Headlines
▌US federal judge upholds “most” of SEC’s charges against Binance
Golden Finance reported that a U.S. federal judge upheld most of the SEC's charges against Binance, arguing that the company may have provided unregistered investment products in violation of anti-fraud regulations. The ruling considered most of the agency's arguments to be reasonable and rejected certain arguments raised by Binance, which were also rejected by other judges, such as the Major Questions Doctrine, which means that the SEC has no power to fully regulate the cryptocurrency industry. In addition, the court also found that Binance founder and former CEO CZ, who is currently serving a prison sentence, has been charged by the Department of Justice against Binance in another case, and given his control over Binance, he may be personally responsible for Binance's violations. However, the judge also rejected certain complaints related to some of the charges. Judge Amy Berman Jackson's ruling stated that the charges did not meet the Howey test standard. Judge Jackson also dismissed charges related to BNB secondary sales and Binance's simple earning project, but the charges against Binance's Earn Vault will continue. Of the 13 charges, only one charge (related to BUSD sales) was completely dismissed.
▌Biden's chances of winning the election hit a new record low at 16%
According to Golden Finance, the prediction market Polymarket posted on the X platform that Biden's chances of winning the election hit a new record low at 16%. In contrast, Trump's chances of winning the election are 63%.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is 62756.61 USD, with a daily increase of +3.1%;
ETH's latest transaction price is $3435.23, with a daily change of +1.9%;
BNB's latest transaction price is $581.80, with a daily change of +2.2%;
SOL's latest trading price is $146.32, with a daily change of +4.6%;
DOGE’s latest trading price is $0.1243, with a daily change of +2.2%;
XPR recently traded at $0.4752, with a daily change of +0.8%.
policy
Coinbase software engineer: If the Democratic Party wants to get enough votes, it must quickly change its attitude towards cryptocurrency
Coinbase senior software engineer yuga.eth posted on social media that as the Democratic Party falls into chaos, we are approaching the moment when cryptocurrency has the greatest political influence in the United States. Democrats have been misled by Elizabeth Warren and others to launch an unpopular and ineffective war on cryptocurrency, which will cause them to lose thousands of votes in key swing states. If the Democratic Party really wants to get enough votes to avoid a disastrous defeat in November, they must quickly and radically change their attitude towards cryptocurrency. They should immediately stop their law enforcement and regulatory strategies, improve and pass FIT 21 in a bipartisan manner, and revoke SAB 121. Instead, PACs that support cryptocurrencies should use this opportunity to put pressure on them by obtaining commitments from Democratic political leaders and policymakers to promote financial innovation in the United States.
▌Dragonfly Capital partner: The US SEC has made it clear that SOL is a security and will not abandon this decision
Hasseb Qureshi, partner at Dragonfly Capital, said that approval of the SOL ETF is unlikely to happen. He believes that VanEck's application for the SOL ETF may just be "buying goodwill" to lay the foundation for the development of similar products, because the U.S. Securities and Exchange Commission has made it clear that SOL is a security and the regulator will not give up this decision.
▌Chen Maobo: Hong Kong should accelerate the cultivation of new industries and vigorously promote the development of artificial intelligence
Golden Finance reported that Hong Kong Financial Secretary Paul Chan Mo-po said Hong Kong must accelerate the cultivation of new industries and vigorously promote the development of artificial intelligence.
▌Hong Kong Financial Services License allows cryptocurrency and STO transactions
According to Golden Finance, HKbitEX co-founder and chief strategy officer Lu Tingkuang believes that Hong Kong's cryptocurrency licensing system is more convenient than places like Singapore and the United States. According to Lu Tingkuang, Hong Kong's crypto asset license allows holders to provide trading services for cryptocurrencies and security tokens (STOs). At the same time, the fintech expert stressed that regulators in other countries only provide licenses for one asset class, not for both. For example, he cited Coinbase, which is listed in the United States, whose license only allows trading of crypto assets.
▌Paradigm urges European regulators to handle MEV issues “delicately”
Paradigm has submitted opinions to the European Securities and Markets Authority (ESMA) on preventing abuse in the crypto asset market. They pointed out that ESMA should avoid misapplying concepts from traditional financial markets to the underlying blockchain level when dealing with the maximum extractable value (MEV) to avoid inconsistencies and unexpected consequences. Paradigm calls on ESMA to have a deeper understanding of MEV and support innovative tools to address potential abuse risks.
Blockchain Applications
▌UNIBOT has been integrated into the BNB chain
Golden Finance reported that Unibot officials posted on social media that UNIBOT has been integrated into the BNB chain.
▌Hong Kong Securities Industry: Hope to issue relevant derivatives for cryptocurrency spot ETFs and launch relevant leverage options
Golden Finance reported that the Hong Kong securities industry hopes to issue related derivatives for cryptocurrency spot ETFs. Since cryptocurrency spot ETFs have been officially listed, brokerages can apply to regulators to issue derivatives, such as launching related options with higher leverage, which will greatly enhance the attractiveness of Hong Kong's virtual asset market. It can be said that after the launch of cryptocurrency spot ETFs, it will not only attract investors who like to invest in physical cryptocurrencies, but also open up more development opportunities for brokerages. Xie Mingguang, a senior securities industry figure, pointed out that cryptocurrency spot ETFs have more confidence in Hong Kong's development prospects.
▌S&P Global Ratings joins Singapore's "Guardian Program" to promote digital transformation of financial markets
S&P Global Ratings announced that it has joined Singapore's "Guardian Program" to explore tokenization on public blockchains. The program is led by the Monetary Authority of Singapore (MAS) and brings together 18 financial institutions and regulators. S&P will focus on developing digital asset analysis frameworks and assessments in the fixed income sector. Several financial institutions are conducting fixed income-related trials, reflecting the financial market's push for digital transformation.
▌Wuxi City's "Taihu Chain" blockchain technology platform realizes functions such as "one certificate for all"
Jinse Finance reported that Wuxi held the "Wuxi on the Chain" blockchain innovation and application results exhibition, which comprehensively demonstrated the positive results achieved by Wuxi in the process of creating a national blockchain innovation and application comprehensive pilot city in the past two years. The results of promoting the development of blockchain around the "Taihu Chain" are clear at a glance. The results exhibition covers key contents such as popular science knowledge, infrastructure, industrial development, social governance, public services, innovation ecology, and future prospects, and showcases representative application scenario cases involving more than 20 industries. The "Taihu Chain" management service platform is the core project in the national blockchain innovation and application pilot work. Its biggest highlight is the construction of a city-level blockchain technology public service capacity infrastructure platform, which effectively realizes the functions of "one certificate for all" and "one network for unified management" of electronic certificates, data lineage management, seamless supervision of state-owned assets, and full-process tracing of people-friendly funds.
Cryptocurrency
9,708 ETH transferred from unknown wallet to Coinbase
Golden Finance reported that according to Whale Alert monitoring, at around 6:03 Beijing time, 9,708 ETH (US$33,177,383) was transferred from an unknown wallet to Coinbase.
Seven employees of the Paraguayan National Electricity Administration have been accused of being directly involved in setting up illegal Bitcoin mining farms
Golden Finance reported that employees of the Paraguayan National Electricity Administration (ANDE) were accused of being directly involved in setting up illegal Bitcoin mining farms in Paraguay. Seven engineers employed by the country's National Electricity Administration (ANDE) will be involved in organizing illegal connections to provide electricity to Bitcoin businesses in Paraguay. Felix Sosa, director of the National Electricity Administration, clarified that the agency's internal audit department is verifying and organizing investigations into the organization. All relevant information will be submitted to the National Prosecutor's Office for further investigation. However, Sosa said that employees of the National Electricity Company have not been responsible for the execution of electrical connections for some time, but have delegated this function to third-party contractors. ANDE has been fighting illegal Bitcoin mining connections since December and has cut off more than 70 farms that draw unmetered electricity directly from the grid.
▌A total of 4,336,609.06 ETH were destroyed on the Ethereum network
According to Ultrasound data, Golden Finance reported that as of now, the Ethereum network has destroyed a total of 4,336,609.06 ETH. Note: Since the introduction of EIP-1559 in the Ethereum London upgrade, the Ethereum network will dynamically adjust the BaseFee of each transaction based on transaction demand and block size, and this part of the fee will be directly burned.
▌BNB breaks through $580
Golden Finance reported that the market shows that BNB has broken through $580 and is now trading at $580.1, with a daily increase of 1.36%. The market is volatile, so please do a good job of risk control.
▌Salafi clerics believe that Islam can accept Bitcoin
Golden Finance reported that according to BITCOINLFG, a 90-year-old Saudi Arabian Salafi cleric wrote a fatwa, believing that Islam can accept Bitcoin.
AVAX breaks through $29
Golden Finance reported that the market showed that AVAX broke through $29 and is now trading at $29.03, with a daily increase of 4.01%. The market is volatile, so please do a good job of risk control.
▌Biden concept MEME coin BODEN has fallen more than 95% from its historical high
Golden Finance reported that according to Dexscreener data, the Biden concept MEME coin BODEN on Solana has fallen by more than 95% since its historical high. The decline is related to the uncertainty about the re-election campaign of US President Joe Biden.
▌15,000 ETH transferred from Bitfinex to an unknown wallet
Golden Finance reported that according to Whale Alert monitoring, around 21:07 Beijing time, 15,000 ETH (US$50,758,460) was transferred from Bitfinex to an unknown wallet.
Important economic developments
▌Strategist: Inflation and employment pave the way for the Fed to cut interest rates in September
Golden Finance reported that Seema Shah, chief global strategist at Principal Asset Management, said: "Friday's PCE data was in line with expectations, which was a relief, and the Fed certainly welcomed this. However, the policy path is still uncertain. Further deceleration in inflation, coupled with more evidence of a weakening job market, will pave the way for the first rate cut in September."
Golden Encyclopedia
▌What is an infinite coin minting attack?
Infinite minting attacks occur when an attacker manipulates the contract code to continuously mint new tokens beyond the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite minting attacks highlights the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.
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.
