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On April 21, Jay Jacobs, head of BlackRock's U.S. Equity ETF, stated in an interview with Fox's "The Claman Countdown" that Bitcoin is a non-sovereign asset that operates under its own rules, primarily driven by geopolitical and inflation risks. Jacobs pointed out that Bitcoin's performance differs from that of stocks or bonds, resembling the role of gold in a portfolio. Although this asset experiences significant short-term volatility, it serves as a unique diversification tool from a long-term perspective. As currency devaluation, rising government debt, and increased demand for cross-border asset flows continue, Bitcoin's value will further manifest. Additionally, Jacobs suggested that in an environment where the correlation between stocks and bonds is increasing, investors should consider enhancing portfolio resilience through liquidity alternatives such as Bitcoin, gold, and ILT.

[BlackRock Executive: Bitcoin Operates Under Its Own Rules, Unique Diversification Tool in the Long Term]On April 21, Jay Jacobs, head of BlackRock's U.S. Equity ETF, stated in an interview with Fox's "The Claman Countdown" that Bitcoin is a non-sovereign asset that operates under its own rules, primarily driven by geopolitical and inflation risks. Jacobs pointed out that Bitcoin's performance differs from that of stocks or bonds, resembling the role of gold in a portfolio. Although this asset experiences significant short-term volatility, it serves as a unique diversification tool from a long-term perspective. As currency devaluation, rising government debt, and increased demand for cross-border asset flows continue, Bitcoin's value will further manifest. Additionally, Jacobs suggested that in an environment where the correlation between stocks and bonds is increasing, investors should consider enhancing portfolio resilience through liquidity alternatives such as Bitcoin, gold, and ILT.

BlackRock Executive: Bitcoin Operates Under Its Own Rules, Unique Diversification Tool in the Long Term

On April 21, according to monitoring by Lookonchain, funds have continued to flow out of Aave, with some moving into Spark. Data shows that Aave's Total Value Locked (TVL) has dropped to $16.432 billion, a decrease of approximately $9.94 billion; meanwhile, Spark's TVL has risen to $4.552 billion, an increase of about $825 million.

[Aave TVL Drops to $16.432 Billion, Funds Partially Flow into Spark]On April 21, according to monitoring by Lookonchain, funds have continued to flow out of Aave, with some moving into Spark. Data shows that Aave's Total Value Locked (TVL) has dropped to $16.432 billion, a decrease of approximately $9.94 billion; meanwhile, Spark's TVL has risen to $4.552 billion, an increase of about $825 million.

Aave TVL Drops to $16.432 Billion, Funds Partially Flow into Spark

According to monitoring by Dongcha Beating, the Beijing People's Procuratorate has released the "White Paper on Intellectual Property Prosecution by Beijing Procuratorial Organs (2025)", which reveals that in 2025, procuratorial organs in the city handled 113 intellectual property cases related to artificial intelligence and data factor industries. The white paper highlights two landmark cases in the AI field. The Dongcheng District Procuratorate handled Beijing's first case of illegal deletion of AI model training data. An employee intentionally deleted a large amount of data used for training the AI model, resulting in structural damage to the training system and significant economic losses. The procuratorial organ filed a public prosecution for the crime of damaging a computer information system. The white paper states that this case has led to the recognition of AI model training systems as "computer information systems" in the criminal law sense. This charge has previously mainly targeted traditional information systems such as servers and databases that have been invaded or damaged, and the criminal classification of AI training data and systems was not clear before. The Tongzhou District Procuratorate handled Beijing's first case of copyright infringement using AI-generated models. Four defendants profited by unauthorized copying of others' works using AI technology and were sentenced for copyright infringement. Throughout 2025, Beijing's procuratorial organs handled a total of 1,195 intellectual property cases, an increase of 10.34% year-on-year.

[Beijing Defines Criminal Liability for AI Training Systems: Deletion of Model Data Constitutes Computer Information System Crime]According to monitoring by Dongcha Beating, the Beijing People's Procuratorate has released the "White Paper on Intellectual Property Prosecution by Beijing Procuratorial Organs (2025)", which reveals that in 2025, procuratorial organs in the city handled 113 intellectual property cases related to artificial intelligence and data factor industries. The white paper highlights two landmark cases in the AI field. The Dongcheng District Procuratorate handled Beijing's first case of illegal deletion of AI model training data. An employee intentionally deleted a large amount of data used for training the AI model, resulting in structural damage to the training system and significant economic losses. The procuratorial organ filed a public prosecution for the crime of damaging a computer information system. The white paper states that this case has led to the recognition of AI model training systems as "computer information systems" in the criminal law sense. This charge has previously mainly targeted traditional information systems such as servers and databases that have been invaded or damaged, and the criminal classification of AI training data and systems was not clear before. The Tongzhou District Procuratorate handled Beijing's first case of copyright infringement using AI-generated models. Four defendants profited by unauthorized copying of others' works using AI technology and were sentenced for copyright infringement. Throughout 2025, Beijing's procuratorial organs handled a total of 1,195 intellectual property cases, an increase of 10.34% year-on-year.

Beijing Defines Criminal Liability for AI Training Systems: Deletion of Model Data Constitutes Computer Information System Crime

On April 21, news emerged that Sun Yuchen, Global Advisor of Huobi HTX, made a significant online appearance at the opening ceremony of the HTX Genesis Hackathon in Hong Kong. He shared his latest insights on the application prospects of AI Agent technology in the Web3 field and the future development direction of the industry. He pointed out that AI Agents will replace traditional interaction methods and become the core driving force of the next phase of the Web3 ecosystem. 
He explained that past Web3 applications often came with extremely high learning curves and complex on-chain interactions. The introduction of AI Agents will drive decentralized applications (DApps) from 'manual operations' to 'intention-driven' based on natural language. This means that AI Agents can autonomously understand user needs, automatically plan paths, and complete complex on-chain settlements such as cross-chain transactions. This paradigm shift towards intelligence and autonomy will not only greatly unleash on-chain productivity but also become a new breakthrough point to overcome the bottleneck of user growth in Web3, leading the industry towards true mass adoption. 
It is reported that the HTX Genesis Hackathon is hosted by HTX DAO and B.AI, with co-hosts TinTinLand and OpenCity, attracting numerous developer communities, investment institutions, project parties, trading platforms, and public chain ecosystems.

[Sun Yuchen Appears Online at HTX Genesis Hackathon: AI Agents as the Core Driving Force for Intelligent Web3]On April 21, news emerged that Sun Yuchen, Global Advisor of Huobi HTX, made a significant online appearance at the opening ceremony of the HTX Genesis Hackathon in Hong Kong. He shared his latest insights on the application prospects of AI Agent technology in the Web3 field and the future development direction of the industry. He pointed out that AI Agents will replace traditional interaction methods and become the core driving force of the next phase of the Web3 ecosystem. 
He explained that past Web3 applications often came with extremely high learning curves and complex on-chain interactions. The introduction of AI Agents will drive decentralized applications (DApps) from 'manual operations' to 'intention-driven' based on natural language. This means that AI Agents can autonomously understand user needs, automatically plan paths, and complete complex on-chain settlements such as cross-chain transactions. This paradigm shift towards intelligence and autonomy will not only greatly unleash on-chain productivity but also become a new breakthrough point to overcome the bottleneck of user growth in Web3, leading the industry towards true mass adoption. 
It is reported that the HTX Genesis Hackathon is hosted by HTX DAO and B.AI, with co-hosts TinTinLand and OpenCity, attracting numerous developer communities, investment institutions, project parties, trading platforms, and public chain ecosystems.

Sun Yuchen Appears Online at HTX Genesis Hackathon: AI Agents as the Core Driving Force for Intelligent Web3

On April 21, JPMorgan's strategists stated that renewed enthusiasm for artificial intelligence technology will help drive the U.S. stock market to exceed expectations this year. Led by Dubravko Lakos-Bujas, the team raised the annual target for the S&P 500 index to 7,600 points, having just lowered it to 7,200 points last month, citing geopolitical risks at that time. On Monday, the S&P 500 index closed at 7,109 points, indicating an approximate 7% increase is still expected. The strategists' optimistic forecast is based on a more favorable outlook for the technology and AI sectors, which they believe will enhance corporate earnings and alleviate ongoing concerns stemming from the Iran conflict.

[JPMorgan Raises S&P 500 Target]On April 21, JPMorgan's strategists stated that renewed enthusiasm for artificial intelligence technology will help drive the U.S. stock market to exceed expectations this year. Led by Dubravko Lakos-Bujas, the team raised the annual target for the S&P 500 index to 7,600 points, having just lowered it to 7,200 points last month, citing geopolitical risks at that time. On Monday, the S&P 500 index closed at 7,109 points, indicating an approximate 7% increase is still expected. The strategists' optimistic forecast is based on a more favorable outlook for the technology and AI sectors, which they believe will enhance corporate earnings and alleviate ongoing concerns stemming from the Iran conflict.

JPMorgan Raises S&P 500 Target

On April 21, Iran stated that it has not yet made a decision regarding the resumption of negotiations with the United States. (Iran Press TV)

[Iran States No Decision Yet on Resuming Talks with the U.S.]On April 21, Iran stated that it has not yet made a decision regarding the resumption of negotiations with the United States. (Iran Press TV)

Iran States No Decision Yet on Resuming Talks with the U.S.

On April 21, Alex Thorn, head of research at Galaxy Digital, warned that the critical U.S. cryptocurrency legislation, the CLARITY Act, has reached a pivotal moment. If deliberations are delayed until after mid-May, the likelihood of passing by 2026 will sharply decline. Currently, the probability of the bill becoming law this year is estimated to be around 50%, or even lower. Data from Polymarket also shows that its passage probability has dropped from 82% in February to 47%. Thorn pointed out that the Senate schedule is currently filled with matters such as military authorization for Iran, funding for the Department of Homeland Security, and presidential nominations, leaving little time for the bill. If the Democrats regain control of the House after the November midterm elections, legislative efforts may stall. Although the bill passed the House last July with a bipartisan margin of 294-134, negotiations in the Senate are more complex and face multiple obstacles. Firstly, disagreements over stablecoin rewards were the main reason for the delay from January. Secondly, provisions in the draft that clarify that non-custodial software developers do not fall under 'money transmitters' have faced opposition from law enforcement. Additionally, ethical provisions have some Democrats pushing to restrict government officials and their families from profiting from crypto assets during their terms. Lastly, concerns about the SEC's authority and vacant commissioner positions add to the political complexity. Thorn believes that a full Senate vote in July is 'theoretically possible,' but would require extraordinary political will and coordination.

[Galaxy Analyst Warns of Multiple Obstacles for CLARITY Act, 50% Chance of Passage Before Midterm Elections]On April 21, Alex Thorn, head of research at Galaxy Digital, warned that the critical U.S. cryptocurrency legislation, the CLARITY Act, has reached a pivotal moment. If deliberations are delayed until after mid-May, the likelihood of passing by 2026 will sharply decline. Currently, the probability of the bill becoming law this year is estimated to be around 50%, or even lower. Data from Polymarket also shows that its passage probability has dropped from 82% in February to 47%. Thorn pointed out that the Senate schedule is currently filled with matters such as military authorization for Iran, funding for the Department of Homeland Security, and presidential nominations, leaving little time for the bill. If the Democrats regain control of the House after the November midterm elections, legislative efforts may stall. Although the bill passed the House last July with a bipartisan margin of 294-134, negotiations in the Senate are more complex and face multiple obstacles. Firstly, disagreements over stablecoin rewards were the main reason for the delay from January. Secondly, provisions in the draft that clarify that non-custodial software developers do not fall under 'money transmitters' have faced opposition from law enforcement. Additionally, ethical provisions have some Democrats pushing to restrict government officials and their families from profiting from crypto assets during their terms. Lastly, concerns about the SEC's authority and vacant commissioner positions add to the political complexity. Thorn believes that a full Senate vote in July is 'theoretically possible,' but would require extraordinary political will and coordination.

Galaxy Analyst Warns of Multiple Obstacles for CLARITY Act, 50% Chance of Passage Before Midterm Elections

On April 21, the Securities and Exchange Commission (SEC) of the Philippines issued an investor warning, advising the public against investing in seven crypto trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the commission and have not obtained the necessary authorization required under the Crypto Asset Service Provider (CASP) framework. The SEC also warned that individuals promoting these platforms within the Philippines could face criminal liability, with penalties of up to 5,000,000 Philippine pesos (approximately $89,000) or a maximum of 21 years in prison.

[Philippine SEC Issues Investment Warnings for 7 Crypto Trading Platforms]On April 21, the Securities and Exchange Commission (SEC) of the Philippines issued an investor warning, advising the public against investing in seven crypto trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the commission and have not obtained the necessary authorization required under the Crypto Asset Service Provider (CASP) framework. The SEC also warned that individuals promoting these platforms within the Philippines could face criminal liability, with penalties of up to 5,000,000 Philippine pesos (approximately $89,000) or a maximum of 21 years in prison.

Philippine SEC Issues Investment Warnings for 7 Crypto Trading Platforms

On April 21, DL News reported that the Russian government published a draft bill on the State Duma website, proposing to impose criminal liability for organizing the circulation of digital currencies without registration or without permission from the Central Bank of Russia, with a maximum penalty of 7 years of forced labor. The draft states that ordinary violators could face fines of up to approximately $4,000 and a maximum of 4 years in prison; operators of large cryptocurrency trading platforms could face fines of up to approximately $13,000, and responsible individuals could be sentenced to 5 to 7 years. The bill also proposes that the majority of cryptocurrency transactions be conducted through commercial bank apps and imposes penalties on industrial cryptocurrency miners for unreported activities. If approved by the State Duma and the President, the new regulations are set to take effect on July 1, 2027.

[Russia Proposes Criminal Penalties for Unlicensed Cryptocurrency Transactions, Up to 7 Years of Forced Labor]On April 21, DL News reported that the Russian government published a draft bill on the State Duma website, proposing to impose criminal liability for organizing the circulation of digital currencies without registration or without permission from the Central Bank of Russia, with a maximum penalty of 7 years of forced labor. The draft states that ordinary violators could face fines of up to approximately $4,000 and a maximum of 4 years in prison; operators of large cryptocurrency trading platforms could face fines of up to approximately $13,000, and responsible individuals could be sentenced to 5 to 7 years. The bill also proposes that the majority of cryptocurrency transactions be conducted through commercial bank apps and imposes penalties on industrial cryptocurrency miners for unreported activities. If approved by the State Duma and the President, the new regulations are set to take effect on July 1, 2027.

Russia Proposes Criminal Penalties for Unlicensed Cryptocurrency Transactions, Up to 7 Years of Forced Labor

July 4 (Huobi) - Limited liability corporations were once viewed as unethical and a danger to capitalism, but are now a fundamental aspect of modern capitalism. The crypto industry is experiencing a similar cycle of innovation and backlash, with government institutions initially attempting to prohibit limited liability companies and fractionalized equity.

[The Backlash and Innovation Cycle in the Crypto Industry: Lessons from Limited Liability Corporations]July 4 (Huobi) - Limited liability corporations were once viewed as unethical and a danger to capitalism, but are now a fundamental aspect of modern capitalism. The crypto industry is experiencing a similar cycle of innovation and backlash, with government institutions initially attempting to prohibit limited liability companies and fractionalized equity.

The Backlash and Innovation Cycle in the Crypto Industry: Lessons from Limited Liability Corporations

Bitcoin Created By The CIA? Chinese Professor Jiang Xueqin Makes Bold Claim

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Analyst Exposes Bitcoin Market Maker Buy Strategy, Shows What Happens When Accumulation Ends

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Article

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The Backlash and Innovation Cycle in the Crypto Industry: Lessons from Limited Liability Corporations

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

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