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
▌Cathie Wood: Will vote for Trump
Cathie Wood, CEO of U.S. investment firm Ark Invest, said she plans to vote for former U.S. President and Republican candidate Donald Trump in the upcoming presidential election. Wood said, "When it comes to economic issues, I am a voter, and based on this, I choose Trump." The first three years of the Trump administration before the outbreak of the new crown epidemic were "the best three years in the history of the U.S. economy." The CEO of Ark Invest has long been a supporter of cryptocurrencies, and Trump has recently expressed strong support for the cryptocurrency industry.
▌The Biden administration rehired its former cryptocurrency adviser Carole House
The Biden administration has announced that Carole House, a key official who advised and co-wrote President Biden’s 2022 executive order on cryptocurrencies and digital assets, has returned to the administration. House will serve as a special adviser to the White House National Security Council, focusing on “critical infrastructure policy” and cybersecurity. “It’s an honor to serve again to shape the future of a secure and trusted digital economy,” she said. House’s return to the White House comes as Biden works to strengthen his credibility in the cryptocurrency space in response to former President Trump’s enthusiastic embrace of the digital asset industry. House most recently served as an “executive in residence” at Terranet Ventures, a venture capital firm focused on cryptocurrencies. She has extensive government experience, having served as an advisor to the Commodity Futures Trading Commission and the National Security Council. Dave Grimaldi, executive vice president of the Blockchain Association, a cryptocurrency lobbying group, described House as a “pragmatic expert” and believes that her pragmatic approach will have a positive impact on the Biden team. House has always been moderately supportive of cryptocurrencies, emphasizing their potential for international economic applications while also emphasizing the need for stronger law enforcement.
▌Biden campaign hires Coinbase advisory board member as 2024 election advisor
The Biden campaign hired Keisha Lance Bottoms as a senior adviser for the 2024 election. Lance Bottoms served as mayor of Atlanta from 2018 to 2022 and joined the Coinbase advisory board in April 2024 after she resigned as a White House adviser in 2023. Foreign media The Hill said on June 27 that Lance Bottoms will remain at Coinbase during President Biden's campaign, and the campaign is expected to end when American voters vote in November. The news media reported that the former mayor said that cryptocurrency is a "non-political, unifying issue." It is not clear whether Lance Bottoms will provide advice to the Biden campaign on cryptocurrency-related issues. According to The Hill, Lance Bottoms said at the Stand With Crypto Atlanta event: "Cryptocurrency provides an opportunity to enhance financial freedom for communities that are typically unbanked and underbanked."
▌If Trump is elected, he will choose Vivek Ramaswamy as vice president
According to Bitcoin Magazine on Platform X, if Trump is elected, he will choose Vivek Ramaswamy as his vice president. Vivek Ramaswamy supports Bitcoin and accepted BTC Lightning Network donations during the presidential campaign.
▌The US government offers a $5 million reward for the arrest of OneCoin founder
The U.S. government is offering a $5 million reward for information leading to the arrest of OneCoin founder Ruja Ignatova, who once called herself the "Queen of Crypto" and disappeared in Athens in 2017. Ruja Ignatova will be prosecuted in absentia for her involvement in a crypto Ponzi scheme that stole about $4 billion from investors around the world between 2014 and its collapse in early 2017.
policy
Louisiana passes bill to defend Bitcoin rights and ban CBDC
Louisiana Passes Bitcoin Bill to Protect Bitcoin Access and Curb Central Bank Digital Currencies. After House Bill 488 received bipartisan approval from both the House and Senate, Governor Jeff Landry signed it into law. The legislation, led by Rep. Mark Wright and supported by Sen. Jean-Paul Coussan, seeks to ensure continued access to Bitcoin while placing restrictions on CBDCs. Key Provisions of HB 488 - The new law provides several important protections for Bitcoin holders and miners: Right to Self-Custody: The law ensures that individuals can safely hold their digital assets. This provision is essential for financial security and sovereignty. Freedom to Transaction: It guarantees the right to transact using Bitcoin, allowing individuals and businesses to consume and accept Bitcoin without additional legal barriers. Support for Bitcoin Mining: The law supports Bitcoin mining in industrial areas and aims to promote Louisiana's economic development by attracting businesses and investments.
▌The South Korean Cabinet approved the "Virtual Asset User Protection Act Implementation Order", which will take effect on July 19
South Korea's Cabinet approved the "Virtual Asset User Protection Act Implementation Decree" on Friday, which stipulates the specific contents of the "Virtual Asset User Protection Act". The law will take effect on July 19, and its promulgation is aimed at protecting virtual asset users and establishing a healthy market order. The law defines the definition of virtual assets and the exclusion of virtual assets, and stipulates the obligations of virtual asset operators to safely store and manage user deposits and virtual assets. The bill also provides sanctions such as criminal penalties and fines for unfair trade practices related to virtual assets, including the use of undisclosed important information and manipulation of market prices. On the basis of these contents, the bill stipulates the details of the legal authorization, including the definition of virtual assets, the establishment of a virtual asset committee, the management of user deposits, the protection of user virtual assets, the prohibition of unfair trading practices, and the prohibition of arbitrary freezing of deposits and withdrawals.
▌Deputy Secretary for Financial Affairs of Hong Kong: Hong Kong is rapidly advancing the development of the virtual asset industry
When attending the annual meeting of the Investment Funds Association, Michael Wong Wai-lun, Deputy Financial Secretary of the Hong Kong Special Administrative Region Government, said that Hong Kong is actively implementing a number of measures to further consolidate its position as an international financial center, including: first, continuing to improve the listing system; second, further improving the liquidity and efficiency of the stock market; third, striving to expand and deepen the connectivity between the capital market and the Mainland and other parts of the world; fourth, striving to promote the development of asset wealth management business; fifth, Hong Kong is also rapidly advancing the development of the virtual asset industry.
▌US SEC Chairman: Spot Ethereum ETF approval process is going smoothly
In his speech today, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, reiterated that there are major violations in the cryptocurrency field. He also said that the process of approving the Ethereum ETF is going "smoothly", but refused to comment on the timetable for launching a spot Ethereum ETF.
▌Gary Gensler: Current securities laws apply to the crypto space, and a large number of industry entities do not comply with regulations
In an interview at the Bloomberg Investment Summit, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, spoke about the intersection of cryptocurrencies and securities laws, the political implications of crypto regulation, and his priorities at the SEC. Gensler stressed that there is no inconsistency between crypto securities and existing securities laws. He noted that the rules governing securities are clear and protect investors and ensure fair, orderly, and efficient markets. Nevertheless, he believes that a large number of entities within the cryptocurrency space do not comply with these laws. Such violations are a key issue that the SEC aims to address through its regulatory oversight. Regarding the growing political significance of the cryptocurrency industry, Gensler said that his main responsibility is to protect investors and supervise issuers to ensure access to fair, orderly, and efficient markets. He added that others can also participate in political discussions, but his responsibility is to maintain the integrity of the capital markets.
Blockchain Applications
Taurus expands its digital asset custody to the Stellar network
Infrastructure provider Taurus has expanded its digital asset custody and issuance offering to the Stellar Network. The integration allows banks and issuers to issue and manage any tokenized asset on the Stellar network, using programmable wallet behavior and bank-level access controls to fully customize and automate payment flows. Taurus is a digital asset infrastructure provider for financial institutions such as Deutsche Bank, Credit Suisse and Santander. Taurus uses Stellar for real-world asset tokenization together with financial institutions such as Franklin Templeton, WisdomTree and Circle.
▌ECB releases first CBDC progress report
The European Central Bank (ECB) released its first Central Bank Digital Currency (CBDC) progress report on June 24, with a focus on privacy protection. The ECB promises to prevent individual transactions from being tracked through pseudonymization, hashing functions and encryption, and payment service providers are not allowed to use consumer financial data without individual consent. The report also introduces methods to support offline transactions. The newly established "Rulemaking Group" will submit a draft CBDC technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community.
Strike, a Bitcoin payment app, launches in the UK
Bitcoin payment app Strike has launched its services to eligible customers in the UK. Strike launched in the UK on Tuesday, enabling eligible individuals and businesses to buy, sell, send, withdraw and make global payments. The iOS and Android hosted app enables UK users to instantly buy Bitcoin directly from their bank accounts, as well as automatically convert and schedule purchases, where supported, the company said.
▌Solana Foundation will launch "Actions" to allow users to complete on-chain transactions
The Solana Foundation is launching tools that can turn websites, apps, social media platforms and QR codes into launching points for crypto transactions on the Solana blockchain. These tools are similar to Frames on Farcaster, but are designed to work on any website, including X. The foundation said in a statement on Tuesday that it is introducing "blinks," a combination of blockchain and links that can turn any "action" into a shareable link. This means that any digital path that can display a URL becomes the starting point for a crypto transaction on the Solana blockchain.
▌Brazil’s digital bank Nubank will integrate Bitcoin Lightning Network
According to information disclosed by Bitcoin Magazine, Brazil's largest digital bank Nubank will integrate the Bitcoin Lightning Network. It is reported that the bank has about 100 million customers.
Cryptocurrency
▌Report: Cryptocurrency spot ETFs do more harm than good to the Korean economy
South Korea's financial research institute said in its latest report that the introduction of cryptocurrency spot ETFs may bring more troubles than benefits to the country's economy. The Korea Institute of Finance (KIF) said in a report last Sunday that allowing (such) products may lead to side effects such as inefficient resource allocation, increased risks related to cryptocurrencies in financial markets, and weakened financial stability. Crypto ETFs may cause the crypto market to intercept a large amount of cash flow from the local financial market, resulting in reduced investment in the local industry, which may make the local financial market more vulnerable to crises in the crypto industry, leading to increased investor distrust of the market and regulators.
Bitcoin and Ethereum transaction fees fall to seven-month lows
Bitcoin and Ethereum transaction fees have fallen to their lowest level in seven months as the cryptocurrency market experienced its worst week of 2024. On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, the lowest level since October 2023. Low gas fees on the Bitcoin network are a sign of reduced network activity and less competition.
CoinShares announced that it has sold FTX claims with a recovery rate of 116%
CoinShares has announced that it has successfully sold its FTX claims, which will generate a recovery rate of 116% after brokerage fees, resulting in a return of £31.32 million on a claim amount of £26.6 million. The agreement, signed today and subject to customary closing conditions, will significantly strengthen CoinShares’ financial position, creating opportunities for the company to deliver higher returns to its shareholders, the company said. The group will be able to reinvest in growth opportunities.
Private blockchains process more than $1.5 trillion in securities financing each month
Financial technology consultancy Broadridge says it processes $50 billion in repo agreements involving big banks every day on its permission-only DLR platform. HQLAx, a Europe-focused private blockchain for securities finance, says its platform could save banks up to €100 million ($107 million) per year. More than $1.5 trillion in repo and other forms of securities financing are executed using private blockchains each month. JPMorgan Chase reportedly processes up to $2 billion in trades per day on its Onyx blockchain, which allows its clients to “settle billions of dollars worth of repo trades in minutes, using smart contracts to tokenize and deliver cash and collateral on a single ledger.”
▌US Congressman: Very optimistic about Bitcoin, Texas should welcome Bitcoin mining
U.S. Senator Ted Cruz said that he is very optimistic about Bitcoin. He believes that Texas should welcome Bitcoin mining. I own three mining machines and they are mining in Texas.
Important economic developments
▌Fed's Daly: If inflation falls rapidly or the job market weakens beyond expectations, it is necessary to cut interest rates
Fed's Daly said that if inflation falls slower than expected, the policy interest rate must remain at a high level for a longer time; if inflation falls gradually and the labor market rebalances slowly, then the Fed can gradually adjust its policy; if inflation falls rapidly or the labor market weakens more than expected, it will be necessary to lower the policy interest rate.
▌The probability of the Federal Reserve keeping interest rates unchanged in August is 89.7%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 89.7%, and the probability of a 25 basis point rate cut is 10.3%. The probability of the Fed keeping interest rates unchanged in September is 32.3%, the probability of a cumulative 25 basis point rate cut is 61.1%, and the probability of a cumulative 50 basis point rate cut is 6.6%.
▌UBS: The Fed is expected to start cutting interest rates in September
UBS economists believe that U.S. economic data will continue to weaken in the coming months, and emphasize that the end of the Fed's current easing cycle is more important than the starting point. UBS economists reiterated their outlook for a soft landing for the U.S. economy on Monday. The bank expects the Fed to start cutting interest rates in September and believes that the market may have misjudged the extent of the Fed's future rate cuts. UBS concluded: "Overall, we think the market underestimates the number of times the Fed may cut interest rates during this cycle." The Fed kept its policy rate unchanged at its June meeting, and the median forecast of the updated dot plot shows that the Fed will only cut interest rates once by the end of the year, by 25 basis points, down from three times in March, which has led some to worry that the Fed may keep interest rates unchanged until December.
▌Federal Reserve Board Member Bowman: It is not the right time to cut interest rates yet
Federal Reserve Board Governor Bowman: Inflation is expected to remain high for some time. It is not yet the right time to cut interest rates. The basic outlook is that as the policy interest rate remains unchanged for "some time", the inflation rate will return to 2%.
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.
