Headlines
▌Trump : The "Trump Project" is about digital real estate
In an interview with the New York Times, Trump said that the "Trump Project" is about digital real estate.
Trump added, "That's fair, it's collateral that anyone can get immediately. I don't know if people realize what a big shock this is to the banking and financial industry, and I hope we can help change that." But the interview did not clarify that, as Trump and his team appear to be keeping the entire statement secret for the time being.
As previously reported, Eric Trump, Trump’s second son and current executive vice president of the Trump Organization, posted on social media, “I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements.”
▌Binance will pay $1.7 million to the Brazilian Securities Commission to end an investigation into its derivatives products
Binance will pay 9.6 million reais (about $1.76 million) to the Brazilian Securities and Exchange Commission (CVM) to end the CVM's investigation into its failure to obtain the necessary licenses to provide derivatives trading services in Brazil.
CVM previously ordered Binance to stop providing derivatives trading services in Brazil in July 2020. Later in August 2023, CVM rejected Binance's proposal for a settlement of 2 million reais (about 370,000 U.S. dollars). CVM stated that Binance brokered and intermediated securities transactions to citizens living in Brazil without obtaining securities broker qualifications and CVM registration or exemption. The settlement amount is much higher than the 2 million reais proposed by Binance a year ago.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $58,745.73, with a daily change of -3.1% ;
The latest transaction price of ETH is 2,662.87 yuan, with a daily change of -1.5% ;
BNB's latest trading price is $523.86, with a daily change of +0.0% ;
SOL's latest trading price is $143.90, with a daily change of -2.0% ;
DOGE's latest transaction price is 0.1025 yuan, with a daily change of -3.6% ;
XPR's most recent trading price was $0.5686, with a daily change of -1.4% .
policy
▌ Circle CEO: Harris campaign is actively engaging with the crypto industry to deepen its understanding of the industry
Circle CEO Jeremy Allaire expressed optimism about rumors that Kamala Harris would shift to a more favorable stance toward cryptocurrencies. Allaire said Harris' presidential campaign is actively working with the crypto industry to "work together" to deepen understanding of crypto-related policies in preparation for the 2024 U.S. election.
In the interview, Allaire also shared his thoughts on a virtual roundtable he held on August 8 with White House officials, Harris campaign representatives, U.S. lawmakers, and industry leaders. Allaire said the event highlighted the bipartisan nature of the issue and its importance to voters. Allaire added that the industry is looking for clarity on Harris' economic policy intentions and her stance on cryptocurrencies.
▌US SEC: 26 companies will pay more than $390 million in fines for record-keeping errors
According to the U.S. Securities and Exchange Commission (SEC), 26 companies including RBC Capital, Raymond James and TD Securities will pay more than $390 million in fines for record-keeping lapses.
▌ Fireblocks obtains New York State cryptocurrency custody license
Web3 infrastructure provider Fireblocks announced that it has obtained a New York State cryptocurrency custody license to custody cryptocurrencies for US customers.
“As of this month, Fireblocks Trust Company, LLC has received a limited purpose trust company charter to engage in the virtual currency business and will soon begin offering cold custody solutions powered by Fireblocks technology to U.S. customers,” Fireblocks said in a statement.
Fireblocks joins a growing list of institutional cryptocurrency firms authorized by the New York Department of Financial Services to custody assets, including Coinbase Custody Trust, Fidelity Digital Asset Services and PayPal Digital, according to the New York Department of Financial Services.
Blockchain Applications
Fidelity Digital Asset Management is researching on-chain treasuries and credit, as well as stablecoins
Cynthia Lo Bessette, head of Fidelity Digital Asset Management, does not believe there is enough demand for alternative cryptocurrency ETFs. Bessette added that an Ethereum-collateralized ETF may be a matter of when, not if. Fidelity’s digital asset management division is also looking into tokenization, including stablecoins in addition to on-chain treasuries and credit.
▌Sling Money, a stablecoin payment app, completes $15 million Series A funding
Stablecoin payment app Sling Money has completed a $15 million Series A financing round led by Union Square Ventures, Ribbit Capital and Slow Ventures. Sling Money previously raised a $5 million seed round led by Ribbit Capital and participated by Slow Ventures.
Sling Money combines stablecoin technology with a user-friendly interface and seamlessly integrates with fiat payment systems to enable better and cheaper global money transfers.
Cryptocurrency
▌Analysis : The US government transferred nearly $600 million of Silk Road Bitcoin just for custody
The U.S. government on Wednesday transferred 10,000 of Silk Road-linked seized Bitcoin (BTC) to the exchange giant’s institutional platform, Coinbase Prime, according to blockchain data from Arkham Intelligence.
Analysts said deposits to exchanges typically indicate an intent to sell assets, but in this case the transfer was likely for custody reasons, as the U.S. Marshals Service, an agency under the U.S. Department of Justice, announced a partnership with Coinbase Prime last month to “safeguard and trade” large digital assets.
According to court documents, the government’s last confirmed sale of Silk Road assets was in March 2023, when 9,861 tokens were sold for $216 million. The government listed plans in the documents to sell the remaining assets in four tranches that year, but there have been no subsequent contracts for sales since then.
▌Financialization trend of Bitcoin computing power market emerges
Bitcoin computing power is becoming an emerging investment commodity, attracting the attention of the capital market. KPMG experts pointed out that the financialization of computing power provides investors with a new way to participate in Bitcoin mining and provides a tool to hedge against price fluctuations through the derivatives market. Despite regulatory challenges, computing power is becoming more important as a tradable asset and is expected to occupy a place in the capital market in the future.
Morgan Stanley is currently one of the top five holders of BlackRock’s Bitcoin ETF
Morgan Stanley said in a filing with the U.S. Securities and Exchange Commission (SEC) that as of June 30, it held 5.5 million shares of BlackRock's spot Bitcoin ETF, and Morgan Stanley is currently one of the top five holders of BlackRock's Bitcoin ETF. Morgan Stanley disclosed that it holds $187 million in Bitcoin ETFs.
NYSE Arca withdraws request to list commodity trust and cryptocurrency ETF options
The New York Stock Exchange’s (NYSE) Arca electronic exchange has withdrawn a rule change it proposed in January that would have allowed trading in commodity trust options, including cryptocurrency exchange-traded funds (ETFs), according to a filing on Aug. 13.
According to a Jan. 19 filing, the purpose of the proposed changes is to “allow options on commodity trust shares to be listed and traded.” It would include options on cryptocurrency ETFs such as Grayscale Bitcoin Trust (GBTC), according to a Feb. 28 letter from Grayscale Investments to the U.S. Securities and Exchange Commission (SEC). The letter stated that the SEC should “update its outdated historical patchwork approach to approving options on ETPs based on spot commodities… including GBTC options on exchanges.”
The withdrawal is the latest in a series of sudden activities related to options listed on spot cryptocurrency ETFs.
Vanguard Group CEO: The company does not plan to launch a cryptocurrency ETF
Vanguard Group CEO Salim Ramji said the company has no plans to launch a cryptocurrency exchange-traded fund (ETF).
Salim Ramji took over as Vanguard CEO last month after a decade in senior leadership roles at BlackRock, where Ramji most recently served as global head of iShares and index investing, responsible for managing the majority of the firm’s client assets and growing the iShares platform.
Important economic developments
▌The probability of the Federal Reserve cutting interest rates by 50 basis points in September is 37%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 63%, and the probability of cutting interest rates by 50 basis points is 37%. The probability of the Fed cutting interest rates by 50 basis points by November is 37.9%, the probability of cutting interest rates by 75 basis points is 47.4%, and the probability of cutting interest rates by 100 basis points is 14.8%.
▌Fed 's Goolsbee: Economic conditions will determine the extent of rate cuts
Fed's Goolsbee said that the policy is "very restrictive" and the economy is not overheating; the rising unemployment rate may indicate a deterioration in the job market; if the job market is weak, more attention will be paid to the employment field; to a certain extent, more attention is being paid to employment as a policy goal; economic conditions will determine the extent of the interest rate cut.
▌The three major U.S. stock indexes closed higher, with popular technology stocks rising and falling
The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 0.61%, the Nasdaq up 0.03%, and the S&P 500 up 0.38%. Popular technology stocks had mixed gains and losses, with Tesla down more than 3%, Google down more than 2%, and Nvidia up more than 1%.
▌Analysis : Housing will become the key driving force for the decline in US inflation
Chief U.S. Economist: We still expect housing to be a key driver of the decline in U.S. inflation for the rest of the year. The Fed is expected to cut interest rates by 50 basis points in September. With unemployment rising - we expect it to reach 4.5% this fall, possibly by October - the Fed will focus more and more on the employment part of its dual mission.
▌ "Federal Reserve mouthpiece": So far this year, only the core CPI in March was higher than the same period last year
Nick Timiraos, the "Fed mouthpiece", analyzes U.S. inflation: Questions about remaining seasonality remain. Some say the mild trend in the second half of 2023 is an outlier and inflation has not yet been contained. Others say the hot data in the first quarter of 2024 is an outlier, interrupting a series of readings close to the inflation target that began last summer. Inflation has been close to pre-pandemic levels since April. So far this year, core inflation has been lower than the same period last year in every month except March.
Golden Encyclopedia
What is Zero-Knowledge Proof ?
Zero-knowledge proof (ZKP) is a cryptographic method that allows multiple parties to verify the authenticity of a statement without revealing information other than the statement itself. Many blockchains utilize ZKP to improve the security of interactions involving sensitive data. As a result, participants in a blockchain with ZKP can interact with greater confidence because private information is less likely to be leaked or exploited by malicious actors.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
