Treasury Proposes Rules Defining Who Can Legally Sell Stablecoins in US
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South Korea's revised listing rules will take effect in July, putting KOSDAQ-listed crypto treasury companies under delisting pressure.
PANews reported on June 29th that, according to the Chosun Ilbo, South Korea's revised listing rules will officially take effect on July 1st, further raising the listing threshold. Hit by both falling Bitcoin prices and capital outflows from the KOSDAQ market, South Korean KOSDAQ-listed crypto treasury companies face delisting risks. BitMEX fell 6.3% to 1,228 won that day, its market capitalization falling below the minimum threshold for the second half of the year, facing delisting risk. Parataxis Ethereum (26.8 billion won) and Bit Planet (33.1 billion won), while above the lower limit for the second half of the year, have not reached the increased market capitalization threshold to be raised in January next year. Parataxis Korea has been suspended from trading since April due to capital impairment and is undergoing listing qualification review. The direct cause of the delisting crisis is the weak price of virtual assets.
Central Bank of Brazil: Stablecoins should be considered electronic money instruments
According to Odaily Odaily, the Central Bank of Brazil stated at a hearing of the Congressional Economic Development Committee that stablecoins should be considered electronic money instruments, not digital assets. Fábio Araújo, an advisor to the Central Bank's Financial System Supervision Department, stated that digital assets such as Bitcoin and Ethereum possess scarcity, transferability, and verifiability, while stablecoins, possessing characteristics of a means of payment, should be understood as monetary instruments. The Brazilian Congress is preparing to review Bill No. 4308/2024, proposed in 2024 by Congressman Aureo Ribeiro, to clarify the rules for stablecoins. The Brazilian Crypto Economy Association (Abcripto), whose members include Binance, Coinbase, Fireblocks, Visa, Tether, OKX, and Ripio, opposes this classification. Abcripto stated that this classification will lead to regulatory conflicts, affecting the adoption of stablecoins at both the institutional and retail levels in Brazil, and hindering virtual asset service providers. The Central Bank of Brazil also recently issued a new resolution, elevating its regulation of virtual asset service providers to the same level as that of securities institutions. (Bitcoin.com News)
US Treasury moves forward with rules on GENIUS Act after July deadline
The stablecoin bill signed into law last year is scheduled to go into effect in January 2027, potentially without finalized regulations from US government agencies.
Peter Brandt: Considering selling some Bitcoin to buy gold
According to Mars Finance, on July 7th, Peter Brandt, the renowned trader and chart analyst who successfully predicted the 2018 Bitcoin crash, announced that he is considering selling some of his Bitcoin and redirecting the proceeds to gold. Based on current trends, gold may see a significant rise relative to Bitcoin.
A whale deposited 1988 ETH into Bybit; if it sells them, it will lose $2.78 million.
PANews reported on July 7th that, according to on-chain analyst Ai Yi, a large holder who bought 6,000 ETH at $3,178.78 on January 20th is now selling at a loss. Address 0x907…CC0a9 deposited 1,988 ETH (worth $3.53 million) to Bybit four hours ago. Selling this ETH would result in a loss of $2.785 million (deposit price $1,777.49), representing a 44% decrease in assets over five months.
UBS recommends buying SK Hynix's upcoming ADRs and selling its Seoul-listed shares.
Mars Finance reported on July 7th that UBS Group stated investors should buy SK Hynix's planned American Depositary Receipts (ADRs) and sell the chipmaker's South Korean-listed shares, as the former may enjoy a premium during trading. The Swiss bank's sales and trading division noted in a report to clients that these ADRs could be more attractive than South Korean shares for investors such as hedge funds due to their higher holding efficiency and lower costs. The report also pointed out that some global portfolio managers who do not hold its Seoul-listed shares may also be able to purchase these US securities. "Long on its ADRs and short its South Korean shares from day one sounds like there's nothing to hesitate about," the UBS report stated. "Given that an ADR discount is unlikely, the risk is very limited, making this a trade that can be executed on a very large scale." (Wide Angle Observation)