7.20 AI Daily Crypto Assets regulation accelerates implementation, the industry迎来重要转折

1. Headlines

1. Trump signs the GENIUS Act, stablecoin regulation implemented.

President Trump officially signed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" (GENIUS Act ) on July 19, marking the first establishment of a stablecoin regulatory framework in the United States. The Act requires that stablecoins be backed by liquid assets such as US dollars or US short-term Treasury bills, and issuers must disclose reserve details monthly. Currently, the total market capitalization of the two largest stablecoins, USDT and USDC, accounts for nearly 90%.

Experts point out that the U.S. is strongly promoting stablecoins with the intention of leveraging the existing advantages of the dollar to maintain its dominant position in the global currency and payment system. Some viewpoints suggest that this move may alleviate pressure on U.S. debt. However, some Democratic lawmakers question the bill's failure to provide sufficient consumer and financial stability protections and point out connections between the Trump family and cryptocurrency. Some Republican lawmakers also believe that the bill conflicts with Trump's previous executive order banning central bank digital currencies.

2. OpenAI launches a $50 million fund to support non-profit organizations

OpenAI announced the launch of a $50 million initial fund to support non-profit organizations and community organizations. Through this fund, OpenAI will partner with others to leverage the transformative potential of artificial intelligence in areas such as education, economic opportunity, community organization, and healthcare to expand impact and foster innovation. The company will also support community-led research and innovation to harness the potential of artificial intelligence for the public good.

This initiative reflects OpenAI's vision of integrating the development of artificial intelligence technology with social benefits. As the application of artificial intelligence expands across various industries, ensuring that its development aligns with ethical and social values is becoming increasingly important. OpenAI's fund aims to support organizations and projects that use artificial intelligence for the benefit of society, contributing to the responsible development of AI.

3. Hong Kong plans to adopt an invitation-based system for issuing stablecoin licenses.

According to sources, the "Stablecoin Regulation" in Hong Kong will come into effect on August 1, and the application for stablecoin licenses will also commence. The licensing for stablecoin issuers will not follow the method where applicants download forms themselves and submit written applications uniformly, but will instead be arranged in a manner similar to an invitation application system.

This approach may make Hong Kong the first region in the world to adopt an invitation-only system for issuing stablecoin licenses. Experts analyze that the invitation system is beneficial for regulators to conduct stricter reviews and screenings of applicants, ensuring that the licensed issuers possess sufficient strength and compliance. At the same time, this reflects Hong Kong's determination to lead globally in the regulation of stablecoins.

The Hong Kong Monetary Authority stated that it will comprehensively consider factors such as the applicant's qualifications, business plans, and risk management, and will issue invitations based on merit. Those invited must go through the formal application process to ultimately obtain a license.

4. Dogecoin founder lists favorite cryptocurrencies

Dogecoin co-founder Markus listed his favorite cryptocurrencies on social media. Despite his significant influence, he remains humble about his modest Bitcoin holdings, emphasizing the importance of perspective in the crypto space.

Markus stated that his favorite cryptocurrencies include Bitcoin, Ethereum, Monero, and Dogecoin. He considers Bitcoin to be "digital gold," Ethereum as the "world computer," and Monero as the true privacy coin. As for Dogecoin, he thinks it is an interesting "social experiment."

Markus's remarks have sparked heated discussions within the crypto community. Supporters believe that, as one of the pioneers of cryptocurrency, his opinions are worth considering. However, some criticize him for focusing too much on popular coins and neglecting the potential of other emerging projects. Overall, Markus's statements once again reflect the diversity of opinions in the field of cryptocurrency.

5. Ethereum futures trading volume surpasses Bitcoin

According to industry data, the trading volume of Ethereum futures has surpassed that of Bitcoin, indicating a strong speculative interest pouring into this asset. Analysts point out that this trend reflects the growing preference of institutional investors for Ethereum and also suggests that Ethereum's position in the cryptocurrency market is on the rise.

At the same time, the decline in Bitcoin futures trading volume has also raised some concerns. Some analysts believe that this may indicate a weakening of investor enthusiasm for Bitcoin. However, there are also views that argue Bitcoin, as the flagship cryptocurrency, has not lost its status; rather, investors are diversifying their portfolios.

Regardless, the growth of Ethereum futures trading volume signifies the ongoing development and maturation of the cryptocurrency derivatives market. At the same time, regulators are also increasing their oversight in this area to ensure the fairness and transparency of market operations.

2. Industry News

1. Bitcoin price breaks through $32,000, market sentiment remains optimistic.

Bitcoin prices have risen by more than 5% in the past 24 hours, breaking through the $32,000 mark and reaching a new high in nearly two months. This increase is mainly driven by investor optimism about the cryptocurrency's prospects and the continuous influx of institutional investors.

Analysts point out that the upward momentum of Bitcoin mainly comes from two factors. First, the United States has passed regulatory legislation favorable to the development of cryptocurrencies, providing more certainty for institutional investors. Second, the Bitcoin supply halving is approaching, and investors expect this to drive up prices.

Exchange data shows that the trading volume of Bitcoin has significantly increased over the past week, reflecting a higher level of market participation. However, some analysts warn that the short-term rise in Bitcoin could trigger profit-taking behavior, leading to a price correction. Investors need to closely monitor market dynamics and cautiously manage risks.

2. Ethereum's daily trading volume hits a new high, the DeFi ecosystem continues to heat up.

The daily transaction volume on the Ethereum network has surpassed a record 20 million transactions, mainly due to the continued warming of the DeFi ecosystem. Data shows that the total locked value of Ethereum has increased by over 10% in the past week, reflecting the growing preference of investors for DeFi applications.

Analysts believe that the significant increase in Ethereum's transaction volume is mainly due to two reasons. On one hand, the increased activity of applications such as DeFi lending and market making has driven demand for network transactions. On the other hand, the booming NFT trading on Ethereum has also contributed to the growth in transaction volume.

At the same time, Ethereum's Gas fees continue to rise, putting some pressure on the network's scalability. Although Ethereum's PoS upgrade is expected to alleviate this issue, Gas fees may still restrict further growth in transaction volume in the short term. Investors need to closely monitor network congestion and plan their trading timing accordingly.

3. The Solana ecosystem tokens are experiencing a general rise, with SOL price breaking through 180 USD.

Affected by the continuous warming of the Solana ecosystem, the price of SOL has risen by more than 5% in the past 24 hours, breaking through the 180 USD mark. Meanwhile, popular tokens within the Solana ecosystem have also seen varying degrees of increase, reflecting the growing favor of investors towards this ecosystem.

Analysts say that the continued warming of the Solana ecosystem is mainly due to its high performance and low transaction fee advantages. As more and more applications like DeFi and NFTs are deployed on Solana, the network's activity is continuously increasing, driving up the price of SOL.

However, some analysts have raised doubts about the sustainability of the Solana ecosystem. They believe that Solana has a higher degree of centralization and certain security risks, which may affect its long-term development. Investors need to comprehensively assess the potential risks when investing in the Solana ecosystem.

3. Project News

1. The Solana ecosystem meme project MEW has released a 3D animation trailer, deepening the development of the cat-themed cultural IP.

The Solana ecosystem Meme token project MEW released its first 3D animated trailer on July 19. The trailer is well-produced and showcases a unique cat-themed worldview, marking MEW's upgrade from a mere Meme coin to a cultural IP.

The MEW project was born in May 2022 and is one of the first Meme tokens in the Solana ecosystem. With its interesting cat-themed design and active community, MEW stands out in the Meme track. As the project developed, the MEW team realized the need to continuously deepen brand value, so they began to create a cat-themed cultural IP.

The 3D animated trailer released this time showcases the exquisite art style and rich details of the MEW worldview, highlighting the project team's determination to continuously build this IP. The team stated that they will deepen brand value and cultural IP construction through animation and surrounding content.

The trend in the current industry is for meme token projects to transition towards cultural IP. Successful meme projects should not stop at a single token, but rather need to build a unique worldview and storyline, creating IP products that have fan culture. MEW's animated trailer has taken an important step in this direction.

Industry insiders believe that the release of the MEW animated trailer will bring more attention to it. If it can continue to produce high-quality content in the future, MEW is expected to become one of the first successful meme culture IP projects to transform within the Solana ecosystem.

2. New developments in the Sui ecosystem: Grayscale Trust and Native USDC launched, but the number of projects remains insufficient.

The Move ecosystem public chain Sui has recently made some new progress. Firstly, Grayscale Trust announced on July 18 the launch of its first institutional-grade trust product on Sui. In addition, Circle released Native USDC on Sui on July 19. These two positive developments will bring more capital inflow to the Sui ecosystem.

However, the number of tradable projects in the Sui ecosystem is still relatively small. In addition to the previous projects like Cetus, Navi, and Scallop, there are not many new projects. The Sui team is working hard to cultivate more high-quality projects through incubation programs to enrich the ecosystem.

The development of the Aptos ecosystem also faces similar problems. There are some concerns within the community regarding the development direction of the Aptos Foundation. Movement is currently the only Move ecological public chain project that has not yet issued tokens.

Overall, the Move ecosystem is gradually developing and growing. The addition of Grayscale Trust and Native USDC will bring more financial support to Sui. However, to truly become larger and stronger, more high-quality projects need to emerge. The various public chain teams in the Move ecosystem need to increase their incubation efforts to cultivate more star projects.

Industry insiders indicate that the Move ecosystem has immense potential and is expected to become another important public chain ecosystem following Ethereum. However, to achieve this goal, the Move ecosystem needs to address current issues such as the insufficient number of projects and continue to promote ecosystem development.

3. New Trends in the Solana Ecosystem: The Breakpoint Conference Showcases Ecosystem Vitality, with New Projects Emerging Continuously

From July 15 to 16, the annual Solana ecosystem conference Breakpoint was held in Amsterdam. The conference showcased the continued vitality of the Solana ecosystem, with fresh blood constantly flowing in and new projects emerging one after another.

At the Breakpoint conference, many new projects announced their latest developments. Numerous new projects, including Cub, FlashTrade, SonicSVM, Solayer Labs, and Compute Labs, made their appearance.

At the conference site, the host asked how many people were attending Breakpoint for the first time. As a result, nearly half of the attendees raised their hands, with new faces accounting for as much as 50%. This reflects that the Solana ecosystem continues to attract new developers to join.

The Solana ecosystem community has become more resilient after emerging from the trough. Despite experiencing a period of stagnation, the Solana ecosystem remains vibrant. The continuous influx of new projects and talent will bring new development momentum to Solana.

Industry analysts say that the Solana ecosystem is rejuvenating. The Breakpoint conference showcased the development potential of the Solana ecosystem. As long as innovation continues to be promoted, the Solana ecosystem is expected to make significant progress in the future.

4. We Social Innovation Exploration: Voices from the TOKEN2049 Conference

At the TOKEN2049 conference held in Singapore, attendees engaged in enthusiastic discussions about We social innovation. We social is seen as an imaginative track, and although it has faced repeated setbacks, it still attracts numerous innovators to keep trying.

Founder Yawn proposed the concepts of "friend tech" and "connect to earn". He believes that how to make map-based social interactions interesting without harming the ecological economy is a topic that requires further thought and validation.

Korean entrepreneur Taki shared his views on the Warpcast ecosystem. They are all considering whether We social can achieve the popularization of blockchain products.

Industry insiders point out that while We Social has not made any breakthrough progress, it is still a highly imaginative track. As long as innovation continues, there will eventually be a truly killer application.

Participants generally believe that We social needs more innovative attempts. Only through continuous exploration can we find truly user-centric innovative models. The TOKEN2049 conference provides a good communication platform for industry professionals, helping to accelerate We social innovation.

5. Observations from TOKEN2049 Conference: The Meme Track Sparks Industry Discussion

At the TOKEN2049 conference in Singapore, the Meme track has become the focal topic of discussion in the industry. More and more "serious" project teams and investors are starting to engage in the Meme-related track.

First-level investor Romeo stated that currently 98% of AI+We applications have been disproven, with only Meme projects still ongoing. He believes that in the future there will definitely be an AI project that can compete with Ethereum, but for now, they are all Meme projects.

Participants observed that entrepreneurs are full of confidence in a robustly developing ecosystem; however, another group of practitioners appears to be more confused. Many popular sectors such as full-chain gaming, NFTs, WeSocial, and Ethereum L2 have been refuted, and their development has slowed down.

Industry analysts point out that the popularity of the Meme sector is related to the current downturn in the cryptocurrency market. In an environment lacking killer applications, the entertainment attributes of Meme projects have made them a new favorite among investors. However, the prosperity of the Meme sector may also be a fleeting illusion.

Overall, the TOKEN2049 conference reflects some of the anxieties currently present in the industry. The road to innovation is not smooth and requires continuous exploration and verification. Only by adhering to innovation can we ultimately find the real opportunities.

4. Economic Dynamics

1. The Federal Reserve's interest rate hike expectations are heating up, and inflationary pressures persist.

Economic Background: The U.S. economy is expected to maintain a moderate growth trend in the first half of 2025, with an annualized quarterly real GDP growth rate of 2.1% in the second quarter. However, inflationary pressures remain high, with the core PCE price index rising 4.6% year-on-year in June, far exceeding the Federal Reserve's target level of 2%. The unemployment rate hovers around 3.5%, and the job market remains tight.

Important event: The Federal Reserve decided to raise interest rates by another 25 basis points at the monetary policy meeting in July, increasing the target range for the federal funds rate to 5.25%-5.5%. This is the fifth rate hike this year, reflecting the Fed's determination to curb inflation. The post-meeting statement emphasized that the pace of future rate hikes will depend on economic data, suggesting the possibility of further increases.

Market reaction: U.S. stocks fell slightly after the Federal Reserve raised interest rates, with investors worried that the rate hike would suppress economic growth. However, the bond yield curve continues to steepen, reflecting market expectations of persistently high inflation. The U.S. dollar index rose slightly, reflecting that the rate hike supports a stronger dollar.

Expert Analysis: Goldman Sachs analysts indicate that despite the slowdown in economic growth, the labor market remains overheated, and the upward pressure on wages is hard to alleviate, which will force the Federal Reserve to continue raising interest rates to control inflation expectations. Morgan Stanley, on the other hand, believes that the Federal Reserve may pause the rate hike cycle after raising rates by 25 basis points again in September.

2. The pace of China's economic recovery is accelerating.

Economic Background: The Chinese economy is showing signs of stabilization and recovery in the first half of 2025, with a year-on-year GDP growth of 4.5% in the second quarter, up from 4.0% in the first quarter. Manufacturing investment and exports are maintaining rapid growth, driving economic recovery. However, consumption growth remains weak, with a year-on-year increase of only 2.8% in the total retail sales of consumer goods in June.

Important events: The Chinese government has introduced a series of policy measures, including tax cuts and fee reductions, increasing infrastructure investment, and supporting the development of the manufacturing industry, to boost economic growth momentum. At the same time, the People's Bank continues to implement a prudent monetary policy, maintaining reasonable and sufficient liquidity.

Market Reaction: The A-share market continues to rise under the impetus of favorable policies, with the Shanghai Composite Index breaking through the 3500-point barrier. The exchange rate of the RMB against the US dollar fluctuates around 6.7. The real estate market shows signs of recovery, with housing prices in first-tier cities increasing on a month-on-month basis.

Expert Opinion: Analysts from China International Capital Corporation believe that as the effects of policies continue to be released, China's economy is expected to further warm up in the second half of the year, with an annual GDP growth rate likely to reach around 5.5%. Data from the National Bureau of Statistics shows that the manufacturing Purchasing Managers' Index (PMI) for June was 51.7, remaining in the expansion zone for the third consecutive month, reflecting a continuous improvement in the manufacturing sector's prosperity.

3. The Eurozone economy is on the brink of recession.

Economic Background: The Eurozone's economy is struggling to grow in the first half of 2025, with a slight quarter-on-quarter GDP increase of 0.1% in the second quarter and a year-on-year growth rate of only 0.6%. The inflation rate dipped slightly to 6.5% in June, but it remains well above the European Central Bank's target of 2%. The unemployment rate hovers around 6.8%.

Important event: The European Central Bank decided to raise interest rates by 25 basis points at its monetary policy meeting in July, raising the three major rates to a historic high of 4.25%. ECB President Lagarde emphasized that interest rates will continue to rise until inflation rates decline significantly.

Market reaction: Eurozone stock markets fell slightly after the ECB raised interest rates. The euro against the US dollar briefly fell below the 1.09 mark. The yield on German 10-year government bonds exceeded 2.6%. Concerns among investors about the European economic outlook have intensified.

Expert analysis: Analysts at Deutsche Bank indicate that the Eurozone economy is on the brink of recession, with factors such as high energy prices and geopolitical tensions continuing to weigh on economic growth. Goldman Sachs believes that the European Central Bank may pause interest rate hikes in the future to avoid overly suppressing the economy. Citibank expects the Eurozone economy to enter a mild recession in the third quarter of 2025.

5. Regulation & Policy

1. The U.S. "GENIUS Act" has been officially signed, opening a new era of stablecoin regulation.

The "Guiding and Establishing the American Stablecoin Innovation Act" ( GENIUS Act ) was officially signed by President Trump on July 20, becoming the first federal law in the United States specifically targeting stablecoins. The bill was passed by both the House of Representatives and the Senate before being enacted into federal law.

As an important part of cryptocurrency regulation in the United States, the "GENIUS Act" aims to establish a unified regulatory framework for the issuance and operation of stablecoins. The Act stipulates that any institution wishing to issue a stablecoin pegged to the US dollar must establish an independent entity to undergo scrutiny by the Treasury Department. Issuers must meet strict reserve, disclosure, and compliance requirements to ensure that the stablecoin is fully backed by US dollars.

The introduction of this bill aims to maintain the dominant position of the US dollar in the future digital economy while creating a favorable environment for fintech innovation. A White House spokesperson stated that this is the greatest revolution in the fintech sector since the birth of the internet.

Market participants generally believe that the "GENIUS Act" marks a new phase in the regulation of stablecoins. Major banks and tech companies such as JPMorgan, Citigroup, and Amazon have begun to lay out related plans. However, some members of the cryptocurrency community express concerns about the potential tightening of regulations that the act may bring.

David Sacks, the U.S. cryptocurrency policy director, stated: "Today we achieved a historic legislative milestone, which is an important step for President Trump to fulfill his promise of making the U.S. the world's cryptocurrency capital." Meanwhile, cryptocurrency analysts believe that the bill will encourage institutional investors to enter the stablecoin market, but it could also intensify regulatory pressure.

2. The European Central Bank may cut interest rates in September to address trade war risks.

European Central Bank President Lagarde hinted that the possibility of an interest rate cut in September is rising to counter the risks of a trade war. Previously, the European Central Bank had kept interest rates unchanged, but ahead of the latest round of decision-making meetings, Lagarde signaled a potential interest rate cut.

The main risks faced by the European Central Bank include: the United States imposing tariffs on the European Union, a no-deal Brexit for the United Kingdom, and an economic slowdown in the Eurozone. Among them, the threat from the Trump administration of a 25% tariff on EU cars could severely impact major European exporting countries.

In response to the aforementioned risks, the European Central Bank may cut interest rates in September and restart its asset purchase program. Analysts believe that the European Central Bank will maintain an accommodative policy until the inflation rate approaches the target of 2%.

The chief economist for HSBC in Europe stated: "The European Central Bank will have to take action to prevent further deterioration of the economy." Goldman Sachs also expects the European Central Bank will cut interest rates by 10 basis points in September.

However, the interest rate cut measures are also controversial. The President of the German Central Bank, Weidmann, opposes the restart of quantitative easing policies, believing that the current situation has not reached such a severe level. The German Minister of Economics also criticized the European Central Bank's easing policy as "counterproductive."

Overall, the likelihood of the European Central Bank cutting interest rates in September is increasing to hedge against risks such as the trade war. However, the specific measures' intensity and effectiveness remain to be observed.

3. Indian cryptocurrency exchange allegedly hacked, losing approximately $44 million.

On July 20, an Indian cryptocurrency exchange announced that its internal operational accounts had been hacked, resulting in a loss of approximately $44 million. The announcement stated that the attackers infiltrated the operational accounts used to provide liquidity on other exchanges, but the cold wallets used for storing user assets were not affected.

The exchange stated that the loss will be fully borne by its own reserves, ensuring the safety of user assets. The exchange is taking measures to control the leakage situation and advises affected users to closely monitor the risk of identity theft.

This incident has once again raised widespread concerns about the security of cryptocurrency exchanges. Industry analysts point out that even leading exchanges find it difficult to completely prevent hacking attacks. They urge exchanges to strengthen security measures and advise users to take steps such as using hardware wallets to reduce the risk of asset theft.

India's cryptocurrency regulation is gradually improving. In 2022, the Reserve Bank of India released a draft regulatory framework for crypto assets, requiring all crypto exchanges and intermediaries to obtain a license from the central bank.

However, due to the lack of clear regulatory guidelines, the security measures of cryptocurrency exchanges vary widely. Experts are calling for the Indian government and regulatory agencies to expedite the introduction of comprehensive regulatory policies for crypto assets to create a more standardized and orderly environment for the industry.

4. The UK considers selling seized cryptocurrency assets to alleviate the fiscal deficit.

According to reports, the UK Home Office is considering selling seized cryptocurrencies to alleviate the national budget deficit. The Home Office is collaborating with the police to develop an official cryptocurrency storage system for handling and selling confiscated digital currencies such as Bitcoin.

The report shows that the value of the seized crypto assets currently held by the UK government is at least £5 billion (, equivalent to approximately $6.3 billion ). Selling these assets could bring considerable revenue to the UK's Treasury.

The UK government has been strengthening its efforts to combat cryptocurrency-related crime. In 2022, the UK enacted the Economic Crime and Corporate Transparency Act, requiring crypto asset service providers to accept regulation.

However, due to the lack of clear regulatory guidelines, the security measures of cryptocurrency exchanges vary greatly. Experts are calling for the UK government to accelerate the introduction of comprehensive cryptocurrency asset regulatory policies to create a more standardized and orderly environment for the industry.

UK Chancellor of the Exchequer, Rebecca, stated that selling seized crypto assets is one way to alleviate fiscal pressure. However, she emphasized that this move needs to be based on a sound regulatory framework to ensure that the sale process is transparent and legal.

Financial analysts point out that the UK government's decision to sell crypto assets reflects the rising status of cryptocurrencies within the mainstream financial system. However, it also highlights the importance of regulation; only under reasonable regulation can crypto assets truly unleash their value.