Morning Post - September 20

headlines

▌Ethereum may be under SEC scrutiny after "merger"

According to the "Wall Street Journal" report, Ethereum recently switched from the previous PoW to the PoS model. This practice of classifying the world's second largest cryptocurrency as a security may have attracted the attention of the chairman of the US Securities and Exchange Commission Gensler. Gensler, who shared his comments hours after the ethereum “merger” was successful, talked about the Howey test, a test used by courts to determine whether an asset is a security. Cryptocurrencies and intermediaries may have to pass this test to recognize assets as securities, he said. The Howey test will also examine whether the investor expects a return from the work of the third party. From a cryptocurrency perspective, Gensler said, this is another measure of the Howey test. But Gensler did not provide further clarification, saying that he did not explicitly point to any specific cryptocurrency.

policy

▌The U.S. Department of the Treasury seeks public comments on the risks of financial crimes related to cryptocurrencies and how to deal with them

The U.S. Department of the Treasury wants to engage the crypto community in discussions about how digital assets can be used for illicit activities and how the department should respond to the issue. The U.S. Department of the Treasury issued a "request for comments" on Monday outlining more than 20 issues and asking the public to explain whether it has "comprehensively defined the risk of illicit financing associated with cryptocurrencies," noting that various federal officials, including the Secretary of the Treasury, , the Attorney General, the Secretary of Homeland Security, the Director of National Intelligence, and the Secretary of State) will develop a "Coordinated Action Plan" to address potential national security risks posed by digital assets. “The growing use of digital assets in financial activities increases the risk of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption. These illicit activities highlight the need for ongoing scrutiny of digital asset usage, the extent to which technological innovations affect such activities, and explore opportunities to reduce these risks through regulation, oversight, public-private partnerships, and enforcement."

cryptocurrency

▌Data: The number of Bitcoin active addresses has decreased by more than 120,000 in the past 24 hours, a drop of 14%

The data shows that there are currently 774.768 active Bitcoin addresses, a decrease of 126.574 addresses compared with 24 hours ago, a drop of 14.04%. During the period, the number of active Ethereum addresses decreased by 17.61% (approximately 128,900), the largest single-day decrease since August 6. This may indicate that the market's demand for on-chain transactions and value settlement of BTC and ETH has decreased.

▌Data: Market sentiment has been in the fear or extreme fear range for a month

The data shows that today's fear and greed index is 21, and the market fear has intensified compared with yesterday (27), and the level has turned to extreme fear. It is worth noting that the index has been in the fear or extreme fear zone since August 16.

▌Russia has set up a working group of encryption experts and will release cryptocurrency mining standards in February next year

A working group of Russian crypto industry experts, composed of members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain ( Racib ), the cryptocurrency sector and other related industries, has announced the establishment of a working group that will join forces to develop a mining standard that will The overall efficiency of mining should be improved, with the aim of increasing the time that expensive data processing equipment operates under optimal load, thereby increasing profitability. This should allow for proper calibration of the ventilation system, taking into account indicators such as humidity, season, region, and the specific location where the crypto mining unit is installed. The standard is expected to be published in February 2023. The new standard will be included in the national system of "Green Zoom" for sustainable development of the Russian construction industry.