1. U.S. August Core CPI Adjusted Month-over-Month at 0.3%, Above Expected 0.20% link

In August, the U.S. unadjusted CPI year-on-year rate was 2.5%, below the forecast of 2.6% and down from the previous value of 2.9%, marking the fifth consecutive month of decline and the lowest level since February 2021. The year-on-year slowdown in overall CPI in August was in line with expectations. However, the month-on-month core inflation was higher than anticipated. This data supports the possibility of a 25 basis point rate cut by the Federal Reserve next week and diminishes the likelihood of a larger cut of 50 basis points.

2. Harris and Trump’s First Presidential Debate Avoided Cryptocurrency Topics link

In the first presidential debate that concluded on Wednesday, U.S. presidential candidates Kamala Harris and Donald Trump engaged in discussions on various topics, including abortion rights and the Ukraine war, but cryptocurrency was not among the issues addressed. Harris and Trump clashed fiercely on major issues, with the debate frequently descending into personal attacks. Immigration was also a topic of extensive discussion.

3. U.S. and U.K. Cryptocurrency Adoption Rates Remain Stable; Spot ETFs Drive Market Growth link

According to Gemini’s “2024 Global Crypto Outlook” report, despite facing challenges, cryptocurrency adoption rates in the U.S. and the U.K. have remained stable from 2022 to 2024, at 21% and 18% respectively, with the retail market now appearing poised for a rebound. The report, based on an online survey of 6,000 people in the U.S., U.K., France, Singapore, and Turkey, reveals that nearly two-thirds of respondents are optimistic about the long-term investment potential of cryptocurrencies. Additionally, 38% of respondents view cryptocurrency holdings as a hedge against inflation. The introduction of spot ETFs has driven market growth, with 37% of U.S. holders using ETFs to acquire crypto assets. Most holders express a desire to allocate 5% or more of their assets to digital assets. Moreover, 73% of U.S. holders indicate that they will consider candidates’ digital asset policies in the presidential election.

4. SEC’s 2024 Cryptocurrency Enforcement Fines Reach $4.7 Billion, Up Over 30-Fold Year-over-Year link

In the 2024 fiscal year, the U.S. Securities and Exchange Commission (SEC) has significantly ramped up its enforcement actions within the cryptocurrency sector. According to a report by Social Capital Markets, fines imposed by the SEC on cryptocurrency firms and executives have soared to $4.7 billion, marking a staggering 3,018% increase from the $150.3 million recorded in the 2023 fiscal year. The report indicates that while the SEC undertook 11 enforcement actions this year — a decrease of 19 from the previous fiscal year — the total fines reached an unprecedented high. Notably, the $4.47 billion settlement reached with Terraform Labs and its former CEO Do Kwon in June 2024 constitutes the “largest single enforcement action to date.”

5. U.S. Urges Nigeria to Release Detained Binance Employees link

According to The New York Times, the U.S. government is urging Nigeria to release Tigran Gambaryan, a Binance employee who was arrested in February this year. According to two senior U.S. State Department officials, this issue has become a significant factor in U.S.-Nigeria diplomatic relations. In May, U.S. Secretary of State Antony Blinken discussed the matter with Nigeria’s Foreign Minister, and U.S. diplomats, including the Ambassador to Nigeria, have repeatedly called for Gambaryan’s release. The U.S. emphasizes that Gambaryan, 40, has contracted malaria and developed a herniated disc while in prison and has not received adequate medical treatment, warranting his release on humanitarian grounds. Gambaryan, formerly a law enforcement officer, was arrested in Nigeria in February while discussing Binance’s operations with local officials. Nigeria has accused Binance of facilitating the illegal transfer of local currency, the naira, leading to a currency collapse, and has charged Gambaryan and Binance with tax evasion and money laundering. While the tax charges have been dropped, other accusations remain ongoing.

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6. Hong Kong Plans for Joint Regulation of OTC Virtual Asset Trading by SFC and Customs link

According to SCMP, Hong Kong is currently exploring the possibility of involving the Securities and Futures Commission (SFC) and the Customs and Excise Department (C&ED) in the regulation of over-the-counter (OTC) virtual asset trading services. Sources reveal that the SFC has sought industry input on a potential new licensing regime for OTC cryptocurrency trading services, which would see the securities regulator collaborating with C&ED to oversee these companies, with discussions remaining confidential. A proposal made public in February indicated that OTC regulations and licensing were previously the sole domain of C&ED. OTC services facilitate direct and private bulk cryptocurrency transactions between parties. In recent months, the SFC has also consulted companies on introducing a new licensing regime for cryptocurrency custody services. Sources indicate that discussions on these two types of licenses are still in the early stages and may evolve.

7. $2.62 Trillion Settled Globally Through Stablecoins in H1 2024 link

A recent survey conducted by leading payment company Visa in collaboration with Brevan Howard and Castle Island Ventures reveals that stablecoins are expanding beyond their initial role in cryptocurrency trading and are increasingly being utilized in real-world applications globally. The survey, which covered 2,500 self-reported cryptocurrency users across Brazil, Nigeria, Turkey, Indonesia, and India, indicates significant growth in the use of stablecoins for cross-border payments, remittances, goods purchases, and payroll distribution. In the first half of 2024, the global value settled through stablecoins reached $2.62 trillion, with projections suggesting an annual total of $5.28 trillion.

8. Uniswap’s Market Share in DEXs Falls to 36% link

The landscape of decentralized exchanges (DEXs) is undergoing diversification, with Uniswap’s once-dominant market share experiencing gradual erosion. Uniswap’s market share has decreased from over 50% in October 2023 to the current 36%. As Uniswap’s share continues to shrink, Base Layer2 is rapidly gaining traction, with Aerodrome capturing 7% of the market, and Orca’s market share increasing from 9% at the beginning of the year to 12% last month.

9. ParaFi Capital to Tokenize $1.2 Billion Fund on Avalanche Chain link

Digital asset management firm ParaFi Capital has announced plans to tokenize a portion of its $1.2 billion portfolio on the Avalanche blockchain through the Securitize platform. This marks the company’s first attempt at fund tokenization, allowing investors to buy and sell these tokenized shares on a digital platform. ParaFi Capital founder Ben Forman stated, “Not only do we invest in tokenization infrastructure, but we will also practice it ourselves.”

10. Vitalik: From Next Year, Only Stage 1+ L2 Projects Will Be Publicly Discussed link

Vitalik stated, “Regardless of whether I have invested or if you are my friend, it is only about Phase 1 or not considering it at all. Several ZK-rollup teams have informed me that they expect to reach Phase 1 by the end of the year. I am very excited about this. Of course, we should not easily abandon training rounds until we have real confidence in the security of the proof system; doing so would be irresponsible. However, Phase 1 (where 75% of the council needs to cover the proof system and 26%+ of council members must come from outside the rollup team) is a very reasonable and moderate milestone. My multisig wallet has not experienced a single failure in years, let alone a 26% failure rate. The era of rollups as glorified multisig wallets is coming to an end. The era of cryptographic trust is about to begin.”

Fundraising

• Multicoin Capital announced a $12 million investment in renewable energy company Fuse. link

• Binance Labs announced an investment in OpenEden. link

• Binance Labs added investment in Blum, a project shortlisted for BNB Chain MVB Season 7. link

• Polygon Labs invested $5 million to procure Fabric VPU chips, accelerating ZK technology development. link

• Web3 music platform Tune.FM, based on Hedera, completed a $50 million funding round. link

• Huma Finance announced a $38 million funding round, led by Distributed Global. link

• AI infrastructure company PIN AI announced a $10 million Pre-Seed funding round. link

• Solana creator platform DRiP completed an $8 million seed funding round. link

• Blocksense announced a $4 million seed funding round. link

• Web3 gaming platform Moku announced a $5.35 million funding round. link

• Web3 operating system Fountain announced a $3.5 million seed funding round. link

• Ammalgam announced a $2.5 million seed funding round. link

• Blockchain game developer Nytro Lab completed an $8 million funding round. link

• Blockchain interoperability protocol Hyperbridge announced a $2.5 million seed funding round. link

• Wingbits announced a $3.5 million seed funding round. link

• DeFi abstraction platform Infinit announced a $6 million funding round, led by Electric Capital. link

Learn more, check out crypto-fundraising.info.

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