1. U.S. SEC Chair Announces Major Initiatives to Adapt to Cryptocurrency Development
According to Reuters, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced a series of regulatory reform plans aimed at adapting to cryptocurrency and blockchain transactions at the America First Policy Institute on Thursday (U.S. time). Atkins stated that he has instructed the commission to develop criteria for determining whether crypto tokens are securities and to provide innovative exemptions and clear regulatory guidance for market participants. The newly established ‘Project Crypto’ will modernize securities regulations and swiftly implement the White House’s recommendations for federal support of digital asset trading. To accommodate the trading of tokenized securities, the SEC may need to consider revising the National Market System Rules. This move is seen as a significant bullish development for the U.S. crypto industry, expected to accelerate the integration of crypto assets with traditional finance.
2. U.S. SEC Chair: My Top Priority is to Establish a Regulatory Framework for Issuing Cryptos in the U.S. as Soon as Possible
The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, stated that his top priority, in line with the Presidential Working Group (PWG) report, is to establish a regulatory framework for issuing cryptos in the U.S. as soon as possible. He pointed out that capital formation is a core mission of the SEC, but for a long time, the SEC has neglected the market’s demand for choice, stifling crypto-asset-based financing activities, which has led the crypto market to shift elsewhere, causing investors to miss out on opportunities to participate in economic development through new technologies. He emphasized that the SEC’s past practices of ‘denial of reality’ and ‘enforcement before questions’ are now history.
3. U.S. SEC Chair: Will Develop a Framework to Allow Parallel Trading of Crypto and Non-Crypto Securities
The SEC Chair, Paul Atkins, stated that he has asked staff to study how to adjust custody rules to facilitate the conduct of crypto-asset custody business. He also directed staff to develop a framework to allow parallel trading of crypto and non-crypto securities. To accommodate the trading of tokenized securities, the SEC may need to consider revising the National Market System Rules.
4. U.S. SEC Launches Project Crypto to Enable On-Chain Financial Markets
According to Reuters, the U.S. Securities and Exchange Commission (SEC) has launched Project Crypto, aimed at modernizing securities regulations and enabling on-chain financial markets in the U.S.
In the second quarter, Coinbase reported a net income of $1.4 billion and assets under custody of $245 billion.
According to Coinbase’s disclosure, the total revenue for Q2 2025 was $1.5 billion, with a net income of $1.4 billion and an adjusted EBITDA of $512 million. Subscription and service revenue amounted to $656 million, and the platform’s assets under custody reached $245 billion, with BTC/ETH ETFs accounting for over 80% of the custodied assets. The Q2 2025 earnings report from Coinbase indicated that the previously high-profile data breach incident resulted in a loss of $307 million for the company, which was lower than the market-estimated $400 million. During the reporting period, the company’s total revenue decreased by 26% quarter-over-quarter, with trading revenue declining by 39% and crypto spot trading volume dropping by more than 30%. The quarterly trading volume was $237 billion, higher than the $226 billion in the same period in 2024.
Standard Chartered: Plans to Apply for Stablecoin License in Hong Kong
Mary Huen, CEO of Standard Chartered Hong Kong and Greater China and North Asia, stated that Standard Chartered is currently reviewing the relevant documents for stablecoin issuers and plans to submit its license application as soon as possible. Huen mentioned at a press conference on Thursday that Standard Chartered had previously participated in sandbox testing.
Crypto Hacks in July 2025 Resulted in Losses Exceeding $142 Million
According to PeckShieldAlert, approximately 17 major crypto attacks were recorded in July 2025, resulting in total losses of about $142 million, a 27.2% increase month-over-month. CoinDCX, GMX, and BigONE were the top three platforms in terms of losses in July. The hacker who attacked GMX has returned around $40.5 million worth of crypto assets, including 10,000 ETH and 10.5 million FRAX.
Hong Kong’s Regulatory Guidelines for Licensed Stablecoins Require Issuers to Enhance VPN Risk Management
According to the recent regulatory guidelines for licensed stablecoin issuers issued by the Hong Kong Monetary Authority, the guidelines (customer onboarding and management section) require licensed entities to implement effective measures to prevent customers from concealing their true location through virtual private networks (VPNs) during identity verification and daily operations. Specific measures include reviewing network protocols, device configurations, and comparing server addresses of VPN service providers to enhance the detection and management of VPN usage.
US spot Ethereum ETFs saw a net inflow of $5.4 billion in July, the highest monthly inflow since their inception.
According to TraderT, U.S. spot Ethereum ETFs recorded a net inflow of $5.4 billion in July, the highest single-month inflow since their inception.
South Korean financial regulators plan to release guidelines for ‘cryptocurrency lending services’ next month.
According to Yonhap News Agency, the South Korea Financial Services Commission and the Financial Supervisory Service today established a task force (TF) with the Digital Asset Exchange Association (DAXA) and five cryptocurrency exchanges. The first meeting was held to develop guidelines for ‘virtual asset lending services.’ The task force will integrate overseas regulatory practices, stock market regulations, and the characteristics of the South Korean market to establish a basic regulatory framework. The guidelines are expected to cover leverage, service targets, the scope of lendable assets, user education, and risk disclosure. The internal control standards for exchanges will also be discussed. Financial regulators have also requested that exchanges reassess high-risk services. The authorities plan to issue the guidelines next month and incorporate them into the second phase of virtual asset legislation.
Cboe Global Markets has proposed simplifying the listing process for cryptocurrency ETFs.
According to an official announcement, Cboe Global Markets submitted a new proposal suggesting that cryptocurrency ETFs that meet standardized requirements should bypass the case-by-case approval process of the US Securities and Exchange Commission (SEC) and be automatically listed. The proposal states that if a crypto asset has been traded in a regulated market for futures for more than six months, the related ETF would qualify for listing. The proposal also includes requirements for staking ETFs, stating that when more than 15% of the ETF’s assets cannot be immediately redeemed, a liquidity risk management plan must be established.
Strategy’s revenue in the second quarter of 2025 reached a record high, and it plans to raise $4.2 billion to purchase more Bitcoin.
Strategy’s financial results for the second quarter of 2025 showed that its revenue reached a record high. Revenue was approximately $140.3 billion, a 7,106% increase from the same period last year. This includes unrealized gains from Strategy’s digital assets, amounting to $140 billion. As of July 30, Strategy held 628,791 Bitcoins, with a total value of $46.07 billion, or a cost of $73,277 per Bitcoin. Along with the earnings report, Strategy applied for a $4.2 billion STRC issuance and plans to use the proceeds to purchase more Bitcoin.
Galaxy Report: Corporate Cryptocurrency Holdings Exceed $100 Billion
According to Cointelegraph, a report released by Galaxy Research on Thursday indicates that corporate cryptocurrency financial firms, including Strategy, Metaplanet, and SharpLink, have collectively accumulated digital assets worth $100 billion. The report notes that Bitcoin financial firms hold the majority, with over 791,662 Bitcoins, valued at approximately $93 billion, representing 3.98% of the circulating supply. Ethereum financial firms hold 1.3 million Ether, valued at over $4 billion, accounting for 1.09% of the total Ethereum supply. However, according to a previous report by The Block, the combined value of ETH treasury reserves held by 64 entities, including listed companies, crypto exchanges, DeFi protocols, non-profit organizations, and federal government reserve assets, has exceeded $100 billion.
Bernstein: Current Crypto Bull Market ‘Still in Early Stages,’ Given Recent Developments at Robinhood and Coinbase
According to The Block, Bernstein stated in a report to clients on Thursday that the current crypto bull market is still in its early stages, and trading platforms such as Robinhood and Coinbase are expected to benefit from increased trading volumes and broader market adoption. Bernstein reiterated its ‘outperform’ rating for both companies, maintaining confidence in their performance. The report highlights that Robinhood’s Q2 earnings were strong, and the company continues to expand its cryptocurrency offerings. In July, trading volume surged to a six-month high, driven by renewed market volatility and growing interest in ETH, SOL, and DeFi tokens, partly due to events like Circle’s listing. It is anticipated that cryptocurrency trading volumes will rebound significantly in the second half of the year. Additionally, the report mentions that Coinbase’s strategic partnership with JPMorgan will greatly promote the adoption of digital assets. JPMorgan’s embrace of an industry once criticized by its CEO will accelerate Coinbase’s customer acquisition. Bernstein believes that the current crypto bull market is still in its early stages, and recent developments support this view, indicating that there is ‘no need for action’ at present.
Coinbase Plans to Launch ‘All-in-One Exchange’ Program, Offering Tokenized Stocks and Prediction Markets to U.S. Users
In the coming months, Coinbase plans to introduce new products, including tokenized stocks, prediction markets, and early token offerings, to U.S. users, aiming to build an ‘all-in-one Exchange’. The platform aims to enable the trading of all assets on-chain. Coinbase will compete with licensed platforms like Kalshi and recently acquired QCEX by Polymarket in the prediction market space, and it will also challenge platforms such as Robinhood that offer tokenized stock services.
