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first_img CFTC Chairman Selig: The market needs to be ready for large-scale tokenization and 24/7 trading

Michael Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that regulators need to prepare for "mass tokenization" and adjust existing markets for new technologies such as blockchain and artificial intelligence. Selig mentioned at the U.S. Treasury Market Conference held by the New York Federal Reserve on Tuesday that developments like tokenization, on-chain finance, and 24/7 trading could lead to changes in the financial markets over the next decade that surpass the sum of the past several decades.Selig noted that the entire Trump administration laid the groundwork for the U.S. market to maintain its global leadership by embracing innovation, encouraging competition, and implementing reasonable regulations. The CFTC will also seek more ways to encourage market participants, exchanges, and clearinghouses to responsibly adopt stablecoins. Over the past year, the agency has issued guidance and sought public input on 24/7 trading in the energy derivatives market; in February of this year, the CFTC included stablecoins issued by National Trust Bank in the list of eligible collateral.Meanwhile, the CFTC's sister agency, the U.S. Securities and Exchange Commission (SEC), released the highly anticipated "innovation exemption" last week, creating space for on-chain trading of tokenized stocks. After a bill regulating the cryptocurrency industry stalled in the Senate, the two agencies are advancing their respective agendas.

first_img Peter Schiff stated that the Federal Reserve has already lost the battle against inflation, and the bond market collapsed in 2020

Bitcoin Magazine released a discussion video featuring Peter Schiff, Grace Remington, and Sean Hagan. Schiff stated in the program that the bond market did not just collapse recently, but had already collapsed in 2020, and the subsequent trend is merely a slow unwinding process. He connected topics such as the rise in U.S. Treasury yields, expectations for Federal Reserve interest rate decisions, the decline in the purchasing power of the dollar, and central banks around the world buying gold, believing that the Federal Reserve has already lost the war against inflation.Schiff also warned that if rising interest rates trigger a stock market sell-off, it would be deeply bearish for Bitcoin and the broader cryptocurrency market, while Washington's political capital has shifted to opposing crypto assets. He mentioned that the dollar crisis may be in its early stages and questioned the credibility of the symbolic interest rate hikes that the Federal Reserve might undertake. He also discussed how long the bear market in U.S. Treasuries might last, as well as the combination of fiscal spending cuts and higher interest rates that he believes is truly needed to lower inflation.At the end of the program, Schiff and the host debated whether Bitcoin has actual asset backing, comparing the differences between tokenized gold and Bitcoin in terms of counterparty risk and monetary endorsement. Schiff believes that gold has risen to $5,500 while Bitcoin has retraced 23% from its historical high, suggesting that Bitcoin priced in gold may have peaked in 2021.

first_img Samsung Taylor Semiconductor Fabrication Plant will begin trial operations at the end of this month, with 2-nanometer orders already filled

According to South Korea's "Cultural Daily," Samsung Electronics' wafer fab in Taylor, Texas, is expected to enter trial operation around the end of this month, as orders for 2-nanometer chips from Tesla, Broadcom, Arm, and others continue to pour in, with pre-production capacity nearing full load. The plant has accumulated an investment of $37 billion since 2022, with plans to begin trial operation early next month and mass production next year, with an initial monthly capacity of about 50,000 wafers, close to TSMC's approximately 80,000 wafers.The report states that the Taylor plant will produce Tesla's next-generation artificial intelligence chip AI5, Broadcom's new generation communication chips, and Arm's smart device AI chips, among others. Samsung's 2-nanometer yield has increased from about 60% earlier this year to around 80% recently. The company sent personnel for process, equipment, and yield to the plant in June, and began installing equipment in July. At a recent earnings meeting, Samsung projected that this year's 2-nanometer order volume would more than double compared to last year, and stated that NVIDIA's inference chip Grok3 began mass production last month; Samsung also recently raised the foundry price for 4-nanometer chips by up to 15%.The second Taylor plant is scheduled to start construction by the end of this year and begin mass production in 2030. Samsung has requested major partners to complete the relevant production equipment safety certifications in advance, and some partners are considering sending dozens of personnel to the local area. At the same time, Intel issued about $20 billion in new shares last month and expanded investments in 2-nanometer level 18A and 1.4-nanometer level 14A, while Japan's Rapidus completed its 2-nanometer factory in Hokkaido last month and entered the wafer trial production stage.
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