Cathie Wood to endorse Trump, Biden rehires former cryptocurrency adviser

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you to a glance at the major events in the blockchain industry this week.

Headlines

▌Cathie Wood: Will vote for Trump

Cathie Wood, CEO of US investment company Ark Invest, said she plans to vote for former US President and Republican candidate Donald Trump in the upcoming presidential election. Wood said, "When it comes to economic issues, I am a voter, and based on this, I chose Trump." The first three years of the Trump administration before the outbreak of the new crown epidemic were "the best three years in the history of the American economy." The CEO of Ark Invest has long been a supporter of cryptocurrencies, and Trump has recently expressed strong support for the cryptocurrency industry.

▌The Biden administration rehired its former cryptocurrency adviser Carole House

The Biden administration announced that Carole House, a key official who advised and co-wrote President Biden’s 2022 executive order on cryptocurrencies and digital assets, has returned to the government. House will serve as a special adviser to the White House National Security Council, focusing on "critical infrastructure policy" and cybersecurity. She said: "It is an honor to serve again to shape the future of a secure and trusted digital economy. ” House’s return to the White House comes as Biden works to bolster his credibility in the cryptocurrency space in response to former President Trump’s enthusiastic embrace of the digital asset industry. House most recently served as a “resident executive” at Terranet Ventures, a venture capital firm focused on cryptocurrency. She has extensive government experience, having served as an advisor to the Commodity Futures Trading Commission and the National Security Council. Dave Grimaldi, executive vice president of the Blockchain Association, a cryptocurrency lobbying group, described House as a “pragmatic expert” and believed that her pragmatic approach would have a positive impact on the Biden team. House has always been moderately supportive of cryptocurrencies, emphasizing their potential for international economic applications while also not forgetting to emphasize the need for stronger law enforcement.

▌Biden campaign hires Coinbase advisory board member as 2024 election adviser

Biden campaign hires Keisha Lance Bottoms as senior adviser for the 2024 election, Lance Bottoms served as mayor of Atlanta from 2018 to 2022 and joined the Coinbase advisory board in April 2024, after she resigned as a White House adviser in 2023. Foreign media The Hill said on June 27 that Lance Bottoms will remain at Coinbase during President Biden's campaign, which is expected to end when American voters vote in November. The news media reported that the former mayor said that cryptocurrency is a "non-political, unifying issue." It is not clear whether Lance Bottoms will provide advice to the Biden campaign team on cryptocurrency-related issues. According to The Hill, Lance Bottoms once said at the Stand With Crypto Atlanta event: "Cryptocurrency provides an opportunity for communities that are typically unbanked and underbanked to strengthen financial freedom. ”

▌If Trump is elected, he will choose Vivek Ramaswamy as vice president

According to Bitcoin Magazine on the X platform, if Trump is elected, he will choose Vivek Ramaswamy as vice president. Vivek Ramaswamy supports Bitcoin and accepted BTC Lightning Network donations during the presidential campaign.

▌The US government offers a $5 million reward for clues leading to the arrest of OneCoin founder Ruja Ignatova. It is reported that Ruja Ignatova once called herself the "Queen of Crypto" and disappeared in Athens in 2017. Ruja Ignatova will be prosecuted in absentia for her involvement in a crypto Ponzi scheme that stole approximately $4 billion from investors worldwide between 2014 and its collapse in early 2017.

Policy

▌Louisiana Passes Bill to Defend Bitcoin Rights and Ban CBDCs

Louisiana passes Bitcoin bill to protect access to Bitcoin and curb central bank digital currencies. Governor Jeff Landry signed into law House Bill 488 after it received bipartisan approval in both the House and Senate. The legislation, led by Rep. Mark Wright and co-sponsored by Sen. Jean-Paul Coussan, seeks to ensure continued access to Bitcoin while placing restrictions on CBDCs. Key Provisions of HB 488 - The new law provides several important protections for Bitcoin holders and miners: Right to self-custody: The law ensures that individuals can safely hold their own digital assets. This provision is essential for financial security and sovereignty. Freedom to trade: It guarantees the right to trade using Bitcoin, allowing individuals and businesses to consume and accept Bitcoin without additional legal barriers. Support for Bitcoin mining: The law supports Bitcoin mining in industrial zones and aims to promote Louisiana's economic development by attracting businesses and investments.

▌South Korean Cabinet approves the "Virtual Asset User Protection Act Implementation Order", the law will take effect on July 19

The South Korean Cabinet approved the "Virtual Asset User Protection Act Implementation Order" on Friday, which stipulates the specific content of the "Virtual Asset User Protection Act". The law, which will take effect on July 19, is enacted to protect virtual asset users and establish a healthy market order. The law defines the definition of virtual assets and the exclusion of virtual assets, and stipulates the obligations of virtual asset operators to safely store and manage user deposits and virtual assets. The bill also provides for sanctions such as criminal penalties and fines for unfair trade practices related to virtual assets, including the use of undisclosed material information and manipulation of market prices. On the basis of these contents, the bill stipulates the details of legal authorization, including the definition of virtual assets, the establishment of a virtual asset committee, the management of user deposits, the protection of user virtual assets, the prohibition of unfair trading practices, and the prohibition of arbitrary freezing of deposits and withdrawals.

▌Deputy Secretary for Financial Affairs of Hong Kong: Hong Kong is rapidly advancing the development of the virtual asset industry

Wong Wai-lun, Deputy Secretary for Financial Affairs of the Hong Kong Special Administrative Region Government, attended the Annual Meeting of the Investment Funds Association and said that Hong Kong is actively implementing a number of measures to further consolidate Hong Kong's position as an international financial center, including: first, continue to improve the listing system; second, further improve the liquidity and efficiency of the stock market; third, strive to expand and deepen the interconnection between the capital market and the mainland and other parts of the world; fourth, strive to promote the development of asset wealth management business; fifth, Hong Kong is also rapidly advancing the development of the virtual asset industry.

▌U.S. SEC Chairman: Spot Ethereum ETF Approval Process Smooth

In his speech today, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, reiterated that there were major violations in the cryptocurrency field, and said that the process of approving the Ethereum ETF was "smooth", but refused to comment on the timetable for launching the spot Ethereum ETF.

▌Gary Gensler: Existing securities laws apply to the crypto field, and a large number of industry entities do not comply with regulations

In an interview at the Bloomberg Investment Summit, Gary Gensler, Chairman of the U.S. SEC, talked about the intersection of cryptocurrencies and securities laws, the political impact of crypto regulation, and his priorities at the SEC. Gensler emphasized that there is no inconsistency between crypto securities and existing securities laws. He pointed out that the rules governing securities are clear and can protect investors and ensure fair, orderly and efficient markets. Despite this, he believes that a large number of entities in the cryptocurrency field do not comply with these laws. This type of violation is a key issue the SEC aims to address through its regulatory oversight. Regarding the growing political significance of the cryptocurrency industry, Gensler said his primary responsibility is to protect investors and supervise issuers to ensure access to fair, orderly and efficient markets. He added that others can also participate in political discussions, but his responsibility is to maintain the integrity of the capital markets.

Blockchain Applications

▌Taurus extends its digital asset custody to the Stellar network

Infrastructure provider Taurus has expanded its digital asset custody and issuance products to the Stellar Network. The integration allows banks and issuers to issue and manage any tokenized assets on the Stellar network, using programmable wallet behaviors and bank-level access controls to fully customize and automate payment processes. Taurus is a digital asset infrastructure provider for financial institutions such as Deutsche Bank, Credit Suisse and Santander. Taurus uses Stellar to tokenize real-world assets together with financial institutions such as Franklin Templeton, WisdomTree and Circle.

▌ECB releases first CBDC progress report

The European Central Bank (ECB) released its first central bank digital currency (CBDC) progress report on June 24, with a focus on privacy protection. The ECB promises to prevent individual transactions from being tracked through pseudonymization, hashing functions and encryption functions, and payment service providers are not allowed to use consumer financial data without individual consent. The report also introduces methods to support offline transactions. The newly established "Rulemaking Group" will submit a draft CBDC technical and regulatory framework by the end of 2024. Privacy issues remain a major concern for CBDC, and opposition continues to grow in the crypto community.

▌Bitcoin payment app Strike launches in the UK

Bitcoin payment app Strike has launched its services to eligible customers in the UK. Strike launched in the UK on Tuesday, enabling eligible individuals and businesses to buy, sell, send, withdraw and make global payments. The company said that when supported, the iOS and Android hosted application enables UK users to buy Bitcoin directly from their bank accounts instantly, as well as automatically convert and schedule purchases.

▌Solana Foundation to launch "Actions" that allow users to complete on-chain transactions

The Solana Foundation is launching tools that can turn websites, applications, social media platforms and QR codes into launching points for crypto transactions on the Solana blockchain. These tools are similar to Frames on Farcaster, but are designed to be used on any website, including X. The foundation said in a statement on Tuesday that it is introducing "blinks," a combination of blockchain and links that will turn any "action" into a shareable link. This means that any digital path that can display a URL becomes the starting point for a crypto transaction on the Solana blockchain.

▌Brazilian digital bank Nubank will integrate the Bitcoin Lightning Network

According to information disclosed by Bitcoin Magazine, Brazil's largest digital bank Nubank will integrate the Bitcoin Lightning Network, and it is reported that the bank has about 100 million customers.

Cryptocurrency

▌Report: Cryptocurrency spot ETFs are more harmful than beneficial to the Korean economy

The introduction of a cryptocurrency spot ETF may bring more troubles to the country's economy than benefits, the South Korean Financial Research Institute said in its latest report. The Korea Institute of Finance (KIF) said in a report last Sunday that allowing (such) products may lead to side effects such as inefficient resource allocation, increased risks related to cryptocurrencies in financial markets, and weakened financial stability. Crypto ETFs may cause the crypto market to intercept a large amount of cash flow in the local financial market, resulting in reduced investment in local industries, which may make local financial markets more vulnerable to crises in the crypto industry, leading to increased investor distrust of the market and regulators.

▌Bitcoin and Ethereum transaction fees fall to seven-month lows

Bitcoin and Ethereum transaction fees have fallen to their lowest level in seven months as the cryptocurrency market experienced its worst week in 2024. On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, the lowest level since October 2023. The low gas fee of the Bitcoin network is a sign of reduced network activity and reduced competition. CoinShares announces it has sold its FTX claim, with a recovery rate of 116% CoinShares has announced it has successfully sold its FTX claim, which will generate a recovery rate of 116% after deducting brokerage fees, resulting in a return of £31.32 million on the £26.6 million claim amount. The agreement was signed today and is subject to customary closing conditions, which the company said will significantly strengthen CoinShares' financial position and create opportunities for the company to provide higher returns to its shareholders. The group will be able to reinvest in growth opportunities. Private blockchains process more than $1.5 trillion in securities financing each month Financial technology consultancy Broadridge said it is processing $50 billion in repurchase agreements involving large banks every day on its permission-only DLR platform. HQLAx, a private blockchain company for securities finance focused on Europe, says its platform can save banks up to €100 million ($107 million) per year. More than $1.5 trillion in repurchase agreements and other forms of securities financing are executed using private blockchains each month. JPMorgan Chase reportedly processes up to $2 billion in transactions per day on its Onyx blockchain, which allows its clients to "settle billions of dollars worth of repo transactions in minutes, using smart contracts to mark and deliver cash and collateral on a single ledger."

▌US Congressman: Very bullish on Bitcoin, Texas should welcome Bitcoin mining

US Senator Ted Cruz said he is very bullish on Bitcoin, and I think Texas should welcome Bitcoin mining. I own three mining machines, and they are mining in Texas.

Important Economic Dynamics

▌Fed's Daly: If inflation falls rapidly or the job market weakens beyond expectations, it is necessary to cut interest rates

Fed's Daly said that if inflation falls slower than expected, the policy interest rate must remain at a high level for a longer period of time; if inflation gradually declines and the labor market rebalances slowly, then the Fed can gradually adjust its policy; if inflation falls rapidly or the labor market weakens beyond expectations, it will be necessary to lower the policy interest rate.

▌The probability of the Fed keeping interest rates unchanged in August is 89.7%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 89.7%, and the probability of a 25 basis point rate cut is 10.3%. The probability that the Fed will keep interest rates unchanged by September is 32.3%, the probability of a cumulative 25 basis point rate cut is 61.1%, and the probability of a cumulative 50 basis point rate cut is 6.6%.

▌UBS: The Fed is expected to start cutting interest rates in September

UBS economists believe that US economic data will continue to be weak in the coming months and emphasize that the end of the Fed's current easing cycle is more important than the starting point. UBS economists reiterated their outlook for a soft landing for the US economy on Monday. The bank expects the Fed to start cutting interest rates in September and believes that the market may have misjudged the extent of the Fed's future rate cuts. UBS concluded: "Overall, we believe that the market underestimates the number of times the Fed may cut interest rates during this cycle." The Fed kept its policy rate unchanged at its June meeting, and the median forecast of the updated dot plot shows that the Fed will only cut interest rates once by the end of the year, by 25 basis points, down from three times in March, which has led some to worry that the Fed may keep interest rates unchanged until December.

▌Federal Reserve Board Governor Bowman: It is not the right time to cut interest rates

Federal Reserve Board Governor Bowman: Inflation is expected to remain high for some time. It is not the right time to cut interest rates yet. The basic outlook is that as the policy interest rate remains unchanged for "some time", the inflation rate will return to 2%.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.