● SEC returns Ethereum ETF issuer's S-1 form, requiring processing and resubmission before July 8
According to PANews, a source revealed that the U.S. Securities and Exchange Commission (SEC) has returned the S-1 form to potential Ethereum ETF issuers with a small number of comments, requiring them to process these comments and resubmit them by July 8. The source pointed out that the return of the form does not mean that this is the final filing, and at least one round of filing is required before the ETF can start trading.
● Large amounts unlocked in multiple projects in July, with a value of over US$730 million
According to Wu, TokenUnlocks data shows that in July 2024, DYDX, SUI, IO, XAI, IMX, APT, STRK, ARB, AXS, APE, PIXEL, WLD, ALT and other projects have carried out large unlocking, with unlocking amounts greater than 10 million US dollars, and the total unlocking value exceeds 730 million US dollars. Among them, the single unlocking value of ALT exceeds 120 million US dollars, mainly unlocked by the team, consultants and investors, and the unlocking value of the three exceeds 110 million US dollars. WLD has started large-scale linear unlocking since July 24, unlocking 6.62 million WLD tokens per day, equivalent to 18 million US dollars, and the unlocking lasts for 730 days, including 8.88 million US dollars of community unlocking, 5.14 million US dollars of initial development team unlocking, and 3.62 million US dollars of investor unlocking.
● Yesterday, the Cryptocurrency Fear and Greed Index fell to a near one-year low
According to BlockBeats, Alternative data showed that the cryptocurrency panic and greed index was 30 yesterday, and market panic sentiment reached a near one-year low.
According to Wu, QCP Capital noted that the market has to deal with the overwhelming supply from the Mt. Gox unlock and the sell-offs from government agencies. While the numbers may be exaggerated, the market will move sideways within a certain range and we may test the lower 50k level of Bitcoin. For BTC, the priority is to generate gains in the sideways market in the third quarter and use the generated gains to make some directional bets in the fourth quarter.
● Stablecoin rules in EU crypto asset market legislation come into effect today
According to ChainCatcher, the stablecoin rules in the EU Crypto-Asset Market Legislation (MiCA Regulation) came into effect today. According to Article 23 of the law, companies must stop issuing stablecoins that are anchored to assets and used as a means of exchange, with a daily transaction volume of more than 1 million times or a value of more than 200 million euros (about 215 million US dollars). A spokesperson for the European Banking Authority (EBA) said that the cap is set to "protect the monetary system" and that the regulations do not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they are used as a means of exchange to pay for goods or services. If so, a specific cap applies.
According to Odaily Planet Daily, the U.S. Internal Revenue Service has determined new rules for taxing cryptocurrencies. Starting in 2026, crypto platforms will need to report transactions to the IRS, but decentralized platforms, that is, those that do not hold assets themselves, will be exempted. These new rules were determined by the IRS and the U.S. Treasury Department on Friday, essentially implementing a provision in the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms must provide standard 1099 forms, similar to those sent by banks and traditional brokerage firms. The IRS said that in addition to simplifying the tax process for cryptocurrencies, it is also working to combat tax evasion.
