Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
▌The US FBI "neither confirms nor denies" the records related to Satoshi Nakamoto
Investigative journalist Dave Troy claims the FBI has issued a "Glomar response" to its Freedom of Information Act (FOIA) request for information about Bitcoin creator Satoshi Nakamoto, which "neither confirms nor denies" whether relevant records exist. Troy said the FBI's response suggests that Nakamoto is a "third party individual." He plans to appeal the request to try to obtain any information the FBI may have about Nakamoto. Nakamoto's true identity has been a mystery since the release of the Bitcoin white paper in 2008. Although some have speculated that early Bitcoin contributor Hal Finney may be Satoshi, there is no solid evidence to date. A similar FOIA request received the same response in 2018, showing that the FBI and CIA are cautious about keeping records of Bitcoin's founder.
▌Trump : If he loses the November election, he will flee to Venezuela
In an interview with Tesla CEO Elon Musk, Republican presidential candidate Donald Trump said they might have to "meet in Venezuela" if he loses the November election. "If something terrible happens in this election, then our next meeting will be in Venezuela because that will be a much safer place to meet than our country," Trump told Musk. Trump has long claimed that Venezuela is releasing violent criminals from its prisons and sending them to the United States as illegal immigrants, thereby reducing crime in his own country.
▌Wall Street Journal: Musk's team proposed to mobilize 800,000 swing state voters to vote for Trump
On August 12, The Wall Street Journal revealed the details of American entrepreneur Musk's support for Trump, saying that Musk's team proposed to mobilize 800,000 voters in swing states to vote for Trump and provide about $160 million (about RMB 1.15 billion) in financial support. According to reports, at weekly meetings, consultants and suppliers of the Super PAC reported to Musk on their latest progress, with the goal of mobilizing 800,000 people in swing states to vote for Trump. According to people familiar with the matter, they proposed a budget of about $160 million (about RMB 1.15 billion) to complete the task, most of which will come from Musk himself, and they also talked about forming a "troop" of more than 6,000 canvassers and other staff.
▌Musk : Willing to play a role in helping cut federal spending in Trump's second term
On Monday evening, local time, former US President Trump had a live conversation with Tesla CEO Elon Musk on the X platform. Musk proposed that he was willing to play a role in helping cut federal spending in Trump's second term, which seemed to indicate that the world's richest man was increasingly integrating himself into American politics. Musk called for the establishment of a government committee to ensure that taxpayers' money was used effectively, and said he was willing to play a role in the process. Musk said, "I would be happy to help on such a committee, and I would be happy if it was established." Trump praised Musk's idea.
▌Elon Musk: US inflation is caused by "printing more money"
Elon Musk posted on the X platform that the reason for inflation in the United States is that it has “printed more money” and that it has spent more money than it has earned. To solve inflation, the US government must reduce wasteful spending.
policy
▌The Central Bank of Russia and the Ministry of Finance discuss the creation of a "Russian Crypto Exchage"
According to Cryptonews on August 16, as Russia continues to turn to crypto assets, ministers in Moscow and the country's central bank are discussing plans to create a "Russian crypto exchage." Russian Finance Minister Anton Siluanov held talks with the central bank on a proposal to "establish a legal cryptocurrency exchange in Russia." Siluanov said the two sides have not yet agreed on a "solution" acceptable to both sides. But he claimed that a breakthrough may be coming and that relevant legislation "may be ready to be submitted to the State Duma at the autumn session." Siluanov pointed out that existing Russian cryptocurrency exchanges are still operating in a "gray area" of regulation, but Russia's recent legislative efforts in cryptocurrency regulation are "significant progress."
▌ Ripple Chief Legal Officer: It is expected that the US SEC may appeal the XRP case
In an interview on Thursday, Stuart Alderoty, Ripple's chief legal officer, discussed the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the final ruling in Ripple's XRP case. "If the SEC is a rational actor, they should get out of this case," Alderoty said. He emphasized the court's conclusion that "there are no victims here, no one has suffered any losses in this case, and there are no allegations of fraud." He stressed that "there is nothing in this case that advances the core mission of the SEC." However, Ripple's chief legal officer expressed doubts about the rationality of securities regulators, pointing out: "But we all know that when it comes to cryptocurrencies, the SEC has proven itself to be not rational." He added: "In our case, the court criticized the SEC for engaging in litigation games and strategies instead of faithfully applying the law."
Coinbase executive: Canada needs to overhaul cryptocurrency regulations
Coinbase Canada Director Lucas Matheson appeared at the Blockchain Futurists Conference on August 13 to discuss the current state of digital asset regulation in Canada and promote the newly expanded Stand With Crypto program. Matheson believes that although Canada's regulatory framework is already robust, the country still needs to modernize crypto regulation. Matheson pointed out that 85% of countries will adopt a comprehensive digital asset regulatory framework in the next year and emphasized the importance of public dialogue in educating government officials on the importance of cryptocurrencies. Coinbase's Canadian director summarized the long-term goals of the Stand With Crypto advocacy: "Frankly, Canada has a lot of work to do in changing the law, and the goal is to change the law in Canada so that we can increase economic freedom and update Canada's financial system." Matheson ended his speech by instructing the audience to sign up to join the advocacy group.
▌The US SEC charges NovaTech and its principal with $650 million cryptocurrency fraud
According to an official announcement, the U.S. Securities and Exchange Commission (SEC) has charged NovaTech and its principals and promoters with a $650 million cryptocurrency fraud.
▌The US SEC sent a letter to venture capital funds such as a16z and USV regarding Uniswap issues
According to market news, the U.S. Securities and Exchange Commission (SEC) sent letters to venture capital funds such as a16z and USV regarding Uniswap issues.
Blockchain Applications
▌Tether CEO predicts that brain-computer interface technology will become a mainstream consumer product in the next 20 years
Tether CEO Paolo Ardoino predicts that brain-computer interface (BCI) technology will become a mainstream consumer product within the next 20 years. This prediction is based on the latest breakthrough of Blackrock Neurotech, which helped an ALS patient regain the ability to speak through a brain implant. Ardoino believes that BCI technology has the potential to provide solutions for patients with paralysis and neurological diseases, and may give rise to "Human Sapiens^3" humans with advanced computing power and AI access. At the same time, he emphasized that this technology must be open, secure, and respect privacy. This development of Tether is part of its EVO strategy to promote the improvement of human capabilities in the future.
Hyperledger 's new lab Zeto launches Ethereum privacy solution
▌ Zeto, a new Hyperledger lab, has launched an open source privacy solution designed to solve privacy issues for enterprises on the Ethereum blockchain. Developed by Kaleido, Zeto uses zero-knowledge proof (ZKP) technology to provide multi-level privacy protection for Ethereum by introducing a Bitcoin-like token design. This includes privacy features from anonymous senders and receivers to hiding transaction amounts and history. The emergence of Zeto responds to institutional interest in the licensed version of Ethereum, especially in projects such as DREX, the Brazilian Central Bank Digital Currency (CBDC) project, where privacy issues have caused project delays. Zeto's unique design is similar to Bitcoin's UTXO model, which is different from Ethereum's traditional ERC-20 token standard, providing higher privacy protection for enterprise users.
▌BitDeer plans to issue $150 million convertible bonds for data center expansion
Bitdeer Technologies Group announced that it plans to publicly issue $150 million in convertible notes, due on August 15, 2029, to expand its data center and develop ASIC-based mining equipment. It is reported that the annual interest rate of these notes will be 8.5%. Bitdeer said that these notes will be the company's priority unsecured debt unless converted, redeemed or repurchased in advance.
▌Gift card giant Raise partners with WalletConnect to launch crypto payment function
Gift card company giant Raise has partnered with WalletConnect to add support for multiple mainstream digital wallets, including MetaMask, Phantom, and Coinbase Wallet. With this integration, users will be able to use ETH, DOT, BTC, and SOL tokens, as well as USDC and USDT stablecoins for in-app payments, and plans to add support for more cryptocurrencies. Founded in 2012, the company has more than 6 million customers and has established direct partnerships with more than 1,000 major retailers. The company has facilitated more than $10 billion in transactions through its consumer applications, exchanges, and B2B businesses. Raise also plans to integrate blockchain more deeply into its technology stack and expand its crypto payment options to 30 countries by the end of this year.
▌ gm.ai launches GM token airdrop query function
gm.ai, the AI project launched by the founder of Whales Market, has launched the GM token airdrop query function. The project invites users who participated in the pre-sale to submit their Solana wallet address to view their personal token allocation.
Cryptocurrency
4,844 MemeCoins have been created on the TRON network since SunPump was launched
According to Lookonchain monitoring, 4,844 Meme coins have been created on the Tron network since the launch of SunPump, bringing in 1.84 million TRX (US$246,600) in revenue.
▌Bernstein : If Trump wins the US election, it will be good for the crypto market, but if Harris wins, it will be bad
Brokerage firm Bernstein said in a recent research report that if Trump wins the US election in November, it will be good for the cryptocurrency market, while Harris' victory will be bad for the market. The report pointed out that Bitcoin has weakened after Polymarket odds and polls turned to support Harris, and it is expected that Bitcoin will remain range-bound before the election becomes clear. Trump has been outspoken about his crypto policy and has reached out to companies in the industry, Bitcoin miners and the wider community. He has also promised to provide favorable support for Bitcoin and crypto innovation in his policies, and even mentioned the possibility of establishing a national Bitcoin reserve.
Coinbase begins offering cryptocurrency services in Hawaii
Cryptocurrency exchange Coinbase has begun offering crypto services in Hawaii, where residents can now buy, sell and manage their cryptocurrencies on Coinbase, in addition to using the exchange to stake assets and conduct international fund transfers.
▌FRIEND held by Huang Licheng has suffered a floating loss of US$15 million
According to Lookonchain monitoring, Huang Licheng is still continuing to purchase FRIEND. His current holdings are worth approximately US$1.5 million, with a total purchase cost of US$16.5 million and a floating loss of US$15 million.
Important economic developments
▌Blackstone: Seeing signs of a slowdown in the U.S. economy, the Fed’s rate cut will “soften the blow”
The U.S. economy has been resilient but is now showing signs of slowing, with weakness in the consumer sector particularly evident, said the chief operating officer of Blackstone Group. With inflation, including in rental housing, falling, the Federal Reserve can help the economy by cutting interest rates. As the economy continues to slow, this gives the Fed room to cut rates in hopes of softening the blow to the economy. Blackstone has particular concerns about the office real estate market, where problems are "more fundamental" than in other real estate markets.
▌Bank of America CEO: The Fed should cut interest rates as soon as possible, as inflation has already fallen
In an interview, Brian Moynihan, CEO of Bank of America, said that as the economy slows and consumers tighten their spending, the Federal Reserve should cut interest rates as soon as possible. Brian Moynihan said: The economy is slowing down, so we have to be careful because we have won in suppressing inflation. The inflation rate has come down. Although it has not fallen to the level that people hope, we must be careful not to try to be too perfect and bring us into a recession. The executive said that analysts at Bank of America do not predict a recession this year. Brian Moynihan added: They tell people that interest rates may not rise, but if they don't start to cut interest rates relatively quickly, it may hit the confidence of American consumers.
▌Former Bank of Japan Director: The Bank of Japan cannot raise interest rates again this year
Makoto Sakurai, former director of the Bank of Japan, said that the Bank of Japan will not be able to raise interest rates again this year, and it is still uncertain whether it will raise interest rates again before March next year.
▌Bostic of the Federal Reserve: Rate cuts are coming, and I hope to see more data
Federal Reserve Chairman Bostic said that the US economy is expected to normalize in the coming months; interest rate cuts are coming and he hopes to see more data; recent inflation data has strengthened his confidence that inflation will return to 2%; if the economy develops as expected, interest rates will be cut before the end of the year; the US is at a turning point where inflation is close to the target; he does not want the labor market to turn from hot to cold; a recession is not within his expectations.
▌Viewpoint : CPI may stimulate the Fed to cut interest rates by 50 basis points in September
Bullish bets in the world's largest bond market re-emerged ahead of July consumer price index data later on Wednesday, meaning traders are bracing for further gains as they expect the data to show price pressures continue to decline. Investors betting on further gains in the Treasury market are watching upcoming U.S. inflation data, hoping it will further validate the Federal Reserve's case for a faster pace of rate cuts. Traders are divided over whether the Fed will cut rates by 25 basis points or 50 basis points in September, with swaps showing markets expecting a 36 basis point cut in September. Overall, they expect the Fed to cut rates by about 1 percentage point over the rest of 2024.
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