1. More than 95% of creditors voted in favor of FTX's restructuring plan
FTX and its creditors said the reorganization plan filed with the U.S. District Court for the District of Delaware has received overwhelming support from creditors, with more than 95% of creditors voting in favor of the plan, accounting for 99% of the value of the voted claims.
2. Latin American e-commerce giant Mercado Libre launches a stablecoin pegged to the US dollar
According to CoinDesk, Mercado Pago, the digital banking division of Latin American e-commerce giant Mercado Libre, said it would launch a stablecoin pegged to the US dollar. The company said the product "aims to provide a practical and stable option for financial management." Latin American cryptocurrency company Ripio will serve as a market maker for Mercado Pago transactions. Ripio has worked with Mercado Pago to develop Mercado Coin.
3. Binance will recruit 1,000 people this year, with compliance positions accounting for the majority
According to Bloomberg, Binance will hire 1,000 people this year, most of whom are designated for compliance positions, as the cryptocurrency exchange's annual expenses to meet regulatory requirements (including U.S. regulations under the plea agreement) exceed $200 million.
4. OpenSecrets: Nearly half of corporate political donations in the 2024 election cycle came from cryptocurrency companies
According to CoinDesk, based on data provided by government transparency organization OpenSecrets, 48% of corporate election spending so far has come from cryptocurrency companies such as Ripple and Coinbase, accounting for $119 million of the $248 million total. The vast majority of these donations went to pro-cryptocurrency super political action committees (PACs) such as Fairshake. Fairshake is a nonpartisan super PAC dedicated to getting crypto-friendly candidates elected from both parties and suppressing the campaigns of crypto-skeptics.
5. Singapore's DBS Bank launches blockchain solution to simplify government subsidy payment process
Singapore’s DBS Bank has launched a solution that uses blockchain technology to streamline government subsidy payments, Cointelegraph reported.
During the pilot, the Singapore Fintech Association (SFA) distributed government grants to 27 of its members. DBS said its pilot project demonstrated how programmable subsidies based on blockchain can improve efficiency, strengthen governance, and enable companies to access government subsidies faster.
6. South Korean court: Virtual assets held by Bithumb should not be considered inventory assets
According to South Korean media Naver, cryptocurrency exchange Bithumb won the second instance of a 130 million won (about 97,000 US dollars) corporate tax lawsuit. On August 20, the Seoul High Court overturned the first-instance verdict and ruled that Bithumb won. The case originated in 2019, when the tax authorities levied 180 million won (about 134,000 US dollars) in corporate taxes on Bithumb because it changed the valuation method of virtual assets. It was later reduced to about 130 million won.
The second-instance court held that there were no clear accounting regulations at the time, and that Bithumb’s choice of the “grand average method” to value virtual assets was legal, and that the virtual assets it held should not be considered inventory assets, so there was no need to declare a change in the valuation method.
7. SOS, a US listed blockchain solution provider, faces the risk of delisting
According to Cointelegraph, the New York Stock Exchange sent a non-compliance letter to SOS, a listed blockchain solution provider, after the trading price of SOS American Depositary Shares (ADS) fell below $1 for 30 consecutive trading days. The law requires SOS to restore its share price and average share price to more than $1 within six months, otherwise it will face the risk of being suspended and delisted by the New York Stock Exchange.
8. State Street Bank partners with Swiss cryptocurrency service provider Taurus to advance its entry into the cryptocurrency field
According to Crypto Valley Journal, State Street Corporation has established a partnership with Swiss crypto service provider Taurus. In this partnership, State Street will use Taurus' fully integrated custody, tokenization and node management solutions. It will also automate the issuance and management of digital assets, including digital securities and fund management tools, in accordance with institutional standards. At the same time, it will enable State Street to further expand its capabilities in the cryptocurrency field and provide customers with comprehensive blockchain services.
9. Cui Song, CEO of OSL: Holding a license is not only legal and compliant, but also protects investors.
Mr. Cui Song, CEO of OSL, expressed his views on the "9 entities included in the suspicious virtual asset platform warning list" mentioned in the "Quarterly Report" for the second quarter of 2024 released by the Hong Kong Securities Regulatory Commission today. "At OSL, we have always They are all actively advocating for greater regulation. Having a license is not just about complying with regulations, but also about ensuring the highest security standards and investor protection. This is a reminder to the entire industry that we are committed to formalizing the digital asset market. It is a clear message to investors, if you want to trade with peace of mind, please choose a licensed and regulated platform.”
10. Insider: Hong Kong Securities Regulatory Commission found that 11 virtual asset platforms have insufficient supervision
According to Bloomberg, citing people familiar with the matter, the Hong Kong Securities and Futures Commission found insufficient supervision after conducting on-site inspections of the offices of virtual asset trading platforms.
People familiar with the matter said that some cryptocurrency companies rely too much on a few senior executives to oversee the custody of customer assets, while other companies have not taken appropriate measures to prevent cybercrime risks. It is not clear which companies have failed to meet the requirements of the CSRC.
The on-site inspection is still ongoing. A spokesperson for the Hong Kong Securities and Futures Commission said that it would not comment on specific cases, but the inspection is to determine whether the applicant complies with its requirements, with particular attention paid to the applicant's protection of customer assets and KYC procedures. For platforms that are unable to correct the serious defects found in the on-site inspection, the Hong Kong Securities and Futures Commission may choose to cancel their deemed licensed status or reject their license applications.
11. Franklin Templeton expands its on-chain money market fund to Avalanche
Franklin Templeton is expanding its on-chain money market fund FOBXX to Avalanche, The Block reported.
FOBXX’s token, BENJI, is accessible through Franklin Templeton’s proprietary investment app and is currently traded on the Stellar and Polygon chains.
Roger Bayston, Head of Digital Assets at Franklin Templeton, said, “Bringing the Benji platform to the Avalanche network further expands access to our first tokenized money market fund. We look forward to working with Avalanche’s vibrant developer community to bring new blockchain innovations to market.”
12.PayPal announced a partnership with cryptocurrency bank Anchorage Digital to provide stablecoin rewards
According to Fortune Crypto, PayPal announced a partnership with the US cryptocurrency bank Anchorage Digital to provide stablecoin rewards to Anchorage Digital's qualified investor user base who hold PYUSD in its US bank, Singapore subsidiary or through its non-custodial wallet Porto.
Anchorage Digital said PYUSD and the rewards program do not constitute a securities offering and do not fall under the jurisdiction of banking regulators.
