Odaily reports: a16z, DeFi Education Fund, Paradigm, Uniswap, and several other crypto industry organizations have jointly submitted an amicus curiae brief in support of the legal challenge against Illinois' Digital Asset Tax Act, arguing that the law's scope is overly broad and unfairly targets the digital asset industry. Previously, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber had already filed a lawsuit against the state of Illinois over the law. The law imposes a 0.2% tax on digital asset transactions, and its effective date has been postponed from the originally planned January 2027 to July 2027.

Odaily reports that a16z, DeFi Education Fund, Paradigm, Uniswap, and several other crypto industry organizations have jointly submitted an amicus curiae brief in support of the crypto industry's challenge to Illinois' Digital Asset Tax Act. These organizations argue that the act is overly broad in scope and unfairly targets the digital asset industry.

Odaily reports: Coinbase EU Policy Chief Roeland Van der Stappen stated that tightening regulation of decentralized finance (DeFi) in the European Union could prompt regulated crypto platforms to restrict or cease offering DeFi services, pushing users toward platforms with less investor protection. He noted that if suitability tests were extended to DeFi services beyond lending, stablecoin swaps and leveraged lending could be treated in the same manner.Roeland Van der Stappen said that lending, liquidity provision, and on-chain swaps are most likely to be affected, and some service providers may scale back services or completely revoke DeFi access. He believes that restricting access through regulated platforms could also fragment DeFi liquidity, leading to worse trading prices for EU users and driving users toward service providers outside the EU with fewer safeguards. (Cointelegraph)

Odaily reports: HYPE treasury company Hyperion DeFi (NASDAQ: HYPD) has released its Q3 2026 financial results. As of September 30, the company held approximately 1.848 million HYPE tokens, a decrease from 2.04 million at the end of Q2, primarily due to the sale of some HYPE to repay debt. At $90.83 per token, the HYPE holdings are valued at approximately $167.9 million, with the company's net asset value at approximately $182.4 million. Meanwhile, staking revenue for the quarter reached $785,000, up 49% quarter-over-quarter; approximately 10,885 HYPE were earned through staking and validator operations. As of October 31, approximately 6.3 million HYPE had been delegated to the company's validators.Additionally, the company's Q3 revenue was approximately $810,000, up 168% year-over-year; net profit was approximately $39.59 million, compared to $6.63 million in the same period last year; adjusted EBITDA was approximately $48.66 million, down from $53.65 million in Q2, primarily due to a $5.7 million LST adjustment during the period. As of September 30, the company's cash, cash equivalents, and stablecoins totaled approximately $14.54 million.

Odaily Report: DeFi Development Corp's preferred stock CHAD has raised enough funds to purchase over 1,170 Solana, setting a new daily record yesterday.

Odaily: DeFi lending protocols need to introduce circuit breaker mechanisms to guard against oracle risks.

Odaily Report: According to SoSoValue data, the crypto market overall shows a volatile downward trend, with the Meme sector down 3.77% over 24 hours. Within the sector, Pepe (PEPE) fell 16.97%, while Useless Coin (USELESS) and Bonk (BONK) dropped 7.86% and 4.90% respectively.In other sectors, the CeFi sector declined 0.25%, but Cronos (CRO) rose 3.60%; the Layer1 sector fell 0.88%, with NEAR Protocol (NEAR) down 1.99%; the PayFi sector dropped 1.17%, with Zcash (ZEC) down 3.38%; the DeFi sector declined 2.43%, with Uniswap (UNI) down 9.41%; the Layer2 sector fell 2.95%, with Arbitrum (ARB) down 8.63%.Additionally, only the SocialFi sector remained relatively resilient, rising 4.50% over 24 hours. Within the sector, Gram (GRAM) gained 5.56%.Crypto sector indices reflecting historical sector performance show that the ssiSocialFi, ssiMeme, and ssiRWA indices rose 4.74%, fell 4.23%, and fell 3.91% respectively.

Odaily: Litecoin Pool founder Jiang Zhuoer stated in a post that the bull market is still ongoing, with a large number of on-chain indicators and long-term indicators showing that the bear market has ended. He believes that when Bitcoin fell to $57,758 in July, the bottom of this bear market had already formed.Jiang Zhuoer stated that the market currently needs to focus on whether this correction will finally stop at the Fibonacci 50% retracement level of $72,500, or further decline to the 61.8% retracement level of $69,000 to $70,000.Regarding trading, Jiang Zhuoer revealed that after the Binance hack incident, he bought a small-cap DeFi token at $76,600, believing that from a long-term trading perspective there was no problem, but at the same time holding a 100% position in BTC long orders was an error of mixing long-term and short-term trading. Afterward, BTC fell to $72,700, triggering his 5% stop-loss line, and he was forced to establish a hedged short position at $73,000.Jiang Zhuoer stated that he will temporarily step aside and observe, and if BTC further falls to $70,500, he will close the previously established $73,000 hedged short position.

Odaily: DeFi researcher Ignas posted on X that the crypto market currently appears to lack new narratives capable of driving short-term rallies. Although institutional adoption of crypto technology continues to advance, traditional financial institutions often do not need to directly purchase crypto tokens to capture most of the benefits, so the investment logic of betting on institutional adoption through tokens is limited in appeal, and the real upside may be more concentrated in equities and private markets.More concerning is that many crypto tokens appear to be reduced to "payment tools" for institutional partnerships rather than genuinely accumulating value from those partnerships, and ordinary token holders may instead become the exit liquidity. Citing HYPE and AVAX as examples, he said the trading logic for HYPE driven by NYSE-related news may already be priced in, and it remains to be seen how licenses are implemented and their actual impact on buybacks; while AVAX has a partnership with the NYSE, how much value its provision of core ledger technology to the NYSE can actually bring to the AVAX token still needs to be verified.If the market sees expectations of monetary easing, Bitcoin may rise, but this may be difficult to occur before the AI bubble bursts, and an AI market crash could also hit crypto assets first. In addition, the altcoin speculative market continues to shrink, and market hype, FOMO sentiment, and project team harvesting narratives are gradually losing funding support.Looking to the medium and long term, Ignas still believes the crypto industry will continue to exist, but it may face challenges in the future such as the U.S. Democratic Party taking a tougher stance on the crypto industry and rising interest rates putting pressure on risk assets. He concluded by saying that this bearish comment itself may instead constitute a bullish signal worth noting, because when the market broadly wants to sell, it may be exactly the time worth considering buying.

Odaily reports that xStocks has launched its first batch of tokenized UK and EU-listed stocks, covering more than 200 actively traded public companies, with more stocks to be rolled out on an ongoing basis. Over the coming weeks, xStocks will also list hundreds of tokenized Hong Kong stocks, followed by expansion into more international markets. This expansion is driven by a partnership between Payward Services and fintech company GTN, with GTN responsible for global execution and custody of the underlying traditional assets. The new tokens are backed 1:1 by the underlying stocks, tradable on Kraken and platforms within the xStocks Alliance, and have been integrated into the DeFi ecosystems of Solana, Ethereum, TON, Ink, X Layer, and other chains. Currently, xStocks remains unavailable to UK investors.