headlines
CEO confirms X (formerly Twitter) will launch payments and video calling features
X Platform (formerly Twitter) CEO Linda Yaccarino released a 2-minute video confirming that the platform will soon launch payment, video calling and other functions. Previously, in August, Elon Musk posted on X that X would launch video and audio calling functions. The feature, which is available on iOS, Android, Mac and PC versions, does not require the use of a phone number and the X will act as a valid global address book.
SEC needs to make decisions on multiple Bitcoin ETF-related matters by mid-October
NYDIG issued a document stating that the U.S. SEC must respond to Nasdaq’s request to list the iShares Bitcoin Trust ETF before October 17 (which may be approval, rejection, or delay). The SEC also has until October 16 to respond to the Bitwise Bitcoin ETP Trust. Additionally, October 13 is the final date to appeal the SEC’s decision in the Grayscale case, which may provide clues as to how the agency is considering its position on spot ETFs. It was reported yesterday that the US SEC is reviewing the spot Ethereum ETF applications submitted by two asset management companies, ARK Invest and VanEck. The SEC has solicited public comments on the potential benefits and risks of approving these ETFs. The SEC opened a 45-day public comment period to both documents and said: “The Commission is issuing this notice to solicit comments from interested parties on the proposed rule changes.” Additionally, Valkyrie sets its leveraged Bitcoin futures ETF filing effective date Changed to October 20th.
cryptocurrency
Data from The Block shows that more than $3 billion worth of Bitcoin options and about $1.8 billion in Ethereum options on Deribit are set to expire on September 29. Deribit Chief Commercial Officer Luuk Strijers highlighted the similarities between cryptocurrency markets and traditional financial markets when approaching option expiry dates, especially quarterly expirations: “This can lead to larger trading volumes and volatility. Do Actions by market makers can lead to increased market volatility, especially before option expiration. Market makers adjust their hedges to accommodate changes in the price of the underlying asset.
European Parliament calls for greater regulation of global cryptocurrency markets
A new report published by the European Parliament Research Service (EPRS) calls for regulatory harmonization of cryptocurrency markets across major jurisdictions. The report noted that the potential risk of regulatory arbitrage and the decentralized nature of certain crypto-assets highlight the need for such a move. To ensure the stability and development of the global cryptocurrency market, the report recommends increased oversight from non-European Union (EU) regulators. The report also highlights risks that may remain to the EU’s financial system and autonomy, especially as the EU’s Markets in Crypto-Assets (MiCA) is implemented, the EU’s regulatory framework for crypto-assets scheduled to be implemented in December 2024. The report cited current regulatory issues in non-EU countries, raising concerns that global financial institutions may not be able to cope with the volatility and losses in crypto asset markets. In addition, the report also focuses on the regulatory landscape in the United States, pointing out that the lack of a federal-level crypto-asset regulatory system in the United States has led to states adopting various regulatory approaches. For example, the state of New York introduced a “BitLicense” that requires cryptocurrency exchanges to meet detailed disclosure and KYC requirements, causing some major crypto companies to stop providing services to New York residents. In contrast, Wyoming stands out for its “crypto-friendly” attitude and supports blockchain technology companies. The report also looks at regulatory approaches in the UK and Japan. The UK chose to regulate stablecoins first, rather than broader crypto-assets, while Japan protected investor rights by establishing a new regulatory framework based on existing laws. Ultimately, the report believes that the EU’s stricter regulatory framework may have a negative impact on crypto-asset market development, but still emphasizes the need for third-party policy actions to complement and strengthen financial stability. Therefore, regulatory coordination is crucial to maintaining the stability of the global cryptocurrency market.
IntoTheBlock data shows that Ethereum network fees fell 9% month-on-month this week to approximately $21 million, a nine-month low. According to data from Ultrasound.money, the supply of ETH has been increasing because the number of tokens being destroyed to verify transactions is less than the number of new tokens being issued. This trend may put some pressure on Ethereum token prices, as its supply has been growing over the past month, already reversing deflationary trends, IntoTheBlock wrote in a report. During busy periods, network burns There are more tokens than are issued, thus limiting the supply, which is generally considered good for price. However, when network demand is low, the situation is reversed. Lucas Outumuro, director of research at IntoTheBlock, said the decline in network fees is driven in part by the adoption of Layer 2 networks, which is likely to continue in the short term.
Christine Kim, vice president of research at Galaxy, published an article summarizing the 118th Ethereum Core Developer Consensus Conference (ACDC). This meeting mainly discussed Devnet-9 preparations and changes to the Ethereum Consensus Layer (CL). Devnet-9 is the second testnet and includes the full set of code changes in the Dencun upgrade. Devnet-9 will be the first testnet to activate EIP-7514 and EIP-7516, two new EIPs that were added to the Dencun upgrade at last week’s executive layer meeting. Parithosh Jayanthi, DevOps engineer at the Ethereum Foundation, said that his team will launch Devnet-9 on September 27; EL and CL client teams such as Lodestar, EthereumJS, Lighthouse, and Geth have confirmed their readiness for this testnet release. Additionally, the developers discussed deployment strategies for EIP-4788, deploying trusted settings for EIP 4844 on Devnet-9, and more. Ethereum core developer Tim Beiko raised questions about the Dencun test schedule. He said that if developers are not sure to release Dencun on the public test network before Devconnect, the Ethereum Developer Conference in November 2023, then Dencun’s mainnet activation is likely It wont happen this year. Previously, Tim Beiko suggested launching Dencun on these testnets in the order of Holesky, Goerli, and Sepolia. However, since Holesky failed to launch on September 15 and will be relaunched on September 28, Jayanthi proposed to launch Dencun on Goerli first, and then Launched again on Holesky. Because Goerli is a soon-to-be-deprecated testnet, this means developers are free to experiment with modifications to the Dencun specification. Tim Beiko and Del Fante agreed to test Dencun on Goerli before Holesky, and many developers also agreed to release Dencun on the public testnet before Devconnect. According to previous news on September 17, blockchain tools and infrastructure developer Nethermind said that developers will re-launch Holesky within a week, with the planned time being September 22, Ethereum developer Michael Sproul revealed in a GitHub pull request The re-launch time is expected to be September 28th.
Project News
UniSat proposes brc-20 modular implementation solution
UniSat, the Bitcoin inscription wallet, posted on the X platform that yesterday the team proposed a modular implementation plan for brc-20 and received some opinions. It should be emphasized that for security and integrity reasons, the actual execution process of the module is divided into two different stages: Black Module and White Module. Direct withdrawal of funds from the second phase module is restricted until it is accepted by all Indexers and full consensus is reached. This does not mean that early users can only recharge but cannot withdraw cash. Instead, there will be indirect methods to support the exchange of funds in and out of modules.
The Snapshot page shows that the ApeCoin DAO community has recently voted to pass the proposal AIP-297 initiated by Animoca Brands co-founder Yat Siu. The proposal proposes the creation of a “Sister DAO” responsible for managing a community-controlled NFT vault within the ApeCoin DAO ecosystem, which would drive cross-community collaboration and demonstrate support for different NFT communities. The proposal proposes that ApeCoin DAO allocate 750,000 APE to the vault as an initial budget for the purchase of BAYC, MAYC, BAKC, Mocaverse Mocas, Cool Cats, World of Women, Pudgy Penguins, Otherdeeds Koda and other NFTs.
Polkadot: Plans to increase parachains to 1,000
Polkadot core developers said at the sub 0 developer conference in Lisbon that they plan to eventually implement 1,000 parachains in the future through a software update called asynchronous support. Asynchronous support is a major improvement to Polkadot’s parachain consensus protocol, and the update aims to cut parachain block times in half, from 12 seconds to 6 seconds, and increase the block space per block by 5-10 times.
Linear Finance launches voting on LUSD attack incident handling plan
Linear Finance initiated a vote on the LUSD attack incident handling plan. Linear Finance provided four handling plans: 1. Permanently disable all current liquid assets and release all mortgaged LINA tokens to the community; 2. Use upgradable smart contracts to conduct comprehensive Recovery; 3. Redeploy tokens; 4. Communicate with attacker. Previously, DeFi synthetic asset protocol Linear Finance announced that its protocol was attacked on September 21, causing all LUSD liquidity on PancakeSwap and Ascendex to be emptied and the LUSD price to fall to zero. The attacker minted LAAVE without limit and traded it for LUSD on Linear Exchange, which was later sold on PancakeSwap and Ascendex.
Investment and Financing
Crypto payment company Mesh completes $22 million in Series A financing, led by Money Forward
Crypto transfer and payment service startup Mesh (formerly Front Finance) completed a $22 million Series A round of financing, led by Money Forward, Galaxy, Samsung Next, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Valon Capital, Florida Funders , Altair Capital, Network VC and multiple angel investors participated in the investment. Mesh will use funds from this round to further develop its deposit, payment and spending tools and support its product go-to-market operations. Mesh’s total funding to date has reached $32 million.
regulatory policy
The virtual currency platform JPEX was involved in a conspiracy to commit fraud. As of 17:00 yesterday, the Hong Kong police had received reports from 2,265 people, and the amount involved increased to approximately HK$1.4 billion. Wu Jiezhuang, a member of the Hong Kong Web3.0 Association and a member of the Legislative Council, cited on-chain analysis data from more than 50,000 hot wallets closely related to JPEX, which showed that since the Securities and Futures Commission issued a statement last Wednesday warning JPEX that it was unlicensed, as of September 22 A total of virtual currencies worth at least approximately HK$167 million have been transferred out of the JPEX platform, including BTC worth approximately HK$2.63 million, ETH worth approximately HK$20.8 million, USDT worth approximately HK$13.6 million, and ETH worth over HK$100 million. USDC, etc., most of them are transferred out on or after this Monday. A virtual currency fraud analysis consultant believes that JPEX has significantly increased handling fees in the past week. It is believed that the transferred funds are not retail investors, the flow of funds is unusual, or it is the work of bookmakers. It is understood that the police will investigate the flow of funds, cooperate with financial institutions to track the proceeds of crime, investigate whether it may be involved in money laundering or other crimes, and will also seek assistance from overseas law enforcement agencies. (Ming Pao)
The US Internal Revenue Service Criminal Investigation (CI) has partnered with the Dutch Fiscal Information and Investigation Service (FIOD), the British Revenue and Customs Service (HMRC), and blockchain analysis companies CipherTrace and BlockTrace to conduct training from September 18 to 21. Designed to help nearly 40 Ukrainian law enforcement officers better understand cryptocurrency and blockchain tracking technology. The training, which was conducted online, provided Ukrainian law enforcement with the tools to combat money laundering, analyze fake cryptocurrency transactions and improve their skills in blockchain forensic investigations. Participants in the training came from various law enforcement agencies of Ukraine, including the Cyber Police Department of the National Police of Ukraine, the Economic Security Service of Ukraine, the Security Service of Ukraine, the State Anti-Corruption Service of Ukraine and the State Investigative Service of Ukraine. After completing training and passing the exam, participants receive certification as a Cryptocurrency Tracking Certified Examiner (CTCE).
SEC seeks public comment on approval of spot Ethereum ETFs filed by ARK Invest and VanEck
The U.S. SEC is reviewing applications for spot Ethereum ETFs from two asset management companies, ARK Invest and VanEck, and has solicited public comments on the potential benefits and risks of approving these ETFs. The SEC opened a 45-day public comment period on both documents and said:"The Commission is issuing this notice to solicit comments from interested persons on the proposed rule changes."
Character*Voice
CZ: If the market is predictable, then it ceases to be a market and there is no profit
CZ posted on the This is not financial advice and I don’t recommend this strategy to most people. It’s easier to invest a fixed amount at regular intervals (DCA) and then hold.”
JPEX, a virtual asset trading platform suspected of operating without a license, recently proposed the DAO stakeholder dividend plan and stated that 70% of the users who participated in the referendum agreed to the plan on the first day of the referendum. The referendum will last until 20:00 on September 28 to decide whether to implement the plan. Hong Kong Legislative Council member Huang Junshuo reminded that under the relevant plan, the maximum dividend for investors is only 49%, and the representative voice is still with JPEX. Investors should pay special attention to the fact that turning from a creditor to a shareholder does not mean that they can get back their investment money. Once the company has debts This will cause users to become “debt-ridden”. (Eastern Network) According to previous news, JPEX announced on September 20 that due to the serious impact of the Hong Kong Securities and Futures Commission (SFC) incident, the third-party market makers it cooperated with maliciously locked funds, resulting in an unprecedented temporary situation. Difficulty, referring to Bitfinexs past successful handling methods and improving them, JPEX will launch the DAO Stakeholder Dividend Plan. The platform will distribute 49% of the DAO stakeholder dividends to the outside world. Existing users can exchange the assets currently stored in the platform for DAO stakeholder dividends at a ratio of 1:1. Users can participate in the referendum on September 21, 2023, and vote to decide whether to implement the plan. JPEX will still maintain normal operations until the referendum is completed and the results are obtained.
Former a16z partner Katie Haun is optimistic about the future of cryptocurrencies, saying: “With the downturn in the (crypto) market, it is a good time to invest in this space. In fact, I think cryptocurrencies have the most prospects in the current cycle. This is my fourth cycle in the cryptocurrency space. She went on to highlight some positive regulatory developments in the cryptocurrency space, including a recent court case against the U.S. SEC. Additionally, she noted that Congress is getting involved, the world’s largest asset managers are entering the space, the stablecoin market has grown significantly, and the IRS has issued cryptocurrency tax guidance. Haun added: Most G20 countries are now moving forward with crypto frameworks... I think they are moving forward now because they realize the inevitability of combining crypto with economic incentives. She also specifically criticized SEC Chairman Gary Gensler for enforcement Center for regulating crypto industry practices.
According to previous news on August 7, people familiar with the matter revealed that Haun Ventures, an investment institution founded by former a16z partner Katie Haun, has deployed about 40% of the US$1.5 billion raised last year. Haun Ventures supports a variety of cryptocurrency companies and projects, including Aptos, Taxbit, and Zora, among others.
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