SEC considers classifying ETH as a security?

Data released by the United States on May 15 showed that the annual rate of CPI in April was 3.4%, in line with the expected value of 3.40%, lower than the previous value of 3.50%; the annual rate of core CPI in April was 3.6%, in line with the expected value of 3.60%, lower than the previous value of 3.80%; the monthly rate of core CPI in April was 0.3%, lower than the expected value of 0.30%, and lower than the previous value of 0.40%; the monthly rate of core CPI in the United States cooled for the first time in 6 months, and the monthly rate of retail sales in April unexpectedly fell to 0%, lower than the market expectation of 0.4% (previous value 0.7%). After the release of CPI data, the financial market strengthened its bets that the Federal Reserve will cut interest rates in September and December.

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Chris Dixon, partner of a16z, said that in the next two weeks, the House of Representatives will vote on the most important crypto legislation to date, the 21st Century Financial Innovation and Technology Act (FIT21). The FIT21 Act will clearly regulate to protect consumers and innovation. FIT21 will help eliminate fraud, ensure supervision of cryptocurrency exchanges, and protect American consumers by implementing strict rules for cryptocurrency transactions. Financial lawyer Scott Johnsson said that according to official documents, the U.S. Securities and Exchange Commission (SEC) is considering the security of ETH in ETH spot ETF orders, and this issue is not mentioned at all in the application for BTC spot/futures ETF products. Bloomberg analyst James Seyffart said that the possibility of the SEC rejecting the ETH spot ETF with "ETH is a security" has increased. There is no guarantee that they will do so, but he believes that this almost guarantees that the SEC is at least considering doing so. ORTEX said that GameStop short sellers will lose $1.2 billion based on the pre-market price of $48.75 on Tuesday. On May 14, the transaction volume of 6 Hong Kong virtual asset ETFs was HK$17.2903 million, down 30.53% from the previous day. After the fourth halving of BTC, the hash rate declined, falling to 575 EH/S, the lowest point in more than two months, on May 10. James Butterfll, head of research at CoinShares, said that the reason for the decline in hash rate was that "miners began to shut down unprofitable mining machines." Deribit data shows that the open interest structure of ETH options is concentrated, with more than 617,000 call contracts with an expiration date of the end of June and a nominal value of more than US$1.8 billion. The exercise prices of the call contracts with an expiration date of the end of June are mainly concentrated above US$3,600, of which US$6,500 is the most popular exercise price.

J. Christopher Giancarlo, former director of the U.S. Commodity Futures Trading Commission (CFTC), joins the board of directors of stablecoin issuer Paxos. Giancarlo said he would bring expertise and knowledge to Paxos. Michael Novogratz, founder of digital asset financial services company Galaxy Digital Holdings Ltd., said that BTC may continue to maintain a relatively narrow trading range of $55,000 to $75,000 in the current quarter, and is in the consolidation stage of cryptocurrencies, while the adoption of cryptocurrencies in traditional finance continues. Google will launch Veo, an AI video generation model, to benchmark its competitor OpenAI's video generation model Sora. WhaleAlert data shows that $1.061 billion worth of crypto assets were sent from Coinbase to a new address. On May 15, the U.S. released data showing that the annual CPI rate in April was 3.4%, in line with expectations of 3.40% and lower than the previous value of 3.50%; the monthly CPI rate was 0.3%, lower than the expected value of 0.40% and lower than the previous value of 0.40%; the annual core CPI rate in April was 3.6%, in line with expectations of 3.60% and lower than the previous value of 3.80%; the monthly core CPI rate in April was 0.3%, lower than the expected value of 0.30% and lower than the previous value of 0.40%; the monthly retail sales rate in April unexpectedly fell to 0%, lower than the market expectation of 0.4%. The monthly core CPI rate in the United States cooled for the first time in six months. After the release of the CPI data, the financial market strengthened its bets that the Federal Reserve will cut interest rates in September and December. The S&P 500 and Nasdaq rose to record highs during the session, and BTC stood at $65,000. JPMorgan Chase said that the U.S. economy is slowing down moderately and inflation is experiencing a "sweet time" of decline. A rate cut in September is possible, and Powell is a Fed executive who wants to cut interest rates.

Morgan Stanley said: Another major inflation report this month is the US PCE data. Based on today's CPI and yesterday's PPI, core PCE inflation is expected to grow by 0.247% in April, down from 0.32% in March, and the year-on-year growth rate has declined, marking the Fed's continued progress. Tom Essaye, founder of research firm Sevens Report, said the data reminded investors that the inflation retreat is still happening, which will support the stock market. Many economists believe that housing costs will slow further and push US inflation below 3% later this year. Analyst Giuseppe Dellamotta said: The Fed swaps expect a 50 basis point rate cut by the end of the year (up from 45 basis points before the data was released), easing concerns about inflation in the short term. In the coming weeks, stocks, BTC and commodity currencies will be the main beneficiaries. Last month's hot CPI data was one of the reasons for the market decline. This report was in line with expectations. Inflation resumed its downward trend at the beginning of the second quarter, boosting financial market expectations for a September rate cut. Analyst Kyle Chapman believes that the cooling data may ignite the Fed's hope of returning to summer rate cuts. Bank of Montreal raised its year-end target for the S&P 500 index from 5,100 to 5,600 by nearly 10%. The Fed was brought back to the negotiating table for rate cuts, and the market responded positively. The US stock index hit a record high, and the currency market and gold rebounded. The basic scenario this year is rate cuts, that is, a bull market. The so-called "rate cut bull and water release bull" in the financial market may occur at the end of the second quarter. As time goes by, the market will become more optimistic. The next time is the PCE inflation data at the end of the month. Morgan Stanley expects PCE to continue to decline. #美国4月CPI数据回落 #BTC走势分析