Odaily Report: The U.S. Department of Justice filed a Statement of Interest on November 6, stating that the Illinois digital asset tax harms federal policy and U.S. leadership in the digital asset space, and arguing that the tax's language is vague and discriminatory. The tax imposes a 0.2% levy on the full amount of digital assets processed by brokers, regardless of whether a sale or profit occurs.The U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA), which represents broker-dealers, banks, and asset management firms, filed amicus briefs warning that the tax could affect traditional banks, custodians, and advisors that offer digital asset products. Crypto organizations including the DeFi Education Fund, Andreessen Horowitz, Paradigm, and Uniswap argued that the bill's definitions could bring software developers and decentralized protocols that do not hold client funds, cannot identify users, or determine transaction locations within the scope of taxation. (Decrypt)

Odaily Report: The New York State Department of Financial Services has issued advertising and marketing guidance for licensed virtual currency institutions, requiring relevant institutions to update their advertising and marketing policies and procedures by May 10, 2027, and to review them at least annually while retaining records for inspection. The guidance requires that marketing content be evidence-supported and verifiable, must not exaggerate performance or regulatory status, and disclosures must be clear and prominent; institutions must also establish a review process for marketing materials, conduct due diligence on third-party promoters, and promptly address impersonation of their brands.

Odaily: In her latest remarks, Fed's Hammack said: "The Fed has done a very good job on its employment mandate, but it has been missing on its inflation mandate for years. The latest inflation data show it is moving in the wrong direction. We need to shift to restrictive monetary policy to bring down inflation. I worry that the U.S. economy may develop an inflation mindset." (Jinshi)

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 that Yi Lihua, in a post reviewing recent market volatility, stated that he had earlier observed Democrats gaining an advantage in the midterm elections and judged that U.S. stocks could decline, so he temporarily chose not to bottom-fish. But the market then rebounded quickly, and he chased the rally on the right side near Bitcoin's $77,000 level, and after BTC stabilized at $80,300, judged that the pullback was over and the uptrend had restarted.However, U.S. stocks subsequently fell as previously expected, dragging Bitcoin further down. He eventually exited long positions with take-profit, but spot positions remain at a floating loss.Yi Lihua believes that rapid rallies and selloffs are difficult to predict accurately, and that there was no obvious problem with the operations themselves; the key lies in managing position sizing and risk. Currently, attention still needs to be paid to the performance of U.S. stocks and the crude oil market. He stated that if Democrats continue to push policy actions targeting the AI and crypto industries, including the Jensen Huang-related incident and Trump's financial interest issues, all of these will increase market uncertainty. However, his overall trend judgment still leans bullish, and he will continue to wait for the macro environment to become clear before seeking bottom-fishing opportunities again.

Odaily Report: At a digital asset policy conference in Seoul, Dunamu Vice Chairman Kim Hyoung-nyon, whose company is the parent of Upbit, said it is disheartening that stock tokens for shares of South Korean flagship companies Samsung Electronics and SK Hynix can only be traded overseas. He also formally announced that Dunamu has completed the technical preparations for stock tokenization and can launch related services at any time once the regulatory framework permits.In addition, the conference also discussed the legislative progress of the Digital Asset Basic Act. Min Byung-deok, a lawmaker from South Korea's Democratic Party, argued that the bill should be passed during the current regular session of the National Assembly, no later than January 18 next year. Park Soo-min, a lawmaker from the People Power Party, said legislation should not be rushed and called for fully allowing institutions and corporations to invest in crypto assets. (Yonhap)

Odaily reports that QCP Capital has released a macro market analysis report, noting that Trump has temporarily suspended a new round of military strikes against Iran but will continue to maintain the blockade. After meeting with Qatar's Prime Minister on November 9, Trump stated that military action was temporarily paused, but significant differences remain between the two sides and no agreement has yet been reached. Brent crude settled at $92.57 per barrel, down 5.85% in a single day, and has since fallen further, now approximately 18% below its October 30 level.On global monetary policy, the Reserve Bank of Australia raised rates to 4.85% by a 6-3 vote but removed its policy bias regarding further rate hikes if necessary; the Bank of England raised rates to 4% by an 8-1 vote. The Bank of Canada and the Bank of Japan both held rates steady, but market pricing for rates in both countries was still marked lower. Canada's employment fell by 4,700, below market expectations of a 14,000 increase; Japan's Nikkei 225 index fell 6%, and the yield on Japan's 2-year government bonds dropped 12.8 basis points.In the AI industry, the U.S. Democratic Party won both chambers of Congress and 5 governor seats. It is estimated that 59% of the data center capacity currently planned for construction in the United States will face new restrictions or higher approval thresholds.In the crypto market, Strategy purchased 1,036 BTC for $81.9 million while repurchasing $188.3 million worth of STRC preferred stock, a repurchase size about 2.3 times its Bitcoin purchase expenditure, funded in part by the sale of $283.8 million worth of MSTR shares. In addition, between November 2 and 6, spot Bitcoin ETFs recorded cumulative net outflows of $1.2324 billion.QCP Capital concluded by raising the key questions the market needs to watch going forward: whether falling oil prices can continue to ease rate hike pressure, or whether a stalemate in Iran negotiations will reignite inflation risks and prompt the Bank of Canada and the Bank of England to be the first to resume rate hikes.

Odaily reports: A CICC research report notes that US October CPI rose 0.4% month-on-month on a seasonally adjusted basis (0.6% last month), while core CPI rose 0.3% month-on-month (0.3% last month), both above market expectations. Overall, inflation stickiness remains strong, with core CPI rising 0.3% month-on-month for the third consecutive month, supporting the Fed's continued rate hikes. Recently, Fed Governor Waller suggested that a 50 basis point hike in December cannot be ruled out. However, we believe the Fed's policy has not clearly fallen "behind the curve," and given that financial conditions have already tightened marginally, the need to accelerate rate hikes is not strong. We maintain our baseline forecast of a 25 basis point hike in December, and the pace of this tightening cycle remains gradual and moderate. (Jinshi)

Odaily reports: US Defense Secretary Hegseth successfully avoided impeachment in the House of Representatives on Tuesday evening. Republican lawmakers voted to block the impeachment effort aimed at holding him accountable for relevant actions during his tenure as Defense Secretary. The proposal to send the impeachment motion back to committee for review ultimately passed with 211 votes in favor and 204 against. Thomas Massie, the sponsor of the impeachment motion, was the only Republican lawmaker to vote against it. It is expected that House Democrats will push forward with this impeachment process again after taking control of Congress in January. Before the vote, Hegseth delivered a strong defense of his performance in office. He called Massie a "disgruntled and frustrated member of Congress" and said the so-called articles of impeachment were essentially nothing more than policy disagreements. (Jinshi)

Odaily: In her latest remarks, Federal Reserve's Logan said: "Excess inflation is unacceptable. This winter, the Fed may raise rates faster than it has so far. It is clear that the Fed needs to raise rates at least two more times, by 25 basis points each. After two more hikes, it would be reasonable to pause and assess further actions that may be needed. The current Fed policy rate is at least 50 basis points below the level of modest restriction. Gradually adjusting policy can reduce the risk that economic activity deteriorates more than necessary. Wartime energy disruptions are not the only source of price pressure, and the sources of upward price pressure are not limited to tariffs, and this broad upward price trend may persist." (Jinshi)