policy

According to CoinDesk, the U.S. SEC has launched a five-year innovation exemption that provides a pathway for eligible tokenized U.S. stocks to be traded through automated market makers (AMM) on public blockchains. Analysts from Goldman Sachs and Citizens believe that Coinbase, Robinhood, and Circle could become early beneficiaries of this policy.The new framework requires tokens to retain shareholder rights such as dividends and voting rights while imposing limits on the number of stocks and trading volume that trading platforms can offer. Goldman Sachs stated that Coinbase's existing tokenized stock products already possess several of the required features, and its institutional custody business and Coinbase Tokenize may also benefit.However, Coinbase's current trading platform uses a centralized limit order book, and to operate a trading venue directly under the exemption, it will still need to build AMM infrastructure or route trades to decentralized trading platforms on Base.Currently, the stock tokens offered by Robinhood for markets outside the U.S. are derivatives that only provide price exposure and do not possess the complete shareholder rights required by the framework, thus requiring further adjustments to the product. Robinhood has previously stated plans to add 1:1 redemption and voting rights features for stocks.Analysts also believe that an increase in on-chain securities trading may drive demand for tokenized cash, benefiting Circle indirectly, with USDC potentially being used for settlement and collateral in on-chain markets.

According to Bloomberg, within months of launching its new semiconductor industry policy, India has secured approximately $12 billion in investment commitments from global and domestic companies, involving supply chain enterprises related to chip equipment, materials, and chemicals.This interest stems from India's announcement in July of an additional $13.4 billion semiconductor fund, which complements a previous $10 billion subsidy program to support companies, including Tata Group and Micron, in establishing wafer fabs and assembly and testing facilities locally. India's Minister of Communications and Information Technology, Ashwini Vaishnaw, stated that the related investments will materialize in the next 2 to 3 years, with some projects already in production and capacity largely locked in. Tata Electronics also signed multiple cooperation agreements with Nexperia, Fujifilm, and others at the conference, covering wafer manufacturing, assembly and testing, and localization of key materials.

Regarding the Federal Reserve's decision to raise interest rates by 25 basis points as expected in the September meeting, Huobi HTX Chief Analyst Andy pointed out that what truly deserves attention is the comprehensive hawkish shift in the Federal Reserve's stance. All 12 officials rarely supported the decision unanimously, and the dot plot clearly indicates another rate hike within the year, with tightening becoming a consensus.The core message conveyed by the meeting is that the Federal Reserve is determined to rebuild its credibility against inflation at all costs. The economic forecast summary raised growth expectations and lowered the unemployment rate, reflecting confidence in a soft landing; however, the path for core inflation to decline has been significantly delayed, indicating that the higher-ups have accepted the reality of "higher for longer." Chairman Waller's statement is particularly crucial, placing anti-inflation efforts as an absolute priority. Even though the current economic fundamentals are robust and oil price fluctuations are supply-side factors, the Fed still chooses to respond with a tightening stance. This "better to be too tight than too loose" position has temporarily pushed up U.S. Treasury yields and the dollar, while suppressing gold.For the cryptocurrency market, uncertainty has actually decreased. A clearer policy path helps compress risk premiums, which is not a bad thing for risk assets in the medium to long term. The key going forward lies in data validation: if employment and growth remain strong, rate hikes may continue but at a slower pace; if the economy shows cracks, there is still room for a policy shift. Overall, the Federal Reserve is trading short-term pain for long-term policy credibility.

According to official social media news, Huobi HTX will hold a live broadcast today at 20:00 titled "Clarity Bill Fails, Federal Reserve Rate Hike Pressures: Is the $75,000 BTC Support Level a Sign of Exhaustion or the Eve of a Break?" During this time, crypto KOLs such as Chan Ge, Da Mo Ge, 0x31ad, Chi Huo Bu Pa Pang, and Zi Zi will join the live stream to discuss the progress of the Clarity Bill, expectations of the Federal Reserve's monetary policy, and its impact on liquidity in the crypto market. They will also analyze the recent trends of BTC, focusing on the bullish and bearish battles at the critical support level of $75,000 and the main variables the market may face in the future.

Sihao Huang, who previously served as a Senior Policy Advisor for Artificial Intelligence and Emerging Technologies at the White House Office of Science and Technology Policy (OSTP), announced his joining of Anthropic as the Head of Frontier Computing Strategy. He stated that he will collaborate with Anthropic's Computing Lead Tom Brown to advance infrastructure expansion, build industry coalitions, and develop plans for the rapid advancement of artificial intelligence.Huang mentioned that during his time at the White House, he was involved in promoting U.S. artificial intelligence policy and related industry infrastructure development, and this new position will bring him closer to the frontier technologies that are continuously influencing significant policy decisions.

Coinbase Chief Policy Officer Faryar Shirzad commented on the failure of the CLARITY Act to pass a key procedural vote, stating that the U.S. Congress has given their answer: the legislative path is blocked, and there should be no further expectations. The SEC and CFTC, the two major regulatory agencies, can issue clear regulatory rules using their existing authority.With about seven weeks until the midterm elections, crypto voters should use their ballots to retaliate against the lawmakers who voted no.

According to a report by CNBC citing the latest financial disclosure documents, Kevin Hassett, the Director of the National Economic Council (NEC) at the White House, holds between $1 million and $5 million in Coinbase stock as of the end of 2025. Previously, Hassett served as an advisor to Coinbase from 2021 until January 2025, before joining the White House. Since the disclosure documents only cover holdings up to the end of 2025, it cannot be confirmed whether he still holds these shares.This investment has raised concerns because the NEC plays an important role in the cryptocurrency agenda of the Trump administration. Three days after Trump returned to the White House, a digital asset market working group was established within the NEC, responsible for developing regulatory, banking, stablecoin, and tax proposals for cryptocurrencies. Hassett stated that he has avoided cryptocurrency-related matters after consulting with government ethics officials, and the White House claimed he "has always and continues to fully comply with all ethical requirements." However, former SEC ethics lawyer Kantor pointed out that this holding constitutes a "significant conflict of interest" or at least presents the appearance of a conflict. Coinbase spent millions of dollars in the 2024 U.S. elections, and its CEO maintains direct contact with Trump and senior officials.

Most economists expect the Federal Reserve to keep interest rates unchanged at this month's meeting and maintain this until the end of 2027, despite rising market expectations for a rate hike.Surveys show that only 13 economists anticipate a rate increase this month, while the market believes there is a 70% chance of a rate hike next week. Yelena Shulyatyeva warned that rising inflation could change the current situation.

According to Hyperliquid News, the Hyperliquid Policy Center has submitted a legal opinion to the federal court in Washington, D.C., seeking to dismiss the lawsuit filed by the Chicago Mercantile Exchange (CME) against the U.S. Commodity Futures Trading Commission (CFTC).The lawsuit involves the CFTC's prior approval of the launch of regulated cryptocurrency perpetual contracts in the U.S. through Kalshi. CME had previously filed a lawsuit regarding the related regulatory decision, while the Hyperliquid Policy Center supports the CFTC's side, arguing that the court should dismiss CME's lawsuit.

Bitcoin News posted on the X platform stating that a new analysis by the Cornell Tech Policy Institute estimates that exempting capital gains tax on small digital asset purchases could increase U.S. federal government revenue by approximately $859 million over the next 10 years.The S. 2207 bill proposed by Senator Cynthia Lummis would exempt qualified purchases under $300 from capital gains confirmation, with an annual exclusion limit of $5,000 for capital gains. The study claims that, based on core assumptions, every $100 of qualified benchmark payments could generate $3.18 in federal net revenue.

According to CoinDesk, U.S. Treasury Secretary Yellen has reportedly urged Japan to raise interest rates to curb the continuous depreciation of the yen, highlighting how traditional monetary policy is susceptible to government and external factors.In contrast, Bitcoin's monetary policy is pre-set by code, with new coin issuance following a fixed rhythm and halving approximately every four years, providing higher predictability. However, Bitcoin still struggles to escape the impacts of traditional financial markets in the short term.If Japan's interest rate hike leads to a rapid appreciation of the yen, long-accumulated low-interest yen financing trades may be closed out, potentially triggering sell-offs in stocks, bonds, and crypto assets. In August 2024, the Bank of Japan's interest rate hike strengthened the yen and put pressure on risk assets, including Bitcoin.From a technical perspective, the BTC 50-day moving average is currently trending upward and is close to crossing above the 200-day moving average, which may form a "golden cross." However, analysts believe that moving averages have a lagging nature, and the historical predictive effectiveness of the golden cross as an independent indicator is not stable.

According to Bloomberg, European Central Bank Executive Board Member Isabel Schnabel stated that central banks should introduce central bank money into blockchain to innovate the execution of monetary policy.Implementing "on-chain" not only maintains the status of money as the "settlement cornerstone," but also allows central banks to utilize the programmable features of distributed ledgers to modernize the execution of monetary policy, collateral management, and liquidity provision, thereby promoting financial stability.

Federal Reserve Chairman Waller stated on Friday that if policymakers cannot be confident that inflation is "declining at a clear and sufficiently rapid pace" back to 2%, the Fed "has work to do." This suggests that if price pressures do not improve, the Fed may raise interest rates next.Waller made it clear that he still adheres to the Fed's long-standing policy path of managing inflation through interest rate adjustments. This significantly increases the likelihood of the Fed's next step being a rate hike, which could create a divergence between him and President Trump, who has long sought rate cuts. This statement essentially eliminated the ambiguity that had been left previously. At the press conference at the end of July, Waller declined to respond extensively to whether a rate hike was needed to address the inflation issue, which has significantly risen this year and has been above the Fed's target for more than five consecutive years.