The U.S. encryption bills are coming out frequently, and are getting more and more on the right track. Today, the U.S. released data showing that the core PCE price index in June was 4.1% year-on-year, lower than the expected value of 4.20% and lower than the previous value of 4.60%. The core PCE price index in June was 0.2% month-on-month, lower than the expected value of 0.20% and lower than the previous value of 0.30%. The core PCE price index in June was 4.1% year-on-year, the smallest increase since September 2021, and the monthly rate of 0.2% was the smallest increase since November 2021. The three major U.S. stock indexes are still racing, with the Nasdaq rising more than 2% during the session and the S&P 500 rising nearly 1%, while the big pie is standing still.

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The day after the U.S. House Financial Services Committee passed the 21st Century Financial Innovation and Technology Act, the House Agriculture Committee also passed the bill, which aims to create a comprehensive regulatory framework for digital assets. The bill gives the Commodity Futures Trading Commission (CFTC) jurisdiction over digital commodities and clarifies the jurisdiction of the U.S. Securities and Exchange Commission (SEC). The legislation will be transferred to the House of Representatives for a full vote. The U.S. House Financial Services Committee stated that the Payment Stablecoin Transparency Act and the Preserve Token Act were passed along with five other financial-related bills. It aims to provide regulation on the issuance of payment stablecoins and ensure that cryptocurrency users are allowed to keep their assets in self-custodial wallets. Coinbase Chief Legal Officer said: The vote on the Stablecoin Payment Clarity Act provides important protection for American investors.

Kyrgyzstan's Prime Minister T approved the construction of a cryptocurrency mine at a hydroelectric power plant to enhance its cryptocurrency mining capabilities. Argentina's Ministry of Economy released a list of electricity rates, which will increase the electricity fee for cryptocurrency mining to 17,240 Argentine pesos per megawatt-hour, about $63.3. Gary Gensler, director of the U.S. Securities and Exchange Commission, said: There are good-faith and reputable participants in the crypto industry, but reiterated that this is a field full of fraud and boasting. There are honest participants, but there are too many dishonest participants. The SEC needs more resources and manpower.

Marc Taverner, CEO of financial services provider XEROF, said: We have finally entered the era of BTC financial products. The US BTC ETF of companies such as BlackRock may finally be approved, and global companies such as Deutsche Bank are seeking their own cryptocurrency licenses. These institutions may want to hold BTC before the next BTC halving. Halving has always represented an economic opportunity. If any ETF is successfully approved by then, European ETPs will join the ranks of BTC financial products, and its star effect will rise as the demand for BTC grows. Mark Yusko, founder of Morgan Creek Capital Management, predicted when comparing BTC to gold that BTC could reach $300,000 by 2028. Gold is not portable or divisible, while BTC can be, and BTC will experience another halving event by then. Investment bank TD Cowen said: Whether the spot BTC ETF can be approved by the US Securities and Exchange Commission (SEC) is just a matter of "when", not "if".

Yesterday, the US GDP in the second quarter recorded 2.4%, significantly exceeding expectations by 1.8% and higher than the previous value of 2%. Today, the core PCE annual rate is 4.1%, lower than the expected value and the previous value. The economy is on the rise, and core inflation is on the decline, which provides support for risky assets and gold. Spot gold rose by 0.7%, and the big cake rose slightly by 0.1%. As for people's concerns about the potential recession "black swan", it has come to an end for the time being. This week, the US government's encryption bill continued to be introduced. The House Financial Services Committee approved the "21st Century Financial Innovation and Technology Act", which is a historic event. The bill will set rules for encryption companies when to register with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC), and provide clear rules for the digital asset ecosystem to enable it to register digital assets with the CFTC as digital commodities. The House Financial Committee passed the "Blockchain Regulatory Certainty Act", which aims to develop guidelines to eliminate obstacles and requirements for "blockchain developers and service providers" (such as miners, multi-signature service providers, and decentralized financial (DeFi) platforms). The House Finance Committee passed the Stablecoin Regulation Act, which aims to provide a regulatory framework for cryptocurrencies that are pegged to the value of legal currencies. Stablecoins are a core element of the crypto market, providing stable tokens that investors can use to buy and sell more volatile assets. The above bill was reviewed and passed by the panel and still needs to be voted on by the entire House of Representatives before it becomes law.

After the regulations are improved, asset managers no longer have to seek to participate in the crypto market only through BTC derivatives (such as BTC futures and crypto stocks provided by CME). This year, many crypto stocks have outperformed BTC. Fidelity and BlackRock are among the top ten shareholders of Microstrategy, and its stock price has risen 230% this year; Coinbase's stock price has risen 260% this year. The Wall Street Journal commented that Sequoia Capital cut the size of its cryptocurrency fund from US$585 million to US$200 million, and there are not enough opportunities in the current primary market of cryptocurrencies to match the size of a billion-dollar fund. After the regulations are improved, the probability of BTC spot ETF approval will also increase, expanding the regular managers' ability to provide compliant entry paths and risk exposure, and solving the liquidity shortage problem of big cakes. Big cakes are becoming more and more mainstream, and the market value prospects are still good as they move up a level in each cycle. #BinanceTournament #BTC #ETH