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Viewpoint: The "Cryptocurrency Asset Regulation" proposal introduced by the U.S. SEC may not trigger a new wave of ICO frenzy

According to Cointelegraph, the SEC has released proposed rules for the "Regulation Crypto Assets," setting two exemptions for specific investment contracts involving crypto assets: allowing startups to raise up to $5 million in a one-time financing within four years; and allowing qualified issuers to raise up to $75 million within any 12-month period, with the possibility of conducting different rounds of issuance in subsequent years.Drew Hinkes, a partner at Winston & Strawn, stated that as long as each round of financing is an independent issuance, projects could theoretically raise $75 million every 12 months. Lilya Tessler, head of Sidley's fintech and blockchain practice, noted that subsequent financing is not automatically approved; issuers must resubmit offering documents, undergo SEC staff review, continuously submit annual and semi-annual reports, and disclose funds raised through the exemption in the past 12 months to confirm they have not exceeded the financing cap. The proposed rules also limit the participation scale of non-qualified investors, with their purchase amount not exceeding 10% of the higher of their personal income or net worth.Lee Reiners, a financial regulation expert at Duke University, indicated that the limited first-round cap may make early token allocations more attractive, but the rule is unlikely to replicate the ICO boom of 2017. Among projects that raised funds through ICOs from 2017 to 2019, as many as 90% ultimately failed.The SEC expects that approximately 130 issuances per year will utilize the above two exemptions, with about 475 issuers potentially using a broader investment contract safe harbor. The proposed rules will provide token issuers with a clearer path for financing in the U.S. compared to the current system, but secondary market trading may still exist in a gray area of securities attributes. The proposal stipulates that investment contracts related to crypto assets may continue to trade in the secondary market along with token transfers until the asset is separated from the issuer's statements or commitments.Drew Hinkes stated that if non-security tokens transfer investment contracts from seller to buyer, such transactions may still be considered securities transactions, impacting trading platforms. Lee Reiners also mentioned that some issuers may meet the formal requirements for exemptions but still influence token value through team management efforts, concentrated insider holdings, and aggressive promotion.

Coinbase introduces perpetual contracts to the Base App through Hyperliquid, supporting up to 50x leverage

Coinbase announced the introduction of perpetual contract trading to the Base App through Hyperliquid, allowing eligible users to trade over 290 perpetual contract markets with a maximum leverage of 50 times, covering Bitcoin, Ethereum, and markets related to stocks and commodities. Coinbase's engineering lead Chintan Turakhia stated that perpetual contracts currently account for about 75% of the total trading volume in the crypto market and are the feature that high-frequency users of the Base App most want to see added.Related trades will be executed within the Base App, but Hyperliquid will be responsible for the actual execution, allowing users to stay within their existing wallets. Coinbase stated that the maximum leverage ratio available for different assets varies, and positions may be liquidated when losses exceed a certain threshold. This product is currently not available to jurisdictions such as the United States, the United Kingdom, Canada, and other areas that restrict leveraged crypto derivatives trading. This launch also reflects a shift in the product focus of the Base App from previously emphasizing social and creator features to trading, payments, and AI Agents. Base founder Jesse Pollak previously acknowledged that social and creator tokens did not bring the expected user growth, while prediction markets, perpetual contracts, and stablecoins have become stronger drivers of adoption.

NeoSoul officially launches NeoTrade, introducing a universal intelligent trading workstation

BSC and 0G ecosystem's largest AI economic infrastructure project NeoSoul today announced the official launch of NeoTrade. NeoTrade is a universal intelligent trading workstation for traders, allowing users to directly define how the AI trading Agent operates and put it into action.Most existing automated trading products offer preset strategies. Traders seeking greater freedom typically need to develop and configure trading Agents themselves. NeoTrade brings this capability into a product interface designed for traders.Once the Agent is activated, it can process market information and execute trades 24/7. Fund usage follows rules pre-set by the user, and operations requiring approval will wait for user confirmation; users can also stop the Agent at any time.NeoTrade continuously displays the Agent's operational status and actual performance. Traders can adjust configurations based on market results, making each outcome the basis for the next adjustment.Kaelan, co-founder of NeoSoul, stated that the next step in Agentic Trading is to transform tasks that previously required engineering capabilities into products that traders can use directly. NeoTrade aims to lower this barrier, enabling more users with trading judgment to utilize trading Agents.As AI Agents move from assisting analysis to continuous execution, trading products are also transitioning from preset strategy tools to configurable intelligent systems. Those who can simultaneously solve for autonomous operation and fund control are becoming key competitors in the Agentic Trading product space.
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