regulation

According to CCTV News, the Office of the Foreign Investment Security Review Mechanism has legally made a decision to prohibit the foreign acquisition of the Manus project, requiring the parties involved to withdraw the acquisition transaction. Manus was initially developed by the Chinese company Butterfly Effect and became an overnight sensation after its release in March 2025. In June of the same year, it moved its headquarters to Singapore and ceased domestic operations, and in December 2025, it was announced by the American company Meta that it would acquire it for approximately $2 billion.Zhou Mi, a researcher at the Ministry of Commerce's Academy, stated that Manus moved the project to Singapore through funding and corporate transfer before selling it to an American company, which raises suspicions of intentionally evading regulation. If such practices are not controlled, more companies will follow suit, harming national development interests and security.Zhou Mi emphasized that China has consistently maintained an open attitude towards foreign investment but takes a cautious stance on sensitive investments involving key technologies and data security, stating that "evading regulation in a malicious manner will ultimately not achieve the intended purpose."

Trump has asked aides to prepare for an extended U.S. Navy blockade of the Strait of Hormuz, causing Brent crude oil prices to surpass $111 per barrel, while Bitcoin remains within a narrow fluctuation range. Trump stated on Tuesday that Iran is in a "state of collapse." Tehran has indicated that it may accept a temporary agreement to reopen the strait if Washington lifts the blockade on Iranian ports.Zaheer Ebtikar, founder of Split Research, stated in a report that Bitcoin's relative calm reflects a change in market structure. He said, "The oversupply has finally been digested, and the panic sellers driven by macro shifts or quantum concerns have long exited, making the selling power in the market significantly weaker than it was a few months ago." Ebtikar added, "Bitcoin's sensitivity to regulatory noise or central bank policies is far lower than people imagine. Its sensitivity is purely a function of broader volatility, and since we are currently in a relatively calm trading range, there is no immediate urgency to exit."Bitget analysts marked $75,000 as a key level that has maintained an upward range since the end of March; if effectively broken down, it could open space for further declines. A rebound from current levels back to $80,000 would maintain the integrity of the rebound structure and pave the way for a retest of the resistance level that has consistently rejected Bitcoin's attempts to rise since February.

According to Bitcoin Magazine, SEC Chairman Paul Atkins and CFTC Chairman Mike Selig stated at the Bitcoin 2026 Conference that U.S. digital asset regulation is entering a "new phase," with both agencies working together to advance a regulatory framework for crypto assets, encouraging related businesses to develop domestically in the U.S.Both parties mentioned that the jointly released token classification guidelines have differentiated between digital commodities, collectibles, and tokenized securities, emphasizing the push for clearer, future-oriented legislative rules. Paul Atkins also stated that the SEC is preparing to launch an "innovation exemption" and plans to allow companies to test on-chain tokenization and securitization tools in a regulated environment in the coming weeks.

According to The Wall Street Journal, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of New York in the federal district court for the Southern District of New York, seeking a court ruling that the CFTC has exclusive regulatory authority over prediction markets to prevent New York's crackdown.Previously, New York state had filed lawsuits against the prediction market operations of cryptocurrency exchanges Coinbase and Gemini. Earlier this month, the CFTC also filed lawsuits on similar issues against Arizona, Illinois, and Connecticut, as the jurisdictional disputes between federal and state regulatory agencies continue to escalate.

According to Jinshi reports, the Office of the Foreign Investment Security Review Mechanism (National Development and Reform Commission) has made a decision to prohibit investment in the foreign acquisition of the Manus project in accordance with laws and regulations, requiring the parties involved to withdraw from the acquisition transaction.

According to Caixin, Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF), warned that the Trump administration's push for financial deregulation, particularly the relaxation of bank capital requirements and regulatory transparency, is significantly increasing the risk of a systemic financial crisis in the United States in the future.Kenneth Rogoff pointed out that one of the important reasons supporting the relaxation of regulations is to allow traditional banks to maintain innovation and market competitiveness in the competition with cryptocurrencies, especially stablecoins pegged to the dollar. If cryptocurrency regulations are relaxed simultaneously, combined with the deregulation of the traditional financial system, it could trigger a "double deregulation" risk, ultimately leading to systemic collapse. Although a comprehensive banking crisis may not erupt in the short term, the risks have clearly increased, and the regulatory balance between stablecoins and the traditional banking system is becoming a key hidden danger.

Tennessee Governor Bill Lee has signed a bill that bans the operation of cryptocurrency ATMs statewide, becoming the second state after Indiana to implement a comprehensive ban. The bill (HB 2505) has officially taken effect and will be enforced starting July 1.According to the regulations, installing or operating "virtual currency kiosks" (i.e., Bitcoin ATMs) will be classified as a Class A misdemeanor, with a maximum penalty of one year in jail and a $2,500 fine. At the same time, merchants that allow the installation of such devices will also bear legal responsibility. Currently, most states in the U.S. have strengthened regulation through measures such as establishing licensing systems and transaction limits, but comprehensive bans remain rare. Data shows that since 2026, 30 states have proposed related legislation, with 20 states having passed laws, indicating a continued tightening of regulations against the risks of cryptocurrency ATM scams.

The DeFi Education Fund, along with several other crypto advocacy organizations, has officially sent a joint letter to the U.S. Securities and Exchange Commission (SEC), requesting the initiation of a formal DeFi rule-making process based on recent statements.Previously, the SEC's Division of Trading and Markets had clearly stated that certain software user interfaces used for trading cryptocurrencies do not need to register as broker-dealers, giving a green light to such activities. The joint letter calls on the SEC to solidify the above principles into an objective and clear framework through announcements or comment-based rule-making, clarifying which activities fall under the definition of "broker," while excluding infrastructure service providers such as validators, API and RPC providers, oracles, and cloud services. This would provide developers with long-term legal certainty and avoid reliance on temporary guidance. Under the leadership of current Chairman Paul Atkins, the SEC has taken a positive and open attitude towards digital asset innovation, contrasting sharply with the repressive stance of the previous administration, and the industry has also played an important role in the rule-making process.

The crypto lobbying organization Blockchain Association, along with CCI and more than 120 industry institutions including Coinbase, Ripple, Kraken, and Circle, jointly sent a letter to the U.S. Senate Banking Committee urging the acceleration of the review process for the CLARITY Act.Industry representatives stated that the U.S. needs to establish a unified regulatory framework for the digital asset market, clarify regulatory responsibilities, and strengthen investor protection. Relying solely on law enforcement and regulation cannot create a long-term stable environment. Institutions warned that prolonged policy ambiguity will lead to the outflow of capital, talent, and technology, weakening the strategic advantage of the U.S., while also calling for the development of appropriate federal unified regulatory rules for stablecoins, tokenized assets, and decentralized technologies.

The Monetary Authority of Singapore has released a consultation document proposing to establish a more friendly regulatory capital guideline for the treatment of crypto assets on permissionless blockchains before implementing the Basel capital requirements for crypto assets.It is reported that the Basel capital requirements for crypto assets categorize them into two groups. The first group involves tokenized traditional assets and stablecoins, which are subject to lower capital requirements.The second group involves crypto assets that do not meet the above conditions. The Monetary Authority of Singapore intends to abandon the practice of categorizing all crypto assets on permissionless blockchains as part of the second group, allowing them to be classified as first group crypto assets with lower risk weights and more lenient prudential requirements, provided they meet a series of principled requirements. Specifically, for banks registered in Singapore, the risk exposure of permissionless blockchain crypto assets classified as first group crypto assets must not exceed 2% of the bank's Tier 1 capital, and if the issuance creates liabilities at the bank level, the issuance scale must not exceed 5% of Tier 1 capital.

The State Duma of Russia (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in the first reading, marking a key step towards the legalization of cryptocurrency assets in the country.According to the bill, the Bank of Russia will become the core regulatory body for the cryptocurrency market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions. The bill proposes to classify cryptocurrencies as "property," but explicitly prohibits their use as a means of payment domestically, with the ruble remaining the only legal tender. However, in the context of Western sanctions, cryptocurrency assets can be used for cross-border trade settlements, including service payments, intellectual property transfers, and other scenarios.In addition, the bill allows Russian residents to legally invest in cryptocurrency assets through licensed institutions, but will implement a tiered investor system, setting testing and annual investment limits for ordinary investors (with a suggested cap of 300,000 rubles). Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be allowed for trading, with a whitelist established by the central bank. The bill is expected to be formally passed and come into effect by July 2026 at the latest. However, some lawmakers and banking industry figures have criticized the overly strict regulations, which may affect market activity and even lead to funds remaining in the gray market. At the same time, accompanying legislation is also proposed to introduce criminal penalties, with a maximum sentence of 7 years in prison for illegal cryptocurrency trading.

Kevin Warsh stated at the Senate hearing that digital assets "have become a part of the U.S. financial system" and supports their inclusion in the financial system to provide more opportunities and protections for investors.This statement is seen as a signal of a relatively open policy towards the cryptocurrency industry should he become the chairman of the Federal Reserve. Warsh has previously referred to Bitcoin as "an important asset that aids in policy-making." However, Elizabeth Warren expressed concerns during the hearing, mentioning risks such as "shadow accounts" in the crypto space, emphasizing the need for enhanced regulation and prevention of abuse.

This week, the UK-related economic development agency invited the management of the cryptocurrency exchange Bybit to London to meet with representatives from the Financial Conduct Authority (FCA) and the House of Lords to discuss topics such as cryptocurrency regulation, business establishment, and employment.Bybit CEO Ben Zhou stated that the UK side hopes to attract large companies to establish bases locally and promote innovation through stablecoins, tokenization, and payment system reforms. Reports indicate that this invitation coincides with the UK's FinTech Week and reflects the UK's intention to reverse the trend of funds and businesses flowing to the UAE.

The UK Treasury announced a regulatory scheme during London Fintech Week, planning to incorporate stablecoins and tokenized deposits into a unified regulatory framework with traditional payment services.The scheme aims to regulate stablecoins used for payments under the upcoming issuance regime, while expanding the Financial Conduct Authority's (FCA) regulatory scope over open banking, and exploring regulatory adjustments for payment activities executed by AI agents. The proposal also suggests reducing administrative requirements for businesses providing stablecoin payment services through new legislation.The UK Treasury also announced the appointment of EY partner and former interim CEO of the FCA, Chris Woolard CBE, as the wholesale digital market champion, responsible for advancing the development of a tokenized wholesale financial system, and committed to providing £1 million (approximately $1.35 million) in funding support to the Centre for Financial Innovation and Technology starting in April. Minister for Cities Lucy Rigby stated that the scheme aims to build a secure, competitive payment ecosystem that can seize opportunities from technological changes. The UK government recognizes the transformative potential of digital assets and blockchain technology, believing they can reshape the way consumers and businesses interact with financial services.

ChainCatcher reported live that Franklin Bi, partner at Pantera Capital, Mykolas Majauskas, senior policy director at Bybit, and Zeng Yuchao, managing director at Futu Group, jointly attended the HK Web3 Feastival roundtable to share "From the Ground Up to the Entry Point: The Path of Crypto Assets to Mainstream Finance."Zeng Yuchao introduced that Futu is the largest retail brokerage in Hong Kong, with a market share of over 50%. In January this year, it obtained the VATP license, and last month removed all additional conditions to achieve full integration of securities brokerage and crypto trading. Last year, Futu collaborated with Huaxia Fund to issue a tokenized money market fund, allowing T+0 same-day subscriptions and redemptions. In terms of AI, Futu has launched the Agent skill feature, enabling users to set strategies through natural language and execute trades automatically. He believes that in the future, there will be a transformation from graphical interfaces to AI interfaces.Mykolas Majauskas pointed out that companies currently complaining about regulation will miss this honeymoon period in the future, as larger-scale regulation is on the way. He analyzed global regulatory differences: Europe leads with MiCA, the U.S. supports private issuance, China supports government digital currency, and Hong Kong serves as a tokenization gateway. He warned that many native crypto companies claim to disrupt traditional finance but are actually being acquired by traditional institutions. He believes the fundamental change in AI is at the front end: users only need to express their intentions, and AI autonomously decides to execute strategies. Bybit is building a one-stop financial platform that integrates IBAN, cards, payments, and investments. He believes many traditional wealth management companies will be eliminated because they have historically made you feel wealthy rather than truly helping you accumulate wealth.Franklin Bi stated that blockchain is the perfect technology for building financial systems for AI Agents. When Agents choose between traditional accounts and stablecoins, they are opting for stablecoins, marking the beginning of an exponential trend.