Recently, there has been too much happening in the last 24 hours. In summary, here are the four major events of today.

1: The Beautiful Bill passed the Senate with a crucial vote from Vance, but due to differences between the Senate and House versions, it needs to be revised again. Once both sides reach an agreement, the process will be followed again.

2: Trump and Musk have argued again over the Beautiful Bill, and this time Musk seems to have truly angered Trump. Trump has made very tough statements towards Musk. Relatively speaking, Musk is currently in a weaker position because both SpaceX and Starlink require support from the U.S. government.

3: Powell's speech and Trump's further attacks on Powell. Overall, Powell did not explicitly support a rate cut in July, but he seems slightly more open to a rate cut in September. Trump directly called Powell an idiot and plans to announce the successor to the Federal Reserve Chairman next week.

4: The SEC is preparing to propose a general listing standard for Token spot ETFs to simplify the approval process, detailing what issuers need to include in their documents, from how to calculate net asset value and select benchmarks to custody practices, service provider agreements, governance structures, and potential conflicts of interest. This statement indicates that the SEC is laying the groundwork for more structured regulation of crypto products. This doesn’t even account for other miscellaneous small matters. Overall, the last 24 hours have been very complex. It is expected that the disputes between Trump and Musk will not cause long-term harm to the market; whether that turns out to be true will depend on the next couple of days.

I won't say too much about BTC data; although there has been some price volatility, it has not triggered panic in the market. The market turnover is also not high, and the support levels have not changed much. Generally, investors do not believe that the renewed quarrel between Trump and Musk poses significant risks, and instead, they have certain expectations regarding the Beautiful Bill. For now, no systemic risks have been observed. #BTC #ETH