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[Informed sources: The US SEC has issued subpoenas to at least three cryptocurrency venture capital companies this year]
The U.S. Securities and Exchange Commission has subpoenaed at least three crypto venture capital firms this year, according to DL News, citing people familiar with the matter. The source said at least two other crypto VCs received essentially the same document requests. It is reported that the documents asked whether the cryptocurrency venture capital firms had contracts requiring investors to sign any token transactions.
Sources said that the SEC is interested in whether these qualified investors are issuing unregistered securities to the broader retail market on behalf of token issuers and whether there have been any violations of federal securities laws. In July this year, Paul, an executive at BlockTower Capital, said in a podcast that the SEC's investigation was because it suspected that crypto VCs might have acted as marketers of tokens.
Elisha Kobre, an attorney specializing in securities and commodities fraud at the law firm Bradley Arant Boult Cummings, said the SEC’s scrutiny of venture capital firms is reasonable: “This is a natural additional enforcement area for the SEC to consider.”
[US SEC postpones decision on Hashdex Nasdaq cryptocurrency index ETF]
According to a regulatory filing on August 9, the U.S. SEC has postponed its decision on the Hashdex Nasdaq Cryptocurrency Index ETF.
It is reported that if approved, the Hashdex Nasdaq Crypto Index ETF will become the first diversified spot cryptocurrency ETF in the U.S. market. It will also become the first U.S. ETF to hold alternative cryptocurrencies or "Altcoin."
According to the ETF’s registration document, the ETF is designed to track the Nasdaq Crypto US Index (NCIUS), which represents a diversified portfolio of cryptocurrencies weighted by market capitalization. Holdings range from core digital assets Bitcoin and Ethereum to Altcoin such as Chainlink and Uniswap .
[Data: The net outflow of BTC from exchanges in the past week reached $1.7 billion, the highest level in more than a year]
According to IntoTheBlock data, the net outflow of BTC from exchanges in the past week was as high as $1.7 billion, the highest level in more than a year. Analysis pointed out that this shows that large whales are accumulating Bitcoin during the recent downturn.
[The IRS releases a new draft of the crypto tax form and seeks public comments]
The U.S. Internal Revenue Service (IRS) has released an updated draft version of the tax form 1099-DA used by cryptocurrency brokers and investors to report certain trading gains, inviting industry participation in the discussion. The public has 30 days to provide the IRS with comments on the proposed 1099-DA.
IRS officials said the encrypted 1099 forms will “bring more convenience and clarity” to those paying U.S. crypto taxes.
The newly released updated version of 1099-DA is reportedly more streamlined than the first draft of the tax return proposed by the IRS in April. The items for investors to fill in wallet addresses and transaction IDs have been deleted (which caused privacy-related controversy when the form was first released). In addition, the form no longer requires the time of the relevant transaction to be filled in, only the date. Drew Hinkes, a partner at K&L Gates law firm in Miami and a cryptocurrency lawyer, wrote on X that the updated form "has been greatly improved, reduced the burden, and requires much less data reporting."
[Data: The supply of USDT and USDC increased by nearly $3 billion in one week]
On-chain data platform Lookonchain noted that the supply of two major stablecoins, Tether (USDT) and Circle (USDC), increased by nearly $3 billion in a week, indicating that investors rushed to buy cryptocurrencies at lower prices after Monday's plunge.
Lookonchain noted that Tether has transferred $1.3 billion worth of USDT to exchanges and market makers since Monday. With the latest issuance, USDT's market value climbed to over $115 billion, a new high. The market value of the second-largest stablecoin, USDC, also increased by about $1.6 billion this week to $34.5 billion, the highest level since March 2023.
[Data: Ethereum L2 transaction volume hits a record high, with an average of 318 transactions per second]
Data from L2Beat shows that Ethereum L2 transaction volume hit an all-time high on August 7, averaging 318 transactions per second, driven by the growth of networks such as Xai , Base and Proof of Play . The Ethereum scaling solution now handles 24 times the transaction volume of the base Ethereum chain.
Additionally, L2 solutions including Base, Arbitrum , Blast , Optimism , and Mantle together account for $11.7 billion of native TVL, or $36.7 billion if bridge deposits are included.
Author: BitpushNews Mary Liu
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