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On June 20, Reuters reported that the U.S. Securities and Exchange Commission (SEC) is preparing to introduce a new policy that would permit cryptocurrency companies to offer blockchain-based tokenized stock trading, which could significantly impact the structure of the traditional stock market. According to SEC Chairman Paul Atkins, companies will be allowed to experiment with new digital asset business models without fully complying with existing disclosure and investor protection rules, including the tokenization of U.S. stocks. However, the proposal has raised concerns among traditional financial institutions, including Castle Securities and SIFMA, who believe that the changes could divert liquidity and create regulatory arbitrage risks. As of now, the SEC has not publicly commented on the matter.

[Reuters: SEC Plans to Allow Tokenized Stock Trading, Potentially Reshaping U.S. Stock Market Structure]On June 20, Reuters reported that the U.S. Securities and Exchange Commission (SEC) is preparing to introduce a new policy that would permit cryptocurrency companies to offer blockchain-based tokenized stock trading, which could significantly impact the structure of the traditional stock market. According to SEC Chairman Paul Atkins, companies will be allowed to experiment with new digital asset business models without fully complying with existing disclosure and investor protection rules, including the tokenization of U.S. stocks. However, the proposal has raised concerns among traditional financial institutions, including Castle Securities and SIFMA, who believe that the changes could divert liquidity and create regulatory arbitrage risks. As of now, the SEC has not publicly commented on the matter.

Reuters: SEC Plans to Allow Tokenized Stock Trading, Potentially Reshaping U.S. Stock Market Structure

On June 20, Bitwise analysts stated that despite the market still facing hawkish risks from the Federal Reserve, current valuation metrics for Bitcoin indicate it is in a historically undervalued range. The Bitcoin Mayer Multiple has fallen below 1.0, a level that historically corresponds to a long-term accumulation phase, suggesting that BTC prices exhibit 'deep value' characteristics. However, Bitwise also noted that investor participation remains sluggish. The realized market cap growth metric from CryptoQuant has been in a bear market phase since the end of October 2025, indicating that new capital entering the Bitcoin network is continuing to slow. This metric's 7-day and 59-day moving averages have dropped from around 70 in Q4 2025 to 13.9 and 19.1 as of June 17. Bitwise further stated that compared to AI-related stocks like Nvidia, Bitcoin's valuation is at a significant discount, while the latter shows a notable premium relative to long-term trend levels. Meanwhile, potential financing or IPOs from companies like SpaceX, Anthropic, and OpenAI could attract over $200 billion in investor demand, intensifying competition for liquidity in the investment market. The Federal Reserve maintained interest rates at 3.5% to 3.75% on Wednesday, but the latest dot plot indicates that nine officials expect at least one rate hike this year, with six officials anticipating two or more hikes. Following the interest rate decision, Bitcoin fell below $64,000. Bitcoin investor Jelle remarked that $64,000 is a critical price level for buyers, and if this position holds, a rebound to $70,000 may continue in the coming weeks.

[Bitwise: Bitcoin Significantly Undervalued Compared to AI Stocks, but Hawkish Fed Risks Persist]On June 20, Bitwise analysts stated that despite the market still facing hawkish risks from the Federal Reserve, current valuation metrics for Bitcoin indicate it is in a historically undervalued range. The Bitcoin Mayer Multiple has fallen below 1.0, a level that historically corresponds to a long-term accumulation phase, suggesting that BTC prices exhibit 'deep value' characteristics. However, Bitwise also noted that investor participation remains sluggish. The realized market cap growth metric from CryptoQuant has been in a bear market phase since the end of October 2025, indicating that new capital entering the Bitcoin network is continuing to slow. This metric's 7-day and 59-day moving averages have dropped from around 70 in Q4 2025 to 13.9 and 19.1 as of June 17. Bitwise further stated that compared to AI-related stocks like Nvidia, Bitcoin's valuation is at a significant discount, while the latter shows a notable premium relative to long-term trend levels. Meanwhile, potential financing or IPOs from companies like SpaceX, Anthropic, and OpenAI could attract over $200 billion in investor demand, intensifying competition for liquidity in the investment market. The Federal Reserve maintained interest rates at 3.5% to 3.75% on Wednesday, but the latest dot plot indicates that nine officials expect at least one rate hike this year, with six officials anticipating two or more hikes. Following the interest rate decision, Bitcoin fell below $64,000. Bitcoin investor Jelle remarked that $64,000 is a critical price level for buyers, and if this position holds, a rebound to $70,000 may continue in the coming weeks.

Bitwise: Bitcoin Significantly Undervalued Compared to AI Stocks, but Hawkish Fed Risks Persist

On June 20, Axios reported that U.S. President Trump stated he no longer considers Anthropic a national security threat following a meeting with Anthropic CEO Dario Amodei during the G7 summit. Previously, there were disagreements between the two parties regarding the severity of vulnerabilities in the Claude Fable 5 and Claude Mythos 5 models. On June 12, the U.S. Department of Commerce implemented export control measures, restricting access to the relevant models for foreign technicians. Subsequently, the White House, the Department of Commerce, the Office of the National Cyber Director, and Anthropic engaged in multiple rounds of discussions regarding safety standards for large models and began establishing a technical framework to assess model vulnerability risks and the boundaries of government intervention. Trump noted that Anthropic has cooperated positively with rectification requirements and emphasized that the current priority for the U.S. remains maintaining a competitive advantage over China in the field of artificial intelligence, expressing a desire not to limit the domestic AI industry's development through closures or takeovers. However, he also indicated that he would not rule out using emergency executive powers, such as the Defense Production Act, for regulation if necessary.

[Trump No Longer Views Anthropic as a National Security Threat]On June 20, Axios reported that U.S. President Trump stated he no longer considers Anthropic a national security threat following a meeting with Anthropic CEO Dario Amodei during the G7 summit. Previously, there were disagreements between the two parties regarding the severity of vulnerabilities in the Claude Fable 5 and Claude Mythos 5 models. On June 12, the U.S. Department of Commerce implemented export control measures, restricting access to the relevant models for foreign technicians. Subsequently, the White House, the Department of Commerce, the Office of the National Cyber Director, and Anthropic engaged in multiple rounds of discussions regarding safety standards for large models and began establishing a technical framework to assess model vulnerability risks and the boundaries of government intervention. Trump noted that Anthropic has cooperated positively with rectification requirements and emphasized that the current priority for the U.S. remains maintaining a competitive advantage over China in the field of artificial intelligence, expressing a desire not to limit the domestic AI industry's development through closures or takeovers. However, he also indicated that he would not rule out using emergency executive powers, such as the Defense Production Act, for regulation if necessary.

Trump No Longer Views Anthropic as a National Security Threat

On June 20, ENS DAO launched a new Temp Check governance proposal to expand the functions of the ENS Foundation, extending its responsibilities to areas such as operational management, grant programs, and long-term financial management. The proposal emphasizes that control over the ENS protocol and the power to dismiss board members will remain with ENS token holders. The proposal is currently in the community discussion phase.

[ENS DAO Initiates Temp Check Proposal: Aims to Expand ENS Foundation Functions]On June 20, ENS DAO launched a new Temp Check governance proposal to expand the functions of the ENS Foundation, extending its responsibilities to areas such as operational management, grant programs, and long-term financial management. The proposal emphasizes that control over the ENS protocol and the power to dismiss board members will remain with ENS token holders. The proposal is currently in the community discussion phase.

ENS DAO Initiates Temp Check Proposal: Aims to Expand ENS Foundation Functions

On June 20, ENS DAO launched a new Temp Check governance proposal aimed at expanding the functions of the ENS Foundation to include areas such as operational management, grant programs, and long-term fund management. The proposal emphasizes that control over the ENS protocol and the power to dismiss directors will remain with ENS token holders. The proposal is currently in the community discussion phase.

[ENS DAO Initiates Temp Check Proposal: Aims to Expand Functions of ENS Foundation]On June 20, ENS DAO launched a new Temp Check governance proposal aimed at expanding the functions of the ENS Foundation to include areas such as operational management, grant programs, and long-term fund management. The proposal emphasizes that control over the ENS protocol and the power to dismiss directors will remain with ENS token holders. The proposal is currently in the community discussion phase.

ENS DAO Initiates Temp Check Proposal: Aims to Expand Functions of ENS Foundation

On June 20, MarketsandMarkets released a report predicting that the global blockchain market size is expected to grow from $54.08 billion in 2026 to $610.96 billion by 2031, with a compound annual growth rate of 62.4%. This growth is primarily driven by the adoption of enterprise-level blockchain in industries such as banking and financial services, supply chain, healthcare, government, and retail. Companies are increasing their investments in dApps, digital identity, stablecoin payment networks, and cloud-hosted blockchain infrastructure. The report also noted that Layer 2 scaling technologies, regulatory advancements, and the integration of blockchain with AI and enterprise software platforms are facilitating the transition of businesses from pilot projects to large-scale production environments.

[Global Blockchain Market Expected to Reach $610.96 Billion by 2031]On June 20, MarketsandMarkets released a report predicting that the global blockchain market size is expected to grow from $54.08 billion in 2026 to $610.96 billion by 2031, with a compound annual growth rate of 62.4%. This growth is primarily driven by the adoption of enterprise-level blockchain in industries such as banking and financial services, supply chain, healthcare, government, and retail. Companies are increasing their investments in dApps, digital identity, stablecoin payment networks, and cloud-hosted blockchain infrastructure. The report also noted that Layer 2 scaling technologies, regulatory advancements, and the integration of blockchain with AI and enterprise software platforms are facilitating the transition of businesses from pilot projects to large-scale production environments.

Global Blockchain Market Expected to Reach $610.96 Billion by 2031

On June 20, MarketsandMarkets released a report predicting that the global blockchain market size is expected to grow from $54.08 billion in 2026 to $610.96 billion by 2031, with a compound annual growth rate of 62.4%. The growth is primarily driven by enterprise-level blockchain adoption in industries such as banking and financial services, supply chain, healthcare, government, and retail. Companies are increasing investments in dApps, digital identity, stablecoin payment networks, and cloud-hosted blockchain infrastructure. The report also noted that Layer 2 scaling technologies, regulatory advancements, and the integration of blockchain with AI and enterprise software platforms are driving enterprises from pilot projects to large-scale production environments.

[Global Blockchain Market Expected to Reach $610.96 Billion by 2031]On June 20, MarketsandMarkets released a report predicting that the global blockchain market size is expected to grow from $54.08 billion in 2026 to $610.96 billion by 2031, with a compound annual growth rate of 62.4%. The growth is primarily driven by enterprise-level blockchain adoption in industries such as banking and financial services, supply chain, healthcare, government, and retail. Companies are increasing investments in dApps, digital identity, stablecoin payment networks, and cloud-hosted blockchain infrastructure. The report also noted that Layer 2 scaling technologies, regulatory advancements, and the integration of blockchain with AI and enterprise software platforms are driving enterprises from pilot projects to large-scale production environments.

On June 20, Aave founder Stani Kulechov stated that Aave V4 can be used to restructure the on-chain securities financing market. He noted that securities financing is one of the largest markets on Wall Street that receives little external attention, with securities collateralized loans already being a multi-trillion dollar business. The daily exposure in the U.S. repurchase market is approximately $12.6 trillion, with secured financing reaching $1.3 trillion, wealth management securities collateralized loans exceeding $400 billion, and around $4.6 trillion in assets in the securities lending market currently available for lending, generating a record $15 billion in revenue by 2025. Aave V4 utilizes a 'liquidity hub + modular market' structure, allowing for shared liquidity at the base level while establishing segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateralized loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can leverage tokenized securities as collateral to borrow stablecoins with atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders. Stani indicated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset categories and risks. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes the realistic path may start with unified liquidity and, as collateral types expand, gradually evolve into a multi-hub structure categorized by type and risk.

[Aave Founder: Aave V4 Can Restructure On-Chain Securities Financing Market, Targeting Trillions in Market Size]On June 20, Aave founder Stani Kulechov stated that Aave V4 can be used to restructure the on-chain securities financing market. He noted that securities financing is one of the largest markets on Wall Street that receives little external attention, with securities collateralized loans already being a multi-trillion dollar business. The daily exposure in the U.S. repurchase market is approximately $12.6 trillion, with secured financing reaching $1.3 trillion, wealth management securities collateralized loans exceeding $400 billion, and around $4.6 trillion in assets in the securities lending market currently available for lending, generating a record $15 billion in revenue by 2025. Aave V4 utilizes a 'liquidity hub + modular market' structure, allowing for shared liquidity at the base level while establishing segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateralized loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can leverage tokenized securities as collateral to borrow stablecoins with atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders. Stani indicated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset categories and risks. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes the realistic path may start with unified liquidity and, as collateral types expand, gradually evolve into a multi-hub structure categorized by type and risk.

Aave Founder: Aave V4 Can Restructure On-Chain Securities Financing Market, Targeting Trillions in Market Size

On June 20, Aave founder Stani Kulechov stated that Aave V4 can be used to restructure the on-chain securities financing market. He noted that securities financing is one of the largest markets on Wall Street, yet it receives relatively little attention. The securities collateral loan business is already in the trillions of dollars, with the U.S. repurchase market having an average daily exposure of approximately $12.6 trillion, secured financing reaching $1.3 trillion, and wealth management securities collateral loans exceeding $400 billion. The securities lending market has about $4.6 trillion in assets available for loan, generating a record $15 billion in revenue by 2025. Aave V4 utilizes a 'liquidity hub + modular market' structure, allowing for shared liquidity at the base level while establishing segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateral loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can involve borrowing stablecoins against tokenized securities collateral with atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders. Stani indicated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset categories and risk. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes that the realistic path may start with unified liquidity and, as the types of collateral expand, gradually evolve into a multi-hub structure categorized by type and risk.

[Aave Founder: Aave V4 Can Restructure On-Chain Securities Financing Market with Target Market Size in Trillions]On June 20, Aave founder Stani Kulechov stated that Aave V4 can be used to restructure the on-chain securities financing market. He noted that securities financing is one of the largest markets on Wall Street, yet it receives relatively little attention. The securities collateral loan business is already in the trillions of dollars, with the U.S. repurchase market having an average daily exposure of approximately $12.6 trillion, secured financing reaching $1.3 trillion, and wealth management securities collateral loans exceeding $400 billion. The securities lending market has about $4.6 trillion in assets available for loan, generating a record $15 billion in revenue by 2025. Aave V4 utilizes a 'liquidity hub + modular market' structure, allowing for shared liquidity at the base level while establishing segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateral loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can involve borrowing stablecoins against tokenized securities collateral with atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders. Stani indicated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset categories and risk. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes that the realistic path may start with unified liquidity and, as the types of collateral expand, gradually evolve into a multi-hub structure categorized by type and risk.

Aave Founder: Aave V4 Can Restructure On-Chain Securities Financing Market with Target Market Size in Trillions

Oman has officially launched a national Bitcoin mining pool and requires all licensed cryptocurrency miners within the country to connect to this unified mining pool. The project is led by the Ministry of Transport, Communications, and Information Technology of Oman, with an initial target hash rate of approximately 10 EH/s.

[Oman Launches National Bitcoin Mining Pool, Mandates Licensed Miners to Connect]Oman has officially launched a national Bitcoin mining pool and requires all licensed cryptocurrency miners within the country to connect to this unified mining pool. The project is led by the Ministry of Transport, Communications, and Information Technology of Oman, with an initial target hash rate of approximately 10 EH/s.

Oman Launches National Bitcoin Mining Pool, Mandates Licensed Miners to Connect

U.S. Government Bans Foreign Nationals from Using Fable 5, Anthropic Issues Rebuttal

Bitcoin Liquidation Shakeout Leaves Traders Watching $66K Resistance And $61K Support

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Claude to Mandate "Face-Scan ID Verification", No ID No Service Starting July?

A Clod of Chinese Soil Chokes Two Japanese Giants

U.S.-Iran Ceasefire: How Much of a Bitcoin Rally Can a Truce Agreement Support?

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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