1. People familiar with the matter: Cryptocurrency industry executives plan to meet with White House advisers next week

Cryptocurrency industry executives plan to meet with White House aides and Rep. Ro Khanna next week to discuss concerns about digital assets and propose policy changes for the next administration, Bloomberg reported, citing people familiar with the matter.

Outgoing White House senior adviser Anita Dunn, national economic adviser Lael Brainard and deputy chief of staff Bruce Reed are expected to attend, according to the person, who spoke on condition of anonymity because the meeting is private.

It would be at least the second recent meeting between the cryptocurrency industry and White House officials, following a roundtable in July that featured executives from companies including Ripple and Coinbase Global Inc., as well as Dunn and Khanna, a California Democrat.

2. Genesis begins distributing $4 billion in compensation to creditors

According to The Block, Genesis Global, a cryptocurrency lender that filed for bankruptcy in January 2023, announced that it had completed its restructuring process on Friday and has begun distributing approximately $4 billion worth of digital assets and U.S. dollars to repay creditors.

When it filed for bankruptcy last year, Genesis disclosed that it had more than 100,000 creditors and liabilities of up to $10 billion. The company owed about $3 billion to its top 50 creditors, which include cryptocurrency exchange platform Gemini, asset manager VanEck and trading firm Cumberland.

On average, Genesis creditors will receive 64% of their repayments in physical cryptocurrency, with slight variations for each currency. Bitcoin creditors will receive 51.28% of their Bitcoin, Ethereum and Solana creditors will receive 65.87% of their Ethereum and 29.58% of their Sol, respectively, while creditors in stablecoins or USD will receive 100% of their missing funds.

3. Paradigm appoints former Instagram and Facebook exec David Swain as chief marketing officer

According to TheBlock, cryptocurrency venture capital firm Paradigm appointed former Instagram and Facebook executive David Swain as chief marketing officer (CMO). The appointment took place shortly after Paradigm raised $850 million for its third fund in June this year. According to his LinkedIn profile, Swain served as global communications director at Instagram and senior technical communications director at Facebook.

4. On August 2, the total net outflow of US Bitcoin spot ETFs was about US$237 million

According to SoSoValue data, the total net outflow of U.S. Bitcoin spot ETFs was approximately US$237 million yesterday (August 2, Eastern Time).

The Grayscale ETF GBTC had a single-day net outflow of 45.95 million US dollars; the BlackRock ETF IBIT had a single-day net inflow of approximately 42.81 million US dollars; the Fidelity ETF FBTC had a net outflow of 100 million US dollars; the 21Shares ETF ARKB had a net outflow of 87.68 million US dollars; the Bitwise ETF BITB had a single-day net outflow of 29.38 million US dollars; the Grayscale ETF BTC had a single-day net inflow of approximately 9.88 million US dollars; the Invesco Galaxy ETF BTCO had a single-day inflow and outflow of 0; the VanEck ETF HODL had a single-day net outflow of 23.05 million US dollars; the Valkyrie ETF BRRR had a single-day inflow and outflow of 0; the Franklin ETF EZBC had a single-day inflow and outflow of 0; the WisdomTree ETF BTCW had a single-day inflow and outflow of 0.

5. On August 2, the total net outflow of the US Ethereum spot ETF was about 54.27 million US dollars

According to SoSoValue data, the total net outflow of Ethereum spot ETFs yesterday (August 2, Eastern Time) was approximately US$54.27 million.

The BlackRock ETF ETHA had a single-day inflow and outflow of 0; the Grayscale ETF ETHE had a single-day net outflow of US$61.43 million; the Grayscale ETF ETH had a single-day inflow and outflow of 0; the Bitwise ETF ETHW had a single-day inflow and outflow of 0; the Fidelity ETF FETH had a single-day net inflow of US$6.02 million; the VanEck ETF ETHV had a single-day inflow and outflow of 0; the Franklin ETF EZET had a single-day net inflow of US$1.14 million; the 21Shares ETF CETH had a single-day inflow and outflow of 0; and the Invesco ETF QETH had a single-day inflow and outflow of 0.

6. ZKX investors and market makers: We were surprised by the project shutdown and did not receive any advance notice

According to The Block, investors and market makers related to the recently announced closure of the decentralized exchange ZKX said they were surprised by the closure announcement of ZKX and did not receive any advance news.

Ye Su, founding partner of ArkStream Capital, said, “When ZKX shut down, as an investor, we received no prompt. The team claimed that they were out of money, refused to provide any financial or expenditure details, and was unwilling to communicate with us.” In addition, Amber Group, which claims to be an investor and market maker in ZKX, said that after receiving half of the initial loan of 2 million tokens and purchasing 2 million tokens, it holds 3 million ZKX tokens as part of the market making business since the token generation event. Amber Group wrote, “Due to the lack of organic buying interest at launch and our commitment to providing stable liquidity, we have been net buying ZKX tokens since listing, even when the price of ZKX has fallen. This practice is consistent with our support for the project and its community commitment, ensuring a stable market environment, and it is even possible that we cover our own expenses.”

7. The US Bitcoin Strategic Reserve Act has been formally submitted to Congress

The United States Bitcoin Strategic Reserve Act, proposed by U.S. Senator Cynthia Lummis, has now been formally submitted to Congress and submitted to the Senate Banking, Housing and Urban Affairs Committee for review. The bill aims to "establish strategic bitcoin reserves and other programs to ensure transparent management of the federal government's bitcoin holdings, use certain resources of the Federal Reserve System to offset costs, and other purposes." The bill needs to be reviewed by the Senate, the House of Representatives, and the President to officially become law.

8. MicroStrategy plans to raise $2 billion by selling shares and use it for general corporate purposes such as purchasing Bitcoin

MicroStrategy's regulatory filing with the U.S. SEC on August 1 showed that it is seeking to sell Class A shares to raise up to $2 billion. The document stated that the funds raised will be used for "general corporate purposes, including the purchase of Bitcoin."

9. Paypal will launch a global hackathon with a prize of 40,000 PYUSD

Paypal announced that it will hold a global hackathon based on Solana for its stablecoin PYUSD in cooperation with blockchain platform Portal, with a total prize of 40,000 PYUSD. This move aims to promote innovation and the adoption of PYUSD on Solana. The hackathon runs from July 31 to September 29 and registration is now open.