PA Daily | Sequoia Capital cuts the size of its encryption fund to $200 million; French privacy regulator launches investigation into Worldcoin

Today's news tip:

1. The UK and Singapore agree to jointly formulate and implement global cryptocurrency regulatory standards

2. Binance responds to the US CFTC's accusation: ask the judge to dismiss the lawsuit

3. MakerDAO’s proposal to increase the DAI savings rate was approved, and the interest rate will be temporarily raised to 8%

4. Foreign media: Sequoia Capital cuts the size of its encryption fund from $585 million to $200 million

5. FTX and Genesis reached an agreement in principle and requested the court to approve the settlement

6. French privacy regulator has launched an investigation into Worldcoin

7. Bank of Spain approves eToro to register as a virtual asset service provider

8. Data: Reality Labs, the meta universe department, lost more than 21 billion US dollars in 18 months

Regulatory News

The U.S. House of Representatives Committee on Agriculture has passed the Financial Innovation and Technology for the 21st Century Act

The U.S. House of Representatives Committee on Agriculture has passed the Financial Innovation and Technology for the 21st Century Act. The bill would establish a federal regulatory framework for cryptocurrencies in the United States. Hours after opening debate and voting on the amendment, the House Agriculture Committee passed the bill with a voice vote and sent it to the full House. Lawmakers debated several amendments to the bill, including provisions on customer disclosure and asset management protections. According to previous news, the House Financial Services Committee voted to pass the bill on Wednesday night local time, along with other cryptocurrency-focused legislation. The House Financial Services Committee also reconvened on Thursday to debate stablecoin legislation.

Top 5 South Korean Crypto Exchanges Publish Compliance Strategies to Monitor Illegal Activities

South Korea’s financial intelligence unit held meetings with virtual asset service providers (VASPs) to strengthen regulatory compliance, according to a statement released by South Korea’s Financial Services Commission (FSC). The top five cryptocurrency exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have all created compliance systems to monitor illegal activity.

The meeting revealed that Upbit has created an abnormal transaction detection system using artificial intelligence (AI). Bithumb has developed a feature that automatically terminates trading apps when a remote control app is installed and a money laundering transaction is detected. Coinone has strengthened the management and monitoring of "risk wallet addresses" related to financial accidents. Korbit has introduced a real-time management system and a secondary review system for each stage of Suspicious Transaction Reporting (STR). Gopax has set up a hotline to respond immediately to account suspension requests related to crimes such as voice phishing.

Through a collective commitment, participants pledged to strengthen the common dialogue around improving compliance capabilities. They plan to meet every 2-3 months going forward to maintain this commitment.

Binance Responds to U.S. CFTC Charges: Ask Judge to Dismiss Lawsuit

Binance officially responded to the CFTC's lawsuit accusing it of providing illegal commodity trading products to US residents, and asked the US federal judge to dismiss the lawsuit filed by CFTC. In dismissing the lawsuit, Binance said the CFTC’s attempt to sue Binance was beyond its jurisdiction. Binance does not operate in the United States, nor does its CEO, Changpeng Zhao, live in the United States, the document said. The first six charges brought by the CFTC "do not apply to the foreign conduct alleged here," and several of them do not meet the legal standards set forth in the statutory requirements.

The U.S. House of Representatives Financial Services Committee has passed the "Payment Stablecoin Transparency Act"

The Financial Services Committee of the U.S. House of Representatives officially tweeted that the Financial Services Committee has passed the Payment Stablecoin Transparency Act. After fifteen months of bipartisan cooperation, this landmark bill is one step closer to becoming law.

UK and Singapore Agree to Jointly Develop and Implement Global Cryptocurrency Regulatory Standards

The UK and Singapore have agreed to jointly develop and implement global regulatory standards for cryptocurrencies and digital assets as part of their ongoing financial dialogue and partnership. The two countries also discussed their respective stances on central bank digital currencies (CBDC). Both countries have emphasized the need to be part of international standard-setting bodies such as the International Organization of Securities Commissions and the Financial Stability Board. The UK and Singapore also agreed to continue dialogue and cooperation in the regulation of cryptocurrencies and digital assets, as well as in other areas such as sustainable finance, fintech and innovation.

French Privacy Watchdog Is Supporting Bavarian Authorities in Worldcoin Investigation

French privacy regulator: has launched an investigation into Worldcoin, where the legality of biometric data collection and storage "appears to be problematic." France's privacy watchdog says it is supporting Bavarian authorities in their investigation into Worldcoin.

It is reported that Bavaria is a federal state in the southeastern part of the Federal Republic of Germany.

NFT

! [PA Daily | Sequoia Capital cuts the size of its encryption fund to $200 million; French privacy regulator launches investigation into Worldcoin](https://img-cdn.gateio.im/resized-social/moments- 69a80767fe-54a5d8ce80-dd1a6f-7649e1)

Project News

CoinList Twitter account regains control

According to official news, the CoinList Twitter account has regained control, and related phishing tweets have been deleted at the same time. CoinList stated that it will strengthen the security management of the company's social media accounts in the future. According to previous news, the CoinList Twitter account was stolen on July 23, and posted a phishing tweet about the launch of native tokens.

MakerDAO's proposal to increase the DAI savings rate was passed, and the interest rate will be temporarily increased to 8%

In a governance vote that concluded Thursday, the MakerDAO community voted to introduce an “Enhanced Dai Savings Rate (EDSR),” which could temporarily increase the interest rate for DAI holders to 8%. The proposal received a total of 99.93% of the votes in favor. MakerDAO began to use more income-generating assets such as government bonds to support DAI, and shared part of the income with users. The protocol raised the DSR to 3.49% last month to increase DAI's appeal. The EDSR rate will be determined based on the amount deposited in the DSR facility and the base reward rate, and will decrease as usage increases.

WSJ: Sequoia cuts size of its crypto fund from $585 million to $200 million

Sequoia Capital has cut the size of its crypto investment fund from $585 million to $200 million, the Wall Street Journal reported, citing people familiar with the matter. It also cut the size of an ecosystem fund that invests in other venture funds to $450 million from $900 million. Sequoia told investors in March that it was reducing the size of the two funds, saying the move was due to a prolonged market downturn. The Future Crypto Fund will be used to support startups, not large companies that are challenged under current conditions. According to previous news, Sequoia Capital has reorganized its venture capital team and fired two cryptocurrency investors. Last year, the company wrote down its investment in crypto exchange FTX to zero.

FTX and Genesis reach agreement in principle, seek court approval for settlement

FTX and Genesis have reached an agreement in principle to resolve disputes involving Chapter 11 cases. In a letter to a bankruptcy judge on Thursday, legal representatives for both institutions said the parties' claims against each other will be resolved by agreement. They plan to file a motion with bankruptcy court to approve the deal. The letter did not provide details of the settlement. FTX previously sued that Genesis, an encryption lender, owed it as much as $3.9 billion, but Genesis rejected the claim. That amount was later reduced to a maximum of $2 billion.

Mysten Labs will open Bullshark Quests 2 today, rewarding 5 million SUI

Sui development company Mysten Labs announced that the first Bullshark Quests mission is coming to an end, and the next Quests mission will start at 15:01 Beijing time on July 28 and end at 14:59 on August 29. Quests 2 extends eligibility to SuiFrens Bullshark or Capy holders, users must have SuiFrens Capy or Bullshark in their account and can join at any time during the quest. DApps that can participate in Quests 2 include NAVI Protocol, Turbos Finance, Scallop and Typus Finance. As with Quest 1, Mysten Labs is partnering with the Sui Foundation to reward players with another 5 million SUI in Quests 2. The reward consists of two pools of 2.5 million SUI, which will be distributed after Mission 2 ends.

In previous news, Sui development company Mysten Labs announced the launch of Bullshark Quests, a new way for Bullsharks holders to earn SUI rewards. Mysten Labs has launched the first Quest with a reward pool consisting of 5 million SUIs that Bullshark holders can compete for rewards based on their engagement with the Polymedia, Mini Miners, DeSuiLabs and Ethos Wallet apps.

Arthur Hayes: Future AI will use DAOs to organize itself

Arthur Hayes, founder of BitMEX, said in a post that in the future artificial intelligence will use a decentralized autonomous organization (DAO) structure to organize itself. DAOs rely on public blockchains — not states — to operate. The DAO structure will allow AI and humans to collaborate and serve as the organizational structure that allows the AI+Human economy to grow and prosper. The state cannot exert control over artificial intelligence, DAO will raise funds and trade debt, equity, utility and other tokens on DEX hosted by non-traditional centralized exchanges (CEX). An exchange that trades all forms of DAO tokens could become a natural monopoly. Identifying these DEXs and buying their governance tokens will generate huge profits.

Bank of Spain Approves eToro to Register as a Virtual Asset Service Provider

The Bank of Spain has approved the registration of multi-asset investment platform eToro as a service provider of virtual currency exchange for fiat currency and e-wallet custody services.

Important data

Data: FalconX has withdrawn a total of 8951 MKR from Binance in the past 7 days

According to Lookonchain monitoring, when a16z and Paradigm deposited MKR into Coinbase, FalconX withdrew a total of 8,951 MKR (approximately $10.5 million) from Binance in the past 7 days.

Data: Meta universe division Reality Labs lost more than $21 billion in 18 months

According to Fortune, since the beginning of 2022, Mark Zuckerberg's metaverse division, Reality Labs, has now lost more than $21.3 billion. And Meta's overall loss (since Q4 2020) is just under $34 billion.

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