Headlines
G20 leaders to discuss advancing FSB’s proposed cryptocurrency regulatory roadmap in October
Leaders of the G20 member states on Saturday endorsed recommendations from the Financial Stability Board (FSB) and the International Monetary Fund (IMF) on crypto-asset activities and markets, as well as global stablecoin regulation and supervision.
The G20 will continue to closely monitor the risks of the rapidly evolving crypto-asset ecosystem, and G20 finance ministers and central bank governors will discuss advancing the FSB and IMF proposed roadmap at their October 2023 meeting. The next G20 Finance Ministers and Central Bank Governors Meeting is scheduled to be held in Marrakech, Morocco. The G20 Leaders’ Summit Declaration stated, “We welcome the comprehensive document submitted by the IMF-FSB, which includes a roadmap, which will support a coordinated and comprehensive policy and regulatory framework, taking into account both prevalent risks and risks specific to emerging market and developing economies (EMDEs), and the FATF standards being implemented globally to address money laundering and terrorist financing risks.” G20 leaders endorsed the FSB and industry standard setting bodies (SSBs) work plan on crypto-assets, as well as the Bank for International Settlements (BIS) report on key elements and risks of the crypto-ecosystem. G20 leaders also called for the expeditious implementation of the Crypto-Assets Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS).
Industry News
JPMorgan Chase plans to launch blockchain-based payment and settlement deposit tokens, but regulators are still needed to approve it
JPMorgan Chase & Co. is in the early stages of exploring blockchain-based digital deposit tokens to speed up cross-border payments and settlements, according to people familiar with the matter. JPMorgan has developed much of the infrastructure for the project but needs a digital deposit token, which it needs approval from U.S. regulators to create.
Once approved, JPMorgan could launch the product to corporate clients within a year. The digital token payment and settlement system is said to speed up transactions while reducing costs. Deposit tokens are digital versions of customer deposits and can be used to transfer money to another bank's user or settle tokenized securities.
Coinbase CEO: SEC Chairman may be replaced in 2024; the company hopes to donate to presidential candidates who support cryptocurrency
Coinbase CEO Brian Armstrong revealed the company's next steps in an interview with Yahoo Finance, saying that the Coinbase team is working on "flatcoin" (a better form of currency created through cryptocurrency that is censorship-resistant and tracks consumer prices to maintain purchasing power or close to it). Armstrong said that although Coinbase has not yet entered this field, it is very interested in it.
In addition, Armstrong said that there are several ways to get more clarity for the crypto industry, such as through the courts, Congress, and the CFTC. He also hinted that there may be a new SEC chairman in 2024. Armstrong believes that it will definitely help the crypto industry if Gary Gensler is no longer the chairman of the SEC. Armstrong also pointed out that cryptocurrency may be a "hot topic" in the 2024 US election, and Coinbase hopes to donate to presidential candidates who support cryptocurrency.
Bloomberg: U.S. federal officials are conducting an in-depth investigation into DCG, its CEO and its subsidiary Genesis
For months, Digital Currency Group Inc. (DCG) and its CEO Barry Silbert have been facing fraud allegations from Cameron Winklevoss, co-founder of crypto trading platform Gemini Trust Co. Although they have denied the allegations, federal officials are digging into the internal financial dealings of DCG and its subsidiary Genesis Global Capital.
U.S. Congressman Tom Emmer proposes appropriations amendment that would limit SEC enforcement actions against the crypto industry
House Majority Whip Tom Emmer, who had previously expressed concerns about the U.S. SEC's crypto regulatory practices, again proposed a major amendment on September 8.
In his statement, Emmer criticized SEC Chairman Gary Gensler for overstepping his authority and having a negative impact on the American people, and urged Congress to use existing methods and appropriate procedures to prevent Gary Gensler and the SEC from misusing taxpayer funds. Specifically, Emmer intends to introduce an appropriations amendment that would limit the SEC's use of funds in crypto enforcement actions until comprehensive rules and regulations are developed.
Security Notice
CZ: iOS users are advised to update to version 16.6.1 to avoid loss of funds
CZ posted on the X platform that Apple’s recently released iOS/iPadOS 16.6.1 update includes a security patch to fix an iMessage vulnerability that allowed remote code execution without any action from the victim.
CZ mentioned that the vulnerability has been exploited by the hacker group Pegasus and recommended that users update their systems immediately to protect themselves from attacks.
PEPE: The Telegram group has been hacked, and official information will be released through the X platform for the time being
According to official news, PEPE issued an announcement that PEPE's old Telegram account has been hacked and is no longer under official control. The "lordkeklol" X account was also hacked and used for fraud. The account has no connection with PEPE and its team members.
PEPE calls on community users to report the fake PEPE group so it can be deleted and a new group with proper safety measures will be created. In the coming weeks, all official information from PEPE will be released through this X account.
Vitalik X's account is suspected to have been hacked and posted phishing links to steal more than $690,000. The relevant tweets have now been deleted.
Chain detective Cobie and many other KOLs posted on the X platform to remind that the X account of Ethereum co-founder Vitalik Buterin was suspected to have been hacked and posted a free link for the Proto Danksharding commemorative NFT related to ConsenSys (actually a phishing link).
ZachXBT said that hackers have stolen $691,000 so far. Upon checking, the tweet containing the phishing link has been deleted.
SlowMist: LDO’s Token contract has a potential risk of “fake recharge”, and malicious attackers may try to use this feature to commit fraud
According to the on-chain intelligence of the SlowMist security team, when the LDO Token contract processes a transfer operation, if the transfer amount exceeds the amount actually held by the user, the operation will not trigger a rollback of the transaction. Instead, it will directly return a "false" as the processing result. This processing method is different from many common ERC 20 standard Token contracts.
Due to the above characteristics, there is a potential risk of "fake top-up". Malicious attackers may try to use this feature to commit fraud.
Project News
Coinbase announces plans for “near-term priority markets”, including the EU, UK, and Singapore
In a Sept. 6 blog post, Coinbase vice president of international business Nana Murugesan and vice president of international policy Tom Duff Gordon named the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as Coinbase’s “near-term priority markets.”
The two said that these countries are "developing clear rules" and Coinbase will focus on "obtaining licenses, registering, establishing and strengthening businesses" in these countries. The article points out that cryptocurrency regulation around the world is making progress, but the United States has chosen law enforcement supervision, an approach that may limit the United States' influence in the crypto field. Therefore, Coinbase will focus on expanding its business in countries where cryptocurrency rules have been clearly established. Coinbase's new priority market plan is part of its second-phase expansion plan "Go Broad, Go Deep", which includes partnerships with global and local banks and payment providers to expand its fiat currency channels while ensuring compliance with its governance systems.
MakerDAO adds another $50 million in RWA assets via BlockTower Andromeda
Makerburn data shows that MakerDAO has once again increased its RWA assets by $50 million through BlockTower Andromeda, mainly investing in short-term U.S. Treasury bonds. The annualized interest rate of this asset is 4.5%.
Consensys Strategy Director: Decentralized version of Infura will be launched by the end of the year, Web2 cloud provider giants may join
Consensys strategy head Simon Morris said at the Korea Blockchain Week (KBW 2023) that a decentralized version of Infura will be launched by the end of this year, and major Web2 cloud provider giants may become part of the network.
Simon Morris said the ultimate goal is to create an architecture similar to TCP/IP that cannot be regulated. (Cointelegraph)
USDC circulation decreased by $200 million in the past week
According to official data, as of September 7, Circle has issued a total of US$900 million USDC and redeemed US$1.1 billion USDC in the past 7 days, with the circulation volume decreasing by US$200 million.
The total circulation of USDC is 25.9 billion, and the reserve is 26 billion US dollars, including 1.7 billion US dollars in cash and 24.3 billion US dollars held by the Circle Reserve Fund.
Linea head: Ethereum EIP-4844 is expected to reduce Rollup costs by more than 90%
Nicolas Liochon, head of zkEVM Linea at Consensys, said in an interview during Korea Blockchain Week that proto-danksharding (also known as Ethereum Improvement Proposal EIP-4844) has the potential to cut Rollup costs by more than 90%.
It is reported that the Ethereum Foundation has not yet announced the specific release date of proto-danksharding and is still carrying out related development and testing work.
NFT
Huang Licheng announces sale of Noun 69
Huang Licheng announced the sale of Noun 69 on the X platform and asked the community whether it should be sold at the "community cultural price" of 69 ETH.
NounsDAO will split its finances within a week, and “angry exit” investors will receive their corresponding shares of ETH
Web3 community NounsDAO will undergo financial splitting within a week as investors holding 25% of Nouns NFTs begin to "rage exit."
According to the community's newly enacted "angry quit" rules, if investors holding 20% of Nouns NFTs request a "fork", they can separate from the main group and take a corresponding share of the project's 30,620 ETH (worth about $50 million). As of press time, a total of 214 Nouns NFTs have joined the fork, and the fork treasury has a share of 7,598 ETH (about $12.4 million).
