Coinlive Morning Post - August 16

headlines

▌The total circulating supply of stablecoins exceeds 150 billion US dollars

According to CryptoRank data, the total circulating supply of stablecoins in the market exceeds $150 billion. Additionally, the stablecoin saw a 46.73% increase in volume in the last week of trading since Aug. 5. USDT has the greatest dominance of all products in the industry, accounting for 43.4% of the total supply, followed by USDC at 35%, and then BUSD rounding out the top three with 11.6%.

policy

▌The European Union is about to create a new anti-money laundering regulator to oversee cryptocurrencies

Under a package of legislation aimed at anti-money laundering, the European Union is creating a new regulator that will directly oversee crypto businesses. At the heart of the new legislation is the creation of an EU-wide anti-money laundering watchdog. The regulator, known as the Anti-Money Laundering Authority, or AMLA, will at least directly monitor “high-risk” cryptocurrency firms that serve as financial service providers, according to a version from the committee and legal advisers. A lot of negotiations are still going on before the Anti-Money Laundering Authority, or AMLA, comes into force, but all signs point to negotiations on the way.

cryptocurrency

▌Coin Center: U.S. Department of the Treasury’s Sanction on Tornado Cash May Violate Due Process and Constitutional Rights

Cryptocurrency advocacy group Coin Center published a blog post stating that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctions on Tornado Cash may be legally and constitutionally flawed. Adding to the SDN list exceeded its legal authority and may have violated due process and constitutional rights." Coin Center believes that smart contracts cannot be sanctionable entities, and such a standard is dangerous for coders all over the world. The article stated, “This action sends a signal, and actually seems to be designed to send a signal, that Americans should not use certain tools and software, even for perfectly legitimate purposes.” Coin Center promised that its first step would be to work with OFAC, but the group also said, “We will begin working with attorneys on a court challenge to this action. Stay tuned.”

▌Anonymous, the world's largest hacker organization, promised to investigate BAYC racism, Nazism and other issues

Anonymous, the world's largest hacker organization, released a video on social media promising to investigate various allegations made by the encryption community against "boring ape" BAYC, including racism, apeism, Nazism and occultism, the organization added, although They are aware of Yuga Labs' response, but they haven't come across anything "marked as unrebutted," and say they expect a "thorough investigation" that will take several months. However, after Anonymous released the news, many NFT users came forward to question the authenticity of the video. For example, the encryption community user BookSweepers stated that the Twitter account that posted the video and the Instagram and YouTube pages it linked to were all fake.

▌Aave: On-chain wallet address review will require DAO consensus

Lending protocol AAVE stated that wallet monitoring due to government sanctions cannot be implemented at the smart contract level unless the community agrees. Aave stated, “We have wallet monitoring here only at the front-end layer. For on-chain contract-level wallet monitoring for the Aave protocol, the Aave smart contract is decentralized and no one person or entity can change, control, update, or shut down the protocol.” .To make any changes to the protocol, AIP (Aave Improvement Proposals) must be proposed, voted and approved by Aave DAO". AAVE stated that the recent blocking of wallet addresses through indirect Tornado Cash interactions only occurred on its front-end application. The temporary block list occurred due to a misconfiguration of the compliance solution TRM API integration. It has been corrected and its front-end should be available. Access to previously blocked users who did not have any direct interaction with Tornado Cash.

▌Do Kwon: South Korean investigators never charged him

Terra founder Do Kwon, in his first interview since Terra's crash, said he has not been contacted by South Korean investigators investigating the crash. All we have to do is publish the facts we know. We will be completely honest and deal with any consequences that may arise. Kwon added that it was a misconception that he moved to Singapore to avoid investigations, and that he had been there before the crash. He said he had dealt with threats against family members in South Korea that prompted his action. Difficult to make the decision to return, but if he wants to return, regardless of the investigation.