Federal Reserve forms team to research cryptocurrency innovation | Binance Daily (March 10)

Community News:

1. The total market value of cryptocurrencies falls below $1 trillion

Data shows that the total market value of cryptocurrencies is $973.667 billion, with a 24-hour drop of 6.5% and a 24-hour trading volume of $76.946 billion. The current market value of Bitcoin accounts for 40.1%, and the market value of Ethereum accounts for 17.7%. (Planet Daily)

2. MakerDAO founder calls for rebranding of DAI stablecoin

In a call with community members on Thursday, MakerDAO founder Rune Christensen said MakerDAO should rename its stablecoin DAI to make it easier for “regular people” to understand. (CoinDesk)

Industry News:

1. Silicon Valley Bank's stock price plummeted 60%, and Founders Fund and other funds advised clients to withdraw funds from the bank

Shares of SVB Financial Group, the parent company of Silicon Valley Bank, plunged more than 60% on Thursday and further fell nearly 20% after the market closed. It was reported that several funds, including Founders Fund of Silicon Valley venture capital godfather Peter Thiel, advised clients to withdraw funds from the bank. (Bloomberg)

2. ZK solvency proof company Proven completes $15.8 million seed round financing

Proven, a company that provides zero-knowledge proof technology to enable cryptocurrency companies to prove solvency, has completed a $15.8 million seed round of financing. Proven claims that its "proof of solvency" enables companies to show assets and liabilities without having to publicly disclose their balance sheets. (The Block)

Policies and Regulations:

1. The Federal Reserve has formed a team to study cryptocurrency innovation

Barr, the Fed's vice chairman for financial regulation, said the Fed has formed a team to study cryptocurrency innovations. Crypto investors often lack sufficient information to assess risks. The Fed is strengthening its cryptocurrency regulatory capabilities and plans to continue issuing guidance on cryptocurrencies. (Jinshi)

2. The U.S. Treasury Department proposes a 30% excise tax on the electricity costs of crypto mining facilities

US President Biden announced a $6.9 trillion budget proposal. According to the "Budget Supplementary Explanatory Document" released by the US Treasury Department on March 9, any company that uses resources, including its own resources and rented resources, will be subject to a consumption tax equivalent to "30% of the cost of electricity used in digital asset mining." (Cointelegraph)