Preliminary agreement on cryptocurrency regulation reached in the U.S. Senate
• Covers stablecoins, custody rules, and DeFi regulatory framework
• Jurisdictional division between SEC and CFTC becoming clearer
• DeFi may face 'activity-based light regulation' rather than comprehensive classification
Progress on stablecoin legislation but controversies remain
• Focus: reserve requirements, issuer licenses, information disclosure
• Core controversy: the regulatory classification of DeFi protocols and tokens remains unresolved
• Rules restricting stablecoin yield products triggered a drop in concept stocks
BTC market experiences a pullback due to macro pressures
• ~$14 billion in options expiration causing short-term volatility
• Triggered a series of long liquidations, accelerating the decline
• Geopolitical tensions in the Middle East rising, risk assets under overall pressure
• BTC behaves as a high Beta risk asset, moving in sync with U.S. stocks
💡 Regulatory favorable expectations vs macro pressures, short-term $BTC under pressure. Need to pay attention to the subsequent details of DeFi regulation implementation.
