Basel Committee approves crypto asset risk disclosure framework and capital standards for banks
The Basel Committee approved amendments to the framework for banks’ crypto asset risk disclosures and capital standards, and agreed to adjust interest rate risk standards in bank books, while consulting third-party risk management principles. The framework will be implemented on January 1, 2026, and aims to enhance information transparency and promote market discipline. The committee also discussed the prudential impact of banks as potential issuers of tokenized deposits and stablecoins, and decided to continue monitoring market developments in this area.
According to Cailian Press, the minutes of the Federal Reserve meeting showed that the vast majority of officials believed that US economic growth was gradually cooling, and most participants believed that the current policy stance was restrictive. The Fed is waiting for "more information" to gain confidence to cut interest rates. Some participants said that policies should be ready to respond to unexpected economic weakness, and several Federal Reserve officials said that if demand weakens, the unemployment rate may rise. The minutes of the Federal Reserve meeting showed that several participants said that if inflation persists at a high level or rises further, interest rates may need to be raised. Participants believe that "further modest progress" has been made toward the committee's 2% inflation target in recent months. Nick Timiraos, the "Federal Reserve mouthpiece," said the minutes suggested that they were unlikely to cut interest rates at their meeting later this month.
White House spokesman denies Biden is considering dropping out of race
According to Jinshi, a White House spokesman denied that Biden was considering withdrawing from the election. A White House spokesman said: The New York Times report on US President Biden is absolutely false.
As reported by Fox Business reporter Eleanor Terrett, former U.S. Attorney General Paul Clement, who represented Loper Bright in the Chevron case in the Supreme Court, has just filed an amicus brief on behalf of the cryptocurrency industry in the appeal case of Custodia Bank (crypto-friendly sorry) against the Federal Reserve. Clement’s amicus brief, filed after his recent success in overturning Chevron’s deference doctrine, raises the question of whether the Federal Reserve violated Article II of the U.S. Constitution by allowing the Fed Chairman to make official decisions. This is a significant challenge for Custodia, as it is seeking court intervention to limit the excessive power of the U.S. central bank (which recently denied Custodia’s request for master account access). “In summary, the district court gave such significant and virtually unfettered discretion to the Federal Reserve Bank Chairman that it raises serious constitutional questions about whether Article II of the Constitution has been violated,” Clement said. Clement essentially questioned the constitutionality of the Federal Reserve’s structure, which makes the case far more significant than just the issue of Custodia Bank.
Bitwise Reveals Plans to Waive Fees for Ethereum Spot ETF in S-1 Update
According to Cointelegraph, in a document submitted to the U.S. Securities and Exchange Commission on July 3, Bitwise amended its S-1 registration statement for the Ethereum spot ETF in advance, including exemption of the sponsorship fees for the first $500 million of trust assets in the first six months. The document did not include a specific launch date for listing and trading on the New York Stock Exchange Arca, but stated that it would be launched "as soon as possible" after the registration effective date.
Earlier today, Bloomberg analyst James Seyffart said that in response to Bitwise's resubmission of the revised Ethereum ETFS-1 form, the Ethereum spot ETF product may be listed later next week or during the week of July 15.
Charles Edwards (@caprioleio), founder of digital asset management company Capriole Investments, posted on the X platform that a chart shows that there has never been such a large-scale movement of Bitcoin on the chain in history, with an amount of US$9 billion, about 10 times the previous peak. This huge transfer came from Mt. Gox, indicating that Mt. Gox's compensation may really begin.
MetaMask developer Consensys acquires crypto security app Wallet Guard
MetaMask developer Consensys has acquired crypto security app Wallet Guard to enhance the security of its non-custodial Web3 wallet. Wallet Guard provides a browser extension that identifies scams and wallet drainers in real time. Consensys plans to integrate Wallet Guard's browser extension and security engine capabilities into MetaMask to protect users' wallets, digital assets, and data from theft, scams, and fraud. The acquisition was not disclosed for the transaction amount. The Wallet Guard team will join Consensys and work in the MetaMask product security department. MetaMask currently has more than 30 million monthly active users.
An account that looks like the famous actress Fan Bingbing (@realBingbingFan) announced on the X platform that her personal comic IP project was officially launched today. She will work with Japanese cartoonists, the official Web3 social platform Gloox, and friends on Twitter. The story takes place in a fantasy world where a magical hourglass can reverse time and restart key points in life. The first episode will feature Fan Bingbing and four characters, including a villain. Fan Bingbing invites everyone to discuss and share ideas on the Gloo platform and explore this wonderful world together.
Web3 Metaverse Developer Playbux Launches AI-Powered L1 Gaming Blockchain with Zero Transaction Fees
Web3 metaverse developer Playbux announced the launch of a zero-fee AI-driven Layer-1 gaming blockchain, according to CoinDesk. Playbux was originally built on the BNB chain. The team said: "Playbux is expanding to an AI-driven zero-fee L1 blockchain to expand its leading position in the gaming industry, breaking through the barriers of high transaction fees and insufficient product optimization, lowering barriers to entry, and promoting a more active community. The launch of L1 will enable Playbux to compete in the fast and free Web2 field, while using its AI engine to improve user experience and services."
Bitttensor proposes to destroy 10% of TAO token supply to stabilize the token price
The OpenTensor Foundation (OTF) has opened voting for a proposal to destroy 10% of the BitTensor (TAO) supply in an effort to stabilize the token price in response to a recent bug that led to token losses.
In addition, regarding the root cause of the attack, the OpenTensor Foundation stated that the attack was traced back to PyPi package manager version 6.12.2, in which a malicious package was uploaded, compromising user security. The malicious package disguised as a legitimate Bitttensor package, contains code for stealing unencrypted cold private key details. When a user downloads this package and decrypts their cold private key, the decrypted bytecode is sent to a remote server controlled by the attacker. Regarding mitigation measures, the OTF team has removed the malicious 6.12.2 version package from the PyPi package manager library, and is conducting a detailed review of the Subtensor and Bittensor codes on Github to ensure that there are no other attack vectors. No other vulnerabilities have been found so far. The code base will continue to be thoroughly reviewed and evaluated, and all other possible attack vectors will be fully evaluated. The code base will continue to be thoroughly reviewed and evaluated, and all other possible attack vectors will be fully evaluated. OTF pointed out that the attack did not affect the blockchain or Subtensor code, and the underlying Bitttensor protocol remains intact and secure. After the code review is completed, Opentensor will gradually resume the normal operation of the Bitttensor blockchain, allowing transactions to flow again.
Earlier yesterday, according to ZachXBT monitoring, 32,000 TAOs worth $8 million were stolen from a certain address in the Bittensor security incident.
Aptos Labs Launches Self-custodial Wallet “Aptos Connect”
Aptos Labs announced on the X platform that it has launched a web-based cross-platform self-hosted wallet "Aptos Connect", which allows users to create an account with one click through the familiar Web2 login, without the need for private keys or seed phrase, and without the need for wallet applications or extensions.
DWF Labs launches $20 million crypto-native fund Cloudbreak, targeting high-quality Chinese projects
DWF Labs announced on the X platform that it has launched Cloudbreak, a $20 million crypto-native fund dedicated to providing funding and international strategic resource support for innovative and competitive high-quality Chinese projects. Projects such as GameFi, SocialFi, Meme, AI, derivatives, or L1/L2 infrastructure are eligible to register.
Galxe’s GAL tokens will be migrated to G tokens, and the migration portal will open on July 9
Web3 infrastructure and digital credential network Galxe said on X Platform that Galxe (GAL) tokens will migrate to Gravity (G) to unify and optimize the experience across the two ecosystems. G is the native token of Gravity and the utility token of the Gravity and Galxe ecosystems. G drives transactions as a gas token and will soon be used to secure the network through staking. As the main utility token across both ecosystems, G drives governance decisions, incentivizes growth, and facilitates payments. The G token will be the native token of the Gravity Alpha mainnet and exist as an ERC20 token on Ethereum, BNB Chain, and Base. The initial total supply is 12,000,000,000. After the on-chain migration is completed, users' existing GAL tokens will be destroyed and new G tokens will be sent to their wallets at a ratio of 1:60. The migration portal will be open to all users on July 9, 2024 and will remain online for at least one year to ensure that GAL holders have enough time to complete this process.
Bitcoin scaling protocol QED has received $6 million in seed funding from Blockchain Capital
According to The Block, the Bitcoin scaling protocol QED has completed a $6 million seed round of financing exclusively invested by Blockchain Capital, bringing its valuation to "nine figures" (at least $100 million). QED uses zero-knowledge proof technology and Taproot upgrades to process more than 150,000 transactions per second, with the goal of building applications such as decentralized exchanges and DeFi. The testnet is expected to be launched within 3-4 months, and the mainnet and native tokens will be released after the community reaches a consensus. QED is headquartered in Hong Kong and plans to open its first office in Texas, USA. This seed round of financing brings QED's total financing to $10.6 million. Previously, the company had received $3.25 million in pre-seed financing from companies such as Arrington Capital, StarkWare, and Draper Dragon, and $1.35 million in angel round financing from companies such as Sparkle Ventures backed by Animoca Brands.
According to on-chain analyst Ember, a Uniswap team/investor/advisor address transferred 2.359 million UNI (about $20.2 million) to Coinbase Prime 6 hours ago. This address received an allocation of 9 million UNI from Uniswap's team/investor/advisor token distribution address in September 2020. After transferring out 2.359 million UNI today, it still holds 6.64 million UNI ($56.77 million).
Bitcoin falls below $59,000, Ethereum falls below $3,200
According to the OKX market data, Bitcoin fell below $59,000 and is currently trading at $58,708, with a daily drop of 2.45%.
In addition, Ethereum fell below $3,200 and is now trading at $3,295.5, down 3.31% on the day.
Grayscale GBTC funds had a net outflow of US$27 million on July 3
According to Farside Investors' monitoring, Grayscale GBTC had a net outflow of US$27 million on July 3, while BITB and EZBC had no outflow or inflow of funds.
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