Daily Report | Trump agrees to debate with Harris; Tether plans to double its workforce; Donald Trump Jr. claims new project is not a meme project
August 9 News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Trump and Harris agree to debate on September 10
- Wemade faces a 16.2 billion KRW compensation lawsuit from 27 employees regarding WEMIX token issuance promises
- Trump criticizes the Federal Reserve, hopes the president has some say over interest rates
- CBOE re-submits a more comprehensive version of the Bitcoin ETF options application, possibly indicating SEC feedback
- Tether CEO: Plans to double employee size in the next year to enhance compliance capabilities
- Donald Trump Jr.: Likes meme culture but new project has a "larger vision"
- OKX Star: Any OKX users with direct financial interactions with Tornado Cash will face account liquidation
"What important events occurred in the past 24 hours"
Wemade faces a 16.2 billion KRW compensation lawsuit from 27 employees regarding WEMIX token issuance promises
The development company of the WEMIX project, Wemade Tree (now merged into Wemade), has been sued by former and current employees for 16.2 billion KRW (approximately 11.85 million USD) in damages.
Wemade disclosed in an electronic announcement on August 9 that 27 former and current employees of Wemade Tree filed the lawsuit on July 29, claiming that Wemade Tree had promised to issue them WEMIX tokens and is seeking damages from Wemade.
Wemade stated that the plaintiffs (former and current employees) are demanding compensation of 16.2 billion KRW (approximately 11.85 million USD), which accounts for 4% of the company's capital.
Additionally, the company stated that it will respond through legal representatives according to legal procedures.
Trump criticizes the Federal Reserve, hopes the president has some say over interest rates
According to Jinshi, Republican presidential candidate Trump stated on Thursday that the president should have some say over interest rates and monetary policy, marking his clearest statement yet on the independence of the Federal Reserve, which contradicts the Fed's long-standing practice of remaining independent from political actors.
During a press conference at his Mar-a-Lago club in Palm Beach on Thursday, Trump said, "I think, for me, I've made a lot of money. I'm very successful, and I think, in many cases, my instincts are better than those of the Fed people or the Fed chairman. "
Trump criticized Fed Chairman Powell, stating that he is "either a bit too early or a bit too late" in adjusting interest rates.
CBOE re-submits a more comprehensive version of the Bitcoin ETF options application, possibly indicating SEC feedback
According to Cryptonews, the Chicago Board Options Exchange (CBOE) has withdrawn its original application for a spot Bitcoin ETF options and re-submitted a more comprehensive version.
Following this, Bloomberg ETF analyst James Seyffart stated on X that "there will definitely be some changes to the Bitcoin ETF options." Seyffart clarified that the new document is a 44-page document, replacing the original 15-page application. The updated document includes more detailed information, particularly regarding position limits and concerns about market manipulation.
This suggests that the U.S. Securities and Exchange Commission may have provided feedback, leading to the enhanced application.
Tether CEO: Plans to double employee size in the next year to enhance compliance capabilities
Tether CEO Paolo Ardoino stated in an interview with Bloomberg that the issuer of the stablecoin USDT plans to double its employee size in the next year to strengthen its capabilities in compliance and other areas, expecting to reach approximately 200 employees by mid-2025.
Donald Trump Jr.: Likes meme culture but new project has a "larger vision"
Donald Trump Jr. stated during a live Q&A session on the subscription platform Locals that he personally enjoys Memecoins and this culture, but cannot confuse memes with the project they are working on. The rumors related to Restore The Republic (RTR) and their project are "absolutely false," and the token is unrelated to the project he and Eric Trump are building. The project will be a non-Memecoin project aimed at long-term development, and they will announce it directly when ready.
Donald Trump Jr. stated, "What we want to do is take over most of the banking business, and this concept of decentralized finance is obviously very appealing to someone like me who has been deprived of funds by banks or unable to get insurance."
Coinbase Chief Legal Officer: SEC investigation into Ethereum 2.0 has concluded, FOIA lawsuit final ruling may come in 2025
Coinbase Chief Legal Officer Paul Grewal stated on social media that the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) have submitted defenses in the Freedom of Information Act (FOIA) lawsuit. Grewal pointed out that the SEC improperly withheld documents from closed investigations (including Ethereum 2.0), while the FDIC withheld a "pause letter" warning banks to stop cooperating with cryptocurrency companies. Notably, both agencies acknowledged that the documents Coinbase sought do exist but claimed the right to withhold them based on government privilege.
The SEC further confirmed in its defense that its investigation into Ethereum 2.0 has concluded. Grewal expects that a summary judgment procedure will follow (which does not involve evidence disclosure), with a final ruling possibly not coming until 2025. This development highlights the ongoing transparency disputes between the cryptocurrency industry and regulators, as well as the legal efforts by companies like Coinbase to obtain key regulatory information.
White House and Harris advisors listen to cryptocurrency industry executives but make no commitments
On Thursday, a group of cryptocurrency industry executives held a conference call with White House officials and advisors to Vice President Kamala Harris, providing their opinions as the Democratic presidential candidate formulates policy positions on cryptocurrency issues. Industry executives expressed their concerns about crypto policy. According to insiders, neither the White House representatives nor Harris's advisors made any commitments.
Participants in the call included executives from Coinbase, Ripple, Kraken, Circle, as well as venture capitalists Mark Cuban, Chris Dixon, and Ron Conway. White House Deputy Chief of Staff Bruce Reed, National Economic Council advisor Lael Brainard, Deputy Treasury Secretary Wally Adeyemo, and Senior Advisor and Legislative Affairs Director Kristine Lucius also participated in the call.
Trump and Harris agree to debate on September 10
Presidential candidates Trump and Harris have agreed to participate in a debate hosted by ABC on September 10.
OKX Star: Any OKX users with direct financial interactions with Tornado Cash will face account liquidation
OKX Star posted on the X platform that sanctioned individuals cannot successfully open accounts on OKX. Additionally, users who have already opened accounts and recharge from sanctioned entities (such as Garantex and Tornado Cash) to OKX, or withdraw from OKX to these sanctioned entities, will trigger compliance risk control, leading to account liquidation.
He emphasized that anyone who has financial interactions with Tornado Cash will face account liquidation, with no exceptions.
Yumen Public Security successfully dismantles a criminal gang using USDT to transfer fraud-related funds, involving over 10 million yuan
According to the official WeChat account of the Jiuquan Public Security Bureau, recently, the Yumen Public Security Bureau's task force has been working continuously, making efforts for over a month, traveling to Zhejiang, Jiangsu, Guangdong, Fujian, and other places, capturing 9 suspects who used the virtual currency "USDT" to transfer fraud-related funds and illegally profit, successfully dismantling a criminal gang that used the virtual currency "USDT" to transfer fraud-related funds, involving over 10 million yuan.
"What are some noteworthy articles to read in the past 24 hours"
6-hour wealth dream shattered, fake Trump meme coin RTR stages an on-chain mass exodus
From last night to this morning, the meme market witnessed an on-chain mass exodus with a trading volume exceeding 100 million USD.
Around 9 PM last night, RTR, which was touted by the community as the "official Trump meme coin," opened on Solana, with its market cap surpassing 10 million USD within 15 minutes, and then surged 12 times in three hours, reaching a peak market cap of 155 million USD.
Immediately after, RTR experienced perhaps the fastest market cap evaporation speed in the recent meme market, plummeting 95% from 150 million USD to 8 million USD in just two hours, during which the market cap decreased by nearly 70 million USD in the 15 minutes after 1:50 AM.
Most active community produces the most disappointing Launchpad, what did Jupiter do wrong?
Since the beginning of this year, the market has been extremely lacking in new narratives, and the brief bull market brought by ETFs has not truly injected new vitality into the crypto market, with memes becoming the most profitable area, while corresponding VC coins have faced repeated criticism. Especially for DeFi projects, there has been little ripple amid several rounds of capital rotation, and they remain in dire straits.
To restore value, value coins are searching for their breakthrough points. "Community consensus" is the unified answer they provide, and community activity has also become their indicator for judging the strength of consensus, with Jupiter being one of "them."
Jupiter co-founder meow, who had previously remained hidden in the crypto developer community, served as the chief advisor for Instadapp, Kyber, and Blockfolio, and is a co-founder of the largest wrapped token wBTC, as well as one of the founding contributors to the Handshake project. However, these titles did not lead meow to reveal his identity until two days before the JUP airdrop, when he made a public appearance and accepted an exclusive interview with Capital Club founder Luke Belmar.
From rejection to embrace, what has driven the legalization of cryptocurrency mining in Russia
After experiencing the 805 coin crisis, the crypto market was shrouded in gloom: Bitcoin's price plummeted from over 70,000 USD at the end of July to below 50,000 USD. The fear and greed index even dropped to 17, shifting from fear to extreme fear. People began to doubt, "Is the bull still there?"
However, starting from August 8, the crypto market seemed to experience a spring breeze overnight, with cryptocurrencies rising across the board. In the early hours of August 9, Bitcoin even reached 62,394.50 USD, a 25.33% increase from its low of 49,781.93 USD. A significant factor behind this rebound in the crypto market is closely related to Russia's newly passed mining legalization policy.
