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    US Congress brings election-year issues into government funding fight

    WASHINGTON (Reuters) – The U.S. Congress returns from the campaign trail on Monday to face a month-end government funding deadline, but election-year politics will still be at the forefront as Republicans seek to use the process to advance a voting bill backed by Donald Trump.Republican House of Representatives Speaker Mike Johnson has proposed a six-month stopgap funding bill that includes a measure requiring people to provide proof of citizenship to register to vote in federal elections.It is already illegal for non-citizens to vote in U.S. federal elections and independent studies have shown that there is no evidence that large numbers of people cast votes illegally. But former President Trump has made it a focus of his presidential campaign against Democratic Vice President Kamala Harris.No. 2 House Republican Steve Scalise said the non-citizen voting measure was a key demand of members of his caucus.”We’ve been talking to a lot of our members, and everybody has their own things they’d like to attach” to the funding bill, Scalise said in an interview. “This is the one that seems to be where most of our members have coalesced.”The Democratic-majority Senate ignored a standalone bill on the issue passed by the Republican-controlled House earlier this year, and Senate Majority Leader Chuck Schumer signaled little interest in the new measure.”As we have said each time we’ve had a CR, the only way to get things done is in a bipartisan way and that is what has happened every time,” Schumer said in a statement to Reuters, using congressional shorthand for “continuing resolution” stopgap funding measures. Some House Republicans have voiced skepticism at trying to include the non-citizen voting measure in a spending bill.”We know it’s not going to get passed. It’s disingenuous and dishonest to attach it to that CR,” said hardline Republican Representative Matt Rosendale in a video posted on social media, in which he advocated for Republicans to focus on funding bills with more conservative spending priorities.The House Rules Committee on Monday is due to take up the bill, which would fund the government through March 28, setting the stage for a possible vote by the full chamber later this week.Top House Democrat Hakeem Jeffries has said that he plans to push for a $1.68 trillion discretionary spending level, a number reached during last year’s debt ceiling negotiations.CRITICAL DEADLINE AHEADAlmost three decades have passed since Congress in 1996 last successfully performed one of its core functions — keeping the government funded — by the Sept. 30 end of the fiscal year. This year, it failed to pass a full-year funding bill until March.Lawmakers face an even more critical self-imposed deadline on Jan. 1, before which they must act to raise or extend the nation’s debt ceiling or risk defaulting on more than $35 trillion in federal government debt.Lawmakers have shown little appetite for a partial government shutdown, of the kind last seen in 2018-2019 during Trump’s presidency, this close to the Nov. 5 election. Trump has often argued in favor of government shutdowns, both in and out of office, and has suggested Republicans push for one if the non-citizen voting bill does not pass.”A shutdown is good for nobody, in my view. It’s a quick way to become a minority, being a part of a shutdown and advocating for it,” centrist Republican Representative Don Bacon told Reuters.Bacon said he would prefer a stopgap that extended only into December, saying that he believed more military spending was needed sooner.House Democrats, meanwhile, accused Republicans of posturing.”House Republicans are again playing politics with the country’s well being. The public is tired of their chaos,” Representative Suzan DelBene, the head of the House Democrats re-election strategy, told Reuters. More

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    Yield Farming and Auction Focused Pencils Protocol Reached $80M Post-Money Valuation in Its Recent Funding

    Yield Staking and Auction-focused Pencils Protocol announced the successful completion of its strategic round of fundraising, which has propelled to an impressive $80 million post-money valuation. This round was led by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital etc. Pencils Protocol has been on a mission to revolutionize the decentralized finance (DeFi) landscape. With innovative products like Farming, Vaults, and Auctions, Pencils Protocol created a platform that not only offers robust financial tools but also empowers users to take control of their financial future. Their success is rooted in the support of the community — over 400,000 active users and a staggering $300 million in Total Value Locked (TVL) demonstrate the impact they have made in the DeFi space.About Pencils ProtocolPencils Protocol is a next-generation decentralized platform offering innovative DeFi solutions, including leveraged yield aggregation, auction services for blockchain and real-world assets (RWAs) and more. In partnership with Scroll, Pencils Protocol leverages zero-knowledge technology to enhance the scalability, privacy, and fairness of decentralized applications.Website: http://pencilsprotocol.ioMedium: https://medium.com/@PencilsProtocolTwitter: https://x.com/pencilsprotocolContactHead of External RelationshipsMikePencils [email protected] article was originally published on Chainwire More

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    Taiwan exports hit record in August on AI, U.S. reaches record again

    Exports rose 16.8% on the year to a record $43.64 billion, the finance ministry said on Monday, exceeding a rise of 7.35% forecast in a Reuters poll and July’s gain of 3.1%, to mark the 10th consecutive monthly rise. “August’s export value hit a record as business for AI and high-performance computing continued to be strong, as well as international brands stocking up on new products,” the ministry said in a statement. The second half of the year should see a “gradual upward slope” in growth as exports enter their peak season, the ministry has said, pointing to the end-of-year holiday shopping season in Western markets such as the United States and Europe. Taiwan firms such as TSMC, the world’s largest contract chipmaker, are major suppliers to Apple (NASDAQ:AAPL), Nvidia (NASDAQ:NVDA) and other tech giants.The ministry predicted exports in September could gain between 5% and 9% on the year.In August, exports to the United States soared 78.5% to $11.89 billion, also a record high, compared with a gain of 70.3% in July. Shipments to largest trading partner China were up 1.0% versus the previous month’s slide of 13.5%.Total shipments of electronic components edged up 0.1% in August from a year earlier to $15.15 billion, with semiconductor exports down 0.5%.Imports rose 11.8% to $32.14 billion in August, missing economists’ forecasts for a gain of 15.0%. More

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    Merlin Chain Emerges as Bitcoin’s Largest Layer 2, Surpassing $1.2 Billion TVL in Just Six Months

    Merlin Chain, a revolutionary Bitcoin Layer 2 platform, has achieved unprecedented milestones in just six months, solidifying its position as the largest Layer 2 in the Bitcoin ecosystem. With a Total Value Locked (TVL) surpassing $1.2 billion and bridge transactions exceeding $16 billion, Merlin Chain has redefined how users interact with Bitcoin, empowering native assets, fostering liquidity, and driving innovative ecosystem developments.Since its launch in early 2024, Merlin Chain has grown into the largest Bitcoin-native network, with 1.9 million on-chain addresses and over 12.7 million transactions processed. The platform has also become the leading hub for Bitcoin-native assets, hosting over 80% of all Bitcoin-native asset holders.Merlin Chain’s remarkable achievements in the first half of 2024 include:To further solidify its leadership, Merlin Chain launched its 210M $MERL Ecosystem Grant Program in June, focusing on enhancing user experience, Bitcoin-native asset innovation, ecosystem engagement, and developer tools. The grant is aimed at expanding the platform’s ecosystem by empowering builders and innovators to contribute to the future of Bitcoin Layer 2.Technical Advancements and SecurityMerlin Chain’s commitment to innovation is supported by its advanced technical architecture. The platform has implemented ZK-Rollup technology and multi-token staking Oracle (NYSE:ORCL) nodes to enhance security, scalability, and transparency. By integrating solutions like Babylon and BTC Staking/Restaking, Merlin Chain is pioneering new ways to optimize Bitcoin-native asset yields.Merlin Chain has also partnered with leading security firms such as Celestia for data integrity and Cobo for advanced MPC wallets, ensuring that users have access to cutting-edge technology to safeguard their assets. Additionally, Merlin Chain established the Merlin Security Council, which includes renowned partners like Slowmist and BlockSec, further fortifying its security infrastructure.Looking Ahead to 2024As Merlin Chain continues to lead in Bitcoin Layer 2 innovation, it is preparing for even greater expansion in the second half of 2024. With plans to integrate Bitcoin’s latest protocol updates and drive further growth in its ecosystem, Merlin Chain aims to become the dominant force in Bitcoin-native assets, liquidity, and interoperability across multiple chains, including EVM, Solana, and TON.“We are incredibly proud of the strides we’ve made in such a short time,” said Jeff, Founder of Merlin Chain. “Our success wouldn’t be possible without the support of our community and our innovative partners. As we look ahead, we’re excited to continue pushing the boundaries of what’s possible for Bitcoin and its Layer 2 ecosystem.”Users can read Merlin Chain’s full report here: https://drive.google.com/file/d/1PtDSlqIHxAC1eiQXI2vB7DRTSXI-NQR_/view?usp=share_linkAbout Merlin ChainMerlin Chain is a Bitcoin Layer 2 that integrates the ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud-proof modules. Merlin Chain is committed to empowering Bitcoin’s native assets, protocols, and products on Layer1 through its Layer 2 network to Make Bitcoin Fun Again. Merlin Chain is a subsidiary product line of Bitmap Tech, a premier OG team boasting an overall market cap exceeding $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of the hottest assets on Ordinals.For more information, users can visit Merlin Chain’s Website | Twitter | DiscordContactHead of BD and PartnershipJonathanMerlin [email protected] article was originally published on Chainwire More

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    Weak China prices boost deflation fears

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    EU industry chief to berate Europe’s carmakers on slow EV drive

    Save over 65%$99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More