Foresight News takes you through this week's hot topics and recommended content:
01 Extension of Geopolitical Conflicts
《Iran's Nuclear Facilities and the Hidden Connection to Underground Crypto Mining》
《Iran Becomes a Financial Market Bomb, Can Bitcoin Defend the $100,000 Mark?》
《Can Trump Broker a Ceasefire Between Israel and Iran? Crypto Market Suddenly Transformed Overnight》
02 Regulatory Trends
《Global Crypto Legitimacy: A Comprehensive View of the Global Crypto Regulatory Map》
《Key Highlights! What Does Hong Kong's Digital Asset Development Policy Declaration 2.0 Say?》
《Token vs Equity Battle: On-Chain Sovereignty vs Regulatory Constraints, How Will Crypto Economy Be Reconstructed?》
(The rest of the translation follows the same pattern, maintaining the structure and translating the text while preserving the <> tags and specific crypto-related terms as specified in the initial instructions.)1. Propose the "LEAP" framework, which includes four major aspects: optimizing legal and regulatory frameworks, expanding tokenized product categories, promoting digital asset (including stablecoin) application scenarios and cross-sector collaboration, and developing talent and partner networks.
2. The Hong Kong Financial Secretary and Securities and Futures Commission will soon conduct public consultation on licensing mechanisms for digital asset trading service providers and digital asset custody service providers.
3. The Securities and Futures Commission will be the primary regulatory body for digital asset trading service providers and custody service providers, responsible for licensing and registration, setting standards, and optimizing regulatory processes.
4. The Hong Kong Monetary Authority will serve as the front-line supervisory authority for banks, overseeing their digital asset trading and custody activities.
5. The Hong Kong government will standardize the issuance of tokenized government bonds and promote tokenization applications in various fields such as precious metals (like gold), non-ferrous metals, and renewable energy.
6. The stamp duty exemption for ETF transfers listed on the Hong Kong Stock Exchange will also apply to tokenized ETFs.
7. Hong Kong will implement a stablecoin issuer regulatory system starting from August 1, 2025. The government welcomes market participants to suggest how licensed stablecoins can be tested and used.
8. Cyberport will assist the government in building a stable professional talent pool.[The rest of the text remains the same as the original, with only the blockquotes translated.]
On June 23, according to The Information crypto reporter Yueqi Yang, OKX plans to go public (IPO) in the United States. Since Coinbase's listing on the Nasdaq in April 2021, many crypto companies have chosen to go public in recent years, such as Galaxy and Circle. The Kraken exchange is also actively preparing for an IPO in Q1 2026. OKX's potential IPO in the United States will undoubtedly reignite market attention on U.S. listings.
《OKX Rumored to IPO in the US, Can It Replicate Coinbase's Miracle?》
However, compared to its predecessor Coinbase, OKX currently has significant gaps in compliance.
As a U.S. domestic crypto giant, Coinbase obtained the BitLicense from the New York State Department of Financial Services (NYDFS) as early as 2017 and holds money transmission licenses in multiple states. Its compliance framework has been refined over the years, not only supporting its successful IPO (listed on Nasdaq in 2021) but also making it the preferred choice for institutional investors. Moreover, it is the only crypto exchange regulated by the U.S. SEC.
In contrast, OKX started its compliance journey later, and its re-entry into the U.S. market is more of a "make-up" nature. The $500 million settlement fine indicates that OKX had significant compliance gaps in the past, especially in anti-money laundering and sanctions compliance. Additionally, OKX has not yet established long-term cooperative relationships with U.S. regulatory agencies like the SEC or CFTC, which could be a potential issue during the IPO review.
Another key difference is transparency. Coinbase regularly publishes reserve proofs and actively participates in regulatory discussions, while OKX's compliance progress relies more on news reports than public data. This may lead to investors' lack of confidence in its financial stability and legal risks. In the current context of stricter U.S. regulatory environment, OKX needs to further enhance its compliance transparency to narrow the gap with Coinbase.
04 Web3 Buidlers
An exclusive interview with Hyperlane co-founder Jon Kol, exploring Hyperlane's underlying logic. How will Hyperlane present itself in the future? How can a cross-chain interoperability protocol become a bridge and lubricant between major protocols and users?
《Interview with Hyperlane Co-founder: Towards "Full-Chain"》
Jon Kol: "In some cases, people want something that looks more like a full-chain experience, a single chain that can do everything. In other cases, you actually want to directly reach the product itself because some crypto projects are unique in a way. For example, when Base was launched, a group of people were excited to go there and try all these new things. At that moment, although they were using different applications, what they really wanted to play with and reach was the chain itself, somewhat like going to a theme park. Another example is Berachain, where everyone also chose to rush in. So in a world where this happens, you need cross-chain services to get there."
On Bittensor, TAOFi is using Hyperlane to build a cross-chain framework, allowing users to directly trade subnet tokens on Ethereum or Solana through the "inter-chain account" feature. In terms of interoperability, there will be a more mainstream adoption (user experience) that allows users to not care about which chains the transactions occur on.
Paul Krugman once served as a federal prosecutor with a unique background in crypto investment: she spent over a decade investigating financial crimes and created the government's first crypto-specific task force. In 2018, she became the first female partner at Andreessen Horowitz (a16z) and co-led its crypto fund a16z crypto. In 2022, she founded Haun Ventures, managing over $1.5 billion in assets.
《Interview with Haun Ventures Founder: First Female Partner at a16z and Stablecoin Evangelist》
In 2018, when Bitcoin was fluctuating around $4,000 and most Americans still considered crypto a short-term trend, Katie Haun engaged in a debate with Nobel Economics Prize winner Paul Krugman in Mexico City. Krugman focused on Bitcoin's price volatility, while Haun shifted the topic to stablecoins.
She argued on stage: "Stablecoins are really interesting and very important for this ecosystem, they can hedge against this volatility." She explained how crypto assets pegged to the U.S. dollar can provide blockchain technology advantages while avoiding traditional crypto volatility.
Krugman completely rejected this idea.
Ryan Cohen has once again acted without warning, explanation, or permission. This CEO, who once revived a nearly bankrupt video game retailer, has just invested over $500 million of the company's cash into Bitcoin.
《Ryan Cohen, the Man Who Brought GameStop Back to Life, Bets on Bitcoin》
When he took over, "the company was a mess and losing heavily."
He first cut the leadership team. Ten board members left, replaced by experienced e-commerce executives from Amazon and Chewy. If you want to compete in the digital realm, you need experienced talent.
Next came cost-cutting. Cohen comprehensively reduced inefficient areas: redundant positions, underperforming stores, expensive consulting fees, while retaining all customer-related parts. The goal was to remain profitable even with declining sales.
Let's look at the specific data changes before and after Cohen took over GameStop:
05 Industry Observation
Currently, the crypto market's enthusiasm for chasing new projects has dropped to its lowest point since 2018, with most projects stuck in incremental optimization. This article shares 7 tools and evaluation dimensions to help you capture the next Aave-level potential project from on-chain data and mindshare.
《With New Protocols Flooding In, 7 Tools Help You Find Potential Stocks》
In the current information overload, filtering projects worth investing time in has become increasingly difficult. If the market generally shares a similar mindset, it certainly increases challenges for new projects, but also creates more opportunities for crypto natives with keen senses.
We still need to continuously explore potential projects that could become the next Aave, Ethena, or Pendle.
The key question is: How to determine which protocols are worth investing effort in? And where to discover them? To address this, I will share a series of tools, methods, and information channels to help you locate protocols with initial momentum. Evaluation dimensions include:
- Mindshare (Refers to the degree of attention and influence of a protocol or project in the cognition of industry participants such as investors, users, and developers.)
- On-chain adoption
- Smart account use case coverage
