来源：高科技网 币界网7月12日消息，美府在加密货币税收政策方面正迎来重大突破。随着国会议员推动相关立法改 革，加密货币行业有望获得更加公平的税收待遇，这一政策转变为去中心化交易平台带来新的发展机 遇。 币界网报道，根据这项革命性提案，加密货币将与黄金、牲畜等传统资产享受同等税收待遇，仅在实际 出售时征收税费，彻底取消当前在资产识别与再次出售时的重复征税机制。最为引人注目的是，该法案 将设立每年约5000美元的免税门槛，允许用户在使用比特币等加密货币作为日常支付手段时享有小额免 税优惠。 XBIT去中心化交易所平台首席分析师指出："这项税法改革将极大降低普通投资者的税务负担，促进加 密货币在日常生活中的实际应用，为去中心化金融服务创造更广阔的发展空间。" 比特币突破118000美元创新高，机构投资者信心激增 据币界网APP数据显示，比特币价格成功突破118000美元关口，24小时涨幅达4.17%，创下历史新高。 这一突破性表现反映了市场对加密货币长期价值的强烈信心，特别是在美政策环境日趋友好的背景下。 随着比特币价格持续攀升，其他主流加密货币也呈现出强劲的上涨势头。在XBIT去中心化交易平台 上，加密货币交易 ...

Core Viewpoint - The article discusses President Trump's announcement of imposing a 30% tariff on products imported from Mexico and the EU starting August 1, 2025, as part of a broader trade strategy aimed at addressing issues such as drug trafficking and trade barriers [1][3][4]. Group 1: Tariff Announcements - Trump announced a 30% tariff on imports from Mexico and the EU effective August 1, 2025 [1][3]. - Additional tariffs ranging from 25% to 40% were communicated to 14 countries, including Japan and South Korea, with potential tariffs of 15% to 20% for other trade partners [5]. - Canada will face a 35% tariff on its products starting August 1 [6]. Group 2: Reactions from Mexico - Mexican President Claudia Sheinbaum expressed opposition to the U.S. tariffs and emphasized the need for regional cooperation to enhance North America's competitiveness [7][8]. - Mexico is set to negotiate with the U.S. on security, immigration, and trade cooperation, with discussions scheduled for next week [9]. Group 3: Impact on Tomato Trade - The termination of the "Tomato Agreement" will lead to a 17% tariff on Mexican tomatoes, raising concerns about price increases for consumers in the U.S. [9][10]. - Approximately 72% of fresh tomatoes in the U.S. are imported, with 90% coming from Mexico, indicating a significant reliance on Mexican imports [10]. Group 4: EU's Response - EU officials are preparing countermeasures in response to U.S. tariffs, particularly in sectors like steel, automotive, and pharmaceuticals [11][12]. - The EU has previously threatened to impose tariffs on $21 billion worth of U.S. products in retaliation for U.S. tariffs [14].

Group 1 - South Korean financial giant Shinhan Financial Group's subsidiary Shinhan Investment Corp has applied for seven trademarks related to Korean won stablecoins, marking a significant move in the stablecoin market following NH Investment & Securities [1] - The competition for digital currency positioning in South Korea is intensifying, with Shinhan Card and Jeju Bank already making strategic moves in this area [1] - The digital currency landscape in East Asia is evolving, with Japan and China also advancing their central bank digital currency (CBDC) initiatives, indicating a regional push towards digital currency ecosystems [2] Group 2 - The U.S. is experiencing a breakthrough in digital asset tax reform, with a new proposal aimed at eliminating double taxation on digital assets, aligning their tax treatment with traditional assets like gold and livestock [3] - The proposed legislation includes a $5,000 annual tax exemption for small transactions, which could facilitate the use of cryptocurrencies for small payments [3] - The EU's decision to remove the digital tax option from its 2028 fiscal plan is seen as a significant victory for U.S. tech giants, reflecting a shift in global tax policy [2][6] Group 3 - The competition for digital asset infrastructure is intensifying globally, with the EU's concession on digital tax seen as a move to avoid trade tensions with the U.S., thereby creating more policy space for digital asset innovation [6] - XBIT, a decentralized exchange platform, is emerging as a key player in connecting traditional finance with the digital currency ecosystem, offering efficient cross-border settlement channels [6][10] - The surge in cross-border payment transactions using the digital yuan, particularly with oil-exporting countries and ASEAN members, highlights the growing demand for agile digital asset exchange hubs like XBIT [7]

广发证券 资深宏观分析师 陈礼清 博士 chenliqing@ gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 2025 上半年大类资产表现为黄金＞欧股＞港股＞铜 ＞ 多 VIX ＞比特币＞中证 1000 ＞美股＞上证综指＞日经＞原油＞美元，节奏演绎"反转—反转—再反 转"。一季度港股黄金领跑，美股日股比特币靠后；二季度美股日股比特币反弹领涨，恒生科技收跌，A股资产涨幅收敛。美元呈单边弱势。我们编制的大类资产轮 动指数显示上半年资产以及 A 股行业轮动加快，尤其是一季度与 5-6 月， 19 类大类资产排名总变动名次数自 2014 年 12 月下旬的 116.7 名次升至 2025 年 3 月的 134.7 名次， 4 月重新降至 115 名次，但 5-6 月再度回升至 133.8 名次。在每一轮反转交易的中后段，资产与行业均轮动速度加快。我们理解，"赔率"在反转交易 的"前端与尾端"均扮演着重要角色。一方面，经济预期抢跑与事件性风险驱动易引发"折返"、"冲回"式反转交易，而避险与趋险资产快速沿胜率方向"超买"、"超 卖"，又重新打出新一轮"反转交易"空间。另一方面，"反转交易"中后段，占优资产若继续 ...

1. 香港《稳定币条例》与其他国家有何不同？ 香港《稳定币条例》作为全球首个针对法币稳定币的全面监管框架，其独特性在于聚焦锚定单一或多种法币的稳定币，明确排除算法稳定币，支持多币种发 行，服务人民币国际化。监管模式上，由金管局统一发牌，实施严格准入和储备要求，同时通过"弹性沙盒"机制为创新预留空间，平衡监管与灵活性，凸显 其国际金融中心定位。 2. 港元稳定币是否会冲击传统发钞行地位？ 港元稳定币与法定货币存在本质区别，其发行必须以港元储备为支撑，受货币政策制约，无法取代发钞行的法定货币发行权。不过，稳定币引入了多元发行 主体，改变了传统发钞格局，未来可能形成"传统发钞行+科技金融企业"的竞合格局，共同推动港元数字化发展。 3. 基于稳定币的金融创新有哪些？对内地政策有何影响？ 稳定币可催生现实资产代币化（RWA）、衍生金融工具、增强型跨境支付、DeFi及链上信贷、元宇宙经济等创新。然而，香港若大量发行离岸人民币稳定 币，可能削弱内地货币政策效果，增强境内外市场联动，引发资本流出和监管套利，冲击现行资本项目管理框架。 4. 稳定币对数字人民币（e-CNY）是威胁还是机遇？ 稳定币在跨境支付领域可能与数字人民币 ...

Core Insights - The roundtable at Fudan University focused on the issue of stablecoins from an interdisciplinary perspective, highlighting their role as digital assets that combine the cross-border efficiency of cryptocurrencies with the value stability of fiat currencies [1][4] - Stablecoins are categorized into three main models: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., MakerDAO's DAI), and algorithmic [1][5][6] - Regulatory frameworks for stablecoins are emerging globally, with significant legislation such as the EU's MiCA, the US's GENIUS Act, and Hong Kong's Stablecoin Regulation, marking a shift from unregulated to regulated environments [2][4][9] Summary by Category Stablecoin Characteristics - Stablecoins are digital representations of fiat currencies, managed through blockchain technology, allowing for unlimited issuance unlike Bitcoin's capped supply [1][3] - They serve as mediums of exchange, payment methods, and stores of value, often offering higher interest rates than traditional savings [3] Types of Stablecoins - **Fiat-Collateralized**: Examples include USDT and USDC, which are pegged 1:1 to fiat currencies, with USDT facing transparency issues while USDC adheres to US regulatory frameworks [5] - **Crypto-Collateralized**: Such as MakerDAO's DAI, which uses cryptocurrencies like ETH as collateral, typically requiring a collateralization ratio above 150% [6][7] - **Algorithmic**: These stablecoins adjust supply dynamically through smart contracts, but the 2022 UST de-pegging incident revealed vulnerabilities in purely algorithmic mechanisms [6][8] Regulatory Landscape - The introduction of regulations signifies a transition to a more structured environment for stablecoins, with the MiCA law in the EU set to take effect on December 31, 2024, alongside the US and Hong Kong regulations [2][4][9] - Regulatory challenges include identity verification on blockchain, tracking fund flows, ensuring transaction compliance, and coordinating across different jurisdictions [10][11] Future Trends - The future of stablecoins is expected to see a synergy between regulation and innovation, deeper technological integration, and a reshaping of market dynamics, with leading institutions leveraging their technological and capital advantages [2][13]

比特币创新高 概念股领涨 随着下周多部加密货币相关法律在美国国会进入审议环节，加密货币再次点燃投资者热情。比特币近两个交易日连续上涨，并在今日盘中创下了11.8万美元 的历史新高。 下周开始，加密货币三大法案——《天才法案》（《GENIUS法案》）、《明确性法案》（《CLARITY法案》）和《反央行数字货币监控国家法案》将在美国 众议院同步进入审议阶段。这一立法"组合拳"标志着美国加密监管进入关键转折期。三大法案同步审议的特殊性在于其系统性：《天才法案》试图将稳定币纳 入美元储备体系，《反央行数字货币监控国家法案》剑指隐私货币与央行数字货币，《明确性法案》则聚焦监管权划分。这种"三位一体"的立法设计，既反映 了共和党推动加密行业合规化的决心，也暴露出两党在监管逻辑上的根本分歧。若立法落地，美国将成为首个为稳定币、隐私币和监管框架同步立法的国 家，其影响将远超国界，成为全球加密监管的标杆。 分析认为，三大法案将极大提升加密货币行业长期以来所要求的监管透明度。 加密货币交易所Bitfinex的衍生品主管贾格・库纳就表示："我们预计，此前因监管不确定性而持观望态度的资金将重新流入。即便最终通过受阻，立法层面 的参与 ...

金十数据7月11日讯，美股开盘，道指跌0.6%，标普500指数跌0.4%，纳指跌0.28%。受比特币行情提 振，加密货币概念股上涨，Strategy(MSTR.O)涨1.5%。Meta Platforms(META.O)下跌0.3%，公司或将面 临欧盟新指控。苹果(AAPL.O)跌1%。 比特币/美元 美股三大股指低开 ...

道指跌0.5%，标普500指数跌0.4%。加密货币概念股普涨，嘉楠科技涨约5%，MARA Holdings涨约 3%。 ...

Group 1: Bitcoin Price Surge - Bitcoin price surged to a new all-time high of over $118,661, increasing by more than $2,600 in a single day [1] - Since the beginning of the year, Bitcoin has risen over 26%, with a notable increase of $8,800 in just five days after July 7 [2] - Institutional buying has been a significant driver of this price increase, with major institutions nearly exhausting exchange liquidity [2] Group 2: Market Sentiment and Institutional Interest - The signing of the "Big and Beautiful" bill by the Trump administration has boosted investor sentiment towards risk assets, including Bitcoin [1][3] - Analysts believe that the recent influx of funds into Bitcoin is driven by long-term demand rather than speculative trading [3] - The market is optimistic, with a higher volume of bullish options compared to bearish ones, indicating a positive outlook for Bitcoin's future [3] Group 3: Regulatory Developments and Stablecoins - The U.S. Senate passed the "Genius Act," establishing a regulatory framework for stablecoins, which is expected to attract more funds into the crypto market [5] - There are differing opinions on the impact of stablecoins on Bitcoin, with some suggesting that stablecoins could marginalize Bitcoin, while others argue they provide a pathway for new investors to enter the crypto space [6][7] - The compliance trend of stablecoins may enhance Bitcoin's status as a "digital gold" and attract institutional capital into the crypto market [7][8] Group 4: Future Outlook - Analysts predict Bitcoin could reach $135,000 in Q3 and potentially $200,000 by the end of the year [3] - The decentralized nature of Bitcoin may provide a competitive edge over stablecoins, especially if stablecoins face stringent regulations [8]