Compilation: Luan Peng, ChainCatcher
Important Information:
- Shanghai Financial Regulatory Bureau: Supports institutions to use AI, blockchain and other technologies to provide more customized financial products for customers
- ARK Invest Report: As of the end of August, the cost for US spot Bitcoin ETF investors has exceeded the price of Bitcoin
- Kraken claims digital assets are not securities and denies SEC's accusations
- US Treasury sanctions Cambodian tycoon Li Yongfa, accusing him of involvement in cryptocurrency scams and human trafficking
- UK High Court rules that stablecoin USDT is property
- Shanghai Head Office of the People's Bank of China: Exploring new models for cross-border remittance and tax payment business relying on blockchain technology
- Trump's cryptocurrency project WLFI will start live broadcast at 8:00 on September 17th, and Trump will deliver a speech
"What important events have happened in the past 24 hours"
The Shanghai Municipal Government Information Office held a press conference to introduce the "Action Plan for High-Quality Promotion of the Construction of a Global Financial Technology Center in Shanghai" (referred to as the "Action Plan"). He Weili, Deputy Director of the Science and Technology Supervision Department of the Shanghai Financial Regulatory Bureau, stated that the bureau will focus on "three promotions" around the main content. It will promote the innovative application of financial technology in the banking and insurance industries. In the future, the Shanghai Financial Regulatory Bureau will guide banks and insurance institutions within its jurisdiction to strengthen the innovative application of financial technology, support institutions to use artificial intelligence, blockchain, Internet of Things, big data and other technologies, promote product and service innovation, and provide customers with more personalized, diverse, and customized financial products. (Jinshi)
Cathie Wood's ARK Invest released a monthly report stating, "During August, the price of Bitcoin fell by 8.7% to $58,972. At the end of August, Bitcoin failed to break through its 200-day moving average and the short-term holder's cost basis, which were $63,693 and $63,245, respectively. Currently, the most important price support levels for Bitcoin are $52,000 and $46,000.
The decline in the price of Bitcoin in 2024 is consistent with the adjustments in the main trends of historical bull markets.
As of the end of August, the estimated cost basis for US spot Bitcoin ETF investors has exceeded the price of Bitcoin, indicating that ETF holders are on average facing losses.
Kraken claims digital assets are not securities and denies SEC's accusations
Kraken responded to the U.S. Securities and Exchange Commission (SEC) accusing it of violating federal securities laws. The SEC claimed that Kraken's offering of multiple digital assets constitutes unregistered securities. In its legal filing response, Kraken strongly denied these accusations, insisting that the assets in question do not meet the legal definition of securities under U.S. law, including Cardano (ADA), Algorand (ALGO), Cosmos (ATOM), and other digital assets traded on Kraken. The exchange argued that the SEC failed to demonstrate that the assets in question meet the standards outlined in the Howey Test and therefore do not fall within the SEC's jurisdiction.
The U.S. Treasury imposed sanctions on Cambodian tycoon Li Yongfa and his companies, accusing him of involvement in human trafficking and forced labor related to cryptocurrency scams. The sanctions freeze Li Yongfa and his company's assets in the United States and prohibit U.S. citizens from engaging in related transactions.
Li Yongfa and his company are accused of luring victims into scam centers and forcing workers to participate in cryptocurrency fraud. The Treasury emphasized that this action aims to hold accountable those criminals involved in human rights abuses and fraud. These sanctions are based on Executive Order 13818, which expands the Global Magnitsky Human Rights Accountability Act.
UK High Court rules that stablecoin USDT is property
According to Cointelegraph, the UK High Court ruled on September 12 that the stablecoin USDT is recognized as property. This is the first time that English law has made a ruling on the treatment and status of cryptocurrencies after a comprehensive trial. The stolen cryptocurrencies (including USDT) of the victims were transferred through various cryptocurrency exchanges after being mixed through cryptocurrency mixers.
Deputy Judge Richard Farnhill stated that under English law, USDT has proprietary rights and can be traced and treated as trust property. This ruling comes after a government bill that explicitly includes NFTs, cryptocurrencies, and carbon credits within the scope of property law.
The judge pointed out that a ruling from the same court in 2019 (not made during a trial) indicated that cryptocurrencies are property, which is "compelling evidence." This is also consistent with the position of the Law Commission for England and Wales in its 2023 report on digital assets, which categorizes cryptocurrencies as property.
In order to further optimize the business environment and improve the convenience of cross-border tax payment, since February 2024, the Shanghai Head Office of the People's Bank of China has actively explored new models for cross-border remittance and tax payment business in collaboration with the Shanghai Municipal Taxation Bureau of the State Administration of Taxation, using blockchain technology to achieve "one-stop" online processing of cross-border electronic tax payment business such as overseas remittance, tax payment, and deposit, effectively resolving the three major pain points of "multi-party running," "high cost," and "difficult exchange settlement" for non-resident enterprise cross-border remittance tax payment.
As of the end of August 2024, the new model for cross-border remittance and tax payment business in Shanghai has completed a cumulative tax payment of 1.486 billion yuan. Pilot banks include Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China in this city, involving currencies such as RMB, US dollars, euros, and Japanese yen, and tax types including corporate income tax and stamp duty. (Jinshi)
"What important events have happened in the past 24 hours"
The Trump family project World Liberty Financial (WLFI) announced on X platform that it will go live with a project launch broadcast on September 17 at 8:00 AM Beijing time, during which Trump will deliver a speech.
Pharmaceutical company CelaCare is suing stablecoin issuer Circle to refund its CEO Kenneth Yates for accidentally sending and "destroying" $1 million USDC to the wrong address.
The lawsuit states that on July 3, 2024, when Yates sent USDC from a Coinbase account, he mistakenly entered the letter "B" in the address as the number "8," causing the funds to enter a wallet address that is unowned and inaccessible. CelaCare is requesting the court to confirm the destruction of the USDC and seeking compensation of $1 million from Circle.
However, Circle rejected the refund request on September 6.
Digital Asset Management Company ParaFi Capital Tokenizes $1.2 Billion Fund
Digital asset management company ParaFi Capital announced that it will tokenize a portion of its $1.2 billion investment portfolio on the Avalanche blockchain through the Securitize platform. This marks the company's first attempt at fund tokenization, providing ownership of a portion of its latest venture capital fund through tokenization, allowing investors to buy and sell these tokenized shares on digital platforms.
Ben Forman, founder of ParaFi Capital, stated that this move is not only an investment in technology but also practical application. Tokenization helps lower the barrier to investment, allowing more people to participate in opportunities that were previously limited to large institutions or wealthy investors.
Tether's Profit Last Year Exceeded BlackRock's
According to Coinpost, stablecoin issuer Tether revealed in its financial report for the second quarter (Q2) of 2024 that its net profit for the first half of the year reached a record high of $5.2 billion. In the second quarter of 2024 (April-June), the company achieved a net profit of $1.3 billion, setting a new record.
Tether's revenue in 2023 was $6.2 billion, exceeding the $5.5 billion revenue of global major investment firm BlackRock in the same year. BlackRock has 20,000 employees, while Tether has 100 employees, indicating Tether's high per-employee profitability.
According to Bitcoin.com, the Brazilian Federal Police recently launched "Operation Nifheim," successfully dismantling three criminal organizations involved in money laundering using cryptocurrencies. The operation involved the cities of Cascavel, São Paulo, Fortaleza, and Brazil, issuing a total of 8 arrest warrants and 19 search and seizure warrants.
Since 2021, the involved groups have laundered over $9.7 billion through cryptocurrency, with funds mainly coming from drug trafficking and smuggling. The Brazilian Federal Court has frozen $1.58 billion in assets and seized multiple vehicles and real estate properties. The police revealed that these groups used shell companies to conceal the source of funds, which were then transferred to the United States, the United Arab Emirates, Hong Kong, and China, among other locations.
Trump: Will Not Hold Next Presidential Election Debate with Harris
According to Financial Alliance, U.S. Republican presidential candidate and former President Trump stated after the first presidential debate with current Vice President and Democratic presidential candidate Harris that he will not hold the next presidential election debate with Harris.
Trump wrote on his social media platform "Truth Social": "There will be no third debate!"
"What interesting articles are worth reading in the past 24 hours"
Today, we are fortunate to interview Ken Zhou, the founder of Node-X, to delve into how Node-X provides efficient node management and computing power optimization services for Web3 and blockchain through its one-click node deployment, AI-driven Hub system, and the upcoming C2C computing power trading market, aiming to achieve computing power equity and reduce participation barriers.
Not long ago, I expressed some thoughts on cryptotwitter (CT). To my surprise, these views sparked intense discussions in the community. I am not sure if my views are beyond the understanding of the critics, or if I have touched on the vested interests of CT.
This is not to say that useful investment advice cannot be occasionally found on CT. CT is a novel form of information carnival, an endless soap opera with absurd plots and villains. It is an entertainment arena.
This experience made me start thinking about the current state of cryptocurrencies. At some point, I suddenly realized: cryptocurrencies are already mainstream. It may not be mainstream adoption, but it is mainstream entertainment. How many people around you have not heard of cryptocurrencies? Today, cryptocurrencies are a hot topic in the U.S. presidential election. How could it not be mainstream?
People like to be "early birds," deluding themselves into thinking that acting early will make them money. Participation is a prerequisite for success, and CT is a false prophet that perpetuates this view. This is Alpha, that is Alpha… CT is a reality show that sells tokens as entertainment.
CT is neither good nor bad for the industry; it is just a manifestation of the mainstreaming of cryptocurrencies. From humble anarchic capitalism to the idealistic culture of the peak period, cryptocurrencies are now undergoing TikTok-ization and are being packaged and presented to consumers in ways that Satoshi Nakamoto could not have imagined.
Enumerating the Seven Sins of Ethereum, Who Can Play the "Salvation Symphony" for It?
Despite the recent poor performance of the Ethereum market, Ethereum's "spiritual leader" Vitalik has already entered the "Next Level."
On September 11, Vitalik once again showed his rebellious side when discussing the value of ENS with Brantly.eth, a former core contributor to ENS. He first sarcastically fabricated a tweet, saying, "You see, Mr. Buterin. Here are those who think only PoW is decentralized. Here are those who do not appreciate your support for synthetic uteruses. Here are those who do not like vaccines. What will happen when they all try to cancel you together?" (Note: The accompanying image is a satirical diagnosis scene from "The Simpsons" S11-EP 12). After receiving negative comments from users on X platform, "Brave Little V" countered without hesitation, saying, "No, it's a d*ck," accompanied by a picture of a person holding a sign that says "PoS is more decentralized than PoW" with a large rubber duck.
After the completion of milestone events such as the "10th anniversary birthday" and the approval of the Ethereum spot ETF, as a blockchain network ecosystem with a market value of nearly $284 billion, Ethereum inevitably began to face its own "adolescent crisis" - Can the Ethereum ecosystem continue to thrive? What are the current issues? How to solve the existing problems?
This article approaches the topic from the perspective of the "Seven Sins" and discusses the direction of Ethereum's development for readers' reference. (Note: This article is the first in the series).
Escalating Battle: Revealing the Current Situation of Ethereum L2 War
If we only value L1 tokens based on MEV and fees, they will eventually all go to zero.
Points, points, points.
Since Friend.tech introduced the points system last August, rewarding early users of the protocol with sub-chain points has become an industry standard. It can be said that it triggered the current airdrop craze, and over the past year, many projects have started issuing tokens. Like many trends in the crypto space, everyone has rushed into this "gold rush," ultimately making the entire industry overly frothy and gradually losing its appeal.
Has the airdrop craze ended, or are we just taking a breather?
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