Regulatory Developments - CFTC (美国商品期货交易委员会) 推出数字资产试点计划，包括 BTC (比特币), ETH (以太坊) 和 USDC (美元稳定币) [1] - 该计划旨在通过 CFTC 经纪商保护美国人在使用加密货币时的安全 [1] - 新的指导方针将促进代币化市场，并减少过时的繁文缛节 [1] Market Impact - 受监管的稳定币 (如 USDC) 可以降低风险，减少摩擦，并升级市场基础设施 [1] - 负责任的创新将获得成功 [1] Strategic Implications - 此举是美国在数字资产领导地位上迈出的重要一步 [1]

Acting CFTC Chairman Caroline Pham announced the launch of a digital-assets collateral pilot program allowing BTC, ETH, and USDC to be used in U.S. derivatives markets, alongside new guidance for tokenized collateral. MPD also withdrew Staff Advisory 20-34, stating that developments in digital assets and the use of tokenized collateral, including the enactment of the GENIUS Act, have made the advisory outdated and no longer relevant. https://t.co/R7FLjIHQMk ...

.@CFTCpham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets: https://t.co/okRaxM9aQ9 ...

🗞️ Polymarket bettors see a 94% chance that the Fed cut rates in December.🗞️ President Trump's new National Security Strategy omits digital assets.🗞️ Binance secured full ADGM authorization, splitting into three regulated entities under the new brand "Nest".@JennSanasie hosts "CoinDesk Daily." ...

JUST IN: 🇦🇷 Argentina to allow banks to provide crypto services in 2026. ...

Core Viewpoint - The SEC is planning to introduce an "innovation exemption" next month, allowing companies to conduct controlled innovation experiments, while emphasizing the need for a clear regulatory framework for cryptocurrency and digital assets [2][7]. Group 1: SEC's Vision and Regulatory Changes - SEC Chairman Paul Atkins highlighted the significant transformation in the U.S. capital markets over the past 30 years, driven by technological advancements and the shift from manual trading to electronic systems [3][4]. - The SEC aims to modernize the financial services landscape by embracing new technologies, ensuring that the U.S. remains at the forefront of cryptocurrency regulation [6][7]. - The SEC has rebranded its "Crypto Task Force" to "Project Crypto" and is working on a new classification framework to define which assets qualify as securities, with a focus on tokenized securities [7][8]. Group 2: Tokenization and Market Dynamics - Tokenization is described as using smart contracts or blockchain tokens to represent underlying securities, enhancing transparency in ownership structures [4][5]. - The potential for "T+0" settlement through blockchain technology could replace the current "T+1" settlement cycle, reducing market risks and increasing transparency [5][6]. - The SEC is coordinating with the CFTC to create a more efficient regulatory environment, addressing historical discrepancies that have hindered the development of potential products [8]. Group 3: Legislative Developments - The passage of the Genius Act marks a significant step in recognizing digital products like stablecoins, with ongoing discussions about further legislative measures for digital assets [7][8]. - The SEC is committed to providing a clear compliance framework for investors while ensuring a stable environment for innovators to develop new products [7].

COMMENT: Atkins said the next phase of the market will emerge with digital assets, wider digitization, and tokenization.BSCN (@BSCNews):U.S. FINANCIAL SYSTEM COULD RUN ON BLOCKCHAIN BY 2027, SAYS SEC CHAIR- US SEC Chair Paul Atkins says the entire American financial market could move to blockchain within two years. He shared this in an interview with Fox Business.- Atkins said the next phase of the market https://t.co/s52OX3Wyfa ...

Core Insights - The concept of 'hybrid finance' is emerging as blockchain technology integrates with traditional financial systems, creating a new infrastructure that neither sector could develop independently [2][3][9] - Major financial institutions, including BlackRock and J.P. Morgan, are actively participating in the blockchain space, indicating a shift from traditional finance being an observer to a builder on public blockchains [4][5] Hybrid Finance Development - Stablecoin transaction volumes are now comparable to those of Visa and Mastercard, with projections estimating a US$3 trillion market by 2030 [3] - Tokenised assets, particularly in private credit and US Treasuries, have more than doubled in 2025, showcasing significant growth in this sector [3] - AAVE, a decentralized finance (DeFi) lending protocol, has achieved liquidity levels comparable to the largest banks in the U.S. [3] Bitcoin's Mainstream Adoption - U.S. spot ETFs have attracted over US$90 billion, and corporate treasuries now hold over one million BTC across 190 public companies, nearly quadrupling in the last eighteen months [5] - The report anticipates further mainstreaming of Bitcoin in 2026, with major financial institutions opening Bitcoin ETF allocations and providing direct settlement services [6] Price Forecasts - CoinShares outlines three potential Bitcoin price scenarios for 2026: a soft landing could push prices beyond US$150,000, stable growth may see prices range between US$110,000 and US$140,000, while stagflation or recession could create near-term pressure [7] Platform Competition - Ethereum remains the dominant platform for hybrid finance, with US$13 billion in ETF net inflows, while Solana has increased its stablecoin supply from US$1.8 billion to US$12 billion since January 2024 [8] - Hyperliquid, a derivatives platform, has processed nearly US$3 trillion in cumulative volume, returning 99% of revenue to token holders [8] Regulatory Landscape - The EU's MiCA framework provides legal certainty for digital assets, while the U.S. GENIUS Act classifies payment stablecoins as non-securities, creating new demand for U.S. government debt [9][10] - Asia is adopting Basel-inspired standards, with Hong Kong finalizing crypto capital requirements effective January 2026 [10] Industry Transformation - Bitcoin miners are transitioning into diversified compute infrastructure providers, announcing US$65 billion in contracts with hyperscalers [11] - Prediction markets are gaining mainstream relevance, with Intercontinental Exchange investing up to US$2 billion in Polymarket, which is now seen as a reliable forecasting system [11]

Regulatory Approval - Binance becomes the first digital asset platform to secure a full suite of FSRA licenses in Abu Dhabi [1]

U.S. FINANCIAL SYSTEM COULD RUN ON BLOCKCHAIN BY 2027, SAYS SEC CHAIR- US SEC Chair Paul Atkins says the entire American financial market could move to blockchain within two years. He shared this in an interview with Fox Business.- Atkins said the next phase of the market will arrive with digital assets, market digitization, and tokenization.- He expects major gains in transparency. He said risk management will improve as assets migrate to blockchain rails.- Tokenization turns stocks and other assets into t ...