29 July

“Uniswap, Ethereum’s largest decentralized exchange by volume, is looking to expand into consumer finance – at least according to a deleted YouTube video from the EthCC conference that was held in Paris last week (The video is still available on IPFS).

Uniswap’s growth lead, said the team behind the trading protocol is in talks with well-known fintech companies to provide decentralized finance (DeFi) to the mainstream. The partnerships could allow DeFi protocols to mesh into existing fintech offerings in a bid to provide a larger variety of assets, instant settlement and 24/7 accessibility. 

We’re trying to put Uniswap and the rest of DeFi right there in those applications so that we can bring the dream of open, 100% uptime liquidity to the whole world. PayPal wants to talk to us, E*Trade wants to talk to us, Stripe wants to talk to us.”

See Also: PayPal Q2 Transaction Revenue Rose 17%; Earnings Top Estimates

Acting Comptroller of the Currency, Michael Hsu, said regulators are looking into Tether’s stockpile of commercial paper to see whether each Tether (USDT) token really is backed by the equivalent of one U.S. dollar.

In mid-May, Tether revealed a loose breakdown of its reserves, stating that it had invested in instruments beyond cash and cash equivalents, including Bitcoin (BTC), bonds, secured loans and a large proportion of commercial paper. In an interview with CNBC on July 21, Tether general counsel Stuart Hoegner promised that a full financial audit of its reserves would be coming within months, not years.”

A bipartisan infrastructure bill in Congress proposes to raise $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. According to a draft copy of the bill, any broker that transfers any digital assets would need to file a return under a modified information reporting regime.

The provision further makes clear that broker-to-broker reporting applies to all transfers of covered securities within the meaning of section 6045(g)(3), including digital assets.

The executive director of the Blockchain Association said the draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.

We interpret this to mean software wallet developers, hardware wallet manufacturers, multisig service providers, liquidity providers, DAO token holders and potentially even miners.”

See Also: UBS Mulls Offering Prime Brokerage Services for Crypto ETPs to European Hedge Funds: Sources

While undeniably successful, yesterday’s sale of Stoner Cats—a series of animated shorts sold in the form of non-fungible tokens (NFTs)—resulted in the loss of 344.4 ETH ($790,000) due to failed transactions as well as briefly clogging the Ethereum network.

Developed by Mila Kunis’ Orchard Farm Productions, a total of 10,420 Stoner Cats NFTs were put up for sale yesterday at 0.35 ETH ($785 at the time) each—and the whole supply was sold out in just ’35 meow-nutes.'”

See Also: Coca-Cola officially gets into NFTs for charity

Even while pressure mounts to taper its asset purchases, the central bank will continue its accommodative quantitative easing. Powell added that inflation has been running above the central bank’s 2% inflation target for a few months and will continue to run above 2% for a few more months before falling back, but the bank is a “ways away” from raising interest rates.

Inflation has risen, largely reflecting transitory factors.

The central bank also announced that it has established two standing repurchase agreement (repo) facilities with a minimum bid rate of 25 basis points, one for primary dealers and additional banks, and another for foreign banks.

The Fed wants to make sure the Treasury market stays liquid even when the Fed winds down its balance sheet.”

A rapid expansion of mining facilities in North America and the return of Chinese miners through overseas hosting sites are two major factors that will drive up mining difficulty. Most of the growth that will drive up mining difficulty in the coming months would still be from the North American miners who planned expansion ahead of Beijing’s crackdown last year or in early 2021.

I think we have reached that minimum low difficulty point and now we are going to start to grow unless there are other big government shakeups or changing bitcoin price.”