# 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.

After the Passage of the GENIUS Act and the CLARITY Act, What Is the Correct Architecture for On-Chain Yield?

The article discusses the evolution of on-chain credit, distinguishing three markets: overcollateralized crypto lending, unsecured lending (largely unsuccessful), and asset-backed credit (ABC). ABC, backed by identifiable real-world collateral with legal recourse, is identified as the fastest-growing category and the only one credibly addressing adverse selection—the core problem in credit where the riskiest borrowers self-select. Current growth in on-chain Real World Assets (RWAs), particularly tokenized private credit funds (e.g., Maple Finance, Centrifuge), is substantial but often merely "wraps" existing fund structures, inheriting their risks rather than solving adverse selection at the protocol level. The regulatory landscape is a key driver, with the US GENIUS Act (prohibiting stablecoin issuers from paying yield) and the proposed CLARITY Act (closing loopholes on indirect yield) set to redefine permissible yield-bearing products. This makes vaults (like ERC-4626) the critical architecture—they become the primary compliant vehicle for delivering yield, functioning as issuance, disclosure, distribution, and recovery mechanisms. The author's thesis is that the correct post-GENIUS/CLARITY architecture involves building ABC solutions where credit assessment, structure, and recovery are encoded directly into the smart contract vault layer, moving beyond mere tokenized fund wrappers to solve adverse selection fundamentally and ensure regulatory compliance.

Foresight News06/11 11:13

After the Passage of the GENIUS Act and the CLARITY Act, What Is the Correct Architecture for On-Chain Yield?

Foresight News06/11 11:13

European Blockchain Convention returns to Barcelona as institutional capital moves to the centre of the digital asset market

The European Blockchain Convention (EBC) returns to Barcelona for its 12th edition on 16–17 September 2026. With institutional capital now central to the digital asset market following ETF approvals and MiCA regulation, the event focuses on execution—identifying the platforms and infrastructure that will define the next institutional layer. EBC12 will convene over 6,000 attendees, including firms like BlackRock and Bitwise, for discussions on regulatory convergence, institutional capital allocation, tokenization of real-world assets, stablecoins, and the role of AI. Positioned as Europe's Digital Asset Marketplace, EBC facilitates crucial pan-European dialogue among asset managers, banks, and policymakers in a fragmented regional landscape.

marsbit06/11 09:40

European Blockchain Convention returns to Barcelona as institutional capital moves to the centre of the digital asset market

marsbit06/11 09:40

Female Crypto Mogul Survived Mining Crackdown and Market Plunge, but Paid a $60 Million Tuition to a U.S.-Style 'Pig-Butchering' Scam

An 80s-born Chinese entrepreneur, Fiona Lyu (also known as Lv Yongshuang), CEO of the mining firm Chengdu Valarhash Technology, was defrauded of over $9.4 million (approx. RMB 60 million) in the US, according to a Caixin report. Lyu's company once operated the 1THash and Bytepool mining pools, which collectively controlled about 9% of the global Bitcoin hash rate at their peak in early 2020. The scam began in 2021 after China's crackdown on crypto mining forced Lyu to seek overseas relocation for her operations. She was introduced to Zubair Al Zubair, who posed as an "UAE royal family member" with connections to Middle Eastern capital and US local government resources. He and his brother, who impersonated a hedge fund manager, orchestrated a fake contract signing for a mining facility in Ohio, witnessed by local officials. Lyu transferred millions in contract payments. The brothers, both US citizens with fabricated backgrounds, later fraudulently sold 1,067 of her miners for $6.17 million. The scheme involved bribing a mayor's chief of staff for legitimacy. In May 2026, US courts sentenced Zubair to 24 years in prison, his brother to 23 years, and the official to 8 years. Simultaneously, Lyu faced a separate legal battle in China. A subsidiary of listed company ST Zhongchang sued her firm, seeking refunds for a 2021 contract involving Bitcoin mining equipment. Chinese courts ruled the mining contract invalid and ordered a refund of nearly RMB 19.3 million. This dual blow marked a stark downturn for the once-prominent figure in the crypto mining industry.

Foresight News06/11 09:39

Female Crypto Mogul Survived Mining Crackdown and Market Plunge, but Paid a $60 Million Tuition to a U.S.-Style 'Pig-Butchering' Scam

Foresight News06/11 09:39

Crypto Primary Market Investment and Financing Forward-Looking Weekly Report | Stablecoin Regulation Nears Implementation, ETF Funds Continue to Withdraw, Capital Begins Betting on Payment and Cash Flow

Crypto Market Weekly Report (Jun 1-7, 2026): Capital Shifts Focus to Payments & Cash Flow Market data indicates a significant divergence: while traditional institutional funds continue exiting via BTC and ETH ETFs (recording net outflows of $1.72B and $168M this week, respectively), stablecoin supply continues growing. This suggests capital is shifting from speculative asset allocation toward defensive positioning within on-chain liquidity, awaiting new, concrete opportunities. This trend is reflected in venture capital focus. Weekly fundraising fell 27% to $302M, with investments concentrating on infrastructure with tangible revenue potential: 1. **Stablecoin Infrastructure (28% of funding):** Projects like M0 Protocol ($35M raise) are gaining attention as regulatory clarity (e.g., the GENIUS Act) nears, shifting the focus from legitimacy to building payment and settlement networks. 2. **AI Agent Infrastructure (26%):** Investments are moving from conceptual AI Agents towards the execution and economic layers required for a functional "Agent economy." Key raises include OpenRouter ($40M) and Halliday ($20M). 3. **Real World Assets (RWA) (18%):** The search for on-chain yield and cash flow drives continued interest in RWA platforms like Ondo Finance. Security threats are evolving from smart contract exploits toward key management failures, permission control issues, and regulatory execution risks (e.g., court-ordered asset freezes). **Key Takeaways:** The investment thesis is shifting from narrative-driven bets to revenue and cash-flow-generating protocols. Future attention should be on the progression of stablecoin regulations, the commercial validation of AI Agent economies, and the performance of high-revenue protocols like derivatives platforms.

marsbit06/11 09:07

Crypto Primary Market Investment and Financing Forward-Looking Weekly Report | Stablecoin Regulation Nears Implementation, ETF Funds Continue to Withdraw, Capital Begins Betting on Payment and Cash Flow

marsbit06/11 09:07

Dialogue with Morgan Stanley Executive: Wall Street Isn't Rejecting Bitcoin, It's Just Waiting for the Right Time

In a podcast interview, Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, discusses Wall Street's evolving stance on Bitcoin, explaining the bank's measured approach and the road ahead. Oldenburg, with 26 years at Morgan Stanley, traces her perspective to witnessing transformative tech cycles and her experience in emerging markets, where she observed the need for alternative financial systems like mobile money (e.g., M-Pesa). This background informs her view of Bitcoin's value proposition. She clarifies that Morgan Stanley is "client-driven." Regulatory hurdles, particularly as a bank holding company under Federal Reserve oversight, initially slowed their entry. While the firm couldn't act as quickly as independent asset managers, persistent client demand and a changing regulatory environment led to offerings like their low-fee Bitcoin ETP (MSBT). They are now gradually rolling out spot Bitcoin trading on their E*Trade platform. Regarding advisor adoption, Oldenburg cites a "lack of education" as the primary barrier. Morgan Stanley recommends a 0-2% allocation for more conservative portfolios and 2-4% for aggressive ones, but price volatility and confusion about its place in asset allocation persist. She notes competition for investor attention from AI and commodities. Addressing Bitcoin's price stagnation despite institutional buying, Oldenburg points to a confluence of factors: competing investment narratives (AI, quantum computing) and the complex financial landscape. She suggests a catalyst for Bitcoin as a neutral reserve asset might require a "slow-burn crisis" that exposes fragility in traditional systems. For wider bank adoption, including holding Bitcoin on balance sheets, she identifies the need for regulatory clarity to reduce punitive capital treatment and for the asset to be usable as collateral within financial ecosystems. Looking ahead, Oldenburg predicts steady, moderate adoption growth through 2030 rather than an explosive "J-curve." She emphasizes the importance of differentiating Bitcoin from other crypto assets and expresses concern that the core cypherpunk ethos of self-custody is being diluted as traditional finance enters the space. She concludes that the digital asset field remains in its early stages with significant innovation, like AI agents and micropayments, still to come.

marsbit06/11 08:39

Dialogue with Morgan Stanley Executive: Wall Street Isn't Rejecting Bitcoin, It's Just Waiting for the Right Time

marsbit06/11 08:39

10% Position Limit Proposed: UK Retail Authorized Funds to Gain Indirect Exposure to Crypto Assets

The UK Financial Conduct Authority (FCA) is consulting on a proposal (CP26/17) that would allow retail funds, including UCITS and most Non-UCITS Retail Schemes (NURS), to invest up to 10% of their total assets in cryptoasset exchange-traded notes (crypto ETNs). This would enable indirect exposure to cryptoassets for mainstream investors through regulated funds. The rule maintains the existing prohibition on funds holding underlying cryptocurrencies like Bitcoin or Ethereum directly. The proposal introduces a strict 10% cap, positioning crypto ETNs as a potential satellite holding within diversified portfolios. Funds must ensure these investments align with their stated objectives and risk profiles. Notably, the cap does not apply to Qualified Investor Schemes (QIS) for professional clients, while Long-Term Asset Funds (LTAFs) would be prohibited from holding crypto ETNs. This move builds on the FCA's 2025 decision to permit retail trading of crypto ETNs on UK regulated exchanges. However, significant compliance burdens fall on fund managers, who must conduct thorough due diligence, assess liquidity, and provide clear risk disclosures to investors. The FCA emphasizes that even a small allocation can significantly impact a fund's risk profile. The policy's practical impact remains uncertain. Widespread adoption depends on whether asset managers deem the potential benefits worth the operational costs, disclosure requirements, and reputational risks. The consultation is open for feedback until July 13, 2026. Ultimately, the proposal represents a cautious, incremental step toward integrating cryptoassets into the regulated fund landscape, rather than a broad opening.

Foresight News06/11 08:10

10% Position Limit Proposed: UK Retail Authorized Funds to Gain Indirect Exposure to Crypto Assets

Foresight News06/11 08:10

Promised Year of Crypto IPOs? Only One Went Public in Six Months, Down 70%

The much-anticipated wave of crypto IPOs in 2026 has failed to materialize, with market conditions worsening dramatically. While SpaceX prepares for the largest IPO in history, raising $75 billion at a $1.75 trillion valuation, the crypto sector faces a frozen pipeline. The sole crypto IPO success this year, BitGo, serves as a cautionary tale. After launching on the NYSE in January at $18, its stock has plummeted approximately 70%. Other major contenders have stalled or delayed. Kraken, which secretly filed in late 2025, has put its plans on ice, seeing its valuation drop 33% to $13.3 billion. Consensys has postponed its filing until autumn at the earliest, and Bitpanda is poised to miss its self-imposed H1 deadline for a Frankfurt listing. This widespread retreat is driven by a severe liquidity crunch. Bitcoin has fallen below $60,000, with capital being diverted to AI stocks and the massive SpaceX offering. The poor performance of earlier crypto listings like Gemini and the stagnant price of Coinbase further dampen investor appetite. A key underlying pressure is the impending US midterm elections in November, which could alter the currently favorable regulatory landscape. Companies had hoped to go public during this window of policy certainty, but challenging market dynamics have overridden those plans. The transparency that comes with being a public company is now seen as a potential liability rather than a benefit in a down market. The industry's fate now hinges on a few critical watchpoints: whether Kraken restarts its process in H2, if Consensys files in the fall, and if SpaceX's debut can revitalize market liquidity. Otherwise, the promised "crypto IPO year" will likely be pushed beyond the election.

marsbit06/11 06:09

Promised Year of Crypto IPOs? Only One Went Public in Six Months, Down 70%

marsbit06/11 06:09

CFTC Proposes New Rules for Prediction Markets, Redefining Which Events Can Be Listed and Who Can Participate

The U.S. Commodity Futures Trading Commission (CFTC) has proposed new rules to establish a clearer regulatory framework for prediction markets. The proposal aims to modify how "event contracts" are reviewed, creating a structured process to determine if contracts involving terrorism, assassination, war, or illegal activities violate the public interest. This moves away from a blanket ban toward a case-by-case assessment of whether a contract's subject matter is acceptable for financial trading. A key focus is distinguishing between predicting the impact of risks and predicting the occurrence of harm. The proposal suggests that many sports-based prediction markets—such as those on game outcomes, scores, or season standings—may be permissible as they can provide price discovery and meaningful information. However, markets on easily manipulated events like specific player injuries, referee calls, or outcomes of youth sports would face stricter scrutiny. The rules directly target insider trading and manipulation risks, highlighting cases where individuals with non-public information or the ability to influence an event's outcome could unfairly profit. This underscores a shift toward ensuring market fairness. The proposal does not end the regulatory debate, particularly with state gambling regulators who argue that sports prediction markets are essentially sports betting and should fall under state jurisdiction. Nonetheless, the CFTC's action signals a move toward formalizing prediction markets, pushing the industry from a phase of rapid, often unregulated expansion into a more institutionalized, rule-based environment that more closely resembles traditional financial markets.

marsbit06/11 02:42

CFTC Proposes New Rules for Prediction Markets, Redefining Which Events Can Be Listed and Who Can Participate

marsbit06/11 02:42

CFTC Proposes New Rules for Prediction Markets, Redefining Which Events and Who Can Participate

The U.S. Commodity Futures Trading Commission (CFTC) has proposed new rules to establish a regulatory framework for prediction markets, aiming to define which event contracts can be traded and who can participate. The 267-page proposal seeks to amend regulations to create a structured review process for "event contracts." The core goal is to determine whether contracts involving sensitive topics like terrorism, assassination, war, or illegal activities are contrary to the "public interest." The CFTC's approach is not an outright ban but a case-by-case assessment, focusing on whether a contract predicts harmful acts themselves or merely their commercial or risk-related impacts. The proposal suggests that most mainstream sports prediction markets—based on final scores, winners, or season outcomes—may be permissible as they provide price discovery and informational value. However, markets on easily manipulated granular events (e.g., player injuries, specific referee calls) or those encouraging harm/cheating would face stricter scrutiny. A primary regulatory target is insider trading and market manipulation, where individuals with non-public knowledge or influence over an event's outcome could unfairly profit. Recent alleged incidents involving military personnel, former politicians, and corporate insiders highlight this risk. The move clarifies federal oversight but does not end the debate. State regulators and gambling associations argue that many prediction markets, especially on sports, constitute gambling and should fall under state, not federal, jurisdiction. This sets up a potential conflict over regulatory authority. Overall, the CFTC's proposal signals a shift for prediction markets from rapid, less-regulated expansion toward a more institutionalized, rules-based model resembling traditional financial markets. Growth will increasingly depend on demonstrating market fairness, transparent settlement, and controlled risks.

Odaily星球日报06/11 02:34

CFTC Proposes New Rules for Prediction Markets, Redefining Which Events and Who Can Participate

Odaily星球日报06/11 02:34

Morning Brief | CME Launches Nasdaq Cryptocurrency Index Futures; Asset Manager Janus Henderson Makes Strategic Investment in Ethena

Market Digest: CME Launches Nasdaq Crypto Index Futures; Janus Henderson Invests in Ethena Key developments include CME Group introducing cash-settled Nasdaq CME Crypto Index futures tracking eight major cryptocurrencies. Asset manager Janus Henderson announced a strategic investment in Ethena, integrating its CLO product into USDe reserves and planning regulated investment vehicles. Tether led a massive ~$1.4 billion Series C for robotics firm NEURA. Hong Kong's SFC clarified licensed firms can service existing mainland China clients remotely. Data indicates Q2 2026 is set to be the worst quarter for crypto public fundraising (IEO/ICO/IDO) since late 2020, with only $58M raised. Meanwhile, a CFTC proposal aims to regulate prediction markets to prevent manipulation. In other news, Polymarket's FIFA World Cup champion market surpassed $1.8B in volume, and a suspected exploit on an old Raydium pool resulted in a $1.34M loss.

链捕手06/11 01:33

Morning Brief | CME Launches Nasdaq Cryptocurrency Index Futures; Asset Manager Janus Henderson Makes Strategic Investment in Ethena

链捕手06/11 01:33

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