貝萊德：AI是機器原生的智慧，加密貨幣是機器原生的金錢

🚨NEW: The @SECGov just updated its crypto FAQ on token buybacks to add a stipulation that if there is no central party behind those token buybacks, then this arrangement likely does not constitute an investment contract. It comes following comments from @a16zcrypto General Counsel and Head of Policy @milesjennings last week that the prior wording could “empower an issuer to announce the buyback program without that announcement then creating an investment contract.”

Today, Ethereum market infrastructure became ~30x faster.

Ethena 這消息蠻值得關注，因為第一眼會覺得「誒不對，ENA 之前不是已經跟幣安有合作了？穩定幣不是嗎？還因此有 10/11 事件」 但深看一層，這是 Ethena 在擴展商業模型：原本 delta neutral（現貨＋空永續）只 cover 幣圈，現在有了美股代幣，他們可以現貨用 Binance 的代幣化股票 bStocks，對沖用 Binance 美股永續 然後幣安會給 Ethena 比較低的 ADL 優先級（就是比較晚才會被 ADL 自動減倉），很大程度保護了 Ethena 的 basis trade 策略 蠻看好這可以打開 Ethena 另一條大門（美股穩定太多了），然後持續推動 $USDe 的採用，而且美股 basis 過去半年平均有 11%+（很吸引人） 按照之前通過的 Fee Switch 提案，只要 USDe 破 $7.5B，總協議收入的 5% 會進基金會，其中 95% 拿去回購 $ENA；$10B → 10%，$15B → 15% 現在 USDe $4.9B，可以觀察 USDe 的增發量來判斷 另外就是要看幣安美股合約的真實深度了，不然可能做不起來

貝萊德: 我們的研究發現了AI 跟數位資產成長的關聯性

這篇沒有出現以下任何用詞： 加密貨幣 Cryptocurrency 數字資產 Digital Asset 區塊鏈 Blockchain 資產代幣化 Tokenization 或者 Web 3 道可道，非常道 牛可牛，非常牛

Rapidly advancing technologies are transforming our markets at a speed once thought impossible. To keep pace, the @CFTC is engaging directly with the people building, using, and studying them. Introducing the Frontier Forum Series, a series of public roundtables on the innovative technologies that are transforming American financial markets, spearheaded by our Innovation Task Force. Mark your calendars for our first symposium, a conversation on artificial intelligence and agentic finance, which will be held on Wednesday, October 28.

bitcoin:native

万斯这个人确实很聪明，非常敏锐。他直接挑明了一个反常现象：为什么那些头部 AI 巨头，要排着队主动往华盛顿跑，要求政府来监督自己？ ​隐藏在这种反常背后的商业小算盘并不难猜。巨头们从来不怕监管，他们怕的是没有门槛。 ​大厂拥有雄厚的资金和法务团队，任何严苛的审查标准他们都能承受。但初创公司和开源开发者不行，高昂的合规成本会直接把后来者扼杀在摇篮里。 ​主动要求监管，核心是想参与制定规则。只要自己坐在发牌桌上，就能把标准定在对自己最有利、别人最难跨越的地方。 这两天，Anthropic、OpenAI 以及马斯克这 3 个行业死对头联手共同呼吁“暂缓研发”AI，本质上有可能也是同一个逻辑——跑在最前面的人如果发现身后的追赶者脚步太快，最有效的防守方式，就是借监管之手按下暂停键，给自己巩固生态、抢占市场留下充足的时间窗口。 ​把别人挡在门外，把自己锁在里面，这有可能才是巨头们主动戴上金箍的真正算盘。

China has won as Clarity Act is dead Now, China will take total control of this major ‘happening’ because Trump wouldn’t sacrifice his personal financial interests. Just kidding. Crypto probably moons anyway because Clarity act passing would just kill another sexy narrative for the future.

CLARITY failed. Now DeFi needs to win through adoption. Build products millions of people want. Become too important to ignore. Regulation will have to catch up. The Uber path.

B for Bitcoin

Warning sign for Clarity vote: Sen. Warner says new ethics language falls short “There's been some movement. I don't think the ethics provision is near enough. And again, it's frustrating because we've had these same three issues outstanding for six, eight weeks, and why this couldn't have been dealt with earlier? I’m really concerned”

It was a busy summer for @ethereum. → @RobinhoodApp Chain, an @arbitrum Orbit-based Ethereum L2, launched and passed $1B in TVL within 6 weeks. → @Revolut, Europe's largest fintech with 80M+ customers, announced EURR, a euro stablecoin issued by Bridge and live on day one on Ethereum. → @jpmorgan Asset Management's two tokenized money market funds, MONY and JLTXX, grew to over $800M combined on Ethereum mainnet. → @CreditAgricole launched EURXT, a MiCA-compliant euro stablecoin issued by @CACEIS on Ethereum, first used to settle a subscription into a tokenized @Amundi_FR money market fund. → SBI issued JPYSC on Ethereum, Japan's first trust-type yen stablecoin, built with @StartaleGroup and issued by SBI Shinsei Trust Bank. → @openstandard confirmed Open USD will launch on Ethereum on day one, 140+ businesses partnered here already including Visa, Mastercard, Stripe, BlackRock and BNY. → @BlackRock launched Ethereum-based OnChain Shares of its Select Treasury Based Liquidity Fund (BSTBL), with @BNYglobal serving as transfer agent and tokenization provider. → In parallel, it introduced BRSRV, a tokenized money market fund built for digitally native institutional investors and stablecoin reserve use cases, serviced by @Securitize. → The day after BSTBL and BRSRV, @BlackRock announced it is tokenizing share classes of its European Institutional Cash Series money market funds on Ethereum, representing $311B in assets as of June 30, in partnership with Kinexys by J.P. Morgan. → @neubergerberman launched its first tokenized fixed-income fund, HINC, serviced by @Securitize and live on Ethereum. → @MorganStanley launched MSSE, an Ethereum ETP that stakes a portion of its holdings and passes the rewards to investors. → @Fidelity filed to add staking to its Ethereum ETF, covering nearly all of the fund's ETH, around $898M at filing. → ethereum:native moved from roughly $1,560 on July 1 to around $2,450 at the end of August. → Three new nodes joined the Ethereum ecosystem: @ethereuminsti, @ethlabs_org , and @eth_systems; all focused on Ethereum adoption. Ethereum is the home of onchain finance.

ROBINHOOD CEO VLAD TENEV JUST SAID WE’RE ENTERING A CRYPTO SUPERCYCLE. THE ENTIRE FINANCIAL SYSTEM IS COMING ON-CHAIN. TRILLIONS WILL FOLLOW. $BTC WILL EXPLODE. $ETH WILL GO INTO PRICE DISCOVERY. ALTCOINS WILL PRINT 10X–100X. THE BIGGEST CRYPTO BULL RUN EVER IS COMING.

“Tokenization (crypto): We’re at the beginning of a supercycle, and it’s going to take over the entire financial system,” says Robinhood’s Vlad Tenev.

卧槽，币圈本来等华尔街来抬轿，结果现在散户开始给美股抬轿了，GameStop逼空式2.0正在上演！ Robinhood Chain 的币股meme直接拿「股票代币」做交易对。比如 BONER/HIMS，买 BONER 的资金会通过 HIMS 这条腿成交，于是 Meme 越有人追，链上的 HIMS 就越被吸进这个池子。 问题是 Robinhood 的 HIMS 不是凭空印出来的。它是 1:1 有真实股票支撑的债务型股票代币，只有授权参与方能新增供应。 想新增 1 枚 HIMS Token，背后就得增加对应的真实股票敞口。于是出现了一个很魔幻的资金传导： 币圈散户冲 Meme → 股票代币需求增加 → 做市商补库存 → 买入真实美股来支撑新增 Token。 以前是大家幻想华尔街的钱流进 Crypto，现在 Crypto 的赌场资金反过来可能成为美股的边际买盘。 上周末 HIMS 已经做了一次小型压力测试。当时链上总共只有约 1.52 万枚 HIMS Token，一度约 81% 都塞在 BONER/HIMS 这类池子里，真正拿来和美元稳定币交易的 HIMS 薄得离谱。 HIMS 美股周五收盘只有 28.84 美元，但周日链上价格最高打到 61.15 美元，超过真实股票一倍。 等能够重新买入底层股票、补充 Token 供应后，第一批 1000 枚 HIMS 被铸出来，十几分钟溢价就开始崩，两个小时基本回归正常。 这个机制已经被跑通了，如果以后 Meme 规模从几百万做到几亿甚至几十亿美元，它买的就不再只是空气，背后的套利机制会不断把需求传导到真实股票。 GameStop 1.0 是散户直接冲股票逼空华尔街。 GameStop 2.0 可能更抽象：散户先冲一个叫 BONER 的 Meme，最后逼着做市商去买 HIMS。 币股 Meme 这个东西，我觉得才刚开始。

Ethereum quietly eating the euro-stablecoin market while ETFs print 10 straight green days. $ETH increased by $12.3M over the past week 📊 Something’s cooking. 🔥

🧵 Ethereum just confirmed today the biggest wallet change in its history. It’s called EIP-8141. And it removes almost everything that makes crypto hard to use. With examples for non-technical people. A thread: (1/6)