SBF appeals 25-year sentence, US House discusses stablecoin bill

Headline

▌SBF appeals against his 25-year prison sentence

SBF, founder of cryptocurrency trading platform FTX, appealed against his 25-year prison sentence on April 11 local time. Last November, a Manhattan federal court jury found SBF guilty of seven counts of fraud and conspiracy caused by FTX's collapse in 2022. Prosecutors said the case was one of the largest financial fraud cases in U.S. history. Previously, federal prosecutors had proposed a sentencing recommendation that SBF should be sentenced to 40 to 50 years in prison. U.S. District Judge Lewis Kaplan sentenced SBF to 25 years in prison on March 28 this year.

▌U.S. House of Representatives lawmakers meet to discuss stablecoin bill

Patrick McHenry, chairman of the House Financial Services Committee, who promoted stablecoin legislation, and Rep. Maxine Waters, a senior Democrat on the committee, met with Senate Majority Leader Chuck Schumer on Thursday to promote stablecoin legislation. McHenry has said several times at crypto events that his panel’s stablecoin bill still has a chance of passing and being signed into law by President Joe Biden, including in a speech earlier this week. McHenry, who is retiring from Congress this year, has made stablecoin legislation a priority to provide protections for token issuers and, among other uses, provide a more stable basis for more volatile cryptocurrency trading.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $70088.69, with a daily increase or decrease of -0.6%;

ETH's latest transaction price is $3508.27, with a daily increase or decrease of -0.9%;

BNB's latest transaction price is $605.51, with a daily increase or decrease of -0.8%;

ORDI's latest transaction price is $70.91, with a daily increase or decrease of -2.0%;

DOGE's latest transaction price is 0.1941 US dollars, with a daily increase or decrease of -2.8%;

SOL's latest transaction price is 172.70 US dollars, with a daily increase or decrease of -0.4%.

Policy

▌Lawyer: US SEC's lawsuit against Uniswap is foreseeable, a sign that DeFi will face more problems

Legal experts say the US Securities and Exchange Commission's (SEC) move to sue Uniswap is foreseeable, but they believe the agency's action is a sign that DeFi will face more problems. While the SEC issued a Wells notice to DeFi exchanges, the agency is weighing a rule proposal that would include these companies.

Blockchain Application

▌Chainlink launches cross-chain application Transporter, which will connect to 8 networks in the first round

Chainlink announced the official launch of Transporter. This is a highly secure token cross-chain application built on the cross-chain interoperability standard Chainlink CCIP.  

Transporter was jointly developed by the Chainlink Foundation and supported by Chainlink Labs. Chainlink's mature infrastructure provides Transporter with a deep defense security model so that users can transfer tokens across different blockchains. The first batch of blockchains connected include Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon and WEMIX.

Cryptocurrency

▌JP Morgan: Cryptocurrency venture capital funding "sluggish" poses downside risks

JP Morgan analysts warned that despite the market rebound, cryptocurrency venture capital funding remains "sluggish" this year, so there is a potential downside risk. In addition, analysts reiterated that they believe the US SEC will eventually approve the spot Ethereum ETF.

▌Thailand's crypto exchange Bitkub will IPO next year, its valuation could be as high as $3 billion

Bitkub Capital Group CEO Jirayut Srupsrisopa said the owner of the Thai cryptocurrency exchange Bitkub Online plans to IPO next year, its valuation could be as high as $3 billion.

▌Esports club RNG team CEO: Will issue NFT to reverse financial crisis

Esports club RNG team CEO Li Jieming said in an interview with Zhiwei that RNG has no money, and can even be disbanded immediately and declared bankruptcy.  

Li Jieming said, "We hope to get a short-term recovery by issuing cards, NFTs, fresh and fun digital people and other interesting things, but related to fans. We will give real rights to fans. For example, if you buy cards or NFTs, you have a certain level of right to know and participate. We hope to let fans participate in the operation and decision-making of the club... We are designing how to protect such rights and interests, and have set up a path to make this matter legal and compliant in China. Roughly speaking, the money raised in the short-term goal can pay off part of the debt, and strive to cultivate our medium-term goals in half a year. : Make a game version of "Eastern Selection"... In three months, we will issue NFTs, and fans will participate together as a short-term goal. In half a year, we will gradually make the game version of Eastern Selection, so it will be about 8 months, and RNG's financial situation will improve. ”

▌A certain address bought Meme coin APU for $9,000 and made a profit of 693 times in one month

According to Lookonchain monitoring, a Meme coin trader used $9,000 principal to earn about $6.26 million in profit in one month, with a return of 693 times. The address spent 2.385 ETH (about $9,000) to buy 8.36 billion APUs between March 11 and March 24, which is currently worth $6.27 million. 

According to Coingecko data, Apu Apustaja (APU) is currently quoted at $0.00064, with an increase of nearly 1,000% in the past 14 days. Note: Meme coin transactions are risky, please handle your personal assets properly.

▌Ondo Finance: OUSG, USDY have been integrated with Ledger Enterprise TRADELINK

Golden Finance reported that Ondo Finance issued a statement saying that its products, the U.S. Government Bond Fund (OUSG) and the yield stablecoin USDY, have been integrated with Ledger Business's crypto trading technology Ledger Enterprise TRADELINK.  

Ledger Enterprise TRADELINK is a revolutionary trading network technology with clearing and settlement functions. TRADELINK allows trading on multiple exchanges without on-chain liquidity rebalancing, and ensures custody ownership of over-the-counter transactions through a network of qualified custodians. TRADELINK reduces collateral risk on third-party platforms and enables integration with counterparties, while providing automation and transaction cost optimization.

Important Economic Dynamics

▌U.S. stocks closed, S&P 500 rose 0.74%

U.S. stocks closed, Dow fell 0.01%, Nasdaq rose 1.68%, S&P 500 rose 0.74%, popular technology stocks rose across the board, Apple, Nvidia rose more than 4%, Google rose more than 2%.

▌Fed Collins: This year may need to postpone or reduce interest rate cuts

Boston Fed President Collins said that compared with previous expectations, it may take longer for the Federal Reserve to have enough confidence to relax monetary policy, and the number of interest rate cuts this year may be reduced. Recent data has eased her concerns about having to adjust interest rates in the short term, but she still expects interest rate cuts to begin later this year. "Overall, recent data have not materially changed my view, but they do highlight that there is uncertainty about the timing of rate cuts and the need to be patient about it, and the process of inflation decline may still be bumpy. This means that the degree of policy easing this year may need to be less than previously expected."

Golden Encyclopedia

▌What is Decentralized Science (DeSci)

Decentralized Science (DeSci) within the Web3 framework is a paradigm shift in scientific research, characterized by four fundamental principles: incentives, transparency, decentralization, and collaboration. DeSci places great emphasis on transparency and supports free and open access to methods, data, and conclusions. Collaboration is at the core of DeSci, which uses distributed networks to enable cross-border, censorship-resistant cooperation. Decentralized Autonomous Organizations (DAOs) and tokens to compensate researchers for their efforts are the driving force behind DeSci's incentives.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.