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Project Overview
Structure is a global financial platform that opens the door for mainstream investors to seamlessly participate in the DeFi and Crypto markets without the traditional educational and financial barriers. Guided by the principles of DeFi, Structure will enable investors of all experience levels to quickly and easily trade assets on a secure, user-friendly platform, and eventually to earn, borrow, and lend.
Strategy's Preferred Stock Financing Structure Stabilizes, Potentially Paving the Way for Resuming Bitcoin Accumulation
Odaily reports: Analysts at StoneX and TD Cowen believe that Strategy's preferred stock financing structure has stabilized and liquidity has improved, creating conditions for the company to resume accumulating Bitcoin and increase its Bitcoin holdings per share. Both institutions maintain a Buy rating, with target prices of $435 and $260, respectively.As of the end of the third quarter, Strategy held $5.07 billion in U.S. dollar assets, including $4.83 billion in cash reserves, sufficient to cover approximately 3.2 to 3.4 years of preferred stock dividends and debt interest. Strategy also spent approximately $2 billion to repurchase STRC preferred shares, helping its price recover to near its $100 par value. However, because funds were prioritized for replenishing cash reserves and supporting preferred stock rather than accumulating Bitcoin, Strategy's Bitcoin holdings per share declined 3.7% during the year.Additionally, holders of STRC, STRF, STRK, and STRD preferred shares have approved daily accrual of dividends: STRC effective November 1, and the other three classes effective January 1 of next year. Management stated that the move is intended to reduce volatility, improve liquidity, and expand demand. TD Cowen believes that broader distribution channels and better liquidity could ultimately enhance Strategy's efficiency in issuing "digital credit" products.
Democrats still voted against crypto fundraising caps after they were written into the CLARITY Act
Cynthia Lummis posted that Democrats had requested lowering the annual fundraising cap for cryptocurrency regulation from $75 million to $50 million and adding a $200 million lifetime cap. She said the relevant provisions had been agreed to and written into the Crypto Market Structure Act (CLARITY Act), but Democrats subsequently still voted against this rule aimed at protecting retail investors.
Morgan Stanley: $3.1 Trillion in Off-Balance-Sheet AI Compute Commitments Emerge, Financing Structure Becomes a New Variable in the Supply Chain
According to Chaoxiang Research, a Morgan Stanley report dated August 24 indicates that the total disclosed off-balance-sheet commitments from hyperscalers, NVIDIA, and Broadcom have surpassed $3.1 trillion. Lease commitments total $1.1 trillion and procurement commitments $1.7 trillion, while the combined on-balance-sheet debt and lease liabilities of hyperscalers reach $770 billion. Amazon and Google's free cash flow turned negative in Q2 2026, with Meta expected to follow suit next quarter. Financing instruments are restructuring the AI compute capital structure across six dimensions: off-balance-sheet lease and procurement commitments form the first financing layer; the share of debt issuance rises from 2% in 2025 to 19% in 2026; Google frees up $110 billion by reducing share buybacks and issuing equity; Oracle records $4.6 billion in customer advance payments in Q2; and Broadcom and NVIDIA launch chip-leasing SPVs to support unrated AI labs. Morgan Stanley notes that when the financing structure itself becomes a core variable in the AI supply chain, tracking changes in off-balance-sheet commitments and accounting judgments is nearing the importance of tracking chip shipments themselves.
Lighter Founder: All Economic Value of Lighter Will Flow to the Token, with the Equity Structure Converted to a Token Structure at TGE
Lighter founder Vladimir Novakovski published an article on X this morning titled "Equity and Tokens."In the article, Novakovski clarified that all economic value generated by Lighter will belong to token holders.Lighter's original intention has always been to use venture capital to bootstrap the project until the moment of token issuance. Lighter is a U.S. company and exists as a single entity — the entity that issued equity in the years leading up to TGE is the same entity that issued tokens at TGE. Apart from converting to a token cap table at TGE, the equity cap table will have no further function in the future.More specifically, Lighter completed its final equity financing round a few months before TGE, which was oversubscribed by approximately 5 times, attracting over $300 million in capital interest against a $68 million allocation. At that time, all equity stakeholders (including early investors and former employees) were informed of the future plan — that their equity value would only be reflected as holdings on the token cap table — and were given the opportunity to sell their equity stakes. Anyone who disagreed with the philosophy that "all value belongs to the token" could easily exit at a higher valuation. Ultimately, less than 1% of equity holders chose to sell their shares, while the rest chose to stay, thereby supporting Lighter's commitment to "value accruing to the token."
Analysis: Micron May Be Entering a New Valuation Structure Logic of "Higher Earnings, Higher Valuation"
Odaily reports, Deep Value Memetics posted an analysis on X platform, pointing out that Micron Technology may currently be exhibiting an atypical semiconductor valuation structure: as earnings per share (EPS) rise, the valuation multiple the market assigns is simultaneously expanding.Currently, Micron trades at approximately 22 times PE, below the S&P 500 (SPY) average of about 22 times, and also significantly lower than the semiconductor index (SOX) at roughly 26 times. In previous cycles, analysts typically assigned lower valuation multiples during the peak earnings phase. However, as the "de-risking" process advances, this "show-me" narrative is shifting. The market may be entering a new phase of "EPS growth → valuation multiple expansion," leading to exponential valuation revaluation. If EPS reaches $200 and is assigned a 20 times valuation, Micron's stock price could point toward the $4,000 level.
Jiang Zhuoer Analyzes MSTR Capital Structure: BTC Reserves Can Cover Years of Dividend Payments, But Market Sentiment Remains Cautious
Jiang Zhuoer stated in a post that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets, corresponding to an annual dividend payment of about $1.7 billion for its STRC preferred stock. Theoretically, selling BTC could cover dividend requirements for roughly 32 years.STRC is classified as preferred stock rather than a debt instrument, so there is no traditional mandatory principal repayment pressure. From a financial structure perspective, MSTR does not face "liquidation-style leverage risk" or short-term solvency crises. However, the discussion itself reflects growing market concerns about the company's long-term cash flow and cryptocurrency asset volatility. STRC has already experienced significant discount fluctuations, limiting its refinancing capabilities.Furthermore, MSTR has recently relied more on issuing common stock (which may dilute BTC per share when mNAV is below 1) to fund its BTC accumulation. This strategy is difficult to sustain over the long term.Jiang Zhuoer indicated that even if the scale of MSTR's actual BTC sales to pay dividends is relatively small compared to the broader market, the symbolic significance may be more important. It could pressure market confidence and prompt investors to reassess the possibility of "long-term passive BTC selling." Market understanding of this structure is not uniform, and this divergence in perception itself could become an important factor influencing expectations and sentiment.
ICE, trade[XYZ], and Hyperliquid Announce Partnership Structure, Trading Still Requires Regulatory Approval
jeff.hl posted on X stating that ICE, trade[XYZ], and Hyperliquid are jointly opening a new chapter. According to the announcement he cited, Hyperliquid provides the underlying technical infrastructure through HIP-3, trade[XYZ] is responsible for designing and implementing the markets, and ICE operates the regulated market and clearing structure; the existing trade[XYZ] HIP-3 markets remain unchanged, and trading still requires regulatory approval. jeff.hl also said that about a year ago he spoke with ICE CEO Jeff Sprecher and joked that if he saw ICE building on Hyperliquid technology, it would mean success.
Democrats still voted against crypto fundraising caps after they were written into the CLARITY Act
Cynthia Lummis posted that Democrats had requested lowering the annual fundraising cap for cryptocurrency regulation from $75 million to $50 million and adding a $200 million lifetime cap. She said the relevant provisions had been agreed to and written into the Crypto Market Structure Act (CLARITY Act), but Democrats subsequently still voted against this rule aimed at protecting retail investors.
US Senate Fails to Advance Key Procedural Vote on Crypto Market Structure Bill
Odaily reports: The U.S. Senate failed to pass a key procedural vote on the Digital Asset Market Clarity Act, leaving the bill's future uncertain. The bill aims to clarify the division of regulatory authority over the crypto market between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).The two parties failed to reach agreement on ethics provisions that would restrict the crypto business ties of the President and senior government officials. Disagreements over stablecoin yield, decentralized finance risks, and the bill's text, combined with the approaching midterm elections, are all affecting the bill's advancement. (CoinDesk)
Tokenization Outpaces Regulatory Legislation, Former New York Governor Says US Financial Markets Are Accelerating On-Chain Migration
former New York Governor and OKX board member Andrew Cuomo stated that tokenization of US financial markets is accelerating, and the regulatory system needs to keep pace with technological and market developments. On September 17, the SEC introduced a five-year interim "innovation exemption" framework, allowing eligible on-chain trading platforms to trade tokenized stocks of certain US-listed companies under specific conditions.The framework requires trading platform participants to obtain licenses. Tokenized stocks grant investors the same rights and benefits as traditional stocks, with smart contracts audited and deployed on public chains; when the underlying stock is suspended from trading, the corresponding tokenized stock must also cease trading. On September 15, the US Senate failed to advance the Digital Asset Market Structure Act, and comprehensive digital asset regulatory legislation remains contentious.
CFTC Chair: Will Advance Crypto Market Structure Rules, with Focus on Perpetual Contracts
Odaily reports: U.S. Commodity Futures Trading Commission (CFTC) Chair Mike Selig stated that after the Senate rejected the Clarity Act, the CFTC will still advance crypto market structure rulemaking, saying "now is the time to act."Selig pointed out that the CFTC's existing statutory authority provides room for advancing rules without waiting for Congress to pass new legislation. The agency will also reassess existing rules applicable to 24/7 on-chain markets driven by algorithms and intelligent agents.Related arrangements may include establishing a designated contract market category to allow exchanges to offer crypto leveraged trading under CFTC oversight; however, the CFTC does not have the authority to regulate the spot market on this basis, and spot market regulation still requires legislation. (Decrypt)
Crypto Market Regulation Bill CLARITY Fails Senate Vote
The US Crypto Asset Market Structure Act (CLARITY) failed to secure the required 60 votes in a procedural Senate vote, falling short at a 49-50 tally. The bill is not yet dead, as Republican lawmakers retain the option to file a motion to reconsider, but deep partisan divisions over ethics rules concerning Trump's digital assets continue to narrow the legislative window.
Strategy's Preferred Stock Financing Structure Stabilizes, Potentially Paving the Way for Resuming Bitcoin Accumulation
Odaily reports: Analysts at StoneX and TD Cowen believe that Strategy's preferred stock financing structure has stabilized and liquidity has improved, creating conditions for the company to resume accumulating Bitcoin and increase its Bitcoin holdings per share. Both institutions maintain a Buy rating, with target prices of $435 and $260, respectively.As of the end of the third quarter, Strategy held $5.07 billion in U.S. dollar assets, including $4.83 billion in cash reserves, sufficient to cover approximately 3.2 to 3.4 years of preferred stock dividends and debt interest. Strategy also spent approximately $2 billion to repurchase STRC preferred shares, helping its price recover to near its $100 par value. However, because funds were prioritized for replenishing cash reserves and supporting preferred stock rather than accumulating Bitcoin, Strategy's Bitcoin holdings per share declined 3.7% during the year.Additionally, holders of STRC, STRF, STRK, and STRD preferred shares have approved daily accrual of dividends: STRC effective November 1, and the other three classes effective January 1 of next year. Management stated that the move is intended to reduce volatility, improve liquidity, and expand demand. TD Cowen believes that broader distribution channels and better liquidity could ultimately enhance Strategy's efficiency in issuing "digital credit" products.
Wintermute: BTC ETF Records First Net Outflow Since June as Market Awaits Fed Rate Decision
In a write-up by Wintermute OTC trader @Jjay_dm, BTC ETFs recorded a net outflow of $463 million for the week ending September 14, marking the first negative reading since June's lows. ARK and Grayscale alone accounted for combined outflows of $371 million, while BlackRock remained flat. As a result, BTC fell 4.4% for the week to close at $76,838, making it the worst-performing asset, while Ethereum dipped 1.5% and altcoins collectively gained 1.0%. On the macro front, the US August CPI came in at 0.4% month-on-month (core 0.3%), exceeding the expected 0.2%, while the PPI annual rate hit 5.4%, prompting Goldman Sachs to upgrade its September rate outlook from "hold steady" to "increase." The market has now priced in an 87% probability of a 25-basis-point hike on Wednesday. Meanwhile, ongoing escalation in Middle East tensions pushed Brent crude past $105/barrel, and the 10-year US Treasury yield reached a 20-year high. Wintermute stated that following the shift to negative ETF flows, it favors a neutral over a bullish market stance. Two key catalysts this week: ① On Tuesday, the US Senate will hold a procedural vote on the CLARITY Act (Crypto Market Structure Act), which requires 60 votes to pass; ② On Wednesday, the Fed will announce its interest rate decision. While the rate hike itself is already fully priced in, subsequent hawkish commentary (particularly any signals pointing to continued tightening into Q1 2027) could exert downward pressure on the crypto market.
Analyst: Bitcoin Market Structure Improves, Spot Demand Still Needs Confirmation of Breakout
CryptoQuant analyst XWIN Japan stated that the Bitcoin market structure remains constructive, but subsequent price action depends on whether genuine spot demand can absorb market supply. ETF holdings continue to rise, indicating that institutional investors are still accumulating BTC, and large investors are also forming buy-side support near current price levels.
Analyst: Bitcoin Short-Term Holder Share Drops to Phase Low, Long-Term Holders Dominate Market Structure
CryptoQuant analyst Axel Adler Jr stated that data shows Bitcoin is shifting from short-term speculators to long-term holders. The share of Short-Term Holders (STH) has dropped to 23%, the lowest level since the bottoming phase from 2022 to 2023; meanwhile, the share of Long-Term Holders (LTH) is approaching historical highs.
JPMorgan: Probability of Clarity Act Passing This Year Drops to 37%, Some Provisions May Inhibit Institutional Participation
According to The Block, the JPMorgan analyst team (led by Managing Director Nikolaos Panigirtzoglou) released a report on July 30 stating that the probability of the "Clarity Act" (Crypto Market Structure Act) passing in the US Senate within the year has dropped to a historic low. The Kalshi prediction market shows a passing probability of only 37%, while Polymarket is even lower at 26%. Analysts pointed out that disagreements on core issues such as ethical provisions, enforcement standards, stablecoin yields, decentralized finance, and illicit finance remain unresolved. Voting is expected to be difficult to complete before the Senate summer recess, and may be postponed until after senators return in mid-September.
CryptoQuant: BTC Spot Demand Continues to Weaken, Fragile Market Structure May Face Long Liquidation Risk
According to monitoring by ScenarioX, an analyst at on-chain analysis platform CryptoQuant, Bitcoin's 30-day spot demand has deteriorated again to nearly -170,000 BTC after briefly rebounding to approximately -80,000 BTC in early July. Despite the significant decline in spot demand, the BTC price currently remains relatively stable, supported by eased short-term selling pressure and short covering in the derivatives market. ScenarioX noted that current derivatives demand is insufficient to support a sustained upward trend on its own, and the overall market structure is relatively fragile. If spot selling pressure reignites, it may trigger a sharp downturn; if spot selling remains sluggish, a derivatives-driven technical rebound may continue, but in the absence of substantial spot demand support, such rebounds will most likely end with large-scale long liquidations.
Strategy's Preferred Stock Financing Structure Stabilizes, Potentially Paving the Way for Resuming Bitcoin Accumulation
Odaily reports: Analysts at StoneX and TD Cowen believe that Strategy's preferred stock financing structure has stabilized and liquidity has improved, creating conditions for the company to resume accumulating Bitcoin and increase its Bitcoin holdings per share. Both institutions maintain a Buy rating, with target prices of $435 and $260, respectively.As of the end of the third quarter, Strategy held $5.07 billion in U.S. dollar assets, including $4.83 billion in cash reserves, sufficient to cover approximately 3.2 to 3.4 years of preferred stock dividends and debt interest. Strategy also spent approximately $2 billion to repurchase STRC preferred shares, helping its price recover to near its $100 par value. However, because funds were prioritized for replenishing cash reserves and supporting preferred stock rather than accumulating Bitcoin, Strategy's Bitcoin holdings per share declined 3.7% during the year.Additionally, holders of STRC, STRF, STRK, and STRD preferred shares have approved daily accrual of dividends: STRC effective November 1, and the other three classes effective January 1 of next year. Management stated that the move is intended to reduce volatility, improve liquidity, and expand demand. TD Cowen believes that broader distribution channels and better liquidity could ultimately enhance Strategy's efficiency in issuing "digital credit" products.
Tokenization Outpaces Regulatory Legislation, Former New York Governor Says US Financial Markets Are Accelerating On-Chain Migration
former New York Governor and OKX board member Andrew Cuomo stated that tokenization of US financial markets is accelerating, and the regulatory system needs to keep pace with technological and market developments. On September 17, the SEC introduced a five-year interim "innovation exemption" framework, allowing eligible on-chain trading platforms to trade tokenized stocks of certain US-listed companies under specific conditions.The framework requires trading platform participants to obtain licenses. Tokenized stocks grant investors the same rights and benefits as traditional stocks, with smart contracts audited and deployed on public chains; when the underlying stock is suspended from trading, the corresponding tokenized stock must also cease trading. On September 15, the US Senate failed to advance the Digital Asset Market Structure Act, and comprehensive digital asset regulatory legislation remains contentious.
Crypto Market Regulation Bill CLARITY Fails Senate Vote
The US Crypto Asset Market Structure Act (CLARITY) failed to secure the required 60 votes in a procedural Senate vote, falling short at a 49-50 tally. The bill is not yet dead, as Republican lawmakers retain the option to file a motion to reconsider, but deep partisan divisions over ethics rules concerning Trump's digital assets continue to narrow the legislative window.
Lido Adjusts EarnETH Fee Structure: Management Fee Cut 80% with Shift Toward Higher Performance Fee Ratio
Odaily News - Liquid staking protocol Lido has announced an update to the EarnETH Vault fee structure, adopting a more flexible performance-linked fee model to reduce holding costs for users and strengthen the alignment between yield distribution and product performance.Under the new structure, EarnETH fees will shift from the previous "1% AUM fee + 10% performance fee" to a maximum of "0.5% AUM + 20% performance fee" model. The new fee structure will launch with "0.2% AUM + 15% performance fee," with any future adjustments to be announced separately.Lido stated that reducing the management fee from 1% to 0.2% will lower the cost of holding EarnETH for users in low-yield environments, while the increased performance fee ratio will better tie protocol revenue to the Vault's actual performance. All currently effective fees will be transparently displayed on the EarnETH Vault interface.This adjustment aims to optimize the fee mechanism of the EarnETH yield product, enhance fee flexibility, and strengthen alignment between users and the product's yield performance.
Morgan Stanley: $3.1 Trillion in Off-Balance-Sheet AI Compute Commitments Emerge, Financing Structure Becomes a New Variable in the Supply Chain
According to Chaoxiang Research, a Morgan Stanley report dated August 24 indicates that the total disclosed off-balance-sheet commitments from hyperscalers, NVIDIA, and Broadcom have surpassed $3.1 trillion. Lease commitments total $1.1 trillion and procurement commitments $1.7 trillion, while the combined on-balance-sheet debt and lease liabilities of hyperscalers reach $770 billion. Amazon and Google's free cash flow turned negative in Q2 2026, with Meta expected to follow suit next quarter. Financing instruments are restructuring the AI compute capital structure across six dimensions: off-balance-sheet lease and procurement commitments form the first financing layer; the share of debt issuance rises from 2% in 2025 to 19% in 2026; Google frees up $110 billion by reducing share buybacks and issuing equity; Oracle records $4.6 billion in customer advance payments in Q2; and Broadcom and NVIDIA launch chip-leasing SPVs to support unrated AI labs. Morgan Stanley notes that when the financing structure itself becomes a core variable in the AI supply chain, tracking changes in off-balance-sheet commitments and accounting judgments is nearing the importance of tracking chip shipments themselves.
Coinbase CEO: CLARITY Act Expected to Receive 60 Senate Votes by September 15
Odaily News: Coinbase CEO Brian Armstrong stated that the U.S. Digital Asset Market Structure Clarity Act (CLARITY Act) is expected to receive more than 60 votes of support in the U.S. Senate by September 15, and he is confident it will pass the first key procedural vote after Congress reconvenes.Brian Armstrong previously stated that the CLARITY Act has entered its final advancement phase, and the Senate procedural vote requires 60 votes of support to move the bill forward. The bill aims to establish a U.S. digital asset regulatory framework, clarifying the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing crypto assets. Armstrong believes that regulatory clarity for the U.S. crypto industry is approaching—whether through the eventual passage of the CLARITY Act or through regulatory agencies advancing administrative rules, the market will see a more defined regulatory environment.Previously, former U.S. President Donald Trump also called on Congress to push for the CLARITY Act's passage, arguing that the bill is crucial for establishing a digital asset regulatory framework and enhancing the competitiveness of the U.S. crypto industry. reuters.com However, the bill still faces disputes from some lawmakers over issues such as conflicts of interest and stablecoin regulation, and whether it can ultimately be enacted depends on further negotiations in the Senate. (CoinDesk)
Related news
Strategy's Preferred Stock Financing Structure Stabilizes, Potentially Paving the Way for Resuming Bitcoin Accumulation
Odaily reports: Analysts at StoneX and TD Cowen believe that Strategy's preferred stock financing structure has stabilized and liquidity has improved, creating conditions for the company to resume accumulating Bitcoin and increase its Bitcoin holdings per share. Both institutions maintain a Buy rating, with target prices of $435 and $260, respectively.As of the end of the third quarter, Strategy held $5.07 billion in U.S. dollar assets, including $4.83 billion in cash reserves, sufficient to cover approximately 3.2 to 3.4 years of preferred stock dividends and debt interest. Strategy also spent approximately $2 billion to repurchase STRC preferred shares, helping its price recover to near its $100 par value. However, because funds were prioritized for replenishing cash reserves and supporting preferred stock rather than accumulating Bitcoin, Strategy's Bitcoin holdings per share declined 3.7% during the year.Additionally, holders of STRC, STRF, STRK, and STRD preferred shares have approved daily accrual of dividends: STRC effective November 1, and the other three classes effective January 1 of next year. Management stated that the move is intended to reduce volatility, improve liquidity, and expand demand. TD Cowen believes that broader distribution channels and better liquidity could ultimately enhance Strategy's efficiency in issuing "digital credit" products.
ICE, trade[XYZ], and Hyperliquid Announce Partnership Structure, Trading Still Requires Regulatory Approval
jeff.hl posted on X stating that ICE, trade[XYZ], and Hyperliquid are jointly opening a new chapter. According to the announcement he cited, Hyperliquid provides the underlying technical infrastructure through HIP-3, trade[XYZ] is responsible for designing and implementing the markets, and ICE operates the regulated market and clearing structure; the existing trade[XYZ] HIP-3 markets remain unchanged, and trading still requires regulatory approval. jeff.hl also said that about a year ago he spoke with ICE CEO Jeff Sprecher and joked that if he saw ICE building on Hyperliquid technology, it would mean success.
Democrats still voted against crypto fundraising caps after they were written into the CLARITY Act
Cynthia Lummis posted that Democrats had requested lowering the annual fundraising cap for cryptocurrency regulation from $75 million to $50 million and adding a $200 million lifetime cap. She said the relevant provisions had been agreed to and written into the Crypto Market Structure Act (CLARITY Act), but Democrats subsequently still voted against this rule aimed at protecting retail investors.
AMC CEO Issues Another Warning: Opposes Robinhood's Issuance of AMC Stock Tokens in the US, Could Impact Company's Capital Structure
AMC CEO Adam Aron has once again expressed opposition on the X platform regarding Robinhood's issuance of stock tokens, stating that AMC does not agree with Robinhood issuing tokens in the US that replicate AMC stock.Aron stated that such tokens are "fake synthetic stocks" and could impact AMC's capital structure. He also said that the SEC requires Robinhood to obtain AMC's consent, or at least ensure that AMC does not raise objections, and emphasized that AMC should control its own financial destiny rather than have it decided by Robinhood.
US Senate Fails to Advance Key Procedural Vote on Crypto Market Structure Bill
Odaily reports: The U.S. Senate failed to pass a key procedural vote on the Digital Asset Market Clarity Act, leaving the bill's future uncertain. The bill aims to clarify the division of regulatory authority over the crypto market between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).The two parties failed to reach agreement on ethics provisions that would restrict the crypto business ties of the President and senior government officials. Disagreements over stablecoin yield, decentralized finance risks, and the bill's text, combined with the approaching midterm elections, are all affecting the bill's advancement. (CoinDesk)
Tokenization Outpaces Regulatory Legislation, Former New York Governor Says US Financial Markets Are Accelerating On-Chain Migration
former New York Governor and OKX board member Andrew Cuomo stated that tokenization of US financial markets is accelerating, and the regulatory system needs to keep pace with technological and market developments. On September 17, the SEC introduced a five-year interim "innovation exemption" framework, allowing eligible on-chain trading platforms to trade tokenized stocks of certain US-listed companies under specific conditions.The framework requires trading platform participants to obtain licenses. Tokenized stocks grant investors the same rights and benefits as traditional stocks, with smart contracts audited and deployed on public chains; when the underlying stock is suspended from trading, the corresponding tokenized stock must also cease trading. On September 15, the US Senate failed to advance the Digital Asset Market Structure Act, and comprehensive digital asset regulatory legislation remains contentious.