US judge upholds most charges against Binance, Biden's chance of winning is 16%

Headline

▌US federal judge maintains SEC's "most" charges against Binance

Golden Finance reported that a US federal judge maintained most of the SEC's charges against Binance, believing that the company may have provided unregistered investment products in violation of anti-fraud regulations. The ruling held that most of the agency's arguments were reasonable and rejected certain arguments made by Binance, which were also rejected by other judges, such as the Major Questions Doctrine, which means that the SEC has no right to fully regulate the cryptocurrency industry. In addition, the court also found that Binance founder and former CEO CZ, who is currently serving a prison sentence, was charged by the Department of Justice against Binance in another case, and given his control over Binance, he may be personally responsible for Binance's violations. However, the judge also rejected certain complaints related to some of the charges. Judge Amy Berman Jackson's ruling noted that the charges did not meet the Howey test. Judge Jackson also dismissed charges related to BNB secondary sales and Binance's Easy Earn project, but the charges against Binance's Earn Vault will continue. Of the 13 charges, only one charge (related to BUSD sales) was dismissed in full.

▌Biden's election probability hits a new record low at 16%

Golden Finance reported that the prediction market Polymarket posted on the X platform that Biden's election probability hit a new record low at 16%. In contrast, Trump's election probability is 63%.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 62756.61 US dollars, with a daily increase or decrease of +3.1%;

ETH's latest transaction price is 3435.23 US dollars, with a daily increase or decrease of +1.9%;

BNB's latest transaction price is 581.80 US dollars, with a daily increase or decrease of +2.2%；

SOL's latest transaction price is 146.32 US dollars, and the intraday increase or decrease is +4.6%；

DOGE's latest transaction price is 0.1243 US dollars, and the intraday increase or decrease is +2.2%；

XPR's latest transaction price is 0.4752 US dollars, and the intraday increase or decrease is +0.8%。

Policy

▌Coinbase software engineer: If the Democratic Party wants to get enough votes, it must quickly change its attitude towards cryptocurrencies

Coinbase senior software engineer yuga.eth posted on social media that as the Democratic Party falls into chaos, we are approaching the moment when cryptocurrency has the greatest political influence in the United States. The Democrats have been misled by Elizabeth Warren and others to launch an unpopular and ineffective war on cryptocurrencies, which will cause them to lose tens of thousands of votes in key swing states. If the Democratic Party really wants to get enough votes to avoid a crushing defeat in November, they must quickly and radically change their attitude towards cryptocurrencies. They should immediately stop the law enforcement and regulatory strategy, improve and pass FIT 21 in a bipartisan manner, and revoke SAB 121. Instead, pro-cryptocurrency PACs should use this moment to put pressure on Democratic political leaders and policymakers by obtaining commitments to promote financial innovation in the United States.

▌Dragonfly Capital Partner: The U.S. SEC has made it clear that SOL is a security and will not abandon this decision

Hasseb Qureshi, partner at Dragonfly Capital, said that the approval of the SOL ETF is unlikely to be achieved. He believes that VanEck's application for the SOL ETF may just be "buying goodwill" to lay the foundation for the development of similar products, because the U.S. Securities and Exchange Commission has made it clear that SOL is a security and regulators will not abandon this decision.

▌Chen Maobo: Hong Kong should speed up the cultivation of new industries and vigorously promote the development of artificial intelligence

Golden Finance reported that Hong Kong Financial Secretary Chen Maobo: Hong Kong should speed up the cultivation of new industries and vigorously promote the development of artificial intelligence.

▌Hong Kong financial services license allows cryptocurrency and STO transactions

Golden Finance reported that HKbitEX co-founder and chief strategy officer Lu Tingkuang believes that Hong Kong's cryptocurrency licensing system is more convenient than places such as Singapore and the United States. According to Lu Tingkuang, Hong Kong's crypto asset license allows holders to provide trading services for cryptocurrencies and security tokens (STOs). At the same time, the fintech expert emphasized that regulators in other countries only provide licenses for one asset class, not for both asset classes at the same time. As an example, he cited Coinbase, which is listed in the United States and whose license only allows trading crypto assets.

▌Paradigm urges European regulators to "delicately" handle MEV issues

Paradigm has submitted opinions to the European Securities and Markets Authority (ESMA) on preventing abuse in the crypto asset market. They pointed out that ESMA should avoid misapplying concepts from traditional financial markets to the basic blockchain level when dealing with maximum extractable value (MEV) to avoid inconsistencies and unexpected consequences. Paradigm called on ESMA to have a deeper understanding of MEV and support innovative tools to address potential abuse risks.

Blockchain application

▌UNIBOT has been integrated into the BNB chain

Golden Finance reported that Unibot officials posted on social media that UNIBOT has been integrated into the BNB chain.

▌Hong Kong Securities Industry: Hope to issue relevant derivatives for cryptocurrency spot ETFs and launch relevant leverage options

Golden Finance reported that the Hong Kong securities industry hopes to issue relevant derivatives for cryptocurrency spot ETFs. Since cryptocurrency spot ETFs have been officially listed, securities firms can apply to regulators to issue derivatives, such as launching related options with higher leverage, which will greatly enhance the attractiveness of Hong Kong's virtual asset market. It can be said that after the launch of cryptocurrency spot ETFs, it will not only attract investors who like to invest in physical cryptocurrencies, but also open up more development opportunities for securities firms. Xie Mingguang, a senior securities industry figure, pointed out that cryptocurrency spot ETFs have more confidence in Hong Kong's development prospects.

▌S&P Global Ratings joins Singapore's "Guardian Program" to promote digital transformation of financial markets

S&P Global Ratings announced that it has joined Singapore's "Guardian Program" to explore tokenization on public blockchains. The program is led by the Monetary Authority of Singapore (MAS) and brings together 18 financial institutions and regulators. S&P will focus on developing digital asset analysis frameworks and assessments in the fixed income field. Several financial institutions are conducting fixed income-related trials, reflecting the promotion of financial markets to digital transformation.

▌Wuxi's "Taihu Chain" blockchain technology platform realizes functions such as "one certificate for all"

Golden Finance reported that Wuxi held the "Chain Wuxi" blockchain innovation application results exhibition, which fully demonstrated the positive results achieved by Wuxi in the process of creating a national blockchain innovation application comprehensive pilot city in the past two years. The results of promoting the development of blockchain around the "Taihu Chain" are clear at a glance. The exhibition covers key contents such as popular science knowledge, infrastructure, industrial development, social governance, public services, innovation ecology, and future prospects, and showcases representative application scenarios involving more than 20 industries. The "Taihu Chain" management service platform is the core project in the national blockchain innovation application pilot work. Its biggest highlight is the construction of a city-level blockchain technology public service capability infrastructure platform, which effectively realizes the functions of "one certificate for all" electronic certificates, "one network for unified management", data lineage management, seamless supervision of state-owned assets, and full-process tracing of people-benefiting funds.

Cryptocurrency

▌9,708 ETH transferred from unknown wallet to Coinbase

Golden Finance reported that according to Whale Alert monitoring, around 6:03 Beijing time, 9,708 ETH (33,177,383 US dollars) were transferred from an unknown wallet to Coinbase.

▌Seven employees of the Paraguayan National Electricity Administration were accused of being directly involved in the establishment of illegal Bitcoin mining farms

Golden Finance reported that employees of the Paraguayan National Electricity Administration (ANDE) were accused of being directly involved in the establishment of illegal Bitcoin mining farms in Paraguay. Seven engineers employed by the country's National Electricity Administration (ANDE) will be involved in organizing illegal connections to provide electricity to Bitcoin businesses in Paraguay. Felix Sosa, director of the National Electricity Administration, clarified that the agency's internal audit department is verifying and organizing investigations into the organization. All relevant information will be submitted to the National Prosecutor's Office for further investigation. However, Sosa said that employees of the National Electricity Company have not been responsible for the execution of electrical connections for some time, but have delegated this function to third-party contractors. ANDE has been fighting illegal Bitcoin mining connections since December and has disconnected more than 70 farms that draw unmetered electricity directly from the grid.

▌The Ethereum network destroyed a total of 4,336,609.06 ETH

Golden Finance reported that according to Ultrasound data, the Ethereum network has destroyed a total of 4,336,609.06 ETH so far. Note: Since the introduction of EIP-1559 in the Ethereum London upgrade, the Ethereum network will dynamically adjust the BaseFee of each transaction according to transaction demand and block size, and this part of the fee will be directly burned and destroyed.

▌BNB breaks through $580

Golden Finance reported that the market shows that BNB broke through $580 and is now at $580.1, with a daily increase of 1.36%. The market fluctuates greatly, so please do a good job of risk control.

▌Salafi clerics believe that Islam can accept Bitcoin

Golden Finance reported that according to BITCOINLFG, a 90-year-old Saudi Arabian Salafi cleric wrote a fatwa, believing that Islam can accept Bitcoin.

▌AVAX breaks through $29

Golden Finance reported that the market shows that AVAX breaks through $29 and is now at $29.03, with a daily increase of 4.01%. The market fluctuates greatly, so please do a good job of risk control.

▌Biden concept MEME coin BODEN has fallen more than 95% since its historical high

Golden Finance reported that according to Dexscreener data, the Biden concept MEME coin BODEN on Solana has fallen more than 95% since its historical high. The decline is related to the uncertainty about the re-election campaign of US President Joe Biden.

▌15,000 ETH transferred from Bitfinex to an unknown wallet

Golden Finance reported that according to Whale Alert monitoring, at around 21:07 Beijing time, 15,000 ETH (US$50,758,460) was transferred from Bitfinex to an unknown wallet.

Important Economic Dynamics

▌Strategist: Inflation and employment pave the way for the Fed's September rate cut

Golden Finance reported that Seema Shah, chief global strategist at Principal Asset Management, said: Friday's PCE data was in line with expectations, which was a relief, and the Fed certainly welcomed this. However, the policy path is still uncertain. Further deceleration in inflation, coupled with more evidence of a weakening job market, will pave the way for the first rate cut in September.

Golden Encyclopedia

▌What is an infinite coin attack?

An infinite coin attack is when an attacker manipulates the contract code to continuously mint new tokens that exceed the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite coin attacks emphasizes the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.

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