This week, ID, PIXEL, APE and other tokens will be unlocked at once, with a total value of over $88 million | Binance Morning Report (June 17)

● This week, ID, PIXEL, APE and other tokens will be unlocked at once, with a total value of over 88 million US dollars

According to PANews, Token Unlocks data shows that this week, tokens such as ID, PIXEL, and APE will be unlocked at one time, with a total value of more than $88 million. Among them, ApeCoin (APE) will unlock about 15.6 million tokens at 8:00 a.m. on June 17, Eastern Time, worth about $15.8 million; Nym (NYM) will unlock about 2.96 million tokens at the same time, worth about $400,000. Manta Network (MANTA) will unlock about 6.67 million tokens at 5:30 p.m. on June 18, Eastern Time, worth about $8.3 million; Pixels (PIXEL) will unlock about 54.38 million tokens at 6:00 p.m. on June 19, Eastern Time, worth about $20 million. Finally, SPACE ID (ID) will unlock about 78.49 million tokens at 8:00 a.m. on June 22, Eastern Time, worth about $44 million.

● SEC members acknowledge the potential benefits of asset tokenization, and the global tokenization market could reach $10 trillion

According to BlockBeats, SEC Commissioner Mark Uyeda acknowledged that asset tokenization, including the tokenization of securities, has potential benefits. Uyeda said on June 14 that digital tokens on the blockchain can represent asset rights and provide "security, transparency and immutability." He also said that tokenization eliminates the need for intermediaries, thereby simplifying transactions and reducing transaction costs. Uyeda called tokenization part of a wider technological advancement, noting that "new technologies and innovations may provide further efficiency for our global markets and investors." The Bank for International Settlements recently announced that tokenization and central bank digital currencies (CBDCs) are areas of focus for regulators in 2024. Global consulting firm Roland Berger said in October 2023 that the $300 billion tokenization market could reach $10 trillion by 2030.

● Fed's Kashkari expects rate cut by the end of the year

According to ChainCatcher, Fed Chairman Kashkari said that the FOMC is expected to cut interest rates near the end of the year. He emphasized that the Fed is in a strong position and can take its time and observe the data. At the same time, he pointed out that the job market performed better than expected, but the labor market may cool further, and he hopes that the decline will be moderate.

● Tether and WAX co-founder predicts Wall Street will push for more cryptocurrency ETFs

According to BlockBeats, on June 17, William Quigley, co-founder of Tether and WAX, said that after the United States approved spot Bitcoin and Ethereum funds, Wall Street's "greed" will drive more and more such products. Quigley predicted that due to Wall Street's relentless pursuit of profits, ETFs for other mainstream cryptocurrencies such as Solana and Cardano will also emerge in large numbers. He said that Wall Street's "greed" will drive the continuous increase of such products, and if the Bitcoin ETF is successful, imitators will emerge in endlessly.

He also warned that Wall Street’s aggressive marketing of crypto products could pose significant risks, especially during market declines.

● BlackRock executive: Bitcoin ETF is a bridge between cryptocurrency and traditional finance

According to Odaily Planet Daily, Samara Cohen, chief investment officer of BlackRock ETF and index investment, said that Bitcoin ETF is a bridge between cryptocurrency and traditional finance, especially for investors who may be interested in allocating Bitcoin without having to manage risks in two different ecosystems. She said that before the emergence of ETFs, the existing cryptocurrency market was not enough to meet the needs of some investors. Currently, about 80% of Bitcoin ETF purchases may come from "self-directed investors", who are usually configured through online brokerage accounts. According to the 13-F filing last quarter, hedge funds and brokerage firms have also become buyers, but registered investment advisors are somewhat more "cautious." Financial advisors' concerns about Bitcoin include cryptocurrency price volatility and its relatively short record.

● Ripple's chief legal officer refuted SEC's allegations and insisted that the settlement amount was capped at $10 million

According to Foresight News, Ripple’s chief legal officer further refuted the SEC’s allegations after proposing to the SEC that the settlement he would accept would be capped at $10 million. He stressed that unlike the Terraform Labs case, there are no victims to compensate in Ripple’s case.

The U.S. SEC is seeking a $102.6 million settlement with Ripple, while Ripple is insisting on a $10 million cap.

● The Salvadoran government proposes to reform banking laws to introduce new banks that can provide Bitcoin services

According to ChainCatcher, the government of El Salvador has proposed an initiative to reform the current banking law, introducing a new type of bank that can lend Bitcoin and crypto services. The initiative will allow private investors to form banks to provide Bitcoin and stablecoin services to sophisticated investors.

If passed, the plan would allow the creation of these banks, which could offer different services, including economic risk management, purchase of financial products, investment management, hedging and other financial derivatives. These services would support any legal currency in El Salvador, such as the U.S. dollar and Bitcoin.