SBF conducts ICO before South Korean election, shares lawyer with Celsius founder

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.

Headlines

▌South Korea’s ruling and opposition parties promised to allow ICOs before the 22nd general election

The ruling and opposition parties in South Korea began to seriously seek the votes of virtual asset (cryptocurrency) investors before the 22nd general election. Examples include allowing Bitcoin spot exchange-traded fund (ETF) trading, which is prohibited by financial authorities, and deferring scheduled taxes next year. Among them, the industry’s long-awaited initial coin offering (ICO) is the most prominent cryptocurrency-related commitment made by the ruling and opposition parties.  

At the same time, both the ruling and opposition parties have made cryptocurrency-related commitments, including not only the gradual introduction of ICOs, but also allowing the issuance and listing of Bitcoin spot ETFs in South Korea, and Securities (ST) legislation, the gradual introduction of corporate investment in cryptocurrencies, and the development of the second phase of cryptocurrency legislation.

▌SBF will share the same defense attorney as Celsius founder

Sam Bankman-Fried found guilty of defrauding FTX clients After appearing in court for the first time on Wednesday after being charged with billions of dollars, he said that lawyers Mark Cohen and Christian Everdale, who represented him during the trial last year, are expected to withdraw from the case before sentencing in March, and that newly hired lawyer Marc Mukasey will be in charge next month. Defend him.  

It is reported that Mukasey also represented Alex Mashinsky, the founder of bankrupt cryptocurrency lender Celsius, who was charged by the Department of Justice with securities fraud, commodities fraud and conspiracy to manipulate the price of CEL. He goes to trial this fall.

▌BounceBit: The mainnet is expected to be launched in April

The Bitcoin pledge Layer1 project BounceBit said on the X platform, The mainnet launch is expected in April, coinciding with the Bitcoin halving. Early access is now live on the official website, and early contributors can earn points based on TVL and recommended users.  

It is reported that BounceBit is a middleware protocol built on the Bitcoin asset class and introduces BTC re-pledge.

▌Coinbase seeks to launch derivatives products such as perpetual futures contracts in Canada

Lucas Matheson, regional director of Coinbase Canada, accepted Coinbase is seeking to launch perpetual futures contracts and other derivatives products in Canada, and is having public conversations with politicians and regulators such as the Ontario Securities Commission (OSC) to update the country’s policies to achieve this, the company said in an interview. Target.  

In addition, Coinbase is applying for "restricted dealer registration," a new type of guidance that requires exchanges to register with the Canadian government. To this end, Coinbase recently joined the Canadian Web3 Council, a multi-party non-profit organization that promotes legislative and regulatory initiatives in Canada to be more industry-friendly.

Policy

▌The Zhangzhou Public Security Bureau of Fujian Province cracked the "Prosperous China Digital Currency" fraud case, involving a total amount of 2 100 million yuan

According to Southern Metropolis Daily, it took two years for the public security organs of Zhangzhou City, Fujian Province to uncover a case involving the unfreezing of national assets involving 29 provinces, autonomous regions and municipalities across the country and more than 10,000 defrauded people. In this type of case, according to the police of the task force, the fraud criminal gang fabricated false projects such as "Prosperous China Digital Currency" to trick victims into purchasing so-called "digital currency membership cards" in the name of investment, claiming that "Prosperous China has connected to the central bank's H5 port." At present, the police have arrested 178 suspects, involving a total amount of 200 million yuan.

▌The British government plans to introduce laws on stablecoins and crypto staking within six months

The British government plans to introduce laws on stablecoins and crypto-staking within six months. It will take the next six months for lawmakers to approve new rules governing stablecoins and crypto-asset staking services, as pressure mounts to come up with concrete proposals ahead of the upcoming election.  

Bim Afolami, Economic Minister of the British Treasury, said in a speech today that the government is "vigorously promoting" the legislation. "We are very clear that we want to get these things done as quickly as possible. I think within the next six months, these things are feasible," he said.  

UK Treasury first pledged in October to provide more clarity on specific areas of cryptocurrency sometime in 2024, but would exclude crypto exchanges and other industry providers from the current A broader proposal with financial services rules is still pending, and when asked whether the guidance might also become legislation this year, Afolami said he could not provide a timetable.

▌Encryption supporter Deaton may compete with US Senator Warren for the Senate seat

Fox reporter Eleanor Terrett on the X platform Democratic U.S. Sen. Elizabeth Warren is rallying her donor groups in anticipation of a challenge for her Massachusetts Senate seat by crypto supporter and well-known attorney John E Deaton, she said. It is reported that Elizabeth Warren directly responded to the "Boston Globe" report, speculating that Deaton will compete with her in this year's election.  

Deaton has not publicly announced whether she plans to run, but Warren said she is not worried, stressing that the cryptocurrency lobby has targeted her as she tries to get the industry to comply with regulations and protect Consumers are protected from fraud.

▌DCG opposes settlement proposed by Genesis and New York Attorney General’s Office

Digital Money Group (DCG) opposes sub- Genesis and the New York Attorney General's Office proposed a settlement.  

Genesis Global reached an agreement with the attorney general's office earlier this month to resolve allegations that it defrauded investors, but its parent company claimed it was not an appropriate settlement. DCG argued in an objection filed in the U.S. Bankruptcy Court for the Southern District of New York that Genesis "cannot violate absolute priority by taking value from the underclass and redistributing it to senior creditors under the guise of 'settlement'" ." 

Jason Brown, a former co-chief deputy in the Attorney General's Office and a former senior federal prosecutor in New York, supported DCG's opposition, claiming in court documents that the details of the settlement may not have been properly finalized.

▌Sources: The U.S. Senate Banking Committee is not yet ready to take action on the crypto money laundering bill

According to people familiar with the committee’s plans According to sources, the U.S. Senate Banking Committee, which includes Senator Elizabeth Warren, one of the Senate’s biggest cryptocurrency critics, is not ready to take immediate action on a series of crypto money laundering proposals.  

Some Democrats on the Senate Banking Committee have been pushing legislation to address what they see as dangerous vulnerabilities for criminals and terrorists to misuse cryptocurrencies, but the panel is currently busy with other priorities, sources said , has not yet moved to encryption legislation.  

Even if Warren's bill wins approval at the committee level, it will likely take bipartisan momentum to clear a closely divided Senate.

▌U.S. congressman: Approving the emergency investigation order for Bitcoin miners is an abuse of power

House Majority Whip, Minnesota Republican Tom Emmer is opposing an Energy Information Administration (EIA) emergency request recently approved by the U.S. Office of Management and Budget (OMB) that would collect data from Bitcoin mining operations in the United States.  

Emmer wrote to OMB: “OMB’s emergency approval authorities are used when there is an imminent threat to public safety, and I write to express my concern about the potential for OMB to abuse these authorities in this situation. "Because Bitcoin miners do not pose a threat to public safety," Emme asked OMB to explain why it chose emergency authorization instead of going through the "normal licensing process."

▌The EU has established a new anti-money laundering agency in Frankfurt, Germany, which will supervise the crypto industry

The EU has chosen Frankfurt, Germany as the new The Anti-Money Laundering Authority (AMLA) is home to the agency that will directly regulate the cryptocurrency industry. AMLA consists of the agency itself and the national agencies of the 27 EU member states, and is tasked with ensuring compliance with all anti-money laundering and counter-terrorism financing obligations agreed upon by the EU.  

Mairead McGuinness, EU Commissioner for Financial Stability, Financial Services and Capital Markets, said: “We are reducing the risks associated with large sums of money, with an EU-wide limit on cash payments of €10,000. At the same time, , we are addressing the risks posed by cryptocurrencies and enabling anonymity."

Blockchain Application

▌OP Labs: Delta upgrade has been launched on the OP chain, introducing cross-batch Sub-function

OP Labs stated on the X platform that the Delta upgrade has been launched on the OP chain. Delta has introduced a cross-batch function, which can reduce the fixed management cost of operating the OP chain by 90% Above, cross-batch will support the adoption of OP stacks by reducing the L1 cost of OP chains, thereby reducing the risk of launching new L2s using OP stacks. Node operators are required to upgrade their nodes before the Delta upgrade, with no impact to end users.

▌Esports giant Team Liquid launches fan reward platform in Sui

Esports organization Team Liquid announces partnership with Sui Blockchain Mysten Labs, the team behind the chain, has been working together for many years to create a new fan loyalty platform and NFT collectibles experience in Sui.  

It is reported that under the new platform scheduled to be launched in the second quarter of 2024, Team Liquid fans can obtain unique NFT collectibles and customize avatars representing the organization’s mascot Blue. Team Liquid and Mysten Labs will also collaborate on marketing initiatives, including live streaming and other content about crypto gaming on Sui.

▌KYVE test network Kaon adds support for Celestia data

Data verification protocol KYVE announced that Celestia’s historical data is now available Already supported on KYVE’s testnet Kaon, this testnet integration improves modular scalability and data validity. By processing historical data with KYVE, Celestia can completely avoid data deletion while remaining lightweight and fully scalable and still accessible to future builders for all their data needs.

▌Uniswap v2 has been launched on six blockchains including Arbitrum and Polygon

According to official news, Uniswap v2 has been launched Launched on six blockchains: Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche, users can seamlessly exchange and provide liquidity on all supported chains directly through the Uniswap page. Since v2 and v3 are available on all supported networks, users have the flexibility to choose between the simplicity of v2 and the more advanced features of v3.

▌Stellar: Protocol 20 and smart contracts have been launched on the main network

Stellar blockchain announces Protocol 20 and smart contracts The contract has gone live on mainnet, a move that comes after validators voted for the mainnet upgrade, marking “a new era for the Stellar smart contract technology stack.”  

The team stated that validators plan to gradually increase the limit of Soroban transactions to reach full capacity. As the numbers increase, Stellar enters its first phase, where more than 160 builders and projects already building on the testnet will begin deploying on the mainnet. Once the project is deployed and the network is stress tested, the dApp will be launched for everyone to use.

▌Trust Wallet launches smart contract wallet SWIFT

Multi-chain wallet Trust Wallet officially announced the launch of smart contract wallet powered by account abstraction The contract wallet Trust Wallet SWIFT has entered the public testing phase and will be fully launched globally on February 26, 2024.  

SWIFT supports 7 low-cost and scalable major EVM chains, including Arbitrum, Polygon, BSC, opBNB, Base, Optimism and Avalanche, with plans to add support for more chains.

▌Backpack wallet integrates Wormhole protocol

Backpack wallet announced that it has integrated multi-chain messaging protocol Wormhole. Wormhole can promote different Token exchange and interaction between blockchain networks, this integration allows Backpack users to bridge and exchange tokens between Solana and Ethereum.

▌Lens community proposes LIP-10 to achieve interoperability of communities on the Lens chain

Lens community contributors The proposed new LIP-10, a unified standard for creating and managing communities, aims to address the interoperability of on-chain communities (such as OrbClubs and Hey communities) across the Lens protocol. The proposal sees different applications building on Lens seeking to establish a standard to enhance interoperability and distribution.

▌VanEck Consultant: Bitcoin and POW-powered systems can prevent spam attacks launched by AI

VanEck Consultant Gabor Gurbacs said on the

Cryptocurrency

▌Bloomberg analyst: Vanguard has seen inflows of about 300 since spot Bitcoin ETF launch Billion US dollars

Bloomberg analyst Eric Balchunas said that since the launch of the spot Bitcoin ETF, Vanguard has absorbed approximately US$30 billion in funds, which is six times the inflow of the spot Bitcoin ETF. The analyst said: “They (Vanguard) are on another level, and I say this because I am in awe of what the spot Bitcoin ETF has achieved, but Vanguard is the whale in TradFi.”  

Vanguard previously stated that it would not launch a spot Bitcoin ETF.

▌Bitwise Spot Bitcoin ETF Granted Full Access to Advisors Among $30 Billion U.S. RIAs

Bitwise CEO Hunter Horsley The X platform said that the Bitwise Spot Bitcoin ETF (BITB) has been selected and approved to have full access to advisors in a US$30 billion nationwide RIA (Registered Investment Advisor), one of the largest RIAs in the country. one.

▌Tiger Brokers CFO: We are evaluating the launch of more altcoins and will implement international expansion strategies in markets such as the United Kingdom and the United States

Tiger Brokers Chief Financial Officer John Fei Zeng said in an interview that the company is currently evaluating other digital assets such as altcoins for listing upon regulatory approval, as well as in licensed markets such as Australia, the United States, Singapore, Hong Kong, the United Kingdom and New Zealand. Implement international expansion strategy. John Fei Zeng said: “Cryptocurrency is becoming an important asset class in addition to stocks and options. Therefore, adding new asset classes is a natural extension of the broker-dealer business, and the underlying Web3 technology is also closely related to Tiger’s financial Combining technology background." 

It is reported that the company currently has 865,500 capital accounts and total assets under management of US$18.9 billion.

▌The trading volume of the nine spot Bitcoin ETFs today was approximately US$2 billion, the highest since the first day of listing

According to According to data shared by Bloomberg analyst Eric Balchunas, the trading volume of nine U.S. spot Bitcoin ETFs today is approximately US$2 billion, the highest since the first day of listing. This is thanks to the huge amounts of Vaneck’s HODL, WisdomTree’s BTCW and Bitwise’s BITB. Trading volume contribution, they both broke their respective single-day trading records.  

“$2 billion in trading volume puts them in the top 10 or so of ETFs and the top 20 or so of stocks, which is a big number,” analysts said.

▌Michael Saylor: Will “always buy Bitcoin” and has no plans to sell

In response to a question from a Bloomberg reporter: When selling Bitcoin, MicroStrategy founder Michael Saylor said that he would continue to "buy Bitcoin Forever" (Buying Bitcoin Forever) and had no intention of selling.  

Saylor believes that Bitcoin competes with larger asset classes such as gold, real estate and the S&P Index, but it is a superior product. He said: “Bitcoin is inherently superior and there is no reason to sell superior to buy failure. We believe capital will continue to flow into Bitcoin from these asset classes because Bitcoin is technically superior to these asset classes and in this There is no reason to sell the winners and buy the losers".  

Golden Finance previously reported that MicroStrategy held 190,000 Bitcoins as of the end of January, with a current position worth approximately US$10 billion and a floating profit of US$4 billion.

▌Franklin Templeton files 19b-4 filing for spot Ethereum ETF

According to a public regulatory filing , CBOE has filed a 19b-4 filing for its spot Ethereum ETF on behalf of Franklin Templeton, which filed an S-1 filing with the SEC last Monday.

▌Chainalysis: Ransomware payments will hit $1.1 billion in 2023

A report from Chainalysis shows that although 2022 Annual ransomware volume has declined, but ransomware payments still hit an all-time high of $1.1 billion last year.

▌Galaxy Digital’s assets under management reached US$8.1 billion at the end of January, a month-on-month increase of nearly 57%

According to the official announcement, as of On January 31, 2024, Galaxy Digital's preliminary assets under management were US$8.1 billion, and its preliminary AUM increased by 56.8% from the previous month and more than 4 times from last year. Last month’s net inflows were primarily driven by new opportunistic assets under management and GAM’s passive strategies, partially offset by net outflows related to ongoing liquidation mandates.

Important economic news

▌The Nasdaq rose nearly 3% at the close of U.S. stocks, and Nvidia’s market value approached US$2 trillion.

U.S. stocks closed Thursday, and the three major stock indexes collectively closed higher. The Dow Jones Industrial Average initially closed up 450 points, or 1.18%, and the S&P 500 Index rose 2.1%, both setting new closing highs. The Nasdaq rose 2.96%. Nvidia (NVDA.O) closed up 16%, with a market value of US$2 trillion, AMD (AMD.O) rose more than 10%, and Rivian (RIVN.O) closed down 25%. The Nasdaq China Golden Dragon Index closed up 1.4%, Li Auto (LI.O) rose more than 5%, and Baidu (BIDU.O), which Citron is optimistic about, rose more than 3%.

▌Federal Reserve Harker: May be close to the point of cutting interest rates, but not sure when it will happen

Federal Reserve Harker said, It may be close to the point of a rate cut, but it is uncertain when it will happen. The biggest risk is that the Fed cuts rates too early. Don’t expect rate cuts to happen “immediately and immediately.”

▌Federal Reserve meeting minutes: Policy interest rates may have reached the peak of this cycle, and most officials noted the risk of cutting interest rates too quickly

Fed meeting minutes showed that Fed officials said demand may be stronger than (previously) assessed and policy rates may have reached the peak of this cycle. Most officials noted the risks of cutting interest rates too quickly. Some officials see a risk that inflation progress could stall.

▌U.S. Senate Banking Committee Chairman Calls on Powell to Punish Trading Violations

U.S. Senate Banking Committee Chairman Sherrod Brown Calls on the Fed to Strengthen Policy regarding financial market transactions by Federal Reserve officials. It comes after a regulator's report last month revealed new details about policymakers' trading during the pandemic. The Fed revised its internal ethics rules two years ago after a series of trading scandals led to the resignations of two regional Fed presidents and triggered a wave of criticism from Congress. Brown said in a letter to Federal Reserve Chairman Jerome Powell on February 20 that these regulations are constructive but lack enforcement mechanisms and punitive measures. "I call on the Federal Reserve to impose substantial penalties on Fed officials who engage in prohibited market trading activities," Brown wrote. "Unless it hits where it hurts, nothing will change."

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