1. Latest Speech by the Chairman of the US SEC: The Era of Crypto and Financial Innovation Has Arrived Ladies and gentlemen, good afternoon. First, I would like to thank Secretary General Corman for his warm introduction. I also thank Carmine for inviting me to this roundtable and organizing such a timely discussion on how we can work together to encourage competition in global capital markets and promote economic growth in our respective jurisdictions. I know that everyone here today is committed to achieving these goals, as your presence at this meeting demonstrates. 2. The Battle for USDH: A Panoramic Analysis On September 5th, Hyperliquid, a leading decentralized on-chain perpetual swap exchange, announced a governance vote to grant the long-held USDH code to a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin." This move breaks with tradition. Ownership of Hyperliquid's code is typically sold every 31 hours in a Dutch auction, with the winning bidder destroying the network's native HYPE token. At its peak, these auctions valued HYPE at $1 million, but today's settlement price is closer to $20,000 to $40,000. Click to read 3. Milan Passes Senate Banking Committee: Will Trump Take Control of the Federal Reserve? On September 10, 2025, the U.S. Senate Banking Committee approved Stephen Milan, Trump's nominee for Federal Reserve Board of Governors, by a vote of 13 to 11. This result could allow Milan to take his seat before the Fed's two-day meeting on September 16-17. Click to read. 4. A crossroads awaiting the Monad mainnet launch: Should the ecosystem move forward or remain entrenched? Berachain's mainnet launch and ecosystem development fell far short of expectations, shattering the plans for native ecosystem protocols to launch a TGE. On-chain protocols that had yet to issue tokens became victims of the Bearchain TGE. Taking Bearchain as an example, Monad is at a critical juncture, about to launch its mainnet TGE. What are the future plans for ecosystem protocols? Some project developers have already left, while others remain. 5. Will Bitcoin Appreciate After the Rate Cut? The market generally believes that the Federal Reserve will cut interest rates in September, which will drive up the prices of Bitcoin and other assets. After the rate cut, Bitcoin prices soared, right? At least that's what everyone says online. But history tells us a more complicated story.
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