US SEC drops investigation into PAXOS, determines BUSD is not a security
The U.S. Securities and Exchange Commission has decided to end its investigation into New York-based stablecoin issuer Paxos, determining that BUSD is not a security, Fortune reported. On July 9, Jorge Tenreiro, acting director of the crypto assets and networks division, said in a letter to Fortune that he had no intention of recommending enforcement action. More than a year ago, the SEC issued a Wells Notice, or a notice of impending enforcement action, to Paxos over the dollar-backed BUSD stablecoin it issued in partnership with Binance.
US SEC Allows Some Companies to Circumvent Controversial Cryptocurrency Accounting Guidance SAB 121
According to The Block, the U.S. Securities and Exchange Commission (SEC) allows certain companies to circumvent the controversial cryptocurrency accounting guidance SAB 121 if they meet certain procedural and technical conditions. Since the release of SAB 121 in March 2022, some companies have consulted the SEC on how to develop new cryptocurrency policies and procedures. SAB 121 requires companies that hold cryptocurrencies to record customer cryptocurrency holdings as liabilities, sparking widespread controversy in the industry. Recently, sources within the SEC said that some companies have been exempted by proving that their procedures and technology can allow customers to retrieve cryptocurrencies in the event of bankruptcy. These companies have demonstrated control over their assets, just like traditional assets, ensuring that the accounting and protection measures for assets meet the requirements.
US House fails to override Biden's veto of SAB 121-related resolution
According to CoinDesk, the U.S. House of Representatives voted on Wednesday on whether to overturn President Joe Biden's veto of SAB 121-related resolutions, but failed to pass, and the U.S. Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged. Rep. Maxine Waters, one of the core Democratic negotiators for cryptocurrency legislation, said that the U.S. Securities and Exchange Commission (SEC) and the banking industry are negotiating on changing controversial accounting policies.
It is reported that SAB 121, which was first issued in 2022, has caused controversy over the past year. It requires cryptocurrency custody companies to record cryptocurrencies held by customers as liabilities on their balance sheets. The crypto industry is concerned that this move may prevent banks from protecting digital assets.
US CPI drops sharply in June
The U.S. unadjusted CPI annual rate in June was 3.0%, far below the market expectation of 3.1%, and fell sharply to the lowest level since June last year. The seasonally adjusted CPI monthly rate in June was -0.1%, the first negative value since May 2020.
Celer Network: The domain takeover attempt has been successfully blocked and all DNS records have been restored
Celer Network, a cross-chain interoperability protocol, said on X Platform: “Thanks to our 24/7 domain security monitoring, a takeover attempt on the Celer domain was successfully blocked. All DNS records have been restored. Our ongoing investigation indicates that the attack vector may involve a third party that we have no control over. The Celer team will continue to monitor the situation closely and provide updates when we know more.”
Earlier news, the founder of DefiLlama announced a list of projects that are at risk of attack due to their connection with the domain name registrar Square Space.
DefiLlama founder publishes list of projects at risk of attack due to connection to domain registrar Square Space
DefiLlama founder 0xngmi said on the X platform: "I have compiled a (partial) list of domain names related to Square Space. These domain names may be at risk of being hacked at present. I will avoid them for the time being. The domain names of Celer and Compound have just been hacked. The main suspicion is that there is a problem with their registrar Square Space (maybe it was hacked, or an insider...)."
It was later reported that the list created by the founder of DefiLlama listed more than 100 crypto project domain names at risk of attack due to their association with Square Space.
Coinbase International will launch perpetual futures trading for CRV, ENS and PEOPLE
Coinbase International Exchange announced that it will start supporting perpetual futures trading for Curve DAO, Ethereum Name Service, and Constitution DAO at or after 17:30 Beijing Time on July 18, 2024. These new markets will be available on Coinbase International Exchange and Coinbase Advanced platforms, with the corresponding trading pairs being CRV-PERP, ENS-PERP, and PEOPLE-PERP.
Coinbase launches “one-stop” crypto app that supports connecting multiple wallets
According to The Block, Coinbase announced on Thursday that it will launch a new web application that aims to provide users with a one-stop platform for viewing and managing their crypto asset exposure, including tokens, NFTs and DeFi positions. According to a statement, users can connect multiple wallets to the new application. The application is suitable for desktop and mobile devices and supports smart wallets. Coinbase's move is a step in its plan to become a "super application."
Pendle: The domain name has been restored to normal, and the protocol itself is not affected
According to Pendle's official Twitter announcement, the Pendle domain name has returned to normal. Please make sure the address bar shows https://app.pendle.finance. The protocol itself is not affected and the funds are safe. If it does not show, please clear the browser cache and restart the device. The incident investigation report will be released soon.
Previously, Pendle said that the website had been closed because the domain name was hijacked and user funds were safe.
Tether will no longer accept USDT or EURT redemptions on Omni, Kusama, SLP, EOS, and Algorand starting September 1
According to the official blog, Tether stated that from September 1, 2025, Tether will no longer be obliged to accept USDT or EURT redemptions on Omni, Kusama, SLP, EOS, and Algorand. Tether will freeze all remaining USDT or EURT on Omni, Kusama, SLP, EOS, and Algorand on September 1, 2025. Tether customers holding USDT or EURT on Omni, Kusama, SLP, EOS, and Algorand should redeem their holdings as soon as possible, or, if necessary, request the issuance of USDT or EURT on supported blockchains in accordance with their terms of service. Non-customer holders can migrate their USDT or EURT holdings to supported blockchains through available service providers in accordance with the terms of these providers.
Hamster Kombat founder: There will be a second season and a second airdrop in the next two years
According to The Block, the anonymous founder of Hamster Kombat, a TON ecosystem game that claims to have more than 250 million users, revealed that they are already planning a second airdrop after the first airdrop this month. He said: "The game will continue, and there will be a second season and a second airdrop in the next two years. We believe that these tokens will belong to millions of users around the world and have great value in themselves."
Artificial intelligence startup Fireworks AI completes $52 million in financing, led by Sequoia Capital
According to Bloomberg, artificial intelligence startup Fireworks AI has completed a $52 million financing round, led by Sequoia Capital, with participation from Nvidia, Advanced Micro Devices Inc. and MongoDB Inc. The company's total financing has reached $77 million, with a valuation of $552 million. Fireworks plans to use the new funds to expand its team and plans to expand its partnerships with artificial intelligence companies. Fireworks aims to help companies adopt generative artificial intelligence by allowing them to access more than 100 models through its platform.
Data: Grayscale GBTC net outflow of $37.7 million on July 11
According to Farside Investors, on July 11, Grayscale GBTC had a net outflow of US$37.7 million, Bitwise BITB had a net inflow of US$7.5 million, and Ark ARKB had a net inflow of US$4.3 million.
The “German Government” sold $376 million worth of BTC in the past 16 hours and is expected to clear all its BTC holdings in the next 1-2 days
Spot On Chain monitoring shows that in the past 16 hours, the "German government" has sold another $376 million worth of Bitcoin ($BTC). This includes:
• 10,627 $BTC (worth $616 million) were transferred out, with an average price of about $57,976
• Recovered 4,169 $BTC (worth $240 million) at an average price of approximately $57,469
Currently, the German government has only 9,094 $BTC (worth $520 million) left, which is about 18% of its initial holdings. At this rate, it is expected that they will liquidate all $BTC in the next 1-2 days.
The market value of the seven largest technology companies in the U.S. evaporated by nearly $600 billion overnight, about 4.35 trillion yuan
After the good news of the US CPI data, traders chose to withdraw from the recent strong performance of technology giants. The heavyweight stock Nvidia closed down 5.57%, Tesla fell 8.44%, Meta fell more than 4%, Apple, Microsoft, Google and Amazon fell more than 2% respectively. In contrast, the Russell 2000 index, which is dominated by small-cap stocks, closed up more than 3.5%. The market value of the "seven giants" of US technology stocks evaporated by nearly US$600 billion (about RMB 4.35 trillion) in a single day, which is equivalent to losing a JPMorgan Chase (market value of US$595.46 billion).
Today's Fear and Greed Index is 25, a new low since January 2023
Alternative data shows that today's Fear and Greed Index is 25 (yesterday was 29), a new low since January 2023. Market sentiment is currently in "extreme fear."
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