News linked to both this project and an event.
Benchmark partner Chetan Puttagunta posted on X, expressing confusion over Anthropic's public call for stricter regulation on AI model distillation. He noted that Anthropic is currently a company valued at approximately $1 trillion with vast technical and financial resources. At the scale described, so-called "large-scale distillation attacks" should theoretically be easier to identify and track. If Anthropic chooses to restrict such activities, the real cost may not be a lack of technical capability, but rather the sacrifice of some API revenue. "The only cost required seems to be reducing revenue from related API businesses."Previously, AI companies like Anthropic have been paying close attention to the issue of model distillation. Model distillation typically refers to using the output of a large model (the teacher model) to train another model (the student model), aiming to reduce costs and improve efficiency. Some AI companies are concerned that competitors might obtain model outputs by calling a large number of APIs, which could then be used to train their own models, thereby bypassing the original R&D investment. According to Puttagunta's perspective, the controversy surrounding model distillation in the AI industry essentially involves the balance between commercial interests, open competition, and intellectual property protection. For leading AI companies, finding the balance between protecting core technology and maintaining an open ecosystem will become an important issue for future industry competition.
According to the latest in-depth review and exchange ranking by renowned French crypto media Cryptoast, Gate Europe has been ranked third among European crypto trading platforms. The report indicates that Gate Europe has become one of the most competitive digital asset trading platforms in the European market, thanks to its comprehensive MiCA compliance framework, industry-leading low trading fees, and a wide selection of digital assets. The report states that Gate Europe has obtained a MiCA license from the Malta Financial Services Authority (MFSA) and completed passporting into the French market, among others, allowing it to offer compliant digital asset trading services within the European Economic Area. The platform currently supports over 270 crypto assets, with spot Maker and Taker fees as low as 0.1%, offering a significant advantage among MiCA-compliant trading platforms in Europe.Cryptoast notes that beyond its low fee advantage, Gate Europe also provides services such as free SEPA euro deposits, Proof of Reserves, mobile trading, and wealth management products. The platform employs a VIP tiered fee structure, where spot Maker fees can be reduced to as low as 0% as trading volume and asset scale increase. The report concludes that with its product ecosystem balancing compliance, security, and trading efficiency, Gate Europe can meet the diverse needs of both professional traders and ordinary investors, offering European users a more transparent and efficient digital asset investment experience.As MiCA continues to be implemented across Europe, the digital asset industry is moving towards a more regulated development phase. Leveraging its globally leading trading infrastructure, continuously improving product ecosystem, and localized compliance strategy, Gate Europe is steadily enhancing its service capabilities in the European market. The platform aims to provide users with a safer, more efficient, and trustworthy digital asset trading experience, further driving the development of the global digital finance ecosystem.
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
research firm Benchmark Equity Research has highlighted that the market structure reform proposal put forward by the U.S. Securities and Exchange Commission (SEC) on June 11 could be one of the most far-reaching regulatory actions for the U.S. crypto industry this year. The proposal aims to abolish Rule 611 and Rule 610(e) of Regulation NMS, two core rules that have governed the routing and execution of U.S. stock trades since 2005, which are seen as having long constrained the development of tokenized stocks and on-chain trading.Rule 611 (Order Protection Rule) requires trading venues to avoid executing trades at prices inferior to "protected quotations" on other markets, thereby enforcing the National Best Bid and Offer (NBBO) system. Rule 610(e) prohibits locked and crossed markets, restricting quotation overlaps and price mismatches.Benchmark analyst Mark Palmer stated that if the rules are repealed, it would remove key legal barriers hindering DeFi trading models, such as automated market makers (AMMs), allowing them to operate without relying on traditional order routing systems. The regulatory changes would directly benefit infrastructure for tokenized stocks and crypto securities trading, with Securitize identified as the most immediate beneficiary. Additionally, Coinbase and Galaxy Digital could also benefit from the expansion of trading, custody, and market-making businesses.However, Benchmark also noted that even with looser rules, critical issues such as exchange registration, clearing and settlement, and custody frameworks remain unresolved. The market is still anticipating the SEC's potential introduction of an "innovation exemption" mechanism. The SEC has opened a 60-day public comment period, and Benchmark expects a final vote could take place in early 2027. (The Block)
The global financial market's attention will be focused on Washington this week as newly appointed Federal Reserve Chair Kevin Warsh chairs his first post-confirmation FOMC press conference. This marks not only his transition from a policy commentator to the "world's most powerful banker," but also a critical window for the outside world to observe whether a major shift in Federal Reserve monetary policy is underway.The market widely expects the Fed to keep the benchmark interest rate unchanged at 3.50%-3.75% during this week's meeting. Compared to the specific rate decision, the market is more focused on how Warsh will reshape the Fed's "art of communication." For a long time, former Chair Powell tended to guide market expectations through transparent "forward guidance," but Warsh has previously expressed reservations about this approach publicly, arguing that the Fed should not provide too many interest rate hints to the market.This meeting will also release the latest quarterly Summary of Economic Projections (SEP) and the "dot plot." For Warsh, who has a strong aversion to the dot plot, this is undoubtedly an awkward beginning, as he must find a balance between respecting the Fed's decision-making mechanism and articulating his own policy preferences. (Reuters)
Odaily Benchmark maintains a Buy rating for Securitize, a tokenized infrastructure company, with a price target of $16, based on the company's projected revenue of $178 million for 2027. The SEC has approved the registration statement for the merger of Securitize and Cantor Equity Partners II. Shareholders will vote on June 29. If the merger goes through smoothly, the combined entity will be listed on the New York Stock Exchange under the ticker SECZ.The report states that Securitize has a differentiated advantage through its compliance license framework spanning the U.S. and Europe, including being registered in the U.S. as a broker-dealer, an alternative trading system, a transfer agent, and a fund service provider, while holding trading and settlement licenses under the EU's DLT Pilot Regime. Securitize currently manages approximately $3.4 billion in tokenized assets, and its specific market segment has already exceeded $30 billion. (The Block)
the U.S. Senate Banking Committee has advanced the crypto market structure bill, the Clarity Act, by a vote of 15 to 9. The bill aims to establish a comprehensive regulatory framework for the crypto industry at the federal level for the first time, garnering support from Democratic Senators Ruben Gallego and Angela Alsobrooks.While the industry generally views the committee's passage as positive progress, analysts believe the bill still faces significant obstacles before becoming law. TD Cowen has raised the bill's passage probability from approximately one-third to 40%, noting that some Democratic lawmakers are showing willingness to find a path to support it, though substantive disagreements have not been fully resolved.Previously, the bill had long been affected by issues such as stablecoin yield arrangements, conflicts of interest, and ethical provisions. Additionally, to overcome a filibuster in the Senate, the bill will need to secure more Democratic support than it currently has. Benchmark analysts also pointed out that the current number of supporting votes is insufficient to ensure its eventual passage. (The Block)