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[ Coinbase calls on SEC to reconsider rules on decentralized exchanges]
Coinbase Chief Legal Officer Paul Grewal said in a letter Monday that the U.S. Securities and Exchange Commission should withdraw its rule proposal that would bring decentralized exchanges under the agency’s purview and start over.
The rule, first proposed in January 2022 and reopened for comment in April, expands the definition of an exchange to include decentralized exchanges. The rule could eventually require decentralized projects to register with the agency as alternative trading systems.
In his letter to the SEC on Monday, Grewal said the commission “unreasonably assumes” that decentralized exchanges can comply with regulations in the same way as more traditional exchanges.
“Among other issues, DEXs cannot comply with the registration and disclosure requirements designed for traditional financial exchanges managed by centralized firms,” Grewal said. “Even if a DEX could somehow comply with existing registration and disclosure rules, the Commission has not explained how a DEX registered with the SEC could facilitate digital asset trading.”
The SEC has charged companies including Coinbase with operating as unregistered exchanges and last year issued a Wells Notice to Uniswap Labs, the developer of decentralized exchange Uniswap.
[The US SEC sent a letter to venture capital funds such as a16z and USV regarding Uniswap issues]
According to market news, the US SEC sent letters to venture capital funds such as a16z and Union Square Ventures regarding Uniswap issues. The US SEC issued a wells notice warning to Uniswap Labs in April this year, and may take enforcement action.
[Data: DeFi's market capitalization has dropped to its lowest level in three years]
Data from The Block shows that DeFi dominance, which measures the percentage of DeFi market capitalization as a percentage of global cryptocurrency market capitalization, has fallen to its lowest level in three years, from 3.82% on Monday to a low of 2.84% on Friday. This is the lowest point of the index since early January 2021, just before the sharp appreciation before the "Summer of DeFi" in 2021.
Since September 2022, when DeFi dominance was around 4.8%, this figure has been gradually trending downward, with occasional small rebounds. By early 2024, this proportion had dropped to 4.47%.
[Goldman Sachs technical experts predict that there will be a window for buying low in US stocks at the end of the month]
Goldman Sachs Group technical expert Scott Rubner pointed out that as the selling pressure from systematic funds eased and listed companies increased stock buybacks, investors would usher in a short window of bargain hunting for U.S. stocks at the end of August. Rubner said that this was his last bearish stock market in August because the most serious stock market supply and demand mismatch in August was about to end, after which he would turn tactically bullish on the stock market on August 30.
Previously, Rubner had recommended at the end of June to reduce exposure to the U.S. stock market after July 4. As expected, the index has fallen about 6% since closing at a record high on July 16. Rubner also reminded investors that after reaching a certain point in September, the outlook for the stock market will deteriorate, and the market will not show a clear trend line upward in the fourth quarter and before the U.S. election in November.
[The U.S. SEC accuses NovaTech and its principals and promoters of $650 million in cryptocurrency fraud]
The U.S. Securities and Exchange Commission (SEC) today announced charges against Cynthia and Eddy Petion and their company, NovaTech Ltd., for operating a fraudulent scheme that raised more than $650 million in crypto assets from more than 200,000 investors around the world, including many Haitian Americans. The SEC also charged Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley with marketing NovaTech to investors.
According to the SEC’s complaint, the Petions operated NovaTech as a multi-level marketing (MLM) and crypto asset investment scheme from 2019 to 2023. They attracted investors by claiming that NovaTech would invest their funds in crypto assets and the foreign exchange market.
[Analyst: Despite a brief rebound, the cryptocurrency market may still fall further]
YouHodler risk manager Sergei Gorev said that a "death cross" has formed between the 50-day and 200-day moving averages, two important moving averages, indicating that the cryptocurrency market may fall further despite a brief rebound.
Valentin Fournier, an analyst at BRN, said: “The decline in Bitcoin open interest outstripped the depreciation of the coin’s price, suggesting that investor confidence and interest have declined as volatility remains high. Trading volumes are also lower than most weekends, suggesting that minor sell-offs are not backed by strong bear action.”
Fournier noted that the market is likely to remain volatile in August and September, with Bitcoin prices likely to fluctuate between $49,000 and $69,000.
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