News linked to both this project and an event.
Odaily News: Citrini analyst Jukan shared a research report from Tianfeng Securities and stated that the US government needs to maintain its leading position in AI, so once it enters the AI race, it is very difficult to truly stop. Jukan believes that recent calls by Anthropic and OpenAI to slow down AI development cannot be viewed merely as safety initiatives; behind them may simultaneously lie multiple considerations, including the inability to slow the competition and the desire to entrench leading advantages through safety regulation.Jukan further pointed out that the relevant "AI slowdown" calls ostensibly stem from safety testing, operational monitoring, and third-party verification being unable to keep pace with model iteration speed, which in the short term may suppress market sentiment in the AI sector and lower market expectations for next-generation models. Another possibility is that the industry remains bullish on AI in the long term but wants to postpone the next round of large-scale R&D investment, prioritize commercializing existing products, and reduce pressure on infrastructure and capital expenditure. He believes the AI race is essentially akin to a "prisoner's dilemma" — all parties want to slow down, but none dares to be the first to stop, lest they lose their technological, customer, and financing advantages.Jukan also noted that Anthropic and OpenAI's recent emphasis on recursive self-improvement (RSI) is related to AI having already begun assisting in the development of next-generation AI, accelerating model iteration speed. Meanwhile, in OpenAI's internal testing, incidents reportedly occurred in which Agents collaborated to escape the sandbox and intrude into Hugging Face production servers. Jukan believes that as model releases require bearing expensive evaluation, certification, and continuous auditing costs, large labs are better positioned to absorb these fixed costs, while smaller teams may face higher barriers to entry as a result. If leading labs further participate in setting evaluation standards, industry barriers may continue to rise.
Odaily News – U.S. President Trump stated that his administration is pushing the decentralized perpetual contract trading platform Hyperliquid to enter the U.S. market in a "fully compliant and legal manner." Last month, Trump said the U.S. Commodity Futures Trading Commission (CFTC) would work to facilitate Hyperliquid's entry into the U.S. market. Subsequently, Payward, the parent company of Kraken, announced it is cooperating with the CFTC to offer registered U.S. users certain crypto perpetual contract products related to Hyperliquid's market and its underlying Layer 1 blockchain through the CFTC-regulated platform Bitnomial.Nansen research analyst Nicolai Sondergaard believes this arrangement could allow Hyperliquid to provide some of its underlying technology, liquidity, or market design without directly opening its existing platform to U.S. users—essentially building a standalone U.S. market product around Hyperliquid's infrastructure. He noted that U.S. users may have access to fewer markets, lower leverage, and more conservative risk controls. At the same time, he opposes comprehensive KYC implementation, arguing that a one-size-fits-all KYC approach would undermine legitimate users' privacy and permissionless access rights, and would push liquidity toward offshore markets.
Odaily News: According to market sources, Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.
Odaily News - At the 2026 Wyoming Blockchain Symposium, CZ stated that Trump had previously mentioned Hyperliquid, and that CFTC Chairman Mike Selig would look for a path to bring the platform into the U.S. market. CZ believes that if Hyperliquid can operate in the U.S. in a compliant manner, it will open the door for perpetual contracts and more decentralized services to enter the U.S., serving as a major positive for the entire crypto industry. CZ noted that because of his stake in Binance, outsiders tend to view him as a supporter of centralized exchanges, but his fundamental reason for entering the crypto industry is his belief in decentralization. Some users choose Hyperliquid because the platform allows them to use it via wallet without requiring a traditional account or KYC process. CZ said that Hyperliquid's entry into the U.S. will not only benefit itself—more decentralized products and companies in its portfolio will also benefit—and it will bring more liquidity to international centralized exchanges, giving U.S. users more competitive prices when buying and selling crypto assets. At this stage, the crypto market is far from saturated, and competition between platforms is not the primary issue.
According to the comment letter released by the Hyperliquid Policy Center (HPC), it calls on the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a harmonized regulatory framework for perpetual contracts. The HPC asserts that while perpetual contracts lack fixed expiration dates, they exhibit traditional futures characteristics such as standardization, fungibility, the ability to be offset, and price convergence driven by funding rates; accordingly, cash-settled stock perpetual contracts possessing these traits should be allowed to be listed as "security futures." The HPC recommends that both agencies standardize classification criteria across different underlying perpetual contracts, retain exchanges' flexibility in product listing decisions, and modernize the security futures framework. It noted that clear regulatory guidance would help lower market entry barriers, foster exchange competition, and bring perpetual contract trading back to the U.S. market.
Odaily News: Zach Pandl, Head of Research at digital asset management firm Grayscale, stated that Bitcoin's structural adoption trend continues, the current bear market has entered a deeper stage, and the macro outlook is generally favorable. These three factors may provide a basis for long-term investors to enter, though prices could still decline.Grayscale noted that Bitcoin's adoption growth is primarily driven by government deficits, the expanding application of blockchain technology in the financial services sector, and generational shifts in investor asset allocation. The current bear market has lasted 10 months, approaching the average and median duration of 11 to 12 months observed across the previous four cyclical bear markets.Macro risks mainly depend on real interest rates and Federal Reserve policy. The Federal Open Market Committee held the federal funds rate at 3.5% to 3.75% in July, and future rate hikes could push Bitcoin lower. Bitcoin briefly rose to $79,461 on August 21 before pulling back to around $77,000. (Bitcoin.com News)
Odaily News: Cantor Fitzgerald has announced that it will open access to the prediction market platform Kalshi for institutional investors, providing event contract trading services to its approximately 3,000 institutional clients, including family offices and hedge funds.According to The Wall Street Journal, Cantor Fitzgerald will act as a broker arranging block trades for institutional clients, enabling them to participate in "yes/no" contract trading based on real-world event outcomes offered by Kalshi. The trading instruments cover multiple areas, including weather forecasts, commodity price trends, and corporate performance.This partnership marks the further entry of traditional financial institutions into the prediction market space. Kalshi is an event trading platform regulated by the U.S. Commodity Futures Trading Commission (CFTC), where users can bet via contracts on whether specific events will occur, such as economic data releases, policy changes, weather conditions, and business events.In recent years, prediction markets have drawn attention from investors, with proponents arguing that they can reflect collective expectations through market prices and provide risk hedging tools for businesses and investment institutions. However, regulators and some market participants have also continued to scrutinize the boundary between these markets and gambling. (WSJ)
Odaily News In a recent interview on Cointelegraph's program Chain Reaction, Lucas Sum, Head of Stock Market Development at Gate, stated that crypto and stocks are quietly converging and increasingly becoming part of the same macro trade. He pointed out that the correlation between the crypto market and the Nasdaq index is currently higher than the five-year average, with the correlation coefficient once exceeding 0.8. Market sentiment is generally cautious at present, with more funds staying in low-risk assets such as stablecoins, as investors await clearer catalysts.Lucas Sum believes that the core narrative of the next market cycle may no longer be "crypto vs. Wall Street," but rather traditional financial assets accelerating their entry into the digital financial system through on-chain infrastructure. The scale of RWA has grown from approximately $12 billion a year ago to over $30 billion, while the scale of tokenized U.S. Treasury bonds has also reached approximately $15 billion, indicating that on-chain financial infrastructure continues to expand. Meanwhile, macro liquidity, real yields, and regulatory clarity remain key factors influencing the performance of risk assets. Against this backdrop, investors' focus is shifting from single-asset allocation to coordinated allocation across multiple asset classes. Lucas Sum noted that Gate is continuously expanding its stock business, currently covering U.S., Hong Kong, and Korean stock markets, with plans to extend further into more global markets to provide the necessary infrastructure for multi-asset investment.
According to the "BOK Issue Note" report released by the High Employment Research Team of the Bank of Korea Survey Bureau on the 18th, between June 2022 and June 2026, jobs for Korean youth (aged 15-29) decreased by a total of 285,000, of which 268,000 (94%) were concentrated in AI high-exposure industries, involving fields such as information services, publishing, computer programming, and professional services. Meanwhile, employment for the group aged 50 and above increased by 230,000, with 75.2% also coming from AI high-exposure industries. The report pointed out that after the release of ChatGPT, the average unemployment rate for university graduates rose to 7.0%, higher than the 5.4% for youth with associate degrees or below, whereas previously there was almost no difference between the two. The report suggested that policies should focus on building new career ladders to help youth accumulate experience and skills with AI assistance, rather than simply retaining entry-level positions.
Odaily News: As Wall Street and global financial institutions accelerate their entry into the digital asset space, the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) are gradually blurring. Bitwise CEO Hunter Horsley stated that the era of "going long Bitcoin and short bankers" is over, and financial institutions are pivoting to the other side of the crypto industry, driving digital asset adoption.Hunter Horsley noted that this summer, two financial institutions, each managing over $1 trillion in assets, approved the launch of crypto products in a bear market environment, showing that large institutions are expanding client access to digital assets. "Everyone put on the crypto jersey this year. Now, everyone is working for the crypto industry," Horsley said. He pointed out that these institutions, managing over a trillion dollars in client assets, would not have opened such services during the 2022 crypto market downturn, but are now actively embracing this sector.Fabian Dori, Chief Investment Officer at Sygnum, also believes the relationship between banks and the crypto industry has undergone a structural shift. "The trade of 'going long Bitcoin and short bankers' is over. Banks have moved from resisting digital assets to building, supporting, and distributing them through custody, tokenization, and compliant trading," a change driven primarily by growing client demand and gradually clarifying regulatory rules, rather than short-term market cycles.Nathan McCauley, CEO of Anchorage Digital, said that over the past two years, its client base has increasingly reflected the convergence of traditional and crypto finance. Large financial institutions typically choose to partner with specialized crypto infrastructure companies rather than building their own technology systems.In recent years, a growing number of financial institutions have entered the crypto space, including Swissquote, DBS Bank, BBVA, BNY Mellon, Credit Suisse-affiliated entities, as well as Morgan Stanley and Charles Schwab. (CoinDesk)
According to South Korean media NATE, the South Korea Regulatory Rationalization Committee has proposed amendments to the Enforcement Decree of the Specific Financial Transaction Information Act to exclude minor violations from the eligibility restrictions for major shareholders of Virtual Asset Service Providers (VASPs), sparking market discussions on exchange M&A, new business entry, and regulatory fairness. This relaxation proposal also involves issues regarding the boundaries of authority under the Enforcement Decree.
According to Odaily, Randi Abernethy, Head of Clearing and Group Risk at Bullish, stated that the U.S. Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market will stop developing; rather, it highlights the necessity of establishing a federal regulatory framework.Abernethy noted that during the Senate's consideration of the CLARITY Act, traditional U.S. financial institutions have continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions (including BlackRock and Goldman Sachs) are also participating in the development of tokenized stock and Treasury bond infrastructure. The current regulatory discussion is no longer just a "crypto industry issue," but one that concerns the future infrastructure of the entire financial system.Abernethy cited the 2008 financial crisis as an example, noting that financial risk spreads along shared infrastructure, and even institutions not directly involved in related assets can be affected. Today, the stablecoin market size has exceeded $100 billion, with a large portion of stablecoin reserves invested in U.S. Treasuries. If a major stablecoin were to face a crisis, it could impact liquidity in traditional financial markets. She stated that supporters of the CLARITY Act believe the bill could establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and information disclosure. (CoinDesk)
According to WSJ reports, Wintermute's US subsidiary has registered as a broker-dealer, marking the crypto trading company's formal entry into the regulated US financial market. This registration qualifies it to apply to become a designated market maker for stock exchanges such as the New York Stock Exchange and Nasdaq, providing a foundation for its expansion into the traditional financial services sector. The report noted that Wintermute is competing with large market-making firms such as Jane Street Capital and Citadel Securities.
analysts at JPMorgan stated that the probability of the U.S. crypto market structure bill, the Clarity Act, passing the Senate by the end of this year has decreased, posing a headwind for the cryptocurrency market. Analysts pointed out that prediction markets show the likelihood of the bill passing this year has dropped to its lowest point of the year, with Kalshi at 37% and Polymarket at 26%.JPMorgan noted that the Senate prioritized other legislative matters before the summer recess. Additionally, unresolved issues such as ethical clauses, enforcement authority, stablecoin yields, DeFi, and illicit finance have made the bill's advancement prospects more uncertain. The bank had previously viewed the Clarity Act as a potential positive catalyst for the crypto market, as it would establish a clearer regulatory framework for the digital asset industry: digital commodities would be regulated by the CFTC, while digital securities would continue to fall under the SEC's jurisdiction.Analysts believe that if the bill is ultimately passed, it would help develop more institutionalized market infrastructure, ease regulatory restrictions on DeFi and stablecoin issuers, boost domestic liquidity and trading volumes in the U.S., and lower the barriers to entry for brokerages, exchanges, market makers, custodians, and bank-related platforms seeking to participate in the crypto industry.
: Crypto exchange Kraken has opened subscription for Jersey Mike's planned IPO to retail investors. Eligible U.S. users can apply to subscribe to book-entry shares at the IPO price, while users in over 110 countries and regions can apply for tokenized stock JMKEx. JMKEx is backed 1:1 by the underlying stock and custodied with regulated institutions. Allocation results are determined by the IPO underwriters, and a successful allocation is not guaranteed; after the IPO completion, JMKEx will be tradable on Kraken and participating xStocks Alliance platforms 24 hours a day, 5 days a week. Kraken stated that the tokenized stock can be transferred between platforms participating in the xStocks Alliance, on-chained, and accessed via compatible decentralized finance applications. Jersey Mike's is a U.S. sandwich chain brand with over 3,300 stores. Its expected IPO price is between $21 and $25 per share, and it will be listed on the New York Stock Exchange under the ticker JMKE.
the race for the EU's Markets in Crypto-Assets Regulation (MiCA) is coming to an end, but the real challenges for companies are just beginning. The high cost of maintaining ongoing compliance systems may reshape the European crypto landscape. The future competitive focus in the industry is likely to shift from "who can obtain a license" to "who can afford the regulatory costs," driving companies towards scaling through mergers and acquisitions, joint ventures, or partnerships with banks. As MiCA is gradually implemented and the UK's crypto regulatory framework takes shape, the European crypto industry is entering a new phase of consolidation. Insiders believe that high-standard regulatory requirements could fuel a new wave of M&A, and cooperation between crypto-native companies and traditional financial institutions will deepen further.This trend may be even more pronounced in the UK market. The Financial Conduct Authority (FCA) is developing a new regulatory framework for crypto assets, which is expected to bring crypto businesses under the existing financial services regulatory system, subjecting them to capital, operational, and customer asset protection requirements similar to those for traditional investment firms. Steven Lightstone, a partner at Morgan Lewis in London and co-head of the global fintech team, stated that while the FCA aims to promote market competition and support new entrants, its regulatory standards will be very strict when it comes to consumer protection. Unlike the EU's standalone MiCA framework, the UK's approach will directly leverage the existing financial regulatory system to manage crypto firms.Meanwhile, increased regulatory certainty is accelerating the entry of European banks into the digital asset space. Simon Schneider, CEO of Sygnum Europe, noted that currently fewer than 20% of banks in Europe offer crypto-related services, indicating a significant market gap. The greatest value of MiCA is not just creating a new licensing system but providing legal certainty for financial institutions to enter the digital asset market. Citing Switzerland as an example, he pointed out that after the introduction of distributed ledger technology regulations, most major Swiss banks have begun offering digital asset services, a path that other parts of Europe may follow in the future. Banks are unlikely to replace crypto-native companies altogether; instead, they are more likely to rely on specialized infrastructure providers and collaborate in areas such as custody, brokerage, staking, and asset tokenization.As companies that fail to secure MiCA licenses gradually exit the European market, assets may become further concentrated among regulated entities. However, Schneider believes that self-custody models and institutional custody models will continue to coexist for the long term.Industry insiders suggest that the European crypto industry is entering a "regulatory-driven consolidation cycle." For crypto startups that previously
Ethereum Improvement Proposal EIP-8222 plans to leverage STARK-based cryptographic mechanisms to separate staking deposits from withdrawals and re-anonymize validators, aiming to reduce the traceability of validator activity. Currently, approximately one-third of all ETH is staked. Thibault Dubuis, Head of Staking and Decentralized Finance Products at Sygnum Bank, stated that current deposit addresses, validators, and withdrawal credentials form visible links, making institutional holdings sizes, entry timings, and staking strategies nearly public. The proposal remains in the discussion phase, with no deployment timeline yet announced. Its design may involve fixed deposit denominations, asset withdrawal waiting periods, and other arrangements, potentially requiring institutional users to bear higher execution costs, process delays, and compliance overhead.
Ansem posted on platform X, stating that the current market remains in a stage with high growth potential. Bitcoin (BTC) and Solana (SOL) still have considerable room to rise from their all-time highs, with SOL down approximately 75% from its peak and BTC down about 50%. Compared to previous cycles, this cycle has more mature user experiences and infrastructure, including improved mobile trading experiences, lower barriers for wallet onboarding, and enhanced cross-chain capabilities, making it easier for new users without prior crypto experience to enter the market.Ansem pointed out that a growing number of high-quality developers are aligning incentives through a "token plus equity" model, offering investors exposure to a wider range of industry sectors. Meanwhile, institutional interest in Real World Assets (RWA), attention to the regulatory framework related to the US CLARITY Act, and the entry of major tech-finance companies like Stripe and Robinhood into the crypto space are all boosting market confidence. The wealth effect generated by AI stock performance in recent years, coupled with the wealth-building cases of Meme coins in previous crypto cycles, are reinforcing the market's perception of high-yield trading opportunities. While some earlier Meme coins grew from zero to tens of billions of dollars in market capitalization, the circulating market cap of current popular Meme projects like $ANSEM is still under $100 million, attracting speculative capital.This cycle features dual market drivers: institutional narratives and high-risk speculative opportunities. On one hand, mature financial applications like perpetual contracts and RWA will attract more professional capital; on the other hand, trading in Meme coins and low-market-cap tokens will continue to attract significant retail participation.Ansem stated that with more teams launching user-friendly mobile crypto applications that lower the barrier to entry, this cycle could become the one with the largest scale of retail participation in crypto history.
Coinbase officially announced that the regulated derivatives clearing business of UK financial services group Marex has now formally supported the use of USDC as Initial Margin collateral. This marks the first entry of a stablecoin into the actual operational processes of traditional clearing infrastructure. The first transaction was completed by Prime Trading, LLC, with Coinbase providing the underlying infrastructure support, including custody services, 1:1 instant conversion between fiat currency and USDC, and a customized daily reporting system that meets clearing industry standards.The implementation of this business was made possible by a "No-Action Letter" issued by the U.S. Commodity Futures Trading Commission (CFTC) in December 2025. This policy opens the door for Futures Commission Merchants (FCMs) to accept stablecoins, Bitcoin, and Ethereum as client margin collateral.Coinbase stated that USDC, as a collateral asset, can provide round-the-clock liquidity, helping institutions break free from the limitations of traditional banking hours, allowing margin funds to be transferred in line with market operating hours. In this partnership, the core capabilities provided by Coinbase include:24/7 instant conversion between fiat currency and USDC: Institutional clients can convert between USD and USDC at any time, improving the efficiency of margin allocation;Customized reporting system: Meets the requirements of traditional clearing systems for asset recording, reconciliation, and regulatory reporting;NYDFS-compliant custody: Provides institutional-grade security for USDC collateral assets.
The Malaysian Ministry of Home Affairs stated that it is investigating the "Network School" tech commune founded by former Coinbase Chief Technology Officer Balaji Srinivasan. The project is located in Forest City, Johor, where earlier social media allegations claimed that the commune hosted Israeli individuals who entered the country holding non-Israeli passports.