# Сопутствующие статьи по теме Regulation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Regulation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

BIS Latest Research: The Future of Stablecoins and the Global Monetary Landscape

BIS Working Paper No. 170, released in May 2026, analyzes the impact of stablecoins on the global monetary system. The market has grown exponentially since 2014, with over 300 active stablecoins exceeding $300 billion in market capitalization. It is highly concentrated, dominated by USD-linked stablecoins (98% by market cap, mainly USDT and USDC), which function as new forms of private offshore dollar claims on blockchain. Currently, stablecoin use remains largely within crypto ecosystems for trading and DeFi collateral. Real-economy adoption, such as in cross-border payments, is nascent but growing in emerging markets and developing economies (EMDEs) facing high inflation and volatile currencies, where they facilitate capital flight and "digital dollarization." The paper assesses impacts using the Cohen-Kennen framework. For private-sector functions, stablecoins most directly affect value storage (as a dollar-denominated safe haven in EMDEs) and the medium of exchange (enhancing cross-border payment efficiency, further entrenching dollar use). Impacts on the unit of account and official-sector functions are currently limited but could indirectly constrain monetary policy autonomy and capital controls. The report outlines three potential future scenarios: 1) **Niche adoption**, where stablecoins remain crypto-centric with minimal systemic impact; 2) **Digital dollarization**, a high-risk scenario where USD stablecoins become de facto standards in EMDEs, eroding monetary sovereignty; and 3) **Local currency stablecoin integration**, an ideal but challenging scenario where regulated domestic stablecoins linked to CBDCs enhance efficiency without foreign currency substitution. Key policy recommendations emphasize global coordination: establishing uniform regulatory standards (e.g., for reserves and disclosure), strengthening cross-border supervisory cooperation, enhancing domestic defenses in EMDEs (via macroeconomic stability, improved payment systems, and CBDCs), and combating illicit activities. The paper concludes that stablecoins are a structural force reinforcing dollar dominance in the near term, posing significant risks to EMDEs' financial stability and policy autonomy. Their long-term trajectory depends on regulatory responses, adoption patterns, and the co-evolution with public digital currencies.

marsbit06/01 03:00

BIS Latest Research: The Future of Stablecoins and the Global Monetary Landscape

marsbit06/01 03:00

Morning Post | Michael Saylor Releases Bitcoin Tracker Info; Aave Publishes Kelp rsETH Bridge Attack Post-Incident Investigation; Gravity Bridge Announces Service Suspension Following Attack

ChainCatcher Daily Summary - June 1, 2026 In regulatory news, the U.S. OCC granted preliminary conditional approval for Laser Digital to establish a federally regulated trust bank. In Vietnam, a draft law amendment proposes allowing SMEs to use digital and virtual assets as loan collateral. Hong Kong's SFC chairman reported that trading volume on the city's 12 licensed virtual asset platforms grew nearly 300% YoY in Q1 2026. Notable incidents include the Cosmos ecosystem cross-chain bridge Gravity Bridge pausing services after an attack. Aave published a post-mortem on the April 18th Kelp rsETH bridge attack, attributing it to a third-party bridge infrastructure vulnerability via an RPC poisoning attack, not the Aave protocol itself. In market developments, MicroStrategy's Michael Saylor hinted at a potential upcoming Bitcoin purchase announcement. Fed Governor Waller commented that widespread stablecoin adoption could amplify the impact of U.S. monetary policy. Meanwhile, sentiment analysis from Santiment indicates a record-high Bitcoin long/short ratio of 2.23, potentially signaling a short-term price correction, while Ethereum shows signs of FUD among commentators. In legal matters, the SEC sued the founder of Privvy Investments for an alleged $12.3 million crypto AI trading bot scam. In China, a Qingdao man was sentenced to 10 years and 9 months for stealing 107 BTC by obtaining a victim's wallet seed phrase. Top trending meme tokens on ETH, Solana, and Base networks for the past 24 hours are also listed.

链捕手06/01 01:32

Morning Post | Michael Saylor Releases Bitcoin Tracker Info; Aave Publishes Kelp rsETH Bridge Attack Post-Incident Investigation; Gravity Bridge Announces Service Suspension Following Attack

链捕手06/01 01:32

Review of Cathie Wood's Masterstroke Operation on Circle

A Recap of Cathie Wood's Masterful Trading in Circle's IPO This article analyzes the strategic moves made by ARK Invest's Cathie Wood around the IPO of Circle (CRCL). Despite her typical long-term, narrative-driven investment style, Wood executed a textbook "buy low, sell high" trade. Wood secured a core position of approximately 4.49 million shares at the $31 IPO price. The stock debuted at $69, surged to a high of $299 in June 2025 fueled by stablecoin regulatory news (the GENIUS Act), and then entered a prolonged decline. During this rally, ARK systematically sold around 1.7 million shares at an average price near $210, driven partly by internal fund rebalancing rules triggered by the stock's soaring weight. This move locked in substantial profits. As the stock later fell due to lockup expirations, new share issuance, and interest rate concerns—even dipping below $50—Wood began repurchasing shares. Starting in November 2025 around $86, she continued buying on the way down, eventually rebuilding her position to roughly the original size by Q1 2026. Key takeaways include: 1) Having a strong, independent long-term thesis (viewing Circle as critical digital dollar infrastructure). 2) Trading in tranches instead of trying to time exact tops or bottoms. 3) Maintaining strict position-sizing discipline, using rules to force profit-taking and preserve buying power. For most retail investors, chasing the dramatic "pop" at open is dangerous, as the subsequent 83% drawdown showed. Wood's success hinged on pre-IPO access, a clear investment thesis, and disciplined execution.

marsbit05/31 06:29

Review of Cathie Wood's Masterstroke Operation on Circle

marsbit05/31 06:29

For the First Time, the U.S. Government Lifts Ban on Crypto Perpetual Contracts: What Does It Mean for the Market?

On May 29, the U.S. Commodity Futures Trading Commission (CFTC) issued guidance permitting 7*24 trading and clearing for crypto asset derivatives, effectively opening the U.S. market to crypto perpetual contracts for the first time. This move allows U.S. citizens and certain platforms to trade these instruments around the clock. Key beneficiaries include Kalshi, which received approval to list a Bitcoin perpetual contract; Coinbase, now the first CFTC-regulated Futures Commission Merchant (FCM) for U.S. clients; and CME, which will transition its Bitcoin futures and options to 7*24 trading. The CFTC emphasized that this is a tailored approach for crypto assets, requiring platforms to maintain compliance and risk assessments, while noting traditional commodities like agriculture may not be suitable for such hours. Industry leaders like Michael Saylor and Brian Armstrong praised the decision for bringing a major segment of the global crypto market to U.S. users. However, consumer advocacy group Better Markets criticized the CFTC, alleging it overlooked investor risks and acted in the industry's interest rather than the public's. Following the guidance, Kraken announced plans to launch CFTC-regulated perpetual futures in the U.S., signaling a potential surge in derivatives trading activity.

marsbit05/30 13:04

For the First Time, the U.S. Government Lifts Ban on Crypto Perpetual Contracts: What Does It Mean for the Market?

marsbit05/30 13:04

US Government Lifts Ban on Crypto Perpetual Contracts for the First Time: What Does It Mean for the Market?

The U.S. Commodity Futures Trading Commission (CFTC) has issued guidance permitting 24/7 trading and clearing for crypto asset derivatives, effectively opening the U.S. market to crypto perpetual contracts for the first time. This move ends the previous ban and allows American individuals and institutions to trade these instruments around the clock. Direct beneficiaries include Kalshi, which received approval to list a Bitcoin perpetual contract; Coinbase, now the first CFTC-regulated futures commission merchant for U.S. clients to access global crypto derivatives; and CME, which will transition its Bitcoin futures and options to 24/7 trading. The CFTC emphasized this is a specific allowance for crypto assets, noting that traditional commodities like agriculture may not be suitable for non-stop trading. It also requires platforms to undergo case-by-case reviews for compliance and risk management. Industry leaders like Michael Saylor and Brian Armstrong praised the decision for integrating Bitcoin into capital markets and granting U.S. users access to a major global market segment. However, consumer advocacy group Better Markets criticized the CFTC for allegedly neglecting investor protection and favoring the industry it regulates. Other platforms like Kraken have announced plans to launch regulated perpetual futures for the U.S. market. The policy shift is expected to redirect significant liquidity and institutional participation to the newly accessible U.S. crypto derivatives landscape.

Odaily星球日报05/30 12:57

US Government Lifts Ban on Crypto Perpetual Contracts for the First Time: What Does It Mean for the Market?

Odaily星球日报05/30 12:57

How the CLARITY Act Reshapes the Stablecoin Yield Economy

The CLARITY Act, recently advanced by the U.S. Senate Banking Committee, fundamentally reshapes the stablecoin yield economy by closing loopholes left by the earlier GENIUS Act. Its Section 404 expands the ban on "hold-to-earn" rewards to all Digital Asset Service Providers (DASPs) and their affiliates, prohibiting any passive, interest-like yield. Crucially, it introduces a legal distinction, permitting "use-to-earn" rewards based on actual activities like spending, trading, or staking. In anticipation of this regulatory shift, major Wall Street asset managers—Morgan Stanley, BlackRock, and JPMorgan—have launched a series of tokenized money market funds (e.g., BlackRock's BRSRV, JPMorgan's JLTXX) designed explicitly for stablecoin reserve assets. These products represent a new, compliant yield layer: the stablecoin issuer earns interest from the underlying tokenized fund, which can then be passed to users through redesigned activity-based rewards. This marks a paradigm shift from a "hold-to-earn" to a "use-to-earn" market. While pathways remain for exchanges to redesign rewards (Path A) and for DeFi protocols to offer yield (Path B), the tokenized reserve asset layer (Path C) emerges as the most robust and strategically positioned infrastructure. However, this concentration—exemplified by BlackRock's BUIDL fund backing over 90% of USDtb's reserves—introduces new systemic risks. The final outcome hinges on regulatory decisions, particularly the OCC's proposed 20% cap on tokenized assets in reserves, which will determine the scalability of this new financial infrastructure layer.

marsbit05/30 11:11

How the CLARITY Act Reshapes the Stablecoin Yield Economy

marsbit05/30 11:11

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

The U.S. Commodity Futures Trading Commission (CFTC) took two landmark actions on May 29. It approved Kalshi's application to list a Bitcoin perpetual futures contract and issued a no-action letter to Coinbase Financial Markets. This allows Coinbase to offer certain perpetual futures products to U.S. customers through a subsidiary, with digital assets permitted as collateral. These moves, coupled with a new CFTC policy statement, provide a clearer regulatory pathway for perpetual contracts in the U.S., moving them from a regulatory gray area. CFTC Chair Mike Selig stated this is a key step for U.S. crypto leadership but noted the policy is not yet permanent. The article explains that CFTC's previous reluctance stemmed from legal ambiguities, as perpetual contracts lack an expiration date. However, such contracts dominate global crypto derivatives, accounting for ~78% of centralized exchange volume in 2025, forcing U.S. regulators to adapt to competition from offshore platforms like Hyperliquid. The approvals offer two compliance paths: Kalshi's direct listing and Coinbase's model using foreign futures. This is expected to attract institutional capital back to regulated U.S. venues, stimulate the launch of more products like ETH perpetuals, and enhance U.S. competitiveness in the global crypto derivatives market. The author suggests this may signal a "regulatorily friendly" era for crypto.

marsbit05/30 07:31

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

marsbit05/30 07:31

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.

bitcoinist05/29 17:32

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

bitcoinist05/29 17:32

Paxos Becomes First Blockchain-Native SEC-Approved Clearing Agency

Paxos has become the first blockchain-native company to be approved and registered as a clearing agency by the U.S. Securities and Exchange Commission (SEC). Its subsidiary, Paxos Securities Settlement Company, is now authorized to act as a central securities depository in the United States. This registration is the culmination of seven years of work with the SEC, including a 2019 No-Action Letter and a settlement pilot involving major financial institutions. The approval marks a significant step in the convergence of blockchain technology with traditional capital markets. A registered blockchain clearinghouse reduces the need for banks and brokerages to build their own crypto-based infrastructure. Paxos's earlier pilot demonstrated that blockchain-based post-trade infrastructure could enable same-day settlement, lower costs, and improve operational efficiency within a regulated framework. Paxos is also known as a stablecoin issuer, with products like Pax Gold (PAXG) and PayPal USD (PYUSD).

TheNewsCrypto05/29 09:30

Paxos Becomes First Blockchain-Native SEC-Approved Clearing Agency

TheNewsCrypto05/29 09:30

ETFs Attract $100 Million, DAT Included in Russell 3000: Hyperliquid's "Wall Street Moment"

ICE CEO Jeff Sprecher publicly praised Hyperliquid, calling it "larger than Nasdaq" and expressing admiration for its team. This praise comes just 12 days after ICE and CME reportedly lobbied the CFTC to scrutinize the platform. Sprecher clarified the lobbying was aimed at securing a level regulatory playing field for traditional exchanges, not shutting Hyperliquid down. He highlighted Hyperliquid's role as a potential "shadow pricing" venue for SpaceX's upcoming IPO, noting its pre-IPO derivatives trading. Meanwhile, Hyperliquid is experiencing significant mainstream adoption. Two U.S. spot HYPE ETFs launched in mid-May have attracted over $1 billion in inflows within 10 days. Furthermore, Hyperliquid Strategies (PURR), a major HYPE holder, is set to join the Russell 3000 index in June. Facing regulatory pressure, Hyperliquid founder Jeff Yan and the platform's policy arm are engaging directly with policymakers in Washington to advocate for a clear regulatory path for on-chain derivatives. HYPE token recently hit a new all-time high above $64.

marsbit05/29 02:15

ETFs Attract $100 Million, DAT Included in Russell 3000: Hyperliquid's "Wall Street Moment"