Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
▌Hong Kong is exploring the launch of the stablecoin HKDG
Golden Finance reported that Hong Kong is exploring the launch of a stablecoin, HKDG, to compete with mature stablecoins such as USDT and USDC. By backing HKDG with foreign exchange reserves, the government seeks to promote financial innovation and maintain its leadership in the blockchain field. By issuing a stablecoin (HKDG) pegged to the Hong Kong dollar, the government aims to improve transaction efficiency, reduce costs, and improve the existing payment system. The move is expected to enhance Hong Kong's fintech capabilities and improve the efficiency and inclusiveness of its financial system. However, the government's current plan allows private institutions to issue Hong Kong dollar stablecoins, which may limit their market share and overall impact.
▌Bernstein: The possibility of the US approving a spot Bitcoin ETF is quite high
According to Golden Finance, Bernstein said in a research report on Monday that the U.S. Securities and Exchange Commission (SEC)'s position on spot Bitcoin (BTC) ETFs is difficult to maintain and the possibility of approval is quite high. Bernstein pointed out that the U.S. Securities and Exchange Commission already allows futures-based Bitcoin ETFs and recently approved leverage-based futures ETFs, provided that futures pricing comes from regulated exchanges such as CME.
▌Informed sources: Fidelity resubmits Bitcoin spot ETF supplementary materials and designates Coinbase as SSA
On July 3, according to Bloomberg ETF analyst James Seyffart, Fidelity resubmitted its spot ETF application and supplemented the materials, in which Coinbase was designated as the SSA (Spot BTC Supervision Sharing Agreement) exchange. Earlier, according to Wall Street citing people familiar with the matter, the SEC stated that the application documents for the spot Bitcoin ETF recently submitted by Nasdaq and CBOE, BlackRock, Fidelity and other companies were insufficient.
▌Nasdaq resubmits BlackRock Bitcoin ETF application to the US SEC
Golden Finance reported that BlackRock resubmitted documents to U.S. regulators through Nasdaq, adding new details to its proposal to establish an ETF that directly invests in Bitcoin. Nasdaq submitted new documents to the U.S. Securities and Exchange Commission (SEC) on Monday, indicating that Coinbase Global Inc. will provide market supervision to support the Bitcoin ETF issuance plan proposed by the world's largest asset management company. Previously, the CSRC stated that the preliminary documents submitted by the issuer were considered inadequate and lacked necessary information. Last week, some other companies also made more specific modifications to their applications. Fidelity Investments, Invesco, VanEck, 21Shares and WisdomTree all modified their applications.
policy
▌European Financial Markets Association: DeFi should be included in MiCA supervision in an appropriate manner
Golden Finance reported that the Association for Financial Markets in Europe (AFME) published an article stating that DeFi should be included in the MiCA (Crypto Asset Market) regulatory bill in an appropriate manner. MiCA was passed by the EU Parliament in April. In the article, AFME studied the different classifications of DeFi, such as smart contracts and DAOs, and proposed areas where regulatory gaps can be filled. AFME said that we believe that DeFi and its related activities must be brought under regulatory scope in an appropriate manner to manage market integrity, financial stability and risks to end users, while still promoting financial and technological innovation.
AFME wants to provide legal status to DAOs, although it notes that some institutions in DeFi may want to evade any form of centralization and regulatory intervention to the greatest extent possible and may need to rely on an autonomous model.
▌Canadian Securities Administrators: BTC and ETH are the only investment assets accepted by public crypto asset funds
Golden Finance reported that according to data from the Canadian Securities Administrators (CSA), as of April, the net assets of 22 public crypto asset funds were less than 3 billion Canadian dollars. CSA said that the Bitcoin and Ethereum markets currently best support the operation of public crypto asset funds without harming the rights and interests of investors. Currently, Bitcoin and Ethereum are also the only investment crypto assets accepted by public crypto asset funds.
UK Law Commission recommends a ‘distinct’ legal category for cryptocurrencies
Golden Finance reported that the UK Law Commission is pushing for the creation of a "unique" category of personal property to accommodate and protect the unique features of cryptocurrencies and digital assets. After the UK government authorized a common law analysis to understand how the legal framework in England and Wales can adapt to cryptocurrencies, NFTs and other digital assets, the agency made recommendations and three other points. The most important recommendation is to create a new, unique category of personal property for digital assets. The committee believes that the new category of personal property will allow for a "nuanced approach" to identifying digital assets from cryptocurrencies to digital tools. The Law Commission also recommends the establishment of an industry-specific group composed of technical experts, legal practitioners, academics and judges to provide "non-binding advice" to the courts on various legal issues and considerations related to the industry.
UK financial regulator reminds cryptocurrency firms of October marketing compliance deadline
Golden Finance reported that the Financial Conduct Authority (FCA) of the United Kingdom announced that all crypto asset companies that market to UK users must comply with its financial promotion system by October 2023. In a letter dated July 4, the FCA stated that starting from October 8, companies operating in the UK will only have "four legal ways to spread crypto asset promotions" to comply with the financial regulator's system. These legal ways include having authorized parties approve or communicate promotions, creating promotions by businesses registered with the FCA, or promotions that are exempted under the UK Financial Services and Markets Act.
▌The UK's Economic Crime and Corporate Transparency Bill was passed by the House of Lords
Golden Finance reported that the UK's Economic Crime and Corporate Transparency Bill was passed by the House of Lords, which will help law enforcement agencies seize and freeze cryptocurrencies used for crimes. Although the House of Lords did not amend the cryptocurrency aspect of the bill, it was amended in early proceedings to ensure that the measures were extended to terrorist cases and added measures to help authorities seize property that helps identify cryptocurrencies associated with crimes. In addition, an amendment was added to ensure that the court can require authorities to seize and freeze cryptocurrencies used for crimes.
Israeli lawmakers support removing taxes on cryptocurrency capital gains for foreigners
Golden Finance reported that the Israeli Knesset (i.e., Parliament) passed a bill in preliminary deliberations to extend certain tax benefits applicable to Israeli high-tech companies to the country's cryptocurrency industry. If passed into law, the bill would exempt foreign residents from taxes on capital gains from the sale of digital currencies and reduce taxes on employee cryptocurrency options (similar to stock options) from 50% to about 25%. The bill is supported by the coalition government led by Prime Minister Benjamin Netanyahu and is consistent with his economic policy of attracting investors and businesses to Israel.
▌Former Chairman of the U.S. CFTC Proposes the Creation of a Crypto Self-Regulatory Organization Overseen by the SEC and CFTC
On July 5, Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), proposed to avoid the whole debate ("enforcement supervision" and "come register") by creating a self-regulatory organization (SRO) when talking about cryptocurrency regulatory solutions. The organization will be supervised by the SEC and CFTC to develop a common set of investor protection standards for cryptocurrency intermediaries and digital assets traded on them. Massad also added that he is not worried that other jurisdictions will surpass the United States, and pointed out that the implementation of new laws such as the EU Crypto Asset Market (MiCA) system will be more complicated than people think.
▌FSA: Legalizing crypto asset trading is ridiculous
The Danish Financial Supervisory Authority (FSA) has asked investment bank Saxo to dispose of its cryptocurrency holdings. At the same time, the FSA statement cited Section 24 of the Danish Financial Business Act, which states that Saxo Bank's cryptocurrency activities "do not fall within the scope of legitimate business of financial institutions." According to the statement, the FSA believes that legalizing crypto asset trading is absurd because it could lead to investors' distrust of the financial system. In addition, the FSA has ruled out the possibility of any Danish financial institution participating in cryptocurrency trading until there is more clarity on the matter, and stated that Saxo Bank trades crypto assets for its own accounts in order to hedge the risks associated with the provision of other financial products. However, this does not change the fact that Danish financial institutions do not allow the activity itself.
▌Danish regulator orders Saxo Bank to stop cryptocurrency trading
On July 5, the Danish Financial Supervisory Authority ordered Saxo Bank to dispose of its crypto assets and stated that under current regulations, banks are not allowed to conduct proprietary trading. The Danish Financial Supervisory Authority said in a statement that Saxo Bank has a platform for customers to trade cryptocurrencies and also holds crypto assets to hedge market risks. The statement said that such transactions are not legal business activities of Danish financial institutions.
▌South Korea will implement a code of conduct for virtual currencies for civil servants next month
On July 5, the Gyeonggi Province government of South Korea issued the "Partial Amendment to the Gyeonggi Province Civil Servant Code of Conduct Rules", and is currently accepting comments (July 25 deadline). The amendment states that it is prohibited to use virtual asset information learned while performing duties to conduct property transactions or investments related to virtual assets, and it is prohibited to provide virtual asset information to others to help conduct property transactions or investments. For public officials related to virtual asset positions and public officials above level 4 who are property registration obligors, it also includes requirements to declare virtual assets. The amendment will be implemented immediately after review by the Ordinance and Rules Review Committee at the beginning of next month.
South Africa will require cryptocurrency exchanges to obtain licenses by the end of the year
Golden Finance reported that South Africa will require cryptocurrency exchanges to obtain licenses by the end of the year.
As previously reported, crypto companies that fail to register and operate on time will be fined $510,000 or imprisoned by the South African government.
▌Singapore requires crypto platforms to hold customer funds in trust
Golden Finance reported that Singapore will require cryptocurrency exchanges to hold customer assets in trust by the end of the year. The Monetary Authority of Singapore said in a statement on Monday that Singapore will advance a proposal to ban retail investors from lending and pledging. MAS began consultations on these measures in October last year, just before FTX was dissolved. Singapore's move follows consultations seeking to strengthen the regulatory regime for digital assets.
The MAS said in a statement that given the extremely high risk and speculative nature of digital payment token transactions, regulation alone cannot protect consumers from all losses. Consumers must continue to exercise "extreme caution" when trading.
▌Thailand SEC issues warning disclosure rules on cryptocurrency trading risks and service bans
Golden Finance reported that the Securities and Exchange Commission of Thailand (SEC) issued guidelines on the disclosure of risk warnings for cryptocurrency trading by entrepreneurs. (I) Disclosure of risk warnings for cryptocurrency trading (effective July 31, 2023) requires cryptocurrency trading center operators, cryptocurrency brokers and cryptocurrency traders to disclose warnings about potential risks associated with cryptocurrency trading. (II) Digital asset business operators are prohibited from providing services or supporting deposit and loan businesses, except for the exceptions specified in the notice. (Effective August 30, 2023).
▌Belarusian Ministry of Internal Affairs will ban cryptocurrency transactions between individuals
Golden Finance reported that the Belarusian government announced on July 2 that in order to combat crime, the country will ban the use of cryptocurrencies for transactions between individuals.
A spokesman for the Press Department of the Belarusian Ministry of Internal Affairs said on the 2nd: "The Ministry of Internal Affairs is working on legislative innovations to prohibit cryptocurrency exchange transactions between individuals. In order to increase transaction transparency and strengthen government supervision, traders will only be able to conduct (cryptocurrency) transactions through the Belarusian High-Tech Park (HTP) exchange."
The Belarusian Ministry of Internal Affairs explained that the decision is aimed at combating cybercrime. In the first half of 2023 alone, staff from the Belarusian Cybercrime Combating Department have cracked down on 27 illegal service transactions that exploited cryptocurrency regulatory loopholes. The total illegal income from these 27 incidents was nearly 22 million Belarusian rubles (about 63.15 million yuan).
Blockchain Applications
▌Credit Suisse and the Swiss Football Association have partnered to launch an Ethereum-based NFT series
Golden Finance reported that Credit Suisse has partnered with the Swiss Football Association to launch an Ethereum-based NFT series to support the Swiss women's football team. According to information on the Credit Suisse website, the NFT series consists of 756 digital art portraits of Swiss women's national football team players and will be on sale from July 11 to August 31. NFTs will be sold exclusively through Credit Suisse's CSX application. Daniel Gorrera, head of Swiss digital assets at Credit Suisse, said that when we designed the product, we consciously tried to make it easy for users to participate in the evolving world of NFTs. The project also paves the way for innovative applications of digital assets in new financing and service models. In this area, Credit Suisse is in a good position for issuers seeking regulated partners.
▌Vietnam Blockchain Association launches Web3 accelerator "SwitchUp"
Golden Finance reported that the Vietnam Blockchain Association and Spores Network have reached a cooperation to launch the Web3 accelerator "SwitchUp", which aims to provide startups with the opportunity to obtain top venture capital funds and develop sustainably in the blockchain ecosystem. So far, more than 50 venture capital institutions, angel investors and multinational companies have cooperated with SwitchUp and are willing to invest, provide credit and support to all startups participating in the accelerator program. It is reported that the SwitchUp Accelerator is open for registration until July 31, after which the selected startups will enter an 8-week training and coaching covering topics required for financing and sustainable development in the Web3 industry.
HSBC trials quantum-secure financial transaction network in the UK
Golden Finance reported that HSBC will work with Amazon Web Services, British Telecom and Toshiba to conduct a series of trials and experiments using quantum encryption technology. HSBC is the first bank to commit to experimenting with a new quantum "metro" network, a secure transaction system that uses unbreakable encryption technology to ensure transaction security through quantum cryptography. The quantum metropolitan area network was developed by Toshiba in collaboration with telecommunications giant British Telecom and is designed to allow unconditional and secure transactions between institutions. HSBC will experiment with multiple use cases on the network, including financial transactions, video calls and edge computing. One of the key quantum technology uses that HSBC will experiment with is called "quantum key distribution" (QKD), which allows two parties separated by a certain distance to send information to each other in a secure way.
Circle launches wallet-as-a-service developer platform
USDC issuer Circle has launched a wallet-as-a-service platform for developers. The service allows developers to embed web3 wallets into their applications while providing a user-friendly design. These wallets can be used with any blockchain, making it easier for users to access NFTs, cryptocurrencies, and other web3 digital assets. Circle CEO Jeremy Allaire said that if you are more technically oriented, you can enter the platform and launch applications on your own from now on.
TOKI will work with Noble to introduce a fully collateralized Japanese stablecoin to the Cosmos ecosystem
TOKI, a cross-chain bridge provider and Progmat partner, will work with token issuance protocol Noble to bring a fully collateralized Japanese stablecoin to the Cosmos ecosystem.
▌Evernode released the newly released standard proposal EVS-01d
XRPL Layer-2 Evernode has released a newly released standards proposal that could change the functionality of the scaling solution. Dubbed “EVS-01d,” the Evernode standards proposal is the first of its kind and was proposed by independent XRPL and HotPocket developer Wo Jake. The basic idea behind the proposal is to bring the Node Party Line (NPL) brokerage system to HotPocket instances.
As a foundational standard that could influence the future development of the protocol, EVS-01d aims to enhance communication between nodes when processing transactions. The new standard proposal is an activator for HotPocket, the smart contract execution and consensus engine used by Evernode in its operations.
Binance NFT Marketplace Launches Playbux Ultra NFT Series
On July 7, Binance announced that Binance NFT Market launched the Playbux Ultra NFT series through the subscription mechanism. There are 3,000 Playbux Ultra NFTs in the series, and the launch of the series will follow the BNB prerequisite. The preparation phase starts from 08:00 on July 10 to 10:00 on July 12, Beijing time. Users with a minimum daily BNB holding of 0.1 BNB can participate in the initial sale of the Playbux Ultra NFT series.
▌Polkado founder Gavin: Polkadot may cancel the parachain auction and shift to an application-centric approach
On July 7, Gavin Wood, the founder of Polkadot, gave a speech at the Polkadot Decoded conference, saying that Polkadot may cancel the parachain auction and shift to an application-centric model. He proposed a new perspective on Polkadot: no longer limited to the original parachains and relay chains, but focusing on the lower-level resources required by the blockchain - the computing core (core), and viewing Polkadot as a multi-core computer.
Gavin explained that Polkadot's goal is not just about the chain, but about the space, about the underlying resources needed for the chain. He emphasized that Polkadot is a platform for builders to create applications and for users to use applications. In essence, it is not a platform for hosting blockchains. The chain happens to be one of the ways to make Polkadot useful, but it may not be the only way. Overall, Polkadot is a very resilient, general, and continuous computing provider.
▌Ethereum community members propose ERC 7265 standard to mitigate DeFi hacker attacks
Golden Finance reported that Ethereum community members proposed a new standard to improve the security of decentralized finance (DeFi) protocols. The proposed standard, called ERC (Ethereum Request for Comments) 7265, will enable "circuit breakers". Meir Bank of Fluid Protocol said that ERC 7265 allows teams to create a circuit breaker to protect their protocol and provide highly customized rate limit parameters for each asset. When a hack occurs, the attacker will no longer be able to drain the entire contract in a few seconds. Most of the funds can be recovered.
▌Bitcoin Ordinals launches BRC-69 standard to reduce costs by 90%
Golden Finance reported that Luminex, the Bitcoin Ordinals startup platform, proposed the BRC-69 standard, which aims to simplify the creation of recursive Ordinals sets, reduce subscription costs, and simplify the on-chain pre-disclosure process.
Ordinals developers introduced recursive inscriptions last month to help overcome bitcoin’s 4MB limit per block size, which limits the size of NFTs, by allowing inscriptions to work together. Previously, Ordinals inscriptions representing tokens and NFTs on Bitcoin were independent of each other and had no knowledge of other inscriptions. Recursive inscriptions can reference the contents of other inscriptions using a special syntax.
On this basis, Luminex claims that BRC-69 can reduce inscription costs by more than 90%, helping to optimize Bitcoin block space as the number of inscriptions grows. Luminex said that this reduction is achieved through four steps, namely adding features, deploying collections, compiling it, and minting assets.
dYdX launches public testnet on Cosmos
Golden Finance reported that the decentralized exchange (DEX) dYdX has launched its public test network on Cosmos, which is closer to the transition from the current version built on Ethereum. Users can now place market orders, generate private keys, and place limit orders using advanced options on the dYdX test network. The public test network has launched Bitcoin and Ethereum markets, but the company said it expects to eventually cover about 30 markets as the network is upgraded. According to the company's website, the existing Ethereum platform, known for its perpetual contracts, has seen a trading volume of more than $728 million in the past 24 hours. The platform's governance token DYDX has risen steadily over the past two weeks, up 23%.
Cryptocurrency
▌Vice President of the Hong Kong University of Science and Technology and Cai Wensheng: Propose that Hong Kong issue a Hong Kong dollar stablecoin backed by foreign exchange reserves
Golden Finance reported that Wang Yang, vice president of the Hong Kong University of Science and Technology, and Cai Wensheng and others provided policy recommendations to Hong Kong, China, advocating that the SAR government should issue a Hong Kong dollar stablecoin backed by Hong Kong's foreign exchange reserves to promote financial technology innovation, enhance financial market competitiveness, optimize the use of foreign exchange reserves, and take a substantial step towards de-dollarization. Only in this way can Hong Kong maintain its competitive advantage in the digital economy era.
▌Circle freezes $63 million of USDC
Golden Finance reported that USDC issuer Circle responded to the recent multi-chain protocol security vulnerability by blacklisting three wallet addresses that received large capital outflows from the cross-chain bridging platform. Security company PeckShield pointed out that approximately $63 million of USDC was frozen as a result.
Golden Finance previously reported that multiple bridge contracts of Multichain experienced abnormal token outflows, with the Fantom bridge experiencing an outflow of $130 million in assets.
▌Two Canadian teens arrested and charged for stealing $4.2 million in cryptocurrency
Golden Finance reported that two Canadian teenagers were arrested and charged for stealing $4.2 million in cryptocurrency. The accused teens impersonated Coinbase support and gained unauthorized access to victims' trading accounts, stealing large amounts of BTC and ETH. Although the recent theft amounted to $4 million, the teens reportedly controlled a total of $13.4 million in cryptocurrency.
▌Report: Increased regulation and criminal activity are forcing cryptocurrency holders to be more willing to keep their assets themselves
Goldman Sachs (GS) cited on-chain data in a report on Tuesday, saying that the supply of BTC and ETH on exchanges fell in June as increased regulation and criminal behavior forced cryptocurrency holders to prefer self-custody. The report said that the supply of Bitcoin, the largest cryptocurrency by market value, fell by 4%, close to the level in December 2022, which itself is the lowest level since November 2020 and just before the start of the 2021 bull market. Ethereum supply fell 5.8% to its lowest level since May 2018. Goldman Sachs said the trend was supported by a variety of factors.
▌Bitcoin price increases are limited by regulators and the macroeconomy
Golden Finance reported that at present, the rise in Bitcoin prices is limited by regulators and the macroeconomy. Since June 22, the price of Bitcoin has been trading in a narrow range of 4.4%, fluctuating between $29,900 and $31,160 as measured by daily closing prices. The lack of a clear trend may make some people uncomfortable, but it reflects the opposing driving factors that are currently at work. For example, the historic reversal of the U.S. Treasury yield curve has reached the highest level on record, which has a negative impact on investor sentiment. The closely monitored inverted spread between 2-year and 10-year Treasury bonds has reached its highest level since 1981, at 1.09%. This phenomenon, called a yield curve inversion, usually occurs before a recession, when the yield on short-term Treasury bonds is higher than that on long-term Treasury bonds.
▌Report: Uphold currently holds XRP reserves worth $1.056 billion
Golden Finance reported that Uphold, a well-known cryptocurrency broker, released its reserve data, revealing a large holding of XRP tokens. The report attracted the attention of the XRP community, showing that Uphold currently holds XRP reserves worth $1.056 billion. According to the latest data, the assets held by Uphold actually cover obligations beyond XRP holders. This noteworthy report also attracted the attention of John Deaton, a well-known lawyer and digital asset enthusiast, who praised Uphold's XRP balance sheet.
▌Annual Report on the Economic Well-being of U.S. Households: The Poorest People Have a Higher Proportion of Using Cryptocurrency for Retail or P2P Payments
Golden Finance reported that the Federal Reserve released its annual report on the economic well-being of American households in 2022. The section devoted to cryptocurrencies shows that the poorest people use cryptocurrencies for retail or P2P payments at a higher rate, although the overall figures are still low. The survey asked people whether they use cryptocurrencies for payments and investments. In the lowest-income group with an income of less than $25,000, 9% of respondents use cryptocurrencies for any purpose. 4% of people in this group use it for payments, and 5% view cryptocurrencies as an investment. In other words, 44% of the low-income cryptocurrency group use it for payments. In contrast, only 16% of the richest cryptocurrency holders (2 out of 12) said they use cryptocurrencies for payments.
▌BlackRock CEO: Bitcoin, as the largest cryptocurrency by market value, has the function of "digitizing gold"
On July 6, Larry Fink, CEO of BlackRock, expressed his hope to work with regulators and understand any thoughts that may exist on the asset management company's recent application for a Bitcoin spot exchange-traded fund (ETF). He also said that Bitcoin, as the largest cryptocurrency by market value, has the function of "digitizing gold." We have a good record of cooperation with regulators and strive to ensure that we consider all issues surrounding any application. We work closely with regulators and we hope to listen to their opinions.
Cryptocurrency payroll company Bitwage announces it will ban US residents from using USDC
Golden Finance reported that in an email sent to customers on July 5, cryptocurrency payroll company Bitwage announced that it would ban U.S. residents from using USDC for payments. Over the past month, U.S. financial regulators have stepped up regulatory scrutiny of the cryptocurrency sector, bringing charges against major cryptocurrency companies such as Binance and Coinbase. The crypto payment company warned that users who fail to delete stablecoins will have their wallets and bank accounts reset by July 13. It also said that if reset, you will have to reset your wallet and bank account before we can deposit your next paycheck. At the same time, the company noted that U.S. residents can continue to receive payments in other cryptocurrencies, such as stablecoins such as BTC and Celo, Tether's USDT and DAI.
▌Binance strategy director announces resignation
Binance Chief Strategy Officer Patrick Hillman confirmed that he is leaving the company, tweeting on Thursday that his departure is on good terms. Hillman noted that his family is expecting another child in the next few hours and that it is time to step aside. Additionally, Fortune reported that General Counsel Han Ng and Senior Vice President of Compliance Steven Christie will also be leaving the company. The publication said that the executives decided to leave because of CZ's response to the ongoing investigation by the Department of Justice.
▌Georgian United Investment Fund founder George Bachiashvili accused of embezzling cryptocurrency and money laundering
George Bachiashvili, founder of Georgia's United Investment Fund, known for running a $6 billion private equity fund that contributes about 40% of the country's GDP, has been charged with cryptocurrency embezzlement and money laundering. The Georgian Prosecutor's Office accused Bachiashvili of embezzling "significant amounts" of cryptocurrency, particularly Bitcoin, dating back to 2015.
Taylor Swift may have struck a partnership with the now-defunct FTX cryptocurrency exchange
Taylor Swift may have entered into a partnership with the now-defunct FTX cryptocurrency exchange, despite public information to the contrary. A person familiar with the matter said Taylor Swift had agreed to a partnership with the company, but former CEO Sam Bankman-Fried recommended that the collaboration be discontinued.
Adam Moskowitz, an attorney handling a class-action lawsuit against FTX promoters including O’Neal and Brady, said Taylor Swift was one of the only celebrities to check whether the exchange was selling unregistered securities.
Malaysia's state-owned electricity company accuses cryptocurrency miners of stealing electricity to power their mining rigs
Sarawak Energy, one of Malaysia's state-owned electricity companies, has accused cryptocurrency miners of persistently stealing electricity to power their mining machines and has pledged to root out the thieves. In a recent joint operation with the police, Sarawak Energy busted two mining companies that allegedly stole about $6,500 worth of electricity per month. The utility also claimed that the two mining operations were in collusion and were run by the same person or entity. A total of 120 mining machines and other electronic gadgets were seized as evidence in the investigation, according to local media reports.
Vivek Ramaswamy is making cryptocurrency a key part of his campaign for the US presidency
Golden Finance reports that cryptocurrency is likely to be a big topic in next year's US presidential election, as evidenced by Republican candidate Vivek Ramaswamy. Vivek Ramaswamy is incorporating cryptocurrency as part of his presidential policy. In a recent interview, Vivek Ramaswamy commented that not only does he accept Bitcoin donations to his campaign, but he also seeks to announce new regulations to reduce taxes on cryptocurrency mining companies. He commented that the booming Bitcoin world should actually better allow me to do what I want to do as the President of the United States, which is to stabilize the status of the US dollar as a unit of measurement and get the Federal Reserve back to its original position and make it its sole mission.
▌Survey: 50% of German cryptocurrency investors view digital assets as long-term investments
Golden Finance reported that a study by KuCoin showed that 49% of German cryptocurrency investors believe that digital currencies can help them achieve their long-term wealth accumulation plans. A quarter of them believe that the asset class can serve as a means of storing value in the current economic turmoil. Most German cryptocurrency investors belong to the Generation Y demographic group, also known as millennials (born between the 1980s and the late 1990s). The survey showed that millennials accounted for 51% of the total number of cryptocurrency investors in Germany, while Generation X (in their 40s and 50s) ranked second at 30%. Digital assets are generally an interesting thing for young people because they are more open to innovation. However, Generation Z (18-25 years old) only accounted for 19% of all Germans who have been exposed to the cryptocurrency market.
▌JPMorgan Chase: SEC approval of BTC ETF will not bring major changes to the crypto market
On July 7, JPMorgan Chase released a report saying that the SEC's approval of the BTC ETF will not have a major impact on the crypto market. Chief analyst Nikolaos Panigirtzoglou said that such ETFs have existed in Canada and Europe for some time, but have failed to attract a large number of investors. The report suggests that since the second quarter of 2021, Bitcoin funds have not attracted many investors, nor have they attracted funds outflowed from gold exchange-traded funds.
▌Crypto ATM operator Bitcoin Depot listed on Nasdaq
On July 3, cryptocurrency ATM operator Bitcoin Depot was listed on the Nasdaq through a merger with SPAC company GSRII Meteora, with the trading code BTM. BTM's stock price rose to $6.60 in pre-market trading, and then fell back to $3.39.
According to data from CoinATM Radar, Bitcoin Depot operates more than 6,000 ATMs, accounting for 20% of the U.S. ATM market share and 17.6% of the global market share.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
