build a large chip factory, Terafab, in Texas.

Three hurdles to a merger

Tesla’s China business:
JPMorgan analysts have pointed out that SpaceX holds a large number of U.S. defense and government contracts, creating a potential conflict of interest with Tesla’s substantial and profitable manufacturing operations in China. This could prompt scrutiny from regulators and shareholders.

A new U.S. Congress investigation:
With Democrats winning control of both chambers in the November midterm elections, the new Congress is expected to take office in January 2027 and has already said it will closely investigate Musk’s business and political ties.

Tesla shareholder voting threshold:
Musk has said that both companies have established special committees of independent directors to assess the deal, but that he will not take part in the decision because of his conflicts of interest. Tesla shareholders must meet the high threshold of “approval by more than half of all outstanding shares”—not merely a majority of shares represented at the meeting—which will require an additional shareholder vote.

CoinChain Midday Report | Key Updates for the Midday of November 13

【CoinChain Midday Report | Key Updates for the Midday of November 13】7:00–12:00 Keywords: WLFI, Kalshi, Nvidia
1. The White House sent four nominations to the Senate, covering the CFTC and SEC;
2. WLFI: Completed its first $1 million buyback; on-chain data is publicly available;
3. Lex Fridman voiced his support for Jensen Huang: Nvidia firing Huang would be a huge mistake;
4. Singapore: The U.S. provided almost no assistance in the Huang Le case; he has been barred from re-entering Singapore;
5. White House technology adviser Sacks questioned the Nvidia “spy scandal”: intelligence agencies all say the evidence is insufficient;
6. Kalshi terminated its advisory contract with Trump’s eldest son after his venture capital firm increased its stake in Polymarket;
7. The FBI and police from multiple countries cracked down on darknet drug trafficking, seizing more than $234 million in cash and cryptocurrency.

Jensen Huang’s Departure Puts Nvidia’s $500 Billion AI Financing Plan in Jeopardy

With Nvidia founder and CEO Jensen Huang’s departure, the chip giant’s $500 billion financing platform for AI computing infrastructure, which he spearheaded, faces unprecedented uncertainty.

Key Takeaways

| Key Issue | Status and Analysis |
| --- | --- |
| Platform progress | Since its high-profile announcement in August, the $500 billion financing platform involving six Wall Street asset management giants has yet to close a single deal. |
| Disagreement over backstops | Nvidia currently offers a “residual value support agreement” capped at just 25%—far below competitor Broadcom’s maximum of 72.5%—leaving lenders with little interest. |
| Leadership upheaval | With Huang severing ties with the company and CFO Colette Kress taking over as interim CEO, the project has lost its most important driving force. |

Detailed Background Analysis

Why the Deals Have Yet to Close

The financing platform works by using special purpose vehicles to borrow money to buy chips and lease them to customers. The chipmaker’s “backstop support” (a residual value support agreement) is key to attracting lenders and reducing financing costs.

Nvidia vs. Broadcom: Broadcom previously provided up to 72.5% in backstop support for several major debt deals involving Anthropic through its “AI XPV” platform, developed in partnership with Apollo and Blackstone. This helped secure investment-grade ratings and lower interest rates.
Nvidia’s dilemma: Nvidia has committed to a backstop ratio of just 25%. Sticking to this cap would make the financing less affordable for customers and less attractive to lenders; raising it indiscriminately, however, would expose Nvidia to greater balance-sheet risk, undermining the original aim of expanding with outside capital.

Huang’s Departure Makes Matters Worse

During his three decades at the helm of Nvidia, Huang built confidence in the industry by taking stakes across the AI ecosystem and providing backstop support, earning him the nickname “the central bank of AI.” With his forced departure amid a scandal, the project’s future is uncertain. Observers expect that the relevant deals may not make substantive progress until January at the earliest next year.

OKX Simple Earn launches Tether (USDT): Subscribe to BTC/ETH to share 1,000,000 USDT in rewards

OKX (欧易) is currently running several official promotional campaigns, mainly covering Simple Earn, prize pools for contract trading, and market prediction contests. Visit the OKX Latest Promotions page for full eligibility requirements and rules.

Simple Earn and Hold-to-Earn Promotions

• Midnight Simple Earn Lite promotion. Launched on November 10, 2026, users can subscribe to BTC, SOL, OKB, or NIGHT to share a 12,500,000 NIGHT prize pool.
• VIP-exclusive USDC Hold-to-Earn. Running from November 3 to December 3, 2026 (UTC+8). VIP users who hold at least 10,000 USDC in their main account and complete at least $1,000 in specified trading volume can share a 400,000 USDC prize pool, with annualized returns of up to 8%.
• Tether USDT Simple Earn promotion. Subscribe to BTC or ETH to share 1,000,000 USDT in rewards (published November 1, 2026).

Trading and Interactive Prediction Promotions

• OKX Prophet Season 3 (Outcomes League S3). The promotion ends on November 15, 2026. Users can only claim points (xp) for free through the OKX App to predict event outcomes and share a prize pool of up to $250,000 based on their share of the points. Learn more on the OKX Prophet promotion page.
• OKX × CT: Earn through contract trading. Starting November 5, 2026, users can trade designated contracts to share 1,670,000 CT tokens in rewards, subject to the rules.
• November Milestone and Trading Challenge. This special trading competition runs from November 2 to November 30, 2026. Sign up and complete trading tasks to share a 130,000 USDT prize pool (registration closes November 29).

Recent Business and New Product Updates

• New tokenized stocks and perpetual contracts. OKX has recently launched a number of unified tokenized stock spot products (such as xCEG, xCVNA, and xNVDL), as well as X-Perps for US stocks and indices (such as ONDSUSD and DDOGUSD).
• Preview of the OKXICE on-chain securities platform. The joint venture between OKX and Intercontinental Exchange (ICE) is scheduled to officially launch on November 23, 2026, offering eligible U.S. accredited clients round-the-clock trading in more than 70 tokenized stocks and ETFs.

NVIDIA plunges more than 13% at the open after Jensen Huang’s resignation! TSMC ADR and Micron under pressure, while AMD and Broadcom rise

After Jensen Huang’s resignation, NVIDIA shares fell more than 13% at the U.S. market open, with the decline narrowing to about 8% roughly 10 minutes into trading. TSMC ADR, Micron and semiconductor benchmarks weakened, while AMD and Broadcom bucked the trend, leaving chip stocks mixed.

NVIDIA falls more than 13% at the open as semiconductor benchmarks also slide

NVIDIA opened at $150.99, about 13.09% below its November 11 closing price of $173.73. Shares briefly dropped to $148.80 in early trading before recovering to the price above, with sharp volatility at the start of the session.

The Philadelphia Semiconductor Index stood at 10,427.51, down 1.29%, while the VanEck Semiconductor ETF (SMH) was at $497.85, down 1.80%, leaving broader semiconductor benchmarks in negative territory. The Nasdaq Composite was at 25,319.59 over the same period, down 0.58%. NVIDIA’s decline was notably steeper than that of the broader tech market.

TSMC ADR and Micron weaken, while AMD and Broadcom rise against the trend

Among supply-chain stocks, Taiwan Semiconductor Manufacturing Company’s American depositary receipts (TSM) were at $407.01, down 1.51%. Memory chip giant Micron (MU) was at $790.41, down 2.58%, also facing selling pressure.

Meanwhile, AMD was at $570.43, up 3.17%, and Broadcom was at $362.51, up 5.01%. Both companies rose against the trend, contrasting with the pressure on TSMC ADR and Micron.

Jensen Huang steps down effective immediately; Kress takes over temporarily and earnings schedule remains unchanged

According to NVIDIA’s official announcement, Jensen Huang has resigned as president, chief executive officer and director, effective immediately. Chief Financial Officer Colette Kress will serve as interim CEO while continuing in her roles as executive vice president and CFO until a permanent successor is appointed.

The board also appointed Harvey C. Jones as chairman and began a formal search for a CEO, considering both internal and external candidates. Jones said the board expects the company’s operations, customer commitments and product roadmap to continue without disruption.

The company is keeping its earnings schedule unchanged. It will report results for the third quarter of fiscal 2027 at around 5:20 a.m. on November 18 Taipei time, followed by a conference call at 6 a.m.

Bitwise: Congressional Makeup Is Key; A Midterm Pullback Could Be an Opportunity

Congress is now under Democratic control, but its members are also getting younger.

Politics has always been a minefield, but let’s focus on the parts that directly affect crypto. Last week’s “blue wave” election gave Democrats control of both chambers of Congress. Among them, Democratic Senator Elizabeth Warren, known for building an “anti-crypto bloc,” is likely to become the next chair of the powerful Senate Banking Committee.

In the short term, markets could see significant volatility over the next few weeks as investors worry about the policy direction under Democratic control. But from a longer-term perspective, any market pullback prompted by the election is likely to be an excellent buying opportunity.

1. Demographics are a political counterbalance

Here’s a surprising fact: despite the shift in the balance of power between the two parties, the makeup of Congress in terms of members who support or oppose crypto has barely changed.

Senate: Data from the advocacy group Stand With Crypto show that the incoming Senate has 51 crypto-supportive senators (rated A or B), compared with 52 in the previous Senate—a change that is far from a shake-up.
House: There are now 241 crypto-supportive representatives, a solid majority of the 425 seats in total.

What’s more, this election marked a demographic wave. Incoming senators are, on average, 14 years younger than those leaving office, and the number of senators under 50 has nearly doubled, from 8 to 15. The House also has at least 94 Gen Z and millennial members.

Young people are more receptive to crypto than ever. A recent Charles Schwab survey found that 33% of millennials own cryptocurrency—more than four times the share of baby boomers (8%).

2. What lies ahead for the industry

Of course, this doesn’t mean the crypto industry will have smooth sailing under a Democratic-led Congress:

High-profile, wide-ranging investigations into Trump-related projects (such as the TRUMP coin and WFLI) are expected, and prediction markets could also face risks.
Markets may remain volatile over the coming weeks or even months.

But the broader crypto sectors—Bitcoin, stablecoins, and tokenization (RWA)—will not be fundamentally derailed. As the saying goes: demographics determine destiny.

Nvidia appoints Jones as its first board chairman, bringing more than 30 years of experience in technology management and investment

【Nvidia appoints Jones as its first board chairman, bringing more than 30 years of experience in technology management and investment】CoinChain Express reports that on November 12, Nvidia (NVDA.O) announced today that Jensen Huang is stepping down, effective immediately, as president, chief executive officer, and a member of the board of directors. The company has appointed Harvey C. Jones as its first board chairman. Jones has been managing partner of private investment firm Square Wave Ventures since 2004 and has more than 30 years of experience in entrepreneurship, high-tech company management, and venture capital. In 1981, he co-founded Daisy Systems, a computer-aided engineering company, and eventually served as its president and CEO until 1987. From 1987 to 1998, he led Synopsys, a major electronic design automation company, serving as CEO for seven years and then as executive chairman. In 1997, Jones co-founded Tensilica, a privately held technology intellectual property company specializing in the development and licensing of high-performance embedded processor cores. Jones served as chairman of Tensilica’s board from the company’s founding until its acquisition by Cadence Design Systems in 2013. Jones holds a bachelor’s degree in mathematics and computer science from Georgetown University and a master’s degree in management from the Massachusetts Institute of Technology. He joined Nvidia’s board in 1993.

Breaking: Nvidia CEO Jensen Huang resigns; CFO Colette Kress takes over in crisis

The global AI chip giant has been rocked by the biggest shake-up in its senior leadership in company history! According to the latest official announcement from Nvidia, founder Jensen Huang has formally resigned from all his positions, including president, chief executive officer (CEO), and board member, effective immediately. After recent scandals involving an extramarital affair and allegations of foreign espionage, the company’s board of directors conducted an independent investigation and made this major decision, formally appointing current CFO Colette Kress as interim CEO.

CFO steps in as interim CEO; first-ever “Chair of the Board” appointed to steady the ship

To ensure Nvidia’s AI giant continues on a steady course, the board swiftly activated its contingency plan. According to the official statement, current executive vice president and chief financial officer (CFO) Colette Kress has been appointed interim CEO. Until the board finds a permanent successor, she will shoulder the dual responsibilities of interim CEO and CFO.

Meanwhile, Nvidia’s board structure has also undergone a major change. The board announced the appointment of Harvey C. Jones as the company’s first-ever Chair of the Board, further strengthening corporate governance. The company emphasized that the search for a permanent CEO is now underway, with both internal and external candidates to be considered.

Was the affair the fatal blow? Allegations of “Chinese espionage” prompt a thorough board investigation

The sudden leadership shake-up followed serious recent controversies surrounding Huang’s personal conduct and national security. Huang had previously acknowledged having an extramarital affair. Even more shocking to the market, investigative reports by foreign media disclosed that among Huang’s romantic partners was a woman whom U.S. intelligence agencies strongly suspected of having ties to Chinese espionage, as well as another senior Nvidia executive.

Amid heightened sensitivity over the U.S.-China tech war and restrictions on AI chip exports, the scandal crossed a national security red line. Nvidia’s board quickly stepped in and launched an independent investigation. After holding several intensive meetings to discuss Huang’s future, it ultimately decided that Huang would resign and Kress would take over, in an effort to contain the public relations and national security crisis.

Operations unaffected! 11/17 earnings presentation to proceed as scheduled

Addressing concerns about Nvidia’s future, the board offered strong support in its statement, expressing confidence in Colette Kress and the existing executive team. Kress has excelled since joining Nvidia as CFO in 2013. Before that, she held senior finance positions at tech giants including Microsoft and Cisco, bringing extensive operational experience. Nvidia stressed that day-to-day operations, commitments to customers, and established product development roadmaps will continue without interruption despite the leadership change.

For now, markets and investors are focused squarely on next week’s financial results. Nvidia is scheduled to report its third-quarter results and hold an earnings call on November 17, and the event will go ahead as planned. How the new interim CEO, Kress, will reassure Wall Street, and what aftershocks this incident may send through the global AI supply chain, are sure to be key concerns for global capital markets.

Another of Jensen Huang’s affair partners—what gives her the power to shake up the board?

The question of whether NVIDIA CEO Jensen Huang should stay or go is already on the boardroom table.

According to people familiar with the matter cited by The Wall Street Journal and Bloomberg, the board could meet as soon as Wednesday local time to discuss whether Huang should remain CEO, with “removal” among the options.

Just three days ago, Huang sent an apology to all employees, admitting that he had been unfaithful to his wife. At the time, the board had said it was “confident” in him and his leadership team. But the final straw for the board’s patience was the revelation of a second extramarital affair—this time not with an outside business partner, but with NVIDIA’s vice president of healthcare and life sciences, who reported directly to him: Kimberly Powell.

The leader of NVIDIA’s healthcare business

Now 48, Kimberly Powell began her career on the standard hardware-engineering track.

She graduated from Northeastern University with a bachelor’s degree in electrical and computer engineering. Early in her career, she joined professional display equipment manufacturer Planar Systems as a hardware engineer, where she was responsible for FPGA design. She later moved into product marketing management and spent years specializing in medical imaging displays. This experience gave her a thorough understanding of the entire medical hardware pipeline, from research and development to commercialization, and helped her build valuable industry connections before she later moved into GPU applications in healthcare.

When Powell joined NVIDIA in 2008, GPU applications in healthcare were almost nonexistent. At the time, NVIDIA was still known as a gaming graphics card company, with its pixels used mainly to render game characters and scenes. Meanwhile, MRI and ultrasound equipment in hospitals belonged to a slow-moving, tightly regulated, closed-off world. Powell’s task was to break through the divide between the two.

She later recalled that NVIDIA’s first healthcare application was essentially still “graphics”—except that the subjects on screen had changed from game characters to tissues and organs inside the human body. To spot subtle lesions, radiologists needed massive parallel computing power for 3D MRI imaging. GPUs, which excel at processing millions of pixels simultaneously, provided NVIDIA with its first opening into the healthcare industry.

As NVIDIA expanded further into medical imaging, and the artificial intelligence boom took off, Powell’s responsibilities and authority continued to grow:

2016: Powell was promoted to senior director of AI business development. In addition to focusing on healthcare, she took charge of university research partnerships, the global rollout of NVIDIA AI Labs, and the Inception startup accelerator program.
Late 2017: Powell was officially promoted to vice president of healthcare, becoming NVIDIA’s most senior executive in the healthcare business and reporting directly to Jensen Huang.

According to NVIDIA’s website, her responsibilities include providing hardware and software platforms for accelerated computing, AI, and visualization across the medical imaging, life sciences, drug discovery, and healthcare analytics ecosystems. After taking up the role, she led the development of NVIDIA Clara, a full-stack medical AI platform, creating a complete product portfolio spanning medical imaging, genomics, drug discovery, and surgical robotics.

Her fingerprints are on nearly every one of NVIDIA’s core product lines in medical AI. Powell has consequently become a prominent figure in the global medical AI industry. She has delivered keynote speeches for years at major industry events, including the GTC developer conference, the annual meeting of the Radiological Society of North America, and the BIO International Convention. She is also NVIDIA’s primary public spokesperson for its healthcare business. At the GTC conference in March 2026, she even used a cartoon image of Jensen Huang in her presentation slides. No one in the audience could have imagined then that it would become the focus of public attention months later.

The scandal had been circulating inside NVIDIA for some time

The complicated relationship between the executive and her subordinate had long been an open secret in inner circles at NVIDIA. It took allegations from five former employees, uncovered by The New York Times, to bring the rumor fully into the open.

The most concrete account came from two people familiar with the matter, who told The New York Times:

During the GTC conference in San Jose in March 2026, witnesses photographed Huang and Powell behaving intimately at a hotel near the venue. Someone recorded a video on their phone. Huang’s security team then intervened, took the witness aside, and asked them to sign a nondisclosure agreement.

These claims have not been confirmed by Huang, Powell, or NVIDIA. The video has never surfaced, and it is also unknown whether the nondisclosure agreement was ultimately signed. Like many of NVIDIA’s undisclosed power decisions, the matter has remained out of public view. After the report came out, a reporter called Huang directly for comment. He replied, “I don’t think you should be talking to me directly about this,” and then hung up. As of publication, neither Powell nor NVIDIA has directly responded to the allegations.

Compared with the previously reported incident involving Le Huang, Powell’s position makes the compliance risks in this case entirely different. Le Huang was an outside business partner, whereas Powell is a senior NVIDIA executive who reports directly to Huang. The clear reporting relationship between them directly crosses a fundamental red line in corporate governance.

NVIDIA’s publicly available employee code of conduct explicitly states that employees must avoid any situation that could give rise to a conflict of interest. An undisclosed intimate relationship between a manager and a direct report is a classic conflict-of-interest scenario: given the power imbalance, the fairness of every decision involving compensation, promotions, and resource allocation is called into question.

The board reverses course as the AI godfather stands on the brink

As the scandal continued to unfold, NVIDIA shares fell more than 9% in after-hours trading following the news, briefly wiping out more than $100 billion in market value.

The board, which had previously said it was “confident in the management team,” rapidly reversed course. According to Bloomberg and The Wall Street Journal, the board has now contacted outside firms to identify potential successors and has even begun considering appointing an interim CEO. It could meet as soon as Wednesday local time to formally discuss whether Huang should stay or go.

The AI godfather who single-handedly propelled NVIDIA to a trillion-dollar valuation now stands on the brink of his career.

CoinChain Evening Report | Key Updates for the Evening of November 12

【CoinChain Evening Report | Key Updates for the Evening of November 12】12:00–21:00 Keywords: Hong Kong SFC, Jensen Huang, Zhang Yiming, Hyperliquid
1. JPMorgan cuts its NVIDIA price target from $320 to $215
2. Hong Kong SFC: Hong Kong’s tokenization development is moving from the trial phase toward commercial applications
3. BofA: If Jensen Huang steps down, NVIDIA’s long-term enterprise value could fall by $1.4 trillion
4. South Korea plans to allow crypto exchanges to freeze withdrawals when suspected of being hacked
5. Zhang Yiming: ByteDance’s AI could catch up with OpenAI and Anthropic as early as 2029 or 2030
6. Gemini sells its UK and European businesses to stablecoin payments company KAST for less than $10 million
7. Hacker seeks 3 Bitcoin for TSMC employee data; TSMC confirms some employee information was leaked
8. Hyperliquid has cumulatively burned HYPE tokens equal to 5.05% of the total supply, worth about $3.55 billion

What should we do if the crypto market no longer has bull runs?

For more than a decade, the crypto market has seemed to follow a four-year cycle: Bitcoin halving, capital flowing in, a sharp market rally, and then a prolonged correction. However, the market has underperformed over the past two years. Although Bitcoin continues to attract institutional capital and market attention, many altcoins have yet to regain their former momentum.

This raises a question that has rarely been seriously considered: What would happen to the industry if the crypto market no longer experienced broad-based bull runs? Would blockchain development come to a halt?

The answer may be just the opposite: without bull runs, the blockchain industry may not decline. Instead, the business models that have relied on bull markets to survive are the ones that could take a real hit.

Real demand for stablecoins and tokenization is shifting

Stablecoins: Initially, they mainly served crypto trading. Today, their use has expanded to global cross-border payments. Demand for them no longer depends entirely on Bitcoin’s price movements, but on whether they can make money transfers faster and cheaper.

Tokenized stocks (RWA): This was once largely a concept, but traditional financial institutions are now seriously exploring how blockchain can improve the efficiency of securities issuance, trading, and settlement. Their growth is no longer driven by rising crypto markets attracting capital, but by traditional finance’s own need to improve efficiency.

Competition is shifting back to real-world applications, and native tokens may not share in the gains

Blockchain applications may continue to grow over the next few years, but that does not necessarily mean the entire crypto market will rise in tandem.

One of the industry’s biggest problems in the past was treating token prices as the key to growth. As soon as liquidity tightened, projects lost their users. Going forward, competition will focus more on real-world commercial applications.

As Bitcoin becomes a digital asset for institutional portfolios, stablecoins become financial payment infrastructure, and tokenization is integrated into the traditional financial system, that does not mean every public blockchain token will rise in value. Institutions need underlying technology and settlement efficiency; they do not necessarily need native tokens.

Investors need to change the way they think

This does not mean that bull runs will disappear from the crypto market altogether, but the industry must first go through a process of separating the wheat from the chaff.

In the past, people were eager to find “100x coins.” Going forward, they will need to take a closer look at whether projects have real users and can generate sustainable revenue.
Bull markets can make the industry grow rapidly, but they cannot hide problems forever. The pressure of a market without a bull run may instead give the industry a chance to become more rational and address fundamental issues.

The US is “bringing global cryptocurrency exchanges into its fold”

On November 6, the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department, issued an order prohibiting US financial institutions from processing fund transfers involving cryptocurrency exchange MEXC (MEXC Global), citing allegations that it handled more than $16 billion in funds related to sanctions evasion and cybercrime between 2021 and 2026.

For cryptocurrency exchanges seeking to serve mainstream capital around the world, the cost of operating outside the US regulatory system is becoming extremely high. To some extent, the US is gradually bringing global cryptocurrency exchanges into its fold through two routes: “cooperative integration” and “law-enforcement crackdowns.”

The Compliant Camp: Binance’s Shift Toward Compliance and Business

To understand Binance’s current position, we need to go back to November 2023. At the time, Binance agreed to pay more than $4.3 billion in penalties. Its founder, Changpeng Zhao, pleaded guilty and stepped down, while also agreeing to five years of compliance monitoring.

Binance then began a series of moves to align itself with mainstream institutions and US business and political interests:

Stablecoin partnership: It entered a strategic partnership with Circle, issuer of USDC, expanding its on-chain dollar business.
Attracting Middle Eastern and US business and political capital: In 2025, it received a $2 billion investment from Abu Dhabi-based MGX and adopted USD1, a US dollar stablecoin issued by a project associated with the Trump family, for settlements.
Founder pardoned: In October 2025, Changpeng Zhao received a presidential pardon from Trump.

This shows that after completing compliance reforms, exchanges are accelerating their integration into the US financial system through commercial partnerships and political engagement.

The Deeply Integrated Camp: OKX Brings in a Wall Street Giant

OKX has gone further than Binance, bringing a top US financial institution directly into its governance structure:

Compliance resolution: In February 2025, the operating entity of OKX pleaded guilty and paid more than $504 million in fines and forfeitures, and appointed an independent compliance consultant.
Wall Street investment: In March 2026, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested in OKX at a $25 billion valuation and secured a seat on its board.
Business integration: ICE obtained a license to OKX’s cryptocurrency price data; OKX plans to offer users worldwide access to ICE-regulated futures and trading in tokenized NYSE-listed stocks.

The Resistance Camp: Garantex’s Sanctions and Struggle to Survive

Exchanges that refuse or are unable to integrate into the US system, such as the Russian platform Garantex, face a double blow to their financial channels and technology infrastructure:

Comprehensive sanctions: OFAC added it to the sanctions list, restricting its connections with global financial institutions.
Seizure of network infrastructure: In March 2025, the US, Germany, and Finland jointly seized its domain names and servers. The Department of Justice charged individuals connected to the platform and froze assets.
Pursuit of successor platforms: Even after Garantex tried to move funds through a new platform, Grinex, and ruble tokens, the US quickly added the new platform to its sanctions list.

On-Chain Assets Are Not Beyond Regulatory Reach

Some believe that “only trading crypto for crypto on-chain” can sidestep US influence, but that is not the case:

Issuer control: In March 2025, Tether (issuer of USDT) publicly announced that it had cooperated with the US Secret Service to freeze $23 million in USDT linked to Garantex.
Dual-layer reach: US control now extends to both traditional banking channels and on-chain stablecoins. As long as an exchange relies on centralized dollar stablecoins such as USDT, it must comply with US rules and freezing requirements.

Conclusion: The Endgame for Global Exchanges

Global cryptocurrency exchanges spent more than a decade building cross-border user networks and trading infrastructure. Now, the US is taking advantage of that foundation to “reap the rewards”:

Exchanges willing to cooperate: They accept compliance reviews and bring in US investors, gaining access to the enormous liquidity and returns of traditional financial markets.
Exchanges that refuse to cooperate: They face financial disconnection, server seizures, hefty fines, and extremely high operating costs.

US financial institutions and dollar-denominated assets are using the infrastructure built by exchanges to penetrate the accounts of cryptocurrency users around the world.

If Jensen Huang were fired by the board, could he use his shares to fight his way back?

Nvidia’s bylaws do include a proxy access nomination provision, and Huang’s 3.58% stake exceeds the 3% threshold. But he can nominate no more than two directors, and the earliest opportunity would be next year’s shareholder meeting.

Where does the 3.58% figure come from?

A proxy statement found by online users shows that Huang holds 870,604,104 shares. Divided by the 24,312,141,810 shares outstanding, that works out to about 3.58% (figures as of March 23, 2026). Nvidia has only one class of common stock, with one vote per share; it has no special multi-vote shares reserved for its founder.

However, the vast majority of these shares are not held in his personal name:

Family trusts: About 742 million shares are held in family trusts for which he and his wife, Lori Huang, serve as co-trustees, as well as in companies held by the trusts. The proxy statement says the two of them “share voting and dispositive power” over these shares.
Foundation: About 58.68 million shares are held by the couple’s foundation. The proxy statement says the two of them have “no pecuniary interest” in these shares.
Direct personal holdings: Only about 69.66 million shares, or approximately 0.29% of the total.

What hurdles would he face on this path?

Trying to regain control through his shareholding and the company’s bylaws would mean facing four major hurdles:

First hurdle: Limits on nominees. Proxy access nominations are capped at two people or 20% of the total number of directors, whichever is greater. Nvidia’s board currently has 10 members (nine independent directors plus Jensen Huang), so 20% is two people. This means he could put no more than two nominees on the company’s ballot. Even if both were elected, he would still not have a majority of board seats.
Second hurdle: Timing. Proxy access nominations can only be used for annual shareholder meetings. Nominations for 2027 must be submitted between February 24 and March 26, 2027. This year’s June shareholder meeting has already passed, so the earliest opportunity would be next year.
Third hurdle: A control-related assurance. The bylaws require nominating shareholders to provide a written assurance that, when they acquired the shares and currently, they did not have the intention to “change or influence control of the company.” It would be difficult for a fired founder nominating his own allies to the board to argue that control is not at issue.
Fourth hurdle: Candidate eligibility and share-counting rules. Nominees must meet Nasdaq’s independent director standards and cannot have agreements with the nominator that would compromise their independence, so Huang cannot nominate himself. For purposes of calculating share ownership, the bylaws count only shares over which the shareholder has “full voting power, dispositive power, and pecuniary interest.” On a literal reading, the foundation’s 58.68 million shares may not count. After excluding them, his stake would be about 3.34%—still above the 3% threshold, but subject to significant restrictions.

What options would he have if he were fired?

The board can replace the CEO, but it cannot directly remove him from his board seat. Nvidia is incorporated in Delaware, where state corporate law requires the removal of a director to be approved by a vote of all shareholders. Unless he chooses to resign or shareholders vote to remove him, Huang would retain his directorship until the 2027 shareholder meeting.

Calling a special shareholder meeting himself would also be extremely difficult. Nvidia amended its bylaws in 2024 to require shareholders seeking to call a special meeting to hold at least 15% of the voting power continuously for one year. Huang’s 3.58% falls far short; he would have to join forces with other shareholders holding more than 11%. At the same time, Article 13 of the bylaws expressly prohibits shareholders from using written consent in place of a formal meeting and vote.

Another option would be an all-out contest: any shareholder can nominate a full slate of candidates during the same nomination period (February 24 to March 26 next year) and pay out of pocket to solicit votes from shareholders at large. The “universal proxy” rules adopted in the United States in 2022 allow shareholders to mix and match company and dissident nominees on the same ballot. However, if he takes this route, he cannot also use proxy access nominations.

In short, even if he were fired, Huang would still have a board seat and 3.58% of the voting power. But if he wanted to regain majority control of the board, the earliest he could do so would be at next year’s shareholder meeting, and he would have to persuade other shareholders to support him. At this June’s shareholder meeting, he was reelected to the board with about 99% of the vote—the highest of the 10 directors—but that was before the scandal came to light. The 870 million shares he personally controlled accounted for only about 5% of the shares voted that day; most of the votes in favor actually came from other outside shareholders.

Tether has approximately $4.8 billion in exposure across 13 U.S.-listed companies

【Tether has approximately $4.8 billion in exposure across 13 U.S.-listed companies】CoinChain Express reports that, according to a report by Protos on November 12, which reviewed U.S. SEC filings, Tether has approximately $4.8 billion in exposure through 13 U.S.-listed companies, spanning areas such as streaming, gold mining royalties, satellites, Bitcoin reserves, and AI computing infrastructure. Its holdings are highly concentrated in three companies: Bitcoin treasury company Twenty One Capital (approximately $1.367 billion), video platform Rumble (approximately $1.328 billion), and agribusiness company Adecoagro (approximately $966 million).
Other holdings include Elemental Royalty (approximately $342 million), Bitdeer (approximately $249 million), Gold.com (approximately $148 million), Versamet Royalties (approximately $128 million), Metalla Royalty (approximately $115 million), Gold Royalty (approximately $106 million), Satellogic (approximately $39.65 million), Stablecoin Development Corp (approximately $4.9 million), Aurelion (approximately $4.4 million), and Antalpha Platform (approximately $3.1 million).