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P Equity Research and SemiAnalysis researcher Nick Doyle and others discussed high bandwidth flash (HBF) in X Space. Nick stated that it is still too early to determine how much the cost premium of HBF relative to HBM can shrink; existing data mostly comes from vendor claims, such as Sandisk stating that the cost per bit is about one-eighth that of HBM. Yields, testing, and other factors will improve with scale, but structural costs such as TSV, stacking, and pSLC mode will always exist, and durability is a key unknown; if wear exceeds expectations, costs will rise.The application scenarios for HBF are narrow, targeting only AI inference, especially low batch and long context MoE models, and it is not a substitute for HBM. The actual bandwidth target is about 1.6 TB/s, which is at the HBM3E level, suitable for sequential reads to load model weights, more aligned with the capacity needs of a small number of GPUs in local or private enterprises, rather than ultra-large-scale bandwidth scenarios. Heat dissipation reliability has not yet been resolved; flash memory will degrade faster at high temperatures next to GPUs, and mitigation measures such as UCIe separation and daily refresh have yet to be validated.In terms of manufacturing, Sandisk/Kioxia has experience with 3D NAND, and SK Hynix complements HBM-style stacking capabilities, but mass production is still to be confirmed. Overall, storage is shifting towards a specialized layered market, with NAND shortages expected to continue until 2028, and HBF may further impact supply and demand.

Terry Duffy, Chairman and CEO of CME Group, stated that the approval of perpetual futures contracts in the United States may expose traders to tax and regulatory uncertainties, as the related products may ultimately be classified as swaps rather than futures. Duffy noted that the long and short parties in perpetual contracts regularly exchange funding rates, a mechanism that aligns with the statutory definition of swaps under U.S. law.The Commodity Futures Trading Commission (CFTC) currently classifies them as futures, and CME is legally challenging this approval with the CFTC. Duffy pointed out that if perpetual contracts are treated as futures, some institutional traders may be subject to the mixed tax treatment under Section 1256 of the U.S. tax code; if classified as swaps, they may be taxed under ordinary tax rules. The Internal Revenue Service (IRS) has yet to issue specific guidance on the tax treatment of perpetual futures. Legal experts indicate that perpetual futures are structurally similar to swaps but economically function like futures, and the court's interpretation of the relevant definitions will be crucial. Even if litigation clarifies the product classification, the IRS may still need to issue separate guidance on tax treatment.

According to BeInCrypto, El Salvador's two major opposition parties, ARENA and FMLN, have nominated Maytee Iraheta and Rafael Aguirre, respectively, as candidates for the presidential election in February 2027, challenging the re-election campaign of current President Nayib Bukele. Both candidates have not supported Bukele's Bitcoin strategy and have publicly criticized it as a financial failure.Bukele's New Ideas party has nominated him to run, with his approval rating reaching as high as 94% in recent polls, but this support mainly comes from improvements in public safety rather than Bitcoin policy—polls show that only 2.2% of Salvadorans believe Bitcoin is their biggest failure. Bitcoin is no longer mandatory legal tender in the country following the IMF loan agreement in February 2025, with the dollar resuming its status as the only official currency for daily transactions. However, the El Salvador Bitcoin Office continues to buy Bitcoin, acquiring about 1 BTC daily, and as of July 27, its holdings have risen to approximately 7,730 BTC. The IMF has repeatedly warned that the Bitcoin strategy poses financial and governance risks and has not significantly improved financial inclusivity for unbanked residents. The next president will decide whether this accumulation continues.

According to Jinshi reports, Mitsubishi UFJ Bank analyst Derek Halpenny stated in a report that the dollar may not be significantly affected by the latest round of trade uncertainties in the U.S. in the short term. He pointed out that the impact of Trump's new tariff plan on exchange rates should be limited.Currently, the market expects the U.S. to raise interest rates and the risks in the Middle East are high, providing some support for the dollar. However, if trade uncertainties escalate, investors' concerns about policy unpredictability and damage to the U.S. economy may lead to a sell-off of the dollar.

According to Jinshi reports, Federal Reserve official Kashkari disagreed at the Federal Open Market Committee meeting, believing that the uncertainty in the Strait of Hormuz means the Federal Reserve should acknowledge the risks of interest rate hikes in its statement.

A typical case was recently disclosed by the Zhangqiao District Court in Jinan City, Shandong Province, China: Liu entrusted his friend Zhang to invest in "Alpha Coin," with the platform showing daily earnings of hundreds of yuan. After the investment, the platform became inaccessible, and Zhang informed Liu that the platform's person in charge had been filed for criminal charges. Liu sued Zhang for the return of the investment.After hearing the case, the court concluded: investing in virtual currency disrupts financial order and endangers financial security; therefore, the entrusted contract in this case is invalid. Zhang did not profit from the entrusted action, and the investment loss is a risk associated with engaging in illegal financial activities, which should be borne by Liu. The judge reminded that the announcement by seven departments in 2017 and the notice by ten departments in 2021 clearly state that activities related to virtual currency are illegal financial activities, and investment losses are not protected by law. Even if operated by others on behalf of someone, as long as the essence is participating in virtual currency trading, it is also not protected by law.

U.S. District Judge Jeannette Vargas in Manhattan previously dismissed a civil lawsuit that sought to hold Binance and its founder CZ accountable, alleging that their trading activities aided terrorist organizations in carrying out global attacks. However, according to the ruling, the judge allowed the plaintiffs to submit an amended complaint within 60 days, supplementing more specific evidence of on-chain transactions and account associations.The plaintiffs had previously failed to demonstrate a direct connection between Binance's trading activities and specific attacks, such as key evidence regarding the flow of funds, wallet ownership, or transaction timing. The judge also criticized the plaintiffs' 891-page complaint as "clearly overly lengthy," thus failing to meet the relevant liability standards under the Anti-Terrorism Act.

According to Jin Ten, analyst Anstey stated that U.S. Treasury yields have rebounded from earlier lows, and the gains in stock index futures have also been quite limited since the CPI data was released. Investors are considering that there is still a long way to go before the Federal Reserve's interest rate decision on January 28. U.S. interest rate strategist Ira Jersey mentioned that low levels of CPI year-on-year data will make it easier for the doves within the Federal Reserve to argue that further rate cuts should be implemented if the economic data in December is weak.

ChainCatcher news, recently, Texas-based company Riverstone Consulting officially filed a lawsuit, accusing stablecoin issuer Tether of illegally freezing its tokens and causing it to miss significant investment opportunities.According to the complaint submitted to the Southern District Court of New York, Tether froze assets from 8 offline wallets controlled by Riverstone. The plaintiff claims that Tether froze the assets solely based on a request from a local police department in Bulgaria, which constitutes a procedural flaw, as it did not follow the formal process stipulated by the "Bulgaria International Judicial Assistance Treaty." The complaint states that when Riverstone contacted Tether, they were told to communicate directly with the Bulgarian police, who have not responded. Currently, Tether's stablecoin circulation exceeds $180 billion, and as of September 15, it has cooperated with global law enforcement to freeze $3.2 billion USDT.

ChainCatcher news, according to Decrypt, Bank of America CEO Brian Moynihan stated during the earnings call on Wednesday that the bank is cautious about stablecoins due to the current unclear regulatory environment and the lack of evident customer demand.He pointed out that although the bank has "done a lot of research," the decision to adopt stablecoins will still depend on the clarity of future legal frameworks and actual market demand.

ChainCatcher news, according to the latest published minutes from the Federal Reserve's June meeting, participants pointed out that risks and uncertainties are important factors influencing their decisions, and emphasized the need to develop a policy strategy aimed at achieving the committee's maximum employment and price stability goals amid a range of highly uncertain developments. Participants acknowledged that risks and uncertainties in the economy are widespread and pose challenges to the design and communication of monetary policy.They noted that measuring and assessing risks and uncertainties is difficult, and the committee relies on a broad set of indicators as well as information from business and community contacts to gauge the changing risks, especially during periods of heightened uncertainty, which is very helpful for the committee. (Jin Shi)

ChainCatcher news, according to DL News, the co-founder of market maker GSR and founder of cryptocurrency exchange Yellow stated: "The value of Bitcoin remains unchanged; it is still $100,000, and it is currently just discounted by 20% due to risk and uncertainty. It is only a matter of time before Bitcoin returns to a stable zone. If we eliminate all uncertainties, Bitcoin will appreciate. We are in a bull market."Despite U.S. President Donald Trump's sudden shift to support the crypto industry, his administration's aggressive tariff policies have led to investors fleeing, with Bitcoin dropping more than 20% from the historical high set on January 20, the day Trump was inaugurated.Meanwhile, as the VIX (an index measuring market volatility expectations) soared over 50% this month, investors are flocking to gold. Gold set a new record of $3,000 per ounce in March. When discussing Bitcoin's investment attributes, Sirkia stated: "In the eyes of institutions, Bitcoin is not a long-term asset like gold."

ChainCatcher message, Federal Reserve's Goolsbee stated that the path to a 2% inflation rate looked good before new uncertainties emerged.

ChainCatcher news, the People's Court of Tongzhou District, Nantong City, Jiangsu Province, heard a case regarding the conversion of virtual currency investment funds into a loan, rejecting the repayment lawsuit request from the plaintiff Han. Han and Ji were friends, and Ji suggested Han invest in Tether, claiming it could yield high returns. Han purchased 2,000 Tether through a platform, with Ji managing the investment on his behalf.However, Ji did not fulfill his promise, prompting Han to report to the police and reach an agreement with Ji to convert the virtual currency trading relationship into a loan relationship. Ji issued an IOU promising repayment but failed to repay, leading Han to file a lawsuit.The court held that Tether is not legal tender and lacks the characteristics of legal repayment, making the loan agreement invalid. Even though the parties had converted the virtual currency trading into a loan relationship, the court also found that virtual currency investment activities are not protected by law, and the losses should be borne by Han. Ultimately, the court ruled to dismiss Han's lawsuit request.

ChainCatcher news, according to Caixin, changes in the leadership of the U.S. Treasury Department may alter the department's approach to cash held at the Federal Reserve. Strategists warn that this move could impact the U.S. bond market.Institutions such as Bank of America and Wrightson ICAP LLC indicate that as cash balances—funds that ensure the U.S. can pay its bills—decrease, the Treasury may reduce the funds held in Federal Reserve accounts.Against the backdrop of a restored debt ceiling and shrinking cash balances, this would allow the government to issue fewer short-term bonds, potentially saving taxpayer money.