1. The GENIUS Act prohibits interest payments, yet Coinbase and PayPal continue to issue stablecoin rewards.
Despite the GENIUS Act prohibiting interest payments on stablecoins, Coinbase and PayPal continue to offer USDC and PYUSD rewards, with annualized rates of approximately 4% and 3.7%, respectively. Both companies claim they are not issuers and that the rewards come from revenue sharing on their respective platforms rather than interest, thus not subject to the ban.
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2. The U.S. SEC provides temporary guidance: specific stablecoins can be considered cash equivalents.
The U.S. SEC has released temporary accounting guidance allowing certain USD stablecoins that meet specific conditions to be classified as 'cash equivalents,' providing a simplified pathway for financial statement treatment. This transitional measure aims to offer operational guidance and clarity to the market before comprehensive regulation is implemented.
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3. SharpLink currently holds 521,939 ETH, all of which is 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, at an average price of $3,634. Currently, all of SharpLink's ETH is participating in staking, accumulating 929 ETH in staking rewards.
Note: The 83,561 Ethereum at an average price of $3,634 is worth $303 million, and SharpLink may have misstated this.
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4. British man James Howells denies he has given up searching for the hard drive containing 8,000 bitcoins.
British man James Howells denies he has given up searching for the hard drive containing 8,000 bitcoins. On July 1, he submitted a proposal to the Newport City Council for the acquisition and excavation of a landfill valued at $33 million to $40 million and plans to raise funds by issuing Ordinals tokens. However, after receiving no response, he decided not to pursue the plan further but has not given up on ownership of the hard drive or other means of recovery.
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5. The White House plans to issue an executive order punishing 'de-banking' actions due to political factors.
The White House is preparing to sign an executive order aimed at fining banks that close accounts due to political factors, focusing on alleged discrimination against conservatives and crypto companies. The order requires regulators to investigate whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer protection laws, with violators potentially facing fines, consent orders, or other penalties.
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