Dragonfly Partner: AI will not become safe on its own, humans must solve security and control issues
Haseeb, managing partner of Dragonfly, posted on the Haseeb said that just because humans have solved many risks in the past, it does not mean that AI risks will disappear on their own; AI will not become safe on its own, and humans must truly solve AI security issues and master control of AI. He said that humans may soon hand over almost all key control in society to AI, so it must be ensured that humans still have control by then.
Sources: Fed plans to raise bank regulatory thresholds
The Federal Reserve is developing a plan to raise the asset threshold that triggers tighter regulations on large banks, four people familiar with the matter said, a move that would shield some lenders from expensive additional regulatory costs and could spur industry consolidation. The Federal Reserve is expected to soon propose recalibrating the thresholds at which banks are subject to balance sheet stress tests, liquidity, capital and other stricter regulatory rules to reflect inflation and economic growth, people familiar with the matter said. The Fed is expected to propose those adjustments later this year, three of the people said. Current rules stipulate that when a bank's asset size reaches US$100 billion, regulatory requirements will become more stringent; at US$250 billion and US$700 billion, regulatory requirements will be further increased. Lenders say the thresholds, set in 2019, have failed to keep pace with the economy, leaving banks facing increasingly stringent regulations that exceed the risks they actually pose.
The derivatives clearing house of the Hong Kong Stock Exchange will accept Chinese government bonds, policy financial bonds and Ministry of Finance bonds as non-cash collateral from November
Hong Kong Exchanges and Clearing Limited (HKEX) announced that its wholly-owned subsidiaries and exchange-traded derivatives clearing house Hong Kong Futures Clearing Limited (Futures Clearing Corporation) and The Stock Exchange of Hong Kong Options Clearing House Limited (SEHK Options Clearing House) will Chinese government bonds and policy financial bonds held through Bond Connect Northbound (collectively referred to as Bond Connect Bonds), as well as overseas bonds issued by the Ministry of Finance of the People's Republic of China (MoF Bonds), are accepted as eligible non-cash collateral to meet margin requirements, subject to regulatory approval. Liu Biyin, Chief Operating Officer of Hong Kong Exchanges and Clearing Limited, said: Implementing this optimization will increase the usage scenarios of Chinese government bonds in the Hong Kong market. By accepting the bonds as collateral and using them to meet the clearing house's margin requirements, HKEX will help provide market participants with more flexible collateral management options, improve capital efficiency, and promote the sustainable development of Hong Kong's fixed income and RMB ecosystem.
Analysis: Bitcoin trades sideways at $84,000, altcoin relay market continues
Altcoins are generally stronger as Bitcoin trades sideways near $84,000. In the past 24 hours, the CoinMarketCap Altcoin Seasonal Index rose to 56, a significant increase from 45 a week ago and 38 a month ago, and hit a new high in more than three months. Bitcoin has entered a sideways phase after rising from below US$63,000 in August to nearly US$87,000 on Tuesday. Funds have begun to rotate towards altcoins, and the prices of tokens such as Chainlink (LINK), ICP and Bittensor (TAO) have all increased.
Magic Eden: The Payment Processor V2 vulnerability does not affect existing orders, but NFT orders placed before October 2024 may be affected.
Magic Eden issued a document stating that the recently discovered vulnerability involves Payment Processor V2, the NFT transaction protocol maintained by Limit Break, which was used by Magic Eden for the settlement of EVM market transactions in 2024. Magic Eden has stopped using Payment Processor V2 in October 2024 and completely closed the EVM market in the first quarter of 2026. Therefore, this vulnerability does not affect the current valid pending orders of Magic Eden. However, NFTs placed on the Magic Eden EVM market between February and October 2024 may be affected. Magic Eden said it is working with Limit Break to investigate and push for further mitigation measures including a suspension of asset transfers on the protocol. At the same time, Magic Eden recommends that users who have previously placed NFT orders or transactions on its EVM market find the **Limit Break: Payment Processor (V2)** contract on Ethereum, Polygon and Base through Revoke.cash and revoke all NFT "Approve for All" authorizations. Magic Eden reminded that revoking authorization cannot recover transferred assets, and thanked white hat security researcher 0xQuit for participating in the rescue and disclosing the vulnerability.
Ethena incorporates U.S. stock tokenized assets into USDe support strategy and plans to hedge them through Binance stock perpetual contracts
Ethena is incorporating tokenized U.S. stocks and Binance stock perpetual contracts into USDe’s basis trade support strategy. Among them, Binance bStocks will serve as a tokenized spot-backed asset, and Ethena will be hedged through Binance stock perpetual contracts to maintain delta neutrality. The Ethena Risk Committee has previously approved the inclusion of tokenized equity underlying trades in the allocation strategy. Ethena said that the open interest of Binance's stock perpetual contracts has now exceeded 2.9 billion US dollars, with an average monthly compound growth rate of 105% this year, and the average annualized rate of return of basic stock trading in the past six months was 3.56%; the company expects that as more stock market assets are put on the chain, the opportunity scale of stock perpetual contracts will eventually significantly exceed the cryptocurrency perpetual contract market. Guy Young, founder of Ethena Labs, said that this is the most important expansion of USDe’s funding mechanism since its launch.
It is suspected that Bitkub Lianchuang sold ZEC and "earned less" more than 110 million US dollars in four weeks.
A group of wallets suspected to be related to Sakolkorn Sakavee, co-founder of Bitkub, Thailand's largest cryptocurrency exchange, have unlocked (unshielded) 65,820 ZEC from private addresses in the past period, worth approximately US$51.6 million, accounting for approximately 0.4% of the circulating supply of ZEC and 1.37% of ZEC currently in private status. Among them, 53,900 ZEC, worth about US$42.3 million, have been sold in Hyperliquid, and 536.7 BTC have been bought. Currently, there are still about 10,000 ZEC stored in Hyperliquid, and there are about 8,370 ZEC worth $6.6 million worth of sell orders waiting to be completed. According to MLM, the above-mentioned wallet is still continuing to unlock ZEC and sell it through Hyperliquid. According to statistics, the address has sold a total of 139,600 ZEC and cashed out approximately US$111 million. Based on the current price, this part of ZEC is now worth approximately US$223 million, which means that it has made more than US$110 million less in the past four weeks.
Bonk Guy: SOL is rising strongly, USELESS is expected to amplify the growth of Solana ecosystem
Well-known trader Bonk Guy posted on his personal channel that SOL is currently rising strongly and its performance is significantly better than other mainstream crypto assets. USELESS has been the strongest Beta asset in the Solana ecosystem over the past year, and has continued to significantly outperform other Solana Meme coins. Therefore, it is believed that as SOL strengthens, USELESS may have further opportunities to rise, and bluntly stated that "it is time to buy in a big way."
Bitget reminds users to be wary of fake official accounts and suspicious links. It is recommended to verify through official channels.
Bitget issued an article reminding users to be vigilant, verify before interacting with any Bitget-related accounts, messages or links, and beware of suspicious links pretending to be official accounts and claiming to be from Bitget. Users can go through the Bitget official channel verification page, select X, Telegram, official website and other platforms and enter the relevant URL to confirm whether it is an official channel.
Analysis: Bitcoin surged 44% this quarter, but the scale of profit-taking is far from reaching historical top levels
Bitcoin rose 44% this quarter to nearly $85,000, its best quarter since the fourth quarter of 2024, after three consecutive quarters of losses. As prices rose, some holders began to take profits. Bitfinex data shows that BTC holders have recently realized a cumulative profit of approximately US$2.4 billion. During the historical market top, single-day profits usually reached US$7 billion to US$10 billion. The current scale of profit-taking is significantly lower than the previous market top. At the same time, the U.S. Bitcoin spot ETF has accumulated a net inflow of US$2.84 billion in the past six trading days, exceeding the profits realized by BTC holders during the same period. The cumulative net inflow this year has been close to US$800 million. Bitfinex also said that about 410,000 ETH flowed out of the exchange in the past month, and the U.S. Ethereum spot ETF attracted a total of US$680 million in funds for 4 consecutive trading days. CoinDesk said that under the influence of factors such as recent capital inflows and the scale of profit-taking by currency holders, major crypto assets such as BTC and ETH have not yet weakened significantly due to Bitget’s approximately US$452 million security incident.
Analysis: U.S. bond volatility rose to the highest since March, but BTC and U.S. stocks were “indifferent”
The volatility of the U.S. Treasury market has increased significantly recently, while the Bitcoin and U.S. stock markets have remained calm. The MOVE index, which measures expected volatility in U.S. Treasuries, rose from about 80 on Tuesday to 104 on Thursday, the highest level since March, when the index reached 199. In comparison, the Volmex 30-day Bitcoin Implied Volatility Index BVIV is currently around 37, close to the year’s low of 35; the Cboe VIX, which measures the expected volatility of the S&P 500, is close to the year’s low of 14. At the same time, the U.S. 10-year Treasury bond yield hit 5.2% on Thursday before falling back to 5.163%. Data shows that the correlation coefficient between VIX and MOVE has dropped to -0.06 in the past 20 trading days, turning negative for the first time since April 2024; the correlation coefficient between BVIV and MOVE is -0.37, which is at a low level in recent years. U.S. debt is an important foundation for the global financial and credit system. Increased volatility usually means tighter financial conditions. However, currently BTC and U.S. stocks have not yet reflected the same degree of volatility risk as the bond market.
Goldman Sachs: Amazon, Alphabet, Microsoft, Oracle and Meta will spend $800 billion on AI infrastructure this year
Goldman Sachs expects Amazon, Google parent Alphabet, Microsoft, Oracle and Meta to spend $800 billion on artificial intelligence infrastructure this year. Goldman Sachs' hyperscale cloud service provider needs about $300 billion in annual AI revenue to break even. However, rising financing needs and infrastructure constraints may weigh on future spending growth.
Magic Eden Lianchuang clarifies the vulnerability incident: the platform has not been attacked, and the protocol involved has been suspended for two years
Jack, the co-founder and CEO of Magic Eden, posted on the The team is currently discussing further measures with Limit Break, including promoting the suspension of asset transfers at the protocol level; before that, users should follow official guidelines to revoke relevant authorizations on Magic Eden. Jack also thanked the white hat hacker 0xQuit for participating in the rescue and said that more progress will be announced in the future.
Federal Reserve Chairman Warsh’s framework emerges: policy logic is similar to Greenspan’s, abandoning the neutral interest rate
Federal Reserve Chairman Warsh is accustomed to measuring his tenure in days. On his 127th day at the helm of the Federal Reserve, the outlines of institutional restructuring have already emerged. He quickly adjusted the press conference mechanism after the interest rate meeting, not only greatly shortening the length of the press conference, but also rearranging reporters' questions in English alphabetical order by news organizations. Analysts believe that these seemingly formal adjustments actually reflect Warsh's complete break with his predecessors in terms of monetary policy thinking and communication methods. At a press conference on September 16, he directly rejected the traditional neutral interest rate analysis framework, making it clear that the concept was only "academically useful" and had no guiding significance for the Fed's decision to raise interest rates.
Analysis: Investors temporarily avoid interest rate trading risks and choose to wait and see, and the U.S. bond market fluctuates violently
A measure of volatility in U.S. Treasuries is enjoying its biggest gain in more than a year after bond yields rose to multi-decade highs, pulling the market out of its recent slump. ICE Bank of America's (ICE BofA) MOVE index, a measure of bond market volatility, rose by about 29.69% this week, the largest increase since the so-called "Liberation Day" in April last year. At that time, Trump’s large-scale import tariff measures triggered shocks in global markets. The index has now risen to its highest level since March this year, when the war with Iran just broke out. The market has been volatile and many traders have chosen to wait and see. For example, Adam Kurpiel, head of rates strategy at Societe Generale, said his team currently has a neutral view on U.S. rates and is waiting for "volatility to decline before entering into trades."
Overview of US stock market pre-market news: The US and Iran were revealed to be discussing a phased agreement, US stock futures rose slightly
Before the U.S. stock market opens, the market financial news that investors need to focus on is as follows: 1. The three major U.S. stock index futures rose slightly, with the Dow Jones Index futures rising 0.28%, the S&P 500 Index futures rising 0.25%, and the Nasdaq 100 Index futures rising 0.39%. 2. International oil prices fell 2%, with WTI crude oil futures prices falling 2.24% to US$92.495/barrel; Brent crude oil futures prices falling 2.03% to US$98.186/barrel. 3. International gold and silver spot prices both rose. The spot gold price rose 0.60% to US$4,299.36 per ounce; the spot silver price rose by 1.21% to US$64.60 per ounce. 4. European stock indexes rose slightly, with the British FTSE 100 index rising by 0.23%, the French CAC40 index rising by 0.17%, the German DAX30 index rising by 0.69%, and the FTSE Italian MIB index rising by 0.78%. 5. Goldman Sachs said that the largest AI infrastructure company in the United States needs to achieve annual AI revenue of approximately US$300 billion in the next few years to achieve breakeven on large-scale capital investment. It is expected that the capital expenditure of ultra-large-scale cloud computing companies in the United States will reach approximately US$800 billion in 2026, and the market is generally expected to further rise to US$1.1 trillion in 2027. 6. Microsoft released a new version of Copilot, introducing three major AI functions: Home, Code and Autopilot. 7. The Federal Reserve is developing a plan to raise the asset threshold that triggers stricter supervision of large banks, four people familiar with the matter said, a move that would save some lenders from expensive additional regulatory costs and could promote industry consolidation. 8. Iranian President Pezhechiyan reiterated on the 24th that Iran "absolutely" does not want to possess nuclear weapons and is willing to reduce uranium enrichment levels and accept inspections within the framework of international law. 9. Russian Presidential Press Secretary Peskov said on September 25 that a tripartite meeting between Russia, the United States, and Ukraine may be held in the near future, but there are currently no specific details. 10. Iranian Foreign Minister Araghchi told the media during the general debate of the United Nations General Assembly on the 24th that Iran has submitted a new negotiation draft to the United States and will "reopen" the Strait of Hormuz and restart negotiations.
Dragonfly Partner: AI risks may be overestimated, but “risk destruction” must not be touched
The managing partner of Dragonfly stated in a post that if someone thinks that the probability of AI causing human extinction (P(doom)) is 10%, it actually means that they think that serious consequences will not occur in 90% of cases, but humans cannot judge which situation they are in. Therefore, humans should not proactively assume the risk of extinction until it can be confirmed that it has been eliminated. Haseeb added that he was once a professional gambler, and one of the core principles of gambling is to never touch the "risk of ruin", that is, to always reserve chips for reconstruction and response to the worst-case scenario. AI risks may not be as serious as imagined, and may be easy to solve, but as long as there is still a reasonable possibility, one should not take risks without full confirmation.
Nvidia has committed to invest US$1 billion in NScale, and the funds are expected to be available in mid-November.
Market sources say Nvidia has committed to investing $1 billion in NScale, with the funding expected to be in place in mid-November.
AI cloud computing company Nscale completes US$3.36 billion in financing, led by Third Point
AI cloud computing company Nscale announced the completion of US$3.36 billion in convertible bond financing, led by Third Point, with participation from new and old investors such as Nvidia, funds managed by Apollo, Citadel, Hudson Bay Capital and the Abu Dhabi Investment Committee. Among them, the first phase of financing of US$2.36 billion has been completed, and Nvidia has committed to an additional US$1 billion, which is expected to be invested in mid-November 2026. Nscale said that the company's current total contract value (TCV) exceeds US$103 billion, and this round of funds will be used to accelerate the expansion of AI cloud infrastructure, covering behind-the-meter power facilities, liquid-cooled AI data centers and large-scale GPU clusters. The convertible bonds will automatically convert into common shares after Nscale completes its IPO, and the portion held by Nvidia will be converted into non-voting shares.
Bitwise submits NEAR ETF application to US SEC and will be listed on NYSE Arca
The latest filings from the U.S. Securities and Exchange Commission (SEC) show that Bitwise has applied for the NEAR Protocol ETF to be listed on NYSE Arca, and plans to trade under the code "NRR" to provide investors with NEAR (NEAR) exposure.
New U.S. crypto tax filing regulations: exchanges report transaction amounts, investors still need to calculate their own profits and losses
The U.S. Internal Revenue Service (IRS) stipulates that for transactions in 2025, brokerages are usually required to declare digital asset sales income, but in most cases there is no need to declare a cost basis, and taxpayers still need to calculate their own profits and losses; starting from 2026, brokerages are only required to declare a cost basis for eligible digital assets. The IRS also emphasizes that even if a 1099-DA is not received, taxpayers must still declare digital asset-related income and profits and losses. During the tax filing season when the 1099-DA reporting rules for crypto assets are applied for the first time in the United States, some investors are facing problems such as missing transaction data and difficulty in verifying the cost basis. Awaken Tax's August survey of 1,000 U.S. crypto investors showed that 21% of respondents who had filed taxes or planned to apply for an extension said they were still waiting for exchanges or crypto platforms to provide the required information; another about 20% said their 1099-DA form information was incomplete or unsure whether it accurately reflected the transaction.
Coinbase CEO: The number of AI agents will continue to grow, and stablecoins may become their preferred payment rail
Coinbase CEO Brian Armstrong issued a statement saying that the number of AI agents (AI Agents) will continue to grow in the future, and with it, the number of agents that need to make payments and transactions will continue to increase. Brian Armstrong believes that as more and more AI agents need to complete transactions autonomously, cryptocurrencies and stablecoins will become their preferred payment rails. Asset management giant BlackRock has also previously stated that AI agents may become the main source of demand for stablecoins.
Aave V4 supports tokenized U.S. stock mortgage lending USDC, and 7 stock tokens are the first to be launched online
Aave V4 is listed on the Equities Hub on Base, allowing eligible non-U.S. users to lend USDC to 7 U.S. stock tokens issued by Coinbase as collateral, covering Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. This means that for the first time, tokenized shares can be used as collateral assets in the Aave lending market, rather than just for holding or trading. It is reported that the market adopts the Aave Hub and Spoke structure, which integrates 7 types of stock collateral into the same USDC liquidity pool, while setting independent risk parameters for different stocks and isolating the risks that may arise from a single stock. Chainlink will provide on-chain price data for these tokenized stocks. The total initial collateral limit in the market is approximately US$29 million, the USDC supply limit is US$32 million, the borrowing limit is US$21 million, and the mortgage rate for different stocks is 65% to 79%. Currently, 7 stocks can only be used as collateral. Aave said that in the future, more Coinbase tokenized stocks may be added after the governance and risk assessment is passed, and GHO will be included as loanable assets.
Bitget launches fund recovery bounty program and launches real-time tracking system for stolen funds
Bitget announced the launch of the "Recovery Bounty Program", a fund recovery bounty program, mobilizing exchanges, blockchain projects, security researchers, investigators and on-chain communities to assist in freezing and recovering affected assets. According to the plan, if the funds are successfully frozen, a reward of 5% of the frozen amount will be provided to the qualified participants who directly contributed to the freezing. If the funds are successfully recovered, a reward of 5% of the recovered amount will also be provided. Bitget also uses Bybit’s Lazarus Bounty program as a core channel to support this bounty and recovery work. Actions taken through court orders, requests from law enforcement agencies or other legal procedures are not included in the scope of rewards. The final reward qualifications, contribution determination and amount are determined by Bitget. In addition, in order to support the recovery of stolen funds, real-time fund tracking information has been opened to blockchain projects, security teams and other relevant participants, and a real-time fund tracking panel and attacker address API have been launched. Bitget stated that the tracking panel and API will be continuously updated based on the flow of stolen funds and new addresses involved. Infrastructure providers such as exchanges, stablecoin issuers, cross-chain bridges, blockchain projects, and custodians are encouraged to monitor relevant addresses and submit fund recovery or freezing information through the recovery information portal.
Bitget CEO: The stolen funds have been adjusted to US$387.5 million, and a withdrawal plan will be announced on September 26
Bitget CEO Gray Chen issued a statement stating that after the security incident occurred on September 24 (UTC), on-chain tracking confirmed that the attacker's address received a total of US$387.5 million in assets, an increase from the previously announced US$351.6 million. The revised amount included previously incomplete statistics of Zcash and TRON assets, and was not an increase in stolen funds. There were no further unauthorized transfers after the incident, and the incident is still under control. Gray Chen said that Bitget has launched the Recovery Bounty Program, providing a 5% bounty to participants who voluntarily assist in freezing the attacker's funds or recovering funds, and has launched a real-time tracking panel, an information submission portal and an attacker's address API, and also supports the submission of reports through Bybit's Lazarus Bounty platform. We are fully preparing to resume withdrawals, and the specific withdrawal plan will be announced before 4:00 (UTC) on September 26.
"White-haired Stock God" Serenity: 5% U.S. bond yield cannot beat "Hamburg inflation", U.S. stock investment may be a way to deal with it
"White-haired Stock God" Serenity posted on the X platform that people should not only focus on the 5% rate of return in the 10- or 30-year dimension, because the actual cost of living may rise much higher than this level. Taking Subway sandwiches as an example, the price of a sandwich 12 years ago was about US$5, and now it is close to US$20 including tax. According to its estimates, the relevant prices have increased by about 12% annually. Serenity believes that for inflation that really affects daily life, investors should hedge with equity assets such as the S&P 500 ETF (SPY) rather than rely solely on long-term returns of 5%.
Yi Lihua: If you don’t go short in the bull market, ETH will be stronger
Yi Lihua, founder of Liquid Capital, posted on the
Tether responded to EQIBank’s seizure of $89 million in assets: the exposure limit is about $64 million
Stable currency issuer Tether said its asset exposure to EQIBank, a Dominican-licensed bank whose assets were seized by US authorities, accounted for less than 0.034% of the group's total assets. Based on Tether’s total group assets of US$187.75 billion announced in June, its exposure limit to EQIBank is approximately US$64 million. Tether did not disclose the specific amount and stated that it had not previously been aware of the US payment processor Capstone’s actions alleged by the US Department of Justice. EQIBank said that approximately US$89 million in assets were seized by U.S. prosecutors this time, equivalent to approximately 80% of its monetary assets, and may face liquidation. EQIBank previously provided banking services to Tether, including processing wire transfers related to USDT purchases and redemptions. This incident has not yet shown to pose a direct threat to USDT reserves or the US dollar peg, but it highlights the counterparty risks faced by stablecoin issuers when they rely on banks and fiat currency channels to process funds.
CZ issued an article to support Bitget: Binance, BNB Chain ecosystem and community will try their best to provide help
CZ, the co-founder of Binance, posted on the
Autopsy confirms former Hack VC partner Hsin-Ju Chuang committed suicide
Autopsy records from the San Bernardino County Coroner's Office in the United States show that former Hack VC partner Hsin-Ju Chuang died on August 24, and the nature of his death was determined to be suicide. The California Highway Patrol said the investigation into the circumstances is ongoing. PANews previously reported that 37-year-old Chuang was found dead in a car near the I-15 Highway in the Mojave Desert, California, on the evening of August 24, local time. The cause of death was not yet determined at the time.
Tibo: OpenAI has reset Codex and ChatGPT usage quotas for all paying users
OpenAI Codex product manager Tibo posted that the usage quotas of paid users of Codex and ChatGPT have all been reset after a brief outage. The team has resumed the operation of relevant services and reset the usage limit for all paying users to make up for the impact of this inference service outage; it has also enabled a set of "standby Codex" for emergency support when the main service fails.
Vitalik: Ethereum nodes can now complete synchronization in half a day, and the disk usage can be less than 0.5TB
Ethereum co-founder Vitalik Buterin posted on the X platform that Ethereum nodes can currently complete synchronization within half a day; with more radical configurations, disk usage can be controlled below 0.5TB. EIP-4444 and the continuous optimization of Snap Sync by various client teams have significantly improved the node operating experience, and the Glamsterdam upgrade will further improve synchronization efficiency. Vitalik said that users can point wallet RPC to local nodes, but the RPC function of the node needs to be configured correctly; some browser DApps may not be able to effectively use local RPC, and other applications hardcode RPC to their own servers. He said that he is increasingly inclined to avoid browser DApps and use command line operations instead, and has completed ENS record updates through Python scripts connected to local nodes. In the next step, kohaku-cli will further integrate privacy protocols, and relevant early development work has already begun.
Coinbase recommends adding qualified digital asset products to the investment scope of the US "Trump Account"
Coinbase has submitted a written response to the regulatory proposal for qualified investments in Trump Accounts issued by the U.S. Department of the Treasury and the Internal Revenue Service, emphasizing that meaningful investment options should be retained within regulatory "guardrails" while protecting minor beneficiaries and controlling management costs. Coinbase expressed its support for laying the foundation for the Trump account through transparency, risk caps and low fees. It also advocated the inclusion of qualified digital asset products as long-term investment options to enhance the account's long-term compound interest growth potential and increase the participation of American families in their children's savings and investments. Coinbase President and Chief Operating Officer Emilie Choi said that Coinbase is one of the first supporters of the “Trump Account” program. Coinbase Chief Policy Officer Faryar Shirzad said that the company has submitted opinions to the IRS regarding the implementation and expansion of the account, proposing to allow beneficiaries to invest in widely traded digital assets, or obtain digital asset exposure through funds, so that the scope of qualified investments is consistent with the broad categories in which traditional IRAs can invest. Coinbase believes that broader and product-neutral rules will help expand choice, promote competition, and provide more diversified investment and wealth accumulation opportunities for young Americans. The growth-stage qualified investments previously proposed by the IRS are currently mainly limited to mutual funds or ETFs that track a broad stock index of U.S. companies, are unleveraged and have an annual expense ratio of no more than 0.1%.
SEC staff: Functional encryption network maintenance upgrades generally do not constitute critical management efforts under the Howey test
According to the crypto-asset FAQs released by the Division of Corporate Finance of the U.S. Securities and Exchange Commission (SEC) on September 25, once a cryptographic system reaches a "functional" state, providing services such as security maintenance, improvement, feature enhancement, or promoting network effects, including funding or sponsoring development projects, generally does not constitute a "critical management effort" as called by the Howey test, and the relevant service commitments themselves generally do not meet the corresponding requirements of the Howey test. The FAQ also stated that if the pledge receipt token only proves the holder's ownership of the underlying digital commodity and does not change the relevant rights, obligations or benefits, it can be regarded as a "digital instrument"; when issued by a protocol-based liquidity staking provider, it may also be regarded as a "digital commodity". In addition, a functional network's buyback program for non-security cryptoassets does not generally constitute a critical management effort; however, it may constitute a related commitment if the network is not yet functional and the buyback is promoted as generating revenue for the holder. The SEC emphasized that this FAQ only represents the views of the staff of the Corporate Finance Department, has no legal effect, and has not been approved or rejected by the Commission.
The U.S. government and AI giant launch a unified service website America.gov
U.S. President Trump will launch the new government website America.gov next Tuesday with a number of technology and AI leaders to integrate public services and information that were originally scattered among various federal agencies. The White House said the website will be accompanied by a full day of special discussions covering topics such as artificial intelligence, energy, health care, space and agriculture. Nvidia CEO Jensen Huang, Tesla CEO Musk and Anthropic co-founder Tom Brown are expected to attend, as will Vice President JD Vance and a number of officials. Joe Gebbia, co-founder of Airbnb and current head of the National Design Studio, said that new AI tools will be used to help people obtain government support more easily. Trump also emphasized that his government will not slow down the development of AI amid technological competition with China. The web page currently displays a countdown to launch, with the remaining time being approximately 3 days and 13 hours. The official launch time converted to Beijing time is approximately 22:00 on the evening of next Tuesday (September 29).
Sui ecological lending protocol AlphaFi will be shut down in an orderly manner, and bad debts have been fully covered
AlphaFi, the Sui ecological DeFi protocol, announced that it will shut down in an orderly manner and has now entered maintenance mode. Withdrawals will remain open, but new deposits and borrowings will no longer be accepted. AlphaFi stated that some of the borrowing positions in AlphaLend that were collateralized by ALPHA were seriously under-collateralized, resulting in bad debts in the agreement. After the Sui Foundation security team found out, they worked with the project party to deal with it. Currently, the bad debts have been fully covered, the agreement is still solvent, and user funds are safe. As a shutdown arrangement, users should close positions and withdraw assets. Slush Strategies users can now withdraw funds directly from Slush Wallet. The WAL treasury lock-up period has been cancelled. SUI, WAL, DEEP and USDC strategy withdrawals can be received immediately; the ALPHA treasury has also stopped operating and the lock-up period has been cancelled. AlphaFi stated that it will exit the Sui ecosystem after the last user completes the withdrawal and will continue to cooperate with the Sui Foundation in investigation, repair and recovery.
Data: 81% of Bitcoin circulation has not been transferred for more than six months
81% of the Bitcoins currently in circulation have not been transferred for more than six consecutive months. The tendency of currency holders to sell has further increased, which is regarded as a strong long-term holding (HODL) signal.