Today's Headlines:
The US Internal Revenue Service finalizes new cryptocurrency taxation regulations, requiring cryptocurrency platforms to report transactions starting from 2026.
Audit Office: Some financial regulatory officials use virtual currency to conceal the source of funds.
Ripple's Chief Technology Officer supports Consensys, believing that MetaMask is not profit-oriented.
Entangle: The X account of the meme project BorpaToken has been hacked, please do not click on any links.
Multiple institutions are optimistic about and have already positioned themselves in TON tokens, with Kingsway Capital holding the largest position in TON.
Star Xu: OKX's internal discipline requires not using "black-hat marketing" or "taking advantage of a competitor's crisis" marketing tactics.
The dollar value of Vitalik Buterin's Ethereum holdings has exceeded 800 million dollars.
Regulatory News
The US Internal Revenue Service (IRS) has finalized new cryptocurrency taxation regulations. Starting from 2026, cryptocurrency platforms will be required to report transactions to the IRS, but decentralized platforms that do not hold assets themselves will be exempt.
This is the main content of the new regulations confirmed by the IRS and the US Department of the Treasury on Friday, essentially implementing a provision in the "Infrastructure Investment and Jobs Act" passed by the Biden administration in 2021.
Even without these new regulations, cryptocurrency holders are still required to pay taxes. However, there are no clear standards on how to report holdings to the government and individual investors. Starting from 2026 (covering transactions in 2025), cryptocurrency platforms must provide standard 1099 forms, similar to the forms sent by banks and traditional brokerage firms. In addition to simplifying the cryptocurrency tax process, the IRS also stated that it is working to combat tax evasion.
According to reports from The Paper, the Audit Office recently reported to the Standing Committee of the National People's Congress on the audit of the execution of the central budget and other fiscal revenues and expenditures in 2023. The report stated that in the financial field, there are cases of taking advantage of policy dividends that hinder the implementation of policy measures. Some enterprises use support policies such as national ecological protection and high-tech industries to collude with public officials to obtain operating rights in violation of regulations, or falsify information to defraud fiscal subsidies, seriously eroding national policy dividends. With the intensification of anti-corruption efforts, corrupt practices using information technology and regulatory loopholes are becoming more concealed, and new types of corruption and hidden corruption are beginning to emerge. For example, a senior official in a financial regulatory department used his influence to support specific private enterprises to enhance industry competitiveness, receiving large sums of money and equity, and used "technical methods" such as depositing funds first and then withdrawing them through the same bank branch, borrowing relatives' bank accounts, and virtual currency transactions to conceal the source of funds transferred to private enterprises, showing typical technical characteristics.
Project Updates
FLOKI: Fraudulent tokens appear on the Solana and Base blockchains
The official X platform of FLOKI stated that FLOKI tokens are only available on the BNB Smart Chain and Ethereum, and fraudulent tokens have appeared on the Solana and Base blockchains, misleading investors. Pay attention to security and always verify information from official sources.
Ripple's Chief Technology Officer supports Consensys, believing that MetaMask is not profit-oriented
Ripple's Chief Technology Officer (CTO) David Schwartz recently expressed support for Consensys in a lawsuit filed by the US Securities and Exchange Commission (SEC) against the cryptocurrency company. Schwartz used the diamond market as an example, believing that MetaMask's efforts are not profit-oriented. In addition, Schwartz clarified the key differences between commercial contracts and investment contracts. Schwartz further explained the investment concept related to MetaMask, adding that MetaMask's profits are only the result of external market conditions and user activity, not the efforts of Consensys. Furthermore, when comparing tokens and securities, he asserted, "Tokens managed by smart contracts cannot make all holders a common enterprise."
In response to community users' suspicions of "black" practices by OKX, such as "theft using the OK wallet and customer service unable to explain," OKX CEO Star Xu responded, "Looking back at the history of a century of technology and business civilization, which company has succeeded by using black-hat marketing? And which of the 'black PR' companies that make 'black' their main business has become a mainstream enterprise with long-term development? 'Black' may bring some short-term gains, but this kind of short-term profit is more like a drug, which will make a person and a company sink deeper, lose themselves, and ultimately be eliminated by the market. OKX established strict internal discipline years ago, and no one is allowed to use 'black-hat marketing' or 'take advantage of a competitor's crisis' and other marketing tactics."
DeFi protocol Entangle stated on the X platform that the official X account of the meme token project BorpaToken, developed by their team, has been hacked. Please do not click on any links. The team is in contact with X to resolve the issue.
After Pantera Capital disclosed its investment in TON tokens, Kingsway Capital's founder and CEO Manuel Stotz also revealed that the company's largest token holding to date is TON tokens. Kingsway began purchasing TON tokens more than two years before Pantera. RyzeLabs (formerly Sino Global Capital) also heavily invested in TON tokens. Its founder and managing partner Matthew Graham revealed that Ryze has been a "big buyer" of TON tokens. Yat Siu, co-founder and chairman of AnimocaBrands, stated that the company started purchasing TON tokens when the price was below $1. Siu stated that the company continued to purchase at $1, $1.50, and $2.
Vitalik Buterin: Cryptocurrency regulation leads to "anarchy"
Vitalik Buterin, in response to a user on the Warpcast platform, stated that current regulatory work has basically forced honest cryptocurrency developers into a corner. Cryptocurrency regulation (especially in the United States) has a major challenge, which is that if you do something useless, or if you ask people for money but do not clearly mention potential returns, then you are free and innocent. On the other hand, if you try to clearly explain to customers where the returns come from and promise them the rights they have, then you are finished because you are a "security." This "anarchy" caused by regulation will ultimately be worse than pure anarchy or pure tyranny.
Curve founder suspected of selling 400,000 USDT worth of CRV off-exchange
According to the crypto community user @maid_crypto on the X platform, some on-chain analysts pointed out that the address suspected to belong to @Christianeth purchased 400,000 USDT worth of CRV from Curve founder Michael Egorov at an off-exchange price of 0.107 USDT on June 21, and sold it all the next day at a price of 0.333 USDT, causing a 5% drop in the CRV market. On June 28, they again obtained an equivalent amount of CRV from the Curve founder.
Key Data
Number of new installed cryptocurrency ATMs in the past year nears all-time high
In the past 12 months, the number of installed cryptocurrency ATMs globally has surged by 17.8% to reach 38,279, nearing the all-time high of 39,541 set in December 2022. This number has been increasing every month from July 2023 to May 2024. The installation volume decreased by 115 units from May to June, but there was a strong rebound in June, with a net increase of 377 units. Bitcoin Depot, Coinflip, and Athena Bitcoin are leading cryptocurrency ATM operators, with 7,543, 5,057, and 2,756 machines respectively. The number of cryptocurrency ATMs installed in 2024 to date is 2,564, expected to surpass the 2,861 units removed in 2023.
Vitalik Buterin's Ethereum holdings exceed 800 million US dollars
According to Arkham monitoring, the dollar value of Vitalik Buterin's Ethereum holdings has now exceeded 800 million US dollars.
Data: Scroll mainnet TVL surpasses 9.2 billion US dollars, reaching a historical high
According to L2BEAT data, the total value locked (TVL) on the Ethereum Layer2 network Scroll mainnet has reached 9.224 billion US dollars, hitting a historical high with a 7-day increase of 17.35%.
Whale address 0x96E is gradually redeeming and depositing all ezETH into exchanges
According to ai_9684 monitoring, the whale address 0x96E…FE485 is gradually redeeming ezETH from Renzo and depositing all of it into exchanges. In the past 17 hours, they have redeemed a total of 1986 ezETH (worth 6.68 million US dollars) from Renzo and deposited it into Binance six hours ago. Currently, Renzo still has 3477 ETH pledged waiting for redemption, worth 11.79 million US dollars.
Bitcoin Rune trading volume has dropped by over 88% this month
Bitcoin Rune trading volume has dropped by over 88% this month. Bitcoin miners have earned less than 2 bitcoins in total from Rune trading for six consecutive days, a significant decrease from the record 884 bitcoins on April 24.
According to Dune Analytics data, the average daily trading volume of Runes from June 22 to 28 was 37,800 transactions, a decrease of nearly 90% from the average of 331,000 transactions from June 9 to 15. Especially on June 24, the trading volume was 23,200 transactions, the lowest level since the fourth Bitcoin halving. Over the past week, Rune trading accounted for only 4.9-11.1% of all Bitcoin transactions.
According to The Data Nerd monitoring, about 1 hour ago, Matrixport withdrew 5,308 ETH (approximately 17.94 million US dollars) from Binance.
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