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List of important developments overnight on July 9

1. Tether discloses Celsius' loan settlement process;

2. Binance: 0 handling fee BTC spot trading volume will no longer affect the VIP level;

3. Justin Sun, founder of TRON, said that he is ready to invest $5 billion in crypto companies;

Justin Sun, creator of the Tron blockchain ecosystem, said he is ready to support struggling crypto companies with FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao and potentially spend as much as $5 billion on acquisitions. With the cryptocurrency market down, FTX has provided credit to companies like Voyager Digital and BlockFi. Likewise, Binance CEO Changpeng Zhao recently said that dozens of crypto companies are seeking help from the exchange’s operator because it “is the largest cash reserve in the industry.”

4. GameStop plans to cut costs and develop new products in digital assets and Web3;

GameStop (GME) CEO Matt Furlong, the video game and related products retailer, said in a letter to employees that the company's focus has shifted to eliminating excess costs and operating with a strong owner mentality, driven by cost-cutting chief executives. Chief Financial Officer (CFO) Mike Recupero is leaving and will be replaced by Chief Accounting Officer Diana Jajeh. According to Furlong's letter, the company plans to develop new products in digital assets and Web3. GameStop has been making inroads into the Web3 space since last year, with plans to launch the NFT marketplace later this year, having previously developed GameStop Wallet, a digital asset wallet for storing crypto and NFTs.

5. The cryptocurrency exchange Blockchain faces a loss of $270 million for lending to Three Arrows Capital;

Cryptocurrency exchange Blockchain faces a $270 million loss on loans to Three Arrows Capital. Blockchain.com remains liquid, solvent, and our customers will not be affected, the CEO of cryptocurrency exchange Blockchain said in a shareholder letter.

6. The Spanish crypto trading platform 2gether was forced to stop operations, affecting more than 100,000 users;

Spanish cryptocurrency exchange 2gether has abruptly shut down operations and its users have lost access to their accounts. The platform informed its customers in an email that it had to take this action because it was unable to continue serving customers due to current market conditions. Additionally, the platform removed its presence from social media, deleting its account on Twitter. It is reported that accounts without available funds before June 10 will be suspended and cryptocurrencies still available will be liquidated. According to a report by Spanish financial users association Asufin, the action is affecting 100,000 customers who trust 2gether to transact and protect their funds.

7. Fed Vice Chairman Brainard: Volatility exposes serious cryptocurrency vulnerabilities;

In July 8th news, Fed Vice Chairman Brainard said: Volatility has exposed serious cryptocurrency vulnerabilities, and a sound regulatory foundation for the encrypted financial system needs to be established now. The cryptocurrency ecosystem cannot be waited for. As for possible financial stability risks. Cryptocurrency activities need to be regulated on the principle of similar risks, similar regulatory outcomes, and new risks associated with new technologies must also be addressed. Strong regulation will enable investors and developers to build a resilient digital-native financial infrastructure, it is important that regulators work both domestically and internationally to maintain the stability of the financial system and address evasion of regulation, crypto platforms Highly susceptible to deleveraging, sell-offs, and emotional contagion. Now is the time to determine which crypto activities and under which constraints are permitted by regulated entities. Cryptocurrencies are not yet big enough to pose a systemic risk, the Federal Reserve is closely monitoring recent events in the cryptocurrency space, and central bank digital currencies (CBDCs) could be good for financial stability.

8. The MakerDAO community votes on whether to issue a $30 million loan to Societe Generale;

The Maker community will soon vote on whether to issue a 30 million DAI loan to SG Forge, a blockchain-focused subsidiary of Societe Generale, the third-largest bank in France with 1.5T in assets. If approved, SG Forge will use the $30 million loan to refinance €40 million worth of bonds on its balance sheet. The loan will be backed by OFH tokens, issued by Societe Generale, and backed by corporate debt and a French housing loan pool, both with AAA credit ratings.

9. Messari founder: The SEC chairman violated his mission to protect investors and ensure fair and efficient markets.

The Messari founder tweeted that SEC Chairman Gary Gensler “intentionally harmed” and “held investors hostage,” in direct violation of the SEC’s mission to protect investors, facilitate capital formation, and ensure fair and efficient markets.