rules

According to Decrypt, Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that after the Senate rejected the Clear Act, the CFTC will continue to advance the formulation of rules for the cryptocurrency market structure, saying "now is the time for action." Selig pointed out that the CFTC's existing statutory authority provides room for advancing the rules without waiting for Congress to pass new legislation.The agency will also reassess the current rules applicable to algorithmic and smart agent-driven 24/7 on-chain markets. Related arrangements may include establishing designated contract market categories that allow exchanges to offer cryptocurrency leveraged trading under CFTC regulation; however, the CFTC does not have the authority to regulate the spot market, and regulation of the spot market still requires legislation.

According to CoinDesk, Taylor Lindman, the Chief Legal Counsel of the U.S. Securities and Exchange Commission (SEC) Crypto Working Group, stated at the CoinDesk Policy & Regulation event held in Washington that the SEC is advancing rules for the custody of crypto assets. The relevant proposal has been submitted to the Office of Management and Budget (OMB) for review, covering investment companies and broker-dealers. She indicated that the rule aims to inform the market about how to hold non-securities crypto assets within broker-dealers without special registration and clarifies that investment advisors can store client assets in institutions such as state-chartered trusts.Once the proposal passes the review by the Office of Management and Budget, the SEC will formally present it and seek feedback from the industry and the public. Lindman also mentioned that the SEC will issue an employee statement in December 2025 as a transitional arrangement, guiding broker-dealers on handling crypto custody matters before the rules are implemented, and will allow investment advisors to store client assets in state-chartered trusts as qualified crypto custodians starting in September 2025.Lindman described the SEC's recent work as "laying the groundwork," including previously proposed rules allowing crypto issuance and exemptions for tokenized securities. She stated that the SEC is working to ensure that existing securities intermediaries and market participants can confidently use blockchain to hold and trade crypto assets. Previously, the SEC's attempts at custody rules under Gary Gensler in 2023 were abandoned, and a leadership supportive of crypto was appointed after the Trump administration took office.

DeepSeek supplements the API peak and valley billing rules. During weekends with adjusted work hours and China's statutory holidays, the entire day is charged at off-peak rates. Although September 20 is a workday due to the National Day holiday adjustment, the API still applies the off-peak price.DeepSeek implemented peak and valley pricing starting August 17, with off-peak prices set at half of peak prices. Less than a week later, all Saturdays and Sundays were changed to off-peak prices. This further clarifies the billing criteria for adjusted workdays and statutory holidays.Taking deepseek-flash as an example, for every million tokens of cache misses, the off-peak rate is 1 yuan, and the peak rate is 2 yuan; the output rates are 4 yuan and 8 yuan respectively. Another adjusted workday for the National Day holiday on October 10 is a Saturday, which will also be calculated at the off-peak price.

Former Democratic presidential candidate and founder of Noble Mobile, Andrew Yang, called on the federal government to strengthen regulations on cutting-edge AI laboratories. In an interview with CNBC, he stated that researchers have warned that the pace of iteration for powerful models has exceeded the constraints of existing rules, and he candidly said, "The fear is real, the concerns are real, and the demand is real; the American public wants to see this industry regulated."Yang urged Congress to require AI companies to assume liability for damages, set waiting periods before deployment, and equip powerful models with a "kill switch." He mentioned that OpenAI and Anthropic recently disclosed incidents of models breaching boundaries or invading other companies' systems, prompting lawmakers to consider introducing the "AI Kill Switch Act," which would allow federal officials to order restrictions or shutdowns of specific cutting-edge systems.In response to David Sacks' claim that the AI safety warnings are "psychological warfare," Yang stated that multiple things are happening simultaneously and cited a warning from an unnamed lab director that AI robots may have implanted self-replicating code on the internet, leading OpenAI and Anthropic to build a synthetic internet to train their models. He also emphasized that AI regulation is a bipartisan issue, saying, "If you are in rural areas or red districts, your constituents are equally panicked about AI."

SEC Chairman Paul Atkins issued a statement regarding the committee's approval of the "innovation exemption." He pointed out that more than a week ago, Congress failed to advance the CLARITY Act, thus the SEC today took significant steps within its statutory authority to bring the U.S. capital markets into the digital age by promoting on-chain trading of specific tokenized stocks.The order grants two types of temporary, conditional exemptions under Section 36(a)(1) of the Securities Exchange Act: first, it exempts "Tokenized Securities Venues" (TSV) from the definition of "exchange" under the Securities Exchange Act; second, it exempts specific liquidity providers ("regulated companies") from the definition of "dealer." Atkins emphasized that the anti-fraud and anti-manipulation provisions of federal securities laws fully apply to all securities activities in these markets, without exception.The exemption comes with several investor protection conditions: TSV must be U.S. entities and comply with OFAC sanctions; access standards must be set for a licensing system, allowing only specific participants to trade; synthetic products cannot be used—tokenized NMS "national market system" stocks must be tokenized by the issuer of the underlying stock or its representative, or by a third party not affiliated with the issuer, and holders must enjoy the same rights as traditional securities (including dividends and voting rights); issuers have the right to oppose and prevent their securities from being traded on TSV.Atkins stated that the committee is not solidifying current technology as future standards but rather allowing the market to evolve, monitoring its development, and using this as a basis to establish a more flexible, future-oriented regulatory framework. This exemption is a temporary measure, and the committee is seeking public input on all aspects, emphasizing that this transitional arrangement must be followed by the establishment of permanent rules to ensure that on-chain markets maintain a viable path as capital markets evolve.

The French Council of State rejected the urgent application filed by the cryptocurrency companies Bull Bitcoin and Paymium, refusing to immediately suspend the implementation of the French decree enforcing the EU Directive on Administrative Cooperation No. 8 (DAC8).The applicants argued that the centralized collection of personal and financial data from digital asset users could lead to data breaches, extortion, and personal safety risks. The court found that the applicants failed to demonstrate an urgent situation sufficient to support an emergency suspension. The lawsuit seeking to fully revoke the decree by Bull Bitcoin is still under review. DAC8 will take effect in the EU on January 1, 2026, and registered service providers must complete their first declaration for the year 2026 by September 30, 2027.

According to market news, Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced that the CFTC is ready to launch its rules for the new financial sector.

Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Chris Giancarlo stated that despite the CLARITY Act facing setbacks in the Senate, the U.S. Securities and Exchange Commission (SEC) and CFTC will still work on developing cryptocurrency regulations.Giancarlo, who previously served as Chairman of the CFTC, expressed this view regarding the progress of U.S. cryptocurrency regulatory legislation.

The World Trade Organization urges member countries to reform global trade rules to avoid the risk of trade fragmentation. The organization warns that without reform, global GDP could decline by 5.1% by 2050, with exports decreasing by 18.6%.Strengthening multilateral cooperation could lead to a 2.9% increase in global GDP and nearly an 18% increase in exports.

The U.S. House of Representatives' fundraising committee is scheduled to review a series of digital asset tax legislation on September 16, advancing the crypto tax bill toward a full House vote. This review focuses on two core issues: when miners and stakers should pay taxes on newly created tokens, and whether the wash sale rules applicable to stocks should cover digital assets.The two key bills are the "Mining and Staking Tax Clarification Act" H.R. 9175 and the "Applying Existing Tax Anti-Abuse Rules to Digital Assets Act" H.R. 9172. The former stipulates that miners and stakers do not need to pay taxes immediately upon receiving new tokens but can wait until the tokens are actually sold to pay taxes as ordinary income; the latter extends wash sale and constructive sale rules to actively traded digital assets, closing tax loopholes that crypto traders have exploited for years.

The U.S. Securities and Exchange Commission (SEC) proposed a new rule last week to comprehensively revise the transfer agent rules that have been in place for decades, explicitly allowing electronic databases, including blockchain ledgers, to serve as the official record of securities ownership for the first time. If approved, blockchain is expected to become the "master security document," replacing the off-chain parallel ownership records that tokenized securities currently rely on.Currently, many tokenized securities operate on two sets of records: on-chain token ledgers and official shareholder registers. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to act as the master security document.However, the proposal does not mean that tokenized securities are completely "permissionless." Joris Delanoue, CEO of the registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions are still embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November.

According to a report by Reuters, Apple Inc. is facing a class-action lawsuit in London, with claims amounting to £2 billion (approximately $2.7 billion). The lawsuit was filed today in the London Competition Appeal Tribunal by Ann Pope, a former senior official of the UK's Competition and Markets Authority, representing app developers.The core allegation is that Apple's "App Tracking Transparency" (ATT) feature, launched in 2021, imposes stricter restrictions on third-party developers than on its own services, giving Apple's own advertising ecosystem an unfair competitive advantage. Ann Pope stated that Apple's policies "have caused very significant harm to businesses that rely on Apple as a gatekeeper."Since its launch, the ATT feature has been a focal point of concern for global regulators for several years. Apple's official stance is that the feature is designed to allow users to control whether to permit apps to track their activities across other companies and websites.However, the plaintiffs argue that the actual enforcement of this rule has a double standard—tracking requests from third-party apps require strict pop-up authorization, while Apple's own personalized ads and services can bypass the same restrictions. This lawsuit represents the latest legal challenge Apple faces regarding its ATT policy and is the first large-scale private antitrust lawsuit initiated in the UK market against Apple's app ecosystem rules following scrutiny from regulators in the EU, the US, and several other countries.

According to The Information, the U.S. Commodity Futures Trading Commission (CFTC) is reviewing relevant rules to address potential conflicts of interest between prediction market exchanges and their affiliated trading companies.

The U.S. SEC has proposed amendments to the transfer agent rules, which have not undergone significant updates since they were introduced in the late 1970s. Transfer agents, as securities record keepers, maintain ownership records and handle corporate actions such as mergers and dividend distributions, while playing a key role in the clearing and settlement processes.SEC Chairman Paul Atkins stated that the proposal will simplify and modernize the commission's rules to reflect the current processes and operations of transfer agents, including the use of electronic communications and blockchain technology in securities issuance and share transfers. The SEC noted that some market participants are exploring blockchain-based systems to maintain securities ownership records.In the 421-page rule change document, the SEC stated that transfer agents interacting with tokenized securities, distributed ledger technology, and smart contracts must manage risks related to blockchain data integrity, the security of tokenized securities, and the operational models of distributed ledgers; those adopting artificial intelligence or automation technologies must ensure appropriate controls, accurate representations of system capabilities, and effective oversight of automated processes.

According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) plans to abolish the relevant rules regarding when and how shareholders of listed companies can submit shareholder proxy proposals, as indicated by the latest information released by the White House Office of Management and Budget (OMB).According to a notice published on Monday, the SEC submitted the proposal to the White House OMB for review last week. This is the latest step by SEC Chairman Paul Atkins to change the dynamics of the relationship between shareholders of listed companies and company management.In simple terms, the SEC is proposing to adjust the regulatory rules for shareholders of listed companies to submit proxy proposals, and the proposal is currently still in the OMB review stage.

Brian Armstrong posted on the X platform, stating that one of the simplest ways to explain cryptocurrency is: cryptocurrency offers faster, cheaper, and more efficient financial services. The traditional financial system was born around the 1970s and, in some cases, still operates on outdated mainframes to this day.This is also the reason why basic functions like weekend transfers or low-cost wire transfers are still not achievable. The United States needs to pass the Clarity Act to provide clear rules to guide the industry, rather than allowing outdated systems and uncertainty to prevail.

Fox Business crypto reporters posted on the X platform that the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are advancing the finalization of a rule to define "unsafe or unsound practices" in bank regulation. This term has not been clearly defined for years, primarily relying on the broad discretion of bank examiners.Under this rule, when regulators determine that a practice is "unsafe or unsound," they must link it to actual illegal conduct or significant financial risk, thereby reducing the likelihood of pressuring banks serving legitimate clients, including crypto companies, based on vague reputational or procedural issues. This rule marks another important step towards further dismantling "Operation Chokepoint 2."

According to Bloomberg, the U.S. SEC submitted a new proposal to the Office of Management and Budget (OMB) on August 25, aimed at establishing a new custodial rules framework for investment advisors and investment companies holding client digital assets.The proposal will clarify the custodial framework for crypto assets, addressing previous questions from investment companies and advisors about how to hold digital assets for clients without violating regulatory requirements. It will also eliminate certain existing custodial requirements that the SEC considers outdated due to market evolution and current trading practices.The SEC stated that the proposal is part of Chairman Paul Atkins' efforts to modernize the regulatory framework. The complete details of the proposal will be made public after the OMB completes its review, after which it will be returned to the SEC, possibly with suggested modifications, and then voted on by a committee currently composed of three Republicans, before being announced publicly. As a matter of course, the SEC typically seeks at least 60 days of public comment before finalizing the proposal, followed by another vote for it to take effect.