Headline
▌US SEC Releases Statement on 2026 Regulatory Agenda: Will Promote Crypto Rule Building and Facilitate Tokenized Securities Trading
US Securities and Exchange Commission (SEC) Chairman Paul Atkins released a statement on the 2026 regulatory agenda, stating that the SEC will continue to advance a series of regulatory reforms, including adapting the regulatory framework to the current market environment, actively embracing innovation and new technologies, implementing President Trump's goal of "making America the global crypto capital," promoting the listing of more crypto-related products in the US market, establishing clear rules for crypto asset financing, and clarifying the on-chain custody of market participants and facilitating on-chain tokenized securities trading. Regarding capital market reforms, the SEC will advance the "Make IPOs Great Again" initiative, promoting more companies to enter the public market by reforming information disclosure systems and reducing compliance costs for companies listing, while maintaining necessary investor protection measures.
BlackRock to Launch Nasdaq 100 ETF On July 7th, BlackRock announced on Tuesday that it will launch an ETF tracking the tech-heavy Nasdaq 100 index, aiming to meet investors' growing demand for participation in the AI-driven stock market rally. This "iShares Nasdaq 100 ETF," launched by the world's largest asset manager, will track this flagship U.S. index and will begin trading on Thursday. This comes shortly after Nasdaq revised its inclusion criteria to expedite the inclusion of newly listed companies like SpaceX in the index. BlackRock's ETF will compete with Invesco's Nasdaq 100-related products; Invesco has long dominated this field, with its QQQ Trust Series 1 and Nasdaq 100 ETF being highly sought after by investors looking to invest in large-cap growth stocks and tech stocks. Last month, State Street also launched a Nasdaq 100 ETF. As of press time, according to CoinGecko data: BTC price is $63,532.00, a 24-hour change of -1.0%; ETH price is $1,776.21, a 24-hour change of -1.7%; BNB price is $578.04, a 24-hour change of -1.5%. SOL price is $80.88, a 24-hour change of -1.7%; DOGE price is $0.07434, a 24-hour change of -3.3%; XRP price is $1.11, a 24-hour change of -2.7%; TRX price is $0.3316, a 24-hour change of +0.7%. WLFI price was $0.05831, a 24-hour change of -1.1%; HYPE price was $69.57, a 24-hour change of -1.9%. Policy: ▌US Terminates Sanctions Waivers for Iranian Oil On July 8, according to a July 7 announcement from the US Treasury Department's Office of Foreign Assets Control, the US revoked a general license authorizing the sale of Iranian oil, allowing related closing transactions to continue until midnight Eastern Time on July 17. As a result, international oil prices rose. Iran has not yet responded. According to an anonymous US official, initial indications suggest that "Iran recently fired on three merchant ships in the Strait of Hormuz," an action that is "completely unacceptable" and will have consequences. The US official also stated that despite the escalating situation, US negotiators are "still sincerely working towards a final agreement with Iran." On June 22, US Treasury Secretary Bessenter announced that, as part of the framework for US-Iran negotiations, the US Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to a statement released that day by the US Treasury Department's Office of Foreign Assets Control, transactions involving the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, previously prohibited by multiple US executive orders and regulations, have been exempted until August 21, 2026. (CCTV News) On July 8, the U.S. Central Command stated that its forces had begun a series of powerful strikes against Iran in response to Iranian targeting and attacks on commercial shipping operated by civilian crews in international waterways. The U.S. Central Command stated that the strikes were a response to Iranian attacks on three merchant ships transiting the Strait of Hormuz, and that Iran's aggression was "unjustified, dangerous," and a "clear violation of the ceasefire agreement." (CCTV News) A US official stated that the US strikes against Iran on Tuesday were four to five times larger and more powerful than the previous strikes 10 days prior. According to Axios on July 8th, a US official said that the US strikes against Iran on Tuesday were four to five times larger and more powerful than the strikes launched 10 days earlier. Microsoft is beginning to use its own AI models in some software to reduce reliance on OpenAI and Anthropic. On July 8th, Microsoft, seeking to reduce the cost of artificial intelligence, began replacing OpenAI and Anthropic models with its own models in software products such as Excel and Outlook. According to a source familiar with the matter, tens of thousands of AI tasks each week in these two widely used software applications are completed by MAI (Machine Artificial Intelligence) models developed internally by Microsoft. The source stated that Excel and Outlook previously relied more on models from OpenAI and Anthropic. According to The Information, Zhipu is evaluating the possibility of designing its own AI chip to address the rapidly growing demand for its GLM series of open-source large models and the resulting shortage of computing resources due to US export restrictions. Sources say that Zhipu AI has recently made initial contact with some Chinese chip design companies to explore collaborative development of a customized AI processor optimized for its model operation scenarios.
▌To Compete for Startup Customers, US Companies like OpenAI and Anthropic Offer Free Computing Credits
On July 7th, companies such as OpenAI, Anthropic, Google Cloud, Microsoft, and Amazon Web Services (AWS) are offering free computing credits, model usage discounts, and early access to startups to attract enterprise customers. Reports indicate that some early-stage startups have received over $3 million in combined cloud computing and model usage credits. OpenAI and Anthropic are also competing with Y Combinator startups, offering varying amounts of model usage resources. This trend shows that AI companies are expanding their customer base by reducing early-use costs, pushing their models and development tools into the product development processes of startups.
▌SpaceX's Colossus Data Center Faces Shutdown Order, $45 Billion Contract at Risk
On July 7, a lawsuit requested the court to order SpaceX to shut down the gas turbines powering its Colossus 2 data center, arguing that they were operating without the necessary permits. This lawsuit could jeopardize parts of SpaceX's $45 billion contract with Anthropic. A lower court will likely order the turbines to be shut down while permits are being obtained, but may also give SpaceX some time to comply with the regulations.
▌Joe Weiman, founder of "Artificial Intelligence Economics": Regardless of whether there is a bubble, artificial intelligence technology will continue to move forward
On July 7th, Joe Weiman, founder of the Institute for Future Industries in the United States, stated at the "Intelligent Connectivity, Rooted in Suzhou" AI Ecosystem Research Sharing Conference that no technology can disruptively change businesses, society, and the world more than artificial intelligence. If we only look at artificial intelligence from the perspective of how much capital is chasing it and how many opportunities exist, it may be in a bubble. However, to some extent, this is not important, because the internet was also in a bubble, and most people still use the internet today. The progress and deployment of technology are loosely coupled with investment paths, but not directly related. Investment may involve over-investment or under-investment in specific areas, but technologies like this, full of hope and potential, will continue to develop, no matter what the future holds. There are many bright people around the world working hard to develop the next generation of artificial intelligence technologies. Joe Weiman believes that the key lies in returning to the cognitive origins of human intelligence, thereby rebuilding intelligence.
Cryptocurrency
▌Vanguard Group publicly recruits Digital Assets Head, having previously stated that crypto assets are inconsistent with its long-term investment philosophy
On July 8th, Vanguard Group's recruitment information showed that it was recruiting a Digital Assets Head for its Personal Wealth business. The job requirements included over 10 years of relevant experience, a deep understanding of digital assets (tokenization, stablecoins, custody, settlement, etc.), and innovation and risk management capabilities in a regulatory environment.
This position will be responsible for developing Vanguard's strategy, roadmap, and implementation in the digital asset space, including assessing digital asset capabilities, product development, operating models, and cross-functional collaboration with departments such as product, technology, operations, risk, legal, and compliance. It will also involve representing Vanguard in external communications with industry players, regulators, and clients. It is understood that Vanguard began allowing brokerage clients to trade crypto ETFs and mutual funds last December, but the company has explicitly stated that it has no plans to issue its own crypto investment products, believing that digital assets are still inconsistent with its long-term investment philosophy. Analysis: US Market Demand Remains Weak, Bitcoin's July Rally May Be Unsustainable. July 7th news: Multiple indicators show that Bitcoin's July rally remains fragile. One of the most closely watched indicators, the Coinbase Premium Index, has been negative for 50 consecutive days. This indicator measures the price difference of BTC on the US trading platforms Coinbase and Binance. The continued lower price of BTC on Coinbase compared to Binance indicates relatively weak demand in the US market. Meanwhile, US spot Bitcoin ETFs have seen net outflows for eight consecutive weeks, while historically, Bitcoin bull markets have typically been accompanied by a consistently positive Coinbase premium index. Japanese bond yields continue to rise, with the 10-year Japanese government bond yield reaching a 30-year high, pushing up borrowing costs in the US, UK, and Germany. If US Treasury yields continue to rise, it could pose resistance to BTC. Bitfinex analysts stated that structured institutional buying remains unverified until BlackRock's IBIT resumes its trend of sustained inflows. Singapore-based crypto trading firm QCPCapital stated that if the spot Bitcoin ETF continues its trend following last Friday's return to inflows, the short-term outlook remains constructive. The firm added that if BTC clearly reclaims $64,000 this week, it will further boost market sentiment and alleviate market concerns about Strategy (MSTR), a company holding listed Bitcoin.
▌Wintermute: Bitcoin's Rise More Like a Relief Rebound Than the Start of a New Bull Market
Wintermute released a market analysis stating that weak US employment data and dovish comments from Federal Reserve official Warsh have driven a rebound in global risk assets, with both Bitcoin and Ethereum recently outperforming major US stock indices. Specifically, Bitcoin's rise was mainly driven by factors such as continued whale buying, rising bullish sentiment in the options market, improved on-chain data, and improved fund flows in spot ETFs; Ethereum's rise was more supported by institutional adoption and expectations for the development of tokenized infrastructure. However, Windtermute believes that this round of gains is more like a "relief rebound" rather than the start of a new long-term bull market. Despite the improved macroeconomic environment and continued institutional positioning boosting market sentiment, Bitcoin spot ETFs have still seen a net outflow of approximately $2.73 billion this year. Until a sustained improvement in ETF fund flows is observed, the current market movement should still be viewed as a sentiment recovery rather than a structural reversal.
**A whale transferred 1,133 BTC to Coinbase Prime, worth $71.48 million.** According to Onchain Lens monitoring, a whale transferred 1,133 BTC from Coinbase to Coinbase Prime through an intermediary wallet, worth $71.48 million.
**Bitwise bought 33,600 HYPE, worth $2.4 million.** According to OnchainLens monitoring, Bitwise bought 33,600 HYPE from Wintertermute, worth $2.4 million.
▌Tether Invests $20 Million in Strategic Funding Round for Mercado Bitcoin
Stablecoin issuer Tether announced that it has invested $20 million in Mercado Bitcoin, a Latin American on-chain financial services platform, to support its development in asset tokenization, payments, credit, capital markets, and compliant digital financial services.
Important Economic Developments
▌Amazon Plans to Raise at Least $25 Billion Through Dollar Bond Issuance
On July 7, Amazon is returning to the US bond market to raise funds for its artificial intelligence infrastructure. According to sources, the company will issue eight benchmark bonds with maturities ranging from 3 to 40 years. The longest-term bond (maturing in 2066) has an initial price guidance approximately 1.45 percentage points higher than US Treasury bonds.
It is reported that this dollar bond issuance will raise at least $25 billion. Barclays, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are managing the issuance. The proceeds will be used for general corporate purposes, potentially including debt repayment, acquisitions, and capital expenditures. This is the latest in a series of large-scale bond issuances by major cloud computing companies. These companies are investing hundreds of billions of dollars in AI infrastructure. Investors have been actively subscribing so far, with subscriptions repeatedly reaching several times the issuance size. (Jinshi)
▌Formally included in the Nasdaq 100 Index, SpaceX plunges over 5%
On July 7th, SpaceX (SPCX.US) fell over 5%, closing at $159.3. In terms of news, SpaceX was officially included in the Nasdaq 100 Index today, becoming the first company in the index with a space business at its core. JPMorgan Chase estimates its weight in the index to be approximately 1.3%.
... Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits an asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation). Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," capable of functioning when borders are closed and banks fail. If these three asymmetries narrow, Bitcoin may no longer be a replica of gold but a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.
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