PA Daily | Meta launches Threads, an app that benchmarks Twitter; FTX suspends plans to sell Japanese subsidiary

Today's news tip:

1. The Federal Reserve announced the minutes of its June meeting, or further tightened monetary policy

2. The digital asset registration platform of Beijing Data Institute was released, and Lingjing, Shuyuan, and Rainbow Universe became the first batch of distribution platforms

3. EU metaverse strategy proposes regulatory sandbox and new global governance

4. Twitter has obtained remittance licenses from three US states

5.Meta officially launched Threads, an application that benchmarks against Twitter

6. Foreign media: FTX suspends plan to sell Japanese subsidiary, intends to sell the entire group to increase the price

7. Decentralized social network Bluesky completes $8 million in seed round financing, led by Neo

8. Data: Grayscale GBTC’s negative premium rate has narrowed to 26.76%

Regulatory News

The Federal Reserve released the minutes of its June meeting, or further tightened monetary policy

According to The Paper, the Federal Reserve released the minutes of its June meeting. The minutes showed that "virtually all participants" agreed that maintaining the current federal funds rate of 5% to 5.25% was appropriate or acceptable. Officials generally said future monetary policy tightening would be at a slower pace. Taking into account concerns about economic growth, policymakers decided not to raise interest rates at this meeting, leaving the target range for the federal funds rate unchanged, keeping the benchmark funds rate in the range of 5% to 5.25%. Officials argued that leaving the target rate range unchanged would give them more time to assess the economy's progress toward its goals of maximum employment and price stability.

The minutes pointed out that there are uncertainties in the lag of the impact of monetary policy on the economy. Although overall inflation has moderated in the past year, core inflation has not shown a sustained slowdown since the beginning of the year. All participating officials expected that maintaining a restrictive monetary policy would be appropriate to achieve the Fed's goals with inflation still well above the 2 percent target and a very tight labor market. Almost all officials at the meeting believed that it would be appropriate to continue raising the target range for the federal funds rate this year.

According to the latest data from the FedWatch Tool, the market sees an 88.7% chance that the Fed will raise interest rates by another 25 basis points at its July meeting. The Federal Reserve Open Market Committee will hold a monetary policy meeting on July 25-26.

Lawyer: Spot Bitcoin ETF filers and the US SEC will hold a meeting next week

Eric Balchunas, senior ETF analyst at Bloomberg, tweeted: "According to credible experts we found (@BiasKnox), spot bitcoin ETF filers and the SEC will meet next week. In my view Come on, they should meet, they definitely 'need to talk'. Just to be clear, we can't be 100% sure this is true! Just trying to share from legitimate sources what we found interesting or useful in all of this." Viewed , @BiasKnox's bio for a securities attorney.

Hong Kong Securities Regulatory Commission official: Hong Kong Securities Regulatory Commission will change its view on STO and have the opportunity to open to retail investors

In an interview with Elliptic, Huang Lexin, head of the financial technology group of the Hong Kong Securities Regulatory Commission (SFC), said that the SFC will soon issue an update notice to change the view of STO 4 years ago (2019), Securities Token (security token) or RWA It will not be defined as a complex product and has the opportunity to be opened to retail investors; and RWA will be regulated by the underlying assets, for example, if the tokenized asset is a bond, it will be regulated in the form of a bond.

NFT

! [PA Daily | Meta launches Threads, an app that matches Twitter; FTX suspends plans to sell its Japanese subsidiary] (https://img-cdn.gateio.im/resized-social/moments-69a80767fe-4837e5a6a7- dd1a6f-7649e1)

Blur V2 is officially launched, the gas fee is reduced by 50% and the "Trait bidding" function is added

According to official news, Blur V2 is officially launched, and all smart contracts have been audited by Chain Light. After that, the bidding for Blur V1 will no longer be valid. Important updates in this upgrade include a 50% reduction in transaction gas fees and the addition of the "Trait bidding" function. All collectible sets support the Trait bidding feature, but only specific sets earn points.

The digital asset registration platform of Beishu Institute was released, and Lingjing, Shuyuan, Rainbow Universe, etc. became the first batch of distribution platforms

According to the Shanghai Securities News, the 2023 Global Digital Economy Conference (GDEC) "Data Elements Summit Forum" was held in Beijing. This summit forum released a number of digital economy achievements, one of which is the announcement of the first batch of units that have settled in the digital asset registration platform of the Beijing Digital Institute. Beijing International Big Data Exchange is an important pilot unit of the digital asset trading platform. After rigorous review and screening, Tianxiaxiu Digital Technology Group, Beijing International Design Week, Wenchuang Brand Alliance Chain, China Philatelic Co., Ltd., Shanghai Free Trade Zone Free Trade Digital Art Platform, etc. became the first batch of partners, and (Tianxiaxiu) Rainbow universe and (Xinhua News Agency) Shuyuan, (People's Daily Online) Lingjing became the first batch of distribution platforms on this platform.

metaverse

EU metaverse strategy proposes regulatory sandbox and new global governance

The Metaverse needs a new type of global governance to remain open and legal, CoinDesk reported citing a leaked European Commission document. The draft document also proposes loosening regulations to help innovation and expresses a desire to study decentralized autonomous organizations (DAOs). legal barriers to new types of digital cooperation. The document claims that the Metaverse brings unprecedented opportunities to social fields such as healthcare, education, and culture. International engagement on topics such as technical standards, identity management, censorship and surveillance is needed to ensure that the next generation internet "becomes an open and secure space respecting EU values and rules".

A version of the document will be released next week. Early next year, it will promote a "regulatory sandbox" to test short-term projects under a more relaxed regime, the document said. "The committee will support the establishment of a technical multi-stakeholder governance process to address fundamental issues of the Metaverse and Web4," the document states.

Project News

Bloomberg: US CFTC may sue Celsius and its former CEO as early as this month

Investigators at the U.S. Commodity Futures Trading Commission (CFTC) concluded that bankrupt cryptocurrency lending firm Celsius Network and its former CEO violated U.S. rules before the company went bankrupt, according to people familiar with the matter, Bloomberg reported. CFTC commissioners agreed with that conclusion, and the agency could file a lawsuit in federal court as early as this month. Lawyers for law enforcement determined that Celsius misled investors and should have registered with regulators, and that former CEO Alex Mashinsky also violated the rules, one of the people said.

The U.S. Securities and Exchange Commission (SEC) and federal prosecutors in Manhattan are also investigating Celsius, the report said.

Twitter gets remittance licenses from three US states

According to CryptoSlate, Twitter has obtained money transmission licenses in three U.S. states, according to records in the U.S. multi-state licensing system database. The records show that Twitter's application was approved in Michigan, Missouri and New Hampshire between June 29 and July 3, 2023.

Twitter's licenses in Michigan and New Hampshire are called "money transmission licenses," while those in Missouri are called "cheque-selling and money-transmitting licenses." However, the discrepancy appears to be due to the way states name their licenses rather than any differences in program services. Twitter's new money transfer license will allow it to process customer transactions, possibly in a manner similar to PayPal and other non-bank services.

The report mentioned that Musk was exposed in January to form a team to explore digital payments, aiming to turn Twitter into "everything application." While there is no indication that Twitter plans to launch crypto-related services as part of its payments program, the site has supported crypto tipping since at least February 2020. It includes other encrypted features such as NFT profile pictures. Despite the various developments it has made so far, Twitter has yet to publicly announce any payment services.

Meta officially launches Threads, an app that rivals Twitter

According to Sina Finance, Meta officially launched its standalone social app Threads in the United States on Wednesday, an app aimed directly at Twitter. Analysts said the app would use some of Instagram's infrastructure and allow people to log in with their own Instagram accounts, a move that could help it quickly gain followers.

Hayes, vice president of products for Ins, said: "This is an area that Twitter has entered and led for a while, but our point of view is that this is an opportunity, and people are looking for more options." There will be no limit to the number of posts seen. This is one of the key differences between the two apps. Hayes said he can't promise not to add ads to Threads in the future, but for now, Meta is focused on growing the app. The app will be released on the Apple App Store and Google Play Store and will be available in more than 100 countries.

According to news later today, the number of registered users of Threads has exceeded 10 million within 7 hours of its launch.

The defunct crypto exchange Hotbit released an asset allocation plan of about 16 million US dollars

The encrypted exchange Hotbit, which has announced its shutdown, announced on June 30 that for DF asset holders, there are currently about 6 million US dollars in assets that can be withdrawn from the hot wallet, most of which come from users who cannot pay the withdrawal fee. These assets will be converted to USDC on Arbitrum and distributed to DF asset holders in proportion.

For HTB holders, the team will forfeit all return on investment in the crypto space, with liquid and locked assets worth approximately $10 million ($100 million at peak value in 2021), which will be gradually converted into "high Liquidity assets" and distributed to HTB holders in proportion. In addition, there is a DEX product inspired by GMX in Hotbit’s investment portfolio. The team is willing to use HTB as the platform token. The Hotbit team will also transfer the domain name and remaining assets to the new team; some of the investment assets are still in a long-term hoarding state In the next 2-3 years, the unlocked investment assets will continue to be converted into "high liquidity assets" and distributed to HTB holders.

According to previous news in May, Hotbit announced that it would stop operations on that day, and users need to withdraw the remaining assets before June 21.

Binance will deactivate some users’ existing deposit addresses and tags in batches in the third quarter

According to the official announcement, Binance issued an update regarding the deactivation of existing deposit addresses in the third quarter (July-September 2023). Binance stated that Binance has been working hard to upgrade the platform’s wallet infrastructure to ensure greater wallet efficiency and security for users. Therefore, Binance will deactivate existing deposit addresses and tags in selected networks in batches by network. Mail will be sent to affected users in batches. Binance strongly recommends users to obtain a new address and label (if applicable) after receiving the email.

If the user has not received an official notification from Binance, please continue to use the current deposit address. Only affected users will receive the mail. Assets recharged to expired addresses are safe and will not be lost. Users can manually log in through the "Wallet History" page.

Foreign media: FTX suspends plans to sell Japanese subsidiary, intends to sell entire group to increase price

Cryptocurrency exchange FTX Trading plans to postpone the sale of its Japanese subsidiary FTX Japan, and has communicated the plan to the Japan Financial Services Agency through FTX Japan, Nikkei reported. FTX’s suspension of the sale of FTX Japan this time is not intended to delay the sale process of the Japanese subsidiary. An executive of FTX Group said, “They hope to increase the price by selling the entire group, rather than selling subsidiaries in various regions.”

On the other hand, FTX Japan’s return of client assets launched in February is progressing smoothly. At present, FTX Japan has returned 80% of legal currency such as Japanese yen and virtual currency to customers. If the trading system used by FTX Japan’s predecessor QUOINE (coin) works smoothly, the FSA may allow the Japanese company to resume operations before the end of the year.

Circle is considering issuing a stablecoin in Japan under new rules in the country

According to CoinDesk, Circle co-founder and CEO Jeremy Allaire said that given that the legislation governing stablecoins came into force on June 1, Circle is considering issuing stablecoins in Japan; if stablecoins are more widely used in cross-border trade, Foreign currency transactions and global commerce, Japan will become an extremely large market.

It is reported that Japan's revised "Payment Services Law" will certify fiat currency-backed stablecoins as "electronic payment methods" and allow their issuance. Stablecoin issuers must adhere to strict rules. Stablecoins must be pegged to the Japanese yen or other fiat currency and guarantee holders the right to redeem them at face value. Only licensed financial institutions such as licensed banks, registered money transfer agents and trust companies can issue stablecoins. In December last year, the country's Financial Services Agency lifted its ban on overseas stablecoins.

The former chairman of the US CFTC proposed to create an encryption self-regulatory organization under the supervision of the SEC and CFTC

According to Fortune, Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), proposed when talking about cryptocurrency regulatory solutions, by creating a self-regulatory organization (SRO) to avoid ("law enforcement regulation" and "registration in") the whole Controversial, the organization is under the oversight of the SEC and CFTC to develop a common set of investor protection standards for cryptocurrency intermediaries and the digital assets traded on them.

Massad also added that he is not concerned that other jurisdictions will overtake the U.S., noting that implementing new laws such as the EU Markets in Cryptoassets (MiCA) regime will be more complicated than people think.

Mining News

Bitcoin mining company Marathon Digital produced 979 bitcoins in June, down 21% month-on-month

According to Globe Newswire, Bitcoin mining company Marathon Digital released an unaudited June Bitcoin production and mining operation update: the company produced 979 BTC in June, a decrease of 21% month-on-month and a year-on-year increase of 599%; operating computing power The chain increased by 16% to 17.7 EH/s, and the installed computing power increased by 8% to 21.8 EH/s.

As of July 1, Marathon held a total of 12,538 bitcoins, all of which are unlimited. The company chose to sell 700 bitcoins in June and intends to continue to sell some bitcoins in the future to support monthly operations, manage its finances and general corporate purposes. The company had $113.7 million in unrestricted cash and cash equivalents on its balance sheet at the end of June.

Miner HIVE Blockchain Announces Rebranding as HIVE Digital Technologies

Bitcoin mining company HIVE Blockchain announced a strategic rebranding plan, including renaming HIVE Blockchain to HIVE Digital Technologies. The purpose of the name change is to expand strategically to develop its green energy data center and GPU cloud computing technology. The company hopes to remain at the forefront of the blockchain space while focusing on artificial intelligence. The company's common stock and warrants will continue to trade under the symbol "HIVE." There will be no change in any trading symbol or consolidated share capital of the company as a result of the company name change. The rebranding is expected to take effect around July 12.

Finance News

Decentralized social network Bluesky completes $8 million in seed round financing led by Neo

The decentralized social network Bluesky announced the completion of an $8 million seed round of financing, led by Neo, with participation from multiple contributors including Kubernetes co-founder Joe Beda, Red Hat's Bob Young, and Protocol Labs. The company plans to use the new funds to expand its team and enhance activities such as the decentralized AT protocol that powers the Bluesky application.

Bluesky also announced the first paid offerings, starting with custom domain names in partnership with domain registrar Namecheap.

Important data

Celsius Has Transferred About $74 Million in Altcoins

According to The Block, Celsius has transferred about $74 million in altcoins, including Synthetix, Uniswap, ZRX, and some stablecoins, after obtaining approval to exchange them for Bitcoin and Ethereum. One of the transfers was transferred to the wallet associated with the market maker Wintermute. According to data from crypto data platform Arkham, the Celsius wallet contains about $615 million in cryptocurrencies, including $296 million in bitcoin and $120 million in ethereum. They also have about $100 million worth of CEL and about $30 million in stablecoins, with remaining altcoins worth about $69 million. According to previous news, on June 30, a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1.

Data: Bitcoin miners earned $184 million in transaction fees in the second quarter, up 270% quarter-on-quarter

Bitcoin miners earned $184 million from transaction fees in the second quarter, more than they will earn in all of 2022, as the price of Bitcoin soared and BRC-20 tokens developed, Cointelegraph reported.

According to a report on July 5 by cryptocurrency analysis platform Coin Metrics, this figure is an increase of more than 270% compared to the first quarter of 2023 and the first quarter since the second quarter of 2021 to exceed $100 million. . However, transaction fees accounted for only 7.7% of the $2.4 billion in total miner revenue during the quarter.

Data: The grayscale GBTC negative premium rate has narrowed to 26.76%

According to Coinglass data, the current negative premium rate of Grayscale Bitcoin Trust (GBTC) is 26.76%. ETH Trust has a negative premium rate of 45.80%. The negative premium of ETC Trust is 55.81%. LTC Trust has a negative premium of 26.62%.

Data: The number of Uniswap transactions exceeded 200 million

Uniswap Labs tweeted that the number of independent transactions on the Uniswap protocol has exceeded 200 million.

A Blur Farmer withdraws 7842 ETH from the Blur bidding pool

According to Arcade.xyz consultant Cirrus’ disclosure of on-chain data on social media, a Blur Farmer has withdrawn 7842 ETH from the Blur bidding pool (it is reported that the user is currently the number one Blur Farmer) to express his support for the launch of Blur Season 2 Dissatisfaction with the attribute bidding feature. The data shows that the ETH held by this user occupies 10% of the TVL of Blur's bidding pool, and owns about 8% of Blur's total points. In addition, Cirrus said that the Blur Farmer is not "Big Brother Maji" Huang Licheng.

**PANews APP Points - PT (Grape) is officially launched, let's participate in Read to Earn together! **

PT (abbreviated as grape in Chinese) is a point reward for PANews users to participate in interactive activities such as reading information, content sharing, likes and collections on the PANews website and APP. PT grapes cannot be traded or transferred, and can only be used to exchange various prizes in PANews "Points Mall" and participate in various daily activities.

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