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J.P. Morgan: Negotiations on the CLARITY Act have entered the final stage, with disputes narrowed down to 2-3 core issues

JPMorgan analysts have stated that negotiations for the U.S. "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) have entered the final stages, with both sides reaching compromises on a few remaining contentious points. The number of disputes has been reduced from over a dozen to 2-3 core issues, with discussions on stablecoin rewards being "in a good place." While banks express concerns about stablecoins offering similar yields to deposits, there is an overall bipartisan compromise trend. JPMorgan believes that "there is no perfect bill," and once passed, the bill will provide important regulatory clarity for the integration of digital assets into the U.S. financial system.The "Cryptocurrency Market Structure Act" is currently in advanced negotiations in the U.S. Senate, with Senate staff stating that the draft is "very close" to resolution, but the final text has not yet been released, nor has a formal vote been scheduled. The remaining major disagreements focus on stablecoin rewards, DeFi regulation, and token classification issues. Although optimism is rising, there is still a risk of delays due to the 2026 midterm elections, which could lead to a more uncertain political environment. If the bill is ultimately passed, it will delineate the regulatory authority between the SEC and CFTC, providing a long-term regulatory framework for stablecoins, DeFi, and the entire cryptocurrency industry.

Gate Ventures: Market stage rebound but differentiation continues, with capital inflow and structural repair proceeding in parallel

According to Gate Ventures' latest weekly report, the temporary easing of macro risks has driven a market rebound, with the S&P 500 rising 3.48% last week, the Nasdaq rising 4.12%, and WTI crude oil falling over 14% in a week. The cryptocurrency market also saw a recovery, with BTC rising 2.5% and ETH rising 3.9%, accompanied by net inflows into spot ETFs, with BTC around $786 million and ETH around $187 million. However, market sentiment remains in the "extreme fear" zone, and the pace of capital inflow is relatively cautious.In terms of asset and industry dynamics, structural opportunities continue to emerge. Thanks to improvements in fundamentals brought about by network performance upgrades, TON rose 15.9%. At the same time, the Hong Kong Monetary Authority issued the first batch of stablecoin licenses to Anchorpoint and HSBC, marking the official implementation of a compliant digital currency framework.On the financing front, activity remains relatively active, with a total of 11 transactions completed last week, disclosing a total financing amount of approximately $73.7 million, a significant rebound compared to the previous week, with funds mainly flowing into infrastructure and early-stage innovation sectors. Overall, while the market has shown signs of temporary recovery, structural differentiation continues, with capital and narratives gradually concentrating towards those with fundamental and compliance support.

Xiao Feng: Supporting the implementation of compliant stablecoins, Hong Kong's digital financial system enters a new stage

HashKey Group Chairman Xiao Feng previously stated in an exclusive interview with Hong Kong Wen Wei Po that the issuance of the first batch of stablecoin licenses in Hong Kong is an important step for the local digital asset market. He pointed out that this move marks a further acceleration of Hong Kong's process of tokenizing fiat currency and fills a critical gap in the clearing and payment infrastructure of the digital financial system.In addition to serving cross-border payments and trade settlements, Hong Kong stablecoins will also play a core role as a medium for digital asset transactions. Xiao Feng suggested that, in the long run, their greater value lies in supporting micro, cross-border, and programmable payments between AI entities, and creating synergies with scenarios involving real-world assets (RWA) and on-chain clearing, helping Hong Kong occupy a more critical position in the global evolution of digital assets and digital financial systems.He also stated that HashKey's trading platform will adhere to the principles of openness and compliance, supporting stablecoin issuers and related products that meet regulatory requirements, and jointly promoting the healthy development of the ecosystem. Currently, HashKey is actively engaging in substantive cooperation discussions with licensed stablecoin issuers and welcomes stablecoin institutions planning to issue in compliance in Hong Kong to establish partnerships with them.As a core participant in Hong Kong's digital asset market, HashKey will leverage its existing licensed compliance system, fiat channels, and industry resources to support the trading launch of compliant stablecoins, liquidity support, payment scenario expansion, and the implementation of related application scenarios, promoting the orderly development of the industry ecosystem.

Two men in Heilongjiang illegally tapped into high-voltage lines from an oil field for Bitcoin mining, and the main culprit was sentenced to 10 years in prison

According to China News Weekly, the People's Court of Honggang District in Daqing City, Heilongjiang Province recently announced a first-instance judgment. Two men were sentenced for stealing electricity from high-voltage lines in an oil field for Bitcoin mining. The principal offender, Zhang, was sentenced to 10 years in prison and fined 50,000 yuan, while the accomplice, Zhao, was sentenced to 4 years and 10 months in prison and fined 20,000 yuan.According to the judgment, in September 2024, Zhang illegally connected to the high-voltage line of an oil field in Daqing and set up 24 Bitcoin mining machines in an abandoned pigsty he rented. In December of the same year, Zhao joined in knowing that Zhang was stealing electricity and purchased an additional 12 mining machines, bringing the total to 36 machines running. In August 2025, the two were arrested by the public security authorities.It was calculated that Zhang stole 565,375.2 kilowatt-hours of electricity, valued at 438,580.52 yuan; Zhao stole 468,060 kilowatt-hours, valued at 363,750.78 yuan. The court determined that both men committed theft, with Zhang as the principal offender and Zhao as the accomplice. The court also ordered Zhang to repay 438,580.52 yuan, and Zhao to bear joint repayment responsibility for 363,750.78 yuan. The mining machines and related equipment involved in the case will be handled by the public security authorities in accordance with the law.

Two men in Heilongjiang illegally tapped into high-voltage lines from an oil field for Bitcoin mining, and the main culprit was sentenced to 10 years in prison

The People's Court of Honggang District, Daqing City, Heilongjiang Province recently announced a first-instance judgment. Two men were sentenced for stealing electricity from high-voltage lines in an oil field to mine Bitcoin. The main offender, Zhang, was sentenced to 10 years in prison and fined 50,000 yuan, while the accomplice, Zhao, was sentenced to 4 years and 10 months in prison and fined 20,000 yuan.According to the judgment, Zhang illegally connected to the high-voltage line of an oil field from a certain oil extraction plant in Daqing and set up 24 Bitcoin mining machines in an abandoned pigsty he rented. In December of the same year, Zhao joined in knowing that Zhang was stealing electricity and purchased an additional 12 mining machines, bringing the total to 36 machines running. In August 2025, the two were arrested by the public security authorities. It was calculated that Zhang stole 565,375.2 kilowatt-hours of electricity, valued at 438,580.52 yuan; Zhao stole 468,060 kilowatt-hours, valued at 363,750.78 yuan. The court found both men guilty of theft, with Zhang being the principal offender and Zhao the accomplice. The court also ordered Zhang to compensate 438,580.52 yuan, while Zhao was jointly liable for 363,750.78 yuan of that amount. The mining machines and related equipment involved in the case will be handled by the public security authorities in accordance with the law.
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