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The SEC recently made public the comments submitted by Stove Finance regarding the exemption for tokenized stocks.The comments focus on the infrastructure issues after tokenized stocks enter the on-chain market, including asset conversion between traditional securities systems and on-chain ledgers, inventory replenishment, reconciliation, and how corporate actions such as dividends and stock splits maintain consistency across different systems.Stove suggested in the comments that registered broker-dealers be allowed to further participate in the construction of on-chain securities record, reconciliation, and delivery infrastructure, and that a unified standard for asset conversion, settlement status, and corporate actions be established collaboratively by broker-dealers, custodians, transfer agents, and on-chain trading venues.As tokenized stocks gradually enter DeFi scenarios such as AMM and liquidity pools, settlement, asset services, and cross-system interoperability beyond trading are becoming the next issues that the industry needs to address.

According to Gate market data, U.S. software stocks rose, with IBM up 5%, ServiceNow up 4.8%, and Salesforce up 3%.

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has submitted two rules for review to the Office of Management and Budget (OMB). One rule aims to include event contracts within the regulatory definition of swaps, while the other is a "temporary final rule" that seeks to exclude "casino-style gambling products" from the scope of swaps.These two rules were received by the OMB this week, with the document dated September 28. OMB review is typically the last step before rules are submitted for public comment, and the temporary final rule will take effect immediately while allowing for subsequent public input and revisions.This move comes as the CFTC engages in a tug-of-war with multiple states over the nature of prediction markets. Event contracts are typically binary yes-or-no bets on measurable outcomes such as sports events and elections. Last week, the U.S. Sixth Circuit Court of Appeals ruled that Kalshi's sports contracts do not fall under swaps and should be governed by state gambling regulations, while the Eighth Circuit Court of Appeals made a similar ruling; however, the Third Circuit Court of Appeals previously determined that the CFTC has jurisdiction over prediction markets, creating a legal divergence at the federal level. CFTC Chairman Mike Selig believes that the CFTC has exclusive jurisdiction over prediction markets.If event contracts are classified as swaps and not as gambling products, it could weaken the positions of various states in multiple lawsuits against prediction market platforms like Kalshi. The CFTC is legally required to consist of five commissioners, but President Trump has yet to nominate additional commissioners, leaving Selig as the sole commissioner, who is unilaterally advancing regulatory and policy decisions. Additionally, information disclosed by the OMB indicates that the CFTC recently submitted a "pre-rule" focusing on cryptocurrency regulation to the White House.

According to a report by the Financial Associated Press citing local media on September 29, Samsung Electronics Executive Vice President Kim Taewoo stated that HBM is expected to account for nearly 30% of the total wafer capacity of DRAM manufacturers next year, up from the current ratio of about 20%. He mentioned that HBM competes with traditional DRAM for the same batch of wafer capacity, and increasing HBM output may squeeze the supply of traditional DRAM.TrendForce previously predicted that by the end of 2027, the HBM wafer input from the three major global HBM suppliers will account for about 30% of the total DRAM wafer input, but in terms of storage capacity, it will only contribute about 13% of the total DRAM supply. Additionally, according to media reports on September 20, Samsung began mass production and shipment of HBM4 in February this year and provided 12-layer HBM4E samples to customers including NVIDIA in May; the industry expects Samsung's monthly wafer input for HBM to increase from about 180,000 wafers this year to about 250,000 wafers next year.On the same day, TrendForce stated that the demand for AI servers continues, and HBM and general DRAM will still share limited advanced process capacity. The storage supply will remain tight in 2027, and the price expectations for HBM in 2027 have been raised, with an expected year-on-year increase of 121% in the mixed average selling price. Due to limited supply and rising system costs, 8-layer HBM is expected to become a priority evaluation option for several manufacturers in 2027, with its price per Gb expected to be about 10% to 20% higher than that of 12-layer products.

On September 28, 2026, OpenAI published a safety-related article, stating that before continuing any cutting-edge reinforcement learning training, structured safety documentation should be required. Ideally, such documentation should reach the evidence-based structured risk argument level used in safety-critical industries like aviation and nuclear power. OpenAI views this as a direction for effort while acknowledging the complexity arising from the emergence of AI capabilities, making it difficult to achieve the same level of rigor.The article focuses on cutting-edge reinforcement learning training and does not cover the broader alignment attributes required for internal and external deployments. The recommendations in the article reflect current practices, which are expected to continue evolving and are being implemented internally at OpenAI. Technical safeguards should cover model alignment, isolation, and monitoring, including avoiding speculative positive reinforcement rewards, offline alignment assessments and stress testing, preventing automated scorers from seeing thought chains, as well as multi-layer infrastructure security, sandbox red teaming, limiting high-bandwidth cross-sample communication, and immutable preservation of agent records.Operational guidelines include preemptive dissent across teams, approvals that can be vetoed by senior leadership, accountability of training leads for safety arguments and incident responses, as well as fail-safe pauses, internal oversight, audit access, and escalation by severity. In response to serious misalignment events, OpenAI proposes controlled access to original records, root cause analysis, operational and cultural reviews, and treating incident-derived assessments as regression tests; results of investigations should be made public, along with reviews and operational changes, and affected third parties should be notified as soon as possible.

IBM announced that customers of its digital asset management platform IBM Digital Asset Haven can now connect to permissioned blockchain networks, including the blockchain-based shared ledger from Swift. A new beta version of the ISO 20022 message adapter allows financial institutions to initiate tokenized deposit transactions through this ledger using standard payment messages. IBM stated that financial institutions participating in Swift-related programs have tested tokenized deposits on this ledger using Digital Asset Haven. The ledger supports tokenized deposits issued by banks, enabling participating IBM clients to transfer digital assets around the clock, with final settlement still completed through existing systems.Swift first announced this ledger at Sibos 2025, based on a prototype developed in collaboration with Consensys, with over 40 financial institutions involved in its design, 17 of which are participating in the tokenized deposit pilot. Swift currently connects over 12,500 financial institutions across more than 200 markets worldwide. The aforementioned message adapter allows banks to continue using existing payment message formats and operational processes without adopting blockchain-specific workflows.IBM is also expanding Digital Asset Haven to a localized deployment beta version, which can be installed on IBM Z and IBM LinuxONE in the client's own data center for managing digital assets such as stablecoins and tokenized deposits, without relying on public cloud infrastructure. IBM stated that the platform and key management layer are fully retained within the client's own environment, with keys protected by IBM Crypto Express hardware security modules.

The Federal Register of the United States published today a rule filing notice from KalshiEX LLC (Kalshi), stating that the prediction market platform has submitted a proposed rule change to the SEC, claiming immediate effectiveness. The content is the addition of Chapter 14 to the rules manual, aimed at listing "Perpetual Securities Futures Products" (Perpetual SFPs).The contracts have no fixed expiration date, and the contract price is anchored near the spot price of the underlying U.S. stocks or ETFs through periodic funding fees from both long and short parties. Kalshi qualifies it as a securities future, planned to be cleared by its clearing platform Kalshi Klear. The listing threshold is relatively high, requiring the underlying to have a deliverable supply of over 20 million shares, a market capitalization of at least $100 billion, and an average daily trading volume of at least $450 million over the past six months, with contract units mostly being 100 shares.

According to CNBC, the prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) through its clearing agency Kalshi Klear, seeking to introduce margin trading for certain event contracts, allowing eligible traders to use leverage.Currently, event contracts on U.S. regulated exchanges require full collateral, and while Kalshi has offered leverage in its perpetual futures business, it has not yet been authorized to apply this to the prediction market. Kalshi stated that this feature aims to attract more institutional liquidity and, if approved, will only be available to self-clearing members that meet capital requirements, excluding sports, cultural, and "mention-type" markets. The company also plans to increase margin requirements as contracts approach expiration.

In episode 166 of the BidClub podcast, chip designer Bubble boi stated that high-bandwidth flash is technically attractive but lacks decisive data center use cases. The information he provided indicated that the main customers he heard about are Chinese clients who find it difficult to obtain or produce high-end HBM.Bubble boi mentioned that HBF and high-end AI flash have a latency of about 5 microseconds, lower bandwidth than HBM, a lower cost per bit, but the total cost may be comparable. He believes the clearest customers are entities unable to obtain HBM, which aligns with the Chinese demand he heard from two to three people, as they cannot adequately manufacture accelerators or are willing to accept non-leading specification products.

According to Money Today on September 21, Samsung Electronics is advancing the expansion of advanced process capacity in wafer foundry due to the growth of the HBM market. To meet the rising demand for HBM4 base chips, it is evaluating the expansion of its 4-nanometer process. Samsung's HBM4 consists of 10-nanometer 6th generation (1c) DRAM core chips and 4-nanometer logic base chips, with the base chips responsible for high-speed data exchange with AI accelerators such as GPUs.Unlike SK Hynix, which uses TSMC's 12-nanometer process for HBM4 base chips, Samsung employs its own 4-nanometer process. This production line is operating at full capacity and has taken on orders from companies like Nvidia and Groq for 3 LPU, and the company has recently raised its prices for new 4-nanometer orders and HBM4 base chips. Samsung expects HBM4 revenue in the third quarter to increase more than threefold quarter-on-quarter, with HBM4 accounting for significantly more than 60% of HBM revenue in the second half of the year. The additional expansion at P4 in Pyeongtaek will mostly be used for 1c DRAM for HBM, with more than half of the wafer foundry's 4-nanometer capacity allocated to HBM4 base chips.HBM4E also uses 4-nanometer base chips, and Samsung provided samples to customers in May. The company is also evaluating the construction of a new 2-nanometer production line for HBM5, aiming for a GAA structure 2-nanometer process and increasing TSV density to improve operating speed by more than 50% compared to HBM4E. Samsung started the first generation of 2-nanometer mass production in the second half of last year and is advancing the second generation of products in the second half of this year. Citigroup expects global HBM bit demand to reach 75.2 billion Gb next year, a year-on-year increase of 62%, with supply around 59.4 billion Gb and a gap of about 21%.

According to a report by Seoul Economic Daily, Samsung Electronics plans to increase the production of the sixth-generation high bandwidth memory HBM4 and the seventh-generation HBM4E, among other HBM4 series, by at least more than double compared to this year. The company intends to outsource the cleaning volume of glass substrates required for thinning HBM DRAM from 20,000 pieces per month this year to 50,000 pieces per month next year, an increase of 2.5 times compared to this year. Last year, the monthly demand for these substrates was about 10,000 pieces, which has already doubled this year compared to last year.The HBM4 and HBM4E that Samsung Electronics is focusing on expanding production are primarily high-stacking products with 12 layers or more. The company began mass production and shipment of HBM4 using sixth-generation 10nm (1c) DRAM and 4nm process-based chips in February this year, and provided 12-layer samples of HBM4E to customers such as Nvidia in May. The industry expects that, based on monthly wafer input, Samsung Electronics' HBM production capacity will increase from about 180,000 pieces this year to about 250,000 pieces next year, an increase of nearly 40%; the shipment proportion of the HBM4 series may rise from about 40% this year to about 80% next year.

The prediction market Kalshi has submitted proposed rule changes to the U.S. Securities and Exchange Commission and filed for approval with the CFTC to launch perpetual futures contracts anchored to individual U.S. stocks. This proposal echoes the application submitted by Coinbase on the same day, as both companies aim to introduce popular perpetual futures products from the crypto market into the traditional stock market.According to the proposal, the relevant contracts will not have a preset expiration date and will maintain price consistency with the underlying stocks through periodic funding payments between long and short positions. Kalshi stated that these contracts will be treated as securities futures products and will be cleared through its CFTC-registered clearinghouse, Kalshi Klear. Previously, Kalshi has offered perpetual futures anchored to Bitcoin, Ethereum, Solana, and XRP in the U.S., with its Bitcoin perpetual contract receiving CFTC approval in May of this year.The competition for U.S. stock individual perpetual futures is expanding. Kraken's parent company Payward has also submitted an application through its Bitnomial Exchange, planning to initially offer perpetual futures anchored to 10 U.S. stocks, including Tesla, Nvidia, Apple, Microsoft, and Amazon, and is committed to achieving trading five days a week, 24 hours a day. These applications were submitted after the CLARITY Act failed to advance in the Senate on September 15, with SEC Chairman Paul Atkins stating that regardless of legislation, the agency will act decisively within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs.

AI infrastructure company NScale submitted an IPO application in the United States, planning to list on the New York Stock Exchange under the code "NSCL".

According to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is fulfilling its earlier commitment to rapidly advance cryptocurrency regulatory rules. Previously, a landmark digital asset bill failed to progress in the U.S. Senate this week.As the futures and swaps regulatory agency that was originally set to become the main regulatory body for the cryptocurrency market under the CLARITY Act, the CFTC has submitted a new proposal aimed at regulating cryptocurrency asset trading and markets for White House review. Information released by the Office of Management and Budget (OMB) on Friday indicates that the proposal was accepted on Thursday.

a16z and DeFi Education Fund (DEF) submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on September 14, suggesting a "safe harbor" from exchange registration requirements for eligible decentralized exchanges (DEX) and their front-end applications (DEX Apps).The proposal suggests that eligible DEX should possess four characteristics: non-custodial, automated, permissionless, and trustlessly neutral; DEX Apps should maintain non-custodial status, present market data based on objective and verifiable parameters, not exercise discretion over trade execution, and limit developer activities to specific technical functionalities.

Uniswap founder Hayden Adams retweeted a comment letter from U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce supporting autonomous decentralized systems, pointing out that the most favorable news for automated market makers (AMM) today is Hester Peirce's view that truly decentralized systems driven by autonomous software do not need to obtain exemptions, which corresponds to the permissionless nature of Uniswap.Adams stated that the SEC's innovative exemption applies to permissioned liquidity pools on Uniswap v4, providing a pathway for assets and users with relevant compliance needs to conduct transactions in the U.S., which is expected to promote the adoption of AMM. Uniswap will submit a comment letter with suggestions for improvements.

According to on-chain analysts, a certain address withdrew 4,827 ETH from Coinbase at 1:35 AM today, worth 11.52 million USD, when the ETH price was 2,416.14 USD.Subsequently, ETH dropped to a low of 2,358.88 USD, and the position once incurred a loss of 276,000 USD, but has now returned to profit as the coin price rebounded.

According to The Block, the UK Treasury has submitted amendments to cryptocurrency regulations, including exemptions for certain stablecoin transactions, custody arrangements, and technical services related to DeFi protocols, which require parliamentary approval.Katie Harries, Coinbase's Head of European Policy, welcomed these changes but noted that regulated exchanges still face barriers in seeking access to DeFi.