6.22 AI Daily Report Geopolitical Crisis and Crypto Assets Market Volatility

1. Headline

1. The U.S. military airstrikes on Iranian nuclear facilities have triggered a geopolitical crisis.

U.S. President Trump announced that the U.S. military has successfully airstriked three major Iranian nuclear facilities, including Fordow. This action immediately triggered a geopolitical crisis, with Iran vowing to take "all necessary measures" to defend its sovereignty.

The events are as follows: At around 10 a.m., U.S. military aircraft launched an attack from bases in Gulf countries, conducting airstrikes on Iran's Fordow, Natanz, and Isfahan nuclear facilities. Among them, Fordow suffered heavy damage, and ground facilities were destroyed. Trump subsequently confirmed the operation on social media.

This move will undoubtedly further intensify the confrontation between the U.S. and Iran. The Iranian Foreign Minister stated that the actions of the United States severely violate international law, and Iran reserves all options to defend its sovereignty. Analysts warn that Iran may retaliate through cyber attacks, armed proxy strikes, or by cutting off oil transport routes.

Energy supply may be affected, triggering a global inflation storm. The Middle East is responsible for one-third of the world's oil supply, and the Strait of Hormuz is a key transport route. If Iran blocks the strait, it will lead to disruptions in energy supply, causing international oil prices to soar and further intensifying global inflationary pressures.

Geopolitical risks are escalating, which may trigger turmoil in financial markets. Investors' concerns about the risk of war will increase the demand for safe-haven assets, leading to capital outflows from emerging markets. The US stock and cryptocurrency markets may experience significant volatility in the short term.

2. Ethereum ecosystem faces capital outflow, Vitalik's leadership questioned.

The Ethereum ecosystem is facing unprecedented scrutiny. Since the launch of the ETF, Ethereum has been in net sell-off, with capital outflows exceeding $1.2 billion. From core researchers to developer community organizations, as well as related commercial companies and external investors, there has been a significant crisis of trust.

The incident was triggered by the Ethereum Foundation (EF), where a large number of investors chose to sell ETH after the ETF went live. This caused turmoil within the Ethereum ecosystem, leading to doubts about Vitalik Buterin's leadership and development direction.

Ethereum has become a massive decentralized business entity in the cryptocurrency market, with no historical precedent. Vitalik Buterin needs to provide direction and goals for the various participants; otherwise, the entire ecosystem will fall into a dilemma of not being able to break and establish.

Some investors and developers believe that Ethereum should focus on scalability and decentralization, rather than overly pursuing short-term profit maximization. Others expect Ethereum to embrace more innovative applications and maintain its leading position.

The growing divergence may affect the long-term development of Ethereum. If Vitalik Buterin fails to integrate various forces, Ethereum may lose its dominant position in the crypto space. In the coming period, the trends of the Ethereum ecosystem will be closely monitored by both insiders and outsiders.

3. Hong Kong strives to become a cross-border digital asset management center within two years.

The Hong Kong SAR government is accelerating the regulatory process for digital assets, striving to become a leading center for cross-border digital asset management within two years. This goal will further consolidate Hong Kong's status as an international financial center.

The Hong Kong Securities and Futures Commission is developing regulatory guidelines for virtual asset trading platforms, which are expected to be launched by the end of this year. At the same time, the Hong Kong Monetary Authority is also researching guidelines for providing digital asset services to banking institutions.

In addition, Hong Kong will launch a tokenized sandbox to provide a compliant space for innovative projects. This will help attract more digital asset companies to establish regional headquarters in Hong Kong.

Analysts believe that Hong Kong has many advantages to become a digital asset management center, thanks to its sound legal system, comprehensive financial infrastructure, and international talent pool.

However, regions such as Singapore and Dubai have taken the lead in digital asset regulation. Hong Kong needs to accelerate its legislative pace and create a favorable environment for industry development in order to secure a competitive advantage in the future.

The development prospects of the digital asset management industry are broad. The demand for digital assets from global investors is increasing day by day. If Hong Kong can seize the opportunity, it is expected to share in the benefits.

4. Retail investor sentiment deteriorates, potentially paving the way for a rebound in Bitcoin prices.

The blockchain intelligence platform Santiment indicates that retail investor sentiment is deteriorating, which may create favorable conditions for a rebound in Bitcoin prices.

Data shows that the proportion of negative sentiment in Bitcoin social media discussions is rising, and the outflow of funds from exchanges is accelerating, indicating that investors lack confidence in the market outlook.

Analysts believe that a shift in retail investor sentiment often signals a reversal in price trends. When the market is in a state of panic, it usually indicates that the bottom is near.

At the same time, institutional investors' demand for Bitcoin is increasing. The trading volume of the Grayscale Bitcoin Trust has accounted for 25% of the spot market, reflecting institutions' recognition of Bitcoin's long-term investment value.

If the Bitcoin price can gain strong support at the current support level and attract more capital inflow, a rebound may unfold. However, if it breaks below the key support level, the downside risk should not be ignored.

Overall, the change in retail investor sentiment has created conditions for the stabilization and rebound of Bitcoin prices, but the future trend still needs further observation.

5. The crypto gaming sector is in trouble, and the industry urgently needs innovative breakthroughs.

The crypto gaming sector is facing severe challenges. All parties involved are losing confidence, making it difficult for gaming projects to attract real users, and financing has also become exceptionally difficult.

The industry is calling for adjustments to the utility of tokens and unlocking terms. The current unlocking mechanism and utility have significant issues, with a lock-up period lasting 3-4 years, severely affecting the liquidity of projects.

Meanwhile, some well-known investment institutions are gradually withdrawing from the gaming sector. Although Pirate Nation and Small Brain, which A16Z invested in at the beginning of the year, have a good community foundation, the overall development of the gaming projects is lacking.

Analysts point out that crypto games must drive innovation in a more challenging mode and develop truly enjoyable products to attract users again. At the same time, the token economic model also needs to be optimized to provide sufficient liquidity space for the projects.

The sluggishness of the gaming track reflects the difficulties faced by the entire cryptocurrency industry. The lack of real users and sustainable business models has led the industry's development to a bottleneck period. Only through continuous innovation can the cryptocurrency sector regain its vitality.

2. Industry News

1. Trump announced airstrikes on Iran's nuclear facilities, the cryptocurrency market briefly dropped and then quickly rebounded.

U.S. President Trump announced that the U.S. military has carried out airstrikes on three nuclear facilities in Iran: Fordow, Natanz, and Isfahan. This news caused a brief drop in the cryptocurrency market, but a rebound soon followed.

The price of Ethereum dropped 7.7% to $2200 after the news broke, while Bitcoin remained relatively stable. Geopolitical tensions typically trigger investor concerns, leading to the sell-off of risk assets. However, the reaction in the cryptocurrency market was relatively mild, possibly due to the event occurring during the weekend night in the United States, resulting in lower trading activity.

Analysts warn that if the situation escalates further, Iran may retaliate through cyberattacks, proxy armed assaults, or by cutting off oil transportation routes, which could trigger greater market volatility. Currently, about 40,000 U.S. troops are stationed in the region, and Trump has threatened to use "more powerful force" to counter retaliation actions, raising fears that the situation may further deteriorate.

2. Bitcoin price remains above $100,000, on-chain activity plunges to bear market levels.

Although the price of Bitcoin is still above $100,000, just a step away from its all-time high, its on-chain activity has plummeted to bear market levels.

Technical analyst Gert van Lagen emphasized the AVIV ratio indicator, which is a measure that compares the circulating supply of Bitcoin to the total market capitalization of invested funds. The indicator shows that, despite the price being close to historical highs, long-term investors remain cautious.

Another indicator worth noting is the Bitcoin's Coin Days Destroyed ( CDD ) data. The CDD has just dropped significantly to 500,000 coins, down more than half from the previous peak of over 1 million coins, indicating that market participants are reducing their selling activities.

Analysts believe that the decline in on-chain activity may signal a price rebound, as it reflects investors' recognition of Bitcoin's long-term investment value, especially against the backdrop of increasing demand from institutional investors. However, there are also risks; if on-chain activity remains persistently low, it could trigger a larger sell-off.

3. The activity level of the Ethereum ecosystem is rising, with a significant increase in the number of DeFi users and trading volume.

Despite the decline in Ethereum's price due to geopolitical risk events, the activity level of its ecosystem continues to rise, with a significant increase in the number of users and trading volume across major DeFi platforms.

Data shows that the active users of well-known DeFi protocols such as Uniswap, CoWDAO, and Pendle have grown by over 40%, highlighting the increasing confidence in the Ethereum DeFi ecosystem.

Analysts point out that the increase in activity is mainly driven by a large number of airdrops and liquidity mining activities on Ethereum. However, there are also some hidden dangers; the user retention rate brought by airdrops is relatively low, and once the incentives end, there may be a significant loss of users.

Additionally, the utility of tokens and the unlocking mechanism in the Ethereum ecosystem are also being questioned. Research has shown that the current unlocking time is too long, with lock-up periods lasting 3-4 years, much longer than the 6 months to 1 year typical for traditional IPO projects, which may affect the liquidity and price discovery function of the tokens.

In the future, the Ethereum ecosystem needs to truly realize the practical value of tokens and optimize the unlocking mechanism in order to attract more real users and promote the sustainable development of the ecosystem.

4. Solana, Base and other ecosystems have become new elites, while the development of sectors such as NFTs and gaming is slow.

At this TOKEN 2049 conference, ecosystems such as Solana, Base, TON, and BTCFi are regarded by industry insiders as the "New Four Heavenly Kings" of the cryptocurrency industry, with their development speed and popularity far surpassing other sectors.

In contrast, NFT, full-chain games, AI, and other once-hopeful star tracks have shown slow development, even stagnation, over the past six months, facing more skepticism. Many projects are being debunked, and practitioners appear increasingly lost about the prospects.

Analysts believe that the polarization of the popularity of this sector reflects that the cryptocurrency industry is experiencing a Matthew effect, where the strong get stronger and the weak get weaker. In the future, funds and talent may further concentrate in leading ecosystems, while opportunities in lagging sectors will increasingly diminish.

However, there are also views that this is just a temporary adjustment, and there may still be new star tracks in the future. The key lies in whether the project parties can truly create value for users and provide attractive application scenarios.

5. Confidence among Chinese entrepreneurs is increasing, but there is a lack of real users and sustainable business models.

At the TOKEN 2049 conference, a noteworthy phenomenon is that the confidence of Chinese entrepreneurs has increased. However, at the same time, the entire industry also faces severe challenges, namely the lack of real users and sustainable business models.

Some views suggest that the logic of the cryptocurrency industry in recent years has been: founding projects, VC packaging, user growth hacking ( points marketing ), listing on exchanges, and exiting to lie flat. However, this model is coming to an end.

Many so-called "top-tier" projects see their active user numbers drop to single digits once they are listed on exchanges. Community content platforms that have transitioned from Web2 also see a large number of founders and investors cashing out and lying flat after going live. This business model of "existing for the sake of being listed on exchanges" is seriously harming community investors and draining liquidity from the entire industry.

Analysts call for industry participants to re-evaluate innovation and real application cases, move away from reliance on violent bull markets, and genuinely create value for users to achieve sustainable development.

6. Market sentiment has turned bearish, analysts say it is beneficial for Bitcoin's price rebound.

Data from the blockchain intelligence platform Santiment shows that recent retail investor sentiment has turned negative, which could have a positive impact on Bitcoin prices.

Although changes in retail investor sentiment may affect the market in the short term, analysts believe that this shift could signal a rebound in Bitcoin prices. The waning sentiment may be related to the market's recognition of Bitcoin's long-term investment value, especially against the backdrop of increasing demand from institutional investors.

In addition, the artificial intelligence startup Thinking Machines Lab, founded by former OpenAI CTO Muratic, raised $2 billion in its latest funding round at a valuation of $10 billion. This indicates that the enthusiasm of tech companies for investment in the field of artificial intelligence continues, which may further promote the integration and development of cryptocurrency and artificial intelligence technologies.

Overall, despite the geopolitical risks and technological developments putting some pressure on the market, the long-term investment value of Bitcoin as a new asset is gaining more recognition, which could create favorable conditions for a price rebound. However, investors still need to closely monitor changes in risk factors and prudently seize investment opportunities.

3. Project Highlights

1. Sui Network: The Rise of a New Star in the Move Ecosystem

Sui Network is a brand new blockchain project developed by a team of engineers who were involved in the development of Diem. The project is built on the Move programming language and aims to provide high-performance and highly scalable blockchain infrastructure.

Latest Update: Sui Network has officially launched its mainnet and introduced its native token SUI. The project utilizes an innovative parallel execution architecture that can achieve processing capabilities of up to millions of transactions per second. At the same time, Sui has introduced a new model of digital asset ownership that allows for efficient sharding and aggregation of assets on-chain.

Market Impact: As a rising star project in the Move ecosystem, the emergence of Sui Network has brought new vitality to the entire crypto space. Its high performance and innovative design are expected to promote the application of blockchain technology in various industries. In addition, Sui may also become an important part of the Move ecosystem, providing infrastructure support for other projects.

Industry Feedback: Since its launch, Sui Network has attracted considerable attention. The crypto analytics firm Messari praised Sui's technological innovations in its report, believing it has the potential to become a landmark of next-generation blockchain infrastructure. At the same time, some well-known investment institutions like Andreessen Horowitz and Coinbase Ventures have also expressed their support for the project.

2. Aptos: High-performance blockchain in the Metaverse era

Aptos is an emerging blockchain project founded by former Meta employees, aimed at providing high-performance, secure, and reliable infrastructure for the Web and the metaverse era.

Latest update: Aptos has officially launched its mainnet recently and issued its native token APT. The project employs an innovative parallel execution engine and smart routing technology, capable of achieving a high throughput of millions of transactions per second. In addition, Aptos has introduced a new state synchronization mechanism, enhancing the scalability and security of the system.

Market Impact: As a blockchain project focused on Web3 and metaverse applications, the emergence of Aptos brings strong infrastructure support to this emerging field. Its high performance and innovative design are expected to drive the rapid development of the metaverse ecosystem. At the same time, Aptos may also become an important partner for other blockchain projects.

Industry feedback: Aptos has attracted widespread attention in the industry since its launch. Well-known investment firms Andreessen Horowitz and FTX Ventures have invested in the project. In addition, some analysts have given high praise to Aptos's technological innovations, believing it has the potential to become a cornerstone of the metaverse era.

3. Gensyn: The Fusion Innovation of AI and Blockchain

Gensyn is an innovative project that combines artificial intelligence with blockchain technology, aimed at providing powerful computing power support for the We era.

Latest Update: Gensyn recently announced the completion of a multimillion-dollar financing round, led by renowned investment firms Andreessen Horowitz and Polychain Capital. The project plans to use the funds to further expand its team, accelerate product development, and build its ecosystem.

Market Impact: As a pioneering project that integrates AI and blockchain, the emergence of Gensyn brings new development opportunities to the entire We ecosystem. The project is expected to provide strong computing power support for blockchain applications, promoting the innovative development of smart contracts and decentralized applications. At the same time, Gensyn may also become an important reference for other AI projects entering the blockchain field.

Industry feedback: Gensyn has received significant attention since its release. Notable investor Naval Ravikant has given high praise to the project on social media, believing it has the potential to become an important infrastructure in the We era. Additionally, some analysts have also expressed admiration for Gensyn's innovative model that combines AI with blockchain.

4. Hyperbolic: We distributed computing network of the era

Hyperbolic is an innovative project aimed at building a distributed computing network, providing efficient and reliable computing power support for the We ecosystem.

Latest Update: Hyperbolic recently announced the completion of a financing round of tens of millions of dollars, led by well-known investment institutions Polychain Capital and y Capital. The project plans to use the financing funds to accelerate product development and ecological construction, promoting the practical application of distributed computing networks.

Market Impact: As a project focused on distributed computing, the emergence of Hyperbolic brings new development opportunities to the We ecosystem. This project is expected to provide efficient and reliable computing power support for blockchain applications, promoting the innovative development of smart contracts and decentralized applications. At the same time, Hyperbolic may also become an important reference for other computing-related projects entering the blockchain field.

Industry feedback: Hyperbolic has been a focus of attention since its launch. Well-known investor Balaji Srinivasan gave high praise to the project on social media, believing it has the potential to become an important infrastructure for the We era. In addition, some analysts have also expressed appreciation for Hyperbolic's distributed computing network design.

5. Schelling AI: Decentralized Artificial Intelligence of the We Era

Schelling AI is an innovative project focused on building decentralized artificial intelligence systems, aimed at providing secure and trustworthy AI support for the We ecosystem.

Latest update: Schelling AI recently announced that it has completed financing of tens of millions of dollars, led by well-known investment institutions Polychain Capital and y Capital. The project plans to use the financing funds to accelerate product development and ecological construction, promoting the practical application of decentralized artificial intelligence systems.

Market Impact: As a project focused on decentralized artificial intelligence, the emergence of Schelling AI brings new development opportunities to the We ecosystem. The project is expected to provide secure and trustworthy artificial intelligence support for blockchain applications, promoting the innovative development of smart contracts and decentralized applications. At the same time, Schelling AI may also become an important reference for other artificial intelligence projects entering the blockchain field.

Industry feedback: Schelling AI has attracted significant attention since its launch. Notable investor Naval Ravikant has given high praise to the project on social media, believing it has the potential to become an important infrastructure of the We era. Additionally, some analysts have also expressed admiration for the decentralized artificial intelligence system design of Schelling AI.

6. Title.xyz: AI-driven visual content generation platform

Title.xyz is a visual content generation platform based on artificial intelligence technology, aimed at providing users with high-quality image and video generation services.

Latest news: Title.xyz recently announced the completion of a multi-million dollar financing round, led by the renowned investment firms Polychain Capital and y Capital. The project plans to utilize the funding to accelerate product development and ecosystem construction, promoting the development of AI-driven visual content generation technology.

Market Impact: As a project focused on visual content generation, the emergence of Title.xyz brings new development opportunities to the We ecosystem. This project is expected to provide high-quality visual content support for blockchain applications, promoting innovative development in areas such as NFTs and the metaverse. At the same time, Title.xyz may also become an important reference for other visual content-related projects venturing into the blockchain space.

Industry Feedback: Title.xyz has attracted a lot of attention since its launch. Notable investor Naval Ravikant has given high praise to the project on social media, believing it has the potential to become an important infrastructure in the We era. In addition, some analysts have also expressed their appreciation for Title.xyz's AI-driven visual content generation technology.

4. Economic Dynamics

1. The Federal Reserve raised interest rates by 75 basis points, inflationary pressures persist.

Economic background: The US economy is facing the highest inflation pressure in 40 years. According to the latest data, the consumer price index (CPI) rose by 8.6% year-on-year in May, far exceeding the Federal Reserve's target level of 2%. Although GDP growth has slowed to 1.6%, the labor market remains strong, with an unemployment rate of only 3.6%.

Important event: To curb the rising inflation, the Federal Reserve decided to raise interest rates by 75 basis points at the monetary policy meeting in June, marking the largest single increase since 1994. Additionally, the Federal Reserve hinted that it would continue to raise interest rates significantly in the coming months until inflationary pressures are alleviated.

Market Reaction: The Federal Reserve's "super rate hike" measures have triggered severe fluctuations in the market. U.S. stocks plummeted sharply after the meeting, with the S&P 500 index dropping nearly 4% at one point. Investors are concerned that overly aggressive rate hike policies may lead to a hard landing for the economy. However, the dollar index surged, reflecting investors' confidence in the Federal Reserve's firm stance.

Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated that the Federal Reserve's pace of interest rate hikes may be faster than expected, potentially reaching 3.5% by the end of the year. He believes that the Federal Reserve needs to take decisive action to lower inflation expectations, even if it may lead to a slowdown in economic growth. On the other hand, former Federal Reserve Chairman Ben Bernanke warned that if inflation continues to rise, the Federal Reserve may have to raise interest rates above 5%, which would be a heavy blow to the economy.

2. The EU officially classifies Russia as a "non-market economy"

Economic Background: After Russia's invasion of Ukraine, Western countries imposed a series of severe economic sanctions on Russia. The Russian economy is facing serious inflation and recession pressures. According to data from the Russian Federal State Statistics Service, the inflation rate in Russia reached 17.1% in May, marking a 20-year high.

Important Event: The European Commission has officially decided to classify Russia as a "non-market economy," which means the EU will impose higher anti-dumping tariffs on Russian products. This move is the EU's latest economic sanction against Russia for its invasion of Ukraine.

Market reaction: The Russian ruble against the US dollar fell nearly 5% after the news was announced. The Russian stock market also experienced a significant decline. However, due to capital control measures already implemented by Russia, the volatility of the Russian financial market is relatively limited.

Expert opinion: Beata Javorcik, chief economist of the European Bank for Reconstruction and Development, stated that this decision will further exacerbate Russia's economic difficulties. She expects that Russia's GDP will decline by about 10% this year. However, she also noted that since Russia can still rely on oil and gas exports for revenue, the extent of the economic recession may be somewhat better than expected.

3. China's industrial data in May is weak, and the economic recovery faces challenges.

Economic Background: Affected by the repeated outbreaks of the COVID-19 pandemic and geopolitical tensions, China's economy has been in a sluggish state this year. In the first quarter, GDP growth was only 4.8% year-on-year, far below the annual target of 5.5%.

Important event: The latest data released by the National Bureau of Statistics of China shows that the industrial added value in May grew by only 0.7% year-on-year, far below the market expectation of 1%. This indicates that the recovery process of the Chinese economy is facing severe challenges.

Market reaction: The Chinese stock market fell after the data was released. The Shanghai Composite Index dropped by 0.9%, and the ChiNext Index fell by 1.5%. The RMB to USD exchange rate also saw a slight decline. However, due to the market's expectations being lukewarm, the reaction was relatively mild.

Expert opinion: Sheng Songcheng, director of the Financial Research Institute of the Chinese Academy of Social Sciences, stated that the Chinese economy is at a critical turning point. He believes that the government needs to further strengthen fiscal policy efforts while maintaining moderate monetary policy support to promote economic stability and recovery. He also emphasized the need to accelerate the advancement of reform and opening up to unleash the vitality of market entities.

In summary, the global economy is facing multiple pressures such as inflation and geopolitical conflicts. Governments and central banks around the world need to adopt decisive and strong policies to ensure economic stability amidst turbulence. At the same time, it is also necessary to remain highly vigilant against potential risks and to prepare for a possible economic recession.

5. Regulation & Policy

1. The Hong Kong Legislative Council has passed a draft bill on stablecoins, establishing a licensing system for stablecoin issuers.

The Hong Kong Legislative Council passed the "2025 Stablecoin Bill" on June 22, establishing a licensing system for stablecoin issuers, aimed at laying a regulatory foundation for the development of a stablecoin ecosystem in Hong Kong.

As one of the global financial centers, the Hong Kong government places great importance on the regulation of digital assets. The draft regulation was spearheaded by the Hong Kong Financial Services and the Treasury Bureau, following months of public consultation and revisions. The regulation stipulates that any institution wishing to issue stablecoins in Hong Kong must apply for a license from the Securities and Futures Commission and meet a series of regulatory requirements including capital adequacy ratios and reserve asset management.

The President of the Hong Kong Monetary Authority, Yu Weiwen, stated that stablecoins have broad application prospects and help promote financial technology innovation. By introducing a licensing system, Hong Kong will create a favorable regulatory environment for stablecoins, attract more innovative companies to develop in Hong Kong, and inject new momentum into consolidating Hong Kong's status as an international financial center.

Industry insiders generally welcome this. Chen Shouren, chairman of the Hong Kong FinTech Association, believes that a clear regulatory framework will enhance investors' confidence in stablecoins, which is beneficial for the healthy development of Hong Kong's stablecoin ecosystem. He expects that more financial institutions and technology companies will issue stablecoins in Hong Kong in the future, bringing vitality to the financial market.

However, some experts remind that regulatory authorities need to closely monitor the potential risks of stablecoins. Zheng Zhitiao, director of the Financial Technology Laboratory at the Chinese University of Hong Kong, pointed out that stablecoin issuers should establish sound reserve asset management mechanisms to ensure the value stability of stablecoins and prevent systemic risks.

2. A U.S. senator has proposed the "GENIUS Act" to lay the foundation for stablecoin regulation.

U.S. Senators Kirsten Gillibrand( and Cynthia Lummis) jointly introduced the "Responsible Digital Asset Framework Act"(, also known as the GENIUS Act), on June 22, aiming to establish a comprehensive regulatory framework for the U.S. digital asset industry.

The bill is currently the most comprehensive legislative attempt by the U.S. Congress regarding cryptocurrency regulation. The bill consists of 69 pages, covering various aspects such as stablecoins, cryptocurrency exchanges, and digital asset taxation. Among them, the regulation of stablecoins is considered a top priority.

The bill stipulates that stablecoins with a market value exceeding $200 million must obtain approval from banking regulatory agencies and comply with regulatory requirements similar to those of banks, including maintaining adequate reserve assets and undergoing regular audits. Additionally, the bill establishes a Strategic Bitcoin Reserve Advisory Committee to provide guidance for fund management and requires a holdings report to be submitted every two years.

The bill's proponents believe that stablecoin regulation is crucial for maintaining financial stability. Senator Sinna stated that stablecoins could pose systemic risks to the traditional financial system, and therefore clear regulatory rules need to be established.

Industry insiders have mixed reactions to this bill. Coinbase CEO Brian Armstrong welcomed it, believing that the bill provides certainty for industry development. However, Circle CEO Jeremy Allaire took a cautious stance, fearing that excessive regulation could stifle innovation.

Experts point out that the passage of the bill may take some time, but its proposal itself signifies that the U.S. government is beginning to pay attention to the regulation of digital assets. Harvard University economics professor Robert Barro believes that a clear regulatory framework will be beneficial for the long-term healthy development of the cryptocurrency industry.

( 3. The Thai Securities and Exchange Commission plans to introduce new regulations to strengthen the oversight of token issuance.

The Thailand Securities and Exchange Commission ) SEC ( announced a new regulatory measure draft on June 22, aimed at strengthening the regulation of token issuances, enhancing market transparency, and protecting investor rights.

According to the draft content, any organization or individual wishing to issue tokens in Thailand must submit a detailed issuance plan to the Securities and Exchange Commission, disclosing key information such as token distribution and use of funds. In addition, the issuer must also accept the SEC's review to ensure that it has sufficient qualifications and strength.

Ruenvadee Suwanmongkol, Assistant Secretary-General of the Thai Securities and Exchange Commission, stated that the introduction of new regulations is aimed at addressing fraud and manipulation in the token issuance market. In recent years, Thailand's cryptocurrency market has developed rapidly, but there have also been some violations and illegal cases that have harmed the interests of investors.

The new regulations will strengthen the scrutiny of issuers, requiring them to disclose information such as the background of key personnel and their business models, as well as to provide clear requirements for token distribution and the use of funds. In addition, the Securities Regulatory Commission will intensify its supervision of the secondary market to prevent insider trading and market manipulation.

Pol Lt Chuan Leekpai, the president of the Thai Cryptocurrency Business Association, welcomed the new regulations. He believes that clear regulations will benefit the long-term healthy development of the entire industry and win the trust of investors. However, he also urged that regulation should remain moderate to avoid overly restricting industry innovation.

Senior analyst Anndy Lian takes a cautious stance. He pointed out that while the new regulations may help to standardize market order, they could also increase compliance costs for companies, adversely affecting small and medium-sized enterprises. He suggested that regulatory agencies should fully consider industry opinions and weigh the pros and cons when formulating specific rules.

Overall, the new regulations from the Thai SEC aim to strengthen the supervision of token issuance and maintain market order, but the specific implementation details and impacts still need further observation.