The United States has finalized cryptocurrency tax regulations. Curve founder delivers 7.5 million CRV

Headlines

▌The IRS has finalized new regulations for taxing cryptocurrencies

The IRS has finalized new regulations for taxing cryptocurrencies, and cryptocurrency trading platforms will need to report transactions to the IRS starting in 2026. However, decentralized platforms that do not hold assets will be exempt. These are the main points of the new regulations finalized by the IRS and the U.S. Treasury on Friday, which essentially implement a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Even without these new regulations, cryptocurrency holders will need to pay taxes; however, there is no real standardization on how to report these holdings to the government and individual investors. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms must provide standard 1099 forms, similar to those sent by banks and traditional brokerage firms. In addition to simplifying the tax process for cryptocurrencies, the IRS also said it is working to combat tax evasion.

▌Curve founder has delivered 7.5 million CRV to Christian

According to on-chain analyst Ember, the founder of Curve said that the 30 million CRV sold to Christian will be delivered in mid-August because he still has 24.7 million CRVs that will not be fully unlocked until August 12. He has already delivered 7.5 million CRVs to Christian, plus the ones that have not yet been unlocked. This also means that on August 12, all of the CRVs of the founder of Curve will be unlocked and owned. In addition, he has 103 million CRVs locked up by him until June 2028.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,800.46, with a daily increase or decrease of +0.12%;

ETH's latest transaction price is $3,374.18, with a daily increase or decrease of -0.4%;

BNB's latest transaction price is $569.69, with a daily increase or decrease of +0.07%；

SOL's latest transaction price is 140.06 US dollars, and the intraday increase or decrease is -1.07%；

DOGE's latest transaction price is 0.1214 US dollars, and the intraday increase or decrease is -1.86%；

XPR's latest transaction price is 0.4722 US dollars, and the intraday increase or decrease is -0.06%。

Policy

▌Former SEC Chairman: The burden of proof always lies with the SEC to prove that a product is a security

Former SEC Chairman John Reed Stark said that the burden of proof always lies with the SEC to prove that a product is a security. As far as I know, the judge only asked the SEC to prove that people who bought Binance products were "investors" who bought Binance products because they hoped that the price would rise, rather than "customers" who bought Binance products because the products provided some kind of utility (such as trading discounts). According to the judge, if a digital asset security is somehow transformed into a utility tool rather than an investment speculation tool, then it is "no longer a security." Notably, the judge explicitly rejected the puzzling finding in the Ripple ruling that some kind of contractual relationship must exist between investors and issuers in the secondary market to trigger the registration requirement, a conclusion that no other regional court has ever adopted or even cited in any form of support.

▌Vitalik Buterin: Crypto Regulation Has Created "Anarchic Tyranny"

Vitalik Buterin Responding to a user of Warpcast, a social media platform based on the Farcaster protocol, Buterin described a situation where current regulatory measures have basically driven honest cryptocurrency developers into a corner. The main challenge of cryptocurrency regulation (especially in the United States) has always been this phenomenon. If you do something useless or you ask people to give you money in exchange for vague references to potential returns, then you are free and innocent, but if you try to clearly explain to your customers where the returns come from and promise them what rights they have, then you are finished because you are a "security." The incentive gradient created by this "anarchic tyranny" will ultimately be worse than pure anarchy or pure tyranny. From anarchy, there seems to be no end to the bad actors, scammers, and unfounded hype on social media and sharing platforms. Previously, Buterin had made three proposals aimed at addressing the problem of "uselessness" of cryptocurrency products and services.

▌Consensys Chief Legal Officer: The IRS canceled a final broker reporting rule for us

Consensys Chief Legal Officer Bill Hughes said that the IRS canceled a final broker reporting rule for us, and it did not finalize the rules on non-custodial wallets and related non-custodial software products. They said that these products are still under review and may be brokers, and they will determine their status later. The scope of "digital assets" under this final rule is too broad and offensive. Every NFT disposal is a reportable event. This is true for every stablecoin disposal. You can't convert USDC to dollars on an exchange without filing a form with the IRS stating your gains or losses are in fractions of a cent.

▌Consensys Software: SEC's actions are regulatory overreach

Consensys Software issued a statement in response to the SEC's allegations that the company conducted an unregistered securities offering through Metamask staking and swaps. Consensys believes the SEC's actions are regulatory overreach and vowed to defend its position in court, emphasizing the broader impact on the web3 ecosystem. On Friday, ConsensysSoftware issued a statement in response to the charges brought by the SEC. The SEC accused Consensys of engaging in unregistered securities offerings and sales through a service called Metamask Staking, and operating as an unregistered broker through Metamask Staking and another service called Metamask Swaps.

▌U.S. federal judge upholds SEC's "most" charges against Binance

A U.S. federal judge upheld most of the SEC's charges against Binance, finding that the company may have provided unregistered investment products in violation of anti-fraud regulations. The ruling found that most of the agency's arguments were reasonable and rejected certain arguments made by Binance, which were also rejected by other judges, such as the Major Questions Doctrine, which means that the SEC does not have the power to fully regulate the cryptocurrency industry. In addition, the court also found that Binance founder and former CEO CZ, who is currently serving a prison sentence and has been charged by the Department of Justice against Binance in another case, may be personally liable for Binance's violations given his control over Binance. However, the judge also rejected certain complaints related to some of the charges. Judge Amy Berman Jackson's ruling noted that the charges did not meet the Howey test standard. Judge Jackson also dismissed charges related to BNB secondary sales and Binance’s Easy Earn project, but charges against Binance’s Earn Vault will continue. Of the 13 charges, only one charge (related to BUSD sales) was dismissed in full.

Blockchain Applications

▌BNB Chain: This upgrade optimizes data storage and processing on the blockchain, reducing L2 transaction costs by 90%

BNB Chain announced that with the launch of BEP336, BNB Chain recently underwent a transformative upgrade. This upgrade optimizes data storage and processing on the blockchain, greatly reduces L2 transaction costs by 90%, and improves network performance.

▌Hamster Kombat becomes the third fastest app to reach 150 million users in history

TON Ecosystem Game Hamster Kombat becomes the third fastest app to reach 150 million users in history. The augmented reality mobile game Pokémon GO, launched in 2016, took 33 days to reach 150 million users. It held this record until the summer of 2023, when Instagram's X competitor Threads reached this goal in just six days. At the same time, Hamster Kombat is the first YouTube channel to gain more than 10 million users in a week, and the team has applied for the Guinness World Record for this achievement.

Cryptocurrency

▌Solana chain NFT casting has exceeded 500 million

SolanaFloor posted on the X platform that the number of NFT castings on the Solana chain has exceeded 500 million, most of which use the new compressed NFT standard. At the same time, the total collection exceeds 100,000 and the collection address exceeds 49 million.

▌FTC has warned consumers about the surge in social media investment scams, especially cryptocurrency investments

The Federal Trade Commission (FTC) has warned consumers about the surge in social media investment scams, especially cryptocurrency investments. These scams involve fraudulent information claiming to guarantee high returns with little to no risk. The Federal Trade Commission advises against such information and reminds consumers that all investments have inherent risks. The Federal Trade Commission (FTC) issued a consumer alert on Friday. The alert was written by Andrew Rayo, a consumer education expert at the Federal Trade Commission, who said that breaking information about investments on social media is almost always a scam.

▌9764 ETH transferred to Coinbase about 20 minutes ago

According to Whale Alert, about 20 minutes ago, 9,764 ETH (worth about $32,966,189) was transferred from an unknown wallet to Coinbase.

▌6257.55 BTC flowed into exchange wallets in the past 24 hours

According to the latest data, 6257.55 BTC flowed into exchange wallets in the past 24 hours, 17471.14 BTC flowed into exchange wallets in the past 7 days, and 63109.82 BTC flowed out of exchange wallets in the past 30 days. As of press time, the total balance of exchange wallets is 2,486,333.1 BTC.

Important Economic Dynamics

▌Strategists: Inflation and employment pave the way for the Fed's September rate cut

Seema Shah, chief global strategist at Principal Asset Management, said: Friday's PCE data was in line with expectations, which was a relief and the Fed was pleased to see this. However, the policy path is still uncertain. Further deceleration in inflation, coupled with more evidence of a weakening job market, will pave the way for the first rate cut in September.

▌Economist El-Erian: The economic slowdown has increased the risk of the Fed's policy mistakes

Mohamed El-Erian said that the weakness in the inflation measure favored by the Fed highlights that the economic slowdown is amplifying the risk of central bank policy mistakes. “The economy is slowing faster than most economists expected and faster than the Fed expected,” said El-Erian, dean of Queens College, Cambridge. “The economy is slowing with very little buffer,” El-Erian said. “A forward-looking Fed would certainly be open to the possibility of a rate cut in July.” Instead, the Fed “remains overly data-dependent and it would take quite a bit of history to change that.” The latest median forecast released by Fed officials this month calls for one rate cut of 25 basis points this year, compared with three cuts in March. The market still expects at least one rate cut of 25 basis points this year, as early as September. The chances of a July rate cut are slim. El-Erian said the Fed faces the risk of keeping rates “too high for too long.” In his view, the probability of a U.S. recession is 35%, while the probability of a soft landing is 50%. "The more likely mistake at the moment is that the Fed does not start cutting rates early enough, resulting in the Fed having to cut rates more than it should."

Golden Encyclopedia

▌What is an infinite minting attack?

An infinite minting attack is when an attacker manipulates the contract code to continuously mint new tokens that exceed the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or interfering with the normal operation of the affected blockchain network. The prevalence of infinite minting attacks highlights the importance of conducting thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.

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