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[Since 2013, the US SEC has imposed $7.4 billion in fines on the cryptocurrency industry]
According to a study published by Social Capital Markets, the U.S. Securities and Exchange Commission (SEC) has imposed $7.4 billion in fines on the cryptocurrency industry since 2013.
The report states that with Terraform Labs agreeing to pay $4.47 billion earlier this year, the total fines for 2024 have surpassed previous years at $4.7 billion. However, the report also states that the total number of fines issued has dropped to 11 from 30 last year, when the SEC fined the crypto industry a total of $150 million.
“The overall increase in fines suggests a strategic shift toward fewer, higher-impact cases,” Social Capital Markets said in its report. “This change underscores the need for cryptocurrency companies to prioritize regulatory compliance as the financial risks associated with noncompliance have escalated.”
[Data: Ethereum stablecoin transaction volume reaches a record high of $1.46 trillion]
Data from The Block shows that Ethereum's on-chain stablecoin transaction volume has reached an all-time high of US$1.46 trillion, more than doubling the US$650 billion at the beginning of the year.
Among them, decentralized stablecoin DAI leads with a transaction volume of $960 billion. However, after data cleaning and filtering, DAI's transaction volume lags behind USDT and USDC, indicating that there may be false transactions and large transfers.
The report said that the growth in the use of stablecoins is more likely to indicate that the ecosystem is maturing. The higher the stablecoin trading volume, the deeper the liquidity pool, the less slippage, and the higher the overall market efficiency.
[Former Alameda CEO Caroline Ellison will be sentenced in a New York court on September 24]
Former Alameda CEO Caroline Ellison will be sentenced in a New York court on September 24. Ellison, who is also the ex-girlfriend of former FTX CEO Sam Bankman-Fried , pleaded guilty in December 2022 after the cryptocurrency exchange collapsed and caused consumers to lose billions of dollars.
Ellison faces two counts of conspiracy to commit wire fraud, two counts of actual wire fraud and one count of conspiracy to commit money laundering. The charges carry a maximum sentence of 110 years in prison, but her sentence could be reduced because of her cooperation with prosecutors.
Paypal and Venmo integrate Ethereum Name Service ( ENS ) for crypto payments
Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their payment platforms, ENS Labs announced on Tuesday. ENS is a decentralized naming system built on the Ethereum blockchain that provides human-readable names for crypto addresses.
Now, users of Paypal and Venmo can directly enter the recipient’s ENS name in the search bar when sending cryptocurrencies, and the payment platform will automatically identify the wallet address associated with ENS. According to the press release, the feature will be available to users in the United States first.
ENS Labs said the new feature will reduce the risk of errors in crypto transactions on Paypal and Venmo and make it easier for users to manage their wallet addresses. Before the integration, crypto transactions on the two platforms required users to type, paste or scan a QR code from an external wallet to transfer funds.
[Reuters poll: Most economists expect the Fed to cut interest rates by 25 basis points in September and twice more this year]
A Reuters survey showed that most economists surveyed believed the Federal Reserve would cut interest rates by 25 basis points at each of the remaining three policy meetings in 2024, and only nine of 101 economists expected the Fed to cut interest rates by 50 basis points next week.
"The jobs report, while weak, was not catastrophic," said Stephen Stanley, chief U.S. economist at Santander. "Neither Williams nor Waller on Friday provided clear guidance on the pressing question of a 25 basis point versus a 50 basis point cut on September 18, but both offered relatively benign assessments of the economy that, in my view, point strongly toward a 25 basis point cut."
Sixty-five of 95 economists polled said the Fed will cut rates twice more this year by 25 basis points each in November and December after next week's meeting, compared with 55 of 101 economists polled last month.
【 tZERO obtains digital asset custody approval, becoming the second company to receive approval from US regulators】
Fintech company tZERO Group Inc. said it has received approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority to become a special purpose broker-dealer for “custody of digital asset securities,” the second company to receive that license.
Digital asset company Prometheum received similar approval from the SEC last year and later received approval from FINRA to provide digital asset securities clearing and settlement services through its special purpose broker-dealer license.
[ State Street Bank 's investment management company launches three digital assets and disruptive technology ETFs]
According to businesswire, State Street Global Advisors, the asset management business of State Street Bank Group, today announced the launch of three actively managed digital assets and disruptive technology-focused ETFs, with advisory services provided by Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd. and one of the world's largest digital asset and blockchain investment managers.
The SPDR Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR® Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and the SPDR® Galaxy Transformative Technology Accelerator ETF (TEKX) seek to capitalize on market inefficiencies and developments in the rapidly changing digital environment through actively managed exposure to digital assets.
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