Biden's campaign funds "cut off" and the US prohibits lawmakers from trading stocks

Headline

▌Biden was exposed to "cut off" campaign funds and fell into a "catastrophic" dilemma

On July 12, according to a report by Reference News citing the website of the National Broadcasting Corporation of the United States, sources said that US President Biden's campaign has faced a reduction in donations and the situation is extremely dangerous. The report said that one of the sources said: "The situation is catastrophic." Another source said: "The source of funds has been cut off." Two other sources said that this month, Biden's campaign fundraising from big donors may be reduced by half or even more. A source said: "Donors are very negative. They talked to the president. This call seems unnatural to people. I don't think they believe him."

▌US Senators reached an agreement to promote a ban on members' stock trading

Bipartisan senators in the United States once again worked to promote laws to ban members of Congress from trading stocks. In a July 9 letter to House Speaker Mike Johnson and Democratic Leader Hakeem Jeffries, a bipartisan group of 20 senators proposed an amendment to the Stop Trading on Congressional Knowledge Act of 2012 to prohibit lawmakers from engaging in stock trading.   U.S. Senator Josh Hawley said at a press conference: "Congress should not be about making money. There is no reason for members of Congress to profit from information that only they can access and other Americans cannot."

Market

As of press time, according to Coingecko data:

BTC recently traded at $58150.11, with a daily increase or decrease of +0.59%;

ETH recently traded at $3135.99, with a daily increase or decrease of -0.30%;

BNB recently traded at $531.6, with a daily increase or decrease of -0.08%；

SOL's latest transaction price is 139.16 US dollars, and the intraday change is -1.17%；

DOGE's latest transaction price is 0.1072 US dollars, and the intraday change is -1.46%；

XPR's latest transaction price is 0.4619 US dollars, and the intraday change is +2.07%。

Policy

▌HKMA completes fifth targeted review of anti-money laundering measures for virtual asset service providers

Golden Finance reported that the Hong Kong Monetary Authority issued a notice to banks and stored value payment facility licensees. Its Financial Action Task Force published the results of last month's plenary meeting, identifying jurisdictions with strategic gaps in their systems to combat money laundering, terrorist financing and weapons proliferation financing. The Hong Kong Monetary Authority stated that the task force has completed the fifth targeted review of virtual assets and virtual asset service providers to implement relevant anti-money laundering measures in accordance with the task force standards. The task force will continue to monitor market trends and pay attention to whether there are major developments that require further action. This report will be published in the next few weeks.

▌The UK Law Commission believes that there is no need to establish DAO-specific laws

On July 12, the UK Law Commission believed that decentralized autonomous organizations (DAOs) do not need separate legal supervision and should be included in the existing financial regulations and tax framework. The committee said that in its current form, it is not feasible to implement a one-size-fits-all law on DAOs because different ecosystems tend to adjust their operations according to local judicial requirements. In addition, the committee recommends reviewing the Companies Act 2006 to facilitate supervision of DAOs operating in the form of limited liability partnerships. The committee also proposed to review the scope of reform of non-profit DAOs and existing anti-money laundering regulations.

Blockchain Applications

▌Gnosis Chain Mainnet Launches Threshold Encryption Technology Beta

Ethereum sidechain Gnosis Chain announced that Shutter's threshold encryption technology was first implemented on the mainnet. This beta brings an encrypted memory pool to the Gnosis chain to protect users from malicious MEV attacks. This is the second major Shutter use case to go online after Shielded Voting for Snapshot.

▌Unstoppable Domains: Official website domain name attacked, users need to be vigilant

On July 12, Web3 domain name provider Unstoppable Domains stated on the X platform that its official website was attacked. Please do not open emails sent by it or use the website until further notice. DefiLlama founder 0xngmi said on the X platform that the attack may be related to problems with domain name provider Squarespace. Earlier news, the domain name registrar Squarespace's problems may cause hundreds of crypto project domain names to face the risk of attack.

▌Chainlink Data Feeds is now online on the Starknet mainnet

Chainlink Data Feeds is now online on the Starknet mainnet. The addition of Data Feeds provides support for developers building DeFi applications on Starknet.

Cryptocurrency

▌The German government currently still holds 9,094 BTC

According to Lookonchain monitoring, in the past 24 hours, the German government wallet transferred 10,627 BTC (US$615.3 million) and received 4,169 BTC (US$239.6 million). The German government may have sold 6,458 BTC ($375.7 million) and currently holds 9,094 BTC ($522.29 million).

▌Russian Ministry of Finance proposes to allow limited cryptocurrency trading for certain qualified investors

On July 12, the Russian Ministry of Finance proposed to allow a limited number of "certain qualified" investors to trade cryptocurrencies on exchanges. The response drafted by the ministry is aimed at two proposed laws aimed at regulating cryptocurrency mining and digital currency settlement under an experimental legal framework. Specifically, the ministry proposes to allow all foreign economic activity (FEA) participants to use digital assets for settlement in accordance with general provisions, which means that digital assets need to be recognized as having monetary value. As an experimental measure, the ministry further proposed that cryptocurrency trading be allowed only on exchanges and platforms listed in the official register and that cryptocurrencies be treated as commodities. However, the document does not specify the criteria for classifying these investors.

▌Sources: Banks say wallets and spot Bitcoin ETFs should be outside of crypto guidance in talks with SEC

Banks successfully argued in closed-door talks with SEC staff that wallets and spot Bitcoin exchange-traded products should be outside of cryptocurrency guidance, sources said. Aaron Jacob, head of accounting solutions at TaxBit, which provides crypto accounting products to exchanges and investors, said financial institutions are increasingly eager to participate in the crypto industry, especially now that the SEC has approved spot Bitcoin products. Golden Finance previously reported that the US SEC allows certain companies to circumvent controversial cryptocurrency accounting announcements

Important Economic Dynamics

▌US Senator: Having Bitcoin reserves can help the dollar remain strong

According to Bitcoin News on the X platform, Senator Cynthia Lummis said on the FOX News program, "Having Bitcoin reserves can help the dollar remain strong." She also said that the current US senator saying this on national news television is definitely a game changer.

▌Macquarie: The Federal Reserve is expected to implement its first interest rate cut in September, and the previous forecast was December

Macquarie: The Federal Reserve is expected to implement its first interest rate cut in September, and the previous forecast was December. In addition, the Federal Reserve will cut interest rates by 50 basis points this year, compared with a previous forecast of 25 basis points.

Golden Encyclopedia

▌What is market depth in cryptocurrency trading?

In cryptocurrency trading, market depth describes the ability of the market to withstand a large number of orders without a noticeable impact on the price. It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

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