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Oneke

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❌❌❌ Rumor Refutation!!! Regarding the rumor that @REXShares SOL staking ETF has been approved, let me explain: What is 40Act? 40Act refers to the Investment Company Act of 1940, which, along with the Securities Act of 1933 (33Act) through which conventional spot ETFs are approved, is one of the core laws regulating funds in the United States. 📌 40Act applies to actively managed funds and staking yield ETFs, while REX's SOL ETF cleverly bypasses the 19b-4 process (SEC default compliance) by registering as a C corporation (C-Corp) through 40Act—currently, most ETFs that have not been approved are stuck at this 19b-4 step. So since issuing ETFs through 40Act is so convenient, why are companies like BlackRock and Grayscale still waiting foolishly for the 19b-4 process under 33Act? Are they really that foolish❓❓❓ In simple terms, the operation logic of 40Act is basically this: Investors are purchasing shares of the ETF issuing company (the registered C-Corp); The company directly holds SOL tokens and conducts on-chain staking operations; The earnings are distributed to investors through company dividends. ⚠️ This presents two core issues: 1: The C-Corp structure leads to double taxation: corporate tax is levied at the company level, and then individual income tax is levied again on shareholder dividends; whereas ETFs registered under 33Act are only subject to individual income tax once. 2: Does the C-Corp truly meet the definition of an “investment company”? According to 40Act, a fund must meet the conditions of “primarily investing in securities” or “having over 40% of its assets in securities.” If SOL is not a security, then the foundation of REX's registered C-Corp falls apart. So here comes the core question: Is SOL a security? Is SOL a security? Is SOL a security???? #Solana质押型ETF
❌❌❌ Rumor Refutation!!!
Regarding the rumor that @REXShares SOL staking ETF has been approved, let me explain: What is 40Act?

40Act refers to the Investment Company Act of 1940, which, along with the Securities Act of 1933 (33Act) through which conventional spot ETFs are approved, is one of the core laws regulating funds in the United States.

📌 40Act applies to actively managed funds and staking yield ETFs, while REX's SOL ETF cleverly bypasses the 19b-4 process (SEC default compliance) by registering as a C corporation (C-Corp) through 40Act—currently, most ETFs that have not been approved are stuck at this 19b-4 step.

So since issuing ETFs through 40Act is so convenient, why are companies like BlackRock and Grayscale still waiting foolishly for the 19b-4 process under 33Act? Are they really that foolish❓❓❓

In simple terms, the operation logic of 40Act is basically this:
Investors are purchasing shares of the ETF issuing company (the registered C-Corp);
The company directly holds SOL tokens and conducts on-chain staking operations;
The earnings are distributed to investors through company dividends.

⚠️ This presents two core issues:

1: The C-Corp structure leads to double taxation: corporate tax is levied at the company level, and then individual income tax is levied again on shareholder dividends; whereas ETFs registered under 33Act are only subject to individual income tax once.
2: Does the C-Corp truly meet the definition of an “investment company”? According to 40Act, a fund must meet the conditions of “primarily investing in securities” or “having over 40% of its assets in securities.” If SOL is not a security, then the foundation of REX's registered C-Corp falls apart.

So here comes the core question:
Is SOL a security? Is SOL a security? Is SOL a security????

#Solana质押型ETF
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The Surge of DeFi Tokens—The SEC is Creating a New On-Chain Colonial Empire Centered on AmericaYesterday, As DeFi tokens collectively dominated the exchange's gain leaderboard, even a semi-retired friend of mine messaged me asking: Why did DeFi suddenly surge? Is the bull market back? (Although I've always told everyone that we are in a bull market) The cause of it all stems from a piece of news: SEC's Paul Atkins is formulating an 'innovation exemption' policy for DeFi platforms! Once the news broke, the DeFi circle, which had been quiet for three years, erupted—unlike traditional financial sandbox operations, this is a direct regulatory exemption, which can be seen as a 'get out of jail free' card for DeFi, meaning that DeFi has become an extralegal territory in the crypto space!

The Surge of DeFi Tokens—The SEC is Creating a New On-Chain Colonial Empire Centered on America

Yesterday,



As DeFi tokens collectively dominated the exchange's gain leaderboard, even a semi-retired friend of mine messaged me asking: Why did DeFi suddenly surge? Is the bull market back? (Although I've always told everyone that we are in a bull market)

The cause of it all stems from a piece of news:
SEC's Paul Atkins is formulating an 'innovation exemption' policy for DeFi platforms!
Once the news broke, the DeFi circle, which had been quiet for three years, erupted—unlike traditional financial sandbox operations, this is a direct regulatory exemption, which can be seen as a 'get out of jail free' card for DeFi, meaning that DeFi has become an extralegal territory in the crypto space!
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BlackRock's spot BTC ETF breaks gold records, quickly surpassing $70 billion. So, besides ETFs, what other funds are reshaping the BTC market? 🧐First of all, the U.S. government has begun to establish a BTC strategic reserve, although at the national level, Trump mentioned using already seized BTC. However, from the BTC strategic reserves established by various state governments, they are all using their respective pension funds and similar funds to buy BTC. This is the largest force in the U.S. - the funds from state governments. When they buy, it’s not one or two thousand, but definitely starting from tens of thousands. With 50 states in the U.S., if each state buys thirty to forty thousand, that’s over two million BTC in purchases. In addition to the government, if everyone pays attention to information, they should have noticed: many listed companies in the U.S. are also continuously establishing BTC strategic reserves. There is also MicroStrategy @Strategy.

BlackRock's spot BTC ETF breaks gold records, quickly surpassing $70 billion. So, besides ETFs, what other funds are reshaping the BTC market? 🧐

First of all, the U.S. government has begun to establish a BTC strategic reserve, although at the national level, Trump mentioned using already seized BTC.
However, from the BTC strategic reserves established by various state governments, they are all using their respective pension funds and similar funds to buy BTC. This is the largest force in the U.S. - the funds from state governments. When they buy, it’s not one or two thousand, but definitely starting from tens of thousands. With 50 states in the U.S., if each state buys thirty to forty thousand, that’s over two million BTC in purchases.

In addition to the government, if everyone pays attention to information, they should have noticed: many listed companies in the U.S. are also continuously establishing BTC strategic reserves. There is also MicroStrategy @Strategy.
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The brand new consensus protocol Alpenglow launched by Anza, transitioning from PoH to PoS, why is it the biggest transformation since Solana's inception?✨ To discuss this topic, we first need to understand @solana's PoH (Proof of History) consensus protocol: The PoH mechanism itself is Solana's core innovation, which bypasses the problem of node synchronization time by timestamping transactions through a series of continuous hash values. In simple terms, PoH is like a clock that never stops, allowing all nodes to progress at the same rhythm, theoretically capable of infinitely increasing throughput. However, under the PoH mechanism, nodes need to synchronize hash clocks and handle massive amounts of data, which means that the hardware performance requirements are extremely high. Ordinary nodes cannot afford the high hardware costs, and only a few capital-rich supernodes can afford high-performance servers, exacerbating the trend of node centralization. At the same time, due to extreme reliance on supernodes in the network to maintain the operation of the 'clock', once nodes become over-leveraged or the network congests, it can lead to outages.

The brand new consensus protocol Alpenglow launched by Anza, transitioning from PoH to PoS, why is it the biggest transformation since Solana's inception?

✨ To discuss this topic, we first need to understand @solana's PoH (Proof of History) consensus protocol:
The PoH mechanism itself is Solana's core innovation, which bypasses the problem of node synchronization time by timestamping transactions through a series of continuous hash values. In simple terms, PoH is like a clock that never stops, allowing all nodes to progress at the same rhythm, theoretically capable of infinitely increasing throughput.
However, under the PoH mechanism, nodes need to synchronize hash clocks and handle massive amounts of data, which means that the hardware performance requirements are extremely high. Ordinary nodes cannot afford the high hardware costs, and only a few capital-rich supernodes can afford high-performance servers, exacerbating the trend of node centralization. At the same time, due to extreme reliance on supernodes in the network to maintain the operation of the 'clock', once nodes become over-leveraged or the network congests, it can lead to outages.
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As expected, the GENIUS stablecoin bill has officially landed, and cryptocurrency compliance regulation will usher in a watershed moment! Bull markets always arrive amidst skepticism. #GENIUS稳定币法案 #稳定币立法
As expected, the GENIUS stablecoin bill has officially landed, and cryptocurrency compliance regulation will usher in a watershed moment! Bull markets always arrive amidst skepticism.

#GENIUS稳定币法案 #稳定币立法
Oneke
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About the latest GENIUS stablecoin bill! Even novices can understand it in seconds!
🚂 The amended GENIUS stablecoin bill is set for a Senate vote tonight; if passed, it will become the first federal legislative framework for stablecoins in the U.S. (There is no doubt that this bill will pass.)

Let's take a look at the key points of the amended GENIUS bill:

1. The most severe move is extraterritorial jurisdiction:
This primarily targets entities like Tether, which will not differentiate based on registration locations; as long as they service U.S. users, they must obediently follow the Federal Reserve's commands, effectively cutting off the path for overseas stablecoins to "regulatory arbitrage."

2. Clearly prohibit non-financial publicly listed companies from issuing stablecoins:
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About the latest GENIUS stablecoin bill! Even novices can understand it in seconds!🚂 The amended GENIUS stablecoin bill is set for a Senate vote tonight; if passed, it will become the first federal legislative framework for stablecoins in the U.S. (There is no doubt that this bill will pass.) Let's take a look at the key points of the amended GENIUS bill: 1. The most severe move is extraterritorial jurisdiction: This primarily targets entities like Tether, which will not differentiate based on registration locations; as long as they service U.S. users, they must obediently follow the Federal Reserve's commands, effectively cutting off the path for overseas stablecoins to "regulatory arbitrage." 2. Clearly prohibit non-financial publicly listed companies from issuing stablecoins:

About the latest GENIUS stablecoin bill! Even novices can understand it in seconds!

🚂 The amended GENIUS stablecoin bill is set for a Senate vote tonight; if passed, it will become the first federal legislative framework for stablecoins in the U.S. (There is no doubt that this bill will pass.)

Let's take a look at the key points of the amended GENIUS bill:

1. The most severe move is extraterritorial jurisdiction:
This primarily targets entities like Tether, which will not differentiate based on registration locations; as long as they service U.S. users, they must obediently follow the Federal Reserve's commands, effectively cutting off the path for overseas stablecoins to "regulatory arbitrage."

2. Clearly prohibit non-financial publicly listed companies from issuing stablecoins:
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