| The House of Representatives will vote on the cryptocurrency bill in the next few weeks, and the stock of Bitcoin on the exchange fell to a three-year low (June 15)

headlines

headlines

McHenry, chairman of the U.S. House of Representatives Financial Services Committee, said at a hearing on Tuesday that he intends to hold a committee vote on an omnibus bill in the coming weeks to establish a regulatory framework for cryptocurrency products. He said he expected to present a bill for consideration by the committee after lawmakers resume on July 11. Earlier news, the U.S. House of Representatives hearing on digital assets will discuss two draft legislation.

cryptocurrency

cryptocurrency

Ripple Files 6 New Documents in SEC Lawsuit, Including Objection to SEC's Request for Summary Judgment

Ripple Labs Inc filed six documents with the court yesterday, one of which strongly objected to the SEC’s request for summary judgment. In the 89-page document, Ripple shares insights into the many inconsistencies in the SEC's arguments and seeks summary judgment against the SEC. Ripple Labs revealed that the SEC has so far failed to prove its view that the XRP token is a security and that the company and its executives are guilty of the crimes it has charged them with. For example, Ripple Labs said that buying U.S. dollars is not necessarily a gateway into a joint venture with the U.S. Treasury. Based on the logic of its arguments, Ripple Labs wants the court to deny the SEC’s request for summary judgment on the aiding and abetting charges brought by the company and its executives. (u.today)

Circle Lianchuang and other five people called on the United States to formulate clearer digital asset regulations at the hearing of the US House of Representatives

At the hearing held by the Financial Services Committee of the U.S. House of Representatives on the theme "The Future of Digital Assets: Providing Clarity to the Digital Asset Ecosystem", Circle CEO Jeremy Allaire and Ava Labs CEO Emin Gün Sirer emphasized in their speeches that The potential of digital currencies and blockchain technology for positive social infrastructure. Coy Garrison, partner at Steptoe & Johnson LLP, and Thomas W. Sexton, chairman and CEO of the National Futures Association (NFA), emphasized the importance of strong regulation and client protection, with Sexton arguing for expanded regulatory authority to cover spot digital assets Commodity activities and adopt a federal registration system for market players in this field. Former SEC attorney Coy Garrison has criticized the SEC's current approach of relying on enforcement actions rather than creating a workable regulatory framework for digital assets. Speakers agreed on the need for clearer regulations on digital assets, but witnesses in attendance were divided on how to achieve this. Allaire and Sirer focused more on the potential of digital assets and the role of stablecoins, while Garrison, Sexton and Kaplan highlighted the legal and regulatory challenges facing the industry. (Cryptoslate)

Data: Addresses starting with 0x 697 added 1.1 trillion PEPEs in the past 4 days

According to Spot on chain monitoring, the giant whale address starting with 0x 697 has exchanged 522.3 ETH and 117,000 USDC for 1.1 trillion PEPE (about 1.08 million U.S. dollars) in the past 4 days. It is worth noting that the ETH of the address starting with 0x 697 comes from 0x 4 ff (xvx.ETH). During the period from April 17th to May 29th (42 days), xvx.ETH realized approximately over US$2.13 million in PEPE transactions. profit.

Bitcoin mining difficulty increased by 2.1% to 52.35 T, continuing to hit new highs

BTC.com data shows that the difficulty of Bitcoin mining ushered in the adjustment of mining difficulty at 19:27 today (block height 794304), and the mining difficulty increased by 2.18% to 52.35 T, continuing to hit a record high. The current average computing power of the entire network is 383.83 EH/s.

Bitcoin stocks on cryptocurrency exchanges have fallen to their lowest levels since February 2018, Santiment tweeted. Traders continue to move BTC to self-custody during the ongoing uncertainty surrounding Binance and Coinbase. This trend will continue as long as the SEC lawsuit lasts.

Project News

Project News

Gemini has launched staking services in Switzerland and Türkiye, supporting ETH, MATIC

Cryptocurrency exchange Gemini announced that it has launched staking services in Switzerland and Turkey. Gemini users located in Switzerland and Turkey can now stake their ETH and MATIC to earn rewards and ensure network functionality.

The Backed core team NFF will cease operations at the end of August, and the Backed protocol, community NFT, etc. will continue to exist

Backed, an NFT lending protocol created by former Coinbase employees, announced that its team, Non Fungible Finance (NFF), has decided to cease operations. The Backed protocol, community NFT, and paprMEME will continue to exist, and the interfaces (withbacked.xyz, papr.wtf) operated by NFF will Ends at the end of August 2023. The team said that after running for 5 months, the project concluded that there was not enough demand to maintain the interface or continue development work. The code is open source and free to use.

PeckShield: Hashflow Suspected Attack, $400,000 Lost

The security company PeckShield issued a document stating that there are some suspicious transaction approvals on the cross-chain platform Hashflow, and the current loss is $400,000; of which, the ARB network is $195,000 and the Ethereum network is $215,000. Hashflow Token (HFT) briefly fell 3.5% on the news.

Investment and Financing

Investment and Financing

Cryptocurrency tax company TaxNodes completes $1.6 million in seed round financing, ZebPay CEO and others participate

Cryptocurrency tax company TaxNodes completed a $1.6 million seed round of financing, ZebPay CEO Rahul Pagidipati, Shardeum CEO Nischal Shetty, CoinSwitch and Ajeet co-founder and CEO Ashish Singhal, Reflexical founder Ajeet Khurana and others participated. TaxNodes plans to use the new funding to simplify tax calculations and provide individuals with an end-to-end solution to the complexities of cryptocurrency taxation. The company is developing an AI-assisted tax advisory model for individuals and businesses, using large GPT-like language models to provide control and compliance. TaxNodes is said to have grown its customer base fivefold each month since its inception. Additionally, TaxNodes recently announced partnerships with crypto exchanges such as ZebPay, WazirX, and Giottus, and is focused on helping crypto users comply with tax laws. TaxNodes will also help crypto exchanges strengthen internal controls and automate reconciliation and accounting. According to previous news in January, Avinash Shekhar, the former CEO of the Indian cryptocurrency trading platform Zebpay, established an encrypted tax startup TaxNodes, which aims to provide cryptocurrency income, taxation and reporting services for retail investors and exchanges. TaxNodes is dedicated to simplifying the tax calculation process and gaining personal tax compliance. TaxNodes can collect cross-chain, cross-trading platforms, wallets and other channels of cryptocurrency transactions under KYC and AML compliance conditions, and automatically generate encrypted tax information. (Financial IT)

Interoperability protocol Connext Labs raises $7.5 million at $250 million valuation, Polychain Capital and others participate

Interoperability protocol Connext Labs raised $7.5 million at a valuation of $250 million, with Polychain Capital, Polygon Ventures and others participating. The round brings Connext’s total funding to $23.2 million. The new funds will be used to establish the Connext Foundation, which will be responsible for distributing grants and funding to programs launched by Connext. Connext said it is "building the HTTP of Web3" to form a communication layer between different blockchain networks so that applications can interact with funds and data on multiple networks at the same time. According to news in July 2021, Connext completed $12 million in financing, jointly led by ConsenSys Mesh and 1kx, Coinbase Ventures, OKEx Blockdream Ventures, eGirl Capital and Hashed, and angel investors The Block Research Director Larry Cermak, Polygon founder Sandeep Nailwal, Optimism CEO Jinglan Wan and Yearn founder Andre Cronje participated in the investment. (CoinDesk)

Web3 Payment Solution BoomFi Completes $3.8M Seed Round Led by White Star Capital

Mnemonic, an AI-powered NFT data and analytics provider, has raised $6 million in funding led by Salesforce Ventures, with participation from Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. The new financing will help Mnemonic build out its use cases, deepen the analytics it provides, expand its market reach and strengthen its partner ecosystem. The company’s near-term roadmap includes support for the Base testnet. In the next few months, Mnemonic's Base NFT API will also provide relevant support after Base goes live on the mainnet. According to reports, Mnemonic's application programming interface (API) provides NFT data, analysis and insights to help developers and enterprises create Web3 products and experiences in a faster and more reliable way. This data includes real-time advanced sales price data, market activity, and NFT feature details for filtering and personalized recommendations. Mnemonic also offers spam detection to cut through the noise and help protect users from less reputable NFT collections. According to news in December 2021, Mnemonic completed a financing of US$4 million, led by Kenetic, followed by Monochrome Capital, Sound Ventures, Tribe Capital and other angel investors. (CoinDesk)

global policy

global policy

Shen Xinguo, director of the Tax Service Department of the State Administration of Taxation, said at a regular policy briefing of the State Council on June 14 that the tax department will speed up the intelligent processing of taxes and fees to create a convenient and efficient tax business environment. Expand the scope of non-contact matters, and pilot functions such as "smart pre-filling" of value-added tax refunds and export tax rebates "free of filling and reporting". At present, 96% of tax matters and 99% of tax declarations can be processed online, and the business volume of "online processing" and "handheld processing" of national social security payment accounts for more than 95%. The function of paying taxes and fees in digital renminbi was piloted. This year, a total of 12,000 taxes and fees were paid, worth 25.9 billion yuan. Innovate collection and collection interactive services, and guide taxpayers to solve online tax payment problems through intelligent responses, three-party videos, etc., providing interactive services 1.48 million times this year. (China Net)

character * voice

character * voice

Hong Kong Legislative Council Member Wu Jiezhuang: He has contacted Coinbase and will further discuss Coinbase's development opportunities in Hong Kong

Wu Jiezhuang, a member of the Hong Kong Legislative Council and a member of the National Committee of the Chinese People's Political Consultative Conference, tweeted that he has contacted Coinbase and will jointly understand (Coinbase)'s development opportunities in Hong Kong in detail, and will inform you of further news. Earlier news, Hong Kong Legislative Council member and member of the National Committee of the Chinese People's Political Consultative Conference Wu Jiezhuang previously stated that global virtual asset exchanges, including Coinbase, are welcome to come to Hong Kong to apply for compliance exchanges and negotiate listing plans, and are willing to provide assistance.

SEC: Rulemaking Request by Coinbase Should Be Denied, SEC Expects 120 Days to Make Recommendations

In its filing with the court, the SEC said that Coinbase’s request for rulemaking does not make sense and that the request for authorization should be denied for the reasons discussed in the SEC’s response. Given the current circumstances, Commission staff anticipates being able to make recommendations to the Commission within 120 days, and Commission attorneys have until October 11, 2023, to provide the Court with a status report when that period expires. The Committee requests that, if the court decides not to deny the request for authorization, that no action be taken by the court until this report is filed. Coinbase Chief Legal Officer Paul Grewal criticized the response on Twitter, saying it ignored clear statements from SEC Chairman Gary Gensler affirming that they had no intention of issuing new rules, conflating the evidence those statements provided for a decision with the argument that the statement itself was a decision.

Ripple CTO: Uniswap is not decentralized, but controlled by Uniswap Labs