Gate Daily (September 24): SEC considers "innovation exemption" to accelerate the advancement of digital asset products; BlackRock's $2 billion fund expands to XRPL.

Bitcoin (BTC) continues to show weakness, reporting around $112,230 on September 24. The chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, is considering an "innovation exemption" to expedite the advancement of digital asset products. BlackRock's $2 billion BUIDL fund may soon expand to the XRP Ledger, meaning it will be directly incorporated into the blockchain network.

Today's Outlook

1. Germany's September IFO Business Climate Index, previous value was 89.0

2. U.S. August New Home Sales (Annualized Monthly Rate), Previous Value -0.6%

3. U.S. EIA Crude Oil Inventory Change (10,000 barrels) (as of 0919), previous value was -928.5

4. Federal Reserve Chairman Powell speaks on the economic outlook.

5. The Governor of the Bank of Canada, Tiff Macklem, delivered a speech.

Macro Events & Coin Circle Hotspots

1. On September 23, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, stated that the commission is working to develop an "innovation exemption" to simplify the approval of digital asset products by the end of the year. In an interview with Fox Business News, Atkins told anchor Maria Bartiromo that the SEC is "drafting rules in the coming months." "We are seeking an innovation exemption—and trying to achieve this goal by the end of the year." The innovation exemption would serve as a regulatory exemption, allowing cryptocurrency companies to temporarily avoid the constraints of old securities rules, thus launching new products in a less regulated environment while the SEC develops customized regulatory regulations.

2. According to a statement on September 23, the tokenization platform Securitize is seeking to integrate with the XRP Ledger (XRPL), a move that could directly incorporate BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) into the blockchain network. This upcoming measure marks a deepening connection between institutional finance and blockchain infrastructure, while also expanding the influence of XRPL in the realm of Real World Assets (RWA). In recent months, XRPL has attracted several institutions including Guggenheim, VERT, and the Dubai Land Department. These new features have positioned the ledger among the top ten blockchains in RWA activity, highlighting its growing importance in capital markets.

Market Trends

1. Latest news on Bitcoin: $BTC continues to show weak performance, currently reported at around 112,230 USD, with a liquidation of 42.62 million USD in the past 24 hours, mainly from long positions;

2. The U.S. stock market closed lower on September 23, ending a streak of three consecutive trading days of record closing highs. Federal Reserve Chairman Powell did not hint at whether he would support a rate cut at the policy meeting in October during his speech. Technology stocks retreated, and the tech giants all fell. The Dow Jones Industrial Average dropped by 88.76 points, a decrease of 0.2%, closing at 46,292.78 points; the S&P 500 Index fell by 36.83 points, a decrease of 0.6%, closing at 6,656.92 points; the Nasdaq Composite Index dropped by 215.51 points, a decrease of 1%, closing at 22,573.47 points. The Philadelphia Semiconductor Index fell by 0.4%.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 112,353.70 USDT, if it drops to around 110,741 USD, the cumulative liquidation amount of long positions exceeds 565 million USD; if it rises to around 113,996 USD, the cumulative liquidation amount of short positions exceeds 993 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 1.69 billion dollars, outflow was 1.90 billion dollars, with a net outflow of 210 million dollars.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $SOL, $BTC, $XRP, $DOGE, and $HYPE have seen a net outflow, indicating trading opportunities.

News Updates

1. The SEC approved Grayscale's Ethereum ETF to be included in the general listing framework.

2. FTX Trust sues Genesis Digital, seeking to recover $1.15 billion investment.

3. Raiku completes $13.5 million funding to promote "predictable" trading on Solana.

4. The CFTC is publicly soliciting opinions on the application of stablecoins and other tokenized collateral in the derivatives market.

5. Foreign Media: OpenAI is considering leasing NVIDIA chips.

6. Foreign media: The White House is reviewing Josh Sterling's eligibility to serve as the chairman of the U.S. CFTC.

7. Federal Reserve Chairman Powell: We never consider political factors.

8. Tether seeks to raise up to $20 billion at a valuation of $500 billion.

9. Sources: Republican senators in the U.S. originally planned to push for amendments to the market structure bill agenda or delay on September 30.

X KOL Selected Perspectives

Phyrex Ni (@Phyrex_Ni): "Before writing the weekly report, I need to finish my assignments. I estimate that I will be writing the weekly report until tomorrow morning, and I haven't even started writing a word yet. Today's assignments are hard to write; the market is still hesitating and fluctuating, slightly trending upwards. Even though the U.S. stock market's adjustment isn't significant, Powell's speech still brought the market down. Clearly, Powell didn't say much, but the market feels that Powell is not dovish enough, especially since he didn't clearly answer the questions about the last two rate cuts, leading the market to believe that Powell might not want to cut rates."

"But regardless of how things have already happened, from the current perspective, the change in market patterns is not much different from last week's interest rate meeting. The probability of a rate cut in October remains as high as 91.9%, and has not decreased much due to Powell's speech today. Therefore, essentially, Powell's speech will still not have much impact on the long-term market. Next, we will return to focusing on data, such as inflation and unemployment rates. The long positions from yesterday have already made profits today, with a maximum return of 12%, but I was a bit greedy and didn't exit. Even before Powell's speech, I had thought about not betting on the content of his speech, but hesitated. The main reason should still be that I felt the opening position this time was good, allowing for more positions to be adjusted, and now I have to hold on to those adjustments again."

"Looking back at the data of Bitcoin, although Powell came out again today to add fuel to the fire, the market's turnover rate not only did not improve but actually declined, which is consistent with what we said before: when the price of BTC is not ideal, investors' expectations for turnover will decrease. To put it simply, the lower the price, the more people plan to sell. Today, it seems that the US stock market is going to drop a point, and there may be a drop in the Asian market as well. There's not much else to say; the overall market sentiment is not high. Yesterday was overly positive, and today it has returned to its original state. Trump didn't say anything today that could boost the market either, but from the support level of BTC, there are still no issues. The strength of the support level is still quite high. Unless there is a systemic risk, there shouldn't be much of a problem."