Golden Morning Post | Ethereum may be reviewed by the SEC after "merger"

Headlines

❑ Ethereum may be subject to SEC review after "merger"

On September 19, it was reported by the Wall Street Journal that Ethereum recently switched from its previous PoW model to the PoS model. This practice of classifying the world's second largest cryptocurrency as a security may have attracted the attention of Chairman Gensler of the US Securities and Exchange Commission. Gensler shared his comments a few hours after the success of Ethereum's "merger". He talked about the Howey test, a test used by the court to determine whether assets are securities. He said cryptocurrencies and intermediaries may have to pass this test to recognize assets as securities. The Howey test will also examine whether investors expect to get returns from the work of third parties. Gensler said that from the perspective of cryptocurrency, this is another measure of Howey's test. However, Gensler did not provide any further explanation. He said that he did not specifically point to any specific cryptocurrency.


quotation

As of press release, according to OKX data:

BTC's recent transaction price was USD 195547.3, up and down within the day+2.44%

The latest transaction price of ETH is US $1377.9, up and down within the day+2.72%

SOL's recent transaction price is USD 32.7, up or down within the day+2.46%

The recent transaction price of MATIC is 0.76 US dollars, up and down within the day+0.79%

The recent transaction price of NEAR is 4.05 US dollars, up and down within the day+1.63%

The latest transaction price of ENS is 13.69 US dollars, up and down within the day+4.27%

The most recent transaction price of DOGE is 0.058 yuan, up and down within the day+1.75%


policy

❑ The US Department of Finance solicits public opinions on the risks of financial crimes related to cryptocurrencies and the ways to deal with them

On September 19, the US Department of Finance hoped that the crypto community would participate in the discussion on how digital assets could be used for illegal activities and how the department should deal with this problem. The US Treasury Department released a "Request for Opinions" on Monday, listing more than 20 issues, asking the public to explain whether it has "comprehensively defined the illegal financing risks related to cryptocurrencies", and pointing out that various federal officials (including the Secretary of the Treasury, the Attorney General, the Secretary of Homeland Security, the Director of National Intelligence and the Secretary of State) will develop a "coordinated action plan", To deal with the national security risks that digital assets may bring. The announcement said, "The increasing use of digital assets in financial activities has increased the risk of money laundering, terrorist and proliferation financing, fraud and theft plans, corruption and other crimes. These illegal activities highlight the need to continuously review the use of digital assets, the impact of technological innovation on such activities, and explore opportunities to reduce these risks through supervision, supervision, public-private sector cooperation and law enforcement."

Deputy Secretary of the Hong Kong Treasury: Support the steady development of financial technologies such as securities token issuance in Hong Kong

On September 19, it was reported that in order to promote the development of securities token issuance in Hong Kong, Chen Haolian, Deputy Secretary for Financial Affairs and the Treasury of Hong Kong, Huang Lexin, Director of Licensing Section and Head of Financial Technology Section of the Intermediary Department of the Securities and Futures Commission (SFC), and Liang Hanjing, Head of Financial Technology Section of the Investment Promotion Department, co chaired two meetings on September 14 and 16 to meet and communicate with the securities token issuance industry. Chen Haolian pointed out that the issuance of securities tokens had already been issued in Hong Kong. At the meeting last week, he learned that more than ten potential token issuers were deeply interested in the issuance of securities tokens. He stressed that the government was committed to supporting the steady development of financial technology in Hong Kong, including the issuance of securities tokens.

❑ The US SEC accused Ian Balina of promoting unregistered crypto token SPRK

In the golden financial report, Blockworks tweeted that the US SEC accused the cryptocurrency investor Ian Balina of participating in the promotion of the crypto asset SPRK that was not registered in 2018. According to the documents, the SEC pointed out that Sparkster, a software development company, issued unregistered securities SPRK between April and July 2018 and raised $30 million. Balina signed a contract with Sparkster at that time and promoted SPRK tokens on YouTube, Telegram and other social media platforms. According to the previous report, in May this year, Sparkster, a software platform without code, traded Ethereum worth more than $22 million into USDC. Sparkster raised more than 30 million US dollars through ICO in 2018, and then did not distribute SPRK tokens to investors, and progress in project development has been at a standstill. The last Github activity was in March 2019, while the last activity of the wallet with weekend transfers was in August 2018.


Blockchain application

⑸ Fan Yifei, Vice President of the Central Bank: expand the scope of digital RMB pilot in Suzhou, Xiong'an and other four places to the whole province

Golden Financial Report: Fan Yifei, Vice President of the People's Bank of China, mentioned digital RMB and financial technology related topics at the "Opening Ceremony of the Second Yangtze River Delta Digital Financial Industry Innovation Week and the Suzhou Financial Support Industry Innovation Cluster Development Conference" on September 19. Fan Yifei said that for Shenzhen, Suzhou, Xiong'an and Chengdu, which were the first places to carry out the pilot project, the People's Bank of China will timely promote the pilot project to gradually expand to the whole province. It is hoped that all participating institutions and pilot regions will further intensify their efforts to promote the continuous innovation of digital RMB application scenarios, improve the ecosystem, and develop a legal digital currency with Chinese characteristics.

❑ Shinhan Card, a Korean credit card company, launched blockchain based digital warranty service

On September 19, it was reported that Shinhan Card, the largest credit card company in South Korea and the world's five largest credit card issuers, launched a blockchain based digital warranty service to verify the authenticity of products. Seoul second-hand goods sales platform BGZT will be the first to support this warranty service. About a year ago, Shinhan Card signed a partnership with the company to expand its strategic alliance in platform business. When customers use Shinhan Card to purchase goods in three BGZT stores in Seoul, they can scan the QR code on the purchased products and obtain a digital warranty. They can then view product details on Shinhan's pLay mobile application.


Cryptocurrency

Russia sets up a crypto expert working group, which will release cryptocurrency mining standards in February next year

On September 19, it was reported that the Russian encryption industry expert working group composed of members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector and other relevant industries announced its establishment. The working group will work together to develop a mining standard, which should improve the overall efficiency of mining, aiming to increase the operating time of expensive data processing equipment under optimal load, so as to improve profitability. Proper calibration of the ventilation system should be allowed, taking into account such indicators as humidity, season, region and the specific location where densified mining units are installed. The standard is expected to be published in February 2023. The new standard will be incorporated into the "green zoom" national system of sustainable development of Russian construction industry.

❑ Nic Carter: There are nine mistakes in the report of the White House on the climate impact of intensive mining

On September 19, it was reported that Nick Carter, co-founder of CoinMetrics, recently issued a paper pointing out that there were nine key errors in the research report "Climate and Energy Impacts of US Crypto Assets" issued by the Office of Science and Technology Policy (OSTP) of the White House. The details are as follows: there was almost no new data; Neglect the contribution of industry experts; Rely on relevant articles of De Vries/Digitomist; Rely on relevant articles of Gallersd ö rfer, Klaa ß en and Stoll; Cite the garbage paper published by Mora et al. in 2018; Urge the prudent use of data while using data carelessly; Ignore the efforts of miners using renewable energy; Refuse to predict the energy consumption trajectory of Bitcoin. Make foolish and counterproductive suggestions.

❑ Foreign media: Japanese politicians are taking the lead in formulating Web3 policies

Golden Finance reported that Japanese politicians are taking the lead in formulating the Web3 policy, which is quite different from the normal legislative process of the country. Lawmakers have issued a white paper addressing issues including tax reform and NFT. The Crypto Act includes projects related to the meta universe, which may be introduced next year. The political leaders of Japan hope to bring the country into the Web3 era. So far this year, a few politicians have been promoting the development of cryptocurrency and Web3 policies on their own, issuing reports and proposing to update existing laws and regulations. This rapid promotion started earlier this year when Japanese Prime Minister Takeo Kisada designated Web3 as the pillar of economic reform.

❑ Bitcoin Magazine: Bitcoin has been declared "dead" more than 461 times

In the golden financial report, Bitcoin Magazine tweeted that Bitcoin was declared "dead" more than 461 times.

Data: The number of active Bitcoin addresses has decreased by more than 120000 in the past 24 hours, a decline of 14%

On September 20, the data showed that there were 774.768 active Bitcoin addresses, 126.574 fewer than 24 hours ago, or 14.04%. During the period, the number of active addresses of Ethereum decreased by 17.61% (about 128900), the largest single day decrease since August 6. This may indicate that the market's demand for BTC, ETH chain transactions and value settlement has decreased.

 Coinbase will reduce the transaction cost of customers with transaction level above USD 15 million

On September 20, it was reported that from September 20, 2022, Coinbase will implement a new fee structure to reduce the monthly transaction volume required to meet the upper middle tier charging standards. The calculation of transaction volume level will continue to be based on the transaction volume in the past 30 days. The new fee table will be implemented on Coinbase Exchange, Pro and Advanced Trade. According to the new fee structure, the fees of customers with transaction volume above USD 15 million will be reduced accordingly.

Data: the market sentiment has been in the range of fear or extreme fear for one month

According to the golden financial report, the data shows that today's fear and greed index is 21, and the market fear is more intense than yesterday's (27), and the level has turned to extreme fear. It is worth noting that the index has been in the range of fear or extreme fear since August 16.

❑ Two men jailed for using cryptocurrency to finance Syrian terrorism

On September 20, the French authorities finally decided to sentence two men to prison. They were arrested on suspicion of financing terrorism through cryptocurrency in Syria. According to Le Figaro, France, Franco Algerian Sami Allem and Franco Moroccan Abderrahman Cheikh were sentenced to "participate in terrorist criminal groups" and "finance terrorism" at the Paris Criminal Court last Friday. It is reported that Allem was sentenced to three years' imprisonment with one year's probation; Cheikh was sentenced to two years' imprisonment, suspended for two years. The amount of terrorist financing transferred to Syria by its criminal gangs through cryptocurrency is estimated to be about 280000 dollars.

❑ Web3 infrastructure provider Ankr and Polygon reach a cooperation

Golden Finance reported that Ankr, a Web3 infrastructure provider, announced a cooperation with Polygon. Its App Chains will be integrated into Polygon Supernets and become its recognized infrastructure provider, enabling Web3 developers to easily build custom blockchains and support high-quality Web3 games, financial products and other decentralized applications. According to previous relevant reports, Polygon launched a dedicated blockchain network Supernets in April this year, and announced that it would invest 100 million dollars to fund projects using the network.

CoinShares: the net inflow of cryptocurrency investment products last week was 7 million US dollars

On September 19, according to CoinShares weekly report data, the total net inflow of digital asset investment products last week was $7 million, including the total inflow of Bitcoin of $17.4 million and the total outflow of Ethereum of $15.4 million. Short Bitcoin also received a small inflow, totaling $2.6 million, with total assets under management approaching a record $169 million. From the regional perspective, the capital inflows are mainly concentrated in the United States and Germany, with a total amount of $14 million and $11 million respectively. The capital outflows from Sweden and Canada were US $16 million and US $4.2 million respectively.


Important economic trends

❑ The yield of 10-year US treasury bonds rose to 3.5% for the first time since 2011

On September 19, it was reported that the yield of 10-year US government bonds rose to more than 3.50% for the first time since 2011, as the US inflation trend strengthened the possibility that the Federal Reserve would take more aggressive tightening measures. Traders expect that the Federal Reserve will raise interest rates by 75 basis points this week, which is basically a foregone conclusion. There are also rumors that the Federal Reserve may raise interest rates by 100 basis points to curb price pressures. Even after the latest round of interest rate hikes, price pressures show little sign of easing. Investors raised their expectations on how much the Federal Reserve may eventually push the policy interest rate up at the beginning of 2023. But there is growing concern that the economy may fall into recession, prompting policymakers to cut interest rates next year.


Golden Encyclopedia

How to determine whether the purchased NFT is genuine

The ownership of NFT is recorded on the blockchain, which is decentralized and exists on many people's computers in the form of encryption. In order to avoid buying counterfeits, you should be clear about the origin of NFT when you buy it. Generally, popular projects will get official certification. Secondly, you can first find out which project or artist you want to purchase NFT from through social media. The project owners and artists usually choose to advertise on social media, and you can purchase from the link they share.

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