Key Developments in Cryptocurrency and Blockchain (July 3–4, 2024)

1. U.S. Legislative Focus on Crypto

The U.S. House Financial Services Committee announced July 14–20 as "Crypto Week", featuring debates on critical bills:

CLARITY Act: Aims to define regulatory roles for digital assets.
Anti-CBDC Surveillance Act: Seeks to restrict central bank digital currency (CBDC) overreach.
GENIUS Act: Proposes tax incentives for blockchain innovation.

2. Whale Activity: WBTC Profit-Taking

A major investor/institution that acquired 1,495 WBTC via leveraged loans in 2024 has begun selling:

Market Impact: Signals cautious optimism amid BTC volatility.

U.S. Jobs Data: June nonfarm payrolls hit 147K vs. 110K expected, potentially delaying Fed rate cuts.
Binance Institutional Lending: New service targets corporate clients.
Stablecoin Dominance: 74.6% of institutional OTC trades in H1 2024.

BoSch International (China) posted jobs for stablecoin/blockchain product managers, signaling entry into crypto.
Japan’s Minna Bank partnered with Fireblocks to test Solana-based stablecoins for payments.

FTX’s Restricted Claims Process: Creditors in 49 regions (including China) may forfeit recovery rights (~5% of total claims).
U.K.–Singapore Pact: Expanded AI/tokenization collaboration under Project Guardian.

Q1: What’s the significance of "Crypto Week"?
A1: It highlights U.S. lawmakers’ push for clearer crypto laws, impacting global adoption.

Q2: Why are whales selling WBTC?
A2: Profit-taking after BTC’s 2024 rally; reflects strategic risk management.

Q3: How do stablecoins dominate OTC trades?
A3: Low volatility and liquidity make them preferred for large transactions.

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