News Weekly | Hong Kong is exploring the launch of stablecoin HKDG

Blocking Weekly is a summary of the blockchain industry launched by Blocking. The content covers key news, mining information, project dynamics, technological progress and other industry trends for the week. This article is the news weekly, taking you through the major events in the blockchain industry this week.

Headlines

Hong Kong is exploring the launch of a stablecoin HKDG

Blocking reported that Hong Kong is exploring the launch of a stablecoin HKDG to compete with mature stablecoins such as USDT and USDC. The government seeks to promote financial innovation and maintain its leadership position in the blockchain field by supporting HKDG with foreign exchange reserves. 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. This move is expected to enhance Hong Kong’s financial technology 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 its market share and overall impact.

Bernstein: The likelihood of approving physically backed Bitcoin ETF in the US is quite high

Blocking reported that Bernstein said in a research report on Monday that the US Securities and Exchange Commission’s (SEC) stance on physically backed Bitcoin (BTC) ETFs is difficult to maintain, and the likelihood of approval is quite high. Bernstein pointed out that the SEC has already allowed futures-based Bitcoin ETFs, and recently approved leverage-based futures ETFs, provided that futures pricing comes from regulated exchanges such as CME.

Insider: Fidelity resubmits Bitcoin physically-backed ETF application and designates Coinbase as SSA

On July 3, Bloomberg ETF analyst James Seyffart reported that Fidelity has resubmitted its physically-backed ETF application and supplemental materials, designating Coinbase as the exchange for the Supervisory Sharing Agreement (SSA) for spot BTC. Previously, according to Wall Street insiders, the SEC stated that the application materials for physically backed Bitcoin ETFs submitted by Nasdaq and the Chicago Options Exchange, BlackRock, Fidelity, and other companies were insufficient.

Nasdaq resubmits BlackRock Bitcoin ETF application to SEC

Blocking reports that BlackRock has refiled its proposal to establish a Bitcoin ETF with US regulators via Nasdaq, adding new details to the proposal. Nasdaq submitted a new filing to the SEC on Monday, indicating that Coinbase Global Inc. will provide market surveillance to support the world’s largest asset manager’s proposed Bitcoin ETF issuance plan. Previously, the SEC said the issuer’s initial filing was deemed insufficient and lacked necessary information. Last week, other companies also made more specific modifications to their applications, including Fidelity Investments, Mirae Asset, VanEck, 21Shares and WisdomTree.

Policy

AFME: DeFi should be regulated under MiCA in an appropriate manner

Blocking reports that the Association for Financial Markets in Europe (AFME) published an article stating that DeFi should be regulated under the MiCA (Crypto Assets Market) regulatory bill, which was passed by the European Parliament in April. AFME studied different classifications of DeFi, such as smart contracts and DAOs, and identified areas where regulatory gaps can be filled. AFME said, “We believe that DeFi and its related activities must be brought within the regulatory perimeter in an appropriate manner to manage market integrity, financial stability, and risks to end-users, while still promoting financial and technological innovation.” AFME hopes to provide legal status for DAOs, although it noted that some institutions in DeFi may seek to maximize their decentralization and avoid any form of centralization and regulatory intervention, and may need to rely on autonomous modes.

Canadian Securities Administrators: BTC and ETH are the only investment assets accepted by public cryptocurrency funds

Blocking reports that as of April, net assets of 22 public cryptocurrency funds in Canada were less than CAD 3 billion. According to the Canadian Securities Administrators (CSA), Bitcoin and Ethereum markets currently best support the operation of public cryptocurrency funds without harming the interests of investors. Currently, Bitcoin and Ether are also the only investment cryptocurrencies accepted by public cryptocurrency funds.

UK Law Commission proposes implementing a “unique” legal category for cryptocurrencies

Blocking reports that the UK Law Commission is pushing for the creation of a “unique” personal property category to accommodate and protect the unique functions of cryptocurrencies and digital assets. After being authorized by the UK government to conduct common law analysis of how the legal framework in England and Wales adapts to cryptocurrencies, NFTs, and other digital assets, the agency proposed three suggestions, including the most significant one to create a new, unique personal property category for digital assets. The commission believes that the new personal property category will enable a “nuanced approach” to identifying digital assets ranging from cryptocurrencies to digitized tools. The Law Commission also proposed the formation of a specific industry group composed of technical experts, legal practitioners, scholars, and judges to provide “non-binding recommendations” to courts on various legal issues and considerations related to the industry.

▌UK financial regulator reminds crypto firms of October compliance deadline for marketing

Blocking reports that the UK Financial Conduct Authority (FCA) has announced that all crypto asset firms marketing to UK users must comply with its financial promotions regime by October 2023. The FCA said in a letter on 4 July that from 8 October, companies operating in the UK will only have “four lawful ways to promote crypto asset promotions” to comply with the regulator’s regime. These legal routes include having promotions approved or communicated by an authorised person, creating promotions by a firm registered with the FCA, or promotions qualifying for exemption under the UK Financial Services and Markets Act.

▌UK Economic Crime and Corporate Transparency Bill passes House of Lords

Blocking reports that the UK’s Economic Crime and Corporate Transparency Bill has passed the House of Lords, enabling law enforcement agencies to seize and freeze crypto assets used for crime. While the Lords did not make changes to the cryptocurrency aspects of the bill, they did amend it in earlier stages to ensure measures extend to terrorism cases and added measures to help authorities seize properties that aid in identifying crypto assets related to crime. Additionally, an amendment was added to ensure courts can order authorities to seize and freeze crypto assets used for crime.

▌Israeli lawmakers back cancelling capital gains tax on crypto for foreigners

Blocking reports that the Israeli parliament, the Knesset, has passed a bill in preliminary reading that would extend certain tax breaks applicable to Israeli high-tech companies to the country’s cryptocurrency industry. If passed into law, the bill would exempt foreign residents from paying capital gains tax on the sale of digital currencies and reduce the tax on employee cryptocurrency options (similar to stock options) from around 50% to about 25%. The bill has the support of the coalition government led by Prime Minister Benjamin Netanyahu, and aligns with his policies of attracting investors and businesses to Israel.

    ▌Former CFTC chair proposes creation of crypto self-regulatory organisation overseen by SEC and CFTC

    On July 5th, former chairman of the US Commodity Futures Trading Commission (CFTC) Timothy Massad proposed a self-regulatory organization (SRO) to avoid the entire debate of “enforcement regulation” and “registration” when it comes to regulating cryptocurrencies. The organization would be supervised by the SEC and CFTC, and would develop a set of universal investor protection standards for cryptocurrency intermediaries and digital assets traded on them. Massad added that he is not worried that other jurisdictions will surpass the United States, and noted that implementing new laws such as the EU framework for crypto-assets markets (MiCA) will be more complex than people imagine.

    ▌FSA: Legalization of cryptocurrency trading is absurd

    The Danish Financial Supervisory Authority (FSA) has asked investment bank Saxo Bank to dispose of its holdings in cryptocurrency. Meanwhile, the FSA statement cited Article 24 of the Danish Financial Business Act, which states that Saxo Bank’s cryptocurrency activities “do not fall within the legal business scope of financial institutions.” According to the statement, the FSA believes that the legalization of cryptocurrency trading is absurd because it could lead to investor mistrust of the financial system. In addition, the UK Financial Services Authority has also ruled out the possibility of any Danish financial institution participating in cryptocurrency trading until this issue is more clearly defined, and stated that Saxo Bank’s trading of cryptocurrency on its own account is for hedging market risks associated with other financial products. However, this does not change the fact that Danish financial institutions are not allowed to engage in this activity itself.

    Danish regulatory agency orders Saxo Bank to stop cryptocurrency trading

    On July 5th, the Danish Financial Supervisory Authority ordered Saxo Bank to dispose of its holdings in cryptocurrency, stating that under current regulations, banks cannot engage in proprietary trading. The agency said in a statement that Saxo Bank has a platform for customers to trade cryptocurrency and also holds cryptocurrency to hedge market risks. The statement said that such trading is not a legitimate business activity of Danish financial institutions.

    South Korea to implement virtual currency behavior guidelines for public officials next month

    On July 5th, the Gyeonggi provincial government in South Korea released a partially revised version of the “Guidelines for Public Official Behavior in Gyeonggi Province,” which is currently accepting comments (until July 25th). The revised version prohibits the use of virtual asset information obtained while performing official duties for property transactions or investment activities related to virtual assets, and prohibits the provision of virtual asset information to others to assist in property transactions or investment activities. For public officials with a level 4 or higher obligation to report virtual assets related to their duties, the revised version also requires the declaration of virtual assets. The amendment will be immediately implemented early next month after being reviewed by the Regulation and Rule Review Committee.

    South Africa will require cryptocurrency exchanges to obtain licenses by the end of the year.

    Blocking reported that South Africa will require cryptocurrency exchanges to obtain licenses by the end of the year.

    Previously reported, unregistered and operating cryptocurrency companies will be fined or jailed by the South African government for $510,000.

    Singapore requires crypto platforms to store customer funds in trusts.

    Blocking reported that Singapore will require cryptocurrency exchanges to deposit customer assets in trusts by the end of the year. The Monetary Authority of Singapore (MAS) said in a statement on Monday that Singapore will promote a proposal to ban lending and pledging by retail investors. Last October, before FTX dissolved, MAS began discussions on these measures. Singapore’s move comes after negotiations to strengthen digital asset regulatory regimes.

    The Monetary Authority of Singapore stated in the statement that given the high risk and speculative nature of digital payment token transactions, consumers cannot be protected from all losses by regulation alone. Consumers must continue to be “extremely cautious” when trading.

    The Thai SEC has issued risk warning and service ban disclosure rules on cryptocurrency trading.

    Blocking reported that the Thai Securities and Exchange Commission (SEC) has issued guidelines on warning disclosures for entrepreneur cryptocurrency trading risks. (1) Disclosure of cryptocurrency trading risk prompts (effective on July 31, 2023) requires cryptocurrency trading center operators, cryptocurrency brokers, and cryptocurrency traders to disclose warnings about potential risks associated with cryptocurrency trading. (2) Prohibition of digital asset business operators from providing services or supporting deposit and loan businesses, except for exceptions specified in the notification rules (effective on August 30, 2023).

    The Belarusian Ministry of Internal Affairs will ban individual cryptocurrency transactions.

    Blocking reported that on July 2, the Belarusian government announced that in order to counter crime, the country will ban the use of cryptocurrency for transactions between individuals.

    A spokesperson for the Belarusian Ministry of Internal Affairs News Bureau stated on the 2nd: “The Ministry of Internal Affairs is committed to legislative innovation to ban cryptocurrency exchange transactions between individuals. In order to increase the transparency of transactions and strengthen government supervision, traders can only go through the Belarusian High-Tech Park (HTP) exchange (cryptocurrency) transactions.”

    The Belarusian Ministry of Internal Affairs explained that the decision aims to crack down on cybercrime. In the first half of 2023 alone, the Belarusian cybercrime department has already cracked down on 27 illegal service transactions using cryptocurrency regulatory loopholes. The illegal income from these 27 incidents amounts to nearly BYN 22 million (approximately CNY 63.15 million).

    Blockchain Application

    Credit Suisse and the Swiss Football Association collaborate to launch an Ethereum-based NFT series

    Blocking reported that Credit Suisse has collaborated with the Swiss Football Association to launch an Ethereum-based NFT series to support Swiss women’s football. According to information on the Credit Suisse website, the NFT series consists of 756 digital art portraits of Swiss women’s national team players and will be available for sale from July 11th to August 31st. The NFT will be exclusively sold through Credit Suisse’s CSX application. Daniel Gorrera, head of digital assets at Credit Suisse Switzerland, said that when we designed this product, we consciously tried to make it easy for users to participate in the rapidly evolving NFT world. The project also paved the way for innovative applications of digital assets in new financing and service models. In this field, Credit Suisse is in a favorable position for issuers seeking regulated partners.

    ▌Vietnam Blockchain Association launches Web3 accelerator “SwitchUp”

    Blocking reported that the Vietnam Blockchain Association has partnered with Spores Network to launch the Web3 accelerator “SwitchUp”, which aims to provide startups with opportunities to obtain top-tier venture capital funding and sustainable development in the blockchain ecosystem. So far, more than 50 venture capital firms, angel investors, and multinational corporations have partnered with SwitchUp and are willing to provide investment, credit, and support to all startups participating in the accelerator program. It is reported that the SwitchUp Accelerator has opened registration and will end on July 31st. The selected startups will then enter an 8-week training and coaching program, covering topics necessary for Web3 industry financing and sustainable development.

    ▌HSBC trials quantum-secured financial transaction network in the UK

    Blocking reported that HSBC will work with Amazon Web Services, BT, and Toshiba to conduct a series of trials and experiments using quantum encryption technology. HSBC is the first bank committed to testing a new type of quantum “subway” network, a secure trading system that uses unbreakable encryption technology to ensure transaction security through quantum cryptography. The quantum metropolitan area network was developed by Toshiba in partnership with telecom giant BT, and is designed to allow institutions to trade securely and unconditionally with each other. HSBC will test multiple use cases on the network, including financial transactions, video calls, and edge computing. One of the key quantum technologies that HSBC will test is called “quantum key distribution” (QKD), which allows two parties separated by a certain distance to send messages to each other securely.

    Circle Launches Wallet as a Service Developer Platform

    Circle, the issuer of USDC, has launched a Wallet as a Service platform for developers. The service allows developers to embed web3 wallets into their applications while providing user-friendly designs. 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 if you’re more technical, you can self-serve into the platform and launch an application now.

    ▌TOKI to Partner with Noble to Bring Fully Collateralized Japanese Stablecoin to Cosmos Ecosystem

    TOKI, the cross-chain bridge provider and partner of Progmat, is partnering with token issuance protocol Noble to bring a fully collateralized Japanese stablecoin to the Cosmos ecosystem.

    Evernode Releases Newly Proposed Standard EVS-01d

    XRPL Layer-2 Evernode has released a newly proposed standard that could change the functionality of scaling solutions. The Evernode standard proposal, called “EVS-01d,” 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 introduce the Node Blockingrty Line (NPL) broker system into HotPocket instances.

    As a foundational standard that could impact the future development of the protocol, EVS-01d aims to enhance communication between nodes when processing transactions. The new standard proposal is the 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 the Binance NFT Marketplace is launching the Playbux Ultra NFT series through a subscription mechanism. The series consists of 3,000 Playbux Ultra NFTs, and the launch will follow the BNB precondition. The preparation phase starts from 08:00 on July 10th Beijing time to 10:00 on July 12th. Users with a minimum daily BNB holding of 0.1 BNB can participate in the initial sale of the Playbux Ultra NFT series.

    Polkadot Founder Gavin: Polkadot May Cancel Parachain Auctions and Shift to an Application-Centric Model

    On July 7, Polkadot founder Gavin Wood spoke at the Polkadot Decoded conference, saying that Polkadot may cancel parachain auctions and shift to an application-centric model. He proposed a new way of looking at Polkadot: instead of being limited to existing parachains and relay chains, focus on the more fundamental resources that blockchains need – computing cores (cores), and view Polkadot as a multi-core computer.

    Gavin explained that Polkadot’s goal is not just about chains, but also about space and the underlying resources needed for chains. He emphasized that Polkadot is a platform for builders to create applications and for users to use them. Essentially, it is not a platform for hosting blockchains. Chains are just one way to make Polkadot useful, but may not be the only way. Overall, Polkadot is a resilient, versatile, and continuous computing provider.

    ▌Ethereum community members propose ERC 7265 standard to mitigate DeFi hack attacks

    Blocking reported that members of the Ethereum community have proposed a new standard to enhance 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 ERC 7265 allows teams to create a circuit breaker to protect their protocols and provide highly customized rate limiting parameters for each asset. When a hack attack occurs, the attacker will no longer be able to deplete the entire contract in seconds, and most of the funds can be recovered.

    Bitcoin Ordinals launches platform proposing BRC-69 standard to reduce costs by 90%

    Blocking reported that Bitcoin Ordinals’ Luminex launch platform has proposed the BRC-69 standard to simplify the creation of recursive Ordinals sets, reduce subscription costs, and simplify the on-chain pre-disclosure process.

    Ordinals developers launched recursive inscriptions last month to help overcome the 4MB block size limit on Bitcoin that 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 did not know about other inscriptions. Recursive inscriptions can use special syntax to reference the content of other inscriptions.

    Based on this, Luminex claims that BRC-69 can reduce the cost of inscriptions by more than 90%, and as the number of inscriptions increases, it helps optimize Bitcoin block space. Luminex said the reduction was achieved through four steps: adding features, deploying collections, compiling it, and casting assets.

    ▌dYdX launches public testnet on Cosmos

    Blocking reported that decentralized exchange (DEX) dYdX has launched its public testnet on Cosmos, bringing it closer to the current version built on Ethereum. Users can now place market orders, generate private keys, and use advanced options to place limit orders on the dYdX testnet. The public testnet has launched Bitcoin and Ethereum markets, but the company said it expects to eventually cover about 30 markets as the network upgrades. According to the company’s website, trading volume on its existing Ethereum platform, which is known for its perpetual contracts, exceeded $728 million in the past 24 hours. The governance token DYDX of the platform has steadily risen in the past two weeks, up 23%.

    Cryptocurrency

    HKUST Vice President and Calvin Choi: Propose that Hong Kong issue HKD stablecoin backed by foreign exchange reserves

    According to Blocking, HKUST Vice President Wang Yang and others provided policy recommendations to Hong Kong, advocating that the SAR government issue an HKD stablecoin backed by Hong Kong’s foreign exchange reserves to promote financial technology innovation, enhance the competitiveness of the financial market, optimize the use of foreign exchange reserves, and take substantive steps towards de-dollarization. Only in this way can Hong Kong maintain its competitive advantage in the digital economy era.

    Circle freezes 63 million USDC

    According to Blocking, Circle, the issuer of USDC, has responded to recent multi-chain protocol security vulnerabilities by blacklisting three wallet addresses that have received a large outflow of funds from cross-chain bridging platforms. Security firm PeckShield pointed out that about $63 million worth of USDC has been frozen as a result.

    Prior to this, Blocking reported that multiple bridge contracts in Multichain had abnormal token outflows, including $130 million in assets flowing out of the Fantom bridge.

    ▌ Two Canadian teenagers arrested and charged with stealing $4.2 million worth of cryptocurrency

    Blocking reported that two Canadian teenagers were arrested and charged with stealing $4.2 million worth of cryptocurrency. The accused teenagers posed as Coinbase support and accessed victims’ trading accounts without authorization, stealing large amounts of BTC and ETH. Although the recent theft case amounted to $4 million, the teenagers reportedly controlled a total of $13.4 million worth of cryptocurrency.

    ▌ Report: Regulatory tightening and criminal activity are forcing cryptocurrency holders to be more willing to self-custody their assets

    According to Blocking, Goldman Sachs (GS) cited on-chain data in a report on Tuesday, stating that regulatory tightening and criminal activity are forcing cryptocurrency holders to be more willing to self-custody, causing the supply of BTC and ETH on exchanges to decline in June. The report stated that the supply of the largest cryptocurrency by market value, Bitcoin, fell by 4%, close to its December 2022 level, which is itself the lowest level since November 2020, just before the bull market of 2021 began. Ethereum’s supply fell by 5.8%, reaching its lowest level since May 2018. Goldman Sachs said that this trend is supported by multiple factors.

    ▌Bitcoin price rise limited by regulatory and macroeconomic constraints

    Blocking reported that Bitcoin’s price rise is limited by regulatory and macroeconomic constraints, and the price of Bitcoin has been trading within a narrow range of 4.4% since June 22, fluctuating between $29,900 and $31,160 measured by daily closing prices. The lack of a clear trend may make some people uncomfortable, but it reflects opposing driving factors that are currently at play. For example, the historic inversion of the US Treasury yield curve has reached its highest level ever recorded, negatively affecting investor sentiment. The closely watched spread between 2-year and 10-year Treasury yields has reached the highest level since 1981, at 1.09%. This phenomenon, called a yield curve inversion, typically occurs before an economic recession, when the yield on short-term bonds is higher than that on long-term bonds.

    ▌Report: Uphold currently holds XRP reserves worth $1.056 billion

    Blocking reported that the well-known cryptocurrency broker Uphold has released its reserve data, revealing a large amount of XRP token holdings. The report drew attention from the XRP community, showing that Uphold currently holds XRP reserves worth $1.056 billion. According to the latest data, Uphold’s holdings actually cover obligations beyond XRP holders. This noteworthy report also drew the attention of well-known lawyer and digital asset enthusiast John Deaton, who praised Uphold’s XRP asset balance sheet.

    ▌Annual Report on Economic Well-Being of Households in the United States: High proportion of the poorest population using cryptocurrency for retail or P2P payments

    Blocking reported that the Federal Reserve has released the 2022 Annual Report on the Economic Well-Being of Households in the United States. The section specifically discussing cryptocurrency shows that although the overall numbers are still low, the proportion of the poorest population using cryptocurrency for retail or P2P payments is high. The survey asked whether people use cryptocurrency for payments and investments. In the lowest income group with income below $25,000, 9% of respondents use cryptocurrency for any purpose. 4% of this group use it for payments and 5% view cryptocurrency as an investment. In other words, 44% of the low-income cryptocurrency group use it for payments. In contrast, only 16% of the wealthiest cryptocurrency holders (2 out of 12) said they use cryptocurrency for payments.

    ▌BlackRock CEO: Bitcoin is digital gold with the effect of “digitalizing gold”

    On July 6th, BlackRock CEO Larry Fink stated that he hopes to work with regulatory agencies and understand any ideas that may exist regarding the recent bitcoin spot trading exchange-traded fund (ETF) application made by asset management companies. He also stated that bitcoin, as the largest cryptocurrency by market capitalization, has the effect of “digitalizing gold”. We have a good track record of working with regulatory agencies and strive to ensure that we have considered all issues surrounding any application. We work closely with regulatory agencies and hope to hear their opinions.

      ▌Cryptocurrency salary company Bitwage announces ban on US residents using USDC

      According to Blocking, in an email sent to customers on July 5th, cryptocurrency salary company Bitwage announced a ban on US residents using USDC for payment. In the past month, US financial regulators have strengthened their regulatory reviews of the cryptocurrency field and charged major cryptocurrency companies such as Binance and Coinbase. The cryptocurrency payment company warned that users who fail to remove the stablecoin will reset their wallets and bank accounts before July 13. And said that if reset, you will have to reset your wallet and bank account and then we can deposit your next salary. At the same time, the company pointed out that US residents can continue to receive payments in other cryptocurrencies, such as BTC and stablecoins like USDT and DAI.

      ▌Binance’s strategic executive announces departure

      Binance’s chief strategy officer Blockingtrick Hillman confirmed that he will leave the company and said on Twitter on Thursday that his departure conditions are good. Hillman pointed out that his family will welcome another child in the next few hours, and it is time to make way. In addition, Fortune magazine reported that the total legal adviser Han Ng and the senior compliance vice president Steven Christie will also leave the company. The publication claimed that the executives’ decision to resign was in response to CZ’s response to the ongoing investigation by the Justice Department.

      ▌George Bachiashvili, founder of Georgian United Investment Fund, is accused of embezzlement of cryptocurrency and money laundering

      George Bachiashvili, founder of the Georgian United Investment Fund, was accused of embezzlement of cryptocurrency and money laundering. The fund is known for operating a private equity fund worth $6 billion and contributes about 40% of the country’s GDP. The Georgian prosecutor’s office accused Bachiashvili of embezzling “a large amount” of cryptocurrency, especially bitcoin, which can be traced back to 2015.

        ▌Taylor Swift may have partnered with now-defunct FTX cryptocurrency exchange

        Taylor Swift may have partnered with now-defunct FTX cryptocurrency exchange, contrary to public information. An insider claims that Taylor Swift agreed to partner with the company, but former CEO Sam Bankman-Fried advised against it.

        Lawyer Adam Moskowitz, who is handling the collective lawsuit against FTX founders O’Neil and Brady, said that Taylor Swift was one of the only celebrities to check whether the exchange was selling unregistered securities.

          ▌Malaysian state-owned power company accuses cryptocurrency miners of stealing electricity to power their mining rigs

          Sarawak Energy, one of Malaysia’s state-owned power companies, has accused cryptocurrency miners of continuously stealing electricity to power their mining rigs and promised to weed out the thieves. In a recent joint operation with the police, Sarawak Energy destroyed two mining companies that were allegedly stealing electricity worth about $6,500 per month. The utility company also claimed that the two mining operations were colluding and run by the same person or entity. A total of 120 mining rigs and other electronic items were seized as evidence of the investigation, according to local media reports.

          ▌Vivek Ramaswamy is making cryptocurrency a key part of his run for U.S. president

          Cryptocurrency is likely to be a big topic in next year’s U.S. presidential election, and Republican candidate Vivek Ramaswamy is proof. Vivek Ramaswamy is incorporating cryptocurrency into his presidential policies. In a recent interview, Vivek Ramaswamy commented that he not only accepts Bitcoin donations for his campaign, but is also seeking to release new regulations to reduce taxes on cryptocurrency mining companies. He commented that the booming Bitcoin world should actually make it easier for me to do what I want to do as U.S. president, which is to stabilize the status of the dollar as a unit of measure and get the Fed back to where it used to be and make that its sole mission.

            ▌Survey: 50% of German cryptocurrency investors see digital assets as a long-term investment

            A study by KuCoin shows that 49% of German cryptocurrency investors believe that digital currencies can help them achieve long-term wealth accumulation plans. A quarter of people believe that this asset class can serve as a store of value in the current economic turbulence. Most German cryptocurrency investors belong to the millennial population group, also known as Generation Y (born from the late 1980s to the late 1990s). The survey showed that millennials accounted for 51% of all German cryptocurrency investors, while Generation X (in their 40s and 50s) came in second, accounting for 30%. Digital assets are typically interesting for young people because they are more open to innovation. However, Generation Z (ages 18-25) accounts for only 19% of all Germans who come into contact with the cryptocurrency market.

            JPMorgan: SEC approval of BTC ETF will not have a significant impact on the crypto market

            On July 7th, JPMorgan released a report stating that SEC approval of BTC ETF will not have a significant impact on the crypto market. Chief analyst Nikolaos Blockingnigirtzoglou said that such ETFs have existed in Canada and Europe for some time but have failed to attract a lot of investor interest. The report suggests that since the second quarter of 2021, bitcoin funds have not attracted too many investors and have not attracted money flowing out of gold exchange-traded funds.

            Cryptocurrency ATM operator Bitcoin Depot goes public on Nasdaq

            On July 3rd, cryptocurrency ATM operator Bitcoin Depot went public on Nasdaq through a merger with SBlockingC company GSRII Meteora, with the trading code BTM. The BTM stock price rose to $6.60 in pre-market trading before falling back to $3.39.

            According to data from CoinATM Radar, Bitcoin Depot operates more than 6,000 ATMs, accounting for 20% of the US ATM market share and 17.6% of the global market share.

            Disclaimer: As a blockchain information platform, Blocking publishes article content for information reference only, not as actual investment advice. Everyone should establish a correct investment concept and must improve risk awareness.

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