代理SEC主席拒绝执法，第一个美国银行签发的Stablecoin，比特币在Crossroads的四年周期

代理SEC主席Uyeda呼吁对执法制定明确的规则，以为该行业提供急需的指导。

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主席呼吁对执法制定明确的规则，以为行业提供急需的指导。另外，这是美国银行第一个在无许可区块链上发行的Stablecoin，以及比特币在Crossroads的四年周期。

Acting SEC Chair Rejects Enforcement—Demands Real Crypto Rules

代理SEC主席拒绝执法 - 要求真正的加密规则

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主席呼吁SEC专注于规则制定，而不是执行执行，以提供清晰有用的加密法规，反对法院目前的法律斗争，这些法院只是有助于造成混乱……

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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.

编者的评论：企业和潜在的企业肯定会喜欢乌耶达（Uyeda）的信息，以使忙碌的企业留在家中，并为一项正式的规则制定倡议做好准备，以为行业提供明确而简洁的指导。

First US Bank-Issued Stablecoin On Permissionless Blockchain Goes Live

在无许可区块链上进行的第一个美国银行签发的稳定币。

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

以太坊上的美元银行存款的第一个象征化发生了，这表明传统金融的地震转变，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.

编者的评论：想象一下未来，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）以一种完全合规的方式向银行客户颁发，转让和兑换，而没有忙碌的人干扰。这就是其中的开始。

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

比特币在十字路口的四年周期，因为拉力赛叙事减半

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…

比特币的价格在周四保持相对平坦，激发了分析师之间关于其曾经可靠的四年减半周期命运的激烈辩论，因为其顶端在2024年上半年的加密货币市场上引发了160％的集会活动，这是一个狂热的活动。

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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.

编辑的评论：上面文章中的图形“比特币价格”似乎在当前周期中描绘了一个或破坏的时刻。如果在下一个减半之时BTC不超过50,000美元，它将为循环理论说明厄运。

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

调查显示，美国76％的投资者计划在来年提高加密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.

金融服务公司Brown Brothers Harriman（BBH）发布了2025年全球ETF投资者调查的结果，对他们使用交易所交易产品的使用以及未来一年的市场前景进行了调查175个买方和机构投资者。在主要发现中，调查显示，美国大多数投资者计划在来年增加其加密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.

编者的评论：这篇简短的文章很好地提醒了BTC Spot ETF仍然是一种非常新的产品，而且很可能会变得更加流行，而不是在美国投资者中。

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

加密统治废除了特朗普的桌子 - 质量的监管回滚即将

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.

参议院周三以70-28投票赞成一项IRS规则，该规则针对分散的财务（DEFI）开发商，在两党的投票中为加密货币带来了巨大的胜利，现在向特朗普总统的办公桌发送了一项法案，以获得他的签名。

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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.

编者的评论：一旦特朗普签署了这一点，让我们希望国会和特朗普能够通过稳定的立法来完成监管的回滚。