Golden Morning Post | US SEC Chairman: Will cooperate with Congress to regulate cryptocurrency exchanges.

Headline

▌US SEC Chairman: Will cooperate with Congress to regulate cryptocurrency exchanges

Jinse Finance reported that at the oversight hearing held by the House of Representatives Appropriations Committee, Gary Gensler, chairman of the US Securities and Exchange Commission, told Democratic Congressman Mike Quigley that there are many encrypted tokens that meet the requirements of the securities law, and our agency is working hard to implement the law. But with tens of thousands of tokens, we are currently only able to perform 75 actions. There are other tokens that are currently non-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 investing in these assets may also be subject to securities laws. Gensler also reiterated his intention to work with Congress to regulate exchanges. Daily volumes have ranged from $130 billion to $330 billion in recent weeks, Gensler said. However, these figures were not audited or reported to regulators because the coins were traded on unregistered cryptocurrency exchanges. This is just one of many regulatory gaps in these crypto asset markets.

Market

As of press time, according to Huobi global data:

Golden Evening News｜A list of important news on the evening of July 21: 12:00-21:00 Keywords: Beijing, Central Bank of Jamaica, Filecoin, Polkadot, Fuzhou, LINK

1. Beijing Equity Exchange Center has obtained the first batch of qualifications to carry out blockchain pilot construction.

2. The Central Bank of Jamaica invites technology companies to test digital currency solutions.

3. Filecoin's development network Calibration for reward test network deployment was officially launched.

4. Polkadot has removed sudo and officially entered the fourth stage.

5. Fuzhou is actively striving for the second batch of digital currency pilots.

6. CoinMarketCap lists LINK in the DeFi token category.

7. Capriole Investments founder: Trump's victory in the election will be good for Bitcoin.

8. The Philippine Department of Finance launched a blockchain application to distribute government bonds. [2020/7/21]

The latest transaction price of BTC is 39219.27 US dollars, with an intraday increase and decrease of +1.19%;

The latest transaction price of ETH is 2866.78 US dollars, with an intraday increase and decrease of +4.47%;

The latest transaction price of BCH is 760.13 US dollars, with an intraday increase and decrease of +3.28%;

Golden Relativity｜Bitcoin Halving Special: Capital: At 19:00 on May 14th, Golden Finance invited Chu Kang, the founder of Benrui Capital, Zhang Tao, the founder and CEO of Haichuang Chain, Zhang Mingjing, the founder of Lianxing Capital, The Zhu Gaofeng, founder of Blockchainer/JC Capital, was a guest at "Golden Relativity". Let's talk about the new concerns and trends of the capital world after the Bitcoin halving. Please lock the Jinse Finance live broadcast room! [2020/5/14]

The latest transaction price of BSV is US$181.13, with an intraday increase and decrease of +3.06%;

EOS recently traded at $6.38, with an intraday increase and decrease of +4.57%;

The latest transaction price of LTC is 198.25 US dollars, with an intraday increase and decrease of +2.42%;

The latest transaction price of DOT is 24.31 yuan, with an intraday increase and decrease of +6.23%.

Policies

▌SEC chairman hints that cryptocurrencies will face stricter supervision

SEC Chairman Gary Gensler told lawmakers on Wednesday that special purpose acquisition companies (SPACs) and cryptocurrencies pose serious problems for policy and investor protection. "I look forward to working with other regulators and Congress to fill the gap in investor protection in the cryptocurrency market," he said in remarks prepared to the House Appropriations Committee subcommittee. Concerns have been voiced across financial (DeFi) platforms and beyond.

Analysis | Golden Disk: FGI Fear Index 26: Golden Disk Comprehensive Analysis: The FGI Fear Index showed 26 on September 4, and the market panic has calmed down. Historically, the probability of a rebound below 20 is high. If it continues to rise, the market rebounds The trend will continue. [2018/9/4]

▌U.S. lawmakers propose a new bill requiring the Treasury Department to evaluate digital dollars and digital renminbi

Jinse Finance reported that U.S. congressmen French Hill and Jim Himes have proposed a bill requiring the U.S. Treasury Department to evaluate the role of digital renminbi, digital dollars, and real dollars 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 the House Financial Services Committee that would include "describing the creation of a Official digital currency efforts, including the People's Bank of China, and any risks such efforts pose to U.S. national interests.

▌Federal Reserve Governor: The Federal Reserve, OCC and FDIC will review banks’ fees for cryptocurrency capital held by customers

Federal Reserve Governor Quarles: The OCC, Federal Reserve, and FDIC review of cryptocurrency regulation includes a review of banks’ fees for customers’ holdings of cryptocurrency capital. Earlier news, the OCC, the Federal Reserve, and the FDIC are considering setting up an "interagency sprint team" for cryptocurrency regulation.

Golden Finance live report on Dundee: blockchain changes the currency market and vigorously boosts the real economy: Golden Finance live report, at today's 2018 Global Blockchain Summit Forum, Chairman of China Blockchain Application Research Center, Chairman of Taiyi Cloud Dundee gave a keynote speech entitled "Blockchain of the World: How We Will Connect Each Other in the Future". When Dundee talked about the currency market, he said: The currency market is a super-large-scale market, and various countries are conducting national digital currency research , Some countries have announced the development of national digital currencies. Once the national digital currency enters the global blockchain market, it will bring massive liquidity and counterparties. We can see that when the four traditional assets enter the blockchain world, it will bring a large number of physical assets and the real economy to our traditional world. The best companies are still in the stock market. Once they enter the global market, their liquidity will be greatly improved. [2018/4/29]

▌Deputy Governor of the Bank of Canada: I have not seen a strong case for issuing a central bank digital currency

Lane, deputy governor of the Bank of Canada, said that there is currently no strong case for issuing a central bank digital currency, but the world is developing very rapidly.

▌Former OCC acting director: The United States will not issue digital dollars

Jinse Finance reported that Brian Brooks, former acting director of the U.S. Office of the Comptroller of the Currency (OCC), believes that the U.S. will not issue a digital dollar. In the U.S., it's more of a discussion than a reality, Brook said. He added that he believed a CBDC would "never" be launched in the US.

Golden Finance News: At 3 a.m. Beijing time, the Bitcoin Gold main chain was officially launched, and the blocks will also be open to users and mining pools. The agreement prohibits the use of some mining machines. The price of BTG has continued to rise since November 11, and the current price is ¥2240, an increase of 5.36%. [2017/11/13]

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 introduction of digital currency represents only 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. The payment channels and scenarios of the currency will not change, which determines the relationship between third-party payment and commercial banks. DCEP is still diversified and compatible with each other as a means of payment, and its circulation carrier will not be completely separated from the third party. Three-party payment channels.

▌The European Central Bank's digital euro may not be developed based on blockchain technology

The European Central Bank is almost done with a report on digital currencies, sources said. The report will be submitted to the ECB Governing Council, and several key elements have been agreed. The European Central Bank is expected to decide on relevant plans at its July meeting. The European Central Bank's digital currency is expected to be named "Digital Euro", and the European Central Bank hopes to register a protected trademark for the name. Digital euros may be stored under regular accounts controlled by the ECB, and cash in personal digital wallets may be limited, possibly to a maximum of 3,000 euros. A digital euro may not be developed based on blockchain technology.

Cryptocurrency

▌U.S. congressmen plan to reintroduce a series of cryptocurrency and blockchain bills

Jinse Finance reported that U.S. Democratic Congressman Darren Soto is preparing a series of encryption legislation to be introduced into Congress. Soto reintroduced the Blockchain Technology Harmonization Act before the Energy and Commerce Committee on Tuesday. 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 Act and the Blockchain Innovation Act later this week, according to members of the Soto team. Its team is also preparing for the reintroduction of the U.S. Virtual Currency Market and Regulatory Competitiveness Act and the Virtual Currency Consumer Protection Act.

▌The US SEC began to review SkyBridge and Fidelity Bitcoin ETF applications

Jinse Finance reported that according to two documents from the US Securities and Exchange Commission (SEC), the SEC has begun to formally review the Bitcoin ETF applications of SkyBridge and Fidelity. Four other bitcoin ETFs were previously under review.

▌"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 encryption market on a "large scale".

▌Nvidia: Ethereum turns to PoS or reduces GPU requirements

Jinse Finance reported that Nvidia stated that Ethereum’s shift to proof-of-stake (PoS) is a potential threat to demand for graphics card (GPU) products.

▌PayPal will allow customers to withdraw cryptocurrency

Jinse Finance reported that Jose Fernandez da Ponte, head of blockchain at Internet payment company PayPal, said on Wednesday that PayPal will allow users to withdraw cryptocurrencies to third-party wallets. Currently, PayPal does not allow users to move crypto assets off the platform. The company releases new developments on average every two months, but it is unclear when the withdrawal feature will be available.

Key Economic Developments

▌There is a 94% probability that the Federal Reserve will maintain interest rates in the range of 0%-0.25% in June

According to CME "Fed Watch": The probability that the Fed will maintain interest rates in the range of 0%-0.25% in June is 94%, and the probability of raising interest rates by 25 basis points to the range of 0.25%-0.50% is 6%; in September, the probability of maintaining interest rates at 0% There is a 94% chance of a -0.25% range and a 6% chance of a 25 basis point hike.

▌Fed Governor Quarles: It is too early to discuss raising interest rates

Fed Governor Quarles said it was too early to discuss raising interest rates. Rapid U.S. growth is expected to slow to a solid pace in 2022. The near-term rise in inflation expectations is welcome. Inflation rose above 2%, driven by temporary factors. If the economy is strong, talk of tapering bond purchases will begin at the upcoming meeting.

Golden Encyclopedia

▌Ethereum Virtual Machine EVM: Ethereum represents a set of protocols in a narrow sense, which defines a platform for decentralized applications. Its core is the Ethereum Virtual Machine (EVM), which can execute code 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.

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