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LINK $9.52 +2.84%
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AAVE $116.86 +10.19%
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XLM $0.1692 +5.43%
ZEC $332.21 -3.37%

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Hainan Local Financial Supervision Bureau: Beware of the chaos of "pseudo exchanges" and reiterate the prohibition of RWA tokenization business within the territory

According to Hainan Daily, the Hainan Provincial Local Financial Supervision Administration has issued a risk warning regarding trading venues. Recently, the Hainan Provincial Local Financial Supervision Administration learned from relevant channels that certain entities are promoting under names such as "Hainan International Data Asset Exchange," "Hainan Data Exchange," and "Hainan Marine Exchange," claiming to legally conduct businesses related to RWA (Real World Assets) and RDA (Real Data Assets).Market entities are conducting business in violation of regulations under the guise of trading venues without approval, which is suspected of illegal financial activities and endangers public property safety. In response, the Hainan Provincial Local Financial Supervision Administration has the following risk warnings:Currently, there is no approved establishment of the "Hainan International Data Asset Exchange" within our province. The establishment of trading venues in our province must be approved by the provincial government (the list of approved trading venues can be found in the appendix). Without approval from the competent authorities, market operators are not allowed to use terms such as "exchange" or "trading center" in their registered names, nor can they engage in activities related to trading venues.The People's Bank of China, the China Securities Regulatory Commission, and eight other departments jointly issued a notice on further preventing and addressing risks related to virtual currencies, clearly stating that the regulation of the tokenization of Real World Assets (RWA) follows the principle of "strictly prohibited domestically, strictly regulated overseas." It emphasizes that conducting tokenization activities of Real World Assets (RWA) within the country, as well as providing related intermediary and information technology services, is suspected of illegal activities such as unauthorized issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures businesses, and illegal fundraising, which should be prohibited.We urge investors to establish a correct investment perspective.

The latest draft of the "CLARITY Act": Prohibits earning profits solely from holding stablecoins

According to CoinDesk, cryptocurrency industry practitioners saw the latest provisions regarding stablecoin yields in the revised version of the Senate's "Digital Asset Market Clarity Act" during a closed-door review meeting on Capitol Hill on Monday. The initial impression is that the relevant language is too narrow and not clear enough.The new provisions were announced last Friday by Senators Angela Alsobrooks and Thom Tillis. According to a person familiar with the current draft, the new provisions will prohibit earning yields solely from holding stablecoins, while restricting any practices that equate the program with bank deposits, and setting further limitations on other potentially allowed activities, with the specific identification mechanism for activity-based stablecoin rewards still unclear.This compromise stems from the lobbying struggle between the cryptocurrency industry and the banking sector: the banking industry insists that stablecoin rewards should not be similar to interest-bearing bank deposits, arguing that such competing products could harm the banking sector and suppress lending. The final compromise allows for reward programs based on user stablecoin activities but prohibits rewards based on balances.The closed-door review aims to push the Senate Banking Committee to schedule a hearing, which is an important step for the bill toward a full Senate vote. A similar version of the "Clarity Act" was passed in the House of Representatives last year, and another version has also passed the Senate Agriculture Committee's markup process. The advancement of the bill still faces other obstacles: all parties need to reach an agreement on the DeFi regulatory framework, and Democrats insist on including provisions that prohibit senior government officials from profiting personally from the cryptocurrency industry, a provision clearly targeting President Trump.

Polymarket updates market integrity rules, explicitly prohibiting three types of insider trading behaviors

According to official news, Polymarket announced today that it has updated its DeFi platform and the market integrity rules of its U.S. exchange regulated by the Commodity Futures Trading Commission (CFTC). These rules have been incorporated into the Terms of Use of the DeFi platform and the Polymarket U.S. Rules Manual, further strengthening Polymarket's requirements against insider trading and market manipulation, and reaffirming Polymarket's commitment to maintaining market quality and protecting user rights.The updated rules clarify three core prohibited insider trading behaviors:Trading based on stolen confidential information ------ If a participant possesses confidential information about the outcome or potential outcomes of an underlying event, and using that information would violate a pre-existing trust or confidentiality obligation to others or entities, the participant may not engage in any contract trading.Prohibition on trading based on illegal insider information ------ Participants may not trade based on confidential information provided to them by others if that information was provided by someone who has a prior trust or confidentiality obligation to others, and the participant knows or has reason to know that the person providing that information would themselves be prohibited from trading based on that information.Trading by individuals who can influence the outcome ------ If a participant has the authority or influence sufficient to affect the outcome of the underlying event, they may not engage in any contract trading.
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