1. U.S. Senate Plans to Enact Strict Regulation on DeFi Through Legislation link

On July 19th, according to Coindesk, the U.S. Senate is preparing to pass a new bill that aims to regulate the cryptocurrency industry, specifically proposing strict anti-money laundering (AML) requirements for DeFi protocols. The bill would require DeFi protocols to implement bank-like controls on their user base. Its purpose is to combat cryptocurrency-related crimes and cut off avenues for evading sanctions. The document states, “If no one controls the DeFi protocol, then anyone who contributes over $25 million to developing the protocol will be subject to these obligations.”

@BillHughesDC pointed out that this should not be completed as legislation within this year. The proponents of the bill stated that they hope it will serve as a starting point for discussions concerning national security in relation to DeFi. Supporters and promoters in the United States will be responsible for ensuring that the protocols comply with the requirements of sanctions and AML due diligence. The U.S. Treasury can also prohibit U.S. financial institutions from engaging in transactions or impose conditions on any transactions or accounts that are beyond U.S. jurisdiction but pose money laundering risks.

2. Gensler Expresses Disappointment Over Retail Investor Comments in Ripple Case link

On July 18th, SEC Chairman Gary Gensler stated in an online interview with Yahoo Finance that it is still too early to determine whether his agency will draft more regulations specifically targeting cryptocurrencies, following the recent split decision by a federal judge in the Ripple enforcement case. Gensler also expressed his view that decentralized finance is actually quite centralized and refrained from directly commenting on the ongoing Ripple case, citing its ongoing litigation.

Furthermore, during a luncheon at the National Press Club on the same day, Gensler discussed artificial intelligence and mentioned that the agency is pleased with the ruling in the Ripple case, as it protected institutional investors and dismissed Ripple’s “fair notice” argument. However, he expressed disappointment with their argument related to retail investors and stated that they are currently studying and evaluating this perspective.

3. SEC Commences Review of Six Spot Bitcoin ETF Listing Applications This Week link

The U.S. Securities and Exchange Commission (SEC) is set to commence the review of six applications for the listing of Bitcoin exchange-traded funds (ETFs) this week. The applicants include BlackRock, Bitwise, Fidelity, WisdomTree, VanEck, and Invesco Galaxy. As per regulations, the review process will officially begin after the filing documents are published in the Federal Register. The initial review period is set at 45 days, with the possibility of extending it to a maximum of 240 days.

4. Binance’s Weekly Summary

a. Binance Announces Cost-Cutting Measures and Benefit Adjustments Amid Challenging Times link

On July 17th, based on a screenshot of an email announcement from June shared by @adamscochran, Binance stated that during challenging times, it needs to reduce expenses and accordingly adjust benefits. Starting from June 19th, the following benefits were cancelled: Covid care benefits, mobile phone reimbursements, fitness reimbursements, wedding allowances, allowances for children aged 8, and other employee-related perks (such as coupons and book reimbursements). The budget for team-building activities was also adjusted to $35 per month. Binance further mentioned that depending on the situation, they may take further measures to reduce expenses.

b. Binance Requests Palau Digital ID Users to Re-Submit Passport for KYC Verification link

On July 18th, Binance displayed a “document expiring soon” prompt for users who had verified their identity using the Palau digital identity card authentication. Binance requested these users to re-upload their documents, but when users selected Palau on the authentication page, they found that only passport verification was supported. In response, Binance clarified that they do support users using the Palau passport for KYC verification. Earlier, many users had purchased the Palau digital identity card for the purpose of completing the exchange’s KYC verification process.

c. Binance Terminates Five-Year Partnership with Argentine Football Association, Citing Contract Violation link

On July 18th, Binance terminated its five-year partnership with the Argentine Football Association (AFA) one year after the agreement was signed, citing a breach of contract. Binance stated in Spanish that AFA did not fully fulfill its contractual obligations. In January 2022, Binance became the main sponsor of the Argentine national football team and the title sponsor of its national football league through a five-year agreement.

d. 24th BNB Quarterly Burn Successfully Completed link

On July 19th, according to an announcement by Binance, the 24th quarterly BNB burn has been completed as part of the BNB automatic burn mechanism. A total of 1,991,854.33 BNB (approximately 485 million USD) was burned, including an additional 747.51 BNB (approximately 180,000 USD) as part of the BNB Black Hole Program. The amount burned was determined based on the price of BNB and the activity on the Binance Smart Chain (BSC).

5. CoinDesk Strikes $125 Million Share Deal with an Investor Group link

On July 21st, the final stage of a transaction between an investor consortium and the cryptocurrency media company CoinDesk was completed, valuing the company at over $200 million. The investor group is led by Matthew Roszak of Tally Capital, a private investment firm focused on cryptocurrencies and Web3 technology, and Peter Vessenes of Capital6, a venture capital firm and family office.

CoinDesk was acquired by DCG in 2016 for $500,000, and its business revenue exceeded $50 million in 2022. In February of this year, due to Genesis’s bankruptcy, DCG sought to sell CoinDesk for $200 million.

6. Coinbase to Fully Terminate Bitcoin Collateralized Loans Program for Retail Customers Starting November 20 link

Starting from November 20th, Coinbase will completely terminate its Bitcoin collateral loan program for retail customers in order to concentrate resources on its core products and services. Coinbase has already notified the affected customers and is taking additional measures to ensure a smooth transition, including offering a four-month repayment period and providing priority customer support through Coinbase One.

7. Merchants on Telegram Now Accepting Cryptocurrency Payments link

Merchants on Telegram can now accept cryptocurrency payments as Telegram’s TON-based wallets enable the integration of cryptocurrencies into their payment bots on the platform. Users can now utilize USDT, BTC, and TON to make payments for goods and services through these payment bots. Previously, Telegram already allowed users to conduct cryptocurrency transfers within chats.

8. Kuwait Issues Cryptocurrency Ban link

On July 20th, the Capital Markets Authority (CMA) of Kuwait, a regulatory body for the financial sector, issued a notice regarding the regulation and issuance of virtual assets in the country. The notice completely prohibits the use of cryptocurrencies as a means or method of payment in Kuwait, and it does not recognize them as a decentralized currency in the country. Additionally, the use of cryptocurrencies as investment tools and all cryptocurrency mining activities are also prohibited.

9. Opepen NFT Creates Buzz on Social Media link

On July 18th, Opepen NFT set off a frenzy on social media, and OpenSea changed its Twitter avatar to an Opepen derivative artwork, along with renaming itself as “OpepenSea.” According to KOL @0xWatell’s interpretation, Opepen’s social media craze stemmed from a movement called “Become ThreadGuy.” On July 12th, the top holder of Opepen, Bored Opepen, expressed willingness to exchange a 001 Opepen, valued at 20 ETH, for NFT KOL ThreadGuy’s MAYC to be used as a profile picture. Initially, ThreadGuy was unmoved and declared that he would not sell his MAYC. However, on the same day, he posted an unofficial Opepen derivative image, catching the attention of Opepen’s founder, Jack Butcher. In response, Jack Butcher custom-designed a 001 Opepen in the style of ThreadGuy’s MAYC, causing a sensation in the community. More and more people replaced their Twitter avatars with this custom-designed 001 Opepen, inspired by ThreadGuy’s MAYC style. Finally, even ThreadGuy changed his profile picture to this customized 001 Opepen. On July 17th, Jack Butcher launched Opepen Threadition, with the aim of redirecting proceeds to creators, and it has already surpassed 40,000 minted copies.

10. Hubei Police Crack Down on the Country’s First “Virtual Currency Case” link

On July 18th, Ping An Hubei issued a statement stating that the People’s Court of Shayang County made a judgment on a major cross-border gambling case involving a transaction volume of 400 billion RMB. In the ruling, a portion of the frozen virtual currency was confiscated in accordance with the law, amounting to approximately 1 billion RMB. This case marked the country’s first instance of virtual currency confiscation as part of a legal decision. The article mentioned that the special task force collaborated with the virtual currency issuer to freeze relevant accounts involved in the case, preventing around 160 million USD (approximately 1 billion RMB) worth of virtual currency from falling into the hands of the suspect’s group. Additionally, three key suspects who were hiding overseas were also apprehended.

Fundraising

• Silent Protocol has secured a $5 million financing round led by Sora Ventures. link

• Bitcoin mining company SAI announced that its subsidiary HEATNUC has raised a seed round financing with a post-investment valuation of $50 million. link

• AI Metaverse startup Futureverse has successfully completed a $54 million Series A financing round. link

• Web3 infrastructure company RISC Zero has completed a $40 million Series A financing round. link

• Web3 operational protocol dappOS has announced a seed round financing with a valuation of $50 million, led by IDG Capital and Sequoia China. link

Learn more, check out crypto-fundraising.info.

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