Morning Post - October 6

headlines

▌The European Union has listed cryptocurrency as the top topic of the IMF annual meeting, and will communicate with the United States on the development of encryption legislation

EU Financial Services Commissioner Mairead McGuinness said that the EU is seeking to exchange views with US officials on the development of encryption legislation during next week's International Monetary Fund (IMF) and World Bank annual meetings to establish a more coordinated global regulatory framework, and the EU Make cryptocurrency a top topic at the conference. Mairead McGuinness said: "I believe they want to know what we have done, how we are going, what problems we have, and also want to hear about the US plan. We are the frontrunner in this regard, but it is not enough to solve the encryption problem in the EU, We need global participation and shared experience.

policy

▌Chairman of the US SEC: Most encrypted tokens are securities, and the law is clear

In an interview recently, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), answered questions about who should regulate the encryption industry. "We are the body that oversees this fundamental transaction," he said. "When a group of entrepreneurs raise money from the public and the public expects to make a profit, they need disclosure -- full, fair and truthful disclosure, which is at the heart of our capital markets. deal." He also stressed that the law is clear in this regard. It is believed that most of these encrypted tokens are securities based on the facts and circumstances.

▌Korean court ruled that cryptocurrency loans will not limit interest

A South Korean court has enacted new rules stipulating that lending in bitcoin or other cryptocurrencies is not subject to existing laws and regulations related to interest rates. In addition, South Korea is preparing a new regulatory framework for cryptocurrencies. The “Basic Law on Digital Assets” will divide cryptocurrencies into security tokens and non-security tokens to facilitate the regulation of cryptocurrencies in South Korea.

cryptocurrency

▌Three Arrows Capital’s CryptoPunks and Starry Night NFT will be liquidated

Starry Night Capital stated that the NFT belonging to Three Arrows Capital through the Starry Night Capital fund is now in the hands of the liquidator Teneo, who plans to sell the assets to pay Three Arrows' debts. Starry Night Capital has spent tens of millions of dollars acquiring high-value NFTs such as Art Blocks, CryptoPunks, and Rare Pepe assets. Business consultancy Teneo said in a statement that it now owns an NFT from Starry Night Capital, a fund founded in 2021 by Three Arrows Capital and pseudonymous investor Vincent Van Dough. Most of the assets were transferred to new wallets in the past two days.

▌Russia blocks website of cryptocurrency exchange OKX

Russia has blocked the website of cryptocurrency exchange OKX, according to the records of Russia’s state media watchdog and internet censor Roskomnadzor. According to Roskomnadzor records, OKX’s website was blocked due to Article 15.3 of the Russian Federation Law on Information, Information Technology and Information Protection.

▌Transit Swap: will bear 100% of the stolen losses of users, and return some assets on October 7

The decentralized transaction protocol Transit Swap announced the latest progress of the theft incident, expressing its willingness to bear 100% of the user's stolen losses, and will return the assets returned by the hacker to the user on October 7. The user's viewing and claiming URL has now been announced. The return plan for the remaining assets will be announced in a subsequent announcement. At the same time, the Transit Swap official further stated that it hopes that all hackers, attack imitators, and arbitrageurs who participated in the incident will conduct friendly negotiations based on the bug bounty and refund reward (5% of the relevant amount), and return the remaining assets of the user . Previously, the project stated that the hacker who stole the largest funds has returned more than $18.9 million in stolen funds, accounting for more than 80% of the stolen amount and about 65% of the total stolen amount. As of October 8, 2022, Transit Swap officials will regard hackers, attack imitators, and arbitrageurs who have not returned user assets as attackers, and assist damaged users to start relevant legal procedures and seek the intervention of law enforcement agencies. Until the attacker is found and all stolen funds recovered.

important economic developments

▌The probability of the Fed raising interest rates by 75 basis points in November is 67.8%

According to CME "Fed Watch", the probability of the Fed raising interest rates by 50 basis points in November to the range of 3.50%-3.75% is 32.2%, the probability of raising interest rates by 75 basis points is 67.8%, and the probability of raising interest rates by 100 basis points is 0%; By December, the probability of a cumulative rate hike of 100 basis points is 31.3%, the probability of a cumulative rate hike of 125 basis points is 66.8%, and the probability of a cumulative rate hike of 150 basis points is 1.8%.