7.24 AI Daily Report: The New Global Competitive Landscape under the AI Wave: From Trump's AI Plan to Crypto Assets Regulation

1. Headlines

1. Trump signs executive order to promote AI development in the U.S., triggering a new wave of global competition.

President Trump signed three executive orders on July 23, launching the "American AI Action Plan" aimed at accelerating artificial intelligence innovation, building AI infrastructure, and leading AI diplomacy and security internationally. This initiative is seen as a significant strategic deployment by the U.S. to strive for leadership in the global AI race.

The White House stated that it is essential to win the AI competition, as winning the AI competition will usher in a new golden age of human prosperity, economic competitiveness, and national security for the American people. The U.S. AI Action Plan outlines that the Trump administration will take more than 90 federal policy actions in the coming weeks and months, focusing on three main pillars: accelerating innovation, building American artificial intelligence infrastructure, and leading international diplomacy and security.

Analysts point out that Trump's executive order will trigger a new peak in global AI competition. Regions such as China and the European Union are also accelerating their AI development pace, and the global AI landscape may be reshaped in the future. At the same time, the rapid development of AI technology also brings numerous ethical and security challenges that require a joint response from the international community.

2. The Solana ecosystem conference Breakpoint 2024 has successfully concluded, showcasing ecological prosperity.

The highly anticipated Solana ecosystem conference Breakpoint 2024 successfully concluded in Singapore from July 22 to 23. The conference brought together Solana ecosystem projects, developers, and enthusiasts from around the world, showcasing the vitality and innovation of the Solana ecosystem.

The biggest features of Breakpoint 2024 this year are: 1- Most speakers only have 5 minutes, sharing must focus on key points; 2- Increased debate format instead of pure panels; 3- An alternative award ceremony with a lively community atmosphere. Walking into the Solana exhibition hall, you will feel like it's a supermarket rather than just browsing an exhibition. In terms of projects, dozens of projects such as Pyth, Wormhole, Birdeye, etc. have launched their new products, making the entire event exciting and wonderful.

Analysis points out that the successful hosting of Breakpoint 2024 reflects the thriving development of the Solana ecosystem. As a high-performance public chain, Solana is attracting more and more innovative projects to join, showcasing great potential in decentralized finance, NFTs, gaming, and other fields. In the future, the Solana ecosystem may become an important battleground for cryptocurrency innovation.

3. Tether increases its investment in the US market, with regulations opening the door for it.

According to reports, Tether is expanding its operations in the United States to meet the demand for its stablecoin from large institutions, while the competition in the global stablecoin market is also intensifying with the evolution of regulations such as the GENIUS Act.

Tether CEO Paolo Ardoino recently attended the ceremony for President Trump's signing of the GENIUS Act, which establishes a regulatory framework for stablecoins in the United States. Ardoino stated that Tether is increasing its investment in the U.S. market and will comply with relevant regulatory requirements.

Analysts believe that regulatory clarity has cleared obstacles for Tether's development in the U.S. market. As the world's largest stablecoin issuer, Tether's expansion in the U.S. will further enhance its influence. However, it also faces challenges from competitors such as USDC. The future competitive landscape of the global stablecoin market remains to be observed.

4. The Ethereum ecosystem is facing a trust crisis, and Vitalik Buterin needs to clarify the development direction.

Ethereum is undergoing an unprecedented scrutiny. Since the launch of the ETF, there has been a net sell-off/outflow of over 1.2 billion USD. From Ethereum's core researchers/EF to the developer community organizations, to related commercial companies like ConsenSys and external investors, a massive crisis of trust is emerging. Vitalik needs to better guide different stakeholders towards direction and goals.

Ethereum has already become a very large decentralized business entity in the entire cryptocurrency market and even in the traditional market. Throughout history, there has never been such a business entity. The challenges facing the entire Ethereum community and Vitalik Buterin will only become increasingly severe, to the point of a "no destruction, no construction" level.

Analysis points out that the Ethereum ecosystem is facing unprecedented challenges. As a pioneer in cryptocurrency, Ethereum needs to rebuild community trust, clarify its development vision and roadmap, and undertake profound reforms and innovations across multiple levels, including technology, ecology, and governance, to regain its leadership position in the industry.

5. The crypto gaming sector is facing difficulties, and the industry urgently needs new business models.

The gaming track has become exceptionally difficult, and all participants are losing confidence. Crypto games force participants to leave or create more innovative products and enjoyable games in an increasingly challenging mode. The industry urgently needs new business models.

Analysis indicates that the investment lock-up period for traditional IPOs only requires 6 months to a year, but for investments in extremely early-stage seed round companies in the cryptocurrency space, the overall lock-up period for liquidity has reached 3 to 4 years. This token unlock mechanism and its practicality present significant issues, calling for broader discussions and research within the industry.

In addition, some once popular sectors such as full-chain games, NFTs, Web3 social, Ethereum L2, etc., have developed slowly due to long-term setbacks, leaving practitioners feeling pessimistic and confused. The industry needs innovative breakthroughs to attract real users and new capital injections to regain vitality. In the future, crypto games may shift towards more decentralized and sustainable business models.

2. Industry News

1. Bitcoin prices are fluctuating and consolidating, while major altcoins are facing pressure for correction.

Bitcoin has recently experienced significant sideways consolidation, failing to break through key resistance levels. Despite this, the active trading of short-term buying and new investors in the market has brought in capital flows, which may present both opportunities and risks for market volatility. According to the latest data, over 1.38 million Bitcoins have accumulated in the range of $115,500 to $120,000, a situation that may influence the market's direction, especially during the current consolidation phase.

Analysts point out that during the consolidation period of Bitcoin, major altcoins such as Ethereum, Solana, and XRP have recently gained significant increases. However, as signs of fatigue appear in the market, they may face pressure for a correction in the short term. Market sentiment is diverging, and some analysts believe that major altcoins may experience adjustments in the short term.

CryptoQuant senior analyst Axel Adler Jr pointed out that the "Coin Days Destroyed" (CDD) ratio, which measures long-term holding behavior, has surged strongly, approaching the pre-correction highs of 2014 and 2019, indicating that "old coins" are moving. The spike in this data has raised alarm bells, drawing the market's attention to potential selling pressure.

2. The cryptocurrency derivatives market risk index remains high, warning investors to operate cautiously.

According to CoinGlass data, the crypto derivatives risk index today is 63 (yesterday it was 66, "high risk"), still within the "high risk" range. This index reflects the overall risk level of the derivatives market, including factors such as leverage, total value of open contracts, and net capital inflow/outflow.

A high-risk index indicates that there is significant volatility and liquidation risk in the current derivatives market. Analysts suggest that investors should remain cautious under the current market conditions, manage their risk exposure, and avoid excessive leverage. Especially for novice investors, they should steer clear of high-risk derivatives trading and focus on the spot market.

At the same time, the implied volatility in the Bitcoin options market remains at a medium to high level, indicating significant divergence in market expectations for future trends. Options traders hedge risks by buying and selling call/put options, and an increase in implied volatility often signals that market uncertainty is rising.

3. The Hong Kong Monetary Authority calls for a rational view on stablecoins, initially issuing "a few" licenses.

The President of the Hong Kong Monetary Authority (HKMA), Yu Weilun, recently issued a warning, reminding investors to remain calm about the excessive enthusiasm surrounding the concept of stablecoins. He made it clear that only "a few" stablecoin licenses will be granted in the initial phase, which means competition will be exceptionally fierce.

This move comes just before the official implementation of Hong Kong's "Stablecoin Ordinance" on August 1, 2025, providing clearer guidance for the market. The ordinance aims to establish a regulatory framework for stablecoin issuers to ensure the prudent operation of stablecoins and investor protection.

Yu Weimen's remarks reflect the regulators' concerns about the overheating of the stablecoin market. Although stablecoins are seen as an important innovation in the cryptocurrency space, their rapid development has also raised some risk issues, such as the asset reserves of issuers, audit transparency, and other concerns.

Analysts believe that the Hong Kong Monetary Authority's cautious stance may influence the direction of global stablecoin regulation. As an international financial center, Hong Kong's approach in this area could set a precedent for other jurisdictions. Investors should closely monitor changes in regulatory policies and prudently assess potential risks.

4. Tether assists US authorities in freezing funds related to terrorist financing, highlighting the importance of compliance.

According to reports, Tether assisted U.S. authorities in freezing and reissuing approximately $1.6 million in USDT related to the Gaza financial network BuyCash, which is suspected of financing terrorist organizations.

This incident highlights the importance of compliance in the cryptocurrency sector. As the largest stablecoin issuer globally, Tether has an unassailable responsibility to combat money laundering, terrorist financing, and other illegal activities. Timely cooperation with law enforcement actions helps maintain the healthy development of the entire cryptocurrency ecosystem.

At the same time, the incident has raised concerns in the market about Tether's transparency. Although Tether has repeatedly emphasized that its USDT is fully compliant with regulatory requirements, there are still investors who are skeptical about its reserve status. Analysts are calling for Tether to further improve its audit transparency to enhance public confidence in its compliance.

Overall, this event once again proves that compliance is the key for cryptocurrency institutions to gain market recognition. Only by effectively fulfilling obligations such as anti-money laundering can the cryptocurrency industry achieve substantial development. Relevant companies need to strengthen internal control management to prevent being used for illegal activities.

5. Bitcoin futures positions are high, and institutional funds show a wait-and-see attitude.

According to market data, the CME Bitcoin futures open interest remains high, the implied volatility in the options market is maintained at a medium to high level, and the net inflow of stablecoins has slowed down, indicating that institutional funds are still in a wait-and-see mode.

Analysts point out that the high futures open interest reflects a divergence among institutional investors regarding the future trend of Bitcoin. Some institutions may be optimistic about Bitcoin's medium to long-term prospects, holding large long positions; while others may be bearish, holding short positions to hedge against risks.

At the same time, the mid-to-high level of implied volatility in the options market also indicates a significant divergence in market expectations for Bitcoin's future trends. Options traders hedge risks by buying and selling call/put options, and an increase in implied volatility often signals that market uncertainty is rising.

On the other hand, a slowdown in the net inflow of stablecoins may indicate that institutional funds are temporarily on the sidelines, waiting for clearer market direction signals. As the "funding channel" of the cryptocurrency market, changes in the flow of stablecoins often reflect trends in the funding landscape.

Overall, the cautious attitude of institutional funds reflects the significant uncertainty in the current market. Investors need to closely monitor changes in fundamentals and technical aspects, prudently manage risks, and make appropriate arrangements for profit-taking and stop-loss.

6. Cryptocurrency market correction, leveraged traders face $700 million in liquidations.

The cryptocurrency market has experienced a significant sell-off in the past 24 hours, leading to widespread liquidation of leveraged positions. Over $737 million in positions were wiped out, of which 85.3% were long positions, highlighting the excessively bullish positions in the market.

Mainstream altcoins such as Ethereum, Ripple, and Solana have seen a pullback, while meme coins have experienced even greater declines. Analysts suggest that this pullback may only be a temporary fluctuation, but it could also mark the beginning of a broader correction. Market participants are monitoring key support levels to assess future trends.

In fact, the cryptocurrency market has always been characterized by high volatility and risk. The excessive use of leverage amplifies both profits and losses, and once severe fluctuations occur, it may trigger a chain of liquidations, exacerbating the market downturn. Therefore, investors should manage their risk exposure when trading; for beginners, staying away from high-leverage derivative trading may be a safer approach.

At the same time, analysts also pointed out that this round of correction may provide better entry opportunities for bulls. If major cryptocurrencies can stabilize at key support levels and receive sufficient capital support, a new round of upward momentum may be on the horizon.

7. Ethereum approaches the $4000 mark, analysts optimistic about the mid-term outlook.

The price of Ethereum has recently continued to strengthen, approaching the important psychological level of 4000 USD. Analysts are optimistic about the medium-term outlook, believing that even if a pullback may occur in the short term, Ethereum still has upward potential in the medium to long term.

The main reasons supporting the rise of Ethereum include: its status as one of the most active public chains in the cryptocurrency space, with an increasingly prosperous ecosystem; the gradual implementation of the Ethereum 2.0 roadmap, which is expected to significantly enhance network performance; and the growing demand from institutional investors for allocation in Ethereum.

At the same time, the decline of Bitcoin's dominance has created favorable conditions for the rise of Ethereum. Data shows that Bitcoin's share in the entire cryptocurrency market has decreased from about 60% at the beginning of the year to below 50%, reflecting that funds are flowing into other altcoins.

However, analysts also warn that Ethereum may face some profit-taking pressure after breaking the $4000 threshold. Investors need to closely monitor changes in technical and fundamental aspects and cautiously manage risks.

Overall, Ethereum remains one of the star projects in the cryptocurrency space, and its long-term prospects are worth looking forward to. However, investors also need to be mentally prepared for potential short-term fluctuations and maintain patience and discipline.

3. Project News

1. DeAgentAI's AlphaX performed outstandingly in the Sui chain prediction competition.

DeAgentAI is an AI Agent network infrastructure project built on multi-chain ecosystems such as Sui, BSC, and BTC, with the core vision of "Make AI Smarter". The project aims to empower on-chain transactions through AI prediction and feedback mechanisms, having supported over 190 million on-chain interactions.

Latest news: The AI-driven price prediction platform AlphaX launched by DeAgentAI has performed remarkably in the recent Sui Chain prediction competition "Predict2Win: SUI Season". Over the two weeks of the competition, AlphaX attracted more than 86,000 users, generated 732,000 on-chain transactions, with a trading volume increase of 232%, ranking 16th on the Suiscan project leaderboard, becoming one of the leading projects in the Sui ecosystem AI Infra track.

Market Impact: AlphaX analyzes market data through AI algorithms, providing prediction signals for mainstream tokens such as BTC, ETH, and SUI, with an accuracy rate of up to 72.3%. Users can earn points rewards, token airdrops, and other incentives by participating in predictions and completing on-chain interactions. The emergence of this platform helps improve the efficiency and accuracy of on-chain transactions, bringing a better trading experience to users.

Industry feedback: Analysts believe that the emergence of AlphaX marks the gradual implementation of AI technology in the cryptocurrency field. With the assistance of AI algorithms, users can better grasp market trends and make more rational investment decisions. However, some analysts also remind that AI predictions are not 100% accurate, and investors should remain rational and cautious.

2. Sui's ecological development is rapid, and Move series projects are attracting much attention.

Sui is a new public chain built on the Move language, developed by Mysten Labs, aimed at addressing the scalability and composability issues of traditional blockchains. Since its independent launch, the Sui ecosystem has rapidly developed, attracting the attention of many developers and investors.

Latest updates: During the TOKEN2049 conference in Singapore, Sui ecosystem projects such as Cetus, Navi, and Scallop attracted significant attention. The Sui team also launched the SuiPlay gaming platform and set up the largest booth at the KBW gaming exhibition in South Korea. Furthermore, the launch of Grayscale Trust and Native USDC on Sui has also added momentum to the development of the Sui ecosystem.

Market Impact: As one of the representative public chains of the Move language, the development of Sui will directly affect the entire Move ecosystem. The relevance of the Move language to the Rust language makes it relatively easy for projects in the Solana ecosystem to migrate to Sui. With the continuous expansion of the Sui ecosystem, Move-based projects are expected to become the next hot track in cryptocurrency.

Industry feedback: Industry insiders generally have a positive outlook on Sui's development prospects. Some analysts indicate that the quality of Sui's technical documentation is high and the overall project planning is reasonable. However, there are concerns that Sui currently has too few tradable assets, and ecological construction still requires time. Meanwhile, other Move-based public chains such as Aptos and Movement are also gaining attention, forming a competitive landscape.

3. Pi Network shows signs of resurgence, exchange consolidation may drive breakthroughs.

Pi Network is a decentralized cryptocurrency project aimed at achieving fair distribution through mobile mining. Since its launch in 2019, Pi has been in a closed testing phase, but its large user base and unique token issuance model have attracted significant attention.

Latest updates: Recently, the Pi wallet has shown integration hints with exchanges, sparking community speculation about the upcoming listing of Pi coin on mainstream exchanges. Although the official has not confirmed any listing plans, the price of Pi coin has already shown signs of increase, currently reported at 0.4482 USD. Analysts believe that if it can break through the key resistance level of 0.52 USD, the price of Pi coin may rise by 75%.

Market Impact: If Pi Coin successfully launches on mainstream exchanges, it will mark a new development stage for this decentralized project. The influx of a large number of new users is expected to promote the prosperity of the Pi ecosystem, while also testing the project's capabilities in governance, technology, and other areas. In addition, the successful listing of Pi will also set a demonstration effect for other similar projects.

Industry feedback: There are differing opinions regarding the prospects of Pi coin. Supporters believe that Pi's fair distribution model is beneficial in attracting more users, and the project has vast development potential. However, some question the lack of practical application scenarios for Pi, and whether it can maintain ongoing attention after its launch remains uncertain. Overall, the performance of Pi coin will be one of the focal points of interest for the entire cryptocurrency industry.

4. The Pump.fun airdrop plan has been postponed, and increasing trading volume has become a top priority.

Pump.fun is a decentralized trading platform based on the Solana ecosystem, which has attracted a large number of users through airdrops and incentive mechanisms. However, recently, the platform's airdrop plan has been delayed, raising concerns in the community.

Latest Update: Alon Cohen, co-founder of Pump.fun, stated during a live broadcast that although the airdrop is still in the plans, it will not be implemented in the near future. The team's top priority is to drive the growth of the ecosystem and trading volume, rather than relying on airdrops to attract attention. The market's reaction to the airdrop delay has been negative, with some investors expressing disappointment over the team's failure to deliver on promises.

Market Impact: The airdrop plan of Pump.fun once sparked a market frenzy, but its postponement may lead to some user loss. How to maintain ecological activity without relying on airdrops will be the main challenge faced by Pump.fun. At the same time, the platform's fate will also affect the development pattern of the Solana ecosystem.

Industry Feedback: Some analysts believe that Pump.fun's approach reflects the limitations of airdrop customer acquisition strategies. The user scale brought by airdrops is limited and the churn rate is high, so project teams need to explore more sustainable business models. However, there are also voices pointing out that airdrops are still an effective means of attracting users, with the key lying in subsequent ecosystem development. Overall, Pump.fun's case may provide valuable experiential references for the industry.

5. South Korea's new regulatory rules may affect the development of cryptocurrency ETFs.

South Korea has long been regarded as a technological powerhouse in Asia, but its latest regulatory trends may impact the development prospects of cryptocurrency ETFs in the country.

Latest Update: The Financial Supervisory Service of South Korea (FSS) recently issued a stern warning to national asset management companies, demanding a reduction in holdings of U.S. stocks related to cryptocurrencies, including ETFs. This move aims to curb the practice of indirectly investing in cryptocurrencies through traditional investment tools, drawing global market attention.

Market Impact: South Korea's recent regulatory actions have directly affected several well-known companies, including Strategy, whose stock prices are closely related to the price trends of cryptocurrencies. If this policy continues, it may hinder the launch of cryptocurrency ETFs in South Korea, thereby missing development opportunities. At the same time, this approach may also inspire other countries to follow suit, further intensifying regulatory pressure.

Industry feedback: Supporters believe that South Korea's approach helps to mitigate risks in the cryptocurrency market and protect investors' interests. However, there are also critical voices pointing out that overly cautious regulation will stifle innovation and hinder industry development. Industry insiders generally believe that establishing a clear and pragmatic regulatory framework is crucial for the healthy development of the cryptocurrency market.

4. Economic Dynamics

1. The U.S. Treasury Department reports an unexpected surplus, raising market concerns as the trade war heats up.

Economic Background: The US economy showed signs of recovery in the first half of 2025, with a 2.8% year-on-year GDP growth in the second quarter, a moderate inflation rate falling to 4.2%, and an unemployment rate maintained at a low level of 5.1%. However, the recent fiscal surplus and intensified trade disputes have heightened market concerns about the economic outlook.

Important Event: In June, the U.S. Treasury unexpectedly reported a budget surplus of $27 billion, in stark contrast to a deficit of $70 billion during the same period in 2024. Meanwhile, the Trump administration took a hardline stance on tariffs, threatening to impose punitive tariffs of up to 30% on EU goods, escalating trade tensions between the U.S. and Europe.

Market Reaction: The increase in fiscal surplus and the escalation of the trade war have raised concerns in the market. Investors fear that the government may seize this opportunity to accelerate fiscal tightening, thereby limiting economic growth. At the same time, the uncertainty of the tariff war may also undermine corporate confidence, affecting investment and employment. U.S. stocks fell after the latest news was released, while the dollar index rose slightly.

Expert Opinion: Goldman Sachs economist Matthew Luzzetti stated that although the Treasury reported a surplus, this does not mean that the government can easily reduce its debt burden. He pointed out that the large tax cuts and infrastructure spending plan proposed by the Trump administration could offset the current fiscal surplus. On the other hand, Deutsche Bank analysts believe that firing Powell would not significantly lower the government's debt costs, as interest rate decisions are primarily based on economic fundamentals.

2. The turmoil in Japanese politics may affect the Japan-U.S. tariff negotiations, and the EU's delay in raising taxes complicates global uncertainties.

Economic Background: The global economic recovery is slowing, with major economies lacking growth momentum. The Eurozone economy grew by 1.1% year-on-year in the second quarter of 2025, below expectations. The US economy is performing relatively well, but high inflation and heightened geopolitical risks have increased downward pressure.

Important event: Japan's ruling party suffered a heavy blow in the House of Councillors election. While the leader of the ruling coalition, Shigeru Ishiba, insists on not resigning, his political capital has been severely damaged. This change may affect the progress of the Japan-U.S. tariff negotiations on August 1. At the same time, the EU and the U.S. reached an agreement that temporarily eased tensions in the transatlantic supply chain, but the market believes this is unlikely to reverse the trend of global macro uncertainty.

Market reaction: The yen quickly weakened after the announcement of political turmoil, briefly falling below the 145 mark against the US dollar. Japanese stocks faced downward pressure, and investor confidence in Japan's economic outlook was hit. European and American stock markets saw a slight rebound, but trading activity was limited. Bitcoin futures open interest remained high, and the implied volatility in the options market stayed at a mid-to-high level, indicating that institutional funds are still in a wait-and-see mode.

Expert Opinion: FP Markets analyst Aaron Hill stated that the current policy faces too much uncertainty, with no finalized trade agreement between the US and Europe, and the European Central Bank will adopt a cautious stance on providing forward guidance. TD Securities strategists expect the European Central Bank to keep interest rates unchanged and emphasize the resilience of the Eurozone economy, but will also mention "exceptionally severe global uncertainty."

3. Trump will visit the Federal Reserve and may pressure Powell on interest rate policy.

Economic Background: The US economy maintains moderate growth in the first half of 2025, but inflationary pressures persist. In June, the core inflation rate rose by 5.3% year-on-year, far above the Federal Reserve's target level of 2%. To cope with inflation, the Federal Reserve initiated a rate hike cycle in 2024, but the Trump administration has consistently called for rate cuts to stimulate economic growth.

Important event: According to Reuters, President Trump will visit the Federal Reserve headquarters this Thursday, having previously been urging Fed Chairman Powell to lower interest rates. This event has sparked speculation in the market that Trump may exert pressure on Powell.

Market Reaction: The news of Trump's visit to the Federal Reserve has sparked widespread attention in the market. US stocks dipped slightly, as investors worry that Trump may interfere with the Fed's independent decision-making. US Treasury yields rose slightly, reflecting a cooling of market expectations for interest rate cuts. Risk assets like Bitcoin are under some pressure.

Expert Opinion: Matthew Luzzetti, Chief U.S. Economist at Deutsche Bank, stated that firing Powell will not save much in debt costs, as interest rate decisions mainly depend on economic fundamentals. Goldman Sachs analysts believe that even with a trade agreement, the dollar will remain under pressure, as broadly increasing tariffs will exert pressure on the relative outlook for the U.S. Overall, experts think the impact of Trump's pressure may be limited.

5. Regulation & Policy

1. The U.S. President's Working Group on Digital Assets report will be released on July 30.

The report from the U.S. Presidential Working Group on Digital Assets, lasting 180 days, will be officially released on July 30. This report is the result of months of collaboration among the group's leaders David Sacks, Bo Hines, and senior officials from the Treasury Department, the Department of Commerce, the SEC, and the CFTC, aimed at implementing the executive order signed by President Trump in January to strengthen the United States' leadership in the cryptocurrency sector.

The report is expected to include regulatory and legislative recommendations, but the specific content is still unclear. The original tasks of the working group included developing a federal digital asset framework covering stablecoins (Congress has initiated related procedures), as well as exploring whether to establish a national digital asset reserve (which Trump established in March).

The market is highly concerned about this report. Analysts believe that the content of the report may influence the U.S. government's regulatory stance on cryptocurrencies, which in turn could affect the industry's development. Some investors worry that excessive regulation may stifle innovation, while others hope that a clear regulatory framework can bring certainty to the industry.

Kristin Smith, president of the American Cryptocurrency Association, stated: "We hope this report will bring a positive regulatory environment to the industry, fostering innovation and investment. At the same time, we also urge the government to maintain communication with the industry to formulate policies that balance regulation and development."

2. The Hong Kong Monetary Authority will release a summary of stablecoin regulations next week.

Hong Kong's pace in the virtual asset regulatory field continues to accelerate. According to a report by Zhito Finance on July 23, the Hong Kong Monetary Authority will release a summary of the stablecoin issuer rules next week.

This move comes just before the implementation of Hong Kong's "Stablecoin Regulation" on August 1, 2025, providing the market with clearer guidance. However, the President of the Hong Kong Monetary Authority, Yu Weiwen, has also sought to "cool down" the market, reminding investors to remain calm about the overly enthusiastic sentiment surrounding stablecoins, and has clearly stated that only "a few" stablecoin licenses will be issued in the initial phase, which means competition will be exceptionally fierce.

The regulatory framework of the Hong Kong Monetary Authority will impose strict requirements on stablecoin issuers, including 1:1 asset backing and monthly financial proof, among others. This initiative aims to ensure the stability of the value of stablecoins and to protect investors.

Market participants generally believe that stablecoin regulation in Hong Kong will set a benchmark for the Asia-Pacific region. Chen Jiahua, chairman of the Hong Kong FinTech Association, stated: "Stablecoin regulation is crucial for Hong Kong to develop into a virtual asset hub. We hope that the regulatory guidelines can balance innovation and risk management."

Experts analyze that the strictness of stablecoin regulation in Hong Kong may affect the choices of issuers. Some large technology companies may choose to issue stablecoins in Hong Kong, while some small innovative companies may turn to other regions.

3. The EU has passed a countermeasure plan against US tariffs totaling 93 billion euros.

On July 24, EU member states voted to approve measures imposing counter-tariffs on US products totaling €93 billion. The day before, on July 23, a spokesperson for the European Commission stated that the EU plans to merge two lists of retaliatory tariffs on US exports into a single list amounting to €93 billion.

This measure is the EU's counteraction against the long-term high tariffs imposed by the United States on EU steel and aluminum products. The EU believes that the U.S. tariff measures violate World Trade Organization rules and severely damage the economic interests of the EU.

The countermeasure plan passed by the EU will come into effect on August 7, unless the EU and the US can reach a new trade agreement before then. EU Trade Commissioner Valdis said that the EU is still working to reach an agreement with the United States to avoid imposing punitive tariffs on each other.

Market analysts believe that the escalation of trade disputes between Europe and the United States will further exacerbate global economic uncertainty and negatively impact financial markets. European Investment Bank analyst Martin van den Beek stated: "The risk of trade wars is increasing, which will undermine investor confidence and heighten the risk of a global economic recession."

Experts call on both Europe and the United States to resolve their differences through dialogue and avoid further escalation of the trade war. World Trade Organization Director-General Okonjo-Oluwa believes that both sides should recommit to a rules-based multilateral trading system rather than resorting to unilateral tariff measures.