Today's news tips:
Asset management firm VanEck submits first Solana ETF application in the United States
21Shares Submits Ethereum Spot ETF Registration Application to the US SEC
Coinbase Announces Lawsuit Against SEC, FDIC Over Freedom of Information Act Dispute
MegaETH developer MegaLabs completes $20 million seed round of financing, Dragonfly leads the investment, Vitalik and others participate
About $860 million worth of tokens will be unlocked in July, involving about 40 crypto projects
107,000 BTC options and 1.04 million ETH options expire today, with a total notional value of over $10 billion
An address that has been silent for 6 years deposited 1,000 BTC to Coinbase Prime, worth about $61.55 million
Biden and Trump's first debate did not mention cryptocurrency, and the Biden campaign hired a member of the Coinbase advisory board as a senior adviser for the election
Regulatory News
Bolivia lifts ban on Bitcoin and other cryptocurrencies
According to Cryptopolitan, Bolivia has lifted its ban on Bitcoin and other cryptocurrencies. The ban came into effect in December 2020. On June 26, the Central Bank of Bolivia (BCB) officially announced that banks can now conduct cryptocurrency transactions. Although cryptocurrencies can now be traded through authorized electronic channels, the Bolivian Central Bank reminds citizens that cryptocurrencies are not considered legal tender.
Stablecoin rules in EU crypto bill MiCA to take effect on June 30
The stablecoin rules in the EU Crypto-Asset Markets Act (MiCA) will come into effect on June 30. The rules prohibit stablecoins from making more than 1 million payment transactions per day, or a daily transaction volume of more than 200 million euros (about 215 million US dollars). Stablecoin issuers such as Tether and Circle need to obtain the necessary electronic money licenses by the end of this month to operate legally in the EU. The European Banking Authority (EBA) will publish a final report by the end of the month, detailing how to monitor the compliance of stablecoin issuers.
U.S. Supreme Court rules SEC's use of internal judicial process to bring charges is unconstitutional
The Supreme Court just ruled 6-3 that when the Securities and Exchange Commission (@SECGov) seeks penalties for fraud, defendants are entitled to a jury trial in federal court, rather than the agency's "internal" legal process, Fox Business reporter Eleanor Terrett reports. This move effectively ties up all federal agencies, not just the SEC (@SECGov), because they must try to try cases in federal court. The Supreme Court ruled that it was unconstitutional for the SEC to use internal judicial proceedings to bring charges.
Türkiye imposes up to 22 years in prison on unauthorized cryptocurrency providers
According to turkiyetoday, the Turkish Parliament passed the Capital Markets Law Amendment, introducing new regulations on crypto assets, the main contents of which include:
1. The Capital Markets Board (SPK) now has the power to oversee cryptocurrency trading and “impose measures and sanctions” such as freezing and seizing funds. Platforms must develop written listing procedures to determine which crypto assets will be traded or offered and distributed for the first time and comply with the SPK’s principles and regulations.
2. Individuals and legal persons who operate crypto-asset services without authorization will face 3 to 5 years in prison; service providers who misappropriate entrusted funds or assets, including crypto-assets, will face 8 to 14 years in prison and will be required to pay compensation for losses; if the crime involves deceptive behavior to conceal the misappropriation of public funds, the offender will face 14 to 20 years in prison; individuals who are found to have illegally used the resources of a revoked crypto-asset service provider for personal or third-party benefits will face 12 to 22 years in prison.
3. The platform price will be determined freely, and a monitoring system must be established and all preventive measures must be taken to detect, prevent and avoid behaviors that disrupt the market; the platform should identify and report behaviors and transactions that disrupt the market order, take necessary measures such as restricting, suspending, and closing the accounts involved, and report to SPK.
4. SPK will formulate regulations on investment consulting and portfolio management related to crypto assets. Authorization certificates will be issued to crypto asset service providers to carry out their activities. Banks will need to obtain approval from the Banking Supervisory Authority (BDDK).
Hong Kong Securities Regulatory Commission puts Tokencan, Hong Kong Weibi Crypto Assets and HKD.com Corporation on the warning list
The Hong Kong Securities and Futures Commission (SFC) today warned the public to beware of entities operating under the names of "Tokencan", "Hong Kong Weibi Crypto Assets" and "HKD.com Corporation" that are suspected of engaging in fraudulent activities related to virtual assets and/or claiming to operate virtual asset trading platforms in Hong Kong without obtaining a license. The Hong Kong Police Force has taken action to block the relevant websites and social media pages. The SFC has also included Tokencan, Hong Kong Weibi Crypto Assets and HKD.com Corporation, as well as their respective websites, on the warning list. The SFC warns the public not to buy and sell virtual assets on unregulated virtual asset trading platforms. Investors may lose all their investments held on the platform if the platform ceases operations, closes down, is hacked or any assets are misappropriated.
Biden and Trump's first debate is over, no mention of cryptocurrencies
The first televised debate between Biden and Trump has ended, but nothing about cryptocurrencies was mentioned. Trump's chance of winning has reached 67% on Polymarket, a new high. Analysts said: The first debate will not have a decisive impact on the election. Musk also said: "The president should be decided by a head-to-head golf match."
Earlier today, it was reported that the Biden campaign team hired a member of the Coinbase Advisory Board as a senior adviser for the general election.
AI
Meta to launch user-created chatbot feature on Instagram
According to Cryptopolitan, Meta announced that it will launch a user-created chatbot feature on Instagram. This feature allows creators to generate their own AI version and answer fans' questions through the AI Studio tool. The first batch of tests will be conducted in the United States and is scheduled to be fully launched in August, initially covering 50 creators and some users. Creators can use these AI robots to improve interaction with fans while maintaining timely responses to each question.
Project News
Asset management agency VanEck has submitted Solana Trust application documents to the US SEC
According to SEC documents, asset management agency VanEck has submitted an application document for Solana Trust (VANECK SOLANA TRUST) to the US SEC. VanEck Solana Trust is an ETF that issues equity common shares, which are expected to be listed and traded on Cboe BZX Exchange Co., Ltd., subject to the issuance notice. The investment objective of the trust is to reflect the price performance of Solana, minus the operating expenses of the trust. To achieve its investment objectives, the trust will hold SOL and value its shares daily based on the MarketVectorTM Solana benchmark exchange rate. Neither the trust, the sponsor, the SOL custodian, nor any other person associated with the trust will take any action, directly or indirectly, to use any SOL portion of the trust to earn staking rewards, earn additional SOL, or generate income or other income (collectively, "staking activities"). The trust currently subscribes and redeems only in cash. The issuance of trust shares has been registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933 (as amended).
21Shares Submits Ethereum Spot ETF Registration Application to the US SEC
ETF analyst Henry Jim tweeted that 21Shares submitted an Ethereum spot ETF securities registration application (Form 8-A12B) to the US SEC. The submission of the Form 8-A document means that once the issuer's product is approved, it can be traded on the exchange.
Worldcoin’s World ID is coming to Solana, powered by Wormhole
Cross-chain interoperability platform Wormhole announced on X Platform that Worldcoin’s World ID will soon be available on Solana, powered by Wormhole.
Coinbase Announces Lawsuit Against SEC, FDIC Over Freedom of Information Act Dispute
According to Blockworks, Coinbase announced on Thursday that it was filing a lawsuit against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to obtain authorization for a Freedom of Information Act (FOIA) request. In 2023, Coinbase hired consulting firm History Associates Incorporated to assist in obtaining records from the two agencies, but the requests were rejected. History Associates then filed a lawsuit on behalf of Coinbase, demanding that the SEC and FDIC hand over relevant documents.
Kraken co-founder Jesse Powell announced that he has personally donated $1 million to Trump, mainly in ETH
Kraken co-founder Jesse Powell announced on Twitter that he has personally donated $1 million (mainly ETH) to Donald Trump. He said that the crypto industry has long been attacked by Elizabeth Warren, Gary Gensler and others, and despite bipartisan efforts in Congress to establish clear rules, the Biden administration has allowed unregulated law enforcement to proceed. This approach weakens the competitiveness of the United States. Powell hopes to support the only major party candidate who supports cryptocurrency in the 2024 presidential election to maintain the United States' leadership in the field of blockchain technology.
OP Labs: The Fjord upgrade led by the Base team will be carried out on the OP mainnet in the early morning of July 11
OP Labs announced that the upcoming Fjord upgrade will bring new features and cost savings, led by the Base team and supported by OP Labs. The upgrade will be carried out on the OP mainnet at 16:00:01 UTC on July 10 (00:00:01 Beijing time on the 11th). After the upgrade, the cost of smart wallet key verification will be reduced by up to 20 times, and transaction costs will drop by 5-15%. At the same time, the sequencer drift time is increased from 10 minutes to 30 minutes to better maintain the activity of Superchain. Chain operators need to upgrade the software and reconfigure the fee coefficient.
Zerion: ZERϴ Network testnet powered by ZKsync is now live
Web3 wallet Zerion tweeted that its ZERϴ Network testnet, powered by ZKsync, is now live. Zerion said that developers on the ZERϴ network are able to abstract Gas fees for users, making any token available to pay network fees. Zerion wallet users will be able to trade and mint without paying any Gas fees. Zerion plans to incentivize DApps to build on ZERϴ by providing grants, API credits, and distributions to 700,000 wallets per month, and work with multiple partners to support the mainnet launch later this year. Zerion has also designed a spam protection system called Onchain DNA to distinguish between real users and robots.
Point72 Ventures lays off some digital asset team members and shifts investment focus to artificial intelligence
According to Forbes, billionaire Steve Cohen's venture capital arm Point72 Ventures is shifting its investment focus to artificial intelligence and defense technology startups after firing five investors who focused on fintech and cryptocurrency. People familiar with the matter said the move is part of the company's strategic adjustment to optimize resource allocation and seize the biggest market opportunities.
The departures include three fintech experts and two members of Point72 Ventures’ digital asset team. Sources revealed that partners Tripp Shriner and Sugam Sarin may also leave, but there are reports that they are likely to continue to support existing portfolio companies. Previously, Point72 announced Sarin’s promotion on May 1. The layoffs in the fintech team came seven months after Pete Casella, a founding partner of Point72 Ventures, left. Although the layoffs will affect some of its fintech and cryptocurrency startups, Point72 Ventures may still invest in some selected fintech opportunities from its remaining team.
Since its establishment in 2016, Point72 Ventures has invested in more than 100 startups covering financial technology, artificial intelligence, consumer, enterprise and defense technology. Among them, fintech startups occupy a prominent position, including MX Technologies and Vestwell on the Forbes Fintech 50 list. However, with valuations in the fintech sector plummeting and venture capital investment declining significantly, Point72 Ventures is adjusting its investment strategy.
Blockchain CFO says company’s investment in Bitcoin is a long-term strategy
According to Bloomberg, Block Inc. Chief Financial Officer and Chief Operating Officer Amrita Ahuja said that Block Inc.'s investment in Bitcoin allows the company to gain a deeper understanding of this technology that may be "potentially transformative" and that the company's investment in Bitcoin is a long-term strategy. Block said earlier this year that it would use 10% of the gross profit generated by Bitcoin products each month to purchase cryptocurrencies.
"We are at the forefront of a future where money will flow at the speed of the internet. Bitcoin is the most powerful contender for this vision because of its resilience, battle-testedness and security," Ahuja said in an interview. She further pointed out that consumer groups that suffer from underserved services due to high deposit, withdrawal and transfer fees may usher in changes with the emergence of Bitcoin. Block has adopted a unique strategy of holding Bitcoin directly on its own balance sheet. Ahuja said that this approach has helped the company gain a deep understanding of Bitcoin technology, including how Bitcoin is kept and the working mechanism of the finance team purchasing Bitcoin in the market.
In a recent letter to shareholders, Block founder Jack Dorsey stressed that Bitcoin has the potential to "level the playing field" for Block and global consumers. He revealed that the company currently invests less than 3% of its resources in Bitcoin-related projects. As the parent company of Square, Cash App, and startups TBD and Spiral, Block's earnings before interest, taxes, depreciation and amortization (Ebitda) in the first quarter almost doubled from the same period last year.
Financing News
MegaETH developer MegaLabs completes $20 million seed round of financing, Dragonfly leads the investment, Vitalik and others participate
According to The Block, MegaLabs, the developer of the new blockchain MegaETH, announced the completion of a $20 million seed round of financing, led by Dragonfly, with participation from Figment Capital, Robot Ventures, Big Brain Holdings and other companies. Angel investors in this round of financing include Ethereum co-founder Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu and Jordan Fish (also known as Cobie).
MegaLabs co-founder and chief business officer Shuyao Kong said the company began raising money for its seed round in December and closed it in May. Kong said the round, structured as equity plus token warrants, gave MegaETH a fully diluted token valuation of "nine figures," meaning at least $100 million.
According to reports, MegaLabs was founded in early 2023 by Shuyao Kong, former global business development director of Consensys, and Yilong Li, who holds a Ph.D. in computer science from Stanford University and worked at software company Runtime Verification Inc. Kong added that he continues to serve as an advisor to Consensys. MegaETH's two key technologies - heterogeneous blockchain architecture and "ultra-optimized" EVM execution environment - help it achieve 100,000 TPS in real time. MegaETH's public testnet will be launched in early autumn, and the mainnet is expected to be launched at the end of the year. When asked whether MegaETH's native token would be launched at the same time as the mainnet, Kong said no decision had been made.
Decentralized oracle network developer AnchorZero completes $8 million seed round
AnchorZero, a decentralized oracle network developer, announced the completion of an $8 million seed round of financing, led by Bain Capital Crypto and Spark Capital, with participation from Ethereal Ventures, Mischief Fund, Pascal Capital, Robot Ventures, and Sarah Meyohas. AnchorZero is a blockchain technology company that specializes in developing decentralized cross-chain oracle networks, providing secure and reliable price feed data services for smart contracts, allowing access to external data of smart contracts on multiple platforms. In addition, they also provide Web3 tax planning solutions.
Important data
An address that has been silent for 6 years deposited 1,000 BTC to Coinbase Prime 4 hours ago, worth about 61.55 million US dollars
A wallet that has been silent for 6 years deposited 1,000 BTC worth about $61.55 million to Coinbase Prime 4 hours ago. The wallet address is 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3.
About $860 million worth of tokens will be unlocked in July, involving about 40 crypto projects
According to Token Unlocks data, about $860 million worth of tokens will be unlocked in July, involving about 40 crypto projects. Xai, AltLayer, Arbitrum and Aptos will unlock more than $350 million in tokens next month. Xai will release 198 million XAI tokens on July 9, Aptos will unlock 11.3 million APT tokens on July 12, Arbitrum will release 92.6 million ARB tokens on July 16, and AltLayer will unlock 684 million ALT tokens on July 25. Other important unlocking projects include Io.net, Starknet and Sui.
107,000 BTC options and 1.04 million ETH options will expire today, with a total notional value of over $10 billion
According to today's option delivery data released by Adam@Greeks.live, 107,000 BTC options expired, with a Put Call Ratio of 0.5, a maximum pain point of $57,000, and a notional value of $6.6 billion. 1.04 million ETH options expired, with a Put Call Ratio of 0.59, a maximum pain point of $3,100, and a notional value of $3.6 billion.
According to its analysis, today is the quarterly option delivery date, with a total notional value of more than $10 billion. BTC and ETH prices were once close to the maximum pain point that investors thought was impossible to reach, and the market atmosphere was relatively pessimistic. Despite the large fluctuations, the implied volatility (IV) of mainstream currencies remained low, with BTC's IV for each major term below 50% and ETH below 60%. It is expected that there will be clear news on the ETH ETF at the beginning of next month, and IV will be under downward pressure. At present, buying call options in a low IV environment is a cost-effective choice.
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