According to BlockBeats, on July 9th, a team of analysts at JPMorgan Chase pointed out that while the market views Strategy's planned Bitcoin sale as a key risk to the crypto market, this is not the primary structural threat facing Bitcoin. The more fundamental risk lies in the fact that tokenization, payments, and settlements are increasingly occurring on permissioned infrastructure that does not require public blockchains. If this trend continues, the entire crypto ecosystem may face a "structural downgrade," resulting in slower trading activity, decreased liquidity, and reduced capital inflows, ultimately dragging down Bitcoin. The analysts stated bluntly: "In our view, a more significant risk stems from the continued adoption of blockchain in traditional finance that bypasses public permissionless networks."

Analysts explain that institutional adoption has so far clearly favored permissioned blockchains due to their advantages in privacy, KYC/AML controls, governance, throughput, legal accountability, and regulatory certainty, posing a competitive threat to public blockchains like Ethereum. Widespread adoption of tokenized deposits, especially in the non-transferable form favored by regulators, could weaken the demand for stablecoins in institutional payments and settlements; the SWIFT blockchain initiative and CBDC projects such as the digital euro and digital yuan further reinforce regulated alternatives. While Ethereum currently holds a share of the approximately $50 billion real-world asset tokenization market, this likely reflects early experimentation rather than the long-term market structure—as institutional adoption grows, issuance, custody, settlement, and lifecycle management are likely to be increasingly handled on private or permissioned infrastructures that meet identity, confidentiality, and operational resilience requirements, with public blockchains used primarily for distribution and limited secondary trading.

BlockBeats reports that on July 9th, the U.S. Supreme Court ruled 6-3 in favor of President Trump's expansion of the power to impeach leaders of independent federal agencies. This ruling impacts the SEC and CFTC, which are pushing forward with cryptocurrency regulatory rules. Both agencies operate on a bipartisan basis, but the CFTC currently has only one commissioner remaining, Chairman Michael Selig, and all three SEC commissioners are Republicans. A former agency official called the ruling regrettable, arguing that fewer commissioners mean less intellectual exchange and debate, potentially leading to suboptimal outcomes due to fewer participants. Rules passed by bipartisan committees are generally more enduring, and without bipartisan support, future opponents can more easily overturn them on the grounds that the rules were not adequately debated.

From a legal perspective, a former CFTC official pointed out that as long as the rule-making process follows the Administrative Procedure Act, the rule has full legal force regardless of the number of commissioners voting in favor. The advantage of a single-commission agency is faster decision-making, but the risk is that a lack of compromise could lead to more errors. Furthermore, financial disclosures from the Trump family's crypto companies show they hold hundreds of billions of dollars in Bitcoin and Ethereum. Tyler Gellasch, CEO of the Health Markets Association, stated that politics is cyclical; the stronger the tailwinds today, the greater the likelihood of the industry facing political hurricanes in the future. It is noteworthy that if this ruling is applied under a future Democratic administration opposed to crypto, it could eliminate dissenting voices and weaken the capacity of public accountability bodies. Currently, Congress is considering a landmark bill to distribute digital asset regulatory power between the SEC and the CFTC, and lawmakers have urged Trump to appoint more CFTC commissioners to advance the legislative process.