Weekly preview | The U.S. House of Representatives will hold two hearings related to SEC supervision; DASH block rewards are expected to be cut on June 23

Important news notice:

• Sui Network will release Devnet v1.4.0 on June 20, and testnet v1.4.0 on June 21;
• On June 22, Beijing time, the U.S. Oversight and Investigations Subcommittee will hold a hearing entitled "Supervision of the SEC" at 21:30, and the Capital Markets Subcommittee will hold a hearing entitled "Supervision of the SEC's Transactions" at 22:30. and Marketing Department” hearing.
• Dash (DASH) 2023 production reduction is expected to occur on June 23. At that time, the block reward will be reduced from 2.76371046 DASH to 2.56630257 DASH;
• ETHShanghai 2023 hosted by Mask Network will be held from June 25th to June 30th. The event will be divided into a five-day offline hackathon (25th-29th) and a two-day offline main venue (29th-30th) day) two parts

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June 19th

Policy Supervision:

The Korean Prosecutor’s Office will hold the first joint meeting on June 19 for the launch of the virtual asset joint agency

South Korea's Seoul Southern District Prosecutor's Office will set up a "virtual asset joint investigation team" to investigate crimes related to virtual currency. It is reported that South Korean prosecutors will hold the first joint meeting with the country’s Financial Commission, Financial Supervisory Service, and Deposit Insurance Corporation on June 19 on the launch of a virtual asset joint agency. The joint venture is expected to launch in early July.

Project News:

Montenegro court to rule on Do Kwon forged passport case on June 19

In a falsified passport case before the District Court of Podgorica, the capital of Montenegro, Terraform Labs co-founder Do Kwon said he obtained a Costa Rican passport through an agency in Singapore recommended by a friend. Prosecutor Harris Chabotich said his passport was not issued by a legal institution. The Belgian passport had a different name and a different date of birth. Obviously, the passport was made maliciously. After final arguments from both sides, the judge announced that his ruling will be delivered on June 19 at 2pm.

MakerDAO will increase the DAI savings rate to 3.49% on June 19, Beijing time

MakerDAO's proposal to increase the DAI Savings Rate (DSR) from 1% to 3.49% has been voted on. In addition, the proposal also includes the reduction of the USDP PSM debt ceiling to 0 DAI, and the BlockTower Andromeda (RWA015-A) will be used as A new type of vault is launched that will allow an additional purchase of up to $1.28 billion in U.S. Treasury bonds as reserves, allowing traditional financial assets to play a greater role in DAI’s reserves. These changes are expected to be implemented at 22:00 Beijing time on June 19.

June 20th

Policy Supervision:

The Bank of Canada is seeking public comments on the digital Canadian dollar, which will end on June 19

The Bank of Canada launched an online public consultation on the Bank of Canada Digital Currency (CBDC) on May 8, which will run until June 19, 2023. The bank stated that Canada does not currently need a digital Canadian dollar, and that the start of the consultation is to prepare for the possible need for a CBDC in the future. The bank is primarily interested in understanding how Canadians will use the digital dollar, which security features are critical, and what concerns citizens have about CBDC accessibility and privacy.

Brazil’s new law will come into force on June 20, with its central bank identified as crypto regulator

Brazil issued a decree regulating the application of cryptocurrency laws and established the central bank as the regulator with the power to authorize who can operate in the market. In cases where virtual assets are allocated as securities, the Securities and Exchange Commission (CVM) will be in charge of regulation. Brazil’s cryptocurrency regulatory framework was established by Act No. 4,401/2021, which was approved by the House of Representatives in November last year and later in December by then-President of the Republic Jair Bolsonaro. The law will come into effect on June 20.

*** Exchange: ***

Cryptocurrency exchange Luno will cease operations in Singapore on June 20

Luno, a cryptocurrency exchange under DCG, will stop providing services to Singaporean users from June 20, 2023. Users need to withdraw all cryptocurrencies or Singapore dollars from Luno before June 19. If users fail to withdraw their holdings by June 19, they will be sold at prevailing market prices and stored in Singapore dollars, subject to Luno's existing 0.75% instant transaction fee. The decision will not affect its operations in Malaysia.

Coinbase will repurchase $64.5 million of convertible senior notes at a discount of approximately 29% around June 20

Coinbase announced that it will repurchase 0.50% convertible senior notes due in 2026 with a total principal amount of US$64.5 million at a discount of approximately 29%. The company estimates that it will spend approximately US$45.5 million in cash to complete the repurchase. The repurchase is expected to be Completion on or about June 20, 2023, subject to customary closing conditions. Following such closings, approximately $1.373 billion of the principal amount of the notes remained outstanding.

Binance postponed its Margin and Earn system upgrade to June 20th

Binance announced that its margin (Margin) and some Earn product system upgrades, originally scheduled for 2023-06-13 14:00 (UTC +8), will be postponed to 2023-06-20 14:00 (UTC+8). The system upgrade takes approximately one hour. The liquidation mechanism of Binance Margin, Classic Portfolio Margin Plan and Portfolio Margin Plan will also be suspended from 2023-06-20 14:00 (UTC +8) to 2023-06-20 15:15 (UTC +8).

Project News:

Sui Network will release Devnet v1.4.0 on June 20

BlockFi ordered to withdraw unapproved restructuring plan, next hearing scheduled for June 20

A U.S. bankruptcy court ordered crypto lending platform BlockFi to withdraw a May 13 statement that was released without court approval. The correction letter issued by BlockFi shows that creditors and other parties do not support BlockFi's restructuring plan. The next date for a bankruptcy hearing is set for June 20. Previously, BlockFi filed a disclosure statement on May 13, saying it would provide customers with the information they needed to liquidate their assets in order to make a decision on whether to vote for BlockFi’s plan.

Token Unlock:

1inch (1INCH) will unlock 15,000 tokens at 16:00 on June 20, worth about $4227, accounting for 0.001% of the total supply

June 21st

*** Exchange: ***

Crypto.com will stop providing services to US institutional clients on June 21, retail business will not be affected

The encryption exchange Crypto.com announced that it will no longer provide services to institutional customers in the United States from June 21, and institutional users have been notified in advance of the decision to suspend services. Given the "current market landscape," there was "limited demand" from institutional clients, the exchange said. Retail investors will not be impacted by this decision and will continue to be able to use the platform in the US.

Hotbit has ceased operations, users need to withdraw the remaining assets before June 21

The encrypted trading platform Hotbit has stopped all CEX operations at 12:00 on May 22, and all users must withdraw the remaining assets before 12:00 on June 21. Hotbit stated that the above decision was based on the deterioration of operating conditions, changes in the trend of the encryption industry, and the discovery that the operating model supporting diversified assets is unsustainable.

Project News:

Sui Network will release testnet v1.4.0 on June 21

June 22nd

Policy Supervision:

The U.S. House of Representatives will hold two hearings on SEC oversight on June 22

Patrick McHenry, chairman of the U.S. House Financial Services Committee, has announced two hearings on oversight of the U.S. Securities and Exchange Commission (SEC). The Supervision and Investigation Subcommittee will hold a hearing entitled "Supervision of the SEC" at 21:30 on June 22, Beijing time. Department of Trading and Markets" hearing.

The UK tax agency is seeking public comments on the taxation of DeFi lending and staking, ending June 22

HM Revenue and Customs (HMRC) is seeking public comment on proposed changes to the tax treatment of decentralized finance (DeFi) lending and staking, which will be open for eight weeks until June 22. The consultation paper aims to establish a system that better aligns the taxation of crypto assets used in DeFi lending and staking transactions with the underlying economic substance, while reducing the administrative burden on users. Under the proposed changes, the use of crypto assets in DeFi transactions will no longer be considered a disposal for tax purposes. Conversely, tax dispositions arise when crypto assets are economically disposed of in non-DeFi transactions.

Project News:

Adidas launches token-gated sneakers bound to limited edition NFT, which will be launched on June 22

Adidas announced that adidas Originals has reached a partnership with 20-year-old artist FEWOCiOUS, and the two parties will cooperate to launch a limited edition Trefoil Flower Mint Pass NFT. The NFT will be launched on June 22, and holders will have the opportunity to redeem adidas Originals physical sneakers. This is also the first time that Adidas has launched a token-gated sneaker bound with a limited edition NFT with an NFC tag.

Lido will stop staking services on Polkadot and Kusama, and all assets on them will be automatically unstaked on June 22

Decentralized finance (DeFi) staking service Lido (LDO) will stop its staking services on Polkadot (DOT) and Kusama (KSM) on August 1, according to a blog post by Lido developer MixBytes. Polkadot and Kusama will no longer accept deposits, and all assets will be automatically unstaked on June 22. The official end date is August 1st. There is currently a total of $4 million worth of DOT tokens and $75,000 worth of KSM on Lido.

Token Unlock:

Euler (EUL) will unlock 147,848 tokens at 02:39:19 on June 22, worth about $230,000, accounting for 0.544% of the total supply

SPACE ID (ID) will unlock 15,152,777 tokens at 08:00 on June 22, worth about $4.4 million, accounting for 0.758% of the total supply

June 23rd

Project News:

DASH block rewards are expected to be reduced on June 23

Dash (DASH) 2023 production reduction is expected to occur on June 23. At that time, the block reward will be reduced from 2.76371046 DASH to 2.56630257 DASH.

June 24th

*** Exchange: ***

Binance will delist HNT and WABI, and the withdrawal function will be open until 11:00 on June 24

Binance will delist HNT and WABI, and has stopped trading Helium (HNT) and Tael (WABI). The specific arrangements are as follows: Binance has suspended the withdrawal of HNT; the withdrawal of HNT tokens has been reopened at 11:00 on April 21, and will continue to support until 11:00 on June 24. In addition, Binance has suspended the recharge business of WABI, after which the recharge will not be credited. Users can withdraw WABI before 11:00 on June 24, 2023, after which the withdrawal function will be closed.

Governance Vote:

The Arbitrum community will vote on the AIP-1.1 and 1.2 proposals on the chain, both will end on June 24

Ethereum Layer 2 network Arbitrum said on Twitter that the AIP-1.1 and 1.2 proposals will start voting on the Tally platform in the early hours of June 10 and will end on June 24. Both the AIP-1.1 and 1.2 proposals had previously passed the Snapshot temperature check vote in mid-April. Proposal AIP-1.1 proposes to place the Foundation's remaining 700 million ARB in a "smart contract-controlled lock," unlocked within four years Under the proposal, the Foundation will not be able to spend tokens until community members approve the token allocation budget. Additionally, the Arbitrum Foundation has released a transparency report on how the organization was formed.

June 25th

community activity:

ETHShanghai 2023 will be held on June 25

ETHShanghai 2023 hosted by Mask Network will be held from June 25th to June 30th. The event will be divided into a five-day offline hackathon (25th-29th) and a two-day offline main venue (29th-30th) ) in two parts. ETHShanghai 2023 is now open for pre-registration, and developers can register by visiting the official website.

Token Unlock:

Acala (ACA) will unlock 4,657,534 tokens at 08:00 on June 25, worth about $180,000, accounting for 0.466% of the total supply