SEC launches task force to combat cross-border transaction fraud; Tom Lee's SPAC files for IPO

Headline

▌U.S. SEC Establishes Task Force to Combat Cross-Border Trading Fraud Targeting U.S. Investors

The U.S. Securities and Exchange Commission (SEC) announced the establishment of a cross-border task force to combat cross-border trading fraud that harms U.S. investors. The task force's initial focus will be investigating potential violations of U.S. federal securities laws involving foreign companies, including potential market manipulation practices such as "pump and dump" and "dumping." The task force will also focus on "gatekeepers," particularly auditors and underwriters, who help these companies access U.S. capital markets. Additionally, the task force will examine potential securities law violations involving companies in foreign jurisdictions. Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), said, “We welcome companies from around the world to access the U.S. capital markets, but we will not tolerate any bad actors, whether companies or intermediaries, who attempt to use international borders to obstruct and circumvent U.S. investor protections. The new task force will consolidate the SEC’s investigative work and enable the SEC to use all available tools to combat transnational fraud.” ▌FutureCrest Acquisition, led by Tom Lee, filed for an IPO, intending to raise $250 million. FutureCrest Acquisition, a blank check company (SPAC) led by Tom Lee, Chairman of the BitMine Board of Directors, filed documents with the U.S. SEC on Friday, planning to raise up to $250 million through an initial public offering (IPO). Tom Lee is known in the media for being bullish on cryptocurrencies, and his IPO prospectus also emphasized his past predictions for Bitcoin prices. FutureCrest Acquisition stated that in its search for acquisition targets, it will leverage the management team's expertise and social capital in areas such as AI, digital assets, fintech, infrastructure, robotics, and communications. The company is also optimistic about opportunities in business intelligence, productivity software, and digital health. FutureCrest Acquisition plans to list on the Nasdaq under the ticker symbol FCRSU. The company filed confidentially on August 5, 2025. Cantor Fitzgerald served as the sole bookrunner for the transaction.

Market

As of press time, according to Coingecko data:

BTC price is $111,478, up or down 24 hours by 1.1%;

ETH price is $4,328.21, up or down 24 hours by 1.1%;

BNB price is $882.12, up or down 24 hours by 2.4%;

+3.4% in 24 hours;

DOGE price is $0.2288, up and down +5.2% in 24 hours;

XRP price is $2.89, up and down +2.7% in 24 hours;

TRX price is $0.3311, up and down + 176, 80);">+5.1%；

WLFI price is $0.2266, with a 24-hour change of +4.2%.

Policy

▌US Senator Warren: Trump family amassed $5 billion through cryptocurrency

US Democratic Senator Elizabeth Warren released a video criticizing Trump, accusing him of failing to deliver on his promise to reduce inflation. At the same time, her family's cryptocurrency business is rumored to have amassed billions of dollars. In the video, Warren stated, "What's shocking to everyone is that Trump is a massive liar." The prices of food, gas, school supplies, and even strollers are all rising. Trump has betrayed working families. Instead of lowering grocery prices, he's playing red-light games with tariffs, effectively raising the cost of shopping. Warren specifically noted the significant increase in the value of the Trump family's holdings in WLFI tokens, which has increased their paper wealth by approximately $5 billion. Warren added, "Trump has profited handsomely during his presidency, while you're paying higher fees. This is an act of betrayal, and we will not let him succeed." Trump: Ready to implement second round of sanctions on Russia. US President Trump stated he is ready to implement a second round of sanctions against Russia.

Blockchain Applications

▌ZachXBT: WLFI Needs to Be Cautious in Marking High-Risk Addresses, as False Positives Could Cause Irreparable Damage to Its Reputation

"On-Chain Detective" ZachXBT posted on the X platform: "Sometimes so-called high-risk addresses may be incorrect, so the WLFI team cannot simply rely on compliance tools. I recently helped a team manually review pre-sale addresses. After manual review, we found that certain exchanges/smart contracts were incorrectly marked as high-risk. In many cases, we found that even leading compliance tools have major flaws. I am glad to see that the World Liberty Financial team has taken a more proactive approach than other teams like Circle, as this will ultimately benefit the victims. However, they do need to be cautious, otherwise if a false positive leads to being blacklisted, it may cause irreparable damage to their reputation. The difficult part is finding the right balance. If the address is indeed a false positive, I hope the issue can be resolved quickly." Agora, a stablecoin startup, has proposed to work with infrastructure providers such as Rain and LayerZero to provide USDH stablecoin support for Hyperliquid. Agora has pledged to use all net USDH revenue for HYPE repurchases and fund support, and to provide at least $10 million in initial liquidity. USDH will adopt a compliant structure, be eligible for issuance in multiple locations, and prioritize serving the Hyperliquid ecosystem to avoid lock-in or diversion from external platforms. Bitcoin's Illiquid Supply Exceeds 14.3 Million, Hitting a New All-Time High According to Coindesk, Bitcoin's illiquid supply (the amount of Bitcoin held by entities with little to no spending history) exceeded 14.3 million BTC in late August, reaching a new all-time high. Over the past 30 days, the illiquid supply has seen a net increase of 20,000 BTC. Of the 19.9 million BTC currently in circulation, approximately 72% of the total supply is illiquid, held by long-term holders and cold storage investors. This increase highlights the continued accumulation trend even during recent market volatility. In mid-August, Bitcoin reached a record high of $124,000 before retreating approximately 15%. Despite the price correction, the illiquid supply has continued to rise, indicating that holders are not selling in response to short-term market fluctuations.

▌Tether CEO announces the company's main Bitcoin holdings address

Tether CEO Paolo Ardoino wrote that the vast majority of our Bitcoins are held directly: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4. This address currently holds 77,447 BTC, worth $8.61 billion.

▌Ethereum stablecoin size reaches $150 billion

According to a chart released by Coin Bureau, the Ethereum (ETH) stablecoin market has just set a new record, reaching $150 billion. According to a chart published by Cointelegraph, Bitcoin's (BTC) market capitalization is nearly twice the combined market capitalization of Visa and Mastercard. Michael Saylor has released Bitcoin Tracker information again, possibly hinting at another increase in BTC holdings. Strategy founder Michael Saylor has released information related to Bitcoin Tracker again, stating, "We need more orange." As per previous practice, Strategy always discloses increased Bitcoin holdings the day after the relevant news is released.

▌Avenir currently allocates more than 80% of its portfolio to Bitcoin

According to the latest news released by The Bitcoin Historian: Avenir, a trading company with a scale of US$1.3 billion, currently allocates more than 80% of its portfolio to Bitcoin (BITCOIN).

▌Boyaa Interactive surpasses Germany's Bitcoin Group SE to become the 22nd largest Bitcoin holding company

According to the latest news released by BitcoinTreasuries.NET: Hong Kong-listed Boyaa Interactive (Boyaa) surpasses Germany's Bitcoin Group SE to become the 22nd largest Bitcoin holding company. According to a chart released by Coin Bureau, Bitcoin (BTC) only needs to rise to $114,000 to close a $3 billion short position. Strategy founder Michael Saylor joins the Bloomberg Billionaires List for the first time. According to a chart released by Coin Bureau, Strategy founder Michael Saylor joins the Bloomberg Billionaires List! Michael Saylor makes his first appearance on the list, ranking 491st with a net worth of $7.37 billion.

▌Tether CEO: No Bitcoin was sold, but part of the reserves were invested in the XXI project

Tether CEO Paolo Ardoino posted on the X platform: "Tether did not sell any Bitcoin, but invested part of its Bitcoin reserves in the XXI project. As the world becomes darker and darker, Tether will continue to invest part of its profits in safe assets such as Bitcoin, gold and land. Tether is a stable company."

▌Solana Finance Company reserves currently hold 8.9 million SOL tokens

According to a chart released by Cointelegraph, Solana Finance Company reserves currently hold 8.9 million SOL tokens, which is equivalent to 1.55% of the total supply held by 13 entities.

Important Economic Developments

▌US Poll: Trump's Approval Rating at 43%, Lowest Approval of His Handling of Inflation

A poll conducted jointly by NBC News' Decision Center and SurveyMonkey on September 7th local time showed that US President Trump's overall approval rating was 43%, with 57% of respondents disapproving of his performance in office. Inflation and the cost of living were the top economic issues of public concern, with only 39% approving of his handling of inflation.

▌White House National Economic Council Director Hassett: I have no plans to reform the Federal Reserve at this time

White House National Economic Council Director Hassett: I have no plans to reform the Federal Reserve at this time. The Federal Reserve's independence has been questioned, and monetary policy needs to be completely independent. US Treasury bulls face a dual test this week of inflation and non-farm payroll revisions. US Treasury bulls face a dual test this week of inflation and non-farm payroll revisions. 2-year and 10-year Treasury yields closed at their lowest levels since early April last week, with traders fully pricing in a 25 basis point rate cut by the Federal Reserve in September and anticipating further rate cuts before year-end. This week's focus will begin on Tuesday, when the US Bureau of Labor Statistics will release its preliminary benchmark revision for the 2025 non-farm payroll survey. Whether the market can extend this month's gains will depend in part on the tone of the PPI and CPI data, to be released on Wednesday and Thursday, respectively. Traders will also be watching how the market absorbs the 3-year, 10-year, and 30-year Treasury auctions. Leslie Falconio, head of fixed income strategy at UBS, said, "The pace of rate cuts this year will be slow and measured, and the data-dependent narrative will continue. A 50 basis point rate cut in September is highly unlikely. Even if inflation data falls short of market expectations, we wouldn't see them taking such an aggressive action." Bessant: The non-farm payroll report could be revised down by as many as 800,000 jobs. In an interview with NBC News, U.S. Treasury Secretary Bessant asked, "During the Biden administration, the U.S. economy did add nearly 500,000 manufacturing jobs. Then, starting in April, manufacturing jobs began to decline again. Does this pose a problem for your policy?" Bessant responded that this week we'll get a revised report for last year (from April of last year to the end of March this year), and that it could be revised down by as many as 800,000 jobs. This would be the second downward revision. So I'm not sure the people collecting the data are doing a good job." Secondly, what we're seeing is that the jobs being created are going either to native-born or legal U.S. citizens, while the majority of jobs created by the Biden administration are going to illegal immigrants. Cathie Wood: The unemployment rate is now higher than the peaks of the previous cycles from 2008 to 2009, signaling another rate cut. ARK Invest CEO Cathie Wood tweeted that the productivity-driven boom we expect should shorten unemployment, but the current unemployment rate is higher than the peaks of the cycles before the 2008-2009 (crisis). This is another clear call for lower interest rates. Golden Encyclopedia: Can quantum computers really crack Bitcoin? Bitcoin uses the SHA-256 hashing algorithm, an encryption algorithm developed by the U.S. National Security Agency (NSA). SHA-256 protects against brute-force attacks on the Bitcoin network, as decryption using existing hardware could take decades. However, a new threat to SHA-256 is quantum computing, a computational method that exploits the principles of quantum physics to achieve speeds far exceeding those of traditional computing. Fundamentally, quantum computing utilizes quantum bits (qubits), which can exist in a variety of states. This contradicts traditional binary computing, which uses binary bits (1s and 0s). In 1994, mathematician Peter Shor proposed an algorithm that enables quantum computers to solve complex algorithms in seconds, while traditional hardware would take decades. Quantum computing combined with Shor's algorithm could break Bitcoin's encryption as we know it. When creating a cryptographic wallet, two important items are generated: a private key and a public key. The private key is a secret code, similar to a password, that must be kept secure. Public keys are derived from private keys, and wallet addresses (similar to bank account numbers) are derived from public keys. A private key acts like a master password that controls a crypto wallet. Using this private key, the wallet can create multiple public keys, each of which generates a wallet address. While it's simple to derive a public key from a private key, deriving the private key from the public key is extremely difficult—nearly impossible—which ensures wallet security. It's believed that quantum computing could reverse this process, deriving private keys from public keys. There are concerns that this could cause many Bitcoin holders (especially whales and those with wallets from the Satoshi era) to lose their funds.