Response welcomes progress but calls for more inclusive, globally aligned framework London, 8 July 2025 – 21Shares, one of the world’s leading issuers of crypto exchange-traded products (ETPs), has submitted its official response to the UK Financial Conduct Authority’s (FCA) Consultation Paper CP25/16, which proposes lifting the current ban on the sale, marketing, and distribution of crypto exchange-traded notes (cETNs) to retail clients admitted to UK recognised investment exchanges (UK RIEs). While 21Shar ...

Core Viewpoint - The new guidelines from the U.S. Securities and Exchange Commission (SEC) signify a major shift in the regulatory approach towards cryptocurrency-related exchange-traded products (ETFs), paving the way for numerous pending applications to be approved [1][2]. Group 1: Regulatory Changes - The SEC has established a working group to draft new regulations and has restructured its cryptocurrency enforcement team, indicating a significant change in how the agency handles cryptocurrency matters [1]. - The 12-page document released outlines the first part of a new framework for cryptocurrency funds, aimed at addressing the surge in ETF applications awaiting regulatory decisions [1][2]. - The SEC's guidance emphasizes the need for issuers to clearly articulate the unique factors of cryptocurrency-based ETFs in plain language, including custody arrangements and market risks [2]. Group 2: Application Process Improvements - The SEC is seeking to create a new listing template to replace the current requirement for special forms for each new cryptocurrency product, which could reduce the time from application to product launch from up to 240 days to just 75 days [2][3]. - A senior executive from an issuer indicated that the SEC is working on a universal rule applicable to all listings, with exchanges expected to submit such applications soon [3]. Group 3: Market Developments - While several ETFs linked to cryptocurrencies like Ripple, Polkadot, and meme coins await SEC decisions, the next wave of products is expected to be linked to Solana, the sixth-largest cryptocurrency globally [3]. - REX Financial and Osprey Funds have launched the first U.S. ETF allowing investors to invest in Solana indirectly, bypassing regulations governing commodity funds [4]. - The new ETF attracted $12 million on its first day of trading, indicating strong market interest and competition for new Solana product shares [5].

美国议员Jim Jordan表示，他将审查美国联邦住房金融署（FHFA）署长对美联储主席鲍威尔进行调查的 请求，目前围绕货币监管的紧张局势日益加剧。 ...

Core Viewpoint - The U.S. Supreme Court has rejected a request to protect Coinbase user data from being accessed by the IRS [1] Group 1 - The decision allows the IRS to obtain user data from Coinbase, which may impact user privacy and regulatory compliance [1] - This ruling could set a precedent for how cryptocurrency exchanges handle user data in relation to government inquiries [1] - The outcome may influence investor confidence in cryptocurrency platforms and their ability to safeguard user information [1]

Group 1 - The U.S. House of Representatives is planning to advance cryptocurrency legislation using a special procedure, bundling the Stablecoin Regulatory Framework Act ("Genius Act") with the Cryptocurrency Market Structure Act ("Clarification Act") for simultaneous voting [1] - The "Genius Act" focuses on standardizing stablecoin regulations and has already passed the Senate with bipartisan support, while President Trump has urged the House to expedite the legislative process without adding extra provisions [1] - There is uncertainty regarding the Senate version of the bill in the House, and the cryptocurrency industry is increasingly recognizing that bundling the stablecoin bill with the more controversial market structure legislation may help overcome obstacles [1] Group 2 - The current legislative timeline shows a dual-track approach, with the Senate Banking Committee Chairman Tim Scott promising to move the market structure bill out of committee by the end of September, while the Agriculture Committee may also get involved, adding complexity to the bill's passage [2] - House Republican aides indicate that leadership is weighing the best approach to satisfy the White House's efficiency demands while balancing differing regulatory views within the party [2] - The legislative battle over the digital currency regulatory framework is entering its final sprint phase [2]

Core Insights - The United States is striving to become the global "cryptocurrency capital" through comprehensive regulatory reforms and policy adjustments, which will significantly impact the global financial landscape and the dominance of the US dollar [1][8] Regulatory Environment - A clear and appropriate regulatory environment is crucial for the transition of digital assets from niche innovations to mainstream applications [1] - The US Congress is advancing two key legislative proposals: the GENIUS Act in the Senate and the STABLE Act in the House, aimed at creating a regulatory framework for payment stablecoins [7] - The SEC's recent actions, including the withdrawal of lawsuits against major cryptocurrency companies, indicate a shift towards a more favorable regulatory environment [10] Role of Stablecoins - Stablecoins play a central role in digital finance, with the total trading volume projected to approach $28 trillion by 2024 [3] - The dominance of the US dollar in the stablecoin market is evident, with 99% of stablecoin market value pegged to the dollar, reinforcing its status as a reserve currency in digital finance [7][8] Market Dynamics - The total market capitalization of cryptocurrencies has reached $3.5 trillion, with Bitcoin ETF assets exceeding $100 billion and global cryptocurrency users numbering 659 million [1] - Stablecoins, such as Tether (USDT) and USD Coin (USDC), dominate the market, accounting for 67% and 26% of stablecoin market value, respectively [3] Advantages of the US - The US has unique competitive advantages in the race to become the global cryptocurrency center, including a significant share of institutional investment and a strong technological infrastructure for blockchain development [8] - The US accounts for 36% of global Bitcoin mining activity, further solidifying its position in the cryptocurrency landscape [8] Challenges and Competition - Despite its advantages, the US faces significant challenges, including regulatory complexity and potential legislative gridlock, which could hinder its ability to establish a suitable regulatory framework for digital assets [12] - International competition is intensifying, with regions like the EU, Singapore, and the UAE actively creating favorable regulatory environments for the cryptocurrency industry [12]

Core Viewpoint - Coinbase is being recognized as a significantly misunderstood and undervalued company in the cryptocurrency sector, often compared to Amazon in the crypto space, especially following recent regulatory developments and market movements [1][7]. Regulatory Developments - The Federal Housing Finance Agency (FHFA) has directed government-sponsored enterprises (GSEs) to consider incorporating cryptocurrencies into single-family mortgage risk assessments, marking a significant integration of cryptocurrencies into the U.S. housing finance system [1]. - The passage of the GENIUS Act in the Senate aims to provide a regulatory framework for stablecoins, enhancing consumer protection and financial risk prevention while supporting fintech innovation [4]. Market Performance - Coinbase's stock reached a closing price of $355.37, just 0.6% shy of its all-time high, with a peak intraday price of $369.28, reflecting a 40% increase since the GENIUS Act was passed [3]. - The stock has seen a year-to-date increase of 35.6% and a 52-week rise of 58.6% [3]. Revenue Streams - Coinbase benefits significantly from its partnership with Circle, receiving $908 million in 2024, which constitutes over half of Circle's total revenue for the year [3]. - The stablecoin business contributes 15% to Coinbase's total revenue in Q1 2025, indicating a robust revenue model [3]. Analyst Insights - Analysts from The Benchmark Company and Citizens Bank have raised their price targets for Coinbase, citing its diverse revenue potential and the favorable regulatory environment [5][8]. - The Benchmark Company analyst raised the target price from $310 to $510, while Citizens Bank set a target of $400, indicating further growth potential [8]. International Expansion - Coinbase has received a MiCA license from the Luxembourg financial regulator, becoming the first U.S. cryptocurrency exchange to gain EU regulatory approval, allowing it to operate across all 27 EU member states [6].

Core Viewpoint - The report discusses the evolving regulatory landscape and policy outlook for cryptocurrency in the U.S. under the potential "Trump 2.0" era, highlighting significant shifts that may reshape the industry [1][5]. Group 1: Current Regulatory Framework - The U.S. employs a collaborative regulatory model involving federal agencies and state governments, with the SEC, CFTC, and FinCEN playing key roles in overseeing various aspects of the cryptocurrency market [2][10]. - The SEC uses the "Howey Test" to determine if crypto assets are classified as securities, requiring registration and disclosure from issuers [2][11]. - The CFTC has classified major cryptocurrencies like Bitcoin as commodities since 2015, focusing on regulating derivatives while having limited authority over the spot market [2][13]. - FinCEN enforces anti-money laundering regulations, defining cryptocurrency exchanges as money service businesses and implementing strict compliance measures [2][14]. - New York's BitLicense serves as a notable state-level regulatory framework, imposing stringent requirements on cryptocurrency businesses [2][15]. Group 2: Potential Policy Shifts and Directions - There is a noticeable shift in the U.S. administration's stance towards cryptocurrency, with proposals aimed at establishing the U.S. as a global cryptocurrency hub [3][17]. - A proposal to create a federal Bitcoin reserve has been discussed, which could integrate Bitcoin into the national financial system [3][17]. - The administration supports domestic mining activities, citing job creation and tax revenue as benefits, with the U.S. government currently holding approximately 210,000 Bitcoins [3][18]. - Advocating for the right to self-custody of assets aims to enhance investor protection and reduce reliance on third-party custodians [3][19]. - Plans to appoint pro-cryptocurrency officials to key regulatory positions, including the SEC, are underway, indicating a potential shift towards a more favorable regulatory environment [3][20]. Group 3: Market Dynamics and Future Outlook - Bitcoin's price is influenced by macroeconomic factors, market sentiment, and regulatory changes, with a historical negative correlation to the U.S. dollar index [4][23]. - Recent price surges have seen Bitcoin surpass $100,000, with a market capitalization exceeding $2 trillion, driven by policy shifts and inflation concerns [5][5]. - The future trajectory of cryptocurrency prices will depend on the implementation of new policies, economic conditions, and unexpected developments within the industry [5][5].

Group 1 - President Trump expressed his desire for Congress to pass the stablecoin regulation bill without any additional provisions, increasing the likelihood of its swift passage but reducing the chances for broader legislation that cryptocurrency companies like Coinbase have been advocating for [1] - The Senate recently passed the "GENIUS Act," which clarifies regulatory authority over stablecoins and sets specific reserve asset requirements, with bipartisan support [1] - There is a significant divide in Congress regarding more complex legislation related to digital asset exchanges and whether certain cryptocurrencies should be regulated under securities laws, while the stablecoin bill has achieved broader consensus [1] Group 2 - Senator Bill Hagerty warned that if the House returns a different version of the bill, it could lead to a more complex situation and potentially derail the legislative effort [2] - Despite the challenges, some Republican senators believe that stablecoin legislation could have positive effects, including potentially reducing the federal deficit, as the total market value of stablecoins in the U.S. is approximately $256 billion [2] - Treasury Secretary Becerra noted that increased demand for stablecoins could lower government borrowing costs and help curb national debt [2]

分析人士称，该法案有望为加密资产提供更清晰的合规路径，推动全球大型机构加速布局。 除美国外，欧盟已率先通过《加密资产市场法规》（MiCA），为稳定币设立统一标准；英国金融行为 监管局（FCA）也正在征求公众意见，关注稳定币与指定资产的价值挂钩机制。 与此立法进展同步，传统金融机构加速布局数字资产领域。摩根大通（JPMorgan Chase）日前宣布，将 通过其区块链平台Kinexys在Coinbase开发的Base公链上推出"存款代币"JPMD，专为机构客户提供7×24 小时结算和利息支付服务。Kinexys全球联合负责人纳文·马莱拉（Naveen Mallela）表示，JPMD有助于 提升链上资金流效率，与传统存款产品具备良好替代性。 摩根大通强调，相较面向公众的稳定币，存款代币在合规性、可控性方面更易与现有金融体系对接，具 备作为大型机构数字化结算工具的潜力。 根据美国国会公开资料，《天才法案》拟为稳定币发行方建立系统性的监管框架，涵盖储备资产类别、 信息披露与审计机制等关键条款。法案明确，稳定币发行人允许持有的储备资产包括法定货币、受保存 款、短期国债、回购协议、政府货币市场基金以及央行准备金，旨在保障 ...