LianGuai Morning Post | U.S. SEC Significant Errors in the Ruling of the XRP Case Should Not Be Considered

LianGuai Morning Post | US SEC's significant errors in XRP case ruling should not be considered

Headlines

▌US SEC: Significant Errors in the Ruling on the XRP Case Should Not Be Considered

In new litigation documents against Do Kwon and Terraform Labs, the US SEC stated that there are significant errors in the ruling on the XRP case and should not be considered.

▌Coinbase and SEC Lawsuit Judge Sets Key Deadlines for Case Submissions

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The legal battle between cryptocurrency exchange Coinbase and the US Securities and Exchange Commission (SEC) has entered a critical stage. Judge Failla has issued a scheduling order outlining key deadlines for filing submissions. Coinbase is required to submit a legal memorandum outlining its arguments, evidence, and supporting documents by August 4, 2023. These documents will reveal the substance of its case and provide important insights into the evidence and arguments it intends to present in court. After the submission of the legal memorandum, interested parties supporting the exchange’s motion for judgment on the pleadings will have the opportunity to submit a friend-of-the-court memorandum by August 11, 2023, or earlier, not exceeding 20 pages.

On the other hand, as the plaintiff in the lawsuit, the SEC will submit its own legal memorandum outlining its arguments and evidence by October 3, or earlier. Similar to Coinbase’s process, relevant parties supporting the SEC’s case can submit a friend-of-the-court brief by October 10, or earlier, not exceeding 20 pages. After the submission of the SEC’s legal memorandum, Coinbase will have the opportunity to submit a reply memorandum by October 24, or earlier. This document is limited to 15 pages and allows Coinbase to directly respond to the SEC’s arguments and evidence.

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Market

As of the time of writing, according to coinmarketcap data:

The recent trading price of BTC is $30,063.1, with a daily change of+0.53%;

The recent trading price of ETH is $1,888.02, with a daily change of+0.76%;

The recent trading price of BNB is $242.43, with a daily change of+0.07%;

The recent trading price of XRP is $0.7383, with a daily change of-0.27%;

The recent trading price of DOGE is $0.0718, with a daily change of-0.24%;

The recent trading price of ADA is $0.3170, with a daily change of+0.80%;

The recent trading price of MATIC is $0.7575, with a daily change of+1.11%.

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Policy

▌Arkansas State Developing Regulations for Mining Noise

Several counties in Arkansas are urgently passing legislation to allow them to control noise and other activities related to cryptocurrency mining to address growing complaints before the new state law takes effect on August 1. The new state law will bring cryptocurrency mining facilities under the same regulations applicable to data centers, providing guidelines for miners and protecting them from discriminatory regulations and taxes. Cryptocurrency mining companies in Arkansas include Green Digital, GMI Computing, United BitEngine, and Cryptic Farms. According to State Representative Rick McClure, who drafted the bill, no one opposed the bill in committee or legislative sessions.

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Blockchain Applications

▌French Bank Shares Lessons Learned from Wholesale CBDC Experiment Using DLT Technology

The French Bank has now released a set of new conclusions and lessons learned, covering the first and second parts of its Wholesale Central Bank Digital Currency (wCBDC) experiment plan, which was launched in March 2020 and includes 12 experiments. Through these experiments, the French Bank has demonstrated the operational feasibility and practical implementation of three models for issuing wCBDC directly on DLT: (1) Interoperability Model, (2) Distribution Model, and (3) Integration Model. They all address key aspects of wholesale CBDC implementation and each model offers different features and functionalities compared to traditional systems, making them complementary rather than exclusive.

These three models have been tested using different types of DLT in a wide range of use cases, covering two key strategic areas: (i) Financial Tokenization and (ii) Improvements in cross-border transactions.

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Cryptocurrencies

▌Security Firm: At Least $31 Million Stolen from Alphapo Wallet

According to the DeDotFi security team, cryptocurrency payment service provider Alphapo has been hacked with stolen funds exceeding $31 million, with some reports suggesting the amount is as high as $100 million. The hot wallets for Ethereum, TRON, and Bitcoin were targeted by hackers. The stolen funds have been exchanged and distributed among various EOA addresses. The hack is believed to be a result of private key compromise. Investigations are still ongoing. The specific amount of BTC stolen has not been confirmed yet.

Previously reported by LianGuai, blockchain detective ZachXBT stated that Alphapo hot wallets were compromised, resulting in the theft of ETH, TRON, and BTC, with losses amounting to over $23 million.

▌SushiSwap CEO: I Am Bullish on Cryptocurrencies from a Technological Perspective

SushiSwap CEO Jared Grey expressed on social media that the only benefit of regulation is creating a fair competitive environment. To be frank, this usually fails. Blind greed often wins, and incumbents pave the way for themselves through sinister conflicts of interest. Technologically speaking, I am bullish on cryptocurrencies because it obstructs humanity’s worst abusive traits.

▌Survey: 23% of US Digital Asset Investors Believe BTC Will Return to $70,000 ATH Within the Next Year

A study found that 23% of US digital asset investors believe that BTC will return to its all-time high price of $70,000 within the next year.

▌US Congressman Warren Davidson Calls for Ban on CBDCs and Criminalizing Them

US Congressman Warren Davidson has called for a ban on Central Bank Digital Currencies (CBDCs) and categorizing them as a crime.

▌Worldcoin to Announce Important News on July 24

Worldcoin, a cryptocurrency company founded by OpenAI CEO Sam Altman, announced on social media with the caption “It’s time. 24.7.23,” suggesting that important news will be released today.

▌Bitwise Analyst: FedNow is unlikely to pose a threat to stablecoins

Some observers believe that FedNow does not pose a significant threat to stablecoins, although they share many financial characteristics. Ryan Rasmussen, an analyst at Bitwise Asset Management, said that the announcement of the Federal Reserve’s service has triggered a survival crisis among stablecoin users. However, he said that once industry participants have a better understanding that the product is not a direct competitor to stablecoins, this crisis will quickly disappear. It will ultimately only monopolize a small portion of the stablecoin market, which is great for US banks, but it doesn’t really help communities without bank accounts or communities with inadequate banking services.

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Important Economic Dynamics

▌Early repayment of loans cools down, adjustment of existing housing loan interest rates attracts attention

Recently, reporters have made phone calls and visits to banks and their branches in various regions across the country, and it was found that the phenomenon of long queues for early repayment of loans has eased. The waiting time has been shortened from several months to about one month. In addition, there are calls for a reduction in interest rates for existing loans, and many banks have responded and implemented countermeasures.

An official responsible for personal credit business at a joint-stock bank analyzed, “The adjustment of existing housing loan interest rates involves multiple aspects, and it is unlikely to be implemented in the short term. Currently, the housing loan policies in different regions vary, and even for the same bank, the housing loan contracts signed with homebuyers may also differ. Therefore, the reduction of existing housing loan interest rates is a complex and significant task, especially for large commercial banks with a large scale of existing housing loans, the adjustment difficulty is also high. Different regions and banks also need to make adjustments based on actual business conditions.” Recently, there have been increasing calls for a reduction in interest rates for existing housing loans. Many banks have also flexibly adjusted their policies and introduced measures such as converting commercial loans into provident fund loans or combination loans to indirectly lower the interest rates of existing loans. However, several bank employees have stated that reasonable loan conversion needs to meet multiple policy requirements. (China Securities Journal)

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LianGuai Encyclopedia

▌Cold Storage

This term refers to offline storage of Bitcoin. When the private key of Bitcoin is created and stored in a secure offline environment, cold storage is achieved. Cold storage is important for any Bitcoin holder. Online computers are vulnerable to hackers and should not be used to store large amounts of Bitcoin.

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

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