交易圣杯

Specific Impacts of U.S. Legislation Design
Reserve Asset Requirements: Hong Kong regulations require that stablecoin reserve assets be highly liquid and of high quality, but do not strictly limit the types of assets, giving issuers some flexibility. The "GENIUS Act" explicitly states that reserve assets include U.S. dollar cash, Federal Reserve Bank deposits, and short-term government bonds, among others. The flexibility in Hong Kong may prompt the U.S. to reassess its definition of reserve assets to balance compliance rigor with market innovation space.
Retail Market Access: Hong Kong allows compliant stablecoins to be open to retail investors, which may attract more retail participation. The U.S. "GENIUS Act" currently has cautious access provisions for retail investors, and Hong Kong's approach may encourage the U.S. to consider relaxing retail market access in legislative revisions to enhance the market competitiveness of U.S. dollar stablecoins while protecting consumers through strict regulation.
Transition Period and Sandbox Mechanism: Hong Kong's stablecoin regulatory "sandbox" program and transition period arrangements provide issuers with a buffer period to adapt to new regulations. The U.S. has not yet defined a similar mechanism; Hong Kong's successful experience may prompt the U.S. to introduce transitional arrangements in the "GENIUS Act" or related legislation to reduce compliance costs for existing issuers and attract more companies to enter the U.S. market.

In comparison, it feels like Hong Kong's approach is friendlier!

Man A: Who holds the economic power in your family?
Man B: Of course it's me, I give my wife her allowance every month.
Man A: That's impressive. How much do you give her each month to make ends meet?
Man B: I give her as much as I earn!

It should refer to the bill passed by Hong Kong, right?

Keep holding on, pull the rod to the max

Violated the agreement? What was violated? Haha, really anxious! Caught off guard, the trump card was exposed too early. Trump's trump card has been seen through by others.

The Difference Between Famous People and Ordinary People

The things used by famous people are called "cultural relics"; those used by ordinary people are called "waste materials".

Drinking by famous people is referred to as "gourmet drinking"; drinking by ordinary people is called "gluttony".

When famous people shake hands with ordinary people, it is called "affectionate"; when ordinary people shake hands with famous people, it is called "flattery".

When famous people argue forcefully, it is called "eloquence"; when ordinary people argue logically, it is called "sophistry".

When famous people do foolish things, it is called "anecdotes" and becomes a good story; when ordinary people make mistakes, it is called "acting foolishly" and leads to ridicule.

When famous people are disheveled, it is referred to as "artistic temperament"; when ordinary people are unkempt, it is called "slovenliness".

When famous people lose their temper, it is called "personality"; when ordinary people lose their temper, it is called "bad nature".

The nonsense of famous people is called "famous quotes"; the cautious words of ordinary people are called "nonsense".

The empty talk of famous people is called "guidance"; the truth spoken by ordinary people is called "nagging".

“May I ask what you do for a living?”

“Oh. My job is to kill zombies.”

“Hmm? But there are no zombies in this world!”

“Do you think they just disappeared?”

I made plans with my friends to go shopping after work and want to call home to report. My phone is dead, and I picked up the landline phone but temporarily forgot the number, so I asked: "Can anyone tell me what my home phone number is?" A colleague replied: "I really can't believe you. Why don't you just call home and ask your mom?"

A traveler from out of town asked the driver sitting in the taxi: "I heard that your drivers here drive at an amazing speed, yet very few accidents occur. What is the reason for this?"

"It's quite simple," the driver said, "the less skilled drivers here have long since died in car accidents.

She leaned on the table and asked her male classmate, "Hey, do you have someone you like?"

He glanced at her and said淡淡的：“Yes, I do.”

She felt a wave of disappointment but pretended to be indifferent and asked, "Who is it?"

"It's someone in our class, guess who."

She guessed all the other girls' names in the class,

but he shook his head each time. He chuckled lightly, "Silly, are you sure you've named them all?"

The girl was taken aback for a moment and shyly turned her head, saying nothing more.

At that moment, he leaned close to her ear and whispered, "You haven't mentioned the teacher's name yet."

The employee asked the boss for a raise, and the boss said to him: "Our company may be small, but it has a wealth of talent. Do you see that old man in the reception room? He has a son with assets worth over ten million, and he still works for me, earning only 900 yuan. That cleaning lady who just mopped the floor has a son who drives a Mercedes, and her salary is also 900 yuan. This typist, her family owns three apartments, and her salary is only 1200 yuan. I can offer you 1500, which isn't low. If you perform well, we can raise it again!"

A month later, the employee realized that the boss wasn't lying; the old man in the reception room was the boss's father, the cleaning lady was his mother, and the typist was his wife.

A Pol.ice killed a mad dog, and a witness told a troll about it.

"Pol.ice killed..."

"Who gave them the power!? Can Pol.ice do whatever they want? Is there no law to regulate their abuse of power!? Haven't they caused enough tragedies already!?"

"...a dog."

"What's wrong with a dog!? Is a dog not a life!? Is there a hierarchy of lives based on value!? A vibrant life has disappeared, is there no one to take responsibility for it!?"

"As far as I know, it was a mad dog."

"Who judges whether it was mad or not!? Who has the authority to make that decision!? You!? Me!? Or someone else!? Was there an assessment? Is the assessment procedure legal!? Do the assessors have conflicts of interest!? Is there no dark conspiracy in all of this!?"

"At that time, it was crazily chasing and biting passersby."

"Did it not suffer injustice!? Was it not at its wits' end!? If there were even a way out, would any dog want to bite people!? Did it not obstruct the interests of certain people? Could this not be a setup? How long are we going to engage in entrapment law enforcement!?"

"I saw it with my own eyes, nobody provoked it; it just went crazy."

"Is seeing believing!? Don't you find it suspicious!? How long are you going to be brainwashed!? Is there not enough darkness in this country!?"

The witness left speechless.

The troll walked proudly, but accidentally stepped on the tail of a dog sleeping by the roadside. The dog yelped in pain and turned to bite the troll. "Damn, I got bitten by a dog! Whose dog is this? Is there no one responsible for this!? Who will compensate my losses!?... This is a mad dog! Is there no one to take care of this!?... Is nobody listening to me!? What has happened to this society!?"

The process hasn't been completed, yet they are eager to implement it. What is he in a hurry for? It seems something big is really about to happen!

An agreement has been reached, is his goal tariffs or are tariffs just a smokescreen? If the goal is just tariffs, clearly the maximum is only 30%, turning around to demand 50% from another company, isn't that nonsense? Anyone knows that's not feasible, so what is he covering for, what is he restraining, what is the purpose of dragging out time?

What does he want to do? What does he want? Why is he in a hurry?

In the case where the threat of war is ineffective, there is no performance, and an agreement is reached immediately. First, there really isn't enough time, and second, he should have obtained what he wanted.

Why is he in such a hurry to talk about tariffs right from the start?

The special tariff of the first era did not achieve results; he does not know whether the second era can achieve the desired effect under conditions that have already gone through once and are prepared.