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On August 13th, SMM learned that the A100 series GPUs have entered the "leasing futures" trading format for the first time. The A series represents the first two generations of NVIDIA server GPUs, and previously, the market was primarily based on spot trading and long-term leasing agreements. Leasing futures allow buyers and sellers to lock in the supply and price of computing power at a future point in time, representing a new business model in the industry. SMM believes that the emergence of leasing futures signifies the evolution of computing power leasing towards commodity pricing, and that price discovery and risk hedging functions are expected to gradually improve.On August 13, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." The conference introduced that during the 15th Five-Year Plan period, the Ministry of Ecology and Environment will further strengthen ecological supervision and strive to build a more precise and efficient modern ecological supervision system. During the 15th Five-Year Plan period, efforts will focus on three aspects: "Systematization" of ecological status assessment: Systematically conduct multi-scale ecological status assessments at the national, key regional, nature reserve, and ecological protection red line levels to comprehensively grasp the ecological baseline and changing trends, and verify the effectiveness of ecological protection and restoration work. "Precision" in the discovery and handling of ecological damage: Continuously optimize satellite imagery monitoring to improve the accuracy of discovering ecological damage. Launch the "Green Shield" campaign to severely punish all kinds of illegal and irregular ecological damage. Improve the graded judgment system for ecological damage incidents, clarify the standards, work processes, and handling requirements for judgment, and achieve standardized management throughout the entire process. "Digitalization" of ecological monitoring and supervision: Deepen the application of new technologies such as satellite remote sensing, AI image interpretation, environmental DNA, voiceprint recognition, large-scale models, and intelligent agents, and promote the iterative upgrading of the national ecological protection and restoration supervision platform. We will continue to optimize the layout of comprehensive ecological quality monitoring stations and sample plots to enhance our monitoring capabilities for ecological quality and biodiversity. We will leverage technology to empower ecological supervision, making it more precise, efficient, and intelligent.August 13th - This week, the performance of major Australian banks reflected the extent of the sluggish Australian property market, leading to a decline in bank share prices and highlighting pressure on profitability. Since the governments May budget paved the way for the removal of tax breaks for property investors, mortgage applications at Commonwealth Bank of Australia, Westpac, and ANZ Group have fallen by at least 12%. This followed earlier this years rise in borrowing costs, which dampened demand, and house prices in major cities like Sydney and Melbourne began to decline. Matt Comyn, CEO of Commonwealth Bank, Australias largest bank, stated that the bank has not yet seen this deteriorating sentiment spread further to household spending and overall economic activity. However, with the Middle East conflict pushing up inflation and some businesses remaining cautious, housing credit growth is expected to slow further next year.August 13th - The Pinglu Canal is nearing full navigation. A key project of the Western Land-Sea New Corridor, the Pinglu Canal is the first canal project connecting the Yangtze River and the sea built since the founding of the Peoples Republic of China. The Guangxi Zhuang Autonomous Region has consistently prioritized ensuring the timely, safe, and high-quality completion and opening of the canal by September, coordinating efforts at a high level and pushing forward with all its might. A special working group has been established to implement a list-based, meticulous, and closed-loop management system for tasks such as project completion and operational preparations, with weekly scheduling to ensure that all tasks are carried out in a coordinated manner and achieve tangible results. Systematic measures have been deployed to achieve the goal of "water in the canal, boats on the water, goods on the boats, and goods flowing in all directions."On August 13th, Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting the Development of Private Investment". The plan mentions providing computing power subsidies in accordance with laws and regulations to support private enterprises in renting intelligent computing resources for large-scale model research, training, and application. It also encourages universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various business entities, including private enterprises. The plan includes publishing and dynamically updating a public data open list to support private enterprises in the in-depth development and scenario-based utilization of specific public data. It promotes the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital elements such as public data, computing power, models, and corpora. The plan also aims to cultivate benchmark enterprises and platform enterprises for urban digital transformation and guide private enterprises to participate in the construction and scenario operation of digital transformation projects in transportation, logistics, and public services. Finally, it encourages private enterprises to build demonstration projects for new infrastructure such as blockchain applications and large-scale robot applications.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.