According to a recent commentary by the Bloomberg editorial board, while the US Congress is pushing for a clearer legal framework for digital assets, attempting to strengthen constraints on illegal activities while supporting technological innovation, this legislative process is unlikely to achieve its intended effect given the current weakened power of regulatory agencies and significant shortages of enforcement resources. The article points out that the Genius Act, related to stablecoin regulation, disperses many core responsibilities among different regulatory departments. The Office of the Comptroller of the Currency (OCC), which plays a key role, has seen its enforcement capabilities significantly limited after layoffs and cybersecurity incidents. Meanwhile, the Clarity Act proposes to adjust the division of regulatory responsibilities, weakening the jurisdiction of the Securities and Exchange Commission (SEC) and bringing most tokens under the regulation of the Commodity Futures Trading Commission (CFTC). However, the CFTC's budget is only a fraction of the SEC's, and its human and enforcement resources have long been strained. Furthermore, the Consumer Financial Protection Bureau (CFPB), which previously handled consumer complaints in the crypto space, has had its functions significantly reduced, further weakening the integrity of the overall regulatory network. Bloomberg believes that pushing for wider public and institutional investment in crypto assets in the context of incomplete regulatory capacity may be counterproductive. If fraud and illegal activities continue to surface, market confidence and industry development could be negatively impacted. The article suggests establishing a unified regulatory framework for digital assets like Bitcoin and Ethereum, which are difficult to categorize, with the SEC and CFTC jointly developing rules to strengthen market stability, information disclosure, and investor protection. The commentary concludes by warning that the crypto market will remain in a state of "at-your-own-risk" for a long time until Congress truly provides regulators with sufficient authority, expertise, and resources. (Bloomberg)

Odaily Planet Daily reports that Bitcoin and the broader crypto market have fallen again, with BTC price erasing all of last week's gains to $98,000. This crypto market sell-off mirrors the movement of US stock index futures, with Nasdaq 100 futures falling over 1.9% and S&P 500 futures down 1.6%. Furthermore, Bitcoin futures open interest remains stable, with funding rates for most major tokens still positive. However, DOGE, ZEC, and ADA futures open interest saw the largest declines, indicating capital outflows. On some derivatives platforms, traders are consistently pricing put options on BTC and ETH higher than call options, with traders pricing in a 30% probability of BTC falling below $80,000. (CoinDesk)

According to Onchain Lens monitoring, Trend Research purchased 9,939 ETH from Binance, worth $30.85 million. The firm currently holds 636,240 ETH, worth $1.97 billion. It is reported that Trend Research may further increase its holdings by borrowing $20 million in USDT from Aave V3.

According to Odaily Planet Daily, Strategy's perpetual preferred stock Stretch (STRC) has become the fourth largest holding in the BlackRock iShares Preferred and Income Securities ETF (PPF ETF), with an allocation of $210 million. The ETF also holds several other Strategy preferred stocks, totaling approximately $380 million, including: 1. $97.5 million in Strife (STRF), with a weighting of 0.69%; 2. $90 million in MSTR common stock, with a weighting of 0.64%; and 3. $73 million in Stride (STRD), with a weighting of 0.51%. (CoinDesk)

Odaily Planet Daily reports that US Treasury Secretary Bessant stated the Federal Reserve has lost billions of dollars due to inappropriate timing of asset purchases, and that Powell's appearance at the Supreme Court hearing on Cook was a mistake. He emphasized the crucial importance of the Fed's monetary independence. US President Trump is expected to make a decision on the Fed chair as early as next week; we now have only four candidates remaining. (Jinshi)