（原标题：信托行业将加强业务分类监管） "监管人士提出，要向'十五五'规划建议'看齐'，如果没有看齐，行业的发展方向、投资方向可能都是错 的。"有参会信托公司高管向证券时报记者表示。 "十五五"规划建议提出"推动各类金融机构专注主业、完善治理、错位发展"。监管部门人士在会上提 出，信托业风险积累暴露的根本原因在于市场定位不清、偏离信托本源，经营模式、发展路径和行业文 化未能真正定位于"受托人"。信托业实现错位发展，要立足信托制度的功能特点，贴近市场需求，形成 可持续的商业模式。 会上传递出来的监管动向也受市场关注。据了解，监管部门人士再次强调"两个严禁"与"一个防止"， 即，严禁开展非标资金池业务、严禁开展违规关联交易，防止犯方向上错误。同时还表示，部分信托公 司风险控制能力还需要增强。 此外，年会上透露要持续强化行业监管。例如，加强业务分类监管。监管部门将督促信托公司增强社会 服务意识和专业服务能力，积极探索信托业务品种，同时要建立完善的信托业务分类监测排查机制，加 强定期检查。"确保无论新增业务如何变化，存量业务如何变更，都要依法合规。"监管部门人士称。 证券时报记者 刘敬元 近日，2025年中国信托业年 ...

Core Insights - The Federal Reserve's new regulatory vice-chair, Michelle Bowman, announced the launch of a "crypto asset sandbox regulatory pilot" allowing compliant institutions to test cryptocurrency custody, lending, and derivatives innovation, while significantly reducing the capital requirement for banks holding crypto assets from 1250% to 800% [1][3] Group 1: Market Reaction - Following the announcement, Bitcoin's price surged from $117,000 to $123,000 within one hour, marking a new high for 2025, while XBIT's trading volume exceeded $28 billion in a single day, with institutional users accounting for 65% of the total [1] - XBIT's native token, XBT, saw a daily price increase of 90%, surpassing $175, as 30% of new institutional users were from Wall Street hedge funds and 20% from European family offices [3] Group 2: Regulatory Framework - Bowman's speech introduced a tiered regulatory framework for stablecoins, where bank-affiliated issuers would face lower capital requirements but must deposit 100% of reserves in Federal Reserve accounts, while tech-based issuers must provide daily on-chain reserve proof and undergo third-party audits [3] - Following the policy announcement, Circle's stock surged by 18%, while the algorithmic stablecoin FRAX dropped by 25% due to compliance risks [3] Group 3: Technological Innovations - XBIT launched a "sandbox compliance toolkit" that automatically generates regulatory-compliant audit reports through smart contracts, attracting traditional financial institutions [3] - The platform also introduced a "multi-chain stablecoin aggregator" that allows users to exchange stablecoins compliant with different regulatory standards, achieving a trading volume of $4 billion within four hours of launch [3] Group 4: Regulatory Challenges - XBIT upgraded its privacy protocol using zero-knowledge proof technology to allow users to complete compliance verification without revealing transaction details, which led to an anti-money laundering investigation by the CFPB [4] - Despite XBIT's disclosure that 98% of institutional users had completed compliance checks, market panic ensued, causing Bitcoin's price to drop by 7% within an hour [4] Group 5: Strategic Partnerships - XBIT announced a strategic partnership with JPMorgan to launch "compliant leveraged trading services," enabling users to participate in Bitcoin perpetual contracts directly through bank accounts, with leverage up to 50 times [6] - Following the announcement, JPMorgan's stock rose by 3.2%, and XBIT's perpetual contract open interest surged by $8 billion within two hours [6] Group 6: Industry Outlook - The interplay of the Federal Reserve's policy shift, XBIT's technological advancements, and the entry of traditional finance has propelled the cryptocurrency market to new heights, although regulatory scrutiny remains a significant concern [6] - Bowman's statement emphasized that regulation will not compromise innovation, while XBIT's founder asserted that true innovation does not require compromise but rather reshapes the rules [6]