LianGuai Morning News | Ripple officially launches recruitment in the US market, previously rumored to return to the US market
Ripple launches US recruitment, rumored to return to US market.
Headlines
▌Ripple officially launches recruitment in the US market, previously rumored to return to the US market
Ripple’s official recruitment information shows that the company is hiring a “Senior Policy Director” in the United States, as well as senior software engineers, compliance, and risk engineering personnel. This week, Ripple’s President Monica Long said in an interview with CNBC that after the US court ruled that XRP is not classified as a security, the company will return to the US market. Monica Long also added that jurisdictions such as the UK, Europe, Singapore, and Dubai in the Middle East have provided clear frameworks and rules, and Ripple will expand its business in these regions. This reentry into the US market also marks a “slight shift” in Ripple’s strategic direction.
Market
As of press time, according to coinmarketcap data:
The recent trading price of BTC is $29,101, with a daily change of +0.32%;
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The recent trading price of ETH is $1,830.08, with a daily change of +0.04%;
The recent trading price of BNB is $243.12, with a daily change of +0.00%;
The recent trading price of XRP is $0.6223, with a daily change of -0.73%;
The recent trading price of WLD is $2.0447, with a daily change of +1.38%.
The recent trading price of DOGE is $0.07431, with a daily change of -0.16%;
The recent trading price of ADA is $0.2922, with a daily change of +0.37%;
The recent trading price of MATIC is $0.667, with a daily change of +0.06%.
Policy
▌Coin Center’s lawsuit against the new US cryptocurrency tax reporting regulations has been dismissed and an appeal has been filed
A new regulation in the United States will take effect on January 1, 2024. By 2024, US businesses will be required to collect personal information such as the name, address, and identification documents of anyone who uses cryptocurrency to purchase goods exceeding $10,000.
Last year, cryptocurrency think tank Coin Center sued the US Treasury Department and Treasury Secretary Janet Yellen, alleging that the upcoming regulations were equivalent to “unconstitutional financial regulation.” However, a judge recently dismissed the case, stating that Coin Center and its co-plaintiffs did not have standing to sue because the regulation has not yet taken effect and any alleged harm is speculative.
On July 21 of this year, Jerry Brito, the executive director of Coin Center, tweeted, “This law will apply to all of us within six months, so timing is crucial, and we will immediately appeal to the Sixth Circuit Court of Appeals.” Coin Center declined to comment on the matter. The organization and its co-plaintiffs filed an appeal two days after the judge’s ruling.
Blockchain Applications
▌Opinion: L1 Protocols Should Prioritize PoS Consensus Mechanism
Maria Eisner, ESG and Sustainability Director at Concordium, believes that L1 protocols should prioritize the PoS consensus mechanism over PoW and rely on renewable energy as much as possible. Web3 must strive for green energy goals and refute the industry’s overall negative impact on the environment. To achieve this, L1 should invest in incentive measures to encourage users to power their work through renewable energy. With the support of subsidized clean energy, users will find their work cheaper and more environmentally friendly. This is something that consumers clearly want in 2023.
▌DeBox Releases New Version, Including Introduction of Message List Grouping
Web3 instant messaging service provider DeBox has announced a major update. The new version includes: fully optimized DApps for enhanced on-chain interaction, providing a seamless experience in the Web3 world; introduction of message list grouping to make it easier for users to manage and filter messages, ensuring a personalized social experience.
▌LianGuairaSLianGuaice Now Supports Moonbeam, Providing Seamless Borrowing and Lending Experience for Moonbeam Token
NFT lending protocol LianGuairaSLianGuaice has announced its support for the Polkadot ecosystem’s smart contract platform Moonbeam, providing a seamless borrowing and lending experience for Moonbeam tokens, including GLMR/WGLMR, xcDOT, xcUSDT, USDC.wh, WETH.wh, WBTC.wh.
Cryptocurrencies
▌Huobi Social Media Manager: Bankruptcy Rumors Untrue, Huobi Performing Well
Huobi experienced a $64 million outflow of funds between August 5th and 6th, sparking continuous rumors about its solvency, and Chinese authorities are investigating its executives. The weekend fund outflow caused the exchange’s Total Value Locked (TVL) to drop from $309 million on July 6th to $2.05 billion at the time of writing. Rumors of Huobi’s leadership being arrested in China first surfaced on August 4th as part of an alleged investigation into the exchange’s dealings with gambling platforms. A spokesperson for Huobi has labeled these claims as false. It has been reported that authorities are tightening control over mainland Chinese cryptocurrency exchanges, fueling the rumors. The Huobi social media manager stated that the rumors are untrue and Huobi is currently performing well.
▌Coinbase: Cryptocurrencies are Baseball Cards, Not Securities
Lawyers for Coinbase Global requested on Friday that a U.S. judge dismiss the SEC’s lawsuit, stating that the SEC misread the views of Howey and recent crypto cases do not support the SEC’s efforts to use the “plan” as a statutory text escape hatch. For example, people can invest in a baseball or other trading card company through an instrument that imposes obligations on the company, making it a security. Alternatively, people can buy baseball cards on the open market, hoping they appreciate, which would be buying a commodity. Even if the company says it plans to create a top-tier card trading platform to enhance the value of its cards being sold, that remains the case. These performances do not turn baseball cards into securities. Baseball cards are not shares of a baseball card company.
▌Coinbase Report: Consumer and Institutional Trading Volume Declined 70% and 54% YoY
On Thursday, Coinbase released its Q2 financial report, showing that consumer and institutional trading volume declined 70% and 54% respectively compared to the same period last year. Coinbase attributed this decline to various factors, including the overall decrease in cryptocurrency market value. The average price of cryptocurrencies has dropped significantly since its peak in 2021, and the low market volatility has reduced opportunities for high returns. BTC has remained relatively stable since March, further leading to a decline in trading volume. This decline marks a significant reversal in the cryptocurrency industry, which was just speculation a year ago.
▌Analyst: Bitcoin Whales Continuing to Accumulate More BTC
Bitcoin has recently experienced significant price fluctuations, but an interesting development has caught the attention of market analysts: Bitcoin whales are continuing to accumulate more BTC. The balance indicator data from IntoTheBlock shows that Bitcoin whales are optimistic about the future of BTC. This ongoing accumulation indicates positive market dynamics and suggests that these major investors anticipate an upcoming price increase. In addition, the next Bitcoin halving event is expected to occur in 2024. Based on historical trends, we can expect a new market cycle to begin. The halving event reduces Bitcoin block mining rewards by 50%, which has previously caused a significant price increase. The whales’ accumulation behavior may be a strategic move in preparation for the next bull market after the halving. Even in uncertain market conditions, major investors still rely on the long-term potential of Bitcoin.
Important Economic Trends
▌88% Probability of the Fed Maintaining Interest Rates in September
According to CME’s “Fed Watch”: There is an 88% probability that the Fed will maintain interest rates at 5.25%-5.50% in September, and a 12.0% probability of a 25 basis points rate hike to the 5.50%-5.75% range. The probability of the Fed maintaining interest rates in November is 72.7%, with a 25.3% probability of a cumulative 25 basis points rate hike and a 2.1% probability of a cumulative 50 basis points rate hike. (Jinshi Data APP)
LianGuai Encyclopedia
▌What is Intent Computing
The introduction of Intent Computing aims to alleviate the burden on users. Essentially, intents are a set of declarative constraints that allow users to delegate transaction creation to specialized third-party participant networks while retaining full control over the process. In simple terms, if a transaction specifies “how” to perform an operation, intents define “what the expected result of that operation is.” This declarative approach brings exciting advancements in user experience and efficiency. Through intent computing, users can easily express their expected results. This is in stark contrast to the current imperative transactions where each parameter must be explicitly specified by the user.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
