Justin Sun frequently travels to the U.S. Tether has 106% reserve support

Headlines

▌US SEC: Sun Yuchen frequently travels to the United States, and the US court has jurisdiction

On April 19, the US SEC has amended its lawsuit against Tron founder Sun Yuchen, saying that he frequently travels to many places in the United States, which gives the court jurisdiction. The SEC accused Sun Yuchen and his company of selling unregistered securities through Tron and BitTorrent (BTT) tokens and engaging in manipulative money laundering transactions. The SEC claimed that Sun Yuchen spent more than 380 days in the United States between 2017 and 2019, and his travel destinations included New York, Boston and San Francisco. Sun Yuchen said that the token sales were conducted entirely overseas, avoiding the US market, so the SEC had no right to impose jurisdiction on him and the Singapore-based Tron Foundation.

▌Tether CEO: Tether has 106% reserve support

On April 19, at Token2049, Tether CEO Paolo Ardoino said that Tether has 106% reserve support and holds excess liquidity. China had about $3 trillion in U.S. debt 2 to 3 years ago, and about $700 billion today. Today, Tether owns 12% to 13% of China's U.S. Treasury bonds. Tether has quickly become one of the largest holders of U.S. Treasury bonds.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $63,694, with a daily increase or decrease of +1.25%;

ETH's latest transaction price is $3,047.58, with a daily increase or decrease of +0.01%;

BNB's latest transaction price is $553.8, with a daily increase or decrease of +1.03%；

ORDI's latest transaction price is $45.61, with a daily increase or decrease of +6.26%；

DOGE's latest transaction price is $0.1554, with a daily increase or decrease of +3.38%；

SOL's latest transaction price is $141.42, with a daily increase or decrease of +1.38%。

Policy

▌US IRS releases new tax form draft: cryptocurrency investors may face new regulations

The U.S. Internal Revenue Service (IRS) has released important news that may affect cryptocurrency investors. The agency previewed a draft of a future tax form that aims to dictate how brokerage sales of digital assets are reported. The new 1099-DA form will allegedly help calculate taxable gains or losses when brokering digital asset transactions and may include filling in personal token codes and providing information such as wallet addresses. While the preview is still in its preliminary stages and may change depending on the outcome of the final tax rules, the move is seen as a step toward addressing uncertainty and confusion among cryptocurrency investors. The new rule is expected to play a key role in promoting the standardization of cryptocurrency tax practices. The IRS has now invited public comment on the draft form, and it is unclear when the final version will be released.

Blockchain Applications

▌South Korean regulators delay approval of leadership changes at Crypto.com local unit

Crypto.com has hit a roadblock in its entry into the South Korean cryptocurrency market as local financial regulators are delaying approval of the executive leadership transition of the local entity. Crypto.com announced on April 2 that it will launch a local trading platform in South Korea. The launch is scheduled for April 29 and is planned to fill the vacancy of OK-BIT, a local authorized cryptocurrency exchange, which is winding down its services. Crypto.com acquired OK-BIT in 2022.

Layer 1 blockchain network Injective announced that the INJ 3.0 governance proposal has been launched. INJ stakers and validators have 4 days to vote for IIP-392. According to the proposal: 1. The inflation rate limit will be lowered. The lower limit is currently set at 5%, and it is recommended to reduce it by 25% quarterly within two years; the upper limit is currently set at 10%, and it is recommended to reduce it by 30% within two years. 2. Increase the inflation rate change parameter from 0.1 to 0.5 to improve its responsiveness to staking activities.

Cryptocurrency

▌Nigerian court postpones Binance executive hearing date to April 22

The Federal High Court in Abuja, Nigeria, has again postponed the bail application hearing of Binance executive Tigran Gambaryan, who remains incarcerated at the Kuje Correctional Center. The court had originally scheduled the hearing on April 18 and has now rescheduled the hearing date to April 22. During the court session, the Economic and Financial Crimes Commission (EFCC) told the court that Gambaryan’s lawyers filed an additional affidavit in response to his bail application on April 16. Senior Counsel E. Iheanacho highlighted the new arguments raised by the defense, which require time to respond appropriately in the pursuit of justice.

▌Binance CEO: Bitcoin ETF approval has driven demand for Bitcoin and expanded its reach

Binance CEO Richard Teng said this year's Bitcoin halving is unique because it occurs amid a series of other major events in Bitcoin and the broader crypto ecosystem. In addition to the ETF breakthrough that has stimulated institutional interest and participation, another major trend in the crypto space today is the boom in Layer 2 and DeFi activities on the Bitcoin network, thanks to the popularity of the Ordinals protocol and Bitcoin inscriptions. Teng pointed out that historically, the price of Bitcoin has risen within six months of each halving event. The halving occurs every four years and cuts the number of Bitcoin rewards given to miners in half. He said the reduction in the supply of new coins may be the reason why the market reacts to each event. However, he pointed out that the room for further growth depends on a series of factors, including overall market sentiment and adoption. He added that the approval of the Bitcoin ETF has driven demand for Bitcoin and expanded its reach. Coinbase: The cryptocurrency market will be driven by macroeconomic factors after Bitcoin halving Coinbase (COIN) said in a research report on Thursday that although the fundamentals of cryptocurrencies remain strong, the direction of the digital asset market after Bitcoin halving is more likely to be driven by macroeconomic factors. "These factors are largely exogenous to cryptocurrencies, including heightened geopolitical tensions, rising long-term interest rates, reflation and rising national debt," analyst David Han wrote.

Important Economic Dynamics

▌The U.S. digital currency sector rose, with RIOT.O up 4.22%

The U.S. digital currency sector rose, with Riot Blockchain (RIOT.O) up 4.22%, MicroStrategy (MSTR.O) up 2.84%, cryptocurrency exchange Coinbase up 2.5%, and Bit Digital (BTBT.O) up 1.3%.

Golden Encyclopedia

▌What is censorship resistance in blockchain technology?

The anti-censorship features of blockchain include: decentralization, unalterable ledgers, transparency, and encryption. Bitcoin's decentralized consensus mechanism, anonymity, and decentralized governance enable it to withstand censorship attempts by any centralized institution and maintain the immutability of its transactions. In the Bitcoin network, miners compete to add transactions to the blockchain and verify them by solving difficult mathematical puzzles. Since the network cannot be controlled by a single party, censorship becomes a challenging task. Any attempt to filter transactions must overwhelm the total processing capacity of the network, which becomes increasingly difficult as the network becomes larger.

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.