Binance transforms into a more decentralized company, CZ may have left prison

Headlines

▌Binance CEO: Binance has transformed into a more decentralized company

Richard Teng, Binance's new CEO, recently accepted an interview with CoinDesk and shared four key points for the company's future. First, Teng emphasized that Binance has transformed from the leadership of founder CZ to a more decentralized company. Second, Binance has not yet decided on the location of its global headquarters, as this decision requires careful consideration of the impact of all parties. Third, Teng pointed out that operating a crypto business in multiple countries is very complicated, especially facing issues such as the detention of employees in Nigeria. Finally, Binance currently has no plans to IPO or return to the US market because the company's financial situation is stable and there is no urgent need to raise funds.

▌CZ may have left prison, but is still in custody

According to the information from the US Bureau of Prisons, CZ is expected to be released on September 29. But some crypto communities seem to have mistakenly and prematurely celebrated the freedom of the crypto entrepreneur.  

Part of the confusion may be due to CZ's transfer this week from a minimum-security prison in Southern California to RRM Long Beach. This is a residential program that prepares inmates nearing the end of their sentences to reintegrate into society. RRM, or the Office of Reentry Management, is often referred to as a "halfway house."  

Technically, some Twitter users are correct in claiming that CZ is out of prison. But he is certainly still in the custody of the US government and cannot move freely. By the end of September, CZ should regain his freedom of movement and may be able to return to Dubai to reunite with his family.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,376.78, with a daily increase or decrease of -1.3%;

ETH's latest transaction price is 2,623.11 yuan, with a daily increase or decrease of -0.4%;

BNB's latest transaction price is $583.66, with a daily increase or decrease of +2.4%;

SOL's latest transaction price is $143.25, with a daily increase or decrease of +0.2%；

DOGE's latest transaction price is $0.1053, with a daily change of -0.9%；

XPR's latest transaction price is $0.5976, with a daily change of -0.6%。

Policy

▌Former U.S. congressional candidate Michelle Bond charged with illegal campaign donations

Former congressional candidate Michelle Bond was indicted by U.S. Attorney for the Southern District of New York Damian Williams for alleged illegal campaign donations. Bond ran unsuccessfully for a seat in the House of Representatives in New York's First District as a Republican candidate in 2022. Prosecutors accused her of working with former FTX executive Ryan Salame to obtain $400,000 from a cryptocurrency exchange in the Bahamas through a fake consulting agreement and using the money for the campaign. Bond reported the money as "consulting income" in his financial disclosure, but was accused of covering up the source of the funds and lying to Congress. Bond faces four counts, including "conspiracy to cause illegal campaign contributions," which carries a maximum sentence of five years in prison. Salame has previously been sentenced for illegal political donations and operating an unlicensed money transmission business, and tried to stop the investigation of Bond, but failed.

▌The U.S. SEC rejected Hex founder Richard Heart's request to dismiss the lawsuit, and the case will continue

The U.S. Securities and Exchange Commission (SEC) has refuted Hex founder Richard Heart's attempt to dismiss his lawsuit, saying it has the right to proceed with the case. The SEC accused Heart of raising more than $1 billion through an unregistered securities offering and using the funds for personal luxury consumption. Heart's lawyers countered that Hex, PulseChain and Pulse X are not securities and that Heart did not promise a return on investment, so it was not a fraud. The SEC insisted that the assets were investment contracts and therefore fell into the category of securities. The next hearing in the case is scheduled for October 24.

▌Colombian regulator accuses Worldcoin of violating data protection laws

The Colombian Superintendence of Industry and Commerce (SIC) has accused Worldcoin, a decentralized identity project founded by Sam Altman, and Tools for Humanity, the company behind it, of violating the country's personal data protection regulations. The SIC has issued a preliminary notice of prosecution, accusing the companies of failing to comply with relevant policies when collecting sensitive personal data. Worldcoin currently collects data using its Orb devices in 25 locations in Colombia, including the capital Bogota. If found guilty, the SIC could impose financial sanctions on Worldcoin, temporarily suspending or permanently shutting down its operations in Colombia. Worldcoin has not yet responded to the allegations.

Blockchain Applications

▌Appchain protocol Tanssi is expanding to Ethereum via Symbiotic

Appchain protocol Tanssi, which has focused on the Polkadot blockchain in the past, is now expanding to Ethereum via re-staking protocol Symbiotic. According to the team, the effort could set a new standard for "quickly launching decentralized networks, also known as Active Validation Services (AVS)." What would normally take months to accomplish can be done in minutes, enabling developers to deploy highly customizable and decentralized networks with the strong security of Ethereum."

Cryptocurrency

▌If Bitcoin breaks through $62,000, the cumulative short order liquidation intensity of mainstream CEXs will reach 1.205 billion

According to Coinglass data, if Bitcoin breaks through $62,000, the cumulative short order liquidation intensity of mainstream CEXs will reach 1.205 billion; if Bitcoin falls below $59,000, the cumulative long order liquidation intensity of mainstream CEXs will reach 1.092 billion.  

Note: The liquidation chart does not show the exact number of contracts to be liquidated, or the exact value of the contracts liquidated. The bars on the liquidation chart actually show the importance of each liquidation cluster relative to the neighboring liquidation clusters, that is, the strength.  

Therefore, the liquidation chart shows how much the underlying price will be affected when it reaches a certain position. Higher "liquidation bars" indicate that the price will react more strongly to the liquidity wave after it arrives.

▌SkyBridge Capital Founder: Bitcoin is still in its early stages and is not yet a "store of value" asset

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, was interviewed by CNBC's "Squawk Box" to share his views on Bitcoin and cryptocurrencies.  

Scaramucci is optimistic about the future of Bitcoin, especially in the second half of 2024. He said that "oversupply" seems to be coming to an end, which he interpreted as a positive sign for Bitcoin's price trend.  

However, he also talked about the common debate comparing Bitcoin to gold. While gold has risen 30% over the past two years, Bitcoin's price has remained relatively stagnant. But Scaramucci reiterated his belief that Bitcoin is still in its early stages and is a technology rather than a store of value. He said that with more than 1 billion wallets, Bitcoin may eventually be seen as a store of value. Fundstrat Managing Partner: Bitcoin will rise sharply if Trump wins the US election Fundstrat Managing Partner Tom Lee said in an interview with CNBC that Trump's hopes of winning the November election may boost asset prices, including Bitcoin, and the market currently believes that Trump's chances of winning are higher than the polls show, and believes this is a good thing. "When the market believes this more, you'll see cyclicals, small-cap stocks and Bitcoin do better because these are clear policy differences."FiveThirtyEight's current national poll shows Democratic nominee Kamala Harris leading Trump by 3.4%. In contrast, cryptocurrency bettors on Polymarket give Trump a 52% chance of winning.Important Economic Dynamics▌Former Deputy Director of the White House National Economic Council: The Fed should strongly consider a 50 basis point rate cut in SeptemberBharat Ramamurti, former deputy director of the White House National Economic Council, said the Fed "made a mistake" by not cutting interest rates in July and "should strongly consider the possibility of a 50 basis point rate cut in September." He said the risks to price stability and inflation are much more serious than those facing the job market. "If you look at the data on hiring, resignations, and unemployment claims, there are data that show that there is pressure in the labor market right now. I don't think the job market is going to fall off a cliff. Still, from all the data we've seen, the Fed's interest rates appear to be too restrictive relative to the inflation rate we're seeing." ▌ The probability of a 25 basis point rate cut by the Fed in September is 75% According to CME's "Fed Watch", there is a 75% probability that the Fed will cut interest rates by 25 basis points in September, and a 25% probability that it will cut interest rates by 50 basis points. The probability that the Fed will cut interest rates by 50 basis points by November is 54.7%, the probability that it will cut interest rates by 75 basis points is 38.5%, and the probability that it will cut interest rates by 100 basis points is 6.8%.

▌Former Fed Economist: A 50-basis-point rate cut in September is not necessarily a mistake

Claudia Sahm, chief economist of New Century Advisors and former Fed economist, believes that the Fed has every reason to cut interest rates by 50 basis points in September. The proponent of the "Sam Rule" said in an interview: "There is absolutely every reason to cut interest rates by 50 basis points, especially if you think that the rate cut should have started by 25 basis points in July." She believes that the Fed cannot be blamed for information or data that it did not obtain at a certain point in the past, especially now that we can see in retrospect that the US labor market has slowed down more than previously thought. Therefore, a 50-basis-point rate cut is "not necessarily a mistake", but a "recalibration" of the policy to get it back on track.

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement of the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. In particular, Eos, which used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, attracted a lot of attention to DPoS, highlighting its potential in achieving high performance and decentralized governance.

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.