# Policy Articles associés

Le Centre d'actualités HTX fournit les derniers articles et analyses approfondies sur "Policy", couvrant les tendances du marché, les mises à jour des projets, les développements technologiques et les politiques réglementaires dans l'industrie crypto.

Ripple Makes New Demands From SEC, What Are They Asking For?

Ripple has sent a letter to the U.S. SEC's Crypto Task Force requesting regulatory clarity on payment stablecoins and tokenized securities. This follows up on a meeting held in March. Key demands include clarification on how stablecoins should be treated as collateral on balance sheets under amended Rule 15c3-1, and defining "Qualified Payment Stablecoins" for custody under Rule 15c3-3. Ripple also asked for confirmation that other major crypto non-securities, beyond Bitcoin and Ethereum, receive equivalent regulatory treatment, suggesting a revision to related SEC FAQs. Furthermore, the firm proposed a 0% haircut for stablecoins under certain conditions and requested that on-chain registries be designated as the single authoritative legal record for ownership, eliminating ambiguity in digital twin structures. In a separate reaction, Ripple CEO Brad Garlinghouse declared the "anti-crypto army" defeated, citing support from courts, voters, and former U.S. President Donald Trump, who criticized former SEC Chair Gary Gensler and vowed to codify pro-crypto legislation.

bitcoinistIl y a 2 h

Ripple Makes New Demands From SEC, What Are They Asking For?

bitcoinistIl y a 2 h

Trump, the "Stock Market Manipulator" in U.S. Stocks, Lifts Up the Entire Quantum Computing Sector

"Trump, the 'U.S. Stock Market Mastermind,' Boosts the Entire Quantum Computing Sector" This article details how former U.S. President Donald Trump's policies and public statements have significantly influenced the stock market, particularly in the quantum computing sector. A key example is the U.S. government's direct investment in Intel stock in August 2025, which yielded over $45 billion in gains within seven months. Trump publicly credited himself for this profit. Recently, the Trump administration announced a new $2 billion initiative. Through the Department of Commerce, funding from the CHIPS and Science Act will be provided to nine quantum computing companies in exchange for minority, non-controlling equity stakes. The recipients include IBM ($1B for its subsidiary Anderon), GlobalFoundries ($375M), and listed companies like D-Wave, Infleqtion, and Rigetti ($100M each). Private firms such as Atom Computing and PsiQuantum also received $100M. This "investment-for-equity" strategy marks a shift from pure subsidies to an "active investor" model under the CHIPS Act. The announcement immediately boosted quantum computing stocks. The article frames this as part of Trump's "America First" industrial policy, aimed at securing U.S. technological leadership, similar to past investments in semiconductors, rare earths, and lithium. The author suggests this pattern of government-backed market intervention, alongside Trump's personal stock endorsements, is a hallmark of his approach to driving market gains and may continue in sectors like defense and advanced energy.

marsbitIl y a 2 jours 09:13

Trump, the "Stock Market Manipulator" in U.S. Stocks, Lifts Up the Entire Quantum Computing Sector

marsbitIl y a 2 jours 09:13

SEC Slams the Brakes at the Last Minute, Halting "Tokenized U.S. Stocks"

On May 22, the U.S. SEC postponed the release of a key "innovation exemption" draft that would have permitted crypto-native platforms to issue and trade tokenized U.S. stocks on decentralized venues without full traditional exchange compliance. This would have legalized a "third-party token" model used overseas, where platforms issue tokens tracking stock prices without the underlying company's involvement, raising unresolved questions about shareholder rights, dividends, and sanctions enforcement. Meanwhile, the SEC had already approved a different, compliant path for tokenization led by Nasdaq and NYSE. Their model integrates tokenized stocks into existing settlement systems (like DTCC), preserving all shareholder rights. This creates a fundamental conflict: crypto platforms seek a permissionless, 24/7 on-chain parallel market, while traditional exchanges advocate for an upgraded, regulated version of the current system. Intense lobbying from traditional exchange groups like the World Federation of Exchanges argued the exemption would create an unfair regulatory advantage and dilute investor protection. Even some compliant crypto firms favored delay. Internally, SEC commissioners were divided on the scope and pace of the exemption. The delay highlights a critical policy crossroads. With significant trading volume already occurring overseas, the SEC's decision will determine whether the U.S. embraces a dual-track system for tokenized equities or sidelines itself from an emerging global infrastructure. The core unresolved question remains the legal status and rights of holders of third-party tokenized stocks. The SEC paused because the draft framework risked creating a major new asset class with profound, unanswered legal implications.

marsbit05/26 01:58

SEC Slams the Brakes at the Last Minute, Halting "Tokenized U.S. Stocks"

marsbit05/26 01:58

Will Warsh Compromise with Trump? A Look at the 70-Year Power Struggle Between the President and the Fed

Will the Fed's new chair, Kevin Warsh, yield to pressure from President Trump? A White House-administered oath ceremony for Warsh breaks recent precedent, spotlighting a seven-decade power struggle between the presidency and the Federal Reserve. Historically, each Fed chair has balanced political pressure with policy independence. Warsh's situation, however, is uniquely complex, inheriting a divided Federal Open Market Committee (FOMC) with some members opposing even hints of rate cuts, while Trump expects easing. The report from Caitong Securities reviews this history: from William Martin establishing independence, to Arthur Burns compromising under Nixon, Paul Volcker building institutional credibility, Alan Greenspan navigating political waters, and Jerome Powell facing severe pressure from Trump, ultimately hardening the Fed's defensive stance. Warsh, a former Fed governor known for questioning quantitative easing, is not a traditional dove. His recent statements emphasize a nuanced view of Fed independence, skepticism of forward guidance, serious concern over inflation (contradicting Trump's "fake inflation" claims), and the potential for AI-driven productivity gains to allow rate cuts. The analysis concludes Warsh's policy will likely feature a clear direction but cautious pace. Rate cuts are probable but constrained by persistent inflation above target; if Trump pressures heavily, Warsh may delay cuts to defend Fed independence. Balance sheet reduction is seen as necessary but will be gradual to avoid premature conflict. Ultimately, Warsh's path will depend more on macroeconomic trends—inflation, growth, oil prices—than on his personal stance or the immediate political relationship.

marsbit05/22 01:57

Will Warsh Compromise with Trump? A Look at the 70-Year Power Struggle Between the President and the Fed

marsbit05/22 01:57

Patrick Witt Teases ‘Breakthrough’ On US Strategic Bitcoin Reserve

White House digital-assets official Patrick Witt indicated an upcoming announcement on the U.S. Strategic Bitcoin Reserve, calling recent progress a "breakthrough" in establishing a legally sound and operationally secure framework. He clarified the focus is on implementation, custody, and interagency coordination for Bitcoin already held by the government, not confirming a new open-market purchase program. Witt emphasized the need for robust safeguards, citing past asset thefts, and expressed a desire to codify the reserve into law through pending legislation rather than relying on reversible executive orders. He framed the reserve as part of a broader U.S. strategy to lead in global digital asset financial infrastructure.

bitcoinist05/18 23:02

Patrick Witt Teases ‘Breakthrough’ On US Strategic Bitcoin Reserve

bitcoinist05/18 23:02

'Stock God' Trump's 3,642 Trades Disclosed: The 'Perfect Closed Loop' of Policy and Portfolio

Summary: Donald Trump's First Quarter stock trades, totaling 3,642 transactions, have been disclosed. While the White House maintains the trades were managed by an advisor and complied with disclosure laws, they reveal a portfolio heavily aligned with his policy agenda. The trades show a rotation away from major tech stocks like Microsoft, Amazon, and Meta, and into semiconductor and AI hardware companies such as NVIDIA, AMD, Broadcom, Dell, and Intel. Notably, Trump's account purchased Dell stock before he publicly praised the company, after which its stock rose. The Dell family also pledged funds to a Trump-affiliated policy project. A critical case is Intel. The Trump administration converted $8.9 billion in CHIPS Act subsidies into a 9.9% equity stake, making the U.S. government Intel's largest shareholder. Months later, Trump's personal account also bought Intel stock. This intertwines national industrial policy with potential personal financial interest. Unlike typical insider trading concerns, this situation creates a "closed loop": policy decisions (e.g., subsidies, tariffs, crypto regulation) can boost the value of his holdings, and those holdings may, in turn, influence future policy directions. This blending of presidential power and personal portfolio, while legally disclosed, raises profound questions about conflicts of interest that current rules do not address.

marsbit05/18 10:26

'Stock God' Trump's 3,642 Trades Disclosed: The 'Perfect Closed Loop' of Policy and Portfolio

marsbit05/18 10:26

Bank Of England To Ease ‘Overly Conservative’ Stablecoin Rules After Industry Backlash – Report

The Bank of England (BoE) plans to relax its proposed "overly conservative" regulations for stablecoins after facing criticism from the crypto industry and lawmakers. Deputy Governor Sarah Breeden acknowledged the initial proposals, including temporary ownership caps and a rule requiring stablecoin issuers to hold 40% of reserves as non-interest-bearing deposits at the central bank, may be too restrictive and operationally cumbersome. The industry argued the caps would be impractical and harm the UK's competitiveness. Breeden stated the BoE is now exploring alternative ways to ensure the safety of this new form of money while allowing stablecoins to succeed and benefit users.

bitcoinist05/15 11:32

Bank Of England To Ease ‘Overly Conservative’ Stablecoin Rules After Industry Backlash – Report

bitcoinist05/15 11:32

2026 New Policy Interpretation: The "Mutual Pursuit" of Intelligent Agents and AI Terminals, and the Three Major Value Reconstructions in the AIoT Industry

In May 2026, China's national ministries released two pivotal policy documents that jointly establish a strategic "dual-track" framework for the AIoT industry. The "Intelligent Agent Standardized Application and Innovation Development Implementation Opinions" defines the "soul"—positioning intelligent agents as core AI products. The "Artificial Intelligence Terminal Intelligence Grading" national standard defines the "body"—establishing a four-tier capability ladder (L1 to L4) for AI hardware. This synchronized policy approach is globally unique, moving beyond market-led (US) or risk-focused (EU) models. It frames AIoT as a new type of "intelligent infrastructure," comparable to electricity or the internet in historical significance. The core analysis identifies a value evolution from IoT 1.0 (connection) to AIoT 4.0 (collaboration, represented by the forward-looking L4 level). This "L4" signifies a paradigm shift: from users operating tools to delegating tasks to agent-like devices ("Intelligent Action of All Things"). The article outlines three strategic paths for companies: becoming Standard Definers, Scenario Integrators (focusing on 19 specified application areas), or Infrastructure Builders. A critical 18-24 month window is identified for strategic positioning. A "Four Levers" strategy is proposed: leveraging Standards (L-level certification), leveraging Scenarios (deep vertical focus), leveraging Open Source (for cost reduction and ecosystem influence), and leveraging Momentum (engaging in global protocol ecosystems). In conclusion, these policies are a starting gun for a decade-long industrial transformation, shifting the industry narrative from "Intelligent Connection of All Things" to "Intelligent Action of All Things," with companies needing to choose their赛道and execution strategy decisively.

marsbit05/12 11:56

2026 New Policy Interpretation: The "Mutual Pursuit" of Intelligent Agents and AI Terminals, and the Three Major Value Reconstructions in the AIoT Industry

marsbit05/12 11:56

Earnings Report, CLARITY Bill, and Warsh's Arrival: CRCL Faces Three Major Tests This Week

Circle (CRCL) faces three major tests this week that will significantly impact its stock price and valuation. First, on May 11, it will release its Q1 2026 earnings. Key metrics to watch are overall revenue and EPS, the proportion of revenue paid to distributors like Coinbase, and growth in non-interest income. The market also awaits Circle's stance on renegotiating its revenue-sharing contract with Coinbase, which expires in August. Second, on May 14, the U.S. Senate Banking Committee will vote on the CLARITY Act. This bill aims to establish a clear federal regulatory framework for digital assets. A recent compromise proposal would ban yield on static stablecoin reserves but allow rewards for active ones. Its passage, currently seen as likely by prediction markets, would be a major positive for the industry and Circle. Finally, on May 15, Kevin Warsh will succeed Jerome Powell as Federal Reserve Chair. Warsh's proposed policy of quantitative tightening combined with interest rate cuts could pose a short-term headwind for CRCL, as lower rates reduce Circle's primary revenue from USDC reserves. However, long-term prospects may improve as Warsh, a known crypto investor who opposes a Fed CBDC, is seen as potentially favorable to regulated private stablecoins like USDC.

marsbit05/11 08:14

Earnings Report, CLARITY Bill, and Warsh's Arrival: CRCL Faces Three Major Tests This Week

marsbit05/11 08:14

Why Does the Term 'Year of AI Computing Power Realization' Have Pitfalls? —Understanding the Four Hurdles from Policy Signals to Actual Orders in One Article

This article critiques the phrase "The First Year of AI Computing Power Cashing In," arguing it oversimplifies a complex, multi-stage process. It proposes a "Four Gates" framework to assess the true commercialization of domestic AI computing power (like Huawei's Ascend chips): 1. **Policy Procurement:** Widely open in 2026. Significant government funding and large bulk orders from tech giants like Alibaba and Tencent exist. However, purchasing hardware is not the same as deploying it for real use. 2. **Real Deployment:** A crack has opened. The key evidence is DeepSeek V4, a top-tier AI model fully migrating from NVIDIA's CUDA to domestic computing platforms. This proves the capability for real, high-level tasks, but widespread adoption beyond leading tech firms is still nascent. 3. **Mature Software Ecosystem:** A narrow crack has opened. While frameworks like Huawei's CANN are progressing, they lag far behind NVIDIA's vast, established CUDA ecosystem in terms of supported models and developer ease-of-use. Building this middle-to-downstream developer environment is estimated to need 1-2 more years. 4. **Scalable Replication:** Essentially closed. This final gate, where thousands of mid-sized enterprises across various industries can easily adopt the technology without major migration costs, is not expected before 2027-2028. The core risk is conflating these stages. While 2026 marks a real turning point in policy-driven procurement and proving technical viability (Gates 1 & 2), the phrase "cashing in" is premature for the full industry. True, large-scale value realization depends on the later, slower-to-open gates of software maturity and scalable replication to the broader market. DeepSeek V4's shift is identified as the most critical 2026 signal, changing the narrative from "can it work?" to "when will supply meet demand?"

marsbit05/08 11:34

Why Does the Term 'Year of AI Computing Power Realization' Have Pitfalls? —Understanding the Four Hurdles from Policy Signals to Actual Orders in One Article

marsbit05/08 11:34

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