Headlines
Trump: The cryptocurrency project World Liberty Financial will launch on September 16th.
Donald Trump announced that his cryptocurrency project, World Liberty Financial, will officially launch on September 16th. He stated on his official X account that the project aims to 'embrace the future of cryptocurrency' and 'abandon outdated large banks.'
During his campaign, Trump actively embraced cryptocurrencies and promised that if re-elected, he would dismiss SEC Chairman Gary Gensler and prevent the US from selling 213,000 bitcoins. The project will be based on the decentralized finance platform Aave and the Ethereum blockchain, and will focus on the 'credit account system'.
Dolomite co-founder Corey Caplan has been appointed as a project advisor, and the project will collaborate with top security experts to ensure user safety. Two days ago, Lara and Tiffany Trump's X accounts were hacked, and related token information was released. Congressman Maxine Waters criticized the project.
Harris urges Trump to continue presidential debate.
US Vice President and Democratic presidential candidate Harris said on the 12th local time that after Republican presidential candidate and former President Trump announced that he would no longer participate in the presidential debate, she said, 'We owe voters a debate.' Harris, speaking at a rally in North Carolina that day, said, 'Two nights ago, Trump and I had our first debate. I believe we have a responsibility to have another debate because this election and what it involves are extremely important.'
Market Trends
As of the time of writing, according to Coingecko data:
BTC recent fill price is $58,143.08, with a daily change of +1.3%;
ETH recent fill price is $2,362.32, with a daily change of +0.8%;
BNB recent fill price is $544.61, with a daily change of +2.5%;
SOL recent fill price is $136.08, with a daily change of +2.6%;
DOGE recent fill price is $0.1027, with a daily change of +1.1%;
XPR recent fill price is $0.5619, with a daily change of +5.0%.
policy
Salvadoran President Nayib Bukele's push for Bitcoin or more is primarily for public relations strategy.
"Time" magazine reporter Vera Bergengruen stated that Salvadoran President Nayib Bukele's push for Bitcoin to become a legal tender is mainly for public relations effect, rather than substantial economic improvement. Bukele's advisors stated that the introduction of Bitcoin is 'a great rebranding' with the aim of changing the external perception of El Salvador. Since announcing the legalization of Bitcoin in 2021, the policy has caused confusion, requiring Bukele's team to promote the potential benefits of Bitcoin.
Bukele had proposed the establishment of a 'Bitcoin City' powered by volcano energy, but the project has yet to be completed. He also regularly discussed using national funds to purchase Bitcoin, and there is currently approximately $400 million in the 'public wallet.' Bukele will continue to serve as president until 2029.
Eight Democratic lawmakers held a private roundtable meeting with crypto industry executives specifically to discuss Bitcoin-related issues.
According to Fox journalist Eleanor Terrett, on Wednesday afternoon, the crypto industry organization Chamber of Digital Commerce and the office of U.S. Congressman Wiley Nickel held a policy-focused private roundtable meeting specifically to discuss Bitcoin.
The meeting was organized for Democratic members of the House of Representatives who were interested in further understanding the largest digital currency and its legislative approach, with eight Democratic House members (names undisclosed) and executives from Riot Platforms, Baker McKenzie, Auradine, TeraWulf, Sustainable BTC, and CleanSpark in attendance.
Reportedly, the topics discussed included achieving financial inclusivity using BTC, mining and energy sustainability, as well as competition with China. The meeting was productive, with members posing good questions, actively participating, and eager to learn.
A Georgia judge dismissed two criminal charges against Trump related to election interference.
A judge in the state of Georgia, USA, has dismissed two criminal charges against former president and 2024 Republican presidential candidate Donald Trump in the 2020 Georgia election interference case, as well as another charge against a Trump ally.
▌Brazilian federal police crackdown on a $9.7 billion cryptocurrency money laundering case.
Recently, the Brazilian federal police launched an operation called "Niflheim" to crack down on massive money laundering activities through cryptocurrencies. The operation targeted three major organizations, and the police seized and froze approximately $1.58 billion in assets. These organizations are alleged to have laundered up to $9.7 billion since the investigation began in 2021, with funds mainly coming from drug trafficking and smuggling. This operation highlights the widespread use of cryptocurrencies in illegal activities and has raised concerns about global regulation.
▌The United States urges Nigeria to release detained Binance employee.
Two senior US State Department officials have revealed that the US government has urged Nigeria to release Binance employee Tigran Gambaryan. Gambaryan was arrested in Nigeria in February and is facing serious health issues while in detention.
This detention case has become a significant factor affecting US-Nigeria diplomatic relations. US Secretary of State Blinken communicated with the Nigerian Foreign Minister in May regarding this matter. Other US diplomats, including the Ambassador to Nigeria, have privately appealed to the Nigerian President, Finance Minister, Attorney General, and Trade Minister for the release of Gambaryan. US diplomats argue that based on humanitarian considerations, the 40-year-old Gambaryan should be released as he has suffered from health issues such as malaria and herniated discs while in detention, without receiving proper medical treatment, resulting in a severe deterioration of his health.
Gambaryan arrived in Nigeria in February for talks with local officials regarding Binance's operations in the country. Nigerian authorities accused Binance of causing a collapse in the exchange rate of the local currency, the Naira, by allowing users to transfer funds out of the country, thereby damaging the Nigerian economy. Gambaryan and Binance were charged with tax evasion and money laundering. The tax charges have been withdrawn, but other charges are still ongoing.
▌US lawmakers introduce new legislation to establish a joint advisory committee on digital assets between the SEC and CFTC.
According to Fox News reporter Eleanor Terrett, John Rose, a Republican representative from Tennessee, is a member of the Republican Committee on Financial Services in the U.S. House of Representatives. He is introducing a new bill called the "BRIDGE Digital Assets Act", which aims to establish a Digital Assets Joint Advisory Committee between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The purpose of this committee is to provide recommendations to these two institutions from the industry on digital asset-related rules, regulations, and policies. The committee will consist of 20 private sector participants representing different interests in the crypto field.
John Rose said, "The current approach of strict and enforceable regulation is not working and instead encourages investment in this critical innovation overseas. The Digital Assets Joint Advisory Committee will provide a framework for government and the private sector to collaborate and achieve success in the regulatory environment for digital assets and private sector participants."
Blockchain Applications
▌ZKsync officially launches on-chain governance system.
ZKsync officially launches its on-chain governance system, which is designed around the principles of separation of powers and checks and balances. According to the design, no person or entity has the power to change the ZKsync protocol. All changes to the protocol must be approved by three independent entities, which exercise independent judgment and control over their decisions: the token holder community, the security council, and the value-consistent regulators, who ensure that proposals are implemented.
The token holder assembly allows token holders and their representatives to submit and vote on protocol upgrades directly on-chain; the security council, composed of technical experts, is responsible for reviewing and approving protocol upgrades and has the power to freeze the protocol in emergency situations; guardians ensure that governance proposals align with the values of ZKsync.
The governance system supports three types of proposals: ZKsync Improvement Proposals (ZIPs), Token Plan Proposals (TPPs), and Governance Advisory Proposals (GAPs).
▌Treasure DAO proposal seeks to migrate from Arbitrum to ZKsync.
Members of Treasure DAO will vote on a proposal to approve the migration of the web3 gaming ecosystem from Arbitrum to ZKsync. The proposal indicates that ZKsync is more "suitable" for fulfilling Treasure's long-term plans in decentralized gaming.
The statement claims that if approved, Treasure's testnet will be moved from Arbitrum to a new testnet on ZK Stack, and then the mainnet will be launched. Holders of Treasure's native token, MAGIC, will be responsible for deciding the migration plan. The statement also mentions that Treasure platform has more than 10 games.
Cypherpunk Holdings has been renamed Sol Strategies.
Cypherpunk Holdings, a Canadian company focused on blockchain investment, announced today that it has been renamed "Sol Strategies" to reflect its new investment strategy centered around Solana. This transition includes staking Solana and investing in projects and infrastructure of the protocol. The company's legal name changed from "Cypherpunk Holdings Inc." to "Sol Strategies Inc." effective September 12, 2024, and was unanimously approved by the company's board of directors and shareholders at a shareholder meeting held on July 30, 2024. Sol Strategies will continue to trade on the Canadian Securities Exchange (CSE) under the stock symbol HODL and on the OTC market under the symbol CYFRF.
The company started buying SOL in the second quarter of 2024 (when former Valkyrie CEO Leah Wald took over as CEO) and currently holds over 86,000 solana (worth over $11 million at the current price), most of which is staked to earn token rewards.
Cryptos
BlackRock, the global asset management giant, believes that Bitcoin can serve as a hedge against increasing global chaos and geopolitical uncertainty. BlackRock views Bitcoin as an alternative currency that can address the declining trust in governments, banks, and fiat currencies.
Global asset management giant BlackRock states that Bitcoin, as a hedge tool for the global financial system, can cope with the escalating global chaos and geopolitical uncertainty. BlackRock believes that Bitcoin can serve as an alternative currency in response to the declining trust in governments, banks, and fiat currencies.
Consumer protection organization in the usa warns of transparency issues with Tether reserves.
Consumers' Research, a consumer protection organization in the usa, issued a report on September 12th, warning of transparency issues with Tether, the stablecoin issuer's dollar reserves. The organization pointed out that Tether has not provided a complete audit by a reputable accounting firm, despite multiple promises to do so. They also compared this lack of transparency to the situation before the collapse of FTX, and sent an open letter to the governors of each state in the usa, emphasizing the potential risks of Tether.
Meanwhile, Tether has actively responded to external doubts. In July of this year, they hired former Chief Economist of Chainalysis, Philip Gradwell, to provide a report on the use of USDT and announced in August that they assisted law enforcement agencies in recovering $0.1088 billion USDT related to illegal activities.
Visa releases its first cryptocurrency research report.
Payment giant Visa has released a cryptocurrency research report on the use of stablecoins. The research shows that the use of stablecoins has gradually surpassed speculative trading and is increasingly being used in practical applications.
The research, titled 'Stablecoins: A Story of Emerging Markets', tracks the actual use of stablecoins on a global scale for the first time, surveying 2500 users in Brazil, Nigeria, Turkey, Indonesia, and India.
Important Economic Trends
Markets slightly increase bets on the usa Federal Reserve's 50-basis-point rate cut next week.
The likelihood of a 50 basis point rate cut by the Federal Reserve next week, which was digested by the swap contract, has slightly increased. Previously, the Wall Street Journal reported that policymakers were considering a 25 basis point or 50 basis point rate cut. The September OIS contract fell by about 3 basis points to a mid-session low of around 5.04%, corresponding to a rate cut of about 28 basis points at the September meeting, moving towards the midrange of Wednesday; as of the close of Wednesday, the corresponding rate cut was 26 basis points. The bet on the rate cut for the year is still around 103 basis points, unchanged during the day.
As the current fiscal year in the United States is coming to an end, the budget deficit has expanded to $1.9 trillion.
As there is one month remaining in this fiscal year, the federal budget deficit in the United States soared in August, with rising interest costs continuing to put pressure on overall balance. According to data released by the U.S. Department of the Treasury on Thursday, the deficit for the 11 months ending in August reached $1.9 trillion, an increase of 24% compared to the same period last year. The deficit for the month of August was $380 billion, while it was a surplus in August 2023 after adjusting for calendar differences. One of the significant reasons for the large monthly difference is the rejection of student loan forgiveness. The interest burden of the U.S. debt balance still remains a major drag on the budget. The total interest cost for the first 11 months of this fiscal year was $1.05 trillion, a 30% increase from 2023. Prior to this, annual interest costs had never exceeded $1 trillion, but Treasury officials pointed out that the level in the early 1990s was higher when looking at the proportion of interest costs to gross domestic product (GDP).
Golden Encyclopedia
What is the Ethereum Prague-Electra (Pectra) upgrade?
The Pectra upgrade of Ethereum combines two independent upgrades: Prague Upgrade and Electra Upgrade. The Prague Upgrade focuses on changes to the network execution layer, while the Electra Upgrade affects the consensus layer. When these upgrades are combined, they are collectively referred to as the 'Pectra' upgrade. The Pectra upgrade will follow 'Dencun', which is a merger of the Deneb and Cancun upgrades, scheduled for March 2024. Technically, Dencun is a hard fork of Ethereum aimed at reducing transaction fees for Layer 2 solutions. Pectra is a new milestone on the Ethereum development roadmap, planned to be launched in the first quarter of 2025. This timeline allows for the inclusion of other features to improve the Ethereum user experience (UX).
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