8.5 Dynamic

1. JD Coin Chain: Currently preparing for the application of stablecoin license.
False reports and rumors, the company hereby responds that it is preparing to apply for a stablecoin license, and relevant information shall be subject to the announcements made on the official website of CoinChain Technology.
2. ETF Store President: The White House is preparing an executive order aimed at punishing banks that discriminate against cryptocurrency companies.
Nate Geraci, the president of The ETF Store, stated in a post on platform X that the White House is preparing an executive order aimed at punishing banks that discriminate against cryptocurrency companies.
3. The SEC of the United States releases temporary accounting guidance for cryptocurrencies: Certain stablecoins may be treated as cash.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is further advancing its preliminary cryptocurrency accounting rules by releasing a new staff guidance that indicates certain stablecoins can be treated as cash equivalents. Under the latest guidance, holding certain stablecoins pegged to the U.S. dollar can be classified as cash equivalents if these stablecoins have guaranteed redemption rights and are value-pegged to another class of assets. This temporary guidance comes at a time when the SEC is formulating regulatory rules for crypto securities. Under the leadership of SEC Chairman Paul Atkins, the commission has begun to gradually roll back some of the stricter policies, including accounting guidelines that were previously seen as hindering traditional lending institutions from entering the crypto market.
4. The Wall Street Journal: The White House is preparing to issue an executive order to punish banks that discriminate against cryptocurrency companies.
According to the Wall Street Journal, the White House is preparing to increase pressure on large banks regarding their alleged discrimination against conservative individuals and cryptocurrency companies, planning to threaten fines against lending institutions that terminate customer services for political reasons through an executive order. The draft of this executive order seen by the media instructs banking regulators to investigate whether any financial institutions may have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws.
5. Analysis: The Hong Kong Monetary Authority may conditionally allow certain stablecoin cases to engage in currency mismatching.
According to an analysis published by the Mobile Payment Network, the Hong Kong Monetary Authority may conditionally allow certain stablecoin cases to conduct currency mismatching. Licensed institutions must demonstrate that they always have the ability to maintain full redemption capability, even under extreme and market pressure conditions, while ensuring that any currency mismatch measures do not transfer risk to stablecoin holders. Additionally, licensed institutions must discuss and obtain approval from the Hong Kong Monetary Authority prior to proposing plans regarding the composition and proportion of reserve assets, as well as risk management measures. Furthermore, the Hong Kong Monetary Authority does not prohibit licensed institutions from hiring distributors outside of Hong Kong. However, licensed institutions should conduct due diligence and risk assessment before hiring, continuously monitor throughout the process, and adhere to relevant third-party risk management measures, while paying special attention to comply with local laws and regulations.
6. Research: North Korean hackers exploit fake job opportunities to infiltrate cloud systems, stealing $1.6 billion in cryptocurrency this year.
According to Decrypt, based on research by Google Cloud and cybersecurity company Wiz, North Korean hacker groups are infiltrating cloud systems through fake IT job offers, with an estimated $1.6 billion in cryptocurrency stolen by 2025. The research shows that a hacker team codenamed UNC4899 (also known as TraderTraitor, Jade Sleet, or Slow Pisces) is impersonating recruiters on social media to lure target company employees into running malicious programs, successfully infiltrating Google Cloud and AWS systems and hijacking cryptocurrency trading hosts. Wiz stated that TraderTraitor represents a type of threat activity rather than a specific group, with North Korean-supported entities Lazarus Group, APT38, BlueNoroff, and Stardust Chollima being typical backers of TraderTraitor attacks. This attack pattern has been evolving since 2020: initially using JavaScript to build malicious cryptocurrency applications, introducing open-source code exploits in 2023, and focusing on attacking exchange cloud infrastructure in 2024, including an intrusion incident that caused a $305 million loss for Japan's DMM Bitcoin. Experts point out that North Korean hackers are among the first to adopt AI technology to generate phishing emails and malicious scripts, with their attack teams potentially numbering in the thousands.
7. The CFTC discusses allowing certain registered futures exchanges to trade spot cryptocurrencies.
According to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is exploring how to allow certain registered futures exchanges to list leveraged digital assets such as Ethereum and Bitcoin. Acting Chair Caroline Pham stated in a press release, "The CFTC can implement a clear and simple solution now," referring to a commentary she published in March, where she suggested that the agency could use its powers to exempt certain companies from complying with the current rules that limit futures exchanges to listing only derivatives. The regulatory agency has sought public input on the matter of listing spot crypto asset contract trading for futures exchanges registered with the CFTC before August 18. This move by the CFTC indicates that it will not wait for Congress to legislate direct regulatory authority over non-securities cryptocurrencies. Although the House passed the Cryptocurrency Market Structure Bill in July, it still awaits Senate review. This announcement is the first step in the CFTC's cryptocurrency sprint initiative launched last week, following the release of an important policy document by a White House-led interagency working group aimed at regulating digital assets with a comprehensive government approach.
8. U.S. FinCEN warns financial institutions to be vigilant against criminal activities involving cryptocurrency ATMs.
According to The Block, the Financial Crimes Enforcement Network (FinCEN) warned financial institutions on Monday to be vigilant about criminal activities carried out by bad actors using cryptocurrency ATMs, including laundering suspected drug proceeds and scamming the elderly. FinCEN Director Andrea Gacki stated that criminals would use innovative technologies such as cryptocurrency kiosks to commit crimes, and cited a report from the Drug Enforcement Administration indicating that criminal organizations like the Jalisco New Generation Cartel are increasingly using cryptocurrency ATMs. Additionally, FinCEN warned that some cryptocurrency ATM operators may be non-compliant, failing to verify customer information and lacking reasonable policies, procedures, and internal controls, making it difficult to respond to law enforcement requests for reporting related suspicious activities.
9. Blockchain lending company Figure has submitted its IPO application documents to the SEC.
According to CoinDesk, blockchain lending company Figure Technology Solutions announced on Monday that it has secretly submitted IPO application documents to the U.S. Securities and Exchange Commission (SEC) and plans to go public later this year. Figure was founded by former SoFi CEO Mike Cagney and has played a key role in the real-world asset (RWA) space, issuing over $16 billion in home equity lines of credit through the Provenance blockchain. The company announced last month that it would merge with Figure Markets, which was also founded by Cagney, a blockchain-based marketplace that issues a yield-bearing stablecoin that operates as a tokenized money market fund (YDLS).
10. The recovery momentum of Ethereum on-chain in July is evident, with trading volume approaching $240 billion.
According to The Block, Ethereum's on-chain monthly transaction volume in July exceeded $238 billion, a 70% increase month-over-month. This is also the highest monthly transaction volume since December 2021, setting a new high in nearly four years. The Ethereum network's transaction volume reached 46.67 million transactions, setting a monthly record and rising 3.6% compared to the historical peak of May 2021. The 7-day moving average of Ethereum network transaction numbers (7DMA) is also close to the historical high, reaching 1.64 million transactions, slightly below the historical peak of 1.66 million transactions in May 2021. In July, the number of active addresses on the Ethereum network was 17.55 million, the highest level since May 2021. With all the positive updates on Ethereum network metrics, the price of ETH also reached its highest point in years, valued at $3,700 by the end of July.
11. Analysis: In the later stage of the Bitcoin bull market, with a risk preference, there will be two more rebounds in this cycle.
CryptoQuant analyst Axel Adler Jr pointed out that the Bitcoin bull market is entering its late stage, with investors' risk appetite gradually declining. Data shows that the relevant indicators for March and December 2024 once broke 1.9, but have recently formed lower peaks, with holders beginning to actively sell off, putting pressure on the market. Although investors are still making profits, the marginal returns of each price increase are gradually decreasing. In the context of the Federal Reserve's expectation of two rate cuts this year, he predicts that there will be two more rebounds during this cycle, after which selling pressure may exceed demand, and the market may enter a correction phase.
12. CryptoQuant: BTC is currently close to the $104,000 range, and the overall trend remains bullish.
According to CryptoQuant analyst Abramchart, long-term Bitcoin holders (LTH) remain in a solid profit zone (NUPL above 0.5), demonstrating strong conviction and willingness to hold. Short-term holders (STH), on the other hand, fluctuate near lower profit levels, indicating potential selling or short-term pressure during price increases. Currently, the price of Bitcoin is approaching the $104,000 area, primarily supported by the confidence of long-term holders. The overall trend remains bullish, but short-term holders may trigger periodic pullback pressure.
13. Coinbase and PayPal insist on issuing stablecoin rewards in response to regulatory controversies over the "GENIUS Act".
Coinbase CEO Brian Armstrong stated during the earnings call last Thursday that the company will continue to offer USDC holding rewards to users, claiming that this program is an important differentiating advantage to attract users. Despite the GENIUS Act prohibiting stablecoin issuers from paying interest or yields, Armstrong clarified: "We are not the issuer, and what is paid is not interest, but rewards." Coinbase currently offers an annualized yield of 4.1% on USDC deposits for U.S. users. The Act only targets issuers, like Circle, the issuer of USDC, and does not prohibit trading platforms from providing rewards. A Senate staffer explained that the Act aims to prevent stablecoins from being seen as traditional deposit tools. Additionally, PayPal is also advancing a similar strategy, offering users holding its stablecoin PYUSD an annualized yield of 3.7% to attract more customers.
14. Former UK Chancellor: The UK has fallen behind in the cryptocurrency sector.
According to an analysis published by Mobile Payment Network, the Hong Kong Monetary Authority may conditionally allow certain stablecoin cases to engage in currency mismatch. Licensed institutions must demonstrate that they consistently have the ability to maintain full redemption capacity, including under extreme and market stress conditions, while also ensuring that any currency mismatch measures do not transfer risk to stablecoin holders. Additionally, licensed institutions must discuss and obtain approval from the Hong Kong Monetary Authority before proposing plans regarding the composition and proportion of reserve assets, as well as risk management measures. Furthermore, the Hong Kong Monetary Authority does not prohibit licensed institutions from employing distributors outside of Hong Kong. However, licensed institutions should conduct due diligence and risk assessments before hiring, continuously monitor throughout the process, and adhere to relevant third-party risk management measures, while also paying special attention to compliance with local laws and regulations.