Harris' new policy covers "protecting cryptocurrency investments for Black men"
According to KOIN 6 News, U.S. Vice President Kamala Harris announced a policy on Monday that provides more economic opportunities and other development opportunities for Black men, including: 1. Providing $1 million in fully forgivable loans to Black entrepreneurs, up to $20,000 each, for starting businesses. 2. Supporting education, training and mentorship programs to provide high-paying job opportunities for Black men, including pathways to becoming teachers. 3. Protecting cryptocurrency investments to ensure that Black men investing know their funds are secure. 4. Launching a nationwide health initiative focused on diseases that disproportionately impact Black men. 5. Legalizing recreational marijuana and creating opportunities for Black Americans to succeed in this emerging industry.
However, in a speech in Erie, Pennsylvania on Monday evening, Harris did not provide further details on a "regulatory framework" for cryptocurrency.
Bloomberg: China begins taxing overseas investment returns of super-rich
According to Bloomberg, citing informed sources, China has begun taxing the overseas investment returns of domestic super-rich individuals. Some wealthy people in major Chinese cities have been asked to self-assess, or summoned by tax authorities to assess potential tax liabilities, including unpaid taxes from previous years. Mainland investors may be required to pay a 20% tax on investment returns, and face penalties for overdue payments, with the final amount subject to negotiation. The report also noted that mainland China implemented the Common Reporting Standard as early as 2018 to address tax evasion issues, but local regulators have repeatedly pointed out that mainland residents must be taxed on global income, including investment returns. Some of the targeted individuals are those with at least $10 million in overseas assets, as well as those with publicly listed companies in Hong Kong and the U.S.
According to The Block, the Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activity by an anonymous group of customers conducting international cryptocurrency transactions. FinCEN said that over a nine-month period, TD Bank processed over 2,000 transactions for a company called "Customer Group C", which was identified as "allegedly engaged in the sale of financial and real estate services". Customer Group C misrepresented to TD Bank the international wire transfer activities it planned to conduct, claiming annual sales would not exceed $1 million. In reality, Customer Group C allegedly conducted over $1 billion in transactions through TD Bank. Additionally, 90% of Customer Group C's funds came from a UK cryptocurrency exchange, and 60% went to a Colombian financial institution providing digital asset-related services. Customer Group C did not list Colombia as one of the jurisdictions it intended to process with TD Bank and continued to work with "high-risk industries and companies" in the Middle East and elsewhere. Previously, TD Bank became the first bank to be convicted of conspiracy to launder money, agreeing to pay a $30 billion fine.
Sui Foundation: The $400 million SUI seller is not an insider, but may be an infrastructure partner
The Sui Network project stated on X platform that in response to the allegation that "Sui insiders sold $400 million worth of tokens during this price surge period": 1. During this period, no insiders, the Foundation, or any employees or ML investors of Mysten Labs (including the Mysten Labs founders) individually or collectively sold $400 million worth of tokens. Insiders did not engage in any pre-emptive selling or violate lock-up periods and circulating supply plans. 2. Although the poster did not provide wallet addresses, we believe the likely owner of the wallet is an infrastructure partner who held tokens according to the lock-up period. All token lock-up periods are enforced by qualified custodians and continuously monitored by the Sui Foundation, and this partner has complied with the regulations.
Bloomberg senior ETF analyst Eric Balchunas revealed that BlackRock CEO Larry Fink said in the Q3 earnings call: "I'm not sure whether the President or other candidates will have a significant impact on the situation. But I do believe the use of digital assets will become more widespread globally. We are in dialogue with institutions around the world on how they should view digital assets and how they should allocate assets. I believe Bitcoin itself is an asset class, an alternative to gold and other commodities. So I believe the application of this form of investment will expand to blockchains like Ethereum, because blockchains can grow significantly. So if we can improve the acceptance, transparency and related analysis of these assets, their application will expand. However, I don't think this is entirely dependent on strengthening or relaxing regulation. I think it's more about the combination of liquidity and transparency. Just as we started developing the mortgage market and the high-yield market many years ago, the initial progress was slow, but as we built better analytics and data systems, the market gained more acceptance and continued to grow in scale. I am confident that we will see the thriving of these digital asset markets. Then we will see how each country views its own digital currency. This is a completely different asset from Bitcoin itself. But I believe that as we build better analytics, we will witness things like regulatory issues, how we view the role of a digitized US dollar in this country, and what role it will play? This is a completely different issue from Bitcoin and similar things. But all these issues will be discussed. In other countries, we have witnessed great success in the digitization of currencies in India, Brazil and others, for different reasons. But we believe that this blockchain technology will generate tremendous added value. Then, combined with artificial intelligence and better data analysis, the applicability and scope of these markets will expand."
Coinbase to list Degen (DEGEN)
Coinbase Assets announced on X platform that Coinbase will add support for Degen (DEGEN) on the Base network. Do not send this asset through other networks, or funds may be at risk of loss. Subject to liquidity conditions, trading is expected to begin at 9:00 AM Pacific Time on October 15 (12:00 AM Beijing time on October 16) or thereafter. Once the asset supply is sufficient, the DEGEN-USD trading pair will be gradually enabled.
Tether exploring the possibility of providing loans to commodity trading companies
According to Bloomberg, Tether is exploring the possibility of providing loans to commodity trading companies.
According to The Block, the decentralized finance project World Liberty Financial (WLFI) supported by the Trump family announced that its whitelist registration has exceeded 100,000, and it has hired Paxos co-founder Rich Teo as the head of stablecoins and payments, although it is unclear whether he has already left his position at Paxos. The WLFI token will officially go on public sale on October 15, aiming to raise $300 million with a total valuation of $1.5 billion. A "golden document" will also be released on Tuesday. The first phase of the WLF plan is to launch a decentralized lending platform similar to Aave on the Ethereum Layer 2 network Scroll, supporting lending and borrowing of BTC, ETH, and stablecoins. Subsequent phases include integration with exchanges, user KYC verification, and the fractionalization and compliant operation of real assets. Donald Trump Jr. criticized the traditional U.S. banking system in a live broadcast, calling it a "Ponzi scheme," and emphasized that decentralized finance can bring a more inclusive financial system. In terms of token allocation, 63% of WLFI tokens will be sold to the public starting on Tuesday, October 15, 17% will be used to reward users, and 20% will be used for team compensation. WLFI will be open to accredited investors in the U.S., accredited investors in the UK, and investors outside these countries. According to The Block Pro, former Paxos CEO Rich Teo has joined the Trump family's cryptocurrency project World Liberty Financial (WLFI) as the head of stablecoins and payments. According to CoinDesk, the Bitcoin collateralization platform Solv Protocol has raised $11 million from companies including Laser Digital, a subsidiary of Nomura Securities, Blockchain Capital, and OKX Ventures, at a valuation of $200 million. Solv Protocol's SolvBTC product has currently deployed over 20,000 BTC (about $1.3 billion) across 10 major blockchain networks. Bitcoin collateralization platforms have seen rapid growth in recent years, aiming to deploy trillions of dollars of Bitcoin capital into other networks to generate yields. Solv co-founder Ryan Chow stated that the Bitcoin collateralization rate is far lower than Ethereum's 28%, and if it can reach a similar level, it will unlock about $330 billion in value. The Japanese listed company Metaplanet has announced that it has purchased 106.976 BTC at an average price of 9,347,891 yen per BTC (about $62,631), with a total value of 1 billion yen. After this purchase, the company now holds a total of 855.478 BTC, with a cumulative investment of 7.965 billion yen (about $53.22 million). According to iChainfo monitoring, 1 hour ago, Wintermute (bc1q...vg27) transferred 300 BTC (about $19.86 million) to Binance (1FXA...1m3b).
