Trump's second son's project is related to real estate. Binance will pay CVM $1.7 million

Headline

▌Trump's second son's project is related to "digital real estate"

Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Organization, revealed his upcoming project in an interview with the New York Times, but refused to disclose any specific details, only saying that the crypto project will be announced publicly after "everything is ready." He hinted that the project may involve "digital real estate," suggesting that people can lend or borrow funds through it.  

Previously reported, Eric Trump posted on social media, "I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements."

▌Binance will pay $1.7 million to the Brazilian Securities Commission to end the investigation of its derivatives products

Binance will pay 9.6 million reais (about $1.76 million) to the Brazilian Securities and Exchange Commission (CVM) to end the CVM's investigation into its failure to obtain the necessary licenses for providing derivatives trading services in Brazil.  

The CVM previously ordered Binance to stop providing derivatives trading services in Brazil in July 2020. Later in August 2023, the CVM rejected Binance's proposed settlement of 2 million reais (about 370,000 US dollars). The CVM stated that Binance brokered and intermediated securities transactions to citizens living in Brazil without obtaining securities broker qualifications and CVM registration or exemption. The settlement amount is much higher than the 2 million reais proposed by Binance a year ago.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 58,745.73 US dollars, with a daily increase or decrease of -3.1%;

ETH's latest transaction price is 2,662.87 yuan, with a daily increase or decrease of -1.5%;

BNB's latest transaction price is 523.86 US dollars, with a daily increase or decrease of +0.0%;

SOL's latest transaction price is 143.90 US dollars, with a daily increase or decrease of -2.0%；

DOGE's latest transaction price is 0.1025 yuan, with a daily increase or decrease of -3.6%；

XPR's latest transaction price is 0.5686 US dollars, with a daily increase or decrease of -1.4%。

Policy

▌Circle CEO: Harris campaign team is actively engaging with the encryption industry to deepen its understanding of the industry

Circle CEO Jeremy Allaire expressed optimism about rumors that Kamala Harris has shifted to a more favorable stance toward cryptocurrency. Allaire said Harris' presidential campaign is actively working with the crypto industry to "work together" to deepen understanding of crypto-related policies in preparation for the 2024 U.S. election.  

In the interview, Allaire also shared his views on a virtual roundtable held on August 8 with White House officials, Harris campaign representatives, U.S. lawmakers and industry leaders. Allaire said the event highlighted the bipartisan nature of the issue and its importance to voters. Allaire added that the industry is seeking clarity on Harris' economic policy intentions and her stance on cryptocurrencies.

▌U.S. SEC: 26 companies will pay more than $390 million in fines for record-keeping failures

According to the U.S. Securities and Exchange Commission (SEC), 26 companies will pay more than $390 million in fines for record-keeping failures, including companies such as Royal Bank of Canada Capital, Raymond James Financial and TD Securities.

▌Fireblocks Receives New York Crypto Custody License

Web3 infrastructure provider Fireblocks announced that it has received a New York State cryptocurrency custody license to custody cryptocurrencies for US customers.  

"As of this month, Fireblocks Trust Company, LLC has been chartered as a limited purpose trust company to engage in virtual currency business and will soon begin offering cold custody solutions powered by Fireblocks technology to US customers," Fireblocks said in a statement. 

Fireblocks joins a growing list of institutional cryptocurrency companies authorized by the New York Department of Financial Services to custody assets, including Coinbase Custody Trust, Fidelity Digital Asset Services, and PayPal Digital, according to the New York Department of Financial Services.

Blockchain Applications

▌Fidelity Digital Asset Management is looking at on-chain treasuries and credits, as well as stablecoins

Cynthia Lo Bessette, head of Fidelity Digital Asset Management, doesn’t see enough demand for alternative cryptocurrency ETFs. Bessette added that an Ethereum-collateralized ETF may be a matter of when, not if. Fidelity’s digital asset management division is also looking at tokenization, which includes stablecoins in addition to on-chain treasuries and credits.

▌Stablecoin payment app Sling Money completes $15 million Series A

Stablecoin payment app Sling Money has completed a $15 million Series A round led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Sling Money previously raised a $5 million seed round led by Ribbit Capital and participated by Slow Ventures.  

Sling Money combines stablecoin technology with a user-friendly interface and seamlessly integrates with fiat payment systems to enable better and cheaper global money transfers.

Cryptocurrency

▌Analysis: US government transfers nearly $600 million of Silk Road Bitcoin or just for custody

The US government on Wednesday transferred 10,000 Silk Road-related seized bitcoins (BTC) to the exchange giant's institutional platform Coinbase Prime, according to blockchain data from Arkham Intelligence. 

Analysts said deposits to exchanges usually indicate an intention to sell assets, but in this case the transfer may be for custody reasons, as the U.S. Marshals Service, an agency under the U.S. Department of Justice, announced a partnership with Coinbase Prime last month to "protect and trade" large digital assets. 

The government's last confirmed sale of Silk Road assets was in March 2023, when 9,861 tokens were sold for $216 million, according to court documents. The government listed in the document a plan to sell the remaining assets in four batches that year, but there were no subsequent contracts for the sales.

▌The financialization trend of the Bitcoin computing power market is emerging

Bitcoin computing power is becoming an emerging investment commodity, attracting the attention of the capital market. KPMG experts pointed out that the financialization of computing power provides investors with a new way to participate in Bitcoin mining and provides tools to hedge price fluctuations through the derivatives market. Despite regulatory challenges, computing power is becoming more important as a tradable asset and is expected to occupy a place in the capital market in the future.

▌Morgan Stanley is currently one of the top five holders of BlackRock's Bitcoin ETF

Morgan Stanley said in a filing with the U.S. Securities and Exchange Commission (SEC) that as of June 30, it held 5.5 million shares of BlackRock's spot Bitcoin ETF. Morgan Stanley is currently one of the top five holders of BlackRock's Bitcoin ETF. Morgan Stanley discloses $187 million holding in Bitcoin ETF. NYSE Arca withdraws request to list options on commodity trusts and crypto ETFs The New York Stock Exchange’s (NYSE) Arca electronic exchange has withdrawn a rule change it proposed in January that would have allowed trading in options on commodity trusts, including cryptocurrency exchange-traded funds (ETFs), according to an Aug. 13 filing. The proposed change was intended to “allow the listing and trading of options on commodity trust shares,” according to a Jan. 19 filing. It would include options on cryptocurrency ETFs such as Grayscale Bitcoin Trust (GBTC), according to a Feb. 28 letter from Grayscale Investments to the U.S. Securities and Exchange Commission (SEC). The letter said the SEC should “update its outdated historical patchwork approach to approving options on ETPs based on spot commodities…including GBTC options on the exchange.”  

The withdrawal is the latest in a series of sudden activities related to options on spot cryptocurrency ETF listings.

▌Vanguard CEO: The company does not plan to launch a cryptocurrency ETF

Vanguard CEO Salim Ramji said the company does not plan to launch a cryptocurrency exchange-traded fund (ETF). 

Salim Ramji took over as Vanguard CEO last month after a decade in senior leadership roles at BlackRock. Ramji most recently served as global head of iShares and index investing at BlackRock, where he was responsible for managing the majority of the company's client assets and growing the iShares platform.

Important Economic Dynamics

▌The probability of the Fed cutting interest rates by 50 basis points in September is 37%

According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 63%, and the probability of cutting interest rates by 50 basis points is 37%. The probability of the Fed cutting interest rates by 50 basis points by November is 37.9%, the probability of cutting interest rates by 75 basis points is 47.4%, and the probability of cutting interest rates by 100 basis points is 14.8%.

▌Fed's Goolsbee: Economic conditions will determine the extent of rate cuts

Fed's Goolsbee said that the policy is "very restrictive" and the economy is not overheating; rising unemployment may indicate a deterioration in the job market; if the job market is weak, more attention will be paid to the employment sector; to a certain extent, more attention is being paid to employment as a policy goal; economic conditions will determine the extent of rate cuts.

▌The three major U.S. stock indexes closed up collectively, and hot technology stocks rose and fell

The three major U.S. stock indexes closed up collectively, with the Dow up 0.61%, the Nasdaq up 0.03%, and the S&P 500 up 0.38%. Hot technology stocks rose and fell, with Tesla falling more than 3%, Google falling more than 2%, and Nvidia rising more than 1%.

▌Analysis: Housing will be the key driver of the decline in US inflation

Institutional Chief US Economist: We still expect housing to be the key driver of the decline in US inflation for the rest of the year. The Fed is expected to cut interest rates by 50 basis points in September. With the unemployment rate rising - we expect the unemployment rate to reach 4.5% this fall, possibly by October - the Fed will focus more and more on the employment part of its dual mission.

▌"Federal Reserve Megaphone": So far this year, only the core CPI in March is higher than the same period last year

"Federal Reserve Megaphone" Nick Timiraos analyzes US inflation: Questions about the remaining seasonality remain. Some say that the mild trend in the second half of 2023 is an outlier and inflation has not yet been curbed. Others say that the hot data in the first quarter of 2024 is an outlier, interrupting a series of readings close to the inflation target that began last summer. Since April, inflation has been close to pre-epidemic levels. So far this year, core inflation has been lower than the same period last year in every month except March.

Golden Encyclopedia

▌What is Zero-Knowledge Proof

Zero-knowledge proof (ZKP) is a cryptographic method that allows multiple parties to verify the authenticity of a statement without revealing information other than the statement itself. Many blockchains utilize ZKP to improve the security of interactions involving sensitive data. As a result, participants in a blockchain with ZKP can interact with greater confidence because private information is less likely to be leaked or exploited by malicious actors.

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.