В Конгрессе США обострились споры о регулировании DeFi и крипторынка

cryptonews.ruPublished on 2025-04-23Last updated on 2025-10-24

Обсуждение законопроекта о структуре рынка криптовалют между руководителями отрасли и американскими законодателями достигло пика в среду на напряженном заседании. Поводом стала утечка предложения демократов о введении разрешительных требований для сектора децентрализованных финансов.

Сенаторы-демократы обвинили руководителей отрасли в том, что они действуют как продолжение Республиканской партии. По словам журналистки Элинор Терретт, ссылающейся на источники на заседании, просочившееся предложение демократов о введении правил «Знай своего клиента» и борьбе с отмыванием денег в сфере DeFi вызвало общественный резонанс.

Сообщается, что законодатели предупредили представителей отрасли, что продолжающееся общественное недовольство законопроектом или отдельными его положениями замедлит процесс принятия нормативных актов.

Источник: Элеонора Терретт.

Бо Хайнс, бывший директор Рабочей группы президента США по цифровым активам, раскритиковал реакцию демократов. Он заявил, что сенатор-демократ расстроен тем, что криптосообщество смогло рассмотреть политические предложения, которые он хочет превратить в закон. По его словам, это напоминает сатиру.

Напряженная встреча проходит на фоне четвертой недели приостановки работы правительства США. Это тормозит процесс принятия законопроекта о структуре рынка криптовалют и обеспечение ясности в регулировании отрасли.

Законопроект о структуре рынка криптовалют продвигается вперед, несмотря на приостановку работы правительства

Конгрессмен от Висконсина Брайан Стейл заявил, что законопроект о структуре рынка криптовалют, известный как Закон CLARITY, все еще находится на пути к подписанию к 2026 году, несмотря на продолжающуюся приостановку работы правительства.

«Я надеюсь, что, когда мы оправимся от приостановки работы правительства, у нас будет возможность быстро взяться за дело и добиться быстрого продвижения в Сенате», — заявил Стейл в интервью CNBC 8 октября.

Экономический советник Белого дома Кевин Хассетт также заявил CNBC в понедельник, что приостановка работы правительства, вероятно, завершится на этой неделе, если республиканцам удастся получить необходимые голоса.

«Умеренные демократы продвинутся вперед и обеспечат нам открытое правительство, и тогда мы сможем обсуждать любые политические решения, которые они захотят, в обычном порядке», — сказал Хассетт.

Bernstein Research Report Analysis: HBM Prices Must Double Next Year, Memory Becomes a Burden for AI

Bernstein's report indicates that High-Bandwidth Memory (HBM) prices must double (increase 2-2.5x) in 2027. This is because, while standard DRAM prices have surged approximately 4.5x, HBM prices remain locked in annual contracts, making standard DRAM significantly more profitable per wafer for memory makers (2x the revenue, nearly 3x the gross profit). To maintain capacity allocation for HBM, its price must rise sharply. A critical consequence is that HBM is sold packaged within Nvidia GPUs. To protect its 75% gross margin, Nvidia is likely to pass on HBM cost increases by raising GPU/system prices by about 4x the HBM cost hike. Combined with standard DRAM and NAND price increases, this could raise total AI capital expenditure for cloud providers by around 30%. The report maintains Outperform ratings on Samsung, SK Hynix, and Micron, significantly raising price targets due to expected upward earnings revisions. KIOXIA is the main loser, having no HBM exposure. MediaTek could benefit if cloud providers seek more ASIC-based alternatives to avoid Nvidia's markup. Valuations have shifted to a P/E basis, reflecting record-high profitability and cash generation expected in this cycle.

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Bernstein Research Report Analysis: HBM Prices Must Double Next Year, Memory Becomes a Burden for AI

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The 'Crisis Helmsman' of Financial Markets Passes Away: Reflecting on Greenspan's Federal Reserve Career

Former Federal Reserve Chairman Alan Greenspan, known as the 'crisis helmsman' of financial markets, has passed away at 100. His nearly 19-year tenure spanned four presidencies, from the 1987 stock market crash to the internet boom. Initially hailed as the 'Maestro' for his crisis management—famously intervening after Black Monday and during the LTCM collapse—his legacy became intertwined with the 2008 financial crisis. His market-friendly philosophy and the "Greenspan Put," an expectation of Fed support during downturns, were praised for fostering stability and growth in the 1990s but later criticized for encouraging excessive risk-taking and contributing to the housing bubble. Greenspan's career encapsulates the central debate of his era: whether markets can self-correct and if central banks should actively deflate asset bubbles. His passing reignites questions about the fine line between stabilizing markets and inadvertently sowing the seeds for the next crisis.

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Two Giants' Credit Expansion: Loan Balances of $9.9 Billion vs. $14.6 Billion, Brazil Emerges as the Main Battlefield

Title: Two Giants "Credit" Surge: Loan Balances of 99 Billion vs. 146 Billion USD, Brazil Emerges as Main Battlefield Summary: The article compares the rapid expansion of credit businesses by two major e-commerce and fintech players, Sea (via Monee) and Mercado Libre (via Mercado Pago), in overseas markets like Southeast Asia and Latin America, contrasting with a slowing domestic Chinese credit market. Using Q1 2026 financial data, it highlights their significant growth. Sea's Monee reached a loan balance of $99 billion, up 71% year-over-year (YoY), contributing 17.5% to Sea's total revenue. Mercado Pago's loan balance hit $146 billion, up 87% YoY, contributing 45% to its parent company's revenue. Both maintained stable risk metrics (e.g., Monee's 90+ day NPL at 1.1%) despite rapid scaling. Brazil is identified as a key and accelerating growth market for both. Sea's Brazilian operations saw loan volumes exceed $10 billion, growing 250% YoY, with SPayLater GMV penetration still low (~10%) indicating high potential. Sea also secured a key Brazilian financial credit license (SCFI). Mercado Libre's Brazil segment contributed over half (54%) of total group revenue, with its credit business there generating $11.24 billion in revenue, up 89% YoY and accounting for 12.7% of global revenue. Mercado Pago's credit portfolio, especially credit cards (46% of loans, +105% YoY), is a strategic focus, described as crucial as building logistics was a decade ago. Its net interest margin after loss (NIMAL) remains high at 17.8%. The article concludes that while Brazil presents immense opportunities, the success is largely driven by these integrated "e-commerce + fintech" giants with proprietary transaction data and ecosystems, making it challenging for standalone fintech players to compete effectively.

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Research Report Analysis: Is Intel Making a Comeback with Apple? Bernstein's Calculations Show the Right Direction, but the Price Is Already Overvalued

Bernstein analyst Stacy A. Rasgon published a report on June 18 regarding Intel, assessing the potential impact of recent political support for a US-based PC chip design and manufacturing collaboration between Apple and Intel. The report views this as a significant signal for the foundry landscape shift but concludes the initial financial contribution would be minimal. Key conclusions: 1) An Apple deal is seen as a small-scale "proof of concept." Even if Intel wins 40% of Apple's premium notebook chip orders (~5 million units/year), Bernstein estimates it would generate only about $500M in annual revenue and ~$0.03 EPS, negligible against Intel's ~$55B revenue. 2) Political encouragement is not equivalent to enforceable mandates. Winning orders ultimately depends on Intel demonstrating competitive technology (like its 18A node), cost, and reliable supply. 3) The path from validation to large-scale production involves significant challenges, capital investment, and time. Due to these uncertainties, Bernstein maintains a Market-Perform (Hold) rating with a $100 price target, implying potential downside from the ~$121.10 price at the report date. The analysis highlights the tension between near-term validation value—serving as a crucial trust signal for Intel's foundry ambitions and US supply chain resilience—and the long-term opportunity to attract larger cloud and AI chip customers. The investment thesis hinges on successful 18A execution and sustained policy support, not on immediate financial gains from Apple.

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27-Year Reign Ends: SK Hynix Market Cap Surpasses Samsung for First Time, an AI-Driven Reshuffle of Korean Chip Power

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27-Year Reign Ends: SK Hynix Market Cap Surpasses Samsung for First Time, an AI-Driven Reshuffle of Korean Chip Power

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