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What.exchange is a decentralized perpetual exchange designed to revolutionize the transaction, pricing, collateral and transparency of financial instruments.
“Fed Whisperer”: US Treasury Expands Treasury Buyback Scale, Possibly Due to Officials' Concerns Over Market Trends
Odaily News, "Fed Whisperer" Nick Timiraos stated that the US Treasury recently announced it will raise the single-operation buyback cap for long-term nominal coupon Treasury securities from $2 billion to at least $4 billion starting September 9.Timiraos, citing interest rate strategists, noted that the timing of this decision is worth attention: it comes only about two weeks after the Treasury's previous quarterly refunding announcement, and just hours after the announcement, the Treasury had planned to issue $16 billion in 20-year Treasury bonds. This unconventional timing may indicate that Treasury officials "do not like what is happening in the market."
AI chip startup Groq completes $350 million funding round, with NVIDIA participating
Odaily News AI chip startup Groq has completed a $350 million funding round, but the company's valuation has dropped to $3.5 billion—about half of what it was nearly a year ago. The round was led by Dallas-based investment firm Disruptive, with NVIDIA also participating. Founded in 2016, Groq was once considered one of the key competitors to NVIDIA in the AI chip space, focusing on developing specialized hardware for AI computing. The company is now transitioning into an AI data center operator, with a primary focus on serving AI model inference needs. (Bloomberg)
Bitwise CEO: Inflation-Reduction Proposals Reflect Despair and Helplessness; the Right Path Is Growing Demand
Odaily News, Bitwise CEO posted on X platform, stating that these proposals to reduce inflation reflect, in his view, despair and helplessness. People want to see their asset valuations rise but do not know what else they can do to achieve this. He believes that rather than turning toward creating value, capturing value, and driving demand—things that are harder but where real growth lies—people are instead turning to austerity, reducing the economic benefits for ecosystem participants and holders. The right path is harder, but also simple: grow demand.
Peter Schiff warns that the AI bubble is bursting, as Kimi K3 intensifies low-cost competition pressure
: Economist and Bitcoin critic Peter Schiff stated that as Chinese AI model competitors accelerate their rise, the AI bubble is further deflating. The Kimi K3 launched by Moonshot AI is intensifying low-cost AI competition in China, putting pressure on the valuations of US AI-related companies. The current market "is not a bubble in AI technology itself, but a bubble in AI stocks," and he believes this bubble may have already started to burst.Peter Schiff mentioned that AI-related stocks are showing weakness, with $SPCX currently trading below $121, approximately 11% lower than its IPO price and over 46% down from its all-time high. As low-cost AI models continue to emerge, the market's previously high growth expectations for AI companies may face reassessment, and investors need to be wary of valuation correction risks for AI-themed stocks. However, Peter Schiff also emphasized that AI technology itself is not a bubble; what is truly being impacted is the capital market valuation frenzy centered around the AI theme.
Ansem: Buybacks Actually Don’t Do Much – Intangible Value Matters More Than Tangible Value
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
“White-Haired Stock Guru” Serenity Responds to Criticism: The Market, Not Angry Social Media Comments, is the Ultimate Arbiter of Right and Wrong
Odaily, "White-Haired Stock Guru" Serenity posted on X, reviewing his past experiences where his investment views faced skepticism. He stated that many original investment ideas initially face strong opposition, but ultimately the market becomes the standard for judging right and wrong. He has faced significant criticism for being bullish on several companies, for example:$AXTI: Early on, it was questioned as a "scam company," and related discussions even led to a ban from Reddit's WSB forum. However, it later received coverage from Reuters, and the performance of the Indium Phosphide (InP) substrate industry company, along with institutional investor validation, confirmed its logic.$RPI: Initially labeled a "meme stock" by the market, analysts believed it lacked fundamentals. However, earnings reports showed the company's future revenue growth expectation reached 58%, and it was subsequently re-evaluated as a high-growth AI hardware company.$SIVE: Once considered a "meme stock" by numerous investors, it later gained institutional buying support, including attention from Fidelity Research, JPMorgan Chase, and others, and announced partnerships with companies like Jabil and GlobalFoundries.Serenity stated, "The market will ultimately decide what is right or wrong, not the angry comments or posts on X (formerly Twitter)." He added that as each investment thesis gets validated one by one, the eventual market performance overshadows the early noise. He also listed several other cases that were initially doubted but later gained market recognition, including:$AAOI: Near $30, management was questioned as "untrustworthy";$LITE: At $300, the photonics industry was considered to be in a bubble;$RKLB: At $20, it was dismissed as just a low-revenue launch company;$HOOD: At $20, it faced negative sentiment due to the GameStop trading restriction incident;$IQE: Considered just a small UK company lacking partnerships in the photonics field;$SOI: Analysts at a European bank considered its valuation too high;$NBIS: Questioned for having no competitive moat;$INTC: The market thought it couldn't compete with TSMC;$MRVL: The market feared its ASIC market share would be taken by Broadcom;$AEHR: The market misinterpreted its earnings report, thinking the company lacked revenue;$EWY: The market believed the South Korean semiconductor cycle was in a bubble.
GSR Legal and Strategy Officer: SEC's New Crypto Rules May Be Overestimated by the Market, Unable to Break Through Existing Securities Law Constraints
GSR Chief Legal and Strategy Officer Joshua Riezman shared his views on X regarding the U.S. SEC's latest proposed regulatory framework for crypto assets, stating that the proposal may not achieve what many market participants currently understand. Without amendments to relevant U.S. laws, the regulatory exemptions provided by the SEC under existing securities laws remain limited.He noted that clearer regulatory rules are positive for the crypto industry, but the market structure addressed by the proposal differs significantly from the previous crypto market cycle. The industry needs to further understand what form the new framework will ultimately guide the U.S. crypto market toward.
Ripple Chief Legal Officer: September 15 Will Be a Key Indicator for the Future of the Clarity Act
Odaily News, Ripple Chief Legal Officer Stuart Alderoty stated that September 15 will be a key date for determining whether the U.S. "Clarity Act" crypto market structure bill can continue to advance.Alderoty said at the Wyoming Blockchain Symposium 2026 that the Senate will hold its first procedural motion on September 15, namely whether to enter deliberation. The motion requires 60 votes of support to open the door for the bill's subsequent progress. He noted that this day will serve as a "barometer" for judging whether the Clarity Act can still move forward in Congress.Alderoty also serves as Chairman of the National Crypto Association. He stated that even if market structure legislation hits a roadblock, both the SEC and CFTC have publicly stated that they will continue to advance crypto regulatory rulemaking.He believes that the two regulatory agencies' closer coordination in recent times is a positive signal. In the past, the SEC and CFTC did not always work collaboratively, but now both sides are engaging in closer cooperation around crypto asset regulation.However, Alderoty emphasized that what the industry most hopes to see remains congressional legislation, because legislation is more stable than mere regulatory rules and harder to overturn. He stated that regardless of the outcome, the U.S. will see crypto regulation; the difference lies in whether the framework is established through a more enduring congressional bill or advanced by regulators acting alone.
U.S. Treasury Seeks Public Comments on Draft Rules for GENIUS Act Stablecoin Implementation
Odaily News The U.S. Department of the Treasury released on August 17 a Notice of Proposed Rulemaking (NPRM) regarding the implementation rules for the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), and is seeking public comments to advance the establishment of a U.S. regulatory framework for payment stablecoins.Treasury Secretary Scott Bessent stated that the Trump administration and Congress have driven the passage of the GENIUS Act, establishing a "landmark regulatory framework and clear rules" for payment stablecoins, and the Treasury is accelerating the implementation of related systems. He stated that the Treasury hopes to support innovation and development by U.S. companies by providing regulatory certainty, while consolidating the U.S. dollar's status as the global reserve currency and positioning the United States as a global hub for crypto assets.Under the GENIUS Act, starting January 18, 2027, any entity seeking to issue payment stablecoins in the United States will generally be required to obtain an appropriate federal or state license. Additionally, digital asset service providers will generally be prohibited from offering, selling, or distributing payment stablecoins issued by foreign entities to the U.S. market, unless the foreign issuer has the technical capability to comply with U.S. regulatory requirements and can adhere to relevant arrangements reached between the United States and the issuer's jurisdiction.Starting July 18, 2028, the Act further requires that digital asset service providers generally may not offer or sell payment stablecoins to "U.S. persons" unless the relevant stablecoins are issued by a licensed issuer.The Treasury's draft rules primarily provide regulatory interpretation on two key issues: first, clarifying what constitutes "issuing payment stablecoins in the United States" to help issuers determine when they need to obtain a license under the GENIUS Act; second, clarifying what constitutes "offering or selling payment stablecoins to U.S. persons" to provide compliance guidance for companies participating in the U.S. stablecoin market.The U.S. Department of the Treasury stated that the public comment period will last 60 days following publication in the Federal Register, during which the public and industry participants may submit comments.
Strategy Responds to MSCI Proposal to Remove Bitcoin Treasury Companies from Index
Odaily News: Strategy has responded to MSCI's proposal to remove bitcoin treasury companies from its indexes. Strategy stated: "Index providers should measure the market, not dictate what assets companies hold. MSCI's proposal is inconsistent with the stance of regulators, the market, and clients. Bitcoin doesn't need MSCI, and neither does Strategy." (BitcoinTreasuries)
UK lawmakers pressure major banks to explain crypto business account restriction policies
According to Bitcoin.com, MP Gurinder Singh Josan and Lord Vaizey, Co-Chairs of the UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG), wrote to the CEOs of major UK banks on August 11, requesting them to clarify whether they provide account services to crypto businesses, what restrictions are imposed on digital asset transactions, and whether the aforementioned policies will be adjusted with the implementation of the UK's new regulatory framework. The MPs pointed out that bank access may be the single biggest obstacle to the development of UK crypto and digital asset enterprises. If licensed crypto enterprises still cannot obtain basic banking services, the competitiveness objectives of the new regulatory regime will be difficult to achieve. Economic Secretary to the Treasury Lucy Rigby previously also stated that bank service restrictions should not be imposed on FCA-authorized crypto enterprises solely based on their industry nature. The deadline for submitting written evidence for this inquiry is August 31, and the APPG will make policy recommendations to the government based on this.
Russia Closes Down 9 Unregistered Crypto Exchanges in Moscow, FSB Alleges Money Laundering of Fraudulent Funds
Odaily News: Russia's Federal Security Service (FSB) conducted surprise raids on 9 unregistered cryptocurrency exchange service providers in Moscow, alleging they were involved in transferring funds obtained through fraud abroad via crypto assets. More than 20 employees were detained at the Moscow International Business Center.The FSB stated that these exchanges converted stolen funds from Russian phone scam victims into cryptocurrency and transferred them to accounts of what it claims are Ukrainian processors. The operation was carried out jointly by the FSB and the Russian Ministry of Internal Affairs.Russia's Ministry of Internal Affairs has launched a criminal investigation into large-scale fraud, which under Russian law carries a maximum sentence of 10 years in prison. The FSB said it is continuing to identify victims and assess potential compensation. (Cointelegraph)
Bank of Italy Research: Stablecoin Cross-Border Remittance Costs Not Lower Than Traditional Channels
According to BeInCrypto, a field research report recently released by the Bank of Italy shows that stablecoins do not possess a systemic cost advantage in cross-border remittances. Researchers tested USDC transfers of $200 through 10 actual remittance corridors, covering routes between Italy and Argentina, Brazil, South Africa, the UAE, and Japan, with total fees ranging from 0.3% to nearly 9%, showing a significant disparity. The study found that on-chain transfers themselves accounted for an average of only 0.4% of the total cost; what truly drove up fees were steps still reliant on banks and exchanges, such as funding, currency conversion, and withdrawal. Taking the UAE-to-Italy corridor as an example, where bank transfers were unavailable and credit card funding was forced, fees alone reached as high as 3.8%. Meanwhile, transfer speeds also differed significantly due to variations in destination payment infrastructure. Instant payment systems like Brazil's Pix could complete settlement within 20 minutes, while South Africa required 1 to 2 business days, no different from traditional bank wire transfers. The report pointed out that stablecoins currently still heavily rely on the banking system they attempt to replace, and the narrative that "stablecoins are quietly replacing traditional payment rails" remains unsubstantiated.
USDG market cap grows to $3.5 billion in one year, with $1.95 billion on OKX X Layer
Odaily News - On-chain analyst Ember posted on X platform stating that USDG's market cap has grown from $300 million to $3.5 billion within a year, with $1.95 billion of that held on OKX's X Layer chain. USDG is not a stablecoin widely known to the general public, with relatively limited promotion and exposure. X Layer primarily supports USDG through real use cases such as stablecoin yield generation, Boost, and payments, making it the sixth-largest stablecoin by scale. USDG's growth over the past year has been consistent and steady, not artificially inflated in the short term through large-scale subsidies. Ember noted that this reflects the high user base and activity levels of OKX Wallet. Even amid the current subdued market conditions, X Layer has achieved through its relevant modules what other stablecoins could only accomplish with substantial capital investment.
Ansem: Buybacks Actually Don’t Do Much – Intangible Value Matters More Than Tangible Value
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
Bitcoin breaks through $64,000 resistance, Myriad traders bet it will first drop to $55,000
Bitcoin broke through the $64,000 resistance level on Tuesday, reaching a daily high of $65,511 before settling at $64,858, down 0.18% on the day. Chart data indicates that the descending trend channel Bitcoin has been in since approaching $82,000 in May has not yet fully lost its effect. Technical indicators show that Bitcoin's 50-day moving average is below its 200-day moving average, forming what traders call a "death cross." The ADX stands at 23.4, indicating a weakening bearish trend; the RSI is at 55.7, placing it in a neutral to slightly bullish range. Traders on the prediction market Myriad assign a 66.6% probability that Bitcoin will first drop to $55,000, with a 33.4% probability that it will first rise to $84,000. These probabilities have not shifted significantly with recent price fluctuations.
Bloomberg ETF Analyst: Another ~20 ETFs Submit Applications, Total Filed and Listed Exceeds 500
Bloomberg ETF Analyst Eric Balchunas posted on platform X, stating that relevant parties have just submitted approximately 20 ETF applications, including multiple international ETFs and emerging market factor ETFs. Currently, about 350 ETFs have been filed for application, 180 ETFs are listed, bringing the total to over 500—what could be described as "Shock and Awe."
LoL S4 World Champion Imp May Have Achieved Financial Freedom by Heavily Investing in US and Korean Stocks
Odaily Odaily News: On-chain analyst Ai Yi posted on platform X, stating that according to Doinb's revelation, LoL S4 World Champion Imp suddenly stopped streaming in March 2026 because he made profits from stock trading and no longer needed to stream. Imp previously mentioned during a livestream that "the money earned from streaming in a month is less than what I earn from stock trading in a day," and that "between March and October 2025, his assets increased tenfold, heavily investing in SK Hynix and buying NVIDIA."Additionally, the timing of Imp's streaming hiatus closely coincides with the rise of South Korean semiconductor stocks. However, Imp himself has not responded to the rumors of achieving financial freedom. Meanwhile, MLXG, who is also known for using his salary to trade stocks, heavily invested in baijiu (Chinese liquor) stocks, and his assets have nearly gone to zero.
Russia Closes Down 9 Unregistered Crypto Exchanges in Moscow, FSB Alleges Money Laundering of Fraudulent Funds
Odaily News: Russia's Federal Security Service (FSB) conducted surprise raids on 9 unregistered cryptocurrency exchange service providers in Moscow, alleging they were involved in transferring funds obtained through fraud abroad via crypto assets. More than 20 employees were detained at the Moscow International Business Center.The FSB stated that these exchanges converted stolen funds from Russian phone scam victims into cryptocurrency and transferred them to accounts of what it claims are Ukrainian processors. The operation was carried out jointly by the FSB and the Russian Ministry of Internal Affairs.Russia's Ministry of Internal Affairs has launched a criminal investigation into large-scale fraud, which under Russian law carries a maximum sentence of 10 years in prison. The FSB said it is continuing to identify victims and assess potential compensation. (Cointelegraph)
CZ: Software always has vulnerabilities; what matters is how the team behind it handles the issues
Odaily News: Binance founder CZ reposted on X platform about a user's encounter with a Coldcard wallet attack and stated that software will always have vulnerabilities; the key lies in how the team behind it handles the problems.CZ added that Trust Wallet faced a similar issue years ago, when a non-truly random pseudo-random number generator led to losses of approximately $12 million, but the team ultimately covered the user losses.Previous report: A third wave of attacks suspected to target addresses generated by Coldcard has emerged, with the attacker transferring approximately 207.7294 BTC again. Data shows that the scale of Coldcard-related attacks observed so far has expanded to about 1,367.05 BTC, involving approximately 4,585 addresses, valued at around $88.6 million at current prices.
MetaMask team infiltrated by North Korean hacker aftermath: hacker's identity was publicly exposed as early as September 2025, yet still bypassed background checks to enter MetaMask through outsourcing in March this year
that, according to DeFi researcher @Zun2025 posted on X platform, "MetaMask hired a DPRK-linked hacker as a developer without even conducting a proper background check that could have revealed his identity.The hacker's GitHub username is imyugioh, and he has been publicly listed on the Lazarus Group website since September 2025, yet MetaMask still hired this individual in March 2026. Source: lazarus.group/team/mauro-liu. Imagine that one of the largest wallets granted core code repository access to someone already on a publicly known list of DPRK hackers. Now think about what might happen to those small protocols with absolutely no security teams."Earlier reports stated that a North Korean hacker, Tyler Knapp, infiltrated the MetaMask team. He entered MetaMask through a long-term cooperating human resources supplier via an outsourcing arrangement, bypassing the background checks of the company's direct recruitment process. He worked at the company for a month and participated in the development of the wallet's fiat on/off ramp functionality. During this period, his IP address and behavioral anomalies were detected by the company's security monitoring. The company immediately revoked all his access permissions and suspended the release of all products he had worked on. No substantial data or financial losses have been caused so far.
Anthropic Claude Mythos Discovers 271 Vulnerabilities in Firefox Browser
According to Decrypt, Mozilla recently revealed that Anthropic’s latest AI model, Claude Mythos, identified 271 security vulnerabilities during internal testing of the Firefox browser; all related vulnerabilities were patched this week. For comparison, a previous Anthropic model had detected only 22 security-sensitive vulnerabilities. Mozilla stated that all discovered vulnerabilities fell within the scope of what top human researchers could identify. Claude Mythos was officially launched in March 2026 and is Anthropic’s most powerful model to date for reasoning, coding, and cybersecurity. It is currently available exclusively to vetted partners—including Amazon, Apple, and Microsoft—under Anthropic’s “Project Glasswing” initiative.
From one person to one system: X-Agent redefines the business model for OPCs
Odaily News, X-Agent recently published a technical article titled "An OPC Is a Stack, Not a Headcount Story," arguing that as AI significantly reduces R&D and operational costs, the competitiveness of a One Person Company (OPC) should no longer be measured by how much work a single person can complete.The article points out that an OPC with true commercial capability needs to establish a complete closed loop spanning demand discovery, AI production, capability infrastructure, distribution, economic systems, and market feedback.And this is precisely the problem X-Agent aims to solve.At the capability layer, X-Agent leverages MCP to help individual developers productize their capabilities, transforming a project into a service that can be discovered, invoked, and verified by Agents. At the commercial layer, X-Agent further connects Agent distribution and payment infrastructure, enabling services to enter real Agent workflows, with usage-based billing, budget management, payment, and settlement.Meanwhile, the X-Agent MCP Hackathon is also driving this model into practice: developers do not need to start by building an "MCP server" from scratch. Instead, they first prove that a real capability can solve a practical problem, then convert it into a production-grade Agent service through standardization, deployment verification, and security checks.Therefore, what X-Agent is building is not just a development tool, but a framework that helps OPCs complete:Demand discovery → Capability building → MCP productization → Agent distribution → Commercial settlement → Market feedbackUltimately forming a self-reinforcing AI business closed loop.The OPC of the future is not one person taking on all the work, but one person using AI and Agents to organize a complete set of company-level capabilities.
Bank of Italy Research: Stablecoin Cross-Border Remittance Costs Not Lower Than Traditional Channels
According to BeInCrypto, a field research report recently released by the Bank of Italy shows that stablecoins do not possess a systemic cost advantage in cross-border remittances. Researchers tested USDC transfers of $200 through 10 actual remittance corridors, covering routes between Italy and Argentina, Brazil, South Africa, the UAE, and Japan, with total fees ranging from 0.3% to nearly 9%, showing a significant disparity. The study found that on-chain transfers themselves accounted for an average of only 0.4% of the total cost; what truly drove up fees were steps still reliant on banks and exchanges, such as funding, currency conversion, and withdrawal. Taking the UAE-to-Italy corridor as an example, where bank transfers were unavailable and credit card funding was forced, fees alone reached as high as 3.8%. Meanwhile, transfer speeds also differed significantly due to variations in destination payment infrastructure. Instant payment systems like Brazil's Pix could complete settlement within 20 minutes, while South Africa required 1 to 2 business days, no different from traditional bank wire transfers. The report pointed out that stablecoins currently still heavily rely on the banking system they attempt to replace, and the narrative that "stablecoins are quietly replacing traditional payment rails" remains unsubstantiated.
Arthur Hayes: AI Bubble Concentrated in Data Center Debt and Unprofitable AI Companies, Still Bullish on Agentic Economy
Odaily News: Arthur Hayes posted on X that someone asked him why he is launching an AI/crypto project while believing AI is a bubble about to burst. He stated that the bubble exists in the debt used to build data centers, as well as in the stocks of unprofitable hyperscale cloud providers and frontier labs. "Price is what you pay; value is what you get." He is 100% confident in the Agentic Economy, and the excess compute capacity brought by debt-funded construction supports his assessment of Flop Labs.Previously, Arthur Hayes announced he would end his retirement and lead Flop Labs. Flop Labs is "food" for AI agents. The project has no pre-sale, no VC participation, and adopts a 100% fair launch model.
Ripple Chief Legal Officer: September 15 Will Be a Key Indicator for the Future of the Clarity Act
Odaily News, Ripple Chief Legal Officer Stuart Alderoty stated that September 15 will be a key date for determining whether the U.S. "Clarity Act" crypto market structure bill can continue to advance.Alderoty said at the Wyoming Blockchain Symposium 2026 that the Senate will hold its first procedural motion on September 15, namely whether to enter deliberation. The motion requires 60 votes of support to open the door for the bill's subsequent progress. He noted that this day will serve as a "barometer" for judging whether the Clarity Act can still move forward in Congress.Alderoty also serves as Chairman of the National Crypto Association. He stated that even if market structure legislation hits a roadblock, both the SEC and CFTC have publicly stated that they will continue to advance crypto regulatory rulemaking.He believes that the two regulatory agencies' closer coordination in recent times is a positive signal. In the past, the SEC and CFTC did not always work collaboratively, but now both sides are engaging in closer cooperation around crypto asset regulation.However, Alderoty emphasized that what the industry most hopes to see remains congressional legislation, because legislation is more stable than mere regulatory rules and harder to overturn. He stated that regardless of the outcome, the U.S. will see crypto regulation; the difference lies in whether the framework is established through a more enduring congressional bill or advanced by regulators acting alone.
Uniswap Founder: Tokenization Will Reshape Global Market Liquidity, AMMs May Eventually Replace Some Traditional Market Makers
Odaily News: Uniswap founder Hayden Adams published a long post on the X platform, stating that as traditional assets such as stocks progressively become tokenized, AMMs are expected to expand from crypto long-tail assets and the stablecoin market into traditional financial markets. He believes that tokenization makes markets programmable, which not only changes how markets operate, but also what kinds of markets can exist, who provides liquidity, and how trading pairs are formed between different assets.Adams argues that in the future, on-chain liquidity may be reorganized around correlation-based trading pairs—for example, NVDA could trade directly against SPY, with SPY/USD serving as the bridge to the US dollar. Meanwhile, he stated that AMMs will win the market. Beyond correlation-based trading, another important factor is the continuous improvement in AMM design and customizability—for instance, Uniswap v4 Hooks enables deep market customization, significantly enhancing LP returns. Adams believes that passive liquidity will ultimately follow a similar development path and prevail, and its impact could be even greater, as it can substantially lower the barriers to creating and participating in markets.
U.S. Treasury Seeks Public Comments on Draft Rules for GENIUS Act Stablecoin Implementation
Odaily News The U.S. Department of the Treasury released on August 17 a Notice of Proposed Rulemaking (NPRM) regarding the implementation rules for the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), and is seeking public comments to advance the establishment of a U.S. regulatory framework for payment stablecoins.Treasury Secretary Scott Bessent stated that the Trump administration and Congress have driven the passage of the GENIUS Act, establishing a "landmark regulatory framework and clear rules" for payment stablecoins, and the Treasury is accelerating the implementation of related systems. He stated that the Treasury hopes to support innovation and development by U.S. companies by providing regulatory certainty, while consolidating the U.S. dollar's status as the global reserve currency and positioning the United States as a global hub for crypto assets.Under the GENIUS Act, starting January 18, 2027, any entity seeking to issue payment stablecoins in the United States will generally be required to obtain an appropriate federal or state license. Additionally, digital asset service providers will generally be prohibited from offering, selling, or distributing payment stablecoins issued by foreign entities to the U.S. market, unless the foreign issuer has the technical capability to comply with U.S. regulatory requirements and can adhere to relevant arrangements reached between the United States and the issuer's jurisdiction.Starting July 18, 2028, the Act further requires that digital asset service providers generally may not offer or sell payment stablecoins to "U.S. persons" unless the relevant stablecoins are issued by a licensed issuer.The Treasury's draft rules primarily provide regulatory interpretation on two key issues: first, clarifying what constitutes "issuing payment stablecoins in the United States" to help issuers determine when they need to obtain a license under the GENIUS Act; second, clarifying what constitutes "offering or selling payment stablecoins to U.S. persons" to provide compliance guidance for companies participating in the U.S. stablecoin market.The U.S. Department of the Treasury stated that the public comment period will last 60 days following publication in the Federal Register, during which the public and industry participants may submit comments.
Related news
“Fed Whisperer”: US Treasury Expands Treasury Buyback Scale, Possibly Due to Officials' Concerns Over Market Trends
Odaily News, "Fed Whisperer" Nick Timiraos stated that the US Treasury recently announced it will raise the single-operation buyback cap for long-term nominal coupon Treasury securities from $2 billion to at least $4 billion starting September 9.Timiraos, citing interest rate strategists, noted that the timing of this decision is worth attention: it comes only about two weeks after the Treasury's previous quarterly refunding announcement, and just hours after the announcement, the Treasury had planned to issue $16 billion in 20-year Treasury bonds. This unconventional timing may indicate that Treasury officials "do not like what is happening in the market."
From one person to one system: X-Agent redefines the business model for OPCs
Odaily News, X-Agent recently published a technical article titled "An OPC Is a Stack, Not a Headcount Story," arguing that as AI significantly reduces R&D and operational costs, the competitiveness of a One Person Company (OPC) should no longer be measured by how much work a single person can complete.The article points out that an OPC with true commercial capability needs to establish a complete closed loop spanning demand discovery, AI production, capability infrastructure, distribution, economic systems, and market feedback.And this is precisely the problem X-Agent aims to solve.At the capability layer, X-Agent leverages MCP to help individual developers productize their capabilities, transforming a project into a service that can be discovered, invoked, and verified by Agents. At the commercial layer, X-Agent further connects Agent distribution and payment infrastructure, enabling services to enter real Agent workflows, with usage-based billing, budget management, payment, and settlement.Meanwhile, the X-Agent MCP Hackathon is also driving this model into practice: developers do not need to start by building an "MCP server" from scratch. Instead, they first prove that a real capability can solve a practical problem, then convert it into a production-grade Agent service through standardization, deployment verification, and security checks.Therefore, what X-Agent is building is not just a development tool, but a framework that helps OPCs complete:Demand discovery → Capability building → MCP productization → Agent distribution → Commercial settlement → Market feedbackUltimately forming a self-reinforcing AI business closed loop.The OPC of the future is not one person taking on all the work, but one person using AI and Agents to organize a complete set of company-level capabilities.
Bank of Italy Research: Stablecoin Cross-Border Remittance Costs Not Lower Than Traditional Channels
According to BeInCrypto, a field research report recently released by the Bank of Italy shows that stablecoins do not possess a systemic cost advantage in cross-border remittances. Researchers tested USDC transfers of $200 through 10 actual remittance corridors, covering routes between Italy and Argentina, Brazil, South Africa, the UAE, and Japan, with total fees ranging from 0.3% to nearly 9%, showing a significant disparity. The study found that on-chain transfers themselves accounted for an average of only 0.4% of the total cost; what truly drove up fees were steps still reliant on banks and exchanges, such as funding, currency conversion, and withdrawal. Taking the UAE-to-Italy corridor as an example, where bank transfers were unavailable and credit card funding was forced, fees alone reached as high as 3.8%. Meanwhile, transfer speeds also differed significantly due to variations in destination payment infrastructure. Instant payment systems like Brazil's Pix could complete settlement within 20 minutes, while South Africa required 1 to 2 business days, no different from traditional bank wire transfers. The report pointed out that stablecoins currently still heavily rely on the banking system they attempt to replace, and the narrative that "stablecoins are quietly replacing traditional payment rails" remains unsubstantiated.
Arthur Hayes: AI Bubble Concentrated in Data Center Debt and Unprofitable AI Companies, Still Bullish on Agentic Economy
Odaily News: Arthur Hayes posted on X that someone asked him why he is launching an AI/crypto project while believing AI is a bubble about to burst. He stated that the bubble exists in the debt used to build data centers, as well as in the stocks of unprofitable hyperscale cloud providers and frontier labs. "Price is what you pay; value is what you get." He is 100% confident in the Agentic Economy, and the excess compute capacity brought by debt-funded construction supports his assessment of Flop Labs.Previously, Arthur Hayes announced he would end his retirement and lead Flop Labs. Flop Labs is "food" for AI agents. The project has no pre-sale, no VC participation, and adopts a 100% fair launch model.
GSR Legal and Strategy Officer: SEC's New Crypto Rules May Be Overestimated by the Market, Unable to Break Through Existing Securities Law Constraints
GSR Chief Legal and Strategy Officer Joshua Riezman shared his views on X regarding the U.S. SEC's latest proposed regulatory framework for crypto assets, stating that the proposal may not achieve what many market participants currently understand. Without amendments to relevant U.S. laws, the regulatory exemptions provided by the SEC under existing securities laws remain limited.He noted that clearer regulatory rules are positive for the crypto industry, but the market structure addressed by the proposal differs significantly from the previous crypto market cycle. The industry needs to further understand what form the new framework will ultimately guide the U.S. crypto market toward.
Ripple Chief Legal Officer: September 15 Will Be a Key Indicator for the Future of the Clarity Act
Odaily News, Ripple Chief Legal Officer Stuart Alderoty stated that September 15 will be a key date for determining whether the U.S. "Clarity Act" crypto market structure bill can continue to advance.Alderoty said at the Wyoming Blockchain Symposium 2026 that the Senate will hold its first procedural motion on September 15, namely whether to enter deliberation. The motion requires 60 votes of support to open the door for the bill's subsequent progress. He noted that this day will serve as a "barometer" for judging whether the Clarity Act can still move forward in Congress.Alderoty also serves as Chairman of the National Crypto Association. He stated that even if market structure legislation hits a roadblock, both the SEC and CFTC have publicly stated that they will continue to advance crypto regulatory rulemaking.He believes that the two regulatory agencies' closer coordination in recent times is a positive signal. In the past, the SEC and CFTC did not always work collaboratively, but now both sides are engaging in closer cooperation around crypto asset regulation.However, Alderoty emphasized that what the industry most hopes to see remains congressional legislation, because legislation is more stable than mere regulatory rules and harder to overturn. He stated that regardless of the outcome, the U.S. will see crypto regulation; the difference lies in whether the framework is established through a more enduring congressional bill or advanced by regulators acting alone.