Legal Attributes of Tokens: Impacts and Controversies of Securities Identification
In the cryptocurrency field, the question of whether tokens are considered securities has attracted widespread attention. This issue not only involves legal and regulatory requirements but also directly impacts market operations and the protection of investors' rights. The regulatory actions of the U.S. Securities and Exchange Commission ( SEC ) in the cryptocurrency field have undoubtedly become the focal point of this discussion.
Controversy over regulatory actions
The SEC's investigation and lawsuits against token projects have sparked much controversy. Taking Ripple's XRP case as an example, the SEC accused the company of raising funds by issuing unregistered securities, which not only affected XRP's market performance but also brought uncertainty to the entire cryptocurrency market.
However, the SEC's actions have also drawn criticism. Some argue that overly strict regulation may limit industry innovation and development. Some market participants are calling on the SEC to seek a balance between protecting investors and supporting market innovation.

Celestia Airdrop: Innovating Distribution Methods, Focusing on Real Contributions
Recently, the modular blockchain Celestia announced its airdrop plan for the TIA token, distributing a total of 60 million TIA tokens. This airdrop involves 7,579 developers and 576,653 on-chain active addresses, with Celestia team members and advisors not participating in the distribution. Eligible users must claim their tokens by October 17.
Looking back at Celestia's previous financing history, both its scale and investors are among the leaders in the industry. In 2021, a certain investment firm invested $40 million in Celestia through a fund, in July 2022, a venture capital company added $62.61 million in investment, and in October 2022, it secured another $55 million in financing, bringing its post-money valuation to $1 billion.
From the scale of financing, the total value of this Airdrop is considerable. However, there has not been a large-scale "shearing sheep" in the community.

Features of the new cycle in the Crypto Assets market: the dominant position of Bitcoin continues to rise.
The latest quarterly report shows that the current Crypto Assets market cycle is significantly different from history. Although Bitcoin prices have repeatedly set new historical highs, it has not triggered the market's off-season as usual. On the contrary, Bitcoin continues to maintain its dominant position.
In previous halving cycles, funds typically shifted from Bitcoin to other Crypto Assets as traders sought higher risk exposure. However, in this cycle, Bitcoin's dominance has not decreased but rather risen, while other Crypto Assets have performed relatively flat. This shift is mainly due to the increasing influence of institutional investors. With ETFs, corporate funds, and asset management institutions entering the market, Bitcoin has become the preferred target for regulated investments.
The market for altcoins may be delayed.
Although there has not yet been a significant altcoin market in this cycle, the market is gradually adjusting to accommodate a more institutionalized capital rotation. Since 2

[Block Rhythm] On August 14, according to data platforms, a certain encryption trading platform rose 83.78% on its first day of trading on the U.S. stock market, with a closing price of 68 USD, a market capitalization of 9.94 billion USD, a trading volume of 5.176 billion USD, and a turnover rate of 185.45%.
The platform rose again by 11.18% after hours, currently reported at 75.6 dollars.

The Bridge Between Blockchain and the Real World: In-depth Analysis of Ondo Finance
1. Market Background
The blockchain industry is stepping into a new phase, no longer limited to improvements in performance and throughput, but instead focusing on deeply integrating real-world assets with decentralized finance. This trend is similar to the significance of Ethereum in laying the foundation for the era of smart contracts. RWA(Real World Assets) track is leading the transformation from technology to assets, facilitating an unprecedented convergence between on-chain ecosystems and traditional wealth. Currently, RWA has become the seventh largest category in DeFi, with a total locked value exceeding $12 billion.
U.S. Treasury bonds are one of the most liquid financial assets in the world. Their average daily trading volume reaches trillions of dollars, offering extremely high liquidity and very low bid-ask spreads. As an asset backed by the "full faith and credit" of the U.S. government, U.S. Treasury bonds have never experienced a substantive default.

[Golden Finance] According to official documents, the U.S. Northern California Federal Prosecutor's Office announced on August 13 that a large-scale payment fraud case involving Money Laundering of Crypto Assets has been cracked. Prosecutors charged 8 suspects with infiltrating the account system of a mobile shopping service platform through Phishing, using fake orders and digital payment cards to siphon off funds, which were then converted into Crypto Assets by purchasing gift cards, and ultimately exchanged for U.S. dollars. The amount involved exceeds $1 million.
All defendants have been arrested and granted bail, and will appear for trial on August 25 at the Oakland Federal District Court.

The prospects of the crypto market under the changes in the macroeconomic environment
Recently, the global trade pattern has been hit again. The new tariff policy aims to reverse long-term trade imbalances, but this move could have far-reaching effects on the U.S. trade structure and capital flows, and pose new challenges to the U.S. Treasury market. The core issue is that the tariff policy may lead to a decrease in foreign demand for U.S. Treasuries, and the Federal Reserve may need to take more accommodative measures to maintain stability in the Treasury market.
Specifically, this policy will have an impact in the following areas:
Trade structure: High tariffs aim to reduce imports and encourage domestic production, thereby narrowing the trade deficit. However, this approach may have side effects: rising import costs could increase inflationary pressures, and if other countries impose retaliatory tariffs, it would also weaken U.S. exports. The trade imbalance may be temporarily alleviated, but the pains of supply chain restructuring and rising prices are hard to avoid.
International capital flows: A decrease in US imports means a shift towards the sea.

A certain trading platform announced that it received an enforcement request from U.S. regulators regarding a single user, involving an AML investigation and other special inquiries. The platform's operations are normal, and the user's asset security is guaranteed. The platform has contacted the user involved and will continue to optimize its compliance measures.

The Ethereum 2.0 staking contract has been successfully deployed, with the official release date set for December 1, 2020. This significant upgrade will enhance the network's scalability and security, allowing users to stake ETH to participate in validation and support the new attestation mechanism.