Headline
▌The SEC is promoting cryptocurrency and AI financial regulation to protect investors with minimal intervention principles and encourage innovation and competition.
Paul S. Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), stated at the OECD Global Financial Markets Roundtable that the SEC will modernize securities regulation rules through Project Crypto to clarify the securities status of crypto assets, providing a clear regulatory framework for companies to raise funds, trade, stake, and lend on-chain. He emphasized that most cryptocurrencies do not fall under the category of securities, and regulation will protect investors with minimal intervention principles while encouraging innovation and competition. Atkins also pointed out that artificial intelligence (AI) will combine with blockchain to promote 'smart agent finance,' achieving automated trading, capital allocation, and risk management, enhancing market efficiency and reducing costs. He called for international cooperation, drawing on the EU's MiCA experience to jointly advance digital asset regulation and financial innovation. The SEC aims to establish a globally leading cryptocurrency and AI financial ecosystem in the U.S. to create more opportunities for investors and companies.
▌BlackRock plans to launch its Bitcoin ETF in the UK next month
According to market news released by The Bitcoin Historian, BlackRock, which manages $11 trillion in assets, plans to launch its Bitcoin ETF in the UK next month.
Market
As of press time, according to CoinGecko data:
BTC price is $113,843, 24-hour change +2.2%;
ETH price is $4,346.72, 24-hour change +0.9%;
BNB price is $893.86, 24-hour change +1.7%;
SOL price is $224.24, 24-hour change +3.4%;
DOGE price is $0.2447, 24-hour change +1.8%;
XRP price is $2.98, 24-hour change +1.4%;
TRX price is $0.3386, 24-hour change +1.1%;
WLFI price is $0.203, 24-hour change +0.8%.
Policy
▌US SEC Chairman: The era of cryptocurrencies has arrived, and most crypto tokens are not securities
US SEC Chairman Paul S. Atkins delivered a keynote speech at the first OECD Global Financial Market Roundtable, stating: The era of cryptocurrencies has arrived. Most crypto tokens are not securities, and the US SEC will clearly define these boundaries, ensuring that entrepreneurs can raise funds on-chain without facing endless legal uncertainties. The US SEC must also allow 'super app' trading platforms to innovate to increase choices for market participants. Platforms should be able to offer trading, lending, and staking services under a single regulatory framework. Investors, advisors, and broker-dealers should also have the freedom to choose among various custody solutions.
▌US Senator: The cryptocurrency market structure bill is expected to pass this year
US Senators Cynthia Lummis and Kirsten Gillibrand stated that both parties are continuously promoting cryptocurrency market structure legislation, hoping to complete it by the end of the year. Previously, the Senate Banking Committee set the end of September as the target, but progress has been delayed until October or even the end of the year. Gillibrand emphasized that the current Congress is facing negotiations over the fiscal cliff, and legislation should not have 'artificial deadlines,' stating that negotiations have not yet defined a 'red line'; Lummis stated that 'it must be completed by the end of the year' and described it as 'like being pregnant for four years.' Democrats propose that the bill should include consumer protection, regulatory jurisdiction division, and ethical provisions prohibiting the president, vice president, and their families from profiting from cryptocurrency projects to prevent conflicts of interest. Gillibrand emphasized that the ethical perspective is crucial for industry trust, while Lummis believes that officials' investment restrictions should be legislated alongside other securities rather than targeting cryptocurrencies alone.
▌The probability of the US (cryptocurrency market structure bill) being passed by the Senate has increased, with optimistic prospects for bipartisan cooperation.
According to crypto journalist Eleanor Terrett, today the Democratic Party of the US Senate released a comprehensive (cryptocurrency market structure bill) framework, triggering optimism among cryptocurrency industry figures and some Republican leaders that cryptocurrency market structure reform may find bipartisan cooperation in the Senate. An alliance of 12 Democrats has published a detailed framework indicating that the Democrats are ready to join the previously Republican-driven efforts to establish clear rules for the cryptocurrency market. Key Republican backer Senator Cynthia Lummis praised this bipartisan effort. The Democratic framework is based on seven key pillars, with clear goals for token jurisdiction, strengthening regulation of trading platforms and issuers, combating illegal financial activities and conflicts of interest, and providing regulatory agencies with more enforcement resources. These priorities overlap significantly with those emphasized by Republicans. The key to reaching an agreement between the two parties lies in the details, especially regarding the differences in regulatory intensity. Republicans have traditionally favored looser regulation, while Democrats tend to prefer stricter rules. Previous reports indicated that the Senate Banking Committee is expected to mark up the market structure discussion draft by the end of September, while the Senate Agriculture Committee will release a draft covering CFTC regulatory aspects in the near future, with expectations that the market structure bill will be signed into law by President Trump before Christmas this year.
▌Swiss National Bank Governor: Switzerland does not need stablecoins
Swiss National Bank Governor Schlegel: Switzerland does not need stablecoins.
▌India resists a comprehensive cryptocurrency framework, fearing systemic risks.
A government document shows that India tends not to formulate comprehensive legislation to regulate domestic cryptocurrencies, but instead chooses to maintain partial regulation due to concerns that bringing digital assets into the mainstream financial system may trigger systemic risks. The document cites the view of the Indian central bank, stating that it would be very difficult to control the risks of cryptocurrencies through regulation. The document prepared by the government this month points out that regulating cryptocurrencies in India will give them 'legitimacy' and may 'lead to systemic risks in the industry.' In contrast, while a comprehensive ban could address the 'worrisome' risks posed by speculative cryptocurrencies, the document adds that this approach cannot address peer-to-peer transactions or trades on decentralized exchanges.
▌The South Korean government removes virtual asset trading and intermediary businesses from the list of restricted industries for risky enterprises.
Virtual asset trading and intermediary businesses will be removed from the list of restricted industries for risky enterprises. The South Korean Ministry of SMEs and Startups announced on the 9th that it reviewed and passed a partial amendment to the (Special Act on Nurturing Risk Enterprises) containing the above content at a State Council meeting held at the Blue House. This amendment will officially take effect on the 16th. The Ministry of SMEs and Startups explained that this amendment is aimed at laying the foundation for formally nurturing core deep technology industries in the digital asset ecosystem, such as blockchain and crypto technology, considering the changing global status of the virtual asset industry and the strengthening of the domestic user protection system. The Ministry of SMEs and Startups also pointed out that globally, the US approved the listing of Bitcoin spot index funds (ETFs) in January last year, and in July of the same year implemented comprehensive regulations for stablecoins, indicating a trend toward recognizing virtual assets as a formal industry.
Blockchain applications
▌Binance teams up with Franklin Templeton to promote digital asset products and plans
Binance and Franklin Templeton, with a global asset management scale of $1.6 trillion, announced that they will collaborate to create digital asset plans and solutions for a wide range of investors. Both parties will explore combining Franklin Templeton's expertise in compliant tokenized securities with Binance's strengths in global trading infrastructure and investor outreach to jointly develop innovative solutions. The goal is to achieve competitive returns and settlement efficiency by enhancing the efficiency, transparency, and accessibility of capital markets to meet the evolving needs of investors. More details about this collaboration and new product launch plans will be announced later this year.
▌OpenAI signs a $300 billion computing power deal with Oracle
According to informed sources, OpenAI has signed an agreement to purchase $300 billion worth of computing power from Oracle (ORCL.N) over approximately five years, a massive commitment far exceeding its current revenue levels. This deal is one of the largest cloud service contracts ever, reflecting that despite growing concerns about a possible bubble in the AI sector, spending on AI data centers continues to rise to new highs. This contract will require 4.5 gigawatts of power capacity, roughly equivalent to the output of more than two Hoover Dams or the electricity consumption of about four million households. After Oracle disclosed a new $317 billion future contract revenue for the latest fiscal quarter ending August 31, the company's stock price surged by 42% that day, with the increase narrowing to 36%. CEO Safra Catz stated that the company signed contracts with three different customers during that quarter.
Cryptocurrency
▌The credit union in Minnesota, USA, will launch the stablecoin Cloud Dollar.
St. Cloud Financial Credit Union in Minnesota, USA, announced that it will launch the stablecoin Cloud Dollar (CLDUSD), the first stablecoin introduced by a US credit union. The stablecoin is co-developed by Metallicus and DaLandCUSO and will be integrated into the credit union's banking system to provide members with instant, low-cost transactions.
▌VanEck plans to apply for a Hyperliquid spot staking ETF
According to market news, VanEck plans to apply for a Hyperliquid spot staking ETF in the US and launch related trading products in Europe. Hyperliquid is a Layer-1 blockchain that went live in 2023, recently achieving top network revenue for four consecutive weeks. VanEck stated that part of the product's net profits may be used for HYPE token buybacks, which is not yet listed on mainstream exchanges in the US. The ETF and ETP products still require regulatory approval.
▌Asset Entities approves merger with Strive, establishing a $1.5 billion BTC finance company.
Asset Entities Inc (ASST) announced that its shareholders have approved the merger plan with Strive Enterprises. Previously, Strive Enterprises' shareholders approved the merger on September 4, paving the way for the new company (to be renamed Strive Inc.) to implement a Bitcoin reserve strategy. Former presidential candidate Vivek Ramaswamy co-founded Strive Enterprises in 2022. According to the announcement, the completion of the merger transaction still requires Nasdaq listing approval and other customary conditions. Matt Cole, who currently serves as the head of Strive Asset Management, will assume the role of chairman and CEO of the merged company. Strive expects to implement $750 million in private equity financing (PIPE) at the time of merger completion, with potential total financing exceeding $1.5 billion if the warrants are exercised. Cole emphasized the company's debt-free structure and stated that it aims to maximize the number of Bitcoins per share through a strict, long-term approach designed to outperform Bitcoin itself.
▌Bitcoin's total network hash rate sets a new record high
Bitcoin's total network hash rate reached an all-time high of 1.13 ZH/s.
▌US SEC delays decision on BlackRock and Fidelity's proposal to add staking features to their spot Ethereum ETFs.
US SEC delays decision on BlackRock and Fidelity's proposal to add staking features to their spot Ethereum ETFs.
▌The number of ETH queued for unstaking has surged to 2,090,000, setting a new historic high
Ethereum staking tracking website ValidatorQueue shows that the number of ETH queued for unstaking has surged to 2,093,577, with withdrawal delays currently reported at 36 days and 8 hours. Meanwhile, the number of ETH queued for staking is currently reported at 806,926, with an access queue time of 14 days.
▌US SEC delays decision on Franklin's spot Ethereum ETF to add staking features.
US SEC delays decision on Franklin's spot Ethereum ETF to add staking features, extending the review period to November 13.
▌US SEC delays the review of Franklin's spot XRP ETF application.
US SEC delays the review of Franklin's spot XRP ETF application, pushing the original deadline from September 15 to November 14, 2025.
▌US SEC delays the approval decision for FRANKLIN's spot SOLANA ETF
According to market news, the US Securities and Exchange Commission (SEC) has delayed the approval decision for FRANKLIN's spot SOLANA ETF.
▌CEA Industries increases its holdings by 30,000 BNB, bringing the total holdings to 418,888 BNB
NASDAQ-listed CEA Industries announced that it has increased its holdings by 30,000 BNB (worth about $26 million), bringing the total holdings to 418,888 BNB, valued at approximately $368 million.
▌Oblong CEO: Currently holds more than 21,700 TAO
Pete Holst, President and CEO of Nasdaq-listed digital asset finance company Oblong, issued a shareholder letter disclosing that the company raised $7 million three months ago and invested it entirely in purchasing TAO, and so far, the holding of TAO tokens has exceeded 21,700, all of which have been staked on the network.
▌Coinbase will launch LAYER spot trading.
Coinbase will launch spot trading for Solayer (LAYER).
▌Coinbase will launch KMNO and DOLO spot trading.
Coinbase will launch spot trading for Kamino (KMNO) and Dolomite (DOLO).
Important economic dynamics
▌Trump: Powell must significantly cut interest rates immediately
US President Trump stated that Powell must significantly cut interest rates immediately.
▌US August PPI year-on-year growth of 2.6%
US August PPI year-on-year growth of 2.6%, expected growth of 3.3%; month-on-month decline of 0.1%, expected growth of 0.3%.
▌The US Senate Banking Committee approves the nomination of Milani to the Federal Reserve.
The US Senate Banking Committee approved the nomination of Milani to the Federal Reserve by a vote of 13 to 11.
▌The probability of the Federal Reserve cutting rates by 25 basis points in September is 92%
According to CME 'Fed Watch': the probability of the Federal Reserve cutting rates by 25 basis points in September is 92%, and the probability of a 50 basis point cut is 8%. The probability of the Federal Reserve cumulatively cutting rates by 25 basis points in October is 21.2%, the probability of a cumulative 50 basis point cut is 72.6%, and the probability of a cumulative 75 basis point cut is 6.2%.
Golden Encyclopedia
▌Can quantum computers really crack Bitcoin?
Bitcoin uses the SHA-256 hashing algorithm, which was developed by the National Security Agency (NSA) of the United States. SHA-256 prevents brute force attacks against the Bitcoin network, as decrypting with existing hardware may take decades. However, the new threat facing SHA-256 is quantum computing, a method of computation that uses principles of quantum physics and is much faster than traditional computing. Fundamentally, quantum computing uses quantum bits (qubits) that can exist in multiple states. This contradicts traditional binary computing, which uses binary bits (1 and 0). In 1994, mathematician Peter Shor proposed an algorithm that allows quantum computers to solve complex algorithms in seconds, while traditional hardware would take decades. When combined with Shor's algorithm, quantum computing could break the Bitcoin encryption system as we know it.
When creating a cryptocurrency wallet, it generates two important things: a private key and a public key. The private key is a secret code similar to a password that must be kept secure. The public key is generated from the private key, and the wallet address (like a bank account number) is generated from the public key. The private key acts like the master password controlling the cryptocurrency wallet. Through this private key, the wallet can create multiple public keys, each of which generates a wallet address. While it is simple to generate a public key from a private key, deriving a private key from a public key is extremely difficult—almost impossible—ensuring the wallet's security. It is believed that quantum computing could reverse this process, generating a private key from a public key. There are concerns that this could lead to many Bitcoin holders (especially whales and wallets from the Satoshi era) losing their funds.
