[Weekly Web3 News Picks] Powell says the Fed doesn't need an inflation rate of less than 2% before cutting interest rates. J.P. Morgan Chase brought forward the Fed's interest rate cut expectations from November to September; the German government address has cleared all of its bitcoins; Cboe has submitted Solana ETF applications for 21Shares and VanEck; Trump will speak at the Bitcoin conference in Nashville on July 27

Comparative Weekly Web3 News Picks:

[Powell says the Fed doesn't need an inflation rate of less than 2% before cutting interest rates]

Comparing news, Federal Reserve Chairman Powell said that inflation has declined, but prices are still very high. There is no specific inflation figure to determine interest rate cuts. There is indeed some confidence that inflation is falling. The Federal Reserve does not need an inflation rate of less than 2% before cutting interest rates.

【J.P. Morgan Street将Federal ReserveInterest rate cuts are expected to be brought forward from November to September]

Comparing news, J.P. Morgan economists believe that the Fed's interest rate cut cycle will start early, based on good US inflation data for June. They now expect the Federal Reserve to start cutting interest rates in September instead of November as previously estimated.

J.P. Morgan economist Michael Feroli said in a research report that Federal Reserve Chairman Powell said that the central bank wanted to see more good news on inflation, and the latest CPI data provided decision makers with the information they needed.Feroli wrote:“We now believe that this inflation report paved the way for the first rate cut in September (previously forecast for November), and will be lowered every quarter from now on.”

[The German government address has cleared all of its bitcoins]

Comparative news, according to Arkham's monitoring, the German government address has run out of bitcoins, and the current bitcoin balance in the address is zero. This addressThe sale began on 6/19, totaling 49,858.7 BTC, recovering approximately $2,915 million in capital.

【Cboevoor21ShareswithVanEcktablingSolanaETF application]

According to a public document, CBoE submitted Form 19b-4 to the US SEC to list the 21 Shares Solana ETF and VanEck Solana ETF. The form is intended to keep the agency informed of proposed rule changes and is part of the crypto ETF approval process.

The exchange stated in both documents: “Very similar to Bitcoin and ETH, the exchange believes SOL is resistant to price manipulation and that there are 'other means to prevent fraudulent and manipulative acts and practices', thus justifying the cancellation of necessary surveillance sharing agreements.”

The ETF StorePresident Nate Geraci commented that once the SEC confirmed the documents, the decision clock began “ticking.”

[Trump will speak at the Bitcoin conference in Nashville on July 27th]

Comparative news, Bitcoin conference organizerBitcoin magazineIt was announced on Wednesday that US Republican presidential candidate Trump will deliver a 30-minute speech at the convention at 2 p.m. Central Time on July 27.

Earlier, there was growing speculation that Trump would attend the conference as some speakers at the conference toldCoinDeskTheir speaking time was reallocated to make room for “a very special guest” as described in the email.

【PaxosIn the USSECvsBUSDStablecoin wins investigation, SEC will not take enforcement action]

According to an official announcement, Paxos announced that it received an official termination notice from the US Securities and Exchange Commission (SEC) on July 9, 2024, stating that it will not recommend enforcement action against Paxos Trust in the BUSD investigation.

Last year, the SEC notified cryptocurrency infrastructure provider Paxos about its participation in the BUSD stablecoin. The SEC later sued Binance and stated in the lawsuit that BUSD is a security.

A US SEC spokesperson said the agency did not comment on “whether there is a possible investigation.”

[Chairman of the US CFTC: 70%-80% of the cryptocurrency market belongs to non-securities categories]

Comparative news, according to Fox Business Correspondent Eleanor Terrett, the US Commodity Futures Trading Commission (CFTC) ChairmanRostin BehnamIt said the Illinois court has confirmed that BTC and ETH are digital goods under the Commodity Exchange Act. Behnam also stated that 70%-80% of the cryptocurrency market is in the non-securities category.

[BeautySEC[Abandon investigation of blockchain software developer Hiro Systems]

In comparison, according to a document on Friday, the US Securities and Exchange Commission (SEC) dropped a three-year investigation against blockchain software developer Hiro Systems (formerly Blockstack), which raised $70 million through token sales between 2017 and 2019, according to a document on Friday.

“Based on the information we currently have, we do not intend to recommend that the Commission take enforcement action against Hiro Systems PBC (previously known as Blockstack PBC),” the US Securities and Exchange Commission's enforcement department said in a letter to Hiro in an attachment to Friday's documents. The letter contained a fixed warning that such notice “must not be interpreted as indicating that the party has been exempted from liability, or that the investigation by staff may ultimately result in no action”.

Hiro provides tools for developers to use inStacksBuild apps on (a Layer2 blockchain that complements Bitcoin). Stacks are the brainchild of crypto industry veteran Muneeb Ali, who is now another builder of the ecosystemTrust MachinesThe CEO of, alsoHiroBoard members.

【Mark Cuban: Biden should fire SEC chairmanGary Gensler】

Comparing news, according to Fortune, billionaire Mark Cuban discussed issues such as regulatory regulations and the US SEC's insistence that cryptocurrency exchanges register as trading platforms with regulators. He said, “You all have the right to quote me, Biden should fire Gary Gensler” (Gray Gensler is the current Chairman of the US Securities and Exchange Commission).

【BitwiseCIO: Key favorable factors may push Bitcoin to $100,000 by the end of the year, and Ethereum to a record high]

Bitwise CIO, Twitter NewsMatt HouganKey favorable factors may push Bitcoin to $100,000 by the end of the year, and Ethereum to a record high, wrote in a note to clients on Wednesday.

Matt Hougan believes that all of the current negative factors are one-off sales, which have caused short-term liquidity shocks, and the seasonal period when cryptocurrencies are generally less liquid is coming to an end. In contrast, the inflow of spot Bitcoin ETFs, Bitcoin halving, changes in the political attitude of spot Ethereum ETFs, and the prospect of the Federal Reserve cutting interest rates have all created a better long-term environment for cryptocurrencies. Coupled with strong growth in the stablecoin market, Layer 2 development, and increased participation by institutions such as BlackRock, the right mix of developments in the second half of the year could easily push Bitcoin to $100,000 and push ETH to a new all-time high.

[Bloomberg: Standard Chartered's Crypto CompanyZodiaMarkets is negotiating an acquisitionElwood TechnologiesPartial shareholding]

Comparing news, according to Bloomberg, Zodia Markets, a cryptocurrency subsidiary of Standard Chartered Bank, is in talks to buy part of Elwood Technologies, a billionaire hedge fund managerAlan HowardSupported digital asset companies.

People familiar with the matter said that Zodia Markets is about to reach an agreement to acquire Jersey-based Elwood Capital Management Ltd., which provides OTC trading and settlement services. Since the negotiations have yet to be made public, people familiar with the matter declined to be named. A person familiar with the matter said the deal is expected to close this month.

The negotiations come at a time when Standard Chartered Bank is further entering the digital asset sector. Bloomberg News reported last month that Standard Chartered Bank plans to set up Bitcoin and Ether trading counters. A person familiar with the matter said that the acquisition of Elwood Capital will allow Zodia Markets to obtain a Jersey virtual asset service provider and investment business license, thereby supporting the company to focus more on OTC settlement services.

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