1. GENIUS Act Bans Interest Payments, Coinbase and PayPal Continue Stablecoin Rewards
Despite the GENIUS Act prohibiting interest payments to users, Coinbase and PayPal continue to offer USDC and PYUSD rewards, with annual rates of approximately 4% and 3.7%, respectively. Both companies claim they are not issuers and that the rewards come from platform revenue sharing rather than interest, thus not subject to the ban.
2. US SEC Provides Temporary Guidelines: Specific Stablecoins Can Be Viewed as Cash Equivalents
The US SEC has issued temporary accounting guidelines, allowing dollar stablecoins meeting certain conditions to be classified as "cash equivalents", providing a simplified path for financial statement processing. This transitional measure aims to provide market guidance and clarity before comprehensive regulations are implemented.
3. SharpLink Currently Holds 521,939 ETH, All ETH Participating in Staking
SharpLink tweeted that it currently holds 521,939 ETH. Between July 28 and August 3, SharpLink purchased 83,561 Ethereum for $264.5 million, with an average price of $3,634. Currently, all of SharpLink's ETH is participating in staking, accumulating 929 ETH in staking rewards.
Note: 83,561 Ethereum at an average price of $3,634 is worth $303 million, suggesting SharpLink may have misstated the information.
4. British Man James Howells Denies Abandoning Search for Hard Drive with 8,000 Bitcoins
British man James Howells denies abandoning the search for a hard drive containing 8,000 Bitcoins. On July 1, he proposed a landfill acquisition and excavation plan to Newport City Council, valued at $33-40 million, and planned to raise funds by issuing Ordinals tokens. However, after receiving no response, he decided not to pursue the plan but has not given up on ownership rights or other recovery methods.
5. White House Plans Executive Order to Punish "De-Banking" Based on Political Factors
The White House is preparing to sign an executive order that would fine banks for closing accounts due to political reasons, focusing on alleged discrimination against conservatives and crypto companies. The order requires regulators to investigate whether financial institutions violate the Equal Credit Opportunity Act, antitrust laws, or consumer protection laws, with potential penalties including fines, consent orders, or other sanctions.
