Odaily reports: Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that regulators need to prepare for large-scale tokenization and adjust existing market rules for new technologies such as blockchain and AI. With the development of tokenization, on-chain finance, and 24/7 trading, the changes in financial markets over the next decade may exceed the sum of those over the past several decades. The CFTC will seek more ways to encourage market participants, exchanges, and clearinghouses to responsibly adopt stablecoins; over the past year, the agency has issued guidance and sought public comment on 24/7 trading in energy derivatives markets, and in February of this year, it included stablecoins issued by national trust banks within the scope of eligible collateral. The U.S. Securities and Exchange Commission (SEC) last week released an "innovation exemption" to provide room for on-chain trading of tokenized stocks.

Odaily reports: a16z and the DeFi Education Fund jointly submitted a proposal to U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, recommending the establishment of a safe harbor rule that creates a "rebuttable presumption" that decentralized exchange (DEX) protocols and their front-end interfaces do not constitute "exchanges" as defined under the Securities Exchange Act of 1934. On the same day, a16z submitted a separate letter calling on the SEC to establish a registration regime for centralized crypto trading platforms, modeled after the 1998 Alternative Trading System (ATS) rules. Both letters were dated September 14, and three days later, the SEC issued an "innovation exemption" for tokenized equity trading venues.

Odaily News: Taylor Lindman, Chief Legal Counsel of the SEC's Crypto Task Force, stated that the SEC is advancing crypto asset custody rules, and the related proposal has been submitted to the White House Office of Management and Budget for review, covering investment companies and broker-dealers.The rules aim to clarify that broker-dealers holding non-security crypto assets do not require special registration, and would allow investment advisers to place client assets with state-chartered trusts and other institutions. After the review is completed, the SEC will formally propose the rules and seek industry and public feedback.

Odaily reports that U.S. Senator Cynthia Lummis stated that Democrats previously proposed in the Clarity Act requiring large crypto asset holders to disclose their holdings and sales to the U.S. Securities and Exchange Commission (SEC) and the public, but during the vote they voted against the same type of disclosure provision they had written into the bill.

Odaily News: Binance has invested $100 million in Circle Internet Group as part of an expanded stablecoin partnership between the two parties to drive USDC adoption in emerging markets.A Binance spokesperson stated that Binance will integrate USDC into existing and new digital asset savings and investment products, and offer incentives such as reduced spot trading fees for USDC-denominated trading pairs. Binance and Circle previously established a partnership in December 2024 to expand USDC adoption. USDC currently has a market capitalization of approximately $75 billion. (The Wall Street Journal)

1. Under the SEC's innovation exemption, the first batch of tokenized stock trading platforms are expected to announce operational plans as early as next quarter;2. Jack Butcher's "X Money $8" campaign has already attracted participation from over 25,000 unique wallets;3. Coinbase CEO: Stablecoin rewards are fundamentally different from bank interest, and should not be subject to equivalent capital and liquidity requirements;4. With daily trading volume still exceeding $1 billion, Uniswap team member niko questions the narrative of Robinhood Chain's decline;5. Loracle's $7.1 million CASHCAT short position has turned into unrealized gains, after previously showing an unrealized loss of $1.4 million;6. Garrett Jin closed a 500 BTC short position, earning a profit of $80,000;7. Apple and Google are hiring for stablecoin-related positions, exploring payments and digital asset businesses.

Odaily News: Coinbase CEO Brian Armstrong said on the Money Rehab podcast that what users earn from holding USDC is a "reward" rather than bank interest, and Coinbase defines it as a loyalty rewards program. Coinbase's official materials also describe USDC Rewards as a loyalty program funded by Coinbase, and state that USDC balances are not bank deposit accounts.Armstrong argues that stablecoins use a full-reserve mechanism, which is fundamentally different from the fractional-reserve model of banks, and therefore should not be subject to the same capital, liquidity, and FDIC insurance requirements. He also stated that regardless of whether it comes through congressional legislation or rules crafted by the SEC and CFTC, regulatory clarity for crypto in the United States will ultimately arrive. Previously, the U.S. Senate failed to advance the CLARITY Act, and regulatory focus has since shifted more toward the SEC and CFTC.

Odaily reports: Taylor Lindman, Chief Legal Counsel of the SEC Crypto Task Force, stated that under the newly introduced innovation exemption framework, the first batch of tokenized stock trading platforms may begin announcing operational plans as early as next quarter. The SEC has already received expressions of interest from multiple companies.The exemption is valid for 5 years, allowing eligible platforms to trade tokenized U.S. listed stocks on public, permissionless blockchains through permissioned AMMs and liquidity pools, with the relevant tokens required to retain traditional shareholder rights such as dividends and voting. SEC Commissioner Hester Peirce stated that the existing trading volume cap is sufficient to support commercial operations, and views the exemption as a transitional arrangement before long-term regulatory rules are introduced.

1. Public companies' Bitcoin allocation shifts from net selling to net buying of $183 million; Strategy increases holdings again after a two-week hiatus;2. Strive adds 6,400 BTC in one month; SATA purchases another 316 BTC today;3. GMGN officially opens perpetual contract public beta;4. U.S. Senate does not advance the Clarity Act; stablecoin platform reward policies remain led by SEC and CFTC;5. Market share continues to expand; Robinhood CEO expects crypto prediction contracts to surpass traditional sports betting within years;6. Crypto market sentiment returns to extreme greed; Fear & Greed Index rises to 78, the highest in nearly a month;7. Genius Foundation holds approximately 142,900 shares of BNC, ranking as the 15th largest shareholder;8. WLFI community opens voting on a governance participation incentive program proposal, which would require a lock-up of at least 180 days;9. Kraken co-CEO criticizes U.S. crypto regulatory stance, says Europe's MiCA is more mature;10. Cumulative investment exceeds $1.12 billion; Strategy spends another $174 million to repurchase STRC;11. Planning to invest $30 million, Fairshake opposes Sherrod Brown's return to the Senate;12. Market cap surpasses Nasdaq and London Stock Exchange; Hyperliquid valuation reaches new heights.

Odaily News — The U.S. Securities and Exchange Commission (SEC) has established a five-year framework for tokenized equity trading, days after the CLARITY Act failed to advance. Investment bank TD Cowen said that U.S. investors already have easy access to equities, issuers have shown limited interest in tokenization, and near-term adoption is expected to be low.TD Cowen noted that perpetual contracts remain a more attractive way to gain exposure to crypto-related equities, with trading volumes far exceeding those of tokenized spot products. (CoinDesk)