Overview of This Week's Crypto Assets Industry Trends

This week's Crypto Assets market has shown overall stable performance, with Bitcoin price fluctuations being minimal. However, the triangular convergence range is nearing its end, and a significant movement is expected in early October.

In terms of regulation, multiple countries have further clarified their regulatory stance on digital assets. U.S. financial regulators have strengthened their oversight of the Crypto Assets sector; a U.S. federal judge ruled that digital currency is considered a commodity and is subject to the jurisdiction of U.S. derivatives regulators; a court in Shanghai determined that Ether can be protected as general property under the law.

In the industry, a large mining machine manufacturer has announced its IPO prospectus on the Hong Kong Stock Exchange; a well-known investor has announced their exit from project investment and is preparing to switch careers.

According to market data, the total market capitalization of global Crypto Assets slightly decreased by 2% this week to $221.3 billion. Bitcoin, as a market indicator, accounts for 51.42% of the market capitalization, which is a slight decrease from last week. Although the price fluctuations are not significant, Bitcoin experienced several short-term intense fluctuations in the early morning due to multiple futures settlements.

The U.S. Securities and Exchange Commission ( SEC ) is intensifying its law enforcement efforts in the digital asset industry, expanding its regulatory scope to include digital asset brokers and investment companies. The Financial Industry Regulatory Authority ( FINRA ) has also begun to intervene in regulation and has issued its first penalty decision involving Crypto Assets. These measures indicate that bringing Crypto Assets trading under the purview of securities law regulation may become a trend.

The French National Assembly has initiated legal discussions regarding Crypto Assets and ICOs. If the new bill is passed, it will legally define tokens and ICOs, and make corresponding adjustments to the regulatory framework.

A U.S. federal judge ruled that digital currency fits the broad definition of a "commodity," thus falling under the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). This ruling will empower the CFTC to more effectively regulate fraud involving virtual currencies.

The People's Court of Hongkou District in Shanghai stated while hearing a digital currency dispute case that although the state prohibits the use of Ether and other "virtual currencies" as currency, it does not deny that they can be protected by law as property in the general legal sense.

SEC Chairman Clayton stated that the SEC currently views most new digital assets as securities, subject to the same regulatory framework as stocks. He does not intend to update the determination standards.

In terms of corporate dynamics, a certain internet company sold its "Chainke" related blockchain business, retaining only the underlying technology business, marking an adjustment in its blockchain business direction. An EOS whale account was hacked for 2.09 million EOS, worth over 70 million yuan. Google announced it will lift the ban on some Crypto Assets related advertisements, but ICOs and others remain prohibited.

A large mining machine manufacturer has disclosed its IPO prospectus on the Hong Kong Stock Exchange, officially launching its listing plan. In the first half of the year, the company's net profit increased nearly 8 times year-on-year, reaching $743 million. This news triggered a single-day surge of 22.69% for BCH.

According to reports, Ripple is in talks with Nasdaq to list on its Crypto Assets exchange. Goldman Sachs is also said to be researching the launch of Ethereum-based financial derivatives.

The South Korean government has included nine blockchain-related businesses in the venture capital industry, which can enjoy related policy benefits. However, this does not include Crypto Assets trading and brokerage services.

Bank of Communications successfully issued its first credit asset securitization project based on blockchain technology, with a total scale of 9.314 billion yuan. Indian exchange Zebpay announced the shutdown of its exchange business.

Alibaba Damo Academy officially launched a blockchain laboratory, focusing on research directions including consensus protocols, encryption security, cross-chain protocols, etc. A certain content community joining the blockchain project will receive 500 million tokens for user incentives.

On the regulatory front, Vice Chairman of the China Securities Regulatory Commission, Yan Qingmin, stated that actions that abuse the name of technology to engage in financial violations will be severely punished, while also establishing necessary fault tolerance mechanisms for technological financial innovation.

The CEO of a certain exchange predicts that a bull market may arrive at any time, and the period from October to December could be a good opportunity.

A well-known investor announced that he will no longer invest in projects and is preparing to switch careers for a few years, but he still has a long-term positive outlook on blockchain technology.