‘Unlock for tokenization? ’- OCC clarifies capital rules for tokenized securities

"Crypto Retirement Plan" Heavily Criticized by Democrats: Trump Is "Harvesting" American Workers' Pensions

Democratic senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA), along with Representative Bobby Scott (D-VA), are urging the Labor Department to repeal a proposed rule that would open U.S. retirement savings accounts, such as 401(k)s, to investments in cryptocurrencies like Bitcoin and other alternative assets. The rule, stemming from an August executive order by President Trump, would provide a legal safe harbor for plan fiduciaries offering these volatile assets if they follow a prescribed process. The lawmakers argue in a 14-page letter that the rule dangerously weakens long-standing "prudent man" standards under the Employee Retirement Income Security Act (ERISA), potentially exposing the $14.2 trillion in 401(k) savings to high-risk, minimally regulated investments. They cite warnings from FINRA about crypto's high volatility and from the FBI about massive cryptocurrency scam losses. The letter also alleges a conflict of interest, noting that President Trump's adult children manage the family's crypto business, which has reportedly raised billions from digital token sales. They contend the rule change could enrich the Trump family at the expense of workers' retirement security. In defense, the Trump administration frames the rule as expanding worker choice. Acting Labor Secretary Keith Sonderling stated it ends the department "picking winners and losers," requiring fiduciaries to follow a prudent process. Treasury Secretary Scott Bessent supported it as a step toward the president's "Golden Age."

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AI热情点燃股市，日经大涨3%再新高，日元160关口附近波动，油价涨超2%，比特币跌至6.7万美元

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日韩暴涨之外，新加坡股市历史新高，AI出口增长正带动本地循环

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Glassnode spinout Cense raises €6.5 million seed round to transform crypto compliance for banks

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When Google Also 'Prints Stocks' to Build AI, Whose Narrative is Shattering the High Valuations of Neocloud?

Google has announced its first equity financing since 2005, a series of moves totaling $80 billion that signal a strategic challenge to Nvidia's GPU dominance in the AI compute market. This impacts "Neocloud" companies like CoreWeave, Nebius, and IREN, whose valuations are heavily tied to Nvidia's perceived uniqueness. Google's three-part strategy involves: launching new TPU chips (TPU 8t/8i) and selling them to third parties for the first time; forming a $25 billion compute-as-a-service joint venture with Blackstone; and raising ~$50 billion in new equity (part of an $80B package) to fund AI infrastructure, underscoring the massive capital demands even for tech giants. This marks a divergence from Microsoft's path. Microsoft, lacking a mature in-house AI chip, relies heavily on outsourcing to Neocloud providers using Nvidia GPUs. Google, with its proprietary TPU, is pursuing vertical integration—building its own data centers, selling chips, and competing directly with Neocloud services. While Neocloud firms have strong near-term revenue from locked-in Nvidia GPU contracts (e.g., CoreWeave's ~$100B backlog), Google's moves undermine their long-term valuation narrative based on Nvidia's sole supremacy and perpetual supply shortage. TPU performance claims and adoption by firms like Anthropic add credibility to Google's alternative. The AI compute market is transitioning from a uniform seller's market to a layered one: top AI labs are diversifying their hardware stacks; hyperscalers are pursuing different chip strategies; and financing costs will become a critical differentiator, favoring players like Google with lower capital costs. Key metrics to watch include the progress of the Google-Blackstone JV, expansion of the TPU customer base beyond Anthropic, and potential shifts in Microsoft's sourcing strategy. If Google succeeds on these fronts, the Neocloud investment thesis will require significant reassessment.

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