Terrence Schaffert tQRT
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The United States is accelerating the construction of a cryptocurrency regulatory system, with legislative games at both federal and state levels reshaping the industry landscape. The House of Representatives passed the Financial Innovation and Technology Act of the 21st Century (FIT21), which clarifies the division of responsibilities between the SEC and CFTC: the SEC regulates securities-like tokens, while the CFTC governs digital commodities like Bitcoin, and innovatively defines the standard for 'decentralization' (where a single entity holds ≤20% of shares). Legislation on stablecoins has faced ups and downs; the Senate's GENIUS Act was rejected with a vote of 48:49 due to demands from the ** party to prohibit officials from participating in cryptocurrency businesses, but the market expects negotiations may resume before August.
State-level policies are showing divergence: New Hampshire has signed HB 302, allowing the state treasury to allocate up to 5% of public funds (approximately $181 million) to invest in Bitcoin, setting a precedent for local government reserves; states like North Carolina and Texas are following suit, while others like Florida have rejected similar proposals due to risk concerns.
Regulatory agencies are shifting towards rule-making: the SEC Chairman announced the end of the 'enforcement regulation' model and promised to clarify exemption clauses through rules; the CFTC is strengthening its regulatory authority over digital commodities and DeFi through FIT21. The industry's response is polarized: companies like Coinbase support the legislation, and 34 institutions have jointly called for clarification of the definition of 'money transmitter' to avoid excessive regulation.
In the future, the FIT21 Act is expected to pass in the Senate, and the regulatory framework for stablecoins may become the next focal point. The United States needs to balance innovation incentives and risk prevention while consolidating its global leadership position through international cooperation (such as the joint US-UK push for cryptocurrency standards). This regulatory revolution is reshaping the valuation logic and power landscape of digital assets.
State-level policies are showing divergence: New Hampshire has signed HB 302, allowing the state treasury to allocate up to 5% of public funds (approximately $181 million) to invest in Bitcoin, setting a precedent for local government reserves; states like North Carolina and Texas are following suit, while others like Florida have rejected similar proposals due to risk concerns.
Regulatory agencies are shifting towards rule-making: the SEC Chairman announced the end of the 'enforcement regulation' model and promised to clarify exemption clauses through rules; the CFTC is strengthening its regulatory authority over digital commodities and DeFi through FIT21. The industry's response is polarized: companies like Coinbase support the legislation, and 34 institutions have jointly called for clarification of the definition of 'money transmitter' to avoid excessive regulation.
In the future, the FIT21 Act is expected to pass in the Senate, and the regulatory framework for stablecoins may become the next focal point. The United States needs to balance innovation incentives and risk prevention while consolidating its global leadership position through international cooperation (such as the joint US-UK push for cryptocurrency standards). This regulatory revolution is reshaping the valuation logic and power landscape of digital assets.
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#美国加征关税 Family, big news! The United States is stirring things up again by imposing tariffs on Chinese imports. This time it involves a whole bunch of items including electric vehicle batteries, computer chips, medical products, and more.
Biden spoke at the White House with great righteousness, saying things like 'we need to ensure fair competition and not let Chinese goods flood the American market.' But to put it bluntly, isn’t it just because they are anxious about our rapid development? The Chinese Ministry of Commerce is also not being vague and immediately stated that it will take measures to defend its own interests; this counterattack will definitely not be absent.
In this round of tariff increases, Biden retained the tariffs set by Trump earlier and also significantly raised tariffs on certain goods, with electric vehicle tariffs increasing fourfold and semiconductor tariffs doubling. The value of affected Chinese imports reaches up to $18 billion, covering areas like steel, aluminum, semiconductors, and electric vehicles. Although the number of Chinese electric vehicles imported into the U.S. is not large, this move carries more political significance than actual impact, clearly aimed at showing voters and trying to garner votes.
Looking at Trump, he has been shouting about imposing a 60% or even higher tariff on all Chinese goods, and he even said that Biden's tariff increase is not enough and should be expanded to other types of vehicles and products. These two are taking turns on tariff issues, while it’s the enterprises and consumers in both China and the U.S. who suffer. American consumers will surely have to pay more for Chinese goods, while Chinese export companies will likely see a decline in orders, truly a 'killing a thousand enemies but losing eight hundred of our own.'
This move by the U.S. is merely an attempt to suppress China's development through trade measures and maintain its economic hegemony. But China is not to be underestimated; in recent years our economic structure has been continuously optimized, and our dependence on U.S. exports has decreased, while actively expanding new markets like the 'Belt and Road Initiative.' While U.S. tariff increases may have an impact on some industries in the short term, in the long run, it may force Chinese companies to accelerate technological innovation and industrial upgrading. Let’s wait and see how this trade game develops; we believe that China has the ability to cope!
Biden spoke at the White House with great righteousness, saying things like 'we need to ensure fair competition and not let Chinese goods flood the American market.' But to put it bluntly, isn’t it just because they are anxious about our rapid development? The Chinese Ministry of Commerce is also not being vague and immediately stated that it will take measures to defend its own interests; this counterattack will definitely not be absent.
In this round of tariff increases, Biden retained the tariffs set by Trump earlier and also significantly raised tariffs on certain goods, with electric vehicle tariffs increasing fourfold and semiconductor tariffs doubling. The value of affected Chinese imports reaches up to $18 billion, covering areas like steel, aluminum, semiconductors, and electric vehicles. Although the number of Chinese electric vehicles imported into the U.S. is not large, this move carries more political significance than actual impact, clearly aimed at showing voters and trying to garner votes.
Looking at Trump, he has been shouting about imposing a 60% or even higher tariff on all Chinese goods, and he even said that Biden's tariff increase is not enough and should be expanded to other types of vehicles and products. These two are taking turns on tariff issues, while it’s the enterprises and consumers in both China and the U.S. who suffer. American consumers will surely have to pay more for Chinese goods, while Chinese export companies will likely see a decline in orders, truly a 'killing a thousand enemies but losing eight hundred of our own.'
This move by the U.S. is merely an attempt to suppress China's development through trade measures and maintain its economic hegemony. But China is not to be underestimated; in recent years our economic structure has been continuously optimized, and our dependence on U.S. exports has decreased, while actively expanding new markets like the 'Belt and Road Initiative.' While U.S. tariff increases may have an impact on some industries in the short term, in the long run, it may force Chinese companies to accelerate technological innovation and industrial upgrading. Let’s wait and see how this trade game develops; we believe that China has the ability to cope!
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This roundtable meeting marks a new phase in the United States' cryptocurrency regulation, transitioning towards clearer rules and predictable compliance. In the short term, the SEC's policy shift may attract more institutional funds into the crypto market (as giants like BlackRock accelerate their positioning in ETFs and staking products), and promote the construction of tokenized financial infrastructure. In the long term, the clarity of the regulatory framework will facilitate global coordination in crypto governance (such as mutual recognition of MiCA and SEC rules), but issues like the stalemate in stablecoin legislation and unclear compliance paths for DeFi still need to be further addressed.
Industry participants should pay close attention to the following developments:
1. SEC Rulemaking Timeline: Within the next 3-6 months, the SEC may release guidelines for the issuance of security tokens, custody safety standards, and registration rules for DeFi platforms.
2. Federalization Process of Stablecoin Regulation: If the GENIUS Act resumes negotiations, its reserve requirements and information disclosure standards will directly impact the operational models of leading stablecoins like USDT and USDC.
3. Token Attribute Re-evaluation Results: The SEC's classification of mainstream public chain assets (such as whether XRP and SOL are excluded from being classified as securities) will determine their market liquidity and compliance costs.
In summary, this roundtable meeting provides a key pathway for the crypto industry to transition from 'wild growth' to regulated development, but the release of regulatory dividends still relies on legislative progress and deep integration of technological compliance.
Industry participants should pay close attention to the following developments:
1. SEC Rulemaking Timeline: Within the next 3-6 months, the SEC may release guidelines for the issuance of security tokens, custody safety standards, and registration rules for DeFi platforms.
2. Federalization Process of Stablecoin Regulation: If the GENIUS Act resumes negotiations, its reserve requirements and information disclosure standards will directly impact the operational models of leading stablecoins like USDT and USDC.
3. Token Attribute Re-evaluation Results: The SEC's classification of mainstream public chain assets (such as whether XRP and SOL are excluded from being classified as securities) will determine their market liquidity and compliance costs.
In summary, this roundtable meeting provides a key pathway for the crypto industry to transition from 'wild growth' to regulated development, but the release of regulatory dividends still relies on legislative progress and deep integration of technological compliance.
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#CPI数据来袭 今晚可得重点关注美国4月CPI数据的公布！这数据的走向，直接关系到金融市场的风向。如果数据利好，加息的概率大概率会大幅上升；反之，加息预期就会降低。目前，市场上都在热烈猜测7月的政策是否会有所调整，这4月CPI数据无疑是关键的风向标。
回顾昨晚的美股市场，开盘时气势如虹，让人以为要迎来一波大行情，结果后续却大幅回调，这走势实在让人捉摸不透。最近的市场还有个奇特现象，每当川普那边传来利好消息，市场就像故意作对似的下跌，仿佛陷入了一种玄学怪圈。
看看现在的行情，真心劝大家先稳住阵脚，千万不要冲动行事。大盘目前还在跌势中挣扎，在这种情况下盲目操作，很可能就会踩雷。与其冒险瞎操作，不如先耐心观望。等市场出现反弹，冲向一波高点的时候，再考虑做空也不迟。咱们宁可错过一些看似的机会，也不能贸然出手导致损失，毕竟在投资市场，谨慎永远是第一位的 。
回顾昨晚的美股市场，开盘时气势如虹，让人以为要迎来一波大行情，结果后续却大幅回调，这走势实在让人捉摸不透。最近的市场还有个奇特现象，每当川普那边传来利好消息，市场就像故意作对似的下跌，仿佛陷入了一种玄学怪圈。
看看现在的行情，真心劝大家先稳住阵脚，千万不要冲动行事。大盘目前还在跌势中挣扎，在这种情况下盲目操作，很可能就会踩雷。与其冒险瞎操作，不如先耐心观望。等市场出现反弹，冲向一波高点的时候，再考虑做空也不迟。咱们宁可错过一些看似的机会，也不能贸然出手导致损失，毕竟在投资市场，谨慎永远是第一位的 。
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#ETH突破2500 After months of consolidation below $2000, Ethereum has finally突破了 $2500, briefly touching this milestone before retreating to the $2470–2480 range. Bulls believe that with the momentum from ETFs and the increase in DeFi activity, ETH is preparing for a significant surge. However, bears point out that there is strong resistance at $2500 and warn of potential short-term pullbacks.
💬 Where do you think ETH will go next? Share your thoughts!
👉 Use the hashtag #ETH to discuss the突破2500 topic, or create a post with the $ETH tag, or share your trader profile and insights to earn points!
(Click “+” on the app homepage and enter the task center)
Event time: 2025-05-11 06:00 (UTC) to 2025-05-12 06:00 (UTC)
Points rewards are first come, first served, so make sure to claim your points every day!
💬 Where do you think ETH will go next? Share your thoughts!
👉 Use the hashtag #ETH to discuss the突破2500 topic, or create a post with the $ETH tag, or share your trader profile and insights to earn points!
(Click “+” on the app homepage and enter the task center)
Event time: 2025-05-11 06:00 (UTC) to 2025-05-12 06:00 (UTC)
Points rewards are first come, first served, so make sure to claim your points every day!
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#山寨季何时到来 In the past week, Bitcoin's dominance (BTCD) has dropped by nearly 2%, which is often seen by traders as an early signal that funds are starting to flow into altcoins. Mainstream altcoins like DOGE, XRP, ETH, and SOL are following Bitcoin's breakout trend from the end of April, indicating that the momentum for altcoins may be building in the market.
💬 Is the altseason coming soon? Which tokens are you paying attention to? How will you position yourself to respond to this market trend?
👉 Use the #山寨季何时到来 hashtag, or the $XRP coin pair tag to create posts, or share your trader profile and insights to earn points!
(Click “+” on the app homepage and enter the task center)
Event time: 2025-05-10 06:00 (UTC) to 2025-05-11 06:00 (UTC)
Points rewards are first-come, first-served, so make sure to claim your points every day!
💬 Is the altseason coming soon? Which tokens are you paying attention to? How will you position yourself to respond to this market trend?
👉 Use the #山寨季何时到来 hashtag, or the $XRP coin pair tag to create posts, or share your trader profile and insights to earn points!
(Click “+” on the app homepage and enter the task center)
Event time: 2025-05-10 06:00 (UTC) to 2025-05-11 06:00 (UTC)
Points rewards are first-come, first-served, so make sure to claim your points every day!
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#BTC重返10万 昨天一波拉升 大饼完成了对104k的空头流动性全部清算
回到当下行情，可以看到，目前价格上方的空头流动性仅剩105k到106k的残余了，而在此价位以上，属于完全真空的流动性缺口；
因此，至少在本周之内
价格是没有可能突破106k的，所以在我看来，当下的情况是
1. 空头流动性（燃料）几乎耗尽！
2. 多头未清算流动性总量较高，但当前价格附近较为稀少；
3.三大所的资金费率全部恢复正常
因此，可以预期，100k~106k会成为新的震荡区间，直到106k以上的空头流动性填满这个缺口，或97k附近的多头流动性完成积累。
对于手持长线空单，爆仓价很高的人来说，经过这轮二段拉升，一定都心惊胆颤了，但其实这恰好就是价格即将开始震荡的时候。
回到当下行情，可以看到，目前价格上方的空头流动性仅剩105k到106k的残余了，而在此价位以上，属于完全真空的流动性缺口；
因此，至少在本周之内
价格是没有可能突破106k的，所以在我看来，当下的情况是
1. 空头流动性（燃料）几乎耗尽！
2. 多头未清算流动性总量较高，但当前价格附近较为稀少；
3.三大所的资金费率全部恢复正常
因此，可以预期，100k~106k会成为新的震荡区间，直到106k以上的空头流动性填满这个缺口，或97k附近的多头流动性完成积累。
对于手持长线空单，爆仓价很高的人来说，经过这轮二段拉升，一定都心惊胆颤了，但其实这恰好就是价格即将开始震荡的时候。
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In 2023, the United States made significant strides in stablecoin regulation. On March 13, local time, the U.S. Senate Banking Committee passed the 'Guidance and Establishment of the American Stablecoin National Innovation Act' (the 'GENIUS Act') with a vote of 18 to 6, marking an important step towards legal enactment. This act will regulate stablecoin issuers at the federal level in the United States. The legislation focuses on payment stablecoins, aiming to create a clear regulatory framework that ensures transparency, accountability, and consumer rights, while promoting their standardized application in the digital economy.
The act clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount, and not classified as national currency or securities of investment companies. Issuer eligibility is strictly limited to approved insured deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, which include U.S. dollars in cash, deposits at Federal Reserve Banks, and short-term U.S. Treasury securities. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties including disqualification, cease and desist orders, civil fines, and even criminal penalties.
The act clearly defines payment stablecoins, which must be denominated in national currency, with issuers committing to redeem at a fixed amount, and not classified as national currency or securities of investment companies. Issuer eligibility is strictly limited to approved insured deposit institution subsidiaries and federally or state-certified non-bank payment stablecoin issuers. Issuers must hold 100% reserve assets, which include U.S. dollars in cash, deposits at Federal Reserve Banks, and short-term U.S. Treasury securities. Monthly reserve composition reports must be published and audited by an independent accounting firm, with written certification from the CEO and CFO. In terms of custody, only federally or state-regulated financial institutions may provide services, with client assets prioritized and prohibited from being included in the issuer's balance sheet. Regulatory violations will face penalties including disqualification, cease and desist orders, civil fines, and even criminal penalties.
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#加密市场回调 Family, listen up! On May 8th at 2 AM, the Federal Reserve's interest rate decision is definitely the top priority in the cryptocurrency world right now! In my opinion, there are only two possible outcomes:
The first scenario is that if the Federal Reserve does not cut interest rates in May, many in the market have actually been prepared for this. If they really don't cut rates, Bitcoin is likely to experience a pullback, and the coins we hold might shrink in value.
The second scenario is that if the Federal Reserve cuts interest rates directly in May, then Bitcoin will likely take off like a rocket! Just thinking about that scene is thrilling.
The institutions in the market are acting like they’ve gone crazy, frantically buying Bitcoin. I’m telling you, once the price of Bitcoin crosses the $100,000 threshold, that $3 billion of 'southbound funds' (money flowing out of our country to speculate on cryptocurrencies) will probably be instantly swallowed up by the market. To those speculators, this $3 billion is just a juicy piece of meat, and they are practically drooling over it.
The recent market performance has been particularly obvious. Bitcoin can reach a new high every day, but just a few days later, that high becomes a low. The candlestick chart shows a slow but steady upward trend, but those shorting Bitcoin (the ones betting against Bitcoin to make a profit) are suffering greatly, getting trapped deeper and deeper, and can’t escape. I suspect that those speculators will not easily crash the market to release the short-sellers; they are hoping that the short-sellers get more entrenched so that they can profit immensely!
The first scenario is that if the Federal Reserve does not cut interest rates in May, many in the market have actually been prepared for this. If they really don't cut rates, Bitcoin is likely to experience a pullback, and the coins we hold might shrink in value.
The second scenario is that if the Federal Reserve cuts interest rates directly in May, then Bitcoin will likely take off like a rocket! Just thinking about that scene is thrilling.
The institutions in the market are acting like they’ve gone crazy, frantically buying Bitcoin. I’m telling you, once the price of Bitcoin crosses the $100,000 threshold, that $3 billion of 'southbound funds' (money flowing out of our country to speculate on cryptocurrencies) will probably be instantly swallowed up by the market. To those speculators, this $3 billion is just a juicy piece of meat, and they are practically drooling over it.
The recent market performance has been particularly obvious. Bitcoin can reach a new high every day, but just a few days later, that high becomes a low. The candlestick chart shows a slow but steady upward trend, but those shorting Bitcoin (the ones betting against Bitcoin to make a profit) are suffering greatly, getting trapped deeper and deeper, and can’t escape. I suspect that those speculators will not easily crash the market to release the short-sellers; they are hoping that the short-sellers get more entrenched so that they can profit immensely!
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