LianGuai Morning News | Musk considers charging all Twitter users

LianGuai Morning News Musk considers charging all Twitter users

Headlines

▌Musk considers charging all Twitter users

According to The Information, Musk said in a live broadcast with Israeli Prime Minister Benjamin Netanyahu on Monday that the social platform X (formerly known as Twitter) will start charging users a small fee each month to combat bots and spam on the platform. It is currently unclear whether Musk’s remarks on Monday reflect the company’s active efforts or are just an impromptu speech by the often unpredictable billionaire.

▌SEC demands court investigation into Binance.US custody issue

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• Lawsuit tug-of-war escalates, SEC requests investigation into Binance.US assets

According to court documents, the SEC is urging the Washington D.C. court to approve an investigation into the Binance.US custody issue. The SEC reiterated concerns about Binance’s use of the custody platform Ceffu, stating that the investigation results so far indicate an “urgent need for examination.”

The SEC claims that “Cefu” is a Binance entity, not just a digital asset wallet provider. The SEC also states that Ceffu, which was renamed from Binance Custody earlier this year, may also serve Binance.US and be used to transfer funds from U.S. customers out of the country, violating previous agreements. The SEC further accuses the company of providing “inconsistent statements on material facts, slow and limited production of documents and information, and hindering the entire category of information, which may expose unreliable factors regarding the custody of customer assets.”

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Market

As of press time, according to coinmarketcap data:

The recent trading price of BTC is $26,748.8, with a daily change of -1.88%;

The recent trading price of ETH is $1,637.13, with a daily change of -1.09%;

The recent trading price of BNB is $215.93, with a daily change of -1.64%;

The recent trading price of XRP is $0.5027, with a daily change of -0.29%;

The recent trading price of DOGE is $0.0619, with a daily change of -0.71%;

The recent trading price of ADA is $0.2515, with a daily change of -1.06%;

The recent trading price of MATIC is $0.5262, with a daily change of -0.87%.

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Policies

▌FTX prosecutor seeks suspension of the civil case until SBF’s criminal trial is over

According to Reuters, Manhattan federal prosecutors have asked a Florida judge overseeing the FTX civil lawsuit to suspend the case until the criminal trial of FTX founder Sam Bankman-Fried is concluded.

Prosecutors from the Manhattan U.S. Attorney’s Office explained that the civil charges against former insiders for defrauding FTX customers largely overlap with the government’s criminal case against Bankman-Fried, who has pleaded not guilty to those charges and others. Prosecutors argue that allowing plaintiffs’ lawyers to proceed with the civil case could interfere with the impending criminal trial.

▌Binance.US refuses again to provide the requested business operation documents to the SEC

Documents submitted to the court on Monday showed that BAM Trading, the entity behind Binance.US, once again refused to provide the requested business operation documents to the SEC. BAM Trading’s lawyer stated in the documents that the SEC’s requests were “overly broad” and caused too much inconvenience for the exchange to comply. The lawyer wrote in the documents, “BAM opposes the SEC’s requests because they are vague, ambiguous, overly broad, lack specificity, or are oppressive.”

Previously, the SEC requested BAM to provide a series of documents, including records of the company’s handling of client assets, proof of reserves, and statements on the overall financial condition, among others. One of the requests was related to the exchange’s alleged use of a custody service called Ceffu to transfer funds of US customers overseas. The SEC claimed that these requests were intentionally ignored by Binance.US.

▌SEC fails to convince the judge to launch an in-depth investigation into Binance.US immediately

The U.S. Securities and Exchange Commission (SEC) failed to convince a federal judge to allow officials to immediately conduct an in-depth investigation into Binance.US’s software. Since suing Binance.US and its CEO Changpeng Zhao in June this year, the SEC has been struggling to obtain information from Binance.US. The SEC requested on Monday that a federal judge, Zia Faruqui, allow it to inspect Binance.US’s technical infrastructure and compel the company to share other necessary information. However, the judge stated that he is currently not inclined to allow the investigation to proceed. He said that the SEC should make more specific requests and speak with more witnesses.

▌The judge makes no ruling on the document dispute between the SEC and Binance.US

Judge Zia Faruqui of the U.S. District Court for the District of Columbia did not make any ruling on the SEC’s request for evidence disclosure or Binance.US’s opposition, but encouraged both parties to work together to address various discovery requests.

The judge stated that Binance needs to provide more information about its current custody solution: “I think we need more than what we have right now,” and added that he “lacks confidence” that BAM has full control over its assets. Faruqui said, “I need all of you to work together to temper the dispute, forget the past, and try to provide me with some questions that you think can be clarified.”

The SEC previously requested certain information regarding client assets from Binance.US, stating that the latter has not fulfilled its obligations so far. Meanwhile, the entity behind Binance.US rejected the SEC’s requests in unsealed court documents on Monday, stating that many of the requests were overly broad or burdensome.

The SEC and BAM agreed to hold a hearing on October 12 and submit a joint status report by October 10.

▌Alameda Research amends its lawsuit against Grayscale and will continue to recruit co-plaintiffs

The court requested Alameda Research to respond to Grayscale’s motion to dismiss filed in May by September 15, but Alameda remains the sole plaintiff listed in the amended complaint submitted on that day. A source told Blockworks that Alameda will continue to reach out to shareholders to understand their willingness to participate in the lawsuit, and if enough shareholders agree, the company plans to amend the complaint again.

Alameda stated in documents submitted last month that approximately 45 individuals, funds, and family offices have indicated their willingness to participate as additional plaintiffs and have requested more time to gather them.

▌US Congressman Emmer: Digital Assets Will Be a Key Issue in the 2024 Election

Tom Emmer, the Majority Whip of the US House of Representatives and a supporter of cryptocurrencies, stated that digital assets will be a key issue in the 2024 election, whether at the state or federal level. Emmer believes that some candidates running in 2024 may underestimate the impact of cryptocurrency and blockchain issues. He pointed out financial privacy concerns and specifically mentioned government regulation of central bank digital currencies (CBDC).

Emmer recently reintroduced a bill aimed at restricting the Federal Reserve from issuing a CBDC in the US. He also supports an appropriations amendment to the US Securities and Exchange Commission that could limit the commission’s ability to take enforcement actions against cryptocurrency companies.

▌London Judge Prohibits bitcoin.org from Providing Bitcoin White Paper and Bitcoin Core Software to Individuals in the UK

A judge in London has ruled that the anonymous operator of bitcoin.org must pay Craig Wright £500,000 ($640,000) in legal fees and is indefinitely prohibited from providing the Bitcoin white paper and Bitcoin Core software to individuals in the UK. The judge concluded that participating in the litigation process anonymously would undermine the principles of justice, therefore the anonymous operator of bitcoin.org defaulted on the case.

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Blockchain Applications

▌Polygon zkEVM Mainnet Testnet to Undergo Dragonfruit Upgrade on September 20th

According to an official announcement, the Polygon zkEVM mainnet testnet will undergo the Dragonfruit upgrade on September 20th at 7:30 AM UTC (3:30 PM Beijing time) and will last for approximately 2 hours.

Once Dragonfruit is implemented, the Polygon zkEVM mainnet testnet will stay in sync with the latest version of Solidity and maintain the equivalence of Rollup with EVM by incorporating support for the latest EVM opcode PUSH0. The network will be available during the upgrade, however, approximately 2 minutes of downtime are expected to facilitate the restart of the sequencer.

▌Optimism Launches OP Airdrop 3, Distributing Over 19 Million OP Tokens to Over 31,000 Unique Addresses

Optimism has announced the launch of OP Airdrop #3, distributing 19,411,313 OP tokens to 31,870 unique addresses as a reward for collective governance participation. The token distribution started at 18:10 UTC (2:10 AM Beijing time on Tuesday) and Airdrop #3 does not require claiming as the tokens will be directly delivered to addresses that were granted voting rights for OP tokens between January 20th and July 20th, 2023. Eligible addresses will receive the airdrop on or after September 15th, 2023.

▌Final Reset of dYdX Chain Testnet Completed

dYdX has announced that the final reset of the dYdX Chain testnet has been completed, now featuring over 30 markets, conditional orders, and spam filtering functionality.

▌Bitwala App has been launched in 29 countries/regions in the European Economic Area

Cryptocurrency startup Bitwala, after going bankrupt last year and undergoing brand reshaping and strategic reassessment, has returned to the cryptocurrency field.

The Bitwala App has been launched in 29 countries/regions in the European Economic Area (EEA), providing users with bitcoin and ethereum trading, the ability to convert euros, and the option to send transfers using SEPA (Single Euro Payments Area). One unique feature of Bitwala is the use of a self-custody wallet, ensuring that users have full control over their digital assets, rather than relying on cryptocurrency exchanges.

According to Bitwala, a compliance solution tailored specifically for Germany is currently under development and is expected to be launched in the fourth quarter of this year.

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Cryptocurrency

▌The President of The ETF Store: Invesco is a “dark horse” candidate for a spot bitcoin ETF

The President of The ETF Store, Nate Geraci, said that Invesco is a “dark horse” candidate pursuing a spot bitcoin ETF. The company launched the Schwab Crypto Thematic ETF (STCE) last year. The fund invests in cryptocurrency-related stocks such as Coinbase, MicroStrategy, and various bitcoin miners, with approximately $11 million in assets under management.

David Botset, Head of Stock Product Management and Innovation at Invesco, told Blockworks in January 2022 that the company is evaluating “opportunities such as spot cryptocurrency or ETF forms of blockchain technology”.

▌PlanB: What drives the price of BTC is not macro factors, but scarcity, halving, and the S2F model

Renowned analyst PlanB tweeted that some people believe that the 10,000-fold increase in the price of bitcoin is caused by macro/interest rates, but macro/interest rates are just one of the “waves” driving the rise, while gold and the S&P 500 index hardly moved during the same period when bitcoin rose 10,000-fold. Therefore, in my opinion, what drives the price of BTC is not macro factors, but scarcity/halving/S2F model.

▌Analyst: Bitcoin’s market dominance rises above 50% and could go higher

Bitcoin’s market dominance (the share of BTC in the entire digital asset market) rose to 50.2% earlier today, reaching the highest level in a month and close to the 26-month high of 52% reached at the end of June.

Markus Thielen, Research Director at cryptocurrency service provider Matrixport, said that BTC has greater “potential buying power” due to ETF news, while altcoins may be on the verge of a decline. The hope for a spot bitcoin ETF and the latest regulatory actions could become catalysts for further increase in BTC’s market dominance.

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Important Economic Trends

▌Expert: Accelerated government bond issuance combined with faster fiscal expenditure pace will promote economic recovery and improvement

In recent days, there have been clear signals of active fiscal policies being implemented to boost efficiency. On one hand, the issuance of government bonds has accelerated, with this week’s planned issuance of national bonds reaching a new high for this year, and the issuance of special bonds by local governments maintaining a fast pace. On the other hand, the growth rate of fiscal expenditure in August has continued to rise, and the progress of expenditure has exceeded the level of the same period last year. Experts believe that the accelerated issuance of government bonds combined with the faster pace of fiscal expenditure will help promote economic recovery. (China Securities Journal)

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LianGuai Encyclopedia

▌Paper Wallet

In most specific contexts, a paper wallet is a file that contains all the necessary data to generate a Bitcoin private key and form a key wallet. However, people commonly use this term to refer to the offline storage of Bitcoin in the form of a physical file. The second definition also includes paper keys and redeemable codes.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational reference only and does not serve as actual investment advice. Please establish a correct investment concept and enhance risk awareness.

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