On September 26, the U.S. Securities and Exchange Commission's Division of Corporation Finance released an updated FAQ on September 25, clarifying that token buybacks, network upgrades, and marketing statements do not automatically make crypto assets securities. SEC staff noted that announcing a buyback plan for an operational crypto network does not, by itself, make the associated tokens investment contracts; however, if the network is not operational and the issuer promotes the buyback as a source of returns for holders, it may be a different case. The FAQ also clarified that services provided once a crypto system is operational, aimed at securing, maintaining, improving, or enhancing the system or its functions, or promoting network effects, do not constitute managerial efforts under the Howey test. Marketing existing uses of the network typically does not create profit expectations, and statements about future functionalities do not either, provided there is no promotion of profit potential. This update reiterates that conclusions will still heavily depend on specific cases and are based on the SEC's interpretative release regarding the applicability of securities laws to crypto assets issued in March this year. On the same day, the Commodity Futures Trading Commission updated its crypto FAQ, allowing futures firms and clearinghouses to invest customer funds in tokenized versions of previously permitted assets, provided they meet investment and custody requirements. CFTC staff also indicated that regulated companies may use blockchain for record keeping but must still be able to provide records if the blockchain or its block explorer is non-operational. These updates come as the CLARITY Act failed to advance in the Senate, with regulators continuing to push forward with the crypto regulatory framework based on existing laws.
Market data shows that BTC has surpassed $84,000, currently priced at $84,004, with a 24-hour decline of 0.25%. The market is experiencing significant volatility, so please ensure proper risk management.
Market data shows that BTC has fallen below $84,000, currently priced at $83,988.06, with a 24-hour increase of 0.52%. The market is experiencing significant volatility, so please ensure proper risk management.
Market data shows that ETH has fallen below $2700, currently priced at $2699.7, with a 24-hour increase of 1.95%. The market is experiencing significant volatility, so please ensure proper risk management.
Market data shows that BTC has surpassed $85,000, currently priced at $85,000.02, with a 24-hour increase of 1.72%. The market is highly volatile, so please ensure proper risk management.
Market data shows that ETH has surpassed $2700, currently priced at $2700.14, with a 24-hour increase of 1.23%. The market is experiencing significant fluctuations, so please ensure proper risk management.
On September 25, the 5th Global Digital Trade Expo was held in Hangzhou, where Wang Xingxing, founder of Yushu Technology, delivered a keynote speech titled "From Machinery to Intelligence - The Evolutionary Theory of Embodied Future." Wang stated that the embodied intelligence industry may soon experience a critical breakthrough similar to that of ChatGPT. He believes that when robots can complete approximately 80% of tasks through voice interaction and embodied intelligence capabilities in about 80% of unfamiliar environments, the industry will enter a critical phase of large-scale application. He pointed out that the ability for robots to understand and execute specific tasks based on voice commands has already made breakthroughs last year, but the industry still faces a core technological bottleneck, namely the precise matching issue between artificial intelligence models and the real physical world. Wang noted that currently, robots still have a few millimeters of error during actual operations, which limits their stability and reliability in complex environments. "In the future, whoever can solve this problem will fundamentally resolve the issues with robots."
On September 25, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, stated that broad market indices and retirement funds are now deeply tied to the AI wave, with technology stocks accounting for about 40% of the S&P 500 index. She pointed out that the market capitalization weight of just three chip manufacturers makes up over 25% of the MSCI Emerging Markets Index. Ozkardeskaya indicated that AI has become the 'core pillar' of the market, and this pillar 'must not show any cracks.' She believes that, in the short term, the US stock market will continue to be supported by seasonal factors, and the current market uptrend may extend until the end of the year. However, she also warned that the worst-case scenario would be a shake in the investment logic surrounding AI, which could undermine market confidence in the AI narrative, potentially triggering a significant market correction.
On September 25, U.S. stock index futures rose into positive territory, with Nasdaq futures up 0.36%. In after-hours trading, storage and semiconductor stocks saw widespread gains, with AMD, Intel, and SanDisk all rising by 2%.
On September 25, according to Cryptonews, NEAR Protocol and Ondo Finance have launched trading for tokenized US stocks and ETFs on near.com, with an initial offering of 20 assets including Nvidia, Tesla, Apple, Microsoft, Amazon, as well as SPY and QQQ. Eligible users can deposit using over 30 supported stablecoins or other crypto assets, with NEAR Intents serving as the cross-chain distribution layer, allowing similar assets to be routed to connected wallets and DeFi protocols in the future. Purchases are settled in USDon, which is backed 1:1 by US dollars in brokerage accounts, and completed via atomic swaps. This product is not available to US persons; the overall Ondo platform has launched over 100 assets, with NEAR initially offering only one-fifth of that.
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