Headlines
▌SEC is preparing to allow several companies to list Ethereum futures ETF products before October 10th
Market news: The US Securities and Exchange Commission (SEC) is expected to give the green light to Ethereum futures ETFs. The SEC is preparing to allow several companies to list Ethereum futures ETF products before October 10th.
Market
As of press time, according to coinmarketcap data:
- LianGuai Daily | Sei Mainnet Test Version LianGuaicific-1 Released; Tether Stops Minting USDT on Omni, Kusama, and BCHSLP Chains
- Binance Research Report An Introduction to Account Abstraction (AA) and the Current AA Ecosystem Diagram
- No way to collect debts? The act of borrowing Bitcoin is not protected by Chinese law.
BTC recent trading price is $26,659.9, with a daily change of -4.58 %;
ETH recent trading price is $1,682.92, with a daily change of -3.31 %;
BNB recent trading price is $218.11, with a daily change of -3.14 %;
XRP recent trading price is $0.5076, with a daily change of -12.12 %;
DOGE recent trading price is $0.0608, with a daily change of -7.14 %;
ADA recent trading price is $0.2546, with a daily change of -5.28 %;
MATIC recent trading price is $0.5717, with a daily change of -4.54 %.
Policies
▌US judge allows SEC to seek assistance from South Korean government on Terra issue
A US judge ruled that the US Securities and Exchange Commission (SEC) can seek assistance from the South Korean government to question Daniel Shin, co-founder of Terraform Labs, and collect evidence from payment company Chai Corp.
The SEC wants to question Shin and obtain documents from Chai to help prove its allegations of illegal schemes by Terraform and its former CEO Kwon, which led to the disappearance of at least $40 billion in cryptocurrency value. US District Judge Jed Rakoff said on Thursday that the SEC can use the procedures provided by the 1970 treaty to manage requests for collecting evidence internationally.
▌Judge approves SEC’s request for intermediate appeal in Ripple case
Fox Business reporter Eleanor Terrett tweeted that US federal judge Torres has approved the SEC’s request to file an intermediate appeal in the Ripple case. It is worth noting that this does not mean that the intermediate appeal has been authorized, it only means that the SEC can make the request, and Torres has only approved the submission of the request. The SEC must submit a fully evidenced case to the Second Circuit Court of Appeals before August 18th, and Ripple will have the opportunity to oppose the appeal before September 1st. The Second Circuit Court of Appeals will consider it.
▌Coinbase to suspend trading of USDT, DAI, and RAI stablecoins for Canadian users
Cryptocurrency exchange Coinbase will suspend trading of Tether (USDT), DAI, and RAI stablecoins for Canadian users starting from August 31st. However, Canadian users can still deposit and withdraw stablecoins after the suggested deadline.
The exchange stated that Coinbase Canada, Inc. has submitted a registration application in certain jurisdictions in Canada but has not yet obtained registration. It has agreed to comply with the commitment terms until Coinbase Canada, Inc. is registered.
Blockchain Applications
▌Safe is designing new standards for modular smart accounts
Safe (formerly known as Gnosis Safe) is developing a standard aimed at transitioning the Web3 space to modular smart accounts. Co-founder of Safe, Richard Meissner, stated that the long-term goal is for users to be able to plug different smart accounts into the same protocol, which are interoperable and utilize the same security attributes. In the coming months, the team will seek community feedback on the proposed protocol.
▌F2Hash launches sustainable solar cloud mining products
F2Hash announced the launch of new sustainable solar cloud mining product packages, which reportedly provide substantial daily profits within a month. The Advanced Flash Mining product is priced at $5,500 and aims to provide mining results worth $8,020; the Pro Flash Mining product is priced at $9,400 and offers total mining results worth $15,880; the Enterprise Flash Mining product is priced at $15,000 and provides mining results worth $28,500.
▌OpenSea to shift to optional creator fee model
OpenSea announced that starting from Thursday, August 31, 2023, it will shift to an optional creator fee to better reflect the principles of choice and ownership that drive this decentralized ecosystem.
This entails four changes: 1. OpenSea operators filter will be removed on August 31, and from that date, the operator filter will no longer block any markets; 2. For collections that had the OpenSea operator filter enabled before August 31 and all existing collections on non-Ethereum blockchains, OpenSea will enforce the creator’s preferred fee for all secondary sales between August 31, 2023, and February 29, 2024; 3. Starting from August 31, buyers will have an easier time identifying listings that include the creator’s preferred fee; 4. Starting from August 31, sellers will have an easier time selecting the creator’s preferred fee or a custom creator fee payment method.
Cryptocurrency
▌Mastercard launches CBDC partner program, Ripple, Consensys, and others join
Mastercard has launched a new CBDC partner program. Raj Dhamodharan, Mastercard’s head of digital assets and blockchain, stated that its purpose is to facilitate collaboration with major players in the field so that they can drive innovation and efficiency.
The initial partners include CBDC platform Ripple, blockchain and Web3 software company Consensys, multi-CBDC and tokenized asset solution provider Fluency, digital identity technology provider Idemia, digital identity consultant Consult Hyperion, security technology group Giesecke+Devrient, and digital asset operations platform Fireblocks.
▌Data: Coinbase and Binance spent $2.4 million on lobbying in the first half of the year
According to data from OpenSecrets, an organization tracking political donations, Coinbase and Binance spent $2.4 million on lobbying in the US Congress in the first half of 2023.
Among them, Binance invested over $1 million to influence the opinions of lawmakers on Capitol Hill, which is almost equivalent to its total spending in 2022. Coinbase spent $1.4 million during the same period. The company paid lobbyists $3.4 million in 2022, making it a leader in the field of cryptocurrency lobbying.
In addition to Coinbase and Binance, other major spenders on lobbying include Ripple, Crypto.com, and the Blockchain Association.
▌Bloomberg: Core issues of Ripple case may take months or even years to resolve
In an article published by Bloomberg columnist Allyson Versprille, she stated that the core issues of the U.S. Securities and Exchange Commission vs. Ripple case may take months or even years to resolve. Meanwhile, it seems that Congress will not soon legislate on this topic. The House Financial Services and Agriculture Committee pushed forward legislation last month to establish a regulatory framework for cryptocurrencies. Although the bill has gained some bipartisan support, some Democratic members of the House criticized the bill for lacking sufficient investor protection. These concerns are not a good sign for the bill to gain support in the Democratic-led Senate. Therefore, transparency in cryptocurrencies is still far from reach at least in the United States.
▌Wolfe Research: Bitcoin price will further decline before rising if Bitcoin ETF is approved
In a report, sell-side research firm Wolfe Research stated that if regulatory agencies approve a physically-backed Bitcoin ETF, the price of Bitcoin may continue to decline before rising again. The U.S. Securities and Exchange Commission is currently reviewing a series of Bitcoin ETF applications, and analysts are betting that regulatory agencies may approve one of them.
▌WSJ: SLianGuaiceX wrote down $373 million worth of Bitcoin
LianGuai reported that financial statements obtained by The Wall Street Journal showed that SLianGuaiceX recorded $373 million worth of Bitcoin on its balance sheets in 2021 and 2022, but the specific time of the sale of this cryptocurrency is still unknown.
Reportedly, the company’s total spending in 2022 was approximately $5.2 billion, and its spending on property and equipment acquisitions in 2021 and 2022, excluding research and development costs, was $5.4 billion. The privately held company achieved a profit of $55 million and revenue of $1.5 billion in the first quarter of 2023.
SLianGuaiceX CEO Elon Musk publicly announced in 2021 that SLianGuaiceX held some Bitcoin.
▌Crypto group loses lawsuit against Tornado Cash supported by Coinbase
A group of cryptocurrency investors and developers lost a lawsuit sponsored by Coinbase, which attempted to argue that the US Department of the Treasury exceeded its authority in sanctioning Tornado Cash. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash last year, claiming it was a key tool used by malicious actors such as the North Korean Lazarus Group for money laundering.
US District Court Judge Robert Pitman wrote that Tornado Cash itself is an actual entity with property rights in its smart contract. The judge found the argument that Tornado Cash is not an actual entity unconvincing, and wrote that the Treasury did indeed designate an entity that includes the decentralized autonomous organization (DAO) that manages the mixer.
Coinbase’s Chief Legal Officer LianGuaiul Grewal stated on X (formerly known as Twitter) that the company will support the appeal.
▌YouHodler Market Director: BTC Dropping Further to $20,000 is Possible
YouHodler’s Market Director Ruslan Lienkha stated that a favorable ruling for the SEC could temporarily push the price of Bitcoin to between $26,000 and $28,000, but further drops to $20,000 are possible if influential negative events occur. Similar to what happens in traditional financial markets, such as simultaneous drops in stock indices, gold, and some commodities.
▌CryptoQuant Co-founder: BTC Premium on Coinbase Rises by 3%
CryptoQuant’s Co-founder and CEO Ki Young Ju tweeted that the BTC price premium on Coinbase has risen by 3%, indicating that either some whale entities have sold BTC on Binance or Coinbase whales are buying the dip.
▌glassnode: Bitcoin Options Implied Volatility Increases from 24% to Over 55%
Data tracked by glassnode shows that over $220 million in Bitcoin long liquidations have occurred, and the implied volatility of options has more than doubled from 24% to over 55%.
Important Economic News
▌Evergrande Group Files for Bankruptcy Protection in the US
Multiple foreign media outlets reported that court documents show Evergrande Group applied for bankruptcy protection in the US Manhattan Bankruptcy Court on Thursday (17th).
LianGuai Encyclopedia
▌Six Misunderstandings of the Lightning Network
Six misunderstandings of the Lightning Network: Misunderstanding 1: Running one’s own node is necessary to use the Lightning Network in a non-custodial way, which makes it inaccessible for regular users on mobile devices; Misunderstanding 2: The sender and receiver must be online at the same time for a Lightning Network payment to succeed (no offline/sync payments); Misunderstanding 3: The Lightning Network requires both users to lock the same amount of BTC in the channel to open it; Misunderstanding 4: The Lightning Network requires users to specify specific, single-purpose invoices, which results in a poor user experience; Misunderstanding 5: Users need to understand and choose between Bitcoin and the Lightning Network when sending BTC; Misunderstanding 6: The Lightning Network has low capital efficiency, making it impractical.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please establish the correct investment concept and always be aware of the risks involved.
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