Daily Digest - 3rd October 2022

Headlines

▌Web3.0 Google Search Index Shows a Rising Trend

Google data shows that the Web3.0 Google search index has shown an upward trend recently, an increase of 25 compared with the index from July 31 to August 6, and the current index is 65.

Policies

▌Indian Bureau of Enforcement Freezes WRX and USDT Worth Rs 4.764 lakh

The Enforcement Directorate (ED) of India announced on Friday that it has frozen Rs 4.764 million worth of cryptocurrencies WRX (Wazirx’s utility token) and USDT under the country’s Prevention of Money Laundering Act (PMLA). The ED has launched a money laundering investigation against Aamir Khan and others associated with E-nuggets under the FIR dated February 15, 2021. It was previously reported that Indian law enforcement agencies have frozen Rs 128 crore worth of bitcoin from gaming platform E-nuggets.

▌U.S. Senators Proposed The "No Digital Dollar Act" to Prohibit the Treasury Department and the Federal Reserve From Interfering With Americans' Use of Paper Money

U.S. Senator James Lankford announced that he introduced a bill called the "No Digital Currency Act" to prohibit the U.S. Treasury and the Federal Reserve from intervening in Americans' use of paper money when adopting digital currencies and ensure that individuals can Its transactions using cash and coins remain private. According to the text of the bill, the bill would amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from suspending the issuance of Federal Reserve paper money in the event of central bank digital currency issuance, and for other purposes. In addition, if a central bank digital currency is issued, the Minister of Finance shall not cease minting and issuing tokens under this section. No central bank digital currency may be considered legal tender under Title 31 U.S.C. Title 16 Section 5103.

Cryptocurrency

▌About 70% of Transit Finance’s Stolen Assets Have Been Returned

According to the official news from Transit Finance on October 2, hackers have returned about 70% of the stolen assets to the following two addresses.

▌BitMEX Plans to Launch the Exchange Token at the End of This Year

Alexander Hoeptner, CEO of crypto futures and spot exchange BitMEX, said in an interview at the Token2049 conference in Singapore that he is planning on launching its exchange token, BMEX. As previously announced in July of this year, BitMEX decided to postpone the launch of BMEX in consideration of unfavourable market conditions and hoped to allow BMEX to go live in an environment where holders can get the best chance of return.

▌Hearing to Remove Law Firm Roche Freedman Involved in Tether Class Action, Takes Place Today 3rd October

The judge overseeing a class action lawsuit against Tether has set a hearing about the possible removal of the lead counsel from the case. Defendants and other plaintiff lawyers in the case requested the removal of the lead law firm last week, following an anonymously posted video and allegations of conflicts of interest for one of the lead lawyers. The federal judge presiding over the Tether class action has set a hearing for Oct. 3 to discuss requests made by parties involved to remove embattled law firm, Roche Freedman, from the case.

Key Economic Events

▌Market Speculates the Century-Old Banking Giant Credit Suisse Is on the Brink of Collapse

The rumours of a century-old banking giant Credit Suisse’s explosion fermented this weekend. An ABC News reporter said there was "credible information" that a major international investment bank was on the brink of crisis. Many people have speculated that this large investment bank is Credit Suisse after the bank suffered huge losses in the Archegos liquidation storm and its stock price plunged by 60 percent over the past year to a near-record low. A reporter said that the CEO of Credit Suisse, Ulrich Koerner, has been meeting with major institutional investors who are worried about the company's unstable financial foundation, and Credit Suisse is scrambling to reassure investors and clients about its liquidity and capital position. He also issued a memo to staff on Friday saying the bank was at a “critical moment” as it prepares for its latest overhaul. In the memo, Mr. Koerner stressed the bank’s strength, telling employees not to confuse the “day-to-day” share price performance with its “strong capital base and liquidity position”.