# I. Outlook

## 1. Macroeconomic Summary and Future Predictions

U.S. stocks have continued to rise since the market opened last Monday, driven by expectations of interest rate cuts and strong earnings reports from major tech companies, indicating a significant improvement in market sentiment. Investors are generally betting on an increased probability of the Federal Reserve cutting rates in September, combined with a rebound in tech sector funds, pushing the three major indices to strong weekly gains: the S&P 500 rose 2.4%, the Dow Jones increased by 1.3%, and the Nasdaq surged 3.9%, repeatedly hitting new highs, reflecting that optimism about easing prospects has temporarily outweighed concerns about policy and geopolitical risks.

## 2. Market Changes and Warnings in the Crypto Industry

Last week, the crypto market remained optimistic overall, driven by steady upward trends and policy support. The U.S. CFTC announced that it would allow listed crypto spot products to be traded on registered futures exchanges, bringing significant regulatory benefits to the industry; the long-standing lawsuit between Ripple and the SEC officially concluded, with Ripple agreeing to pay a $125 million fine, alleviating tail-end regulatory risks for the market.

At the same time, the inclusion of the crypto industry in 401(k) retirement account options could release hundreds of billions of dollars in funds and significantly expand the investor base. Technically, the market remains cautious, with expectations of increased short-term volatility. Analysts have significant disagreements on whether "altcoins" will emerge, with assets like Solana still having potential for growth. Overall, improved regulatory clarity and policy support have bolstered the upward trend, but high volatility and structural risks cannot be ignored.

## 3. Industry and Sector Hotspots

Galaxy led a $10 million investment in FBTC, an institutional-grade cross-chain protocol that seamlessly integrates Bitcoin into DeFi, allowing Bitcoin (BTC) to be transferred and managed across multiple blockchain networks; Sidekick Protocol is building a one-stop live trading platform that enables anyone to share market insights in real-time and trade digital assets instantly.

# II. Market Hotspot Sectors and Potential Projects of the Week

## 1. Overview of Potential Projects

1.1. Analysis of Galaxy's $10 Million Investment in FBTC, an Institutional-Grade Cross-Chain Protocol for Seamless Bitcoin Integration into DeFi

Introduction

FBTC is a decentralized protocol that allows Bitcoin (BTC) to be seamlessly transferred and managed across multiple blockchain networks. By employing advanced cryptographic technology and decentralized governance mechanisms, FBTC ensures the security, efficiency, and interoperability of BTC assets within a broader blockchain ecosystem.

Architecture Overview

The architecture of the FBTC protocol consists of three core components:

• Custodial addresses on the Bitcoin main chain
• Smart contracts on the target chain
• Offchain modules

1. Minting Workflow

Mint Flow

Mint FBTC

1. Qualified users transfer native BTC to a designated custodial address.
2. Users interact with the Bridge contract to initiate a minting request.
3. The Bridge Monitor, which listens for on-chain events in real-time, detects the minting request.
4. The Bridge Monitor simultaneously monitors BTC deposit transactions on the Bitcoin main chain.
5. The Bridge Monitor sends the minting request to the TSS Gateway.
6. The TSS Gateway initiates the contract, confirming the minting request from the Bridge contract. Multiple TSS nodes jointly sign the transaction using the MPC (Multi-Party Computation) algorithm, with each TSS node running an independent risk control system to verify the deposit transaction and minting request, ensuring the secure minting of FBTC.
7. Once the minting transaction on the target chain is confirmed, the FBTC token is officially minted.

Burning Workflow

Burn FBTC

1. Qualified users interact with the Bridge contract to initiate a burn request.
2. The Bridge contract burns the user's FBTC.
3. The Bridge Monitor detects the burn request event.
4. The Bridge Monitor sends a withdrawal request to the TSS Gateway.
5. The TSS Gateway initiates a BTC transfer, sending the specified amount of BTC to the user's designated withdrawal address. Multiple TSS nodes jointly sign the transaction using the MPC algorithm, with each node running an independent risk control system to verify the BTC transfer transaction and burn request, ensuring the security of FBTC unwrapping.
   Once the withdrawal transaction on the Bitcoin main chain is confirmed, the TSS Gateway calls the Bridge contract to confirm that the withdrawal request has been processed.

Cross-Chain Workflow

FBTC Cross-chain Transfer

1. Users interact with the Bridge contract on the source chain to initiate a cross-chain request.

2. The Bridge contract burns the user's FBTC.

3. The Bridge Monitor monitors events on the source chain in real-time, immediately detecting the cross-chain request.

4. The Bridge Monitor sends the cross-chain request to the TSS Gateway.

5. The TSS Gateway initiates a call to the target chain's Bridge contract to confirm the cross-chain operation. Multiple TSS nodes with independent risk control systems jointly sign the confirmation transaction.

6. Once the cross-chain transaction on the target chain is confirmed, the specified amount of FBTC is minted for the user.

7. Custodial Addresses

Custodial addresses are a key component of the FBTC project, responsible for the secure deposit and withdrawal of BTC assets. These addresses ensure the safe storage of user funds and accurately reflect corresponding operations within the FBTC system.

Deposit Addresses

• Address Allocation Each qualified user is assigned a unique BTC deposit address. When users deposit BTC into this address, the system triggers the minting process, converting the corresponding amount of BTC into an equivalent amount of FBTC.
• Deposit Verification The system continuously monitors deposit transactions on the blockchain for these deposit addresses. Once a new deposit is detected, the system verifies the transaction details and updates the user's FBTC balance accordingly.
• Security Mechanism Deposit addresses are managed jointly by MPC (Multi-Party Computation) and Multi-Sig technology, ensuring that no single entity can fully control the assets. This decentralized approach significantly enhances the security of user funds.

Withdrawal Addresses

• Address Allocation Each qualified user is also assigned a dedicated BTC withdrawal address. When users initiate a burn request (to exchange FBTC back to BTC), the system will send the corresponding amount of BTC to this withdrawal address.
• Withdrawal Verification The system verifies the specific details of the burn request and ensures that the correct amount of BTC is sent to the user's withdrawal address. This process employs a multi-signature verification mechanism to ensure the security and accuracy of the transaction.
• Security Mechanism Similar to deposit addresses, withdrawal addresses are also managed through MPC and Multi-Sig technology to prevent unauthorized access and ensure the security of user assets.

1. Offchain Service Module

The offchain module in the FBTC protocol is crucial for ensuring the system's security and efficient operation, consisting of the following five core components:

1. Bridge Monitor

• Function: Real-time monitoring of on-chain events (such as minting, burning, cross-chain requests), verifying request legitimacy, and submitting pending signature transactions to the TSS Gateway.
• Role: Ensures compliance of all on-chain transactions and serves as a prerequisite for the TSS signing process.

1. TSS Gateway

• Function: Coordinates TSS nodes to complete transaction signing, collects signature results, and broadcasts the final transaction to the target blockchain.
• Role: Acts as a central communication hub between the Bridge Monitor and TSS nodes, ensuring smooth execution of the transaction process.

1. TSS Nodes

• Function: Utilize distributed keys (TSS private key shares) for signing and independently verify request legitimacy through their own risk control modules.
• Role: Ensures decentralization and transaction security through a distributed signing mechanism.

1. Risk Control Module

• Function: Accesses trusted blockchain node data to verify whether each signature request meets predefined security rules.
• Role: Serves as the last line of defense for the system, preventing the execution of illegal or high-risk transactions.

1. Blockchain Nodes

• Function: Operate as standard Bitcoin or other network nodes, providing real-time on-chain data query services for the Bridge Monitor and risk control module.
• Role: Provides accurate, real-time blockchain data support for the system, serving as the data infrastructure for the entire architecture.

Commentary

FBTC achieves the secure, decentralized, and efficient circulation of Bitcoin assets in a multi-chain ecosystem through Multi-Party Computation (MPC), Multi-Signature (Multi-Sig), and offchain collaborative modules. Its advantages lie in a highly secure asset custody mechanism, a complete offchain risk control system, and flexible cross-chain support, allowing users to operate BTC seamlessly across different chains.

In contrast, its disadvantages include a relatively complex system architecture, a high dependence on the stability and coordination of offchain services, and potential risks of delays or single points of failure in extreme cases.

1.2. Interpretation of YZiLabs' Investment in Sidekick Protocol, a One-Stop Digital Asset Platform Integrating Live Interaction and Instant Trading

Introduction

Sidekick Protocol is building a one-stop live trading platform that enables anyone to share market insights in real-time and trade digital assets instantly. By combining interaction with instant trading, Sidekick empowers millions of users to easily connect, trade, and seize emerging opportunities.

With the rapid development of digital content consumption and financial technology, a new economic model that integrates interactivity, real-time experiences, and decentralized ownership is emerging. Multiple key trends indicate that digital interaction is undergoing a fundamental transformation, with live streaming, Web3 participation, and the creator economy accelerating their integration. This transformation has created an urgent demand for LiveFi platforms—these platforms support real-time market discussions, digital asset discovery, and immersive community interactions, providing the infrastructure for users to capture opportunities instantly in a decentralized, creator-led ecosystem.

Architecture Overview

1. Sidekick Protocol's Solution: LiveFi

LiveFi is an innovative solution launched by Sidekick Protocol in response to current market trends, integrating live streaming and decentralized finance (DeFi) to create a new platform form that combines real-time trading with content creation.

Core Features:

• Real-Time Market Insights: Users can share and receive trading views, market dynamics, and asset analysis instantly through live streaming.
• One-Click Trading Functionality: Users can seamlessly complete digital asset trades during live broadcasts, achieving a smooth "watch and trade" experience.
• Social Participation Mechanism: Breaks down interaction barriers between viewers, creators, and traders, promoting community collaboration and high-frequency participation.
• Creator Monetization Model: Utilizing Web3 technology, it supports creators in achieving decentralized income through tips, subscriptions, and token incentives.
• Cross-Chain and Asset Composability: Supports the instant discovery and integrated trading of multi-chain assets (such as BTC, ETH, etc.), enhancing user operational flexibility.

Problems Addressed:

• Bridging the gap between traditional trading platforms and content platforms
• Providing an integrated experience of real-time + interaction + trading
• Creating a high-participation, high-incentive, decentralized financial ecosystem for creators and users

1. Featured Products

Live Streaming Hub

The Live Streaming Hub is the core entry point for content discovery and community interaction within LiveFi. It features a Live Stream Hall, where users can explore popular creators, gain real-time crypto market insights, and participate in interactive live content. Current functionalities include:

• Live Chat
• Gifting
• Co-streaming
• Asset Discovery

These features collectively create a highly immersive and interactive live experience, truly achieving a bridge between content creation and crypto culture.

3. Sidekick Protocol Ecosystem Participants and Benefit Mechanism (Utilization: Ecosystem Contributors & Benefits)

4. Kickers: Content Creators and Market Educators

Kickers can use the Sidekick Protocol platform to live stream, share real-time market insights, introduce digital assets, and interact with viewers. Unlike traditional platforms that rely solely on advertising and sponsorship, Kickers can directly earn income through trading commissions and community interaction incentives.

Advantages for Kickers:

• Diverse revenue models: Go beyond traditional advertising income to monetize directly through interaction.
• Enhanced fan engagement: Build a community with a sense of participation, increasing viewer activity.
• Expanded market influence: Leverage the Web3 user base to enhance professional reputation in the digital content space.

1. Sidekickers: User Participants

Sidekickers can watch live streams, learn market strategies, and interact in real-time with top creators through the Sidekick Protocol, gaining first-hand digital asset information and improving investment decision efficiency.

Advantages for Sidekickers:

• Early opportunity discovery: Access new assets introduced during live streams first.
• Learn from experts: Interact with leading market educators to enhance understanding.
• Join a co-building community: Participate in a decentralized ecosystem, experiencing collaboration and growth.

1. Affiliate Partners: Ecosystem Promoters

Ecosystem partners can drive new users to join the LiveFi ecosystem through Sidekick's affiliate program and receive incentives, aiding platform expansion.

Advantages for Affiliate Partners:

• Monetize private traffic: Earn rewards through user conversions.
• Expand market coverage: Create long-term income sources using promotional tools provided by Sidekick.
• Promote Web3 adoption: Become a key driving force for protocol growth.

Commentary

Sidekick Protocol seamlessly integrates live interaction, market insights, and digital asset trading through its innovative LiveFi model, empowering content creators and users to achieve real-time participation and revenue generation. Its advantages lie in breaking down barriers in monetization, interaction, and asset acquisition that traditional platforms face, building a decentralized, community-driven Web3 content financial ecosystem.

However, its disadvantages include a high dependence on the quality of live content and user activity, with the early ecosystem needing substantial support from quality creators and traffic, potentially facing challenges of cold starts and user retention during the platform's growth phase.

## 2. Detailed Explanation of Key Projects of the Week

2.1. Detailed Analysis of Coinbase & Paradigm's Investment in Opyn, a Next-Generation Decentralized Derivatives Protocol for On-Chain Options and Perpetual Strategies

Introduction

Opyn v2 offers European-style, cash-settled options products that automatically execute at expiration.

• European Options: Refers to options where the holder can only exercise on the expiration date and cannot execute early.
• Cash Settlement: Means that there is no delivery of the underlying asset when exercising the option. Instead, the system settles using collateral assets, with the option holder receiving the difference between the underlying asset price and the exercise price at expiration.

Feature Analysis

1. What types of options are available on Opyn?

The protocol currently supports automatically executed in-the-money options, so option holders do not need to manually operate before or at expiration. After expiration, the system automatically calculates the settlement gains for both long and short positions, and once the settlement price is determined, users can withdraw their gains at any time by simply clicking the "redeem" button on the interface.

2. What is a Spread?

Spread Structure allows users to use long oTokens as collateral for short oTokens, requiring only the maximum possible loss amount of that combination as collateral. This mechanism significantly reduces the collateral cost required to open a position.

Vault Architecture Analysis

1. Ecosystem Participants

• Strategy Creators: Individuals, teams, or entities that conceive and write perpetual options strategy code, which will be executed by the vault. Anyone can become a strategy creator.
• Vault Creators: Individuals, teams, or entities that deploy vaults on-chain, representing a perpetual options strategy. Anyone can create a vault, typically the same party as the strategy creator.
• End Users: Individuals, funds, or teams that deposit funds into the vault, believing that the options strategy behind the vault will yield future returns. These users enjoy an "invest once, worry-free" investment experience without needing to focus on option expiration or other investment details.
• Vault Managers / Owners: Individuals, teams, or entities that manage the vault, responsible for making all manual investment decisions (such as selecting strike prices) and handling various operations required to execute the strategy (such as OTC option sales). Vault ownership is transferable.

1. Architecture

Each vault represents a perpetual options strategy. To initiate a new strategy, a new OpynPerpVault contract must be deployed. A vault can be assigned one or more deployed Actions to execute the strategy, with each Action having an independent fund allocation ratio. Once the Actions for the vault are set, they cannot be changed.

Allowing a vault to consist of multiple Actions provides greater flexibility, enabling the creation of option combination strategies with various characteristics.

• Round

Round is a core mechanism of Opyn's perpetual vault, used to transform financial products with expiration dates (such as options, futures, bonds, etc.) into sustainable investment strategies.

• Each Round represents a complete strategy cycle.

• The strategy is implemented by the vault manager and is "rolled over" at the end of each round.

• At the code level, the Rollover function is called to start a new round, and the Close Positions function is called to end the current round.

• If the strategy does not involve assets with expiration times (such as oTokens, futures, bonds, etc.), you may be looking at the wrong documentation.

• Vault Lifecycle

The lifecycle of an Opyn vault includes three states: Unlocked, Locked, and Emergency. In normal operation, users can access assets in the unlocked state; when the strategy is active, the vault enters a locked state, preventing assets from entering or exiting; after the strategy ends, it unlocks again. Each vault has a "minimum unlock period" to ensure users can exit freely between rounds. Additionally, the vault supports an emergency pause function, during which all operations will be prohibited, and it will return to its original state after recovery.

3. Vault Functions

User Interactions

• Deposit

• Unlocked State:
• Users can deposit assets through deposit(_amount) and receive vault shares based on their holdings.
• The deposited assets will be used in the next round strategy, and once locked, the assets will be allocated to different operations to bear risks and earn returns according to the strategy.
• Locked State:
• Once the vault enters a locked state, users cannot deposit assets for immediate use, preventing users from joining and risk-free sharing of the previous round's returns before option expiration.
• Users must call registerDeposit to transfer assets into a pending queue; these assets will be used to earn premiums at the start of the next round but will not earn returns until the current round ends.
• When calling closePositions() to end the current round, the assets in the pending queue will be merged into the main pool, generating new shares and allocating them to the respective depositors.

• Withdrawal

• Unlocked State:
• Users can call withdraw to destroy shares and retrieve collateral assets.
• Locked State:
• Users can register a withdrawal request, entering the pending queue through registerWithdraw.
• After the current round ends, users can retrieve assets at any time through withdrawFromQueue.

Vault Manager Interactions

• Rollover

• Vault owners must call rollOver to start the next round, triggering the rolloverPosition function and allocating vault assets to the action contracts.
• Each action can implement custom logic to protect users or prevent malicious rollovers. For example, the option sell action may implement a time lock to ensure the vault manager has sufficient time to commit before selling options, preventing malicious sellers from selling inappropriate options at low prices.

• Close Positions

• After the round ends (such as option expiration), anyone can call the closePositions function to pull assets back from the action contracts to the vault, allowing withdrawals and restoring the vault to an unlocked state, waiting for the next round to begin.
• Each action contract should ensure asset transfer approval and confirm that the amount returned by currentValue() can be pulled back.
• Custom Logic: Each action contract can implement logic to prevent malicious calls to closePositions. For instance, short positions (selling options) should not be callable before option expiration.

4. ShortOToken (Shorting oToken)

• Basic Functions

This action supports shorting oToken through AirSwap, 0x, or Gnosis Auction.
The action contract's owner can mint oToken from this contract and complete transactions through executed orders or by initiating auctions, thereby collecting premiums.

The design of this action aims to facilitate the integration of various on-chain verification mechanisms to prevent the action owner from deviating too far from the strategy direction while ensuring that deposit users have ample time to react and withdraw funds completely in the event of malicious behavior.

• Some built-in on-chain verification examples in the template include:

• The selected call option's strike price is higher than the current spot price by x%;
• The selected put option's strike price is lower than the current spot price by x%;
• The premium obtained from executed trades is no less than x% of the collateral invested.

• Diagram Explanation

The diagram below illustrates how the lifecycle of this action is embedded within the overall vault lifecycle.

Summary

Opyn V2 is a DeFi protocol supporting European-style, cash-settled options, offering features such as automatic exercise, "round" strategies, and composable perpetual vaults, greatly simplifying the investment process for users seeking a "set it and forget it" yield strategy. Additionally, it supports multi-strategy combinations and on-chain automation, enhancing flexibility and transparency.

However, its complex structure and high usage threshold may not be user-friendly for newcomers, and strategy formulation and vault management rely heavily on manual intervention, while still facing challenges of on-chain operation delays and security risks.

# III. Industry Data Analysis

1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

Analysis

Key resistance this week: $122,000 (previous high)

Key support this week: $120,800, $119,800, $118,900

ETH

Analysis

Key resistance this week: $4,390, $4,780, $4,890

Key support this week: $4,100, $3,890, $3,750

2. Public Chain Data

2.1. BTC Layer 2 Summary

• Taproot Assets Releases v0.6 Lightning Labs has launched Taproot Assets v0.6, the first multi-asset Lightning protocol usable on the mainnet, allowing users to mint stablecoins on the Bitcoin network and send them instantly via the Lightning network at very low fees, opening a new chapter for Bitcoin's integration with multi-asset payments.
• Formal Verification of Lightning Network Security Research Results Released New research from academia has formally verified that the Lightning Network can ensure the safety of honest users' funds in all scenarios, significantly enhancing the technology's credibility.

2.2. EVM & Non-EVM Layer 1 Summary

Latest Developments in EVM Layer 1

• Layer One X Achieves Decentralized Transfer of Assets Across Ecosystems Layer One X announced on its testnet the first decentralized asset transfer between EVM and non-EVM chains without the need for bridging, which will significantly enhance cross-chain interoperability once launched on the mainnet.
• WOM Protocol Launches EVM-Compatible Layer 1 Testnet WOM Protocol has officially launched its EVM-compatible Layer 1 testnet, providing infrastructure support for fields such as SocialFi and InfoFi.
• Sei Network Launches Parallel EVM Solution Achieving the first parallel execution of EVM, supporting CosmWasm and EVM smart contracts, with a high throughput capacity (28,300 batch transactions per second) and a block time of about 390ms. Sei's co-founder pointed out that in the future, Sei will focus on Layer 1 architecture optimization, returning to the core expansion direction of EVM rather than relying on Layer 2.

Highlights in Non-EVM Layer 1

• Layer One X Breaks Traditional Limitations, Achieving Bridging Alternatives As mentioned earlier, the cross-EVM and non-EVM decentralized asset transfer functionality introduced by Layer One X is an important milestone for this type of public chain ecosystem.

2.3. EVM Layer 2 Summary

1. Linea: Launches Zero-Knowledge (ZK) EVM Scaling Solution

Linea officially launched this week—an EVM Layer 2 network for distributed applications that employs zero-knowledge proof technology fully equivalent to EVM, aiming for better scalability and developer migration experience.

2. Little Pepe (LILPEPE): EVM Layer 2 Token Pre-Sale Strongly Underway

Little Pepe, a high-performance EVM Layer 2 blockchain project specifically designed for meme coins, has seen explosive performance in its token pre-sale, with the ninth round selling out early and the tenth round starting, raising over $16.475 million, indicating extremely high enthusiasm among the community and investors.

3. Optimistic MEV: Continues to Dominate Layer 2 Block Space

Research shows that in Q1 2025, "Optimistic MEV" accounted for over half of the on-chain gas consumption in Optimistic Rollup networks, including Base, Optimism, and Arbitrum, particularly prominent on Base and Optimism. This type of transaction frequently initiates arbitrage detection but has a low success rate, causing continuous congestion in blocks while its gas expenditure remains relatively low.

# IV. Macroeconomic Data Review and Key Data Release Points for Next Week

Last week's U.S. macroeconomic data reflected that the economic fundamentals remain resilient, but there are structural challenges in inflation, trade, and employment, with short-term growth remaining moderate. Monetary policy is gradually shifting towards easing to support economic stability. In the coming months, investment, consumption, and policy direction will be key observation points.

Important macro data release points for this week (August 11-15) include:

August 12: U.S. July unadjusted CPI year-on-year

August 14: U.S. initial jobless claims for the week ending August 9

August 15: U.S. July retail sales month-on-month

# V. Regulatory Policies

U.S.: Progress on Stablecoins and Policy Framework

• The GENIUS Act is Officially Signed ------ President Trump signed this bill on July 17, establishing mandatory requirements for stablecoins to be backed by $1:1 or low-risk assets, and promoting the construction of a federal and state regulatory framework.
• SEC Launches "Project Crypto" ------ Chairman Paul Atkins announced the launch of this significant policy initiative, aiming to modernize crypto asset regulations through clear asset classification and support for "super apps" (integrated platforms for trading, staking, lending), which is expected to reduce regulatory risks and attract institutions back to the U.S. market.
• Allowing Crypto Assets into Retirement Accounts ------ The president is expected to sign an executive order allowing cryptocurrencies to be included in 401(k) retirement plans, potentially triggering about $9 trillion in capital inflow, but also raising policy controversies and risk concerns.

China and Hong Kong: Tightening Regulations and Licensing Progress

• Chinese Regulators Ban Brokers from Promoting Stablecoins ------ To prevent financial risks, China requires local brokers to stop supporting or promoting stablecoin research and seminars, curbing their potential instability.
• Hong Kong Advances Stablecoin Licensing System ------ Hong Kong has passed the "Stablecoin Ordinance," expected to issue the first batch of stablecoin issuance licenses by early 2026 to strengthen anti-money laundering, risk management, and corporate governance.

India: Strengthening Crypto Trading Risk Management

• India Issues Over 44,000 Tax Notices ------ Due to unreported crypto trading gains, the Indian tax authority has launched a large-scale investigation, uncovering 63 billion rupees in unreported income, reflecting a trend of increased regulation.

Indonesia: Significant Increase in Crypto Tax Rates

• Crypto Trading Tax Rate Raised by Up to 5 Times, Mining VAT Doubled ------ Starting August 1, Indonesia's domestic trading tax increased from 0.1% to 0.21%, with overseas trading reaching 1%, and mining VAT raised from 1.1% to 2.2%, while the previous special income tax was abolished.

UK: Calls for Accelerated Regulatory Progress

• Former UK Chancellor Urges Faster Regulatory Development ------ Osborne and others emphasized that while the UK once led in financial innovation, the current low number of digital asset company registrations hinders its competitiveness as a digital asset hub. They suggest addressing issues of bank service availability and increased regulation.