据香港IDC新天域互联了解，近日，美国参议院农业委员会发布备受期待的数字资产市场结构法案讨论草 案，由阿肯色州共和党参议员约翰・布兹曼与新泽西州民主党参议员科里・布克联合推出的这份跨党派文 件，为加密货币行业建立监管框架奠定基础，被业内视为推动机构与散户广泛采用加密资产的关键一步。 来源：Getty Images 其四，授权 CFTC 向受监管实体收取费用，资金将用于数字商品交易所注册、机构监管及投资者教育等工 作。 其五，设立代币上市标准，仅允许交易 "不易被操纵" 的数字商品，旨在减少行业常见的诈骗行为，增强市 场信心。 数字商会 CEO 科迪・卡博内表示，该草案是机构整合数字资产的 "最重要路线图"，清晰指明了合规要求， 但目前仍非最终版本，委员会将用数周时间收集反馈，年内难以敲定终稿。草案中反洗钱规则、去中心化金 融监管等条款尚未最终确定，相关加密货币企业计划与立法者合作完善细节。 值得注意的是，这份草案将与参议院银行委员会的相关草案整合，形成全面法案。当前美国加密货币行业呈 现监管与应用双突破态势，不仅联邦层面推进立法，得州等十余州也在探索比特币战略储备相关立法，华尔 街机构持仓规模持续扩大，监管规 ...

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) is developing a package of exemptions for crypto assets linked to investment contracts, aiming to facilitate capital formation and innovation while ensuring investor protection [1][2]. Group 1: Regulatory Framework - SEC Chairman Paul Atkins emphasized the need for clarity in defining digital assets related to investment contracts, moving away from the previous administration's enforcement-focused approach [2]. - Atkins stated that investment contracts are not permanent and can expire, indicating that the status of crypto assets may change over time based on the issuer's actions [3]. - The SEC is working with Congress to establish market structure legislation that will solidify the agency's stance on crypto assets [5][6]. Group 2: Innovation and Investor Protection - Atkins highlighted the importance of not stifling innovation by requiring all trading of underlying assets to occur in a single regulated environment, advocating for flexibility in regulatory oversight [4]. - The SEC will continue to oversee capital formation while allowing for the use of "super apps" by firms not necessarily registered with the SEC, which could enhance user engagement in the blockchain space [3][4]. Group 3: Scope of SEC's Jurisdiction - The SEC's jurisdiction includes tokenized securities, while network tokens, digital collectibles, and certain digital tools fall outside its regulatory scope [5]. - Atkins noted that the agency's approach aims to complement ongoing legislative efforts in Congress, ensuring a stable regulatory environment for the crypto industry [6].

Group 1 - Buffett announces retirement from public roles, stating he will no longer write the annual letter or attend shareholder meetings, marking the end of his role as a public commentator for Berkshire Hathaway [3] - Buffett endorses Greg Abel as the new CEO, describing him as an outstanding manager and communicator, and emphasizes his continued support as a significant shareholder during the transition [4] - Buffett accelerates charitable donations by converting Class A shares to Class B shares for four family foundations, clarifying that this does not reflect a negative outlook on Berkshire's future [5] Group 2 - Buffett acknowledges that the company's size has become a limiting factor for investment opportunities, but reassures shareholders that he remains optimistic about the company's prospects [5] - The contrast between Buffett's traditional value investment approach and the rising popularity of cryptocurrencies like Bitcoin and Ethereum is highlighted, with Bitcoin showing a cumulative increase of approximately 319% from 2015 to 2025 [7][8] - The emergence of stablecoins is changing the market dynamics, providing liquidity and facilitating decentralized finance, which indicates a shift in the perception of value and investment logic in the crypto space [8][10] Group 3 - The evolving financial landscape is characterized by a more diverse and dynamic definition of value, as traditional investment metrics are supplemented by new indicators such as network effects and community engagement in the crypto world [10][11]

Core Viewpoint - The cryptocurrency market has erased nearly all gains accumulated in the first ten months of the year within just over a month, with Bitcoin's price dropping significantly from its record high [2][4]. Group 1: Market Performance - Bitcoin's price rebounded to above $103,000 after a week of sharp declines but remains approximately 18% lower than its record high of $120,000 set on October 6 [2][3]. - The total market capitalization of cryptocurrencies peaked at nearly $440 billion on October 6 but has since fallen by about 20%, leaving only a 2.5% gain year-to-date [4]. Group 2: Investor Sentiment - The decline in cryptocurrencies is causing concern among Wall Street, as Bitcoin is viewed as a leading indicator for high-volatility stocks [4][16]. - The previously successful "buy the dip" strategy is failing, leading to increased market caution [6][10]. - Recent data shows that investors withdrew over $700 million from digital asset ETFs in just one week, with nearly $600 million coming from BlackRock's Bitcoin fund [12]. Group 3: Correlation with Tech Stocks - The recent cryptocurrency crash coincides with concerns over the valuation of AI tech stocks, indicating a cooling risk appetite in high-risk asset classes [6][8]. - Stocks like Palantir, which are closely associated with AI and cryptocurrencies, have seen significant declines, reflecting a broader trend affecting meme stocks and unprofitable tech companies [6][11]. Group 4: Market Dynamics - The lack of new capital inflow into alternative tokens and DeFi projects has been noted, with most areas of the crypto market remaining stagnant [13]. - A significant liquidation of leveraged positions worth approximately $19 billion occurred weeks ago, and the market has yet to recover from this shock [15]. - The number of long-term "whale" investors is declining, raising concerns about tightening liquidity in the market [17].

美国10月裁员规模创逾20年来同期最高，多位美联储官员对通胀问题表示关切。特朗普政府将铜、煤 炭、白银等列入关键矿产清单。 隔夜要点 美国股市三大股指周四全线下跌，科技股大跌再度上演，因投资者正在应对估值过高的问题，对股价虚 高的担忧抑制了风险偏好。美国公债收益率下跌，因市场担心美国劳动力市场疲软，以及华盛顿政府停 摆和对特朗普总统关税合法性的质疑可能导致更多不确定性。美元兑欧元和瑞郎连续第二个交易日下 跌，就业数据增加了对美联储今年内再次降息的预期。油价下跌，因投资者考虑到潜在的供应过剩以及 世界最大石油消费国美国的需求减弱。金价收盘小跌，盘中上涨，受美元走软以及投资者担忧导致避险 需求回升的提振。 | 股市指数 | 收报 | 日变动% | 年初至今变动% | | --- | --- | --- | --- | | 纳斯达克指数 | 23053.99 | (1.90) | 19.38 | | 标普500指数 | 6720.32 | (1.12) | 14.26 | | 道琼斯工业均指 | 46912.30 | (0.84) | 10.27 | | 恒生指数 | 26485.90 | 2.12 | 32.03 ...

Company - Elon Musk's compensation plan of $1 trillion has been approved by Tesla shareholders, marking a historic high in executive pay [3] - Eli Lilly and Novo Nordisk will lower the prices of weight loss drugs in exchange for a three-year tariff grace period from the U.S. government [3] - Meta anticipates that 10% of its sales in 2024 will come from fraudulent and non-compliant product advertisements [3] - DoorDash's earnings guidance is concerning, leading to a 17% drop in its stock price [3] - First Brands funds held by UBS are set to be liquidated, indicating potential issues within the fund's performance [3] - Duolingo's stock plummeted nearly 30% during trading due to guidance falling short of expectations, with the CEO stating the focus is on teaching quality over profitability [3] Industry - OpenAI's annual revenue is projected to exceed $20 billion this year, with expectations of reaching several hundred billion by 2030 [3] - Boeing has avoided criminal charges related to the 737 Max crash, marking a temporary victory in its legal battles [3] - Microsoft is forming a super-intelligent team focused on medical diagnostics and other fields, indicating a strategic shift towards healthcare technology [3] - The U.S. retail industry is expected to see the lowest holiday season hiring numbers since the Great Depression, reflecting economic challenges [3] - The Federal Reserve's potential interest rate cuts in December are uncertain, with concerns about inflation overshadowing labor market issues [3]

老牌科技巨头IBM计划在2025年第四季度进行新一轮裁员，预计受影响员工数量占全球员工总数的比例为"较低的个位数"，同时继续将发展重点转向高增 长的软件和服务。若以IBM截至2024年底约27万名员工计算，即便按最低1%的比例，也意味着将有至少2700人面临失业。 这并非IBM首次大规模裁员。2013年4月，IBM宣布全球重组计划，波及6000至8000名员工。去年3月，该公司又解雇了部分市场营销和公关人员。 截至2024年底，IBM在全球雇佣的员工总数为27万人。 今年5月，公司CEO阿尔温德·克里希纳（Arvind Krishna）曾表示，AI系统已接管了约200名人力资源员工的工作。公司通过自动化替代重复性劳动将资源 重新分配，招聘了更多急需的销售人员和软件开发人员，以推动业务增长。 值得注意的是，今年以来，多家科技巨头相继宣布裁员。10月，亚马逊宣布裁减14000名公司员工，Meta表示将裁减约600名人工智能部门员工。 业绩方面，IBM第三季度营收为163亿美元，同比增长9.1%；净利润为17.4亿美元，实现扭亏为盈。 IBM高管在财报披露后表示，加速创新仍是IBM的重点。公司正积极执行战略，以推动 ...

The Securities and Exchange Commission has hit the brakes on a wide‑reaching investigation into how public companies have been using crypto in their treasuries. The reason has nothing to do with the industry itself, but with the government shutdown that forced SEC attorneys and investigators into furlough. The agency was preparing to dig into firms that added Bitcoin, Ethereum, or Solana to their balance sheets and may have seen their stock prices spike shortly after. With most staff out, subpoenas and ot ...

格隆汇10月30日｜HC Wainwright将Coinbase Global的评级从"卖出"上调至"买入"，目标价从300美元上 调至425美元，理由是加密资产价格走强以及对美国监管进展的乐观态度。 ...

Core Insights - The 2025 Financial Street Forum, themed "Global Financial Development under Innovation, Transformation, and Reshaping," commenced on October 27 in Beijing, facilitating in-depth discussions among participants [1]. Group 1: Economic Growth - The International Monetary Fund (IMF) President Kristalina Georgieva highlighted that while global economic growth shows resilience, the growth rate remains below historical trends [1]. - This resilience is primarily attributed to loose financial conditions and a surge in artificial intelligence investments [1]. Group 2: Regulatory Considerations - Georgieva emphasized the need for regulators, policymakers, and market participants to approach technological innovations with caution, carefully assessing the actual productivity gains from AI [1]. - There is a call for prudent management of risks associated with cryptocurrencies, stablecoins, and the interconnections between non-bank financial institutions and the banking system [1]. - A balanced approach between innovation and risk management is advocated to ensure sustainable financial development [1].