In today's crypto news, Ethereum developer Preston Van Loon testified in the trial of Roman Storm, co-founder of Tornado Cash, after prosecutors concluded their case. He defended Tornado Cash as a privacy tool, indicating he had used its services previously due to safety concerns. Meanwhile, in Hong Kong, new regulations set to take effect on August 1 criminalize the promotion of unlicensed fiat-referenced stablecoins to retail investors, with fines and possible imprisonment for violations. The Hong Kong Monetary Authority aims to establish a more credible stablecoin market to protect investors from fraud and speculation. On the market front, Ether's price dipped by 7% as validator exit requests surged, reaching an 18-month high. A significant amount of Ether is queued for unstaking, which could indicate validators are either selling or repositioning their assets, potentially exerting short-term selling pressure.

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