代理SEC主席拒絕執法，第一個美國銀行簽發的Stablecoin，比特幣在Crossroads的四年周期

代理SEC主席Uyeda呼籲對執法制定明確的規則，以為該行業提供急需的指導。

Acting SEC chair calls for clear rulemaking over enforcement to provide much-needed guidance to the industry. Plus, the first U.S. bank-issued stablecoin on a permissionless blockchain, and Bitcoin’s four-year cycle at crossroads.

代理SEC主席呼籲對執法制定明確的規則，以為行業提供急需的指導。另外，這是美國銀行第一批由無許可的區塊鏈中的Stablecoin，以及比特幣在Crossroads的四年周期。

Acting SEC Chair Rejects Enforcement—Demands Real Crypto Rules

代理SEC主席拒絕執法 - 要求真正的加密規則

The acting SEC chair has called for the SEC to focus on rulemaking rather than enforcement to provide clear and useful crypto regulations, countering the current legal battles in court, which are only serving to create confusion…

代理SEC主席呼籲SEC專注於規則制定，而不是執行執行，以提供清晰有用的加密法規，反對法院目前的法律鬥爭，這些法院只是有助於造成混亂……

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Editor’s comment: Businesses, and potential businesses, will surely love Uyeda’s message to leave the busybodies at home and come prepared with a formal rulemaking initiative to provide clear and concise guidance to the industry.

編者的評論：企業和潛在的企業肯定會喜歡烏耶達（Uyeda）的信息，以使忙碌的企業留在家中，並為一項正式的規則制定倡議做好準備，以為行業提供明確而簡潔的指導。

First US Bank-Issued Stablecoin On Permissionless Blockchain Goes Live

在無許可區塊鏈上進行的第一個美國銀行簽發的穩定幣。

The first-ever tokenization of U.S. dollar bank deposits on Ethereum has occurred, signaling a seismic shift in traditional finance, with…

以太坊上的美元銀行存款的第一個像徵化發生了，這表明傳統金融的地震轉變，以及…

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Editor’s comment: Imagine a future where fully reserved stablecoins (backed by 1:1 U.S. dollar demand deposits) are issued, transferred, and redeemed for bank customers in a completely regulatory compliant way with no busybodies interfering. This is the start of that.

編者的評論：想像一下未來，以完全保留的，以1：1美元的需求存款支持（由1：1美元的需求存款）以一種完全合規的方式向銀行客戶頒發，轉讓和兌換，而沒有忙碌的人干擾。這就是其中的開始。

Bitcoin’s Four-Year Cycle At Crossroads As Halving Rally Narrative Is Debunked

比特幣在十字路口的四年周期，因為拉力賽敘事減半

Bitcoin price remained relatively flat on Thursday, igniting a lively debate among analysts about the fate of its once-reliable four-year halving cycle as its apex sparked a frenzy of activity in the crypto market with a 160% rally in the first half of 2024…

比特幣的價格在周四保持相對平坦，激發了分析師之間關於其曾經可靠的四年減半週期命運的激烈辯論，因為其頂端在2024年上半年的加密貨幣市場上引發了160％的集會活動，這是一個狂熱的活動。

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Editor’s comment: The graph ‘Bitcoin Price After Halvings’ in the above article seems to paint a make-or-break moment for the current cycle. If BTC fails to rise above $50,000 by the time of the next halving, it will spell doom for the cycle theory.

編輯的評論：上面文章中的圖形“比特幣價格”似乎在當前週期中描繪了一個或破壞的時刻。如果在下一個減半之時BTC不超過50,000美元，它將為循環理論說明厄運。

Survey Says 76% Of US Investors Plan To Boost Crypto ETF Holdings In Coming Year

調查顯示，美國76％的投資者計劃在來年提高加密ETF持有

Financial services firm Brown Brothers Harriman (BBH) has published the results of its 2025 Global ETF Investor Survey, polling 175 buy-side and institutional investors on their use of exchange-traded products and their outlook for the market in the year ahead. Among the key findings, the survey revealed that a majority of U.S. investors plan to increase their crypto ETF holdings in the coming year.

金融服務公司Brown Brothers Harriman（BBH）發布了2025年全球ETF投資者調查的結果，對他們使用交易所交易產品的使用以及未來一年的市場前景進行了調查175個買方和機構投資者。在主要發現中，調查顯示，美國大多數投資者計劃在來年增加其加密ETF持股。

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Editor’s comment: This short article is a good reminder that BTC spot ETFs are still a very new product, and it’s likely they will become more popular, not less, especially among U.S. investors.

編者的評論：這篇簡短的文章很好地提醒了BTC Spot ETF仍然是一種非常新的產品，而且很可能會變得更加流行，而不是在美國投資者中。

Crypto Rule Repeal Hits Trump's Desk—Massive Regulatory Rollback Imminent

加密統治廢除了特朗普的桌子 - 質量的監管回滾即將

The Senate on Wednesday voted 70-28 to crush an IRS rule that targeted decentralized finance (DeFi) developers, delivering a sweeping victory for cryptocurrency in a bipartisan vote that now sends a bill to President Trump’s desk for his signature.

參議院週三以70-28投票贊成一項IRS規則，該規則針對分散的財務（DEFI）開發商，在兩黨的投票中為加密貨幣帶來了巨大的勝利，現在向特朗普總統的辦公桌發送了一項法案，以獲得他的簽名。

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Editor’s comment: Once Trump signs this, let’s hope Congress and Trump get the stablecoin legislation passed to complete the regulatory rollback.

編者的評論：一旦特朗普簽署了這一點，讓我們希望國會和特朗普能夠通過穩定的立法來完成監管的回滾。