Golden Morning Post | The Federal Reserve launched a new activity supervision plan to strengthen encryption supervision

Headline

The Federal Reserve launched a new activity supervision plan, and banks’ participation in encryption will face stricter scrutiny

The Federal Reserve has announced a “New Activities Regulatory Program” that includes cryptocurrencies and other emerging asset classes. It also covers the application of distributed ledger technology, which has the potential to have a significant impact on the financial system, to strengthen regulation of banks' participation in digital assets, the latest move by U.S. regulators to limit banks' participation in cryptocurrencies.

According to a published outline of the program's objectives, banks that are members of the Federal Reserve System are required to obtain a written regulatory no objection from the Fed before issuing, holding, or trading dollar-based tokens (such as stablecoins) used to facilitate payments. Demonstrate that they have taken appropriate measures to mitigate risks, including liquidity, cybersecurity and illicit financial risks, and demonstrate that they monitor these issues on an ongoing basis. Additionally, the regulator will “enhance oversight of new activities” such as “crypto asset custody, crypto-collateralized lending, facilitating crypto asset trading, and participation in stablecoin/USD token issuance or distribution.” The plan will also focus on distributed ledger technology (DLT) and other "technology-driven partnerships with non-banks to deliver financial services to customers."

The Federal Reserve said it is developing a new supervisory program to oversee the activities of banks in its system with regard to cryptocurrencies, blockchain technology and technology-driven non-bank partnerships, designed to complement its existing supervisory processes and to Strengthen technology-driven regulation.

▌****U.S. Department of Justice says SBF will still face charges of illegal campaign donations

The Justice Department still plans to charge Sam Bankman-Fried with an "illegal campaign contribution" scheme when he goes to trial in October, U.S. Attorney Lewis Kaplan said in a letter Tuesday, two weeks after prosecutors said they could not target FTX due to treaty obligations. The founders made the charge. However, the Justice Department letter to Judge Lewis Kaplan said it still plans to add the campaign contribution charge to the wire fraud charge. The DOJ said: "The alternative indictment will make clear that Mr. SBF remains charged with conducting an illegal campaign financing scheme as part of the originally alleged fraud and money laundering scheme using customer deposits for the campaign as part of the wire transfers proposed in the original indictment." allegations of fraud".

Bankman-Fried is currently scheduled to go to trial on October 2, 2023, with another trial scheduled for March 2024 involving multiple alternate indictments involving additional charges.


Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 29768.4 US dollars, with an intraday increase and decrease of +0.80%;

The latest transaction price of ETH is 1856.72 US dollars, with an intraday increase and decrease of +0.73%;

The latest transaction price of BNB is 245.22 US dollars, with an intraday increase and decrease of +0.22%;

The latest transaction price of XRP is US$0.6430, with an intraday increase and decrease of +2.26%;

WLD's recent transaction price was US$1.9341, with an intraday increase or decrease of +0**.20**%.

The latest transaction price of DOGE is US$0.0749, with an intraday increase or decrease of **+**0.50%;

The latest transaction price of ADA is US$0.2976, with an intraday increase and decrease of +0.81%;

The latest transaction price of MATIC is US$0.686, with an intraday increase or decrease of +0.91%.


policy

Former FTX executive Ryan Salame is discussing a plea deal with prosecutors

Bloomberg quoted people familiar with the matter as saying that Ryan Salame, the former co-CEO of FTX Digital Markets, is negotiating with federal prosecutors to plead guilty to criminal charges following the TFX collapse. The mega-GOP donor could enter a plea to crimes including violations of campaign donation laws as early as next month, according to the people, who asked not to be identified because the discussions are private. It is unclear whether he will sign a cooperation agreement with prosecutors and appear in court to charge FTX co-founder Sam Bankman-Fried. Salame has not previously been charged with FTX-related charges, and the details of the potential plea agreement have not yet been finalized.

Salame’s former associates Gary Wang, Caroline Ellison and Nishad Singh have reportedly pleaded guilty to playing a role in FTX’s multibillion-dollar fraud and will be key witnesses in the government’s case against SBF. If Salame pleads guilty, he will become the fourth former FTX executive to plead guilty.

Bavarian data regulator: Worldcoin has not yet completed its privacy and security assessment when it launched

Michael Will, head of the Bavarian state data regulator in Germany, said that when the Worldcoin project was launched, the agency had not yet completed a privacy and security assessment of Worldcoin. Michael Will said the bureau was still reviewing the project when it went live on July 24, though he noted the company was not legal and had an obligation to notify authorities and obtain approval before launching. Bavaria is a state in Germany where Worldcoin has set up an entity to manage the data of its European users, so the local government is leading the investigation.

Meanwhile, the financial aspects of Worldcoin are also being investigated. Germany’s Federal Financial Supervisory Authority (BaFin) is overseeing the project, and a spokesperson for the agency told local newspaper Tagesspiegel that it was unclear whether it would need a BaFin license like other crypto firms.

The UK considers granting the Bank of England more regulatory powers over stablecoins

The U.K. Treasury has outlined how it considers stablecoin regulation in a stablecoin consultation paper. The government is considering giving the Bank of England more powers to oversee stablecoins, bringing it together with the Financial Conduct Authority (FCA). The consultation paper was released after the government sought feedback from respondents including PayPal, HSBC, Circle and Barclays.

The Treasury found that the Banking Act 2009 provided the BoE with sufficient regulatory scope to oversee stablecoins, though it noted that it would "further clarify the central bank's existing supervisory toolkit," the consultation paper explained, with the BoE able to deals with prudential matters, while the FCA can be responsible for regulatory conduct.


Blockchain Application

▌****Shandong Provincial Public Resources Trading Center officially issued the first blockchain bidding notice

The winning bidder for the housing construction project of the reconstruction and expansion project of the east line of Jinan Ring Expressway from Xiaoxujia Hub to Yaoqiang Airport has received the first block chain bid winning notice from Shandong Provincial Public Resources Trading Center (Provincial Government Procurement Center). The successful bidder scans the uplink QR code on the bid winning notice with his mobile phone to obtain the uplink storage certificate of key data in the transaction process. The content of the certificate includes the subject of deposit, file name, file size, file format, file hash value and deposit time and other relevant information, and affix the preservation seal of the depository subject. At the same time, the successful bidder can also click to query the on-chain information attachment of the on-chain storage certificate to obtain detailed content of the certificate, including specific transaction information such as project name, project number, bid opening time, name of the successful bidder, and bid amount, so as to realize the transaction process. Query and verify the key data. (Shandong Public Resources Trading Center)

▌****PayPal Senior Vice President: Stable currency is currently the killer application of the blockchain

Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal, said that stablecoins are currently the killer application of blockchain, and the payment processor is full of enthusiasm for its timing and its competitive advantage in this field. confidence. There are inherent advantages in cost, programmability, settlement time.

da Ponte said the market is ready for new entrants who are fully supported and, unlike tether, fully regulated. Stablecoins are something we cannot stand by. We are leveraging all the infrastructure we have built up over the years in regulation, risk management and compliance across multiple countries, which we believe is a key asset that can differentiate our business. The approach we are taking.

▌****Base and Backdrop launched 100 Builders to help developers build open source technologies on Base

Base announced that it has cooperated with Backdrop to launch 100 Builders, aiming to help more people build open source on Base and create more and better open source technologies. The program is free for builders, and builders can get more than $40,000 in bonuses. Applications are closed The date is August 10, 2023 and the program launch date is August 21, 2023.


Cryptocurrency

▌****Musk’s lawyer filed another motion to dismiss the Dogecoin insider trading class action

Tesla CEO Elon Musk's lawyer, Alex Shapiro, has lashed out at the latest complaint filed by Dogecoin investors in an insider trading lawsuit, saying the action is another example of lawyers' abuse of power and litigation tactics. one example. It is reported that Evan Spencer, the lead attorney for the class action against Musk, amended the lawsuit for the third time in June and filed more allegations.

The lawsuit, originally filed in June last year, seeking $258 billion in damages, accuses Musk of "deliberate marketing, market manipulation and insider trading" when discussing Dogecoin. Musk’s lawyers said in the latest motion that there is nothing illegal about tweeting pro-crypto statements or funny images, and he mocked the plaintiffs’ amended complaint as “whimsical, tortuous and often incomprehensible.”

David Rubenstein: Bitcoin is here to stay, sorry for not buying at $100

Bitcoin (BTC) is here to stay thanks to growing institutional interest in BlackRock’s application for a spot Bitcoin ETF, David Rubenstein, billionaire and co-founder of private equity giant Carlyle Group, said in a Bloomberg interview. And the general global demand for a form of money that governments have no control over. "A lot of people around the world want to be able to transact in a currency that governments don't know what they have, and they want to be able to move that currency right or wrong, so I don't think bitcoin is going to go away, it's going to continue," he said. .

Rubenstein admitted that he regrets not buying Bitcoin at $100. People who once scoffed at cryptocurrencies and the industry in general may be forced to take a second look, given recent interest from traditional financial giants such as BlackRock, he said. Rubenstein has previously revealed that he is personally invested in companies that facilitate the trading of cryptocurrencies, although he does not directly own any cryptocurrencies.

Marathon Digital produced 2,926 BTC in the second quarter, a quarter-on-quarter increase of 33%

During the earnings call, Marathon Digital executives said that computing power increased by 54% in the second quarter, from 11.5 EH/s to 17.7 EH/s. The company produced 2,926 BTC in the second quarter, a 33% increase from the 2,195 BTC in the first quarter, and the total BTC in the second quarter accounted for approximately 3.3% of the available Bitcoin network rewards during the period.

In addition, Marathon sold 63% of the BTC produced in the quarter to cover operating costs, with a total gain of $23.4 million. The company’s net loss in the second quarter was $21.3 million, which was higher than the net loss of about $7 million in the previous quarter. .

▌****Opinion: PayPal Stablecoins Threat to Crypto’s Decentralization Principles

Some builders in the crypto space believe that PayPal's stablecoin could boost the adoption of cryptocurrencies while also threatening the "principle of decentralization" of the digital asset market. Jane Ma, co-founder of zkLend, said that PayPal will indeed enhance people's awareness and acceptance of cryptocurrencies. She believes that PayPal's reputation for transparency and experience in the regulatory environment will naturally bring a certain degree of credibility to the PYUSD stablecoin , but as part of a prominent financial organization in the United States, PYUSD will essentially have a centralized management function, and the preference of regulators and institutions for stablecoins that take regulation into account may lead to a reduction in the market share of decentralized stablecoins, thereby threatening the underlying crypto The principle of decentralization in the currency field.

Amberdata Director of Derivatives: The correlation between US stocks and Bitcoin is decoupling

Moody's recently lowered the ratings of 10 U.S. banks and put some well-known banks such as Bank of New York Mellon, U.S. Bank, State Street and Northern Trust on the downgrade watch list. Greg Magadini, director of derivatives at Amberdata, commented on this, saying that Bitcoin remains strong. The correlation between the U.S. stock market and Bitcoin is decoupling, as Bitcoin has proven to be a beneficiary of banking turmoil, such as earlier this year when a crisis in the U.S. banking sector sparked a surge in Bitcoin and became The main driver of the rise in 2023.


Important economic developments

▌****Liu Qiao: Under the premise of overall consideration, local government debt can be replaced with central government debt

Liu Qiao, dean of Peking University's Guanghua School of Management, said in an interview with The Paper that the fiscal deficit rate can be appropriately increased. This year's government work report pointed out that the deficit ratio is planned to be set at 3%. If we expand some deficit space and increase fiscal investment by 5% of GDP, a total of about 6 trillion yuan, many problems can be solved. For example, under the premise of overall consideration, we can use The central government's debt is replaced by local debt. (Golden Ten Data APP)


Golden Encyclopedia

▌What is intent computing

The introduction of Intents calculation aims to reduce the burden on users. Essentially, intents are a set of declarative constraints that allow users to delegate transaction creation to a dedicated network of third-party actors while retaining full control over the process. In simple terms, if a transaction specifies "how" to perform an operation, then an intent defines "what is the desired outcome" of that operation. This declarative approach brings exciting advances in user experience and efficiency. With intent computing, users can easily express their desired outcomes. This is in stark contrast to current imperative transactions, where each parameter must be explicitly specified by the user.

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