Crypto Morning Brief: SEC Chair denies ETH is a security, Polymarket plans to return to U.S. market
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Crypto Morning Brief: SEC Chair denies ETH is a security, Polymarket plans to return to U.S. market
Strategy announces plans to issue STRC shares, raising funds for Bitcoin acquisition.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. SEC Chair: ETH is not a security
Paul Atkins, the newly appointed chair of the U.S. Securities and Exchange Commission, said in an interview with CNBC that ETH is not a security.
Market News: Cryptocurrency Custodian BitGo Secretly Files for U.S. IPO
According to market sources, cryptocurrency custodian BitGo has secretly filed for a U.S. IPO.
Aspecta Announces ASP Token TGE on July 24
Jack He (@jackhe24), core contributor of Aspecta, announced on social media platform X that the Aspecta (ASP) token generation event (TGE) will officially launch on July 24, 2025 at 10:00 AM UTC.
Sonic Labs Co-founder: Sonic Labs Burns Entire 1.866 Million S Tokens from Airdrop, Worth ~$750K
Andre Cronje, co-founder of Sonic Labs, posted on X that Sonic Labs has burned all 1,866,256.59 S tokens allocated through the airdrop, valued at $754,902.66.
Polymarket Acquires Derivatives Exchange QCEX for $112M, Plans Return to U.S. Market
According to Blockworks, Polymarket has acquired derivatives exchange QCEX for $112 million and plans to re-enter the U.S. market.
Binance: 4x Trading Volume Points for Limit Buy Orders of Alpha Token on BSC Chain
According to an official announcement, starting from August 22, 2025 at 8:00, limit buy orders for Alpha tokens on the BSC chain via Binance Alpha CEX will receive 4x trading volume points toward Binance Alpha rewards. The end date of the campaign will be announced separately.
Strategy Announces Planned Issuance of STRC Stock to Raise Funds for Bitcoin Purchases
According to an official announcement, Strategy (Nasdaq: MSTR, STRK, STRF, STRD) today announced plans to conduct an initial public offering of 5 million shares of variable-rate Series A perpetual preferred stock (STRC stock). The company stated that proceeds will be used for general corporate purposes, particularly for Bitcoin acquisitions and operating capital.
The STRC stock carries an initial annual dividend rate of 9.00%, paid monthly, with the company retaining the right to adjust the dividend rate. Morgan Stanley, Barclays, Moelis & Company, and TD Securities will serve as joint bookrunners for the offering.
Robinhood CEO: Will Continue Pushing Forward Tokenized Stocks Plan
According to Decrypt, Robinhood CEO Vlad Tenev recently acknowledged controversy over the company’s launch of OpenAI tokenized stocks but said it remains committed to expanding this business. Previously, OpenAI strongly opposed the unauthorized tokenized stocks, and the U.S. SEC issued warnings stating that tokenized securities still need to comply with federal securities laws.
Tenev said: "Being the first platform to actually tokenize these great companies is an important milestone. Whenever you pioneer something meaningful, there will always be some controversy." He plans to expand this model to thousands of private companies and integrate with DeFi markets.
U.S.-Listed Company Dynamix Plans to Form Ether Machine, Targeting Over $1.5 Billion in ETH Holdings
According to The Wall Street Journal, U.S.-listed blank-check company Dynamix is preparing to merge with another entity to form a new company called "Ether Machine," planning to hold over $1.5 billion worth of Ethereum (ETH).
Hong Kong-Listed Jingwei TianDi: Launches Self-Developed Global Stablecoin Payment Platform
According to Jinshi Data, Jingwei TianDi announced on the Hong Kong Stock Exchange that it is entering the crypto payment sector and will launch its first mobile application, "Fopay," on July 21, 2025, providing an all-in-one payment platform. Fopay is built on the stablecoin-based crypto payment concept and currently offers stablecoin custody and prepaid card payment functions through several licensed partners. The board believes launching Fopay and this new business segment can explore more opportunities and benefit shareholders overall.
FTX Seeks Extension to Respond to Creditors' Objections, $470M Overseas Claims May Be Frozen
According to Cointelegraph, FTX’s bankruptcy team is seeking a Delaware court extension to respond to over 90 objections against its proposal to pause repayments to creditors in "restricted foreign jurisdictions." The proposal affects creditors in 49 countries, involving approximately $470 million in claims, with Chinese creditors making up the largest share at 82% (~$380 million).
The FTX team argues that repaying creditors in these countries could trigger penalties, personal liability, or even criminal charges. However, many creditors strongly oppose this, fearing their claims could become worthless. According to FTX creditor Sunil Kavuri, around $1.4 billion in FTX claims remain unresolved.
Market Trends
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Your 'Scarcity Mindset' Is the Biggest Enemy in Crypto Trading
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Did I Wake Up Too Early? NFTs Appear to Be Pumping?
This article describes signs of recovery in the NFT market, primarily driven by capital flows within the Ethereum ecosystem, resulting in significant increases in trading volume and market capitalization. Key mainstream NFT projects have performed notably well, including CryptoPunks, Moonbirds, and Pudgy Penguins. The recovery is attributed to Ethereum price rebound and post-market-clearing capital positioning. However, sector consensus still needs rebuilding, and future development remains uncertain.
Asia Crypto Summary Q2 2025: Regulation Stabilizing, Corporate Investment Rising
This article explores how Asia's Web3 market reached a critical turning point in Q2 2025, with countries advancing substantial market activities and capital deployment based on established regulatory frameworks, showing differentiated development paths. The report details the latest progress in cryptocurrency policies, corporate moves, and market developments across South Korea, Japan, Hong Kong, Singapore, China, Vietnam, Thailand, and the Philippines.
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