During an oversight hearing before the House Appropriations Committee, U.S. Securities and Exchange Commission Chairman Gary Gensler told Democratic Congressman Mike Quigley that there are many crypto tokens that comply with securities laws and that our agencies are working hard to enforce them. law. But there are thousands of tokens and we can currently only perform 75 actions. There are currently other tokens that are not compliant. Gensler wrote in his prepared testimony that the SEC has been consistent in its communications with market participants that those who use ICOs to raise funds or engage in securities transactions must comply with federal securities laws. Asset managers who invest in these assets may also be subject to securities laws. Gensler also reiterated its intention to work with Congress to regulate exchanges. In recent weeks, daily trading volume has ranged from $130 billion to $330 billion, Gensler said. However, because the tokens are traded on unregistered cryptocurrency exchanges, these numbers are not audited or reported to regulators. This is just one of many regulatory gaps in these crypto asset markets.
Market
As of press time, according to Huobi global data:
The recent transaction price of BTC was US$39,219.27, with an intraday increase or decrease of +1.19%;
ETH’s recent transaction price was $2866.78, with an intraday increase or decrease of +4.47%;
BCH’s recent transaction price was $760.13, with an intraday increase or decrease of +3.28%;
BSV’s recent transaction price The price was US$181.13, with an intraday increase or decrease of +3.06%;
The recent transaction price of EOS was US$6.38, with an intraday increase or decrease of +4.57%;
The recent transaction price of LTC was US$198.25, with an intraday increase of +4.57%. Decline +2.42%;
DOT’s recent transaction price was 24.31 yuan, with an intraday increase or decrease of +6.23%.
Policy
SEC Chairman hints that cryptocurrencies will face tougher supervision
U.S. Securities and Exchange Commission Chairman Gary Gensler told lawmakers on Wednesday that special purpose acquisition companies ( SPACs) and cryptocurrencies pose serious questions for policy and investor protection. "I look forward to working with other regulators and Congress to fill the gaps in the cryptocurrency market in the area of ??investor protection," he said in remarks prepared to be delivered to a sub-committee of the House Appropriations Committee. He expressed concern about the move from cryptocurrency exchanges to decentralization Financial (DeFi) platforms and other aspects have expressed concerns.
U.S. congressmen proposed a new bill to require the Treasury Department to evaluate the digital dollar and digital renminbi
U.S. Congressmen French Hill and Jim Himes proposed a bill to require the U.S. Treasury Department to evaluate the digital renminbi and digital renminbi. The role of the digital dollar and the real dollar in the global economy. Dubbed the “21st Century Dollar Act,” the bipartisan bill would require the Treasury Secretary (Janet Yellen) to submit a report to the Senate Banking Committee and House Financial Services Committee that would, among other things, “describe the creation by major foreign central banks of a Official digital currency efforts, including those by the People's Bank of China, and any risks such efforts pose to U.S. national interests
Fed Governor: The Federal Reserve, OCC and FDIC will hold banks against their customers. Cryptocurrency capital charges under review
Federal Reserve Governor Quarles: The review of cryptocurrency regulation by the U.S. Office of the Comptroller of the Currency (OCC), the Federal Reserve (Federal Reserve), and the Federal Deposit Insurance Corporation (FDIC) includes banks’ Review of cryptocurrency capital charges. Previously, the OCC, the Federal Reserve and the FDIC were considering setting up a "cross-agency sprint group" for cryptocurrency supervision.
Deputy Governor of the Bank of Canada: No issuance has been seen. A strong case for central bank digital currency
Lane, deputy governor of the Bank of Canada, said that there is currently no strong case for issuing central bank digital currency, but the world is developing very rapidly.
Former OCC Acting Administrator: The United States will not issue a digital dollar
Former U.S. Office of the Comptroller of the Currency (OCC) Acting Administrator Brian Brooks believes that the United States will not issue a digital dollar. Brook said that in the United States, this is more of a discussion than a reality. He added that he believed a CBDC would “never” be launched in the United States.
Blockchain Application
Securities Times: Digital RMB will not replace third-party payment
On May 27, the Securities Times published an article "Digital RMB will not Replace third-party payment". The article stated that the launch of digital currency only represents a change in the form of basic currency, that is, from tangible legal currency to intangible digital currency, from a cash society to a cashless society, but the original currency management system will not change much. At the same time, There will be no variation in currency payment channels and scenarios, which determines the cooperative relationship between third-party payment and commercial banks. DCEP as a payment method is still diversified and compatible with each other, and its circulation carrier will also not completely break away from the third party. Three-party payment channels.
The European Central Bank’s digital euro may not be developed based on blockchain technology
Sources said that the European Central Bank is almost completing a report on digital currencies. The report will be submitted to the ECB's Governing Council, and several key elements have been agreed upon. The European Central Bank is expected to decide on relevant plans at its July meeting. The ECB's digital currency is expected to be named "digital euro" and the ECB hopes to register a protected trademark for the name. The digital euro may be stored under regular accounts controlled by the European Central Bank, and cash in personal digital wallets may be limited, with a possible upper limit of 3,000 euros. A digital euro may not be developed based on blockchain technology.
Cryptocurrency
U.S. lawmakers plan to reintroduce a series of cryptocurrency and blockchain bills
U.S. Democratic Rep. Darren Soto is preparing a series of crypto legislation to be introduced into Congress. On Tuesday, Soto reintroduced the Blockchain Technology Coordination Act before the Energy and Commerce Committee. The bill seeks to create a new office within the Commerce Department to regulate the use of blockchain in the federal government. Soto also plans to reintroduce the Digital Taxonomy and Blockchain Innovation Act later this week, members of the Soto team said. Its team is also preparing to reintroduce the U.S. Virtual Currency Markets and Regulatory Competitiveness Act and the Virtual Currency Consumer Protection Act.
The U.S. SEC has begun to review SkyBridge and Fidelity’s Bitcoin ETF applications
According to two documents from the U.S. Securities and Exchange Commission (SEC), the SEC has begun a formal review of SkyBridge and Fidelity’s Bitcoin ETF applications. Coin ETF application. Four other Bitcoin ETFs were previously under review.
“The Wolf of Wall Street”: is studying how to enter the encryption market “on a large scale”
American billionaire and “Wolf of Wall Street” Carl Icahn said that he is studying how to enter the crypto market “on a large scale” "Enter the crypto market.
NVIDIA: Ethereum’s shift to PoS may reduce GPU demand
NVIDIA stated that Ethereum’s shift to Proof of Stake (PoS) is a potential threat to the demand for graphics card (GPU) products.
PayPal will allow customers to withdraw cryptocurrencies
Internet payments company PayPal will allow users to withdraw cryptocurrencies to third-party wallets, Jose Fernandez da Ponte, head of blockchain at internet payments company PayPal, said on Wednesday. middle. Currently, PayPal does not allow users to move crypto assets out of the platform. The company releases new developments on average every two months, but it’s unclear when withdrawal functionality will be available.
Important economic trends
The probability that the Federal Reserve will maintain interest rates in the range of 0%-0.25% in June is 94%
According to CME "Fed Watch": The Federal Reserve 6 The probability of maintaining interest rates in the range of 0%-0.25% is 94%; the probability of raising interest rates by 25 basis points to the range of 0.25%-0.50% is 6%; the probability of maintaining interest rates in the range of 0%-0.25% in September is 94% , the probability of a 25 basis point interest rate hike is 6%.
Federal Reserve Governor Quarles: It is too early to discuss raising interest rates
Federal Reserve Governor Quarles said it is too early to discuss raising interest rates. Rapid U.S. growth is expected to slow to a steady pace in 2022. The recent rise in inflation expectations is welcome. Inflation rose above 2%, driven by temporary factors. If the economy is strong, discussions of tapering bond purchases could begin at the upcoming meeting.
Ethereum Virtual Machine EVM: Ethereum in a narrow sense represents a set of protocols, which defines a platform for decentralized applications. Its core is the Ethereum Virtual Machine (EVM), which can execute codes of arbitrary algorithmic complexity. In computer science terms, Ethereum is Turing complete. Developers can use a programming language (Solidity) that is syntactically similar to JavaScript and Python to create applications that run on the EVM.