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U.S. stocks closed higher on Wednesday, with technology shares strengthening, Dell surging, and oil prices stabilizing. U.S. Treasury yields approached 5%, and global stock markets may face a 5%-8% correction. Trump said the strikes on Iran would end soon and that the Strait of Hormuz would be renamed the Trump Strait. The former British prime minister warned that failure to control debt would force emergency spending cuts. The Beige Book said the U.S. economy grew moderately, with AI and data centers serving as key supports. Tron’s USDT supply surpassed Ethereum’s for the first time. Broadcom’s Q3 results exceeded expectations, and its AI revenue guidance was raised. Robinhood Chain generated $3.75 million in daily fees, exceeding the combined total of Solana, ETH, and Base.

Former federal prosecutor Renato Mariotti pointed out that the crypto asset FAQ published and updated by the SEC in September is merely nonbinding staff guidance for reference and has no legal force. The FAQ addresses issues including staking receipt tokens, decentralized buyback programs, and how marketing communications may be incorporated into the Howey test, but it does not name any specific assets or protocols. It reflects the views of SEC staff and requires approval by the Commission. Because the relevant rules have not yet been finalized and the CLARITY Act is stalled in Congress, industry participants must still independently rely on staff comments to assess disclosure requirements and token design.

ME News, October 7 (UTC+8) — Polymarket founder Shayne Coplan said at Token2049 that predictions about the presidential election, the conflicts in Ukraine and the Middle East, and other events have validated Polymarket as a new alternative news source. Sports betting predictions have also brought Polymarket a large number of users, while its revenue has grown rapidly. (Source: ME News)

ME News, October 7 (UTC+8) — Tom Lee stated at Token2049 that we are at the beginning of a supercycle, and everything running on traditional finance will be tokenized over the next decade. Most traditional financial institutions will build on Ethereum, including BlackRock, JPMorgan, and Robinhood. (Source: ODAILY)

ME News, October 7 (UTC+8) — According to CoinMarketCap market data, ETH is currently priced at $2,618.63, down 3.1% over the past 24 hours. (Source: CoinMarketCap)

ME News, October 7 (UTC+8) — According to CoinMarketCap market data, BTC fell below $84,000 and is currently quoted at $83,858, down 2.2% over the past 24 hours. (Source: CoinMarketCap)

ME News reports that on October 7 (UTC+8), according to CoinMarketCap market data, XRP is currently priced at $1.4422, down 4.1% over the past 24 hours. (Source: CoinMarketCap)

ME News, October 7 (UTC+8) — According to CoinMarketCap market data, BTC fell below $85,000 and is currently trading at $84,835, down 1.0% over the past 24 hours. (Source: CoinMarketCap)

Revolut plans to establish a fully capitalized local entity in the Philippines to explore digital banking and EMI services. In London, it met with DTI Secretary Cristina Roque to discuss market access and a corporate structure and licensing pathway that comply with the Philippine central bank BSP’s requirements.

ME News, October 7 (UTC+8) — Startale Japan Co. Ltd. announced the launch of a digital corporate bond, with both interest and principal paid in the yen stablecoin JPYSC. The bond is available to individual and corporate investors in Japan and will not be issued to overseas investors. JPYSC is issued by SBI Shinsei Trust Bank, which manages the trust assets. It is pegged 1:1 to the yen and classified as a Type III electronic payment instrument under Japan’s Payment Services Act. SBI VC Trade serves as the issuing trustee and is responsible for issuance and distribution, while Startale Group provides the underlying technology. Startale Group CEO Sota Watanabe said the bond will test JPYSC in actual interest and principal payments.

MAS stated that it does not consider Hyperliquid to fall within its regulatory purview, and it is unclear whether Hyperliquid is regulated by any other major jurisdictions. Hyperliquid Labs responded that it is currently unregulated and has not claimed to be licensed by MAS, but is willing to maintain constructive communication with MAS. Hyperliquid stated that its registered headquarters are in Singapore, while recent job postings indicate that it has an office there. Reports said it moved to Singapore in 2024.

Founders Fund led a $50 million purchase of ANVL, the governance token of DeFi lending protocol Anvil, with participation from Pantera Capital, Theta Blockchain Ventures, Bullish, and Protoscale Capital. The tokens came from the existing treasury rather than a new issuance and carry governance voting rights. Built on Ethereum, Anvil uses digital assets as collateral and offers a no-code integration SDK. ANVL rose nearly 97% in 24 hours, with a market capitalization exceeding $110 million.

Apple plans to launch new smart home products on October 13, including a smart doorbell, thermostat, and more. It is also partnering with LG Electronics to develop accessories. The products will be branded LG and manufactured and supported by LG, integrating with an ecosystem consisting of an upgraded HomePod mini and a new Apple TV. Apple will also launch smart deadbolt locks and security cameras. By partnering with third-party suppliers, Apple can quickly expand its ecosystem while reducing production and support costs and complexity.

According to BIT market data, U.S. stocks closed higher on Tuesday, with the Dow up 0.49%, the S&P 500 up 0.58%, and the Nasdaq up 0.45%, all reaching new closing highs. Memory stocks broadly declined: Micron -1.73%, SanDisk -2.56%, Seagate -9%, Western Digital -7%, and SK Hynix more than -6%. Among crypto stocks: MSTR +0.07%, CRCL +1.03%, COIN -1.32%, SBET -0.94%, BMNR -2.19%, and HOOD -1.85%.

Kalshi prevailed in its lawsuit against Illinois over a preliminary injunction. The court temporarily blocked the state’s licensing requirements and related criminal provisions from restricting Kalshi, holding that federal law must take precedence. Championship winner contracts may constitute swaps and must be traded on a designated market and remain subject to federal regulation, contrary to the Ninth Circuit’s earlier finding that they were gambling. Illinois’s new budget law imposes a 1.75% fee on the first 5 million trades and 3.5% thereafter, plus a 15% gross revenue fee and $0.25-0.5 per trade. The court requested supplemental briefing on the fees.

Dubai’s VARA issued a circular on reserve asset audits, setting out the minimum requirements for independent VASP audits: maintain 100% reserves against client liabilities throughout the entire review period, hold the same virtual assets on a 1:1 basis, and conduct daily reconciliations. The audit scope covers hot wallets, warm wallets, cold wallets, third-party wallet infrastructure, and assets held in custody. It also verifies the segregation of client assets, control over wallets, and whether any assets are subject to rehypothecation, lending, or other use.

Igloo, Inc. announced the shutdown of the consumer-focused public blockchain Abstract and will redirect resources to Pudgy Penguins, Pudgy NFT, and the PENG token. Abstract was designed as a public blockchain for consumer applications, but high costs, insufficient liquidity, a weak DeFi ecosystem, and declining market interest limited its growth, resulting in tens of millions of dollars in losses over the past two years. The shutdown was considered the more appropriate decision. Going forward, the company will focus on the Pudgy Penguins IP and improve its brand and product roadmap.

ME News reported that on October 7 (UTC+8), the Onyx treasury transferred 620 million XCN tokens. The transfer executed a migration proposal previously publicized by Onyx. After the transfer was completed, only approximately 1.89 million XCN remained in its Ethereum treasury contract. The large transfer occurred as Blockaid issued an exploit alert. (Source: ChainCatcher)

ME News reported that St. Cloud Financial Credit Union in Minnesota became the first credit union to integrate Bitcoin into its core ledger. It uses hybrid custody and a multisignature treasury, with members retaining independent ownership of their Bitcoin. The credit union holds more than 20 Bitcoin and allows members to buy and sell directly, with plans to connect to the Lightning Network. The report also discusses stablecoins, new monetary networks involving the U.S. dollar and Bitcoin, and the differences between Bitcoin ETFs and custody, as well as the launch of the Cloud Dollar stablecoin. On the regulatory front, it focuses on Minnesota’s custody law, NCUA reviews, and the CLARITY Act, emphasizing self-custodied payment channels and broader education on the subject.