6.7 AI Daily AI and Blockchain Integration Leading the Revolution in Journalism, Multi-Country Encryption Regulatory Policies Continue to Evolve

1. Headline

1. The News Revolution in the Age of Artificial Intelligence: X Collaborates with Polymarket to Lead the Wave of Prediction Markets

Social media giant X (formerly known as Twitter) has partnered with the decentralized prediction market platform Polymarket, designating the latter as its official prediction market partner. This move marks a significant transformation in the way information is disseminated.

Traditionally, news media has monopolized information production and dissemination through professional journalists and editorial teams. However, in the era of blockchain and artificial intelligence, prediction market platforms like Polymarket leverage the collective intelligence of the crowd to provide probabilistic forecasts for major event outcomes, disrupting the established landscape of journalism.

Polymarket states: "The next information age will not be driven by 20th-century media giants, but led by the market. This is a new era with truth as the optimization goal, rooted in transparency and anchored in reality." The platform utilizes blockchain technology to provide users with a public, transparent, and tamper-proof prediction market, allowing anyone to place bets based on their own judgment, with profits or losses depending on the actual outcomes of events.

Analysts believe that the rise of prediction markets will fundamentally transform journalism. The authority and intermediary status of traditional media will be weakened, replaced by the collective wisdom of the masses. News production and dissemination will become more decentralized and democratized, greatly enhancing individuals' voices. At the same time, the incentive mechanisms of prediction markets will also promote information transparency, as any false or exaggerated reporting will be punished.

2. The AI Chip War: UAE's 26 Square Kilometer "Stargate" Project Raises Concerns for US Regulators

The UAE is vigorously promoting the development of the artificial intelligence industry, and the "Stargate UAE" project funded by its state-owned technology company G42 has attracted significant attention from US regulatory authorities. The project covers an area of 26 square kilometers and is scheduled to launch in 2026, aiming to create a technology city integrated with advanced AI chips and systems.

Tech giants such as Nvidia, OpenAI, Cisco, and Oracle are all involved in the first phase of the project in collaboration with G42. However, U.S. officials have differing opinions on whether to allow the export of advanced chip technology and have not determined how to implement agreements with Gulf countries, leading to the deal being far from resolved.

Analysis indicates that the United States' concerns about the UAE's ambitions in AI stem from multiple considerations. Firstly, there are technology export controls to prevent the outflow of critical technologies. Secondly, geopolitical factors, particularly the UAE's relations with countries like Iran, raise doubts for the US. Furthermore, the military application potential of artificial intelligence technology is also a significant risk.

Once the "Stargate" project is successfully implemented, it will greatly enhance the UAE's influence in the AI field. This will not only change the technological landscape of the Middle East but may also shake the United States' leading position in the global AI race. Therefore, the United States will be more cautious in technology export reviews to maintain its dominance in emerging technology fields.

3. Personnel changes at the Federal Reserve signal policy changes: Strengthening oversight of banks.

Federal Reserve Vice Chairman Bowman revealed in a recent speech that the Federal Reserve will modify the rating method for large banks and reconsider the rating framework for small banks to ensure that regulatory focus is on significant risks. This signal indicates that the Federal Reserve is intensifying its regulatory efforts on the banking industry.

Baumann specifically pointed out that the Federal Reserve will consider revising its ratings of large banks, noting that two-thirds of large banks are still rated unsatisfactory by Federal Reserve regulators even if they meet all capital and liquidity requirements. She stated that the proposed reforms would address this strange mismatch by adopting a more reasonable approach, specifically by reducing the subjective rating weight of some resilient banks.

In addition, Bowman also stated that the Federal Reserve will closely examine the so-called "horizontal review," which involves regulatory agencies conducting in-depth examinations of multiple banks on a specific issue. This practice aims to prevent regulatory resources from being overly concentrated in certain areas while neglecting other potential risks.

Analysts point out that this series of measures reflects the Federal Reserve's increasingly strict attitude towards bank regulation. In recent times, the U.S. banking industry has repeatedly encountered violations, such as money laundering and interest rate manipulation scandals, which have heightened the vigilance of regulatory agencies. At the same time, emerging technologies such as artificial intelligence and digital currencies have also brought new challenges to traditional finance.

Therefore, the Federal Reserve hopes to maintain the stability of the financial system by strengthening regulation and improving the transparency and compliance of the banking industry. On the other hand, overly stringent regulation may also increase the operating costs of banks, affecting their profitability and competitiveness. Striking a balance between risk prevention and promoting financial innovation will be a major challenge for the Federal Reserve.

4. Cryptocurrency exchanges secretly apply for IPO, regulatory review is key

According to a report by Reuters, a cryptocurrency trading platform has secretly submitted its initial public offering (IPO) application documents to the U.S. Securities and Exchange Commission (SEC). This marks the rise of the wave of cryptocurrency companies going public in the U.S.

The application documents state that the number of Class A common shares to be issued and the price range for the issuance have not yet been determined. The IPO is expected to take place after the SEC completes its review process, with the specific timing depending on market and other conditions. Previously, the cryptocurrency exchange Coinbase successfully went public in April 2021, setting a precedent for industry listings.

Analysis points out that cryptocurrency companies face numerous challenges when going public in the U.S. First is regulatory scrutiny; the SEC has consistently maintained a strict stance on cryptocurrency regulation, and the approval process for going public may pose a significant obstacle. Second is the issue of industry reputation; cryptocurrencies have long been viewed as an "alternative" investment category, with limited acceptance among mainstream investors. Furthermore, the extreme volatility of cryptocurrency prices also increases investment risks.

However, going public will also bring many opportunities for crypto companies. On one hand, it can secure more funding support to expand their business scale; on the other hand, it will enhance the company's transparency and credibility, contributing to the long-term development of the industry. At the same time, public companies also need to comply with stricter information disclosure and corporate governance requirements, which will drive the entire industry towards standardization.

Overall, the wave of listings of cryptocurrency companies will bring new vitality to traditional financial markets and accelerate regulatory innovation in the industry. How both sides seek a balance between innovation and prudence will determine the future direction of this wave.

( 5. The Integration of Artificial Intelligence and Blockchain: ZKML Technology Opens a New Era of Trusted Computing

At the "2025 We x AI Innovation Forum" jointly held by the Tsinghua University Student Blockchain Association and Polyhedra, Polyhedra co-founder Hu Yuncong and CTO Xie Tiancheng delivered keynote speeches, discussing the important role of zero-knowledge proof-based machine learning technology )ZKML### in the integration of artificial intelligence and blockchain.

Hu Yuncong pointed out that ZKML technology can play a key role in the combination of artificial intelligence and blockchain. For example, in trading robots, users can verify the operational quality of the robot through ZKML. With the growth of AI agents and their sensitive permissions being grantable, ZKML can effectively ensure the security of AI agents and build a trust system between humans and AI agents.

Xie Tiancheng emphasized that the primary value of ZKML is to verify the quality of service. "Verifying liquidity is not the same as the complexity of computation. When it comes to AI model applications, the primary value of ZKML is to verify the quality of service. He said that ZKML can also provide data market functions, audit training data functions, etc., which will play an important role in the subsequent on-chain AI construction.

Analysis suggests that the emergence of ZKML technology marks a significant transformation in the paradigm of trust computing. Traditionally, people's trust in computer systems mainly stems from their trust in the centralized institutions operating those systems. However, in the decentralized blockchain world, establishing trust in computational results without relying on any trusted third party has always been a major challenge.

ZKML technology utilizes the cryptographic primitive of zero-knowledge proof, allowing anyone to verify the correctness of the computation results without understanding the computation process. This clears the technical obstacles for the integration of artificial intelligence and blockchain, ushering in a new era of trusted computation. In the future, ZKML is expected to play an important role in various fields such as finance, healthcare, and the Internet of Things, promoting the safe and trustworthy application of artificial intelligence technology.

2. Industry News

( 1. The price of Bitcoin has pulled back after the golden cross, with attention on the key support level of $100,000.

Bitcoin fell 10.2% after the golden cross, reversing gains made in late May. BTC is currently trading at $103,180, just above its key support level of $100,783. Unlike the golden crosses of the past, this time a pullback was triggered, not a rally. Analysts believe that this may be due to investors' concerns about the economic outlook, as well as the impact of the Fed's interest rate hike expectations.

Traders are closely watching whether Bitcoin can hold the important psychological level of $100,000. A drop below this level could trigger further sell-off waves. However, if Bitcoin can stabilize at this level and rise back above $110,000, it is expected to regain upward momentum. Overall, Bitcoin still faces certain downward risks in the short term, and investors need to remain cautious.

) 2. Ethereum exchange supply drops to a 7-year low, institutional demand surges

The exchange supply of Ethereum has fallen to a 7-year low, and this seemingly bullish sign may trigger a supply shock. As cryptocurrencies typically leave exchanges for holding, this indicates that institutional demand for Ethereum is increasing.

Data shows that the amount of BTC purchased by U.S. Bitcoin ETFs in a week is six times the amount produced by miners last week. The total inflow to ETFs reached $1.8 billion, with BlackRock's leading the way. Over 70 U.S. cryptocurrency ETFs are awaiting a decision from the SEC, indicating that institutional demand is on the rise.

Analysts believe that the decrease in Ethereum's supply, coupled with rising institutional demand, will create upward momentum for the price. However, there are also viewpoints that this may only be a short-term supply tightening, and that long-term support is still needed from fundamentals. Investors need to closely monitor subsequent developments.

3. Solana forms a classic cup and handle pattern, with RSI and MACD indicating a bullish reversal.

Solana###SOL### is currently showing a cup and handle pattern, suggesting a potential bullish reversal. This pattern is supported by an increase in network activity and NFT trading volume. The key support level at $145 is crucial, as SOL aims to retest the resistance levels of $153, $160, and $215.

Analysts point out that if SOL can break through the resistance level of $215, it will clear the way for further upward movement. However, if it loses the support level of $145, it could trigger further declines. Overall, Solana's short-term trend will depend on whether it can maintain the key support level.

The arrangement of the RSI indicator and the moving averages suggests the possibility of a bullish reversal. However, investors also need to pay attention to changes in trading volume and other technical indicators to confirm this trend. The development of the Solana ecosystem will also be an important factor influencing the price.

( 4. The price fluctuations of PEPE have driven the volatility of meme coins, with FloppyPepe soaring by 30,500%.

Volatility is disturbing the meme coin market, as the abnormal performance of PEPE has triggered a new wave of uncertainty among traders. Although the overall sentiment remains mixed, one token has successfully broken through the chaos——FloppyPepe)FPPE###.

FPPE has surged by 30,500% in the past 24 hours, becoming the focus. Analysts believe that this extreme volatility may be due to manipulation or speculative behavior by whales. However, there is also the view that the high-risk, high-reward nature of meme coins is attracting the favor of speculators.

Regardless, such extreme price fluctuations highlight the speculative nature of the meme coin market. Investors need to be fully aware of the risks associated with these types of assets and invest cautiously. At the same time, regulatory agencies may also intensify their oversight of such tokens.

( 5. Singapore strengthens regulation, offshore crypto service providers may migrate to other regions.

Singapore strengthens regulation of the cryptocurrency industry. From 2025, unlicensed entities will not be allowed to provide services to overseas clients, which is expected to impact 200-300 related companies and thousands of professionals. Cryptocurrency practitioners may migrate to regions with looser regulations, such as Dubai, Hong Kong, and Japan, forming a new crypto economic circle.

This migration marks the industry's transition to mature governance, but the real transformation lies in the application of blockchain technology and the exploration of decentralized concepts. Analysts believe that Singapore's move aims to regulate industry development and protect investors' interests, but it may also cause the loss of some innovative advantages.

Regulatory attitudes towards cryptocurrencies are converging among various countries, but there are still differences in specific implementation details. Future industry development will be significantly influenced by regulatory policies, and investors need to pay close attention.

) 6. The Bitcoin MVRV ratio has formed a bearish crossover, preparing for an impact?

On-chain data indicates that the market value of Bitcoin has crossed with the realized value ### MVRV ### ratio, which may be seen as a bearish signal. The MVRV ratio is an important indicator for measuring whether the price of Bitcoin is overvalued or undervalued.

When the MVRV ratio is above 1, it indicates that the Bitcoin price may be overvalued; when it is below 1, it may be undervalued. After a crossover forms, it usually triggers a period of decline.

However, some analysts believe that the MVRV ratio is not 100% reliable and should be analyzed in conjunction with other indicators. In addition, the fundamentals of Bitcoin have not undergone significant changes, and factors such as supply tightening and increased institutional demand may support the price.

Investors need to closely monitor the subsequent price trends and assess whether there are investment opportunities. At the same time, they should also be aware of the high-risk nature of the cryptocurrency market and manage their risk exposure appropriately.

3. Project News

( 1. Polyhedra releases ZKML technology to ensure the quality of AI services.

Polyhedra is a company focused on zero-knowledge proofs and privacy computing. Recently, the company released ZKML) zero-knowledge machine learning ### technology, aimed at providing verification and assurance for AI service quality.

The ZKML technology utilizes the principles of zero-knowledge proof to verify whether the output results of AI models are correct without revealing any private data. This provides a strong guarantee for the reliability of AI services. Xie Tiancheng, co-founder and CTO of Polyhedra, stated that the primary value of ZKML lies in verifying service quality, ensuring the safety and reliability of AI agents.

The release of this technology provides new solutions for the regulation and governance of AI services. As AI technology continues to evolve and its application scenarios expand, ensuring the safety and reliability of AI systems becomes increasingly important. ZKML technology offers a layer of assurance for the quality of AI services and is expected to promote the healthy development of AI technology.

Industry insiders welcome ZKML technology. Analysts believe that this technology provides new ideas for the regulation and governance of AI services, helping to improve public trust in AI technology. However, they also point out that ZKML technology is still in its early stages, and its actual application effectiveness needs further observation and verification.

( 2. The Sui ecosystem continues to make strides, and Move-related projects are attracting market attention.

Sui is an emerging public chain based on the Move language, and recently its ecosystem has been gaining momentum, attracting widespread attention from the market.

As one of the representative projects of the Move language, Sui has attracted much attention since its release. Its underlying technology is written in the Move language, which offers high security and scalability. At the same time, Sui has also introduced a new data model that better supports Web applications.

Recently, the Sui ecosystem has been making significant progress, launching multiple new projects. These include the decentralized exchange Cetus, the decentralized lending protocol, and the NFT marketplace Navi, among others. The launch of these projects further enriches the Sui ecosystem, providing users with more application scenarios.

At the same time, the Sui ecosystem has attracted a large number of developers to join. According to statistics, there are currently hundreds of projects being developed on Sui, covering multiple fields such as DeFi, NFT, and gaming. This lays a solid foundation for the future development of the Sui ecosystem.

The continuous efforts of the Sui ecosystem have attracted widespread attention in the market. Analysts believe that the security and efficiency of the Move language provide a solid technical foundation for Sui, giving it a certain competitive advantage in the public chain field. However, it is also pointed out that the Sui ecosystem is still in its early stages, and its future development will require the test of time.

) 3. The Aptos Foundation's direction of efforts is gaining attention, and new opportunities are emerging in the Move ecosystem.

Aptos is another public chain project based on the Move language, and the recent focus of its foundation has attracted widespread attention in the market.

As an important force in the Move ecosystem, the Aptos Foundation has been actively promoting the development of the ecosystem. Recently, the foundation's focus has become the center of market attention.

According to reports, the Aptos Foundation is focusing on promoting the development of DeFi, NFTs, and other areas. At the same time, the foundation is actively nurturing the developer community to attract more developers to join the Move ecosystem.

The Aptos Foundation's move is seen as a new opportunity for the Move ecosystem. Analysts believe that DeFi and NFTs are currently the hottest areas of Web applications, and the Aptos Foundation's focus will help the Move ecosystem secure a place in these fields.

At the same time, the Aptos Foundation's emphasis on the developer community is also seen as a wise move. The development of the Move language relies on the support of developers, and an active developer community will bring a continuous stream of innovative power to the Move ecosystem.

However, some analysts have raised concerns about the Aptos Foundation's focus. They believe that the Move ecosystem is still in its early stages and perhaps should first concentrate on developing some killer applications rather than spreading their efforts too thin.

4. Circle successfully listed, regulatory agencies recognize the compliance operation of cryptocurrency companies.

Stablecoin issuer Circle has successfully gone public on Nasdaq recently, which is seen as a recognition of compliance operations by regulatory agencies for crypto companies.

Circle is a company that issues the USDC stablecoin, and its listing process has attracted significant attention. As an important player in the crypto industry, Circle's listing signifies that regulatory bodies recognize its compliant operating model.

During the listing process, Circle emphasized its compliance and transparency. The company stated that it will continue to adhere to regulatory requirements and provide users with safe and reliable services.

The successful listing of Circle has brought positive signals to the entire cryptocurrency industry. Analysts believe this will help increase public confidence in the cryptocurrency sector and promote the mainstreaming of crypto assets.

At the same time, analysts have pointed out that Circle's listing is just the beginning, and the cryptocurrency industry still requires further regulatory clarity. In the future, regulators may impose more compliance requirements on cryptocurrency companies to ensure the healthy development of the industry.

Overall, Circle's successful listing is seen as an important milestone in the cryptocurrency industry's move towards compliance and mainstream acceptance. This sets a good example for other crypto companies and is expected to promote the development of the entire industry.

5. The issue of Coinbase account freezes is continuously improving, and user experience needs optimization.

The cryptocurrency exchange Coinbase recently publicly acknowledged its account freezing issues and listed them as a priority to resolve, a move that has garnered widespread attention from users.

Coinbase is one of the largest cryptocurrency exchanges in the world, but it has long faced issues with accounts being frozen. Users' funds are frozen without reason, causing them great inconvenience.

Recently, Coinbase CEO Brian Armstrong acknowledged this issue on social media and stated that the company has prioritized it for resolution. According to Armstrong, the issue has been improved by 82% so far.

Coinbase's move has garnered widespread attention and welcome from users. For a long time, account freezes have been one of the biggest complaints users have had against Coinbase, and Armstrong's commitment is seen as an important signal for improving user experience.

However, some users are skeptical about Coinbase's reform measures. They believe that Coinbase should fundamentally address the issue rather than simply reducing the proportion of frozen accounts.

Analysts point out that the issue of account freezes reflects Coinbase's shortcomings in user experience. As a leading company in the industry, Coinbase needs to further optimize user experience and improve service quality to remain competitive in the future.

4. Economic Dynamics

1. Federal Reserve executives warn that inflation remains high

Economic Background

The U.S. economy has experienced sustained inflationary pressures over the past year. The latest data showed that the consumer price index rose 4.9% year-on-year ###CPI### in May, higher than market expectations. Although inflation has eased, it is still well above the Fed's 2% target. The job market remained solid, with the unemployment rate at 3.7% in May and the number of employed people rising by 339,000. GDP grew at an annualized rate of 1.3% in the first quarter, slightly lower than expected.

(# Important Events Alverato Mosallem, President of the Federal Reserve Bank of St. Louis, stated in a recent interview that the tariff policy of the Trump administration may lead to persistently high inflation rates in the United States. He warned that U.S. policymakers will face economic uncertainty until the end of this summer.

Mussailem believes that the Trump administration's high tariffs on imported goods will raise domestic prices, thereby exacerbating inflationary pressures. At the same time, trade disputes may also affect corporate investment confidence, subsequently impacting employment and economic growth.

)# Market Reaction Investors reacted cautiously to Musalem's remarks. On May 31, the three major U.S. stock indexes fell slightly, as investors remained vigilant about the uncertainty of trade conditions. The bond market showed a mixed trend, with long-term government bond yields rising slightly and short-term government bond yields declining, reflecting divergent expectations about the economic outlook.

Expert Analysis

Jane Harts, chief economist at Goldman Sachs, (Jan Hatzius) said that if the trade dispute continues to escalate, it will be a serious drag on the U.S. economy. He expects that if the Trump administration imposes a 25 percent tariff on all imports, it will reduce GDP growth by nearly 1 percentage point in a year.

J.P. Morgan's Chief Economist Michael Feroli### is relatively optimistic. He believes that despite the uncertainties brought by trade disputes, the labor market remains robust, which helps support consumer spending and economic growth.

2. The Federal Reserve releases signals on cryptocurrency regulation

(# Economic Background The cryptocurrency market has experienced significant volatility over the past year. Bitcoin's price hit an all-time high in November 2022, followed by a sharp decline. Currently, the price of Bitcoin hovers around $100,000. The total market capitalization of cryptocurrencies has shrunk by nearly 70% from its peak. Meanwhile, issues such as the collapse of cryptocurrency exchanges and a decrease in hash power have also attracted the attention of regulators.

)# Important Events Federal Reserve Vice Chair Michelle Bowman ( recently delivered a speech, signaling regulatory intentions for cryptocurrencies. She stated that the Federal Reserve is prioritizing the provision of clearer regulatory guidance for digital assets to promote innovation in financial technology. Bowman's goal is to eliminate ambiguities that hinder the safe adoption of new technologies by banks.

)# Market reaction Bowman's speech has sparked market attention on the prospects of cryptocurrency regulation. Bitcoin's price briefly rose to around $105,000 but then fell back. The stock prices of cryptocurrency exchange Coinbase and Gate rose slightly.

Expert Analysis

Goldman Sachs analysts believe that Bowman’s speech signals the Federal Reserve's willingness to embrace cryptocurrencies, which is expected to inject a "shot in the arm" for the industry. However, they also warn that the specific details and implementation of regulations are still to be observed.

The analysts at Deutsche Bank, however, maintain a cautious attitude. They believe that even with clear regulations, cryptocurrencies may still face strict capital requirements and operational rules, which could limit banks' enthusiasm for participation.

3. Canada criticizes the U.S. for imposing "illegal tariffs" on it.

Economic Background

Canada is one of the largest trading partners of the United States. In 2022, the total bilateral goods trade exceeded $760 billion. However, in recent years, there have been frictions in the bilateral trade relationship. The Trump administration imposed high tariffs on certain Canadian steel and aluminum products, and Canada retaliated with countermeasures on certain American products.

(# Important Event On June 7th, Canadian Prime Minister Carney delivered a speech in Parliament, criticizing the tariffs imposed by the United States on Canada as "illegal and unreasonable". He called for the United States to lift these tariffs as soon as possible and urged Parliament to pass the "Canada Economic Integration Act" to expedite the approval of domestic infrastructure projects and eliminate domestic trade barriers.

)# Market Reaction Carney's speech has sparked market attention on the tensions in Canada-U.S. trade relations. The Canadian dollar has slightly depreciated against the U.S. dollar. The Toronto Stock Exchange Composite Index has closed slightly lower. Prices for major Canadian exports such as steel and aluminum have decreased slightly.

Expert Analysis

Eric Miller, a researcher at the Canadian think tank Macdonald-Laurier Institute, believes that the tariff measures of the Trump administration are a typical practice of "protectionism," which goes against the principles of free trade and will harm bilateral economic interests.

Philip Buck, an economics professor at the University of Ottawa, believes that Canada should adopt stronger countermeasures and seek alliances with other countries to exert pressure on the United States to make concessions. Otherwise, the Canadian economy will continue to be under pressure.

5. Regulation & Policy

1. The regulatory agency for cryptocurrency assets in California, USA, is facing funding shortages.

The regulatory agency in California responsible for overseeing cryptocurrency licensing laws will need additional funding in order to launch the program before the scheduled implementation date of July 1, 2026. The California Department of Financial Protection and Innovation is expected to face a funding shortfall of $193 million for establishing multiple projects, including the Digital Financial Assets Law.

The bill was introduced in 2023 to establish a licensing framework for digital asset companies operating in California. California is one of at least three states that have set up licensing systems for this trillion-dollar industry, aimed at enhancing oversight of consumers and investors and preventing fraud. Meanwhile, the U.S. Senate is attempting to pass legislation to provide a regulatory framework for the industry.

This initiative reflects the growing attention of regulators to crypto assets. As the adoption of cryptocurrencies in mainstream finance continues to expand, it has become urgent to establish clear regulatory guidelines to protect investors, maintain market order, and promote innovation. However, a lack of funding may delay the implementation of this bill and affect the regulatory process.

Industry professionals understand this and call on the government to provide sufficient funding to ensure effective regulation. Some experts believe that cryptocurrency asset regulation needs to balance innovation and risk management, as overly strict regulation may hinder industry development. They suggest that regulators maintain close communication with the industry to develop practical regulatory frameworks.

2. The Hong Kong Securities and Futures Commission proposed the concept of "designated stablecoin", corresponding to a regulatory model for value anchoring.

The Hong Kong Securities and Futures Commission has proposed the concept of "designated stablecoin," which corresponds to the model of "value anchoring regulation." The concept of "designated stablecoin" refers to stablecoins that maintain stable value by referencing one or more official currencies, calculation units specified by the Monetary Authority, or forms of economic value storage.

Regulatory focus is on two types of activities: issuing designated stablecoins in Hong Kong; or issuing designated stablecoins outside of Hong Kong that claim to be pegged to the value of the Hong Kong dollar. This design ensures that stablecoins linked to the Hong Kong dollar are regulated while allowing some space for other stablecoins.

As an international financial center, Hong Kong needs to establish a clear regulatory framework for stablecoins to maintain financial stability and protect investors' interests. This initiative aims to regulate the issuance and circulation of stablecoins and prevent systemic risks. At the same time, it also leaves room for the innovative development of stablecoins, reflecting Hong Kong's open and inclusive attitude towards the regulation of crypto assets.

Industry insiders generally believe that Hong Kong's stablecoin regulatory framework is forward-looking and practical. Some experts point out that this framework will help attract more stablecoin projects to settle in Hong Kong, promoting Hong Kong to become a center for blockchain and digital assets. However, there are also concerns that excessive regulation may hinder innovation, calling for regulatory agencies to maintain flexibility and openness.

3. Federal Reserve Vice Chair Bowman plans to reform and relax bank regulations.

The new top regulator of the Federal Reserve, Bowman, has set an ambitious agenda aimed at re-examining and relaxing several banking rules and regulatory policies, which she believes have become overly burdensome and unnecessary.

Bowman stated that the Federal Reserve will reconsider its approach to rule-making and how to regulate some of the largest and most complex banks in the United States. She pointed out that many of the rules established since the 2008 financial crisis are worth reevaluating.

In particular, Bowman noted that the Fed will consider revising its rating of large banks, noting that two-thirds of large banks are still rated unsatisfactory by Fed regulators even if they meet all capital and liquidity requirements. She said the proposed reforms would address this strange mismatch by taking a more rational approach by reducing some of the subjective rating weights of banks that have demonstrated resilience. She also said that the Fed will reconsider its rating framework for smaller banks to ensure that it focuses primarily on material risks rather than regulatory judgments. Bowman also said that the Fed will scrutinize what it calls "horizontal scrutiny," in which regulators conduct in-depth scrutiny of multiple banks on a particular issue.

This initiative aims to simplify regulatory processes and reduce the compliance burden on banks. However, some individuals are concerned that excessive deregulation may increase systemic risks. Some experts believe that the series of regulatory measures introduced after the financial crisis, although cumbersome, help maintain financial stability. They urge the Federal Reserve to remain prudent during the reform process and weigh risks against efficiency.

Overall, Bauman's reform agenda reflects the efforts of U.S. regulatory authorities to seek a balance between strengthening regulation and promoting innovation. Industry insiders hope that the Federal Reserve can develop a practical regulatory framework based on comprehensive feedback from all parties.