Coinlive Morning Post - August 4th

headlines

▌The U.S. Senate intends to treat Bitcoin and Ethereum as commodities and be regulated by CFTC

The proposed legislation in the U.S. Senate would treat Bitcoin and Ethereum as commodities and be regulated by the U.S. Commodity Futures Trading Commission (CFTC). It is reported that Debbie Stabenow (D., Mich.), chairman of the U.S. Senate Agriculture Committee, and John Boozman, the top Republican in Arkansas, plan to introduce a bill on Wednesday to authorize the Commodity Futures Trading Commission to supervise the spot market for digital commodities, a new Asset Class. Currently, the CFTC has the authority to regulate derivatives, such as futures and swaps, rather than underlying commodities.

policy

▌Chileans turn to stablecoins amid economic turmoil

Residents of Chile are turning to stablecoins to protect their assets from recent record inflation and the growing devaluation of the peso. Over the past three months, stablecoin trading volumes on local cryptocurrency exchanges have increased by 50%. Buda.com was one of the first cryptocurrency exchanges launched in Chile in 2015. The market share of stablecoins on the platform rose from 11 percent in June to 20 percent in July.

cryptocurrency

▌Coinbase asks the U.S. Supreme Court to stop two lawsuits brought by users of its platform

Coinbase has asked the U.S. Supreme Court to halt two lawsuits brought by users of its platform. In one case, a man said Coinbase should compensate him for $31,000 he lost after granting remote access to his account to scammers. Coinbase, on the other hand, was accused of violating California consumer law by holding a $1.2 million Dogecoin sweepstakes without adequately disclosing that entrants did not have to buy or sell the cryptocurrency. Both lawsuits seek class action status.

▌Solana Developer: Solana’s $6 Million Exploit Could Be Linked to Slope Wallet

The developers behind the Solana blockchain say the exploit in which Solana’s $6 million was stolen from more than 9,000 hot wallets may be linked to the Slope wallet. The affected wallets were all confirmed to have been created or used within the Slope mobile wallet app.

▌Former Coinbase product manager Ishan Wahi pleads not guilty to cryptocurrency insider trading charges

Former Coinbase product manager Ishan Wahi has pleaded not guilty to cryptocurrency insider trading charges. Ishan Wahi is accused of sharing exchange token listing information with his brothers Nikhil Wahi and Sameer Ramani, and the U.S. Securities and Exchange Commission (SEC) has also charged him, calling nine of the Coinbase platform’s tokens securities in the proceedings . According to the DOJ, Ishan Wahi leaked listings for at least 14 different tokens, and the defendants made $1.5 million through the scheme.

▌Messari: The ETC price rebound triggered by the merger of Ethereum will not last

Messari analysts said that the Ethereum merger narrative will not drive a sustained rise in Ethereum Classic (ETC). ETC may surge in the days before the merger, but it has no long-term upward momentum. Ethereum mining currently accounts for 97 percent of graphics processing unit (GPU) mining revenue, with a daily revenue of $24 million, Messari said. After the merger of Ethereum, miners will be forced to sell their equipment or switch to ETC mining. ETC currently accounts for 2% of GPU mining revenue, with a daily net income of about $700,000. This large gap in profitability means that even if a "meaningful fraction" of miners migrate to ETC, the mining difficulty will increase dramatically and make many miners unprofitable.

▌Report: The Global Metaverse Market Will Reach USD 659.7 Billion by 2030

According to a recent market research analysis titled "Global Metaverse Market" by Growth Market Reports, the market was valued at USD 37.9 billion in 2021 and is projected to reach USD 659.7 billion by the end of 2030, and during the forecast period, 2022 - CAGR of 37.5% in 2030. The growth of the global Metaverse market is due to the high penetration of the Internet of Things (IoT) and growing demand for advanced technologies for realistic gaming experience. Key market players profiled in the report include Tencent Holdings Limited, Epic Games, Inc., Nvidia Corporation, Unity Technologies, Inc., Meta Platforms, Inc.

important economic developments

▌Fed Daly: It is reasonable to raise interest rates by 50 basis points in September

Fed Daly said a 50-basis-point rate hike in September was reasonable, but if inflation is seen soaring, a 75-basis-point hike might be more appropriate.

▌Federal Kashkari: It is extremely unlikely that the Fed will switch to interest rate cuts next year

The Fed's Kashkari said the chances of the Fed shifting to rate cuts next year are extremely slim. A more likely scenario is that we raise interest rates and then leave them unchanged. It may take several years to get inflation back to 2%.