Morning Report | Due to heavy investments in Samsung and SK Hynix, South Korea's largest pension fund suffers a loss of over 130 billion USD; Anthropic co-founder: AI is expected to boost the US GDP by nearly 50%

Compiled by: ChainCatcher

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Crypto Lending Vault Deposits Exceed $10 Billion, Regulatory Scrutiny on Lending Risks

According to ChainCatcher, the Financial Times reported that deposits in crypto lending vaults have surpassed $10 billion, a significant increase from $4 billion at the beginning of last year, reflecting the growing demand from investors for yield strategies in digital assets. These vaults operate through smart contracts on decentralized finance platforms, with each vault having a "curator" who effectively acts as an investment manager, responsible for selecting lending strategies, setting risk limits, and charging fees.

Their yields typically range from 3% to 10%, with riskier strategies yielding up to 20% or even higher. The allure of these returns comes with significant risks. Loans may be collateralized by illiquid tokens, crypto-backed stablecoins, or tokenized private credit, and if the collateral depreciates or becomes difficult to sell, depositors may face losses.

Automated liquidations could exacerbate market downturns, while hacking attacks, code errors, and pricing mechanism flaws could introduce additional vulnerabilities. Although publicly accessible smart contracts provide transparency, investors may focus solely on superficial yields while overlooking underlying risk exposures. Major depositors currently include fintech companies, digital asset treasury firms, and hedge funds. Bitcoin lending institution Two Prime is one of the recent entrants into this market.

The company launched a Bitcoin lending vault on the Pareto platform in September, targeting an annualized yield of 1.5% to 2% through institutional lending. This vault accepts wrapped Bitcoin, with a minimum deposit of 5 WBTC, and has invested approximately $10 million of its own funds to absorb initial losses. On the regulatory front, the U.S. Securities and Exchange Commission has raised questions regarding the securities held by the vaults, while European regulators have proposed oversight of intermediaries providing access to DeFi.

Chinese Sell-Side Sales: AI Hardware May Face High Volatility, Not Confirmed Collapse

According to ChainCatcher, semiconductor analyst Jukan shared a commentary translated into English by him, authored by a sales representative from a local Chinese sell-side institution. The representative stated that in mid to late September, hardware quickly transitioned into a wave B decline, with China and South Korea adjusting first and experiencing deeper and longer declines, followed by Japan, Taiwan, and semiconductor ETF SOXX weakening subsequently. There is significant divergence in the market regarding whether AI has entered a mid-cycle collapse, but there is less controversy about the industry still advancing.

The representative summarized the views of interviewed investors: high long-term interest rates in the U.S., capital expenditures beginning to rely on external financing and competing for funds in the market, multi-layered leverage stacking, and tight capital are the main reasons for this round of decline. Companies like CoreWeave have seen a significant deterioration in their financing structure and cost burden.

Model invocation prices have decreased, but capital expenditures and supply chain costs are difficult to reduce quickly, making short-term investment returns hard to realize. ASML and TSMC have provided strong guidance this quarter, but near-term pressures cannot be ruled out, and the bullwhip effect and differences in value chain levels may lead to greater volatility than expected. The representative also mentioned that use cases beyond coding are emerging in scenarios like SaaS and AI drug development, which may gradually alleviate investment return concerns and expand demand.

His personal judgment: before more evidence emerges, the current situation resembles a high-volatility phase rather than a confirmed collapse; the decline may not yet be over, and hardware leadership may be ceded to applications. Even if both houses change hands in the midterm elections, the impact may mainly be limited to constraints on certain data center projects, and the U.S. earnings season needs to verify the performance of large tech companies.

Latvia Plans to Allow Cryptocurrency Tax Payments by 2027, Parliament Passes Related Legislation

According to ChainCatcher, Latvia may allow residents to pay personal taxes using cryptocurrency by 2027 to attract crypto businesses and investors. Prime Minister's strategic planning and new economy advisor Didzis Dejus stated at the UN:BLOCK Fintech conference in Riga that he believes this arrangement will be realized next year. The country's Ministry of Finance has agreed to the plan, which still requires technical integration with payment service providers.

The plan builds on a proposal announced in May 2025, when Latvia proposed accepting cryptocurrency for tax payments and promoting the tokenization of assets like real estate. Dejus stated that Latvia is not afraid to be the fastest-moving country and hopes to attract more crypto businesses beyond just licensing. He did not disclose specific payment service providers or which cryptocurrencies could be used for tax payments.

Meanwhile, on October 15, the Latvian parliament passed legislation to tax withdrawals from cryptocurrency investment accounts that exceed the deposited amount, rather than taxing each transaction. The law introduces a one-time reporting mechanism, allowing holders to settle past tax obligations by declaring 10% of the asset's market value by the end of 2026, with the reporting period from April 1 to May 31, 2027, and taxes due by July 23.

Dejus stated that this measure will help those who purchased cryptocurrency years ago but lack cost records. The timing of this tax payment plan may depend on the next government, as the United List led by Prime Minister Andris Kulbergs won the parliamentary elections on October 3 and is expected to be nominated again, but still needs coalition partners.

Due to Heavy Holdings in Samsung and SK Hynix, South Korea's Largest Pension Fund Suffers Over $130 Billion Loss

According to ChainCatcher, data recently released by financial data provider FnGuide shows that as of October 15, the total estimated value of shares held by the National Pension Service (NPS) of South Korea, with a stake of 5% or more in 287 listed companies, has shrunk from 515.93 trillion won at the end of June to 333.53 trillion won, a paper loss of approximately 182 trillion won, equivalent to about $137 billion. The shrinkage is mainly related to the fund's heavy holdings in Samsung Electronics and SK Hynix. The market value of SK Hynix held by NPS has evaporated by about 74.2 trillion won, while the market value of Samsung Electronics has shrunk by 56.9 trillion won, with these two stocks accounting for about 72% of the total decline in market value.

NPS is the largest pension fund in South Korea, managing assets worth 1866 trillion won, approximately $1.35 trillion, as of the end of June. The investment return rate for the first half of this year reached 27.2%, the best level for the same period since 2022, but the market reversed within months, marking the first quarterly decline in its core holdings since the fourth quarter of 2024. NPS has long listed Samsung Electronics and SK Hynix as its top two domestic stock holdings, maintaining a stake of over 7%.

In May of this year, the fund's operation committee also raised the year-end target allocation for Korean stocks. After reaching a peak in June, stock prices quickly corrected, and as of mid-October, SK Hynix has fallen over 50% from its peak, while Samsung Electronics has retreated about 40%. Foreign capital concentrated selling has been a direct driver of the decline, with the two companies accounting for nearly 80% of the total net selling by foreign investors. Divergence in the market regarding AI storage prosperity, progress in Chinese storage technology, and high volatility of individual stock leveraged ETFs have also amplified the declines. The KOSPI index in South Korea reached a historical closing high of 9114.55 points on June 22, but has since fallen about 39% as of October 15.

During this period, NPS's stake in SK Hynix decreased from 7.5% to 7.32%, while its stake in Samsung Electronics remained at 7.84%. Bank of America’s research report on October 16 suggested that the valuation of storage stocks may have bottomed after about three and a half months of adjustment, and storage chip prices and profits are expected to remain high in 2027 to 2028. Some opinions also caution that if global AI companies cut capital expenditures, there may still be room for downward adjustments in the profit expectations of the two companies. As of now, NPS has not made a formal response regarding the significant shrinkage in its holdings' market value.

Anthropic Co-Founder: AI Expected to Boost U.S. GDP by Nearly 50%

According to ChainCatcher, Jack Clark, co-founder and head of public interest at AI company Anthropic, stated at the International Monetary Fund and World Bank annual meeting held in Bangkok on Saturday that the rapid enhancement of AI capabilities will bring about more rapid transformations. The company's internal models predict that under certain conditions, AI is expected to boost U.S. economic output by nearly 50% by 2030.

He emphasized the need for international cooperation to establish "extraordinary and stringent rules" for this technology, warning that the window for policymakers to take action is narrowing. Clark stated that the potential scale of U.S. GDP is expected to reach $44 trillion, currently slightly above $30 trillion, based on the assumption of continued technological advancement. He warned policymakers that increasing evidence points to a "technological singularity," where the pace of AI development will exceed human control, and advancements in not only AI but the entire scientific field will accelerate in the coming years.

He noted that despite recent incidents of uncontrolled AI systems escaping testing environments and breaching websites and databases, AI is still under human control, but the window for building safety protections is closing, with only a few years remaining. As he made these remarks, Anthropic is preparing for an IPO, expected to launch in November, with recent reports indicating that its IPO valuation expectations have been lowered to the range of $1.5 trillion, down from previous market expectations of about $2 trillion.

He also mentioned that AI could serve as a multiplier for scientific discovery, with more countries participating in AI development by building data center computing infrastructure; AI is causing job losses in areas like call centers and customer service, while promoting employment in fields like scientific research.

CITIC Securities Releases Second Report on MiniMax A-Share Listing Guidance

According to ChainCatcher, the China Securities Regulatory Commission's website shows that CITIC Securities released a report on October 15 regarding the progress of the initial public offering and listing guidance for MiniMax Group Inc. (Second Phase). This phase of guidance started on July 10, 2026, lasting over three months.

CITIC Securities, in collaboration with Tongshang Law Firm and Ernst & Young, continues to monitor the company's operational performance and compliance in accordance with regulatory requirements and the guidance agreement, conducting guidance through on-site training and special issue communications. The report states that the guidance target has established an internal governance structure and related company management systems, but there is still room for optimization in execution.

CITIC Securities will work with intermediary institutions to continuously refine corporate governance and standardized operations based on due diligence, propose rectification suggestions, and supervise the execution of internal controls. In the next phase, it will continue to collaborate with Tongshang Law Firm and Ernst & Young to work on improving standardized operational levels and preparing for guidance acceptance.

On May 29, 2026, CITIC Securities signed a guidance agreement with MiniMax and submitted a guidance filing application to the Shanghai Regulatory Bureau of the China Securities Regulatory Commission on the same day, which was accepted, marking MiniMax's official entry into the guidance period. The large model company MiniMax (00100.HK) was listed on the main board of the Hong Kong Stock Exchange on January 9, 2026, approximately four years from establishment to listing, and has focused on the research and development of multimodal models since its inception.

Siebert Analyst: Bitcoin Target of $175,000 by 2027

ChainCatcher reports that, according to Bitcoin Magazine, Brian Vieten, the head of digital asset research at Siebert Financial, a financial services company managing approximately $20 billion in assets, stated in a recent interview that Bitcoin will rise to $175,000 within the next 12 months, reaching that target by 2027.

He pointed out that Bitcoin's low point of nearly $58,000 in June marked the exhaustion of sell-offs by miners, exchanges, treasury companies, and lending institutions, laying the foundation for subsequent increases. Based on the aforementioned Bitcoin price prediction, Siebert Financial has given Strategy a buy rating with a target price of $350, which does not assume mNAV expansion.

Vieten believes that Strategy's digital credit engine, sticky ETF demand, and the GENIUS Act together provide Bitcoin with a "clean runway." The interview also discussed how large banks are changing the Bitcoin lending landscape, the market structure changes brought by ETFs as sticky capital, the new demand created by the GENIUS Act and stablecoins and tokenization, and whether the four-year cycle is still valid.

Vieten also discussed the conditions that institutions need to meet before increasing their Bitcoin allocations, as well as the potential institutional FOMO that the GENIUS Act might trigger, comparing Strategy's $350 target price with younger treasury companies.

Metaplanet Approved to Control Nasdaq-Listed Company SLE, Successfully Achieving U.S. Listing Layout

ChainCatcher reports that Simon Gerovich, founder and CEO of Metaplanet, announced that the transaction between Metaplanet and Super League Enterprise, Inc. (Nasdaq code: SLE) has been formally approved at the company's shareholder meeting. This move marks a key step for Metaplanet in transforming from a Bitcoin treasury company to a global Bitcoin-native financial platform.

It is reported that Metaplanet injected 2,100 Bitcoins and $2.5 million in cash into Nasdaq-listed Super League Enterprise (SLE), with a total value of approximately $134.6 million, in exchange for controlling interest. In return, Metaplanet received approximately 44.86 million newly issued shares of common stock (at $3 per share), as well as preferred stock and warrants. After the transaction is completed, Metaplanet will hold about 95.7% of SLE's issued common stock, becoming its controlling shareholder.

According to Gerovich, after the transaction is completed, Superplanet will serve as Metaplanet's Bitcoin treasury platform listed in the U.S., enabling it to directly access the U.S. capital markets and gain more agile and flexible financing capabilities. Strategically, combined with Metaplanet's establishment of Metaplanet Securities in Japan, this approval will give the company complementary platforms in the two most important capital markets globally (the U.S. and Japan).

This not only facilitates its international financing and capital allocation but will also further advance its business expansion in areas such as Bitcoin treasury, financial services, financial products, and asset management. Gerovich stated that this is a new milestone on Metaplanet's long-term growth path, and the company will continue to update the public on the latest progress regarding the completion of this transaction.

Nscale's Approximately $30 Billion IPO Valuation Target Questioned: Some Investors Advocate for a Reduction to $16 Billion to $19 Billion

ChainCatcher reports that, according to Bloomberg citing informed sources, Nscale, an AI data center developer supported by Nvidia, initially sought an IPO valuation of about $30 billion, but some investors have recently advocated for a valuation between $16 billion and $19 billion to attract buyers. Nscale is addressing comments from the U.S. SEC regarding its listing application documents and plans to initiate a roadshow after resolving these issues; discussions are still ongoing, and no final decision has been made. Previously, Microsoft had exited its data center collaboration project with Nscale in the UK due to project delays caused by limited power supply.

White House Digital Asset Advisory Committee Executive Director Patrick Witt Resigns

ChainCatcher reports that Patrick Witt, the executive director of the White House Presidential Digital Asset Advisory Committee, announced his departure from government service to return to the private sector. He made this decision public last week, and the White House has not yet announced a new head of cryptocurrency policy, with a successor still undetermined. Previously, Harry Jung and Bo Hines had also left the committee.

White House officials stated that cryptocurrency policy and the "Digital Asset Market Clarity Act" will remain a focus for the Trump administration, but the related personnel vacancies have raised concerns about the momentum of policy advancement. With the midterm elections approaching next month, the administration is still advancing rule-making in the digital asset space.

After the new Congress is sworn in in 2027, cryptocurrency legislation will require coordination with White House contacts, and tax legislation is expected to advance ahead of market structure reforms; if the Democrats flip the House, the congressional landscape may also bring new variables. Meanwhile, the rule-making efforts of agencies such as the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and the Treasury Department will continue.

German Savings Banks Enter Crypto Trading Space, First Batch of Institutional Clients Can Buy and Sell Crypto Assets Directly via App

ChainCatcher reports that, according to a confirmation from the German Savings Banks Association (DSGV), the German Savings Banks (Sparkassen) officially entered the cryptocurrency trading space this Monday, with the first batch of participating institutional clients now able to buy and sell digital assets such as Bitcoin directly through their existing official app. The trading service launched is supported by the securities service provider Dekabank of the savings banks and jointly responsible for the custody of crypto assets with the Stuttgart Stock Exchange.

Initially supported trading currencies include Bitcoin, Ethereum, Ripple, Solana, and Polygon. In terms of fees, the service charges a low fee of only €0.99 per order, and users are not required to bind traditional securities accounts, clearly aiming to compete directly on pricing with emerging mobile banks like N26 and Trade Republic. In terms of promotion pace, the service does not set a nationwide uniform launch date but allows each savings bank to decide its launch timing based on its own circumstances.

Joachim Schmalzl, a member of the DSGV management team, stated that there is strong interest in this business within the group, and it is expected that 30 to 40 institutions will follow suit each month, with the goal of covering most interested savings banks by the first half of 2027. He emphasized that this product is primarily aimed at clients who wish to trade and custody crypto assets independently; the savings banks do not provide investment advice and do not plan to conduct extensive proactive marketing in the initial phase. For a long time, due to the extreme volatility of cryptocurrencies, German savings banks have maintained a cautious attitude toward them.

Schmalzl pointed out that this decision to enter the market is the result of careful consideration, with the decisive factors being strong customer demand and the fact that Europe currently has a reliable regulatory framework, aiming to allow clients with clear intentions to trade in a regulated compliance environment. However, DSGV still maintains a cautious tone in its statement, reiterating that cryptocurrencies are "highly speculative assets," and clients will be clearly warned of the risks of price volatility and total loss when operating. The bank also emphasizes that traditional securities investments, savings plans, and financial consulting remain its core business for long-term wealth accumulation for the public.

ILITY Confirms Security Incident on Network: Cross-Chain Bridge Suspended

ChainCatcher reports that on October 17, ILITY announced on the X platform that a security incident occurred on the ILITY Network, and the ILITY cross-chain bridge has been temporarily shut down. The company is cooperating with law enforcement, cryptographic forensic experts, and investors to investigate, but has not disclosed the amount of losses or details of the attack.

On-chain analyst Specter noted that a wallet was observed transferring approximately 35,700 ZEC (worth about $41 million at the time) from a privacy pool, which was then transferred to the Bitcoin and Ethereum networks via NEAR Intents and multiple addresses.

Their tracking suggests that the relevant addresses are associated with the ILITY cross-chain bridge and state that approximately 4.1 million ILY tokens flowed out from that bridge. Due to the privacy features of Zcash, it has not yet been confirmed whether this ZEC belongs to stolen funds or its exact relationship with the ILITY incident.

CFTC Advances Reg CAM Crypto Asset Market Framework: Voluntary Inclusion in Federal Unified Regulation

ChainCatcher reports that Michael Passalacqua, senior advisor to the chairman of the U.S. Commodity Futures Trading Commission and head of the innovation working group, stated that after the "Clarity Act" was stalled, the CFTC is advancing Reg CAM, the "Crypto Asset Market" framework, aimed at providing a path for crypto asset trading platforms to voluntarily come under CFTC-led nationwide unified regulation.

This arrangement primarily targets platforms that provide leveraged, margin, or financing trading to retail customers, allowing them to escape the patchwork of state money transfer licensing regulations; pure spot trading without leverage generally remains outside this mandatory framework.

Passalacqua stated that the relevant rule-making is currently in the public consultation phase, and there is still no conclusion on whether the industry finds the proposal attractive.

Jeff DerGurahian: U.S. Mortgage Rates May Remain Around 7%

ChainCatcher reports that loanDepot analyst Jeff DerGurahian stated that due to rising oil prices and a weak stock market, U.S. mortgage rates may remain around 7% in the fourth quarter. The weak stock market is attracting buyers back to the bond market, but high oil prices are exacerbating inflation concerns, which may force the Federal Reserve to raise interest rates.

BitMine Increased Holdings by 12,535 ETH Last Week, Total Holdings Rise to Approximately 6.041 Million

ChainCatcher reports that, according to PR Newswire, BitMine increased its holdings by 12,535 Ethereum last week. As of October 18, 2026, its total Ethereum holdings reached 6,041,481, accounting for approximately 4.9% of the total Ethereum supply.

Currently, the total value of cryptocurrencies, cash, and other investment assets held by BitMine is approximately $15.1 billion, which includes $582 million in cash and securities, 215 Bitcoins, $180 million in Beast Industries equity assets, and a $74 million investment in Eightco Holdings (ORBS). Additionally, the amount of Ethereum staked remains at 5,067,309 (representing 84% of total holdings), valued at approximately $12 billion, with current annualized staking returns of about $309 million.

BitMine Chairman Tom Lee stated in the company's weekly report that in recent weeks, investor risk appetite has contracted due to concerns over AI financing and AI model security issues, the escalation of the US-Iran conflict, anxiety over the US midterm elections, and a general rise in global bond yields. This has led to a sell-off of AI stocks (including semiconductor and memory chip stocks) and further caused deleveraging in the Korean and Taiwanese markets, which are dominated by semiconductor and memory chip stocks.

He pointed out that crypto assets are widely held in the US, South Korea, and Taiwan, and as investors in these regions reduce their risk exposure, it naturally exerts spillover pressure on the crypto market. However, historically, when fundamentals remain robust while prices decline, it often presents an attractive risk-reward opportunity. Given that crypto assets benefit from the modernization of global financial infrastructure and AI intelligence, he believes this time is no exception.

Shenzhen Economic Investigation: Beware of RWA Real Estate Tokenization Scams, Related Financing is Illegal Financial Activity

According to ChainCatcher, Shenzhen Economic Investigation disclosed that recently, some investors have suffered financial losses due to participating in investment scams under the guise of "RWA real estate tokenization." These scams typically use technical jargon such as "smart contract automatic dividends" and "blockchain browser verifiable" to lure investors into purchasing fictitious fragmented property rights on the blockchain. Once the funds are in place, they stop paying dividends and disappear.

Shenzhen Economic Investigation pointed out that the smart contract address and company registration information can only confirm the existence of the code and the business entity, which does not represent a real binding of the underlying physical assets nor does it indicate that the project has financial business qualifications.

According to current regulatory provisions in China, any tokenization financing activities conducted under the name of RWA within the country are considered illegal financial activities. Virtual currencies do not have legal tender status, and related token issuance, financing, and trading speculation are not protected by law.

Li Auto's Chip Subsidiary Completes 1.625 Billion Yuan Financing, Valuation at 17.1 Billion Yuan

According to ChainCatcher, LatePost's LateAuto reported that Li Auto's chip subsidiary, Shanghai Mahexin Technology, has completed its first round of equity financing of 1.625 billion yuan, with Li Auto contributing 1 billion yuan and external investors contributing a total of 625 million yuan.

After the financing, Li Auto holds 74.01% of the shares, making it the largest shareholder. External investment institutions include Hangzhou Jingtai, BlueRun Ventures, Huaye Tiancheng Capital, and Qiji Chuangtan. Hangzhou Jingtai also received an additional investment right of 500 million yuan, bringing the company's valuation to 17.1 billion yuan, with 20% of the company's equity allocated for employee incentives.

Insiders say the funds will be used for subsequent chip research and development and commercialization, with hopes to supply externally and expand into businesses outside of automotive. Li Auto co-founder Ma Donghui stated on September 21 that Mahe chips and silicon carbide modules can be sold externally, and Li Auto is developing the second generation of Mahe intelligent driving chips.

Anthropic is Researching How to Let AI Agents Negotiate on Behalf of Users

According to ChainCatcher, Phoenix Technology cited a report from the Financial Times stating that on October 19, Beijing time, AI company Anthropic is discussing with legal professionals how to allow AI agents to negotiate on behalf of users while adhering to reasonable negotiation rules to secure better deal terms. Two individuals familiar with Anthropic's ideas stated that the company is seeking advice from law firms to understand how lawyers can maintain client interests while ensuring fair negotiation outcomes.

Anthropic declined to comment. The report noted that as personal AI applications advance, related companies are beginning to consider allowing AI agents to communicate with each other to negotiate prices for goods, resolve customer service disputes, and even secure better salary conditions. One person familiar with the work stated that Anthropic is studying the negotiation norms that should be followed when models negotiate with each other, weighing factors such as how often to consult users during negotiations and how vigilant to be against AI negotiation counterparts.

Another person close to the company stated that the company has also explored having users sign documents to confirm the tasks assigned to the agents and the rules they must follow. The Financial Times cited research released by Anthropic in April this year, stating that the policy and legal framework surrounding AI models representing humans in transactions has yet to be established.

This year, the company had Claude agents negotiate around real goods and funds. In a September experiment, employees used agents to buy and sell books, with agents employing aggressive strategies slightly outperforming in securing better results. Harvard Business School assistant professor Michelle Vacharo conducted over 180,000 agent negotiations, covering scenarios including employment contracts and lease agreements, and found that some agents attempted to induce the other party to disclose confidential information through prompt injections.

Kioxia's Leveraged Long Positions Lead the Tokyo Stock Exchange, Stock Price Faces Downward Pressure

According to ChainCatcher, Bloomberg reported that the stock price of memory chip manufacturer Kioxia Holdings (Tokyo Stock Exchange code 285A) is facing further downward pressure. Investors previously borrowed funds to bet on rising stock prices and accumulated positions, which may now need to be sold at a loss.

As of October 15, the stock's outstanding leveraged long positions were approximately 920 billion yen (5.8 billion USD), the largest among all listed companies on the Tokyo Stock Exchange, according to data from the exchange.

Trading activity has declined alongside the stock price, with transaction volume decreasing by 84% from its peak, dropping to 766 billion yen on Friday, and some credit traders face the risk of being forced to close positions below their purchase price.

New US Bill Proposes Voluntary Disclosure Program for Digital Assets, Allows for Past Tax Corrections

According to ChainCatcher, Cointelegraph reported that the US Congress is advancing the "Digital Asset Tax Certainty Act" (H.R. 10357), which stipulates in Section 502 that the Secretary of the Treasury must establish a voluntary disclosure program for digital assets within 12 months of the bill's enactment. Eligible taxpayers can correct past digital asset tax violations by submitting amended returns and paying owed taxes, interest, and planned penalties.

The bill was passed by the House Ways and Means Committee on September 16 with a vote of 38 to 5, but it has not yet officially become law and still needs to be passed by the House, Senate, and signed by the President. Andrew Gordon, executive director of the Digital Asset Taxation Action Group, stated that this is a significant change that will help many ordinary taxpayers but has received little attention. He pointed out that US investors are facing the first reporting season under the new 1099-DA broker reporting rules, which give the IRS greater visibility into crypto transactions but do not address years prior to the rules taking effect.

Certified public accountant and founder of Crypto Tax Advisors Sharon Yip also stated that reporting errors among ordinary crypto investors are quite common, and existing procedures lack standardized processes, making it impossible to provide predictable penalty treatment for unintentional violators. According to Section 502, taxpayers generally must submit amended returns within 24 months after the program is established, and the bill sets two penalty standards.

Taxpayers who prove that their violations are neither fraudulent nor intentional, and who report within the first 12 months after the program starts, can apply a 0% penalty on owed taxes up to $25,000 per year, with a 5% penalty on amounts exceeding that; those who do not provide such proof will face penalties of 25% and 40%, respectively, and the tax rate will increase after missing the initial window. The bill also provides specific civil penalty exemptions, allowing unproven taxpayers to avoid criminal referral within the scope of disclosed information. A report by CoinTracker in 2026 showed that only 49% of crypto users correctly understand that selling crypto assets is a taxable event.

Richard Byworth: The Next Bitcoin Rally is Just a Matter of Time, Seller Exhaustion at Record Levels

According to ChainCatcher, Bitcoin Magazine revealed that Richard Byworth, who previously worked at Syz Capital and has primarily focused on hedge fund structure design throughout his career, stated in an interview with Bitcoin Magazine that the next Bitcoin rally is just a matter of time.

He pointed out that according to data from on-chain analysis platforms like Glassnode, the current level of seller exhaustion has reached an all-time high. Although the market does not exhibit an extreme bearish atmosphere, multiple on-chain indicators show that Bitcoin is strongly bottoming out. He mentioned that Bitcoin has been trading in the range just above $80,000 in recent weeks, and he believed that $58,000 was a bottom.

Byworth also discussed Bitcoin yield strategies. He warned that using covered call strategies during a bullish market could lead to significant losses of Bitcoin for investors and advocated for obtaining low-volatility, market-neutral returns through basis trading collateralized by Bitcoin. He noted that Strive had purchased three times the weekly issuance of Bitcoin in a single transaction within a week, believing that the next rally is just a matter of time.

Regarding Bitcoin treasury companies, Byworth stated that the digital credit products designed by Saylor are putting pressure on the traditional bond market, as the yield on 10-year US Treasury bonds is around 5.1% to 5.2%, and investors will be eroded by the faster pace of currency depreciation. He mentioned followers like Strive and Metaplanet, and believes that Bitcoin may break its all-time high again before the end of the year, and reaching $350,000 within the next year is not entirely impossible.

ESMA Adds 9 Crypto Asset Service Providers, Total Reaches 375

According to ChainCatcher, Cointelegraph reported that the European Securities and Markets Authority (ESMA) has added nine crypto asset service providers (CASP) to the registration list under the "Crypto Asset Market Regulation Act" (MiCA), including the Austrian entity MEGE zweite of BingX, the Italian subsidiary of YouHodler, and Openbank Deutschland under Santander, bringing the total number of registered CASPs to 375.

French National Assembly Passes Amendment for Taxation on Stablecoin Exchanges, Set to Take Effect in 2027

According to ChainCatcher, the French National Assembly passed Amendment I-3898 on Friday with 38 votes in favor, 37 against, and 25 abstentions, proposing to tax certain cryptocurrency exchanges for stablecoin transactions. If approved, the relevant provisions are expected to take effect in 2027.

This measure will change the calculation method for capital gains tax on cryptocurrencies, meaning that when investors exchange Bitcoin or other cryptocurrencies for stablecoins, even if not exchanged for fiat currency, the related gains may trigger taxation. The French National Assembly is scheduled to vote on the first part of the "2027 Financial Bill" on Tuesday. A proposal to carry forward realized cryptocurrency losses for 10 years was rejected by the assembly with 18 votes in favor, 75 against, and 3 abstentions.

French lawmakers are also reviewing two cryptocurrency tax proposals: I-CF1822 aims to expand exit taxes to unrealized gains, applicable to taxpayers with a total cryptocurrency portfolio value exceeding 800,000 euros who move their residence out of France; I-2701 aims to require reporting of holdings from self-custodied wallets, with a threshold of total value exceeding 100,000 euros for the relevant tax year. Both proposals are still under review as of Monday.

Binance Research: US September CPI Rises to 3.7%, Bitcoin Mining Companies Accelerate Differentiation

ChainCatcher news, according to Binance Research's weekly report, the U.S. CPI rose to 3.7% in September, with energy contributing over one-third, and the PPI increased by 6.3% year-on-year. Based on EIA oil price projections, the overall CPI may peak at around 3.9% in October and drop to about 2.6% by March 2027.

In AI, Anthropic's revenue grew by 45% quarter-on-quarter in the third quarter, significantly lower than the previous more than doubled growth rate; its Binance Pre-IPO contracts fell by 8.8% over two trading days, while CoreWeave's bonds maturing in 2032 saw yields rise to about 16%.

Binance Research believes that the cooling demand for AI and rising financing costs are simultaneously affecting AI infrastructure transactions.

Bybit CEO: Losses from last year's theft have been compensated, the golden age of global expansion has passed

ChainCatcher news, Bybit CEO Ben Zhou recently stated in an interview with Wu that Bybit has covered the losses caused by a North Korean hacker attack through operational income such as transaction fees by the end of last year. He believes that trading platforms will continue to face hacker attacks in the future, and security systems should be designed with the premise of "assuming that theft will occur."

Regarding competition, Ben Zhou believes that the golden age of expansion for global trading platforms has passed, and the industry will further consolidate, with regional trading platforms that have licenses and local operational capabilities still having opportunities. He revealed that Bybit's profits have declined year-on-year this year, and traditional asset trading businesses such as stocks are currently insufficient to offset the impact of the cryptocurrency business.

In terms of the U.S. market, he stated that Bybit is still waiting for the right opportunity to enter and prefers to cooperate with local institutions that have a retail user base. The core strategy for the next year will focus on regional development and deep localization. He also discussed the differences between the Bitget security incident and the Bybit theft incident, as well as the data security challenges brought by large-scale applications of AI within the platform.

Apple expands App Store review, non-compliant AI deepfake applications will be removed

ChainCatcher news, Apple announced the expansion of App Store review rules to include non-consensual intimate images generated by AI under regulation. The platform had previously banned pornographic content, and the new rules require developers to proactively prevent and remove AI-generated deepfake content. If effective action is not taken, applications containing such non-compliant content will be forcibly removed.

The updated clause 1.2 specifically mentions AI content creation applications and names controversial products such as Grok. Previously, users complained that Grok, a product

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Morgan Stanley's Wilson: The stock market adjustment is nearing its end, it's time to prepare for positioning

Morgan Stanley's selected "high-quality + upward earnings revision" stock pool covers multiple industries, including technology companies like Apple, Broadcom, Micron, etc., all meeting the criteria of being in the top 1000 by market capitalization, in the top quartile of quality composite scores, having recent upward revisions in NTM EPS, and receiving an upgrade rating from Morgan Stanley.

Wilson stated that in a baseline scenario, stabilizing long-term yields will make earnings the main driver of returns again; even in a risk scenario where financial conditions continue to tighten, quality stocks have historically provided relative protection. He listed three key observation indicators to determine whether this round of adjustment has truly ended: whether the relative performance of the financial sector stabilizes during earnings season, whether bond volatility continues to decline, and Warsh's statements on tightening financial conditions.

Singapore CARF Implementation: Cryptocurrency tax transparency enters the execution phase

For relevant institutions, it is currently more important to quickly clarify whether they fall within the reporting scope and further sort out entity classification, customer identification, controlling person judgment, transaction data aggregation, and the applicable boundaries between CARF and the revised CRS. For platforms with a large customer base, complex business models, or involving multiple types of financial products, the extent of preparation in advance will directly affect subsequent implementation costs and compliance efficiency.

Singapore's practice also provides an important sample for observing the implementation of CARF in Asian financial markets. As more jurisdictions enter the implementation phase, it will be worth continuously monitoring how different markets embed CARF into local regulatory systems and how the resulting rule differences will impact business operations, cross-border compliance, and regional business layouts.

The new generation of PayPal gang? HRT interns produced the heads of Meta AI and Hyperliquid

Afterward, they ventured into AI, cryptocurrency, and software engineering, but their work has similarities. Scale AI revamped the data supply chain for AI, Hyperliquid restructured on-chain exchanges, and Cognition attempted to reinvent the coding process itself.

Of course, having four well-known founders emerge from ten people looks impressive in hindsight. The paths of the remaining interns are rarely reported, and many in the competition circle did not pursue entrepreneurship.

But at least on that day, the three in the group photo belonged to Meta, Hyperliquid, and Cognition, and the question "Why can't it be us?" at the age of 19 already has an answer.

CITIC Securities: The market's concerns about Coreweave are excessive, new cloud vendors' short-term funding gap "can still be supported"

CITIC Securities estimates that capital expenditures related to new cloud services will approach $500 billion by 2027, with an annual additional financing demand of about $300 billion.

In the short term, public market financing, GPU collateral financing supported by customer contracts, and customer prepayments provide funding support for new cloud capital expenditures, and under current conditions, the overall financing supply has the capacity to support it. In the medium term, the key to debt repayment capability lies in whether AI demand can continue to translate into rental income and cash returns.

Howard Marks: If everyone is talking about a bubble, then the bubble may not have burst

Howard Marks stated that a true bubble requires investors to be "completely unaware" and usually needs to meet several conditions simultaneously: market valuations significantly deviating from rational investor judgments, a serious disconnect between risk appetite and reality, and investor sentiment being completely out of control.

Valuation data supports his judgment: the current forward P/E ratio of the five major tech stocks is about 23 times, far lower than the peak of 65 times in 2000.