Weekly Preview | The US House of Representatives will hold two hearings related to SEC oversight. The DASH block reward is expected to be reduced on June 23.
Weekly Preview | The US House of Representatives will hold two SEC oversight hearings. DASH block reward to be reduced on June 23.
News preview:
- Sui Network will release Devnet v1.4.0 on June 20th and Testnet v1.4.0 on June 21st;
- The U.S. House of Representatives Committee on Oversight and Investigation will hold a hearing on “Oversight of the SEC” at 21:30 on June 22nd, and the Capital Markets Subcommittee will hold a hearing on “Oversight of the SEC’s Division of Trading and Markets” at 22:30 on the same day;
- The DASH halving is expected to occur on June 23rd, reducing block rewards from 2.76371046 DASH to 2.56630257 DASH;
- ETHShanghai 2023, hosted by Mask Network, will be held from June 25th to June 30th, and will be divided into a five-day offline hackathon (June 25th-29th) and a two-day offline main venue (June 29th-30th);
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June 19th
Policy regulation:
The South Korean prosecutor’s office will hold its first joint meeting on virtual asset joint agencies on June 19th
The Seoul Southern District Prosecutor’s Office will establish a “virtual asset joint investigation team” to investigate crimes related to virtual currency. According to reports, the South Korean prosecutor’s office will hold its first joint meeting on issues related to the establishment of a virtual asset joint agency with the Financial Services Commission, the Financial Supervisory Authority, the Deposit Insurance Corporation and other agencies on June 19. The joint venture is expected to be launched in early July.
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Project dynamics:
The Montenegrin court will rule on the Do Kwon passport forgery case on June 19th
In the passport forgery case heard by the Podgorica District Court in Montenegro, Do Kwon, co-founder of Terraform Labs, claimed that his passport was obtained through a Singaporean agency recommended by a friend and was issued by the Costa Rican passport authority. Prosecutor Harris Chabotich stated that the passport was not issued by a legitimate agency, the name on the Belgian passport was different, and the birth date was also different. It was obviously maliciously made. After the final debate, the judge announced that the verdict will be delivered at 2 pm on June 19th.
MakerDAO will increase the DAI savings rate to 3.49% on June 19th Beijing time
MakerDAO’s proposal to increase the DAI savings rate (DSR) from 1% to 3.49% has been voted through, the proposal also includes lowering the USDP PSM debt ceiling to 0 DAI, as well as bringing the BlockTower Andromeda (RWA015-A) on board as a new collateral type that will allow for an additional purchase of up to $1.28 billion US Treasuries as reserves, enabling traditional financial assets to have a larger role in DAI’s reserves. These changes are expected to take effect on June 19th, 22:00 Beijing time.
June 20th
Policy and Regulation:
Bank of Canada seeks public input on digital loonie, deadline is June 19th
Bank of Canada launched an online consultation on Bank of Canada Digital Currency (CBDC) on May 8th, which will be open until June 19th, 2023. The bank said that Canada does not currently need a digital loonie, and that the consultation was to prepare for a future possibility of CBDC. The bank is mainly interested in learning how Canadians would use digital dollars, which security features are essential, and what concerns citizens have about accessibility and privacy of CBDC.
Brazil’s new law will take effect on June 20th, with the central bank designated as the cryptocurrency regulatory agency
Brazil has released a decree regulating the application of cryptocurrency law, and designated the central bank as the regulatory agency, with the power to authorize who can operate in the market. In the case of virtual assets being configured as securities, the Securities and Exchange Commission (CVM) will be responsible for regulation. Brazil’s cryptocurrency regulatory framework was established by Law No. 4,401/2021, which was approved by the Chamber of Deputies in November last year and signed by then-President Bolsonaro in December last year. The law will take effect on June 20th.
Exchanges:
Cryptocurrency exchange Luno will cease operations in Singapore on June 20th
DCG-owned cryptocurrency exchange Luno will stop serving users in Singapore from June 20, 2023, and users need to withdraw all cryptocurrencies or Singapore dollars from Luno by June 19th. If users fail to withdraw their held cryptocurrencies by June 19th, they will be sold at the prevailing market price and stored in Singapore dollars, and the sale will be subject to Luno’s existing 0.75% instant trading fee. This decision will not affect its business in Malaysia.
Coinbase to Buy Back $64.5 Million of Convertible Senior Notes at a Discount of About 29% Around June 20
Coinbase announces that it will buy back $64.5 million principal amount of its outstanding 0.50% Convertible Senior Notes due 2026 at a discount of approximately 29%, for an aggregate purchase price of approximately $45.5 million in cash. The buyback is expected to be completed on or around June 20, 2023, subject to customary closing conditions. Following such closings, approximately $1.373 billion principal amount of notes will remain outstanding.
Binance Postpones Margin and Earn System Upgrade to June 20
Binance announced that its Margin and part of Earn products system upgrade originally scheduled for 2023-06-13 14:00 (UTC+8), will be postponed to 2023-06-20 14:00 (UTC+8). The upgrade is expected to take around one hour. Binance Margin, Classic Margin, and Portfolio Margin will also temporarily stop the liquidation mechanism from 2023-06-20 14:00 (UTC+8) to 2023-06-20 15:15 (UTC+8).
Project Updates:
Sui Network to Release Devnet v1.4.0 on June 20
BlockFi Ordered to Withdraw Unauthorized Restructuring Plan, Next Hearing on June 20
A US bankruptcy court ordered cryptocurrency lender BlockFi to withdraw a statement it released on May 13 because the statement was not approved by the court. A corrective letter released by BlockFi shows that creditors and other parties do not support BlockFi’s restructuring plan. The next date for the bankruptcy hearing is set for June 20. Previously, BlockFi submitted a disclosure statement on May 13, saying it would provide customers with the information needed for asset liquidation so that they could make a decision on whether to vote in favor of BlockFi’s plan.
Token Unlocking:
1inch (1INCH) to Unlock 15,000 Tokens Worth About $4,227 or 0.001% of Total Supply on June 20 at 16:00
June 21
Exchange:
Crypto.com to Stop Offering Services to US Institutional Clients from June 21, Retail Business Unaffected
Crypto.com announced that it will stop offering services to institutional clients in the US from June 21, and institutional users have been notified of the decision to suspend services in advance. The exchange said that institutional clients’ “demand is limited” given the “current market situation.” Retail investors will not be affected by the decision and will continue to be able to use the platform in the US.
Hotbit has ceased operations and users must withdraw their remaining assets by June 21
Cryptocurrency exchange Hotbit has ceased all CEX operations as of 12:00 on May 22. All users must withdraw their remaining assets before 12:00 on June 21. Hotbit stated that the decision was based on deteriorating operating conditions, changing trends in the cryptocurrency industry, and the discovery that the operation model supporting diversified assets is unsustainable.
Project Update:
Sui Network will release testnet v1.4.0 on June 21
June 22
Policy and Regulation:
The U.S. House of Representatives will hold two hearings on SEC oversight on June 22
Representative Blockingtrick McHenry, Chairman of the U.S. House Financial Services Committee, announced two hearings on SEC oversight. The Oversight and Investigations Subcommittee hearing on “Oversight of the SEC” will be held at 21:30 Beijing time on June 22, and the Capital Markets Subcommittee hearing on “Oversight of the Division of Trading and Markets at the SEC” will be held at 22:30 Beijing time on June 22.
HMRC seeks public opinion on taxing DeFi lending and staking, ending June 22
The UK’s HM Revenue and Customs (HMRC) is seeking public opinion on proposed changes to the tax treatment of decentralized finance (DeFi) lending and staking. The consultation, which is open for eight weeks, will end on June 22. The consultation aims to establish a regime that better aligns the taxation of the crypto assets used in DeFi lending and staking transactions with their underlying economic substance, while reducing administrative burdens for users. Under the proposed changes, the use of crypto assets in DeFi transactions will no longer be treated as disposals for tax purposes. Instead, a disposal for tax purposes will arise when crypto assets are disposed of in an economic manner in non-DeFi transactions.
Project Update:
Adidas releases limited edition NFT token gate sneakers, bound with NFC, on June 22
Adidas has announced a partnership between adidas Originals and 20-year-old artist FEWOCiOUS to launch the limited edition Trefoil Flower Mint Blockingss NFT. The NFT will be available on June 22, and holders will have the opportunity to exchange it for physical adidas Originals sneakers. This is also Adidas’ first time launching limited edition NFTs bound with NFC tags on token gate sneakers.
Lido will stop its staking services on Polkadot and Kusama, and all assets on them will be automatically unstaked on June 22.
According to a blog post from Lido developer MixBytes, decentralized finance (DeFi) staking service Lido (LDO) will halt its staking services on Polkadot (DOT) and Kusama (KSM) on August 1. Deposits will no longer be accepted on Polkadot and Kusama, and all assets will be automatically unstaked on June 22. The official termination date is August 1. Currently, Lido holds a total of $4 million worth of DOT and $75,000 worth of KSM.
Token Unlocking:
Euler (EUL) will unlock 147,848 tokens worth approximately $230,000, accounting for 0.544% of the total supply, on June 22 at 02:39:19.
SBlockingCE ID (ID) will unlock 15,152,777 tokens worth approximately $4.4 million, accounting for 0.758% of the total supply, on June 22 at 8:00.
June 23rd
Project Updates:
DASH block reward is expected to decrease on June 23.
The DASH block reward is expected to decrease on June 23, 2023, reducing the block reward from 2.76371046 DASH to 2.56630257 DASH.
June 24th
Exchange:
Binance will delist HNT and WABI and open withdrawals until 11:00 on June 24.
Binance will delist HNT and WABI and has stopped trading Helium (HNT) and Tael (WABI). The specific arrangements are as follows: Binance has suspended HNT withdrawal services; HNT token withdrawals resumed on April 21 at 11:00 and will continue to be supported until June 24 at 11:00. In addition, Binance has suspended WABI recharge service, and recharging will not be credited afterwards. Users can withdraw WABI before 11:00 on June 24, 2023, and the withdrawal function will be closed afterwards.
Governance Voting:
The Arbitrum community will vote on AIP-1.1 and 1.2 proposals on-chain, and both will end on June 24.
Ethereum Layer2 network Arbitrum stated on Twitter that AIP-1.1 and 1.2 proposals will begin on-chain voting on the Tally platform in the early hours of June 10 and end on June 24. AIP-1.1 and 1.2 proposals were both approved by Snapshot temperature check voting in mid-April. Proposal AIP-1.1 proposed to place the remaining 700 million ARB in “smart contract-controlled lockup.” According to the proposal, the foundation will be unable to use the tokens until the community approves the token allocation budget. In addition, the Arbitrum Foundation has released a transparency report on how the organization was formed.
June 25
Community Event:
ETHShanghai 2023 to be held on June 25
ETHShanghai 2023, hosted by Mask Network, will be held from June 25 to June 30, with the event divided into a five-day offline hackathon (June 25-29) and a two-day offline main venue (June 29-30). ETHShanghai 2023 is now open for pre-registration, and developers can register by visiting the official website.
Token Unlocking:
Acala (ACA) will unlock 4,657,534 tokens worth about $180,000, accounting for 0.466% of the total supply, at 8:00 on June 25.
