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first_img ARK Invest Digital Asset Research Director: USDe scale is expected to expand to 40 billion USD

ARK Invest's Director of Digital Asset Research Lorenzo Valente published a discussion on the synthetic dollar protocol Ethena: tokenized stocks are changing the landscape in which ENA operates. He stated that the supply of USDe had bottomed out at $3.8 billion and has now risen by about 30%, recovering to nearly $5 billion.Lorenzo Valente: The inverted or low funding rates in the crypto market have forced more USDe collateral to shift towards off-chain yields such as government bonds, with sUSDe's average annualized rate once approaching or falling below SOFR; the market capitalization has remained stable over the long term, and the open interest has also limited the pace of expansion. He noted that basis trading has rebounded to about 20% of the collateral and is growing rapidly, with the U.S. stock market size at approximately $70 trillion, averaging over 8% annual growth. Continued bullish demand is expected to bring sustained positive funding rates, with lower stock volatility and lower hedging costs.He believes this is the first clear path for USDe to expand its supply to over $20 billion, and reaching $30 billion to $40 billion in the next 12 to 18 months would not be surprising, as the upper limit has shifted from crypto open interest to tokenized stock open interest. He also mentioned that Ethena's infrastructure and operations have been validated, and it is expected that Ethena Pay will further drive USDe from the demand side, with the chains, protocols, and vaults supporting USDe's supply and circulation strategies becoming the main beneficiaries.

The U.S. SEC sues two private equity funds: suspected of falsely selling Pre-IPO shares of OpenAI, SpaceX, etc., and misappropriating investor funds

According to Fortune, the U.S. Securities and Exchange Commission (SEC) has filed lawsuits against two private fund cases, accusing the relevant fund advisors of raising funds under the pretext of investing in popular tech companies like OpenAI and SpaceX before their IPOs, but allegedly providing false information to investors and misappropriating some of the funds.The SEC stated that Meyer Global Management and its head Owen Meyer are suspected of raising at least $18.5 million from nearly 100 investors to purchase shares of companies before their IPOs, but misappropriated at least $1.27 million, including using fund money for personal consumption, paying entertainment expenses, and personal investments. Among them, the SEC accused Meyer of establishing a fund for investing in shares of OpenAI and SpaceX, but some of the funds did not actually hold the relevant assets.In another case, the SEC and federal prosecutors accused Beyond Alpha Ventures heads Christopher Dinelli and Jacob Frankel of raising over $8.7 million from 35 investors and falsely promoting that the fund held shares in companies like SpaceX and xAI.The SEC stated that the two provided false investment reports, with some of the funds being used for options trading, film investments, and personal use. The SEC emphasized that the accused tech companies and their management have not been found to have engaged in misconduct. Regulatory agencies have been continuously monitoring investment products that promote "acquiring shares before popular private company IPOs" and have launched multiple enforcement actions against relevant private fund advisors.

first_img Senator Daines introduced the ADAPT Act, which exempts stablecoin payments from capital gains tax and introduces wash sale rules

U.S. Senator Steve Daines (Republican from Montana, member of the Senate Finance Committee) has officially introduced a 56-page digital asset tax bill, named the "Aligning Digital Assets with Tax Principles Act" (ADAPT Act). The bill aims to establish clearer tax rules for scenarios such as stablecoin payments, network fees, staking, and lending, and plans to extend existing tax rules like wash sales and constructive sales to apply to digital assets.The core provisions of the bill state that taxpayers generally do not need to recognize gains or losses when using compliant U.S. dollar stablecoins to purchase goods and services, while exempting brokers from information reporting obligations for qualifying consumer transactions; however, this exemption does not apply to traders and market makers. The bill also extends wash sale rules and constructive sale rules to digital assets, with compliant stablecoins excluded from the constructive sale provisions to limit loss harvesting behavior in crypto assets.Additionally, the bill proposes to exempt digital assets used to pay for network, transaction, or gas fees of $10 or less from gain or loss recognition and allows qualifying digital asset traders and dealers to choose to account for them at fair market value. The bill also stipulates rules for income sources from staking and mining, a non-recognition framework for digital asset lending, a safe harbor for foreign investors' transactions, and definitions for digital asset classifications; most provisions will apply to tax years or transactions after December 31, 2026. Previously, the U.S. House Ways and Means Committee passed its own "Digital Asset Tax Certainty Act" on September 16 by a vote of 38 to 5.

first_img The cryptocurrency advocacy organization Stand With Crypto announced its first round of endorsements for Senate candidates

According to The Block, the crypto advocacy organization supported by Coinbase, Stand With Crypto, has announced its first round of Senate candidate endorsements.The organization stated that it will endorse Ohio Republican Senator Jon Husted, whose opponent is the crypto-skeptical former Senate Banking Committee Chairman Sherrod Brown. Additionally, it will endorse Ashley Hinson from Iowa and Chris Pappas from New Hampshire.This endorsement comes after the Senate's procedural vote on September 15 failed to pass the Clarity Act, which aims to establish a federal regulatory framework for the industry.Senate Democrats stated that they could not vote for a bill that would allow President Trump to profit personally from the crypto industry. Stand With Crypto's Executive Director Mason Lynaugh mentioned that after the Senate's recent failure to advance the Clarity Act, the organization’s more than 3 million advocates are fully shifting their focus to ensuring the election of candidates who support crypto.In addition to the Senate endorsements, Stand With Crypto also stated that it will increase advertising spending in six House campaigns, including those of Democratic Congressman Don Davis and Republican Congressman Bryan Steil.These newly endorsed House candidates all voted in favor of the Clarity Act when it passed the House last year. The organization has also endorsed more House candidates, including Congressmen Shomari Figures and Mariannette Miller-Meeks.

WasabiCard launched various AI subscription cards, covering payment scenarios for mainstream AI tools such as OpenAI and Claude

According to official news, WasabiCard has launched various AI subscription cards, catering to the global AI tool subscription and payment needs of enterprises and teams, supporting subscription payment scenarios for mainstream AI applications such as OpenAI and Claude. Through card-based payment solutions, companies can handle the procurement and expense management of AI services for different teams, projects, or business lines more flexibly.In addition to AI subscription payments, WasabiCard also supports bulk card issuance for enterprises, fund budget management, and multi-currency account setup, as well as various scenarios such as advertising, business travel, payroll, and e-commerce subscriptions. It helps companies configure payment permissions and budget limits by department, employee, or specific purpose, enhancing the management efficiency of AI-related expenditures and the transparency of fund usage.As AI tools gradually enter daily workflows in research and development, content production, customer service, and operations, cross-border subscription payments and expense management are becoming important infrastructure for global operations of enterprises. It is important to note that currently, WasabiCard-related products are not open for application to enterprises and individual users in mainland China.

MoonPay establishes a subsidiary in South Korea to collaborate with three major banks to enter the Asia-Pacific region, CEA Industries is renamed BNB Standard to focus on treasury strategy

According to BBX data, yesterday global publicly listed companies in the US stock market and well-known Web3 infrastructure providers disclosed the latest developments on expansion in the Asia-Pacific hub, institutional collaborations, and brand strategy restructuring. The core information is as follows:MoonPay established a subsidiary in South Korea as the Asia-Pacific hub, partnering with KakaoBank, Woori Bank, and KB Financial Group: Global cryptocurrency payment infrastructure giant MoonPay officially announced the establishment of a wholly-owned subsidiary in South Korea, planning to make it a comprehensive expansion center for the group in the Asia-Pacific region. At the same time, MoonPay has reached deep strategic cooperation with South Korea's three major mainstream financial institutions—KakaoBank, Woori Bank, and KB Financial Group. The scope of cooperation includes cross-border payment clearing, localization distribution of the Korean won stablecoin, digital wallet technology integration, and the establishment of compliant cryptocurrency fiat withdrawal and recharge channels, aiming to build a high-speed network for the flow of funds between South Korea and the global Web3.CEA Industries officially renamed to "BNB Standard," Nasdaq trading code changed to "BNC": Nasdaq-listed company CEA Industries, focusing on BNB reserve strategies, announced the completion of its brand transformation and strategic renaming, with the company name officially changed to BNB Standard. After the renaming, the company's common stock will continue to be traded on the Nasdaq Capital Market, and the securities trading code will be officially changed to "BNC." This renaming aims to directly highlight its strategic positioning of using BNB as a core treasury asset and promoting decentralized ecological investment.
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