Blockchain Weekly Report ( 9.24-9.30 )

The cryptocurrency market remained stable overall this week. Bitcoin's price fluctuated little, but there were a few sharp drops in the early morning due to multiple settlements. The Bitcoin triangle consolidation is nearing its end, and a directional breakout may occur in early October.

Multiple governments have further clarified their regulatory stance on digital currencies. U.S. financial regulators have strengthened their oversight of the cryptocurrency sector. A U.S. federal judge ruled that digital currencies are classified as commodities, falling under the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). A court in Shanghai determined that Ether can be protected as general property under the law.

Bitmain submitted a prospectus to the Hong Kong Stock Exchange. Well-known investor Li Xiaolai announced that he will no longer invest in Blockchain projects and is preparing to switch careers.

According to the data, the total market value of cryptocurrencies worldwide fell by 2% this week to $221.3 billion. Bitcoin's market capitalization accounts for 51.42%, a slight decrease from last week.

Regulatory Dynamics

The U.S. Securities and Exchange Commission ( SEC ) has expanded its regulatory focus to digital asset brokers and investment companies. The Financial Industry Regulatory Authority ( FINRA ) has also begun to intervene in the regulation of the cryptocurrency field and has issued its first related disciplinary action.

The French National Assembly has initiated a legal debate on crypto assets and ICOs, intending to define related entities and amend the regulatory framework.

A U.S. federal judge ruled that digital currencies fit the definition of "commodity" and fall under the jurisdiction of the CFTC. This provides a legal basis for the CFTC to regulate fraudulent activities involving virtual currencies.

The People's Court of Hongkou District, Shanghai believes that although the state has not recognized the monetary attributes of cryptocurrencies like Tai Coin, they can be protected by law as general property.

The SEC chairman stated that most new types of digital assets are considered securities and will be regulated under securities laws.

Industry Trends

Thunder sold the digital ecosystem business related to "Chainke", retaining only the underlying Blockchain technology business, marking a shift in its Blockchain business direction.

An EOS whale account was hacked, losing 2.09 million EOS, worth over 70 million yuan. The EOS Core Arbitration Forum has requested super nodes to freeze the related accounts.

Google announced that it will lift the ban on cryptocurrency ads, allowing regulated exchanges to advertise in the US and Japan, but ICOs and the like are still prohibited. The new policy will take effect on October 10.

Bitmain officially submitted its listing application to the Hong Kong Stock Exchange. In the first half of the year, net profit increased nearly 8 times year-on-year to 743 million USD. However, its IPO still faces challenges in terms of production capacity and regulation.

Ripple is reportedly in talks with Nasdaq to list its cryptocurrency exchange next year. If successful, XRP will become one of the first listed tokens.

Goldman Sachs is studying the launch of Ethereum-based non-deliverable forward contracts (NDF). This is the third time this month that news has emerged about Goldman Sachs entering the digital currency market.

The South Korean government has recognized 9 blockchain-related businesses as part of the venture capital industry, allowing them to enjoy related policy benefits. However, this does not include cryptocurrency trading businesses.

Bank of Communications successfully issued the first domestic credit asset securitization project based on Blockchain technology, with a total scale of 9.314 billion yuan.

Indian cryptocurrency exchange Zebpay announces shutdown, stating that bank restrictions have weakened its trading capacity.

Alibaba Damo Academy has officially launched a Blockchain laboratory, primarily researching consensus protocols, cryptographic security, and their applications in the commercial finance sector.

The content platform JianShu joins the blockchain project Fountain and will receive 500 million tokens for user incentives.

Important Points

Vice Chairman of the China Securities Regulatory Commission, Yan Qingmin, stated that actions abusing the name of technology to engage in financial violations should be severely punished, while also establishing necessary tolerance mechanisms for financial technology innovation.

The CEO of a trading platform believes that, based on historical data, the period from October to December may be a good time for the cryptocurrency market to rise, but it cannot be确定 whether this year will repeat itself.

Famous investor Li Xiaolai announced that he will no longer invest in any projects or platform, and is preparing to switch careers for a few years, but still has a long-term positive outlook on Blockchain technology.