ETH breaks through the $2750 mark

BlockBeats News: On July 10th, according to Onchain Lens monitoring, AguilaTrades, a contract trader for Whale, increased its BTC (20 times) long position. Currently, its contract holds 2821.36 BTC worth over $300 million, with a floating profit of approximately $6 million.

According to Bloomberg, a key U.S. Senate subcommittee is debating proposed regulation of digital assets, with Republicans advocating for moderate regulation and Democrats warning of potential loopholes and conflicts of interest. On Wednesday, the Senate Banking Committee held a hearing to strive for the completion of legislation on cryptocurrency market structure before the September 30th subcommittee deadline, and the House of Representatives will also review related bills next week. Chairman Tim Scott stated that legislation should clearly define securities tokens and safeguard measures against illegal financial activities. Democratic Senator Raphael Warnock criticized the proposal for failing to address conflicts of interest in the executive branch. At the hearing, former chairman of the Commodity Futures Trading Commission, Timothy Massad, warned that the current legislation granting too broad exemptions to decentralized cryptocurrency companies could lead to the outflow of regulatory activities. Democrats are also concerned that cryptocurrency companies are using "decentralization" to evade registration. Republican senators Cynthia Lummis, Thom Tillis, and others released market structure principles last month, which are generally consistent with the CLARITY Act. Bill Hagerty stated that he is not concerned about losing bipartisan support and predicts that Democrats who support stablecoin legislation will pragmatically push forward.

According to Lookonchain monitoring, trader @ qwatio's BTC and ETH short positions have experienced a series of liquidations, causing his account to shrink from $16.28 million to only $67000, resulting in a loss of over $16.2 million.

According to Bloomberg, the Reserve Bank of Australia has announced the list of participating institutions in the "Project Acacia" tokenized asset settlement research project. This project is jointly initiated by the Reserve Bank of Australia and the Digital Finance Collaborative Research Center, aiming to explore how digital currency innovation can support the development of the wholesale tokenized asset market in Australia. 24 institutions were selected to participate in the test, including major banks such as ANZ Bank and Commonwealth Bank, as well as fintech companies. The test assets cover various categories such as fixed income, private markets, accounts receivable, and carbon credits, and will evaluate settlement solutions such as stablecoins, bank deposit tokens, and wholesale central bank digital currencies. The testing will last for 6 months, and the final report will be released in the first quarter of 2026. Assistant Governor of the Reserve Bank of Australia, Brad Jones, stated that this project is an important measure to ensure that the Australian payment system adapts to the digital age.

According to CoinDesk, next week the US House of Representatives will hold a "Cryptocurrency Week" event to delve into digital asset policies, with the Tax Policy Committee focusing on cryptocurrency taxation. Jason Smith, Chairman of the House Ways and Means Committee, announced on Wednesday that the Oversight Subcommittee will hold a hearing on July 16th to explore positive measures for developing a tax policy framework for digital assets. After the cryptocurrency market and stablecoin regulation, cryptocurrency taxation is expected to become the next major topic in Congress, with two legislative actions next week, including a vote in the House of Representatives on the stablecoin issuer regulation bill passed by the Senate. The current cryptocurrency taxation in the United States is uncertain, and investors have complex calculations. Last week, Senator Cynthia Lummis introduced a new bill proposing tax exemptions for small transactions and the elimination of double taxation. At present, the intentions of the House of Representatives are unclear, but the Republican led committee is seeking friendly policies.