7.18 AI Daily Favourable Information in the crypto assets market ushers in a new wave of pump driven by regulatory support.

1. Headlines

1. The Trump administration will issue AI-related directives to promote the development of the artificial intelligence industry.

The Trump administration plans to announce a series of executive orders aimed at promoting the development of the American artificial intelligence industry this Friday. It is reported that these orders will require artificial intelligence companies receiving federal government contracts to remain politically neutral, and promote U.S. technology exports and accelerate data center construction. In addition, Trump will also sign an executive order allowing cryptocurrencies to be included in 401(k) retirement plans, further promoting the application of cryptocurrencies among the public.

This series of measures aims to strengthen the United States' global competitiveness in the field of artificial intelligence. Analysts point out that artificial intelligence has become the high ground of a new round of technological revolution and great power competition. This move by the U.S. government will not only help attract more artificial intelligence companies to develop in the United States but will also promote the widespread application of artificial intelligence technology across various industries, enhancing the country's technological strength. However, there are also some controversies, such as how to define the political neutrality of artificial intelligence companies. Overall, this series of policies will bring new development opportunities to the U.S. artificial intelligence industry.

2. OpenAI releases the ChatGPT agent, capable of autonomously executing complex tasks.

OpenAI held a live stream early this morning to announce the new ChatGPT agent feature. The ChatGPT agent can not only answer questions like the traditional ChatGPT, but also autonomously browse websites, select dates, run code, generate slides, and has the capability to perform complex tasks. This new feature is seen as a significant advancement for OpenAI on the path towards general artificial intelligence.

The release of ChatGPT intelligent agents will further expand the application scenarios of artificial intelligence. It can not only assist in office work and learning but also be used in website development, content creation, and other fields, significantly improving work efficiency. Analysts believe this will accelerate the penetration of artificial intelligence in the enterprise market and promote the integration of artificial intelligence with traditional industries. However, there are also some potential risks, such as whether intelligent agents will be abused, which requires relevant regulatory agencies to establish rules. Overall, the ChatGPT intelligent agent marks an important step towards general intelligence in artificial intelligence.

3. Powell responds to the renovation of the Federal Reserve building and may face accusations of perjury.

Federal Reserve Chairman Jerome Powell responded to the renovation of the Federal Reserve building. He stated that the Federal Reserve Board believes transparency is crucial and has been reviewing the project since 2017, with the project inspector general also conducting a review. The collaboration with the National Capital Planning Commission has been constructive and sound, with project changes being merely reductions and simplifications of content, requiring no further review.

However, the director of the Federal Housing Finance Agency revealed that congressional members will accuse Powell of perjury in this incident. If the accusations are established, Powell will face the risk of being ousted. Analysts point out that this will further exacerbate divisions within the Federal Reserve, affecting its independence and credibility. It may also lead to uncertainty in monetary policy, increasing volatility in financial markets. In any case, this incident will become an important factor influencing the direction of the U.S. economy.

4. Deding Innovation announces investment in MIDL to promote the development of the Bitcoin ecosystem.

The renowned venture capital firm Draper Dragon officially announced an investment in MIDL. MIDL is an abstract protocol native to Bitcoin, designed to execute decentralized applications written in Solidity directly on the Bitcoin network, eliminating operational barriers between users and developers.

The agreement creates an environment fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to migrate Ethereum dApps to Bitcoin in just a few days. Analysts believe that the emergence of MIDL will further promote the development of the Bitcoin ecosystem, attracting more developers and funding. It will also help alleviate congestion on the Ethereum network, improving the efficiency of the entire cryptocurrency industry. However, whether MIDL can operate as promised remains to be seen. Overall, this is a new attempt at the development of the Bitcoin ecosystem.

( 5. Cryptocurrency market cap soars to an all-time high, Hyper becomes the hottest altcoin

Entering the summer of 2025, the cryptocurrency market is experiencing a comprehensive explosion. Bitcoin has surpassed $120,000, and Ethereum has also reached a new high. The total market capitalization of the entire cryptocurrency market has soared to an all-time high. Against this backdrop, Hyper has become the hottest altcoin, with its price rising by 10% in just 24 hours and an increase of up to 35% within a week.

Analysts believe that this round of market activity is mainly driven by a large influx of institutional funds. At the same time, the regulatory environment for cryptocurrencies is becoming clearer, and the supportive stance of the Trump administration has injected confidence into the market. Looking ahead, if the macroeconomic environment remains stable, the cryptocurrency market will continue its upward trend. However, some analysts express concerns about the frenzy surrounding altcoins, suggesting that investors need to remain rational and guard against risks. Overall, this round of market activity signifies that cryptocurrencies are being increasingly accepted and valued by more institutions.

2. Industry News

) 1. Bitcoin breaks through the $120,000 mark, and the crypto market shows strong upward movement again.

Bitcoin has strongly broken through the $120,000 mark in the past 24 hours, currently reported at $120,200, with an increase of 1.07%. This important milestone marks a continuous warming of market sentiment, primarily driven by legislative progress in the United States and institutional capital inflow.

The U.S. House of Representatives passed three important cryptocurrency bills this week, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act. The GENIUS Act is expected to be officially signed into effect by Trump on Friday, bringing regulatory certainty to the industry. Analysts point out that this will further enhance market confidence and attract more institutional funds to enter the market.

At the same time, on-chain data shows that institutional investors are buying Ethereum in large amounts. A rare ETH premium has appeared on the Coinbase platform, and the inflow of spot ETF funds has reached a historic daily high. This indicates that U.S. institutions and large holders are actively positioning themselves in Ethereum.

ETH has also maintained a strong upward momentum, breaking through the $3600 mark, currently reported at $3606, up 3.34%. Analysts believe that ETH is expected to usher in a new round of bullish market driven by institutional demand and technological breakthroughs.

Overall, the cryptocurrency market has shown strong upward momentum under the dual benefits of favorable policies and capital inflow. However, investors should also be wary of potential short-term corrections. Maintaining risk awareness and managing positions reasonably is crucial.

( 2. XRP leads the altcoins with a rise of over 15%, attracting market attention.

In this round of cryptocurrency market uptrend, XRP has performed remarkably well, with an increase of over 15% in 24 hours, briefly breaking the 3.6 dollar mark to set a new historical high. XRP's strong performance has attracted widespread attention in the market.

Analysts believe that the rise of XRP is mainly benefited by favorable U.S. legislation and Ripple's continuous expansion of its ecological layout. The passage of the GENIUS Act is expected to bring regulatory certainty to XRP, eliminating the long-standing regulatory cloud. At the same time, Ripple is continuously increasing its application exploration in areas such as payments and cross-border settlements, injecting long-term value support into the XRP token.

Exchange data shows that the trading volume and open interest of XRP have significantly increased recently. This indicates that investor optimism about XRP's future prospects has risen. However, some analysts caution that XRP may face profit-taking pressure in the short term, and investors should be mindful of risk management.

Aside from XRP, other altcoins such as Dogecoin and Solana have also performed well in this round of market activity. Analysts point out that the altcoin season may have started, and investors need to closely monitor the opportunities and risks associated with various altcoins.

) 3. Ethereum is surging, and institutional bets on ETF prospects are attracting market attention.

Ethereum has performed strongly in this round of market activity, with its price breaking through the $3650 mark, attracting widespread attention from the market. Analysts believe this is mainly driven by institutional investors' optimism about ETH's long-term prospects.

Sources reveal that tech billionaire Peter Thiel's Founders Fund ### holds a 9% stake in mine Immersion Tech. The company is transitioning to an Ethereum "treasury strategy" firm, which means Thiel's fund is making a big bet on the Ethereum ecosystem.

At the same time, an increasing number of companies are starting to include Ethereum in their balance sheets. Data shows that companies announcing they hold ETH often see significant stock price increases. This reflects the market's recognition of Ethereum's long-term value.

Analysts point out that the Ethereum ecosystem is rapidly developing, and the ETH token is expected to gain broader application scenarios in the future. As regulatory policies become clearer, the Ethereum ETF is expected to be launched, which will further increase the demand for ETH.

However, investors should also be wary of the potential pullback risks of ETH in the short term. The trend of Bitcoin remains an important factor dominating the market, and ETH is inevitably affected to some extent. Staying rational and managing risks well is a wise move.

4. The cryptocurrency market capitalization is approaching 4 trillion USD, and favorable regulations are boosting market sentiment.

With the dual benefits of favorable legislation in the United States and the influx of institutional funds, the cryptocurrency market has shown strong upward momentum, with a total market capitalization approaching $4 trillion. Analysts believe this reflects a continuous warming of market sentiment and an increase in investor confidence regarding the prospects of cryptocurrencies.

The U.S. House of Representatives passed three important crypto bills this week, bringing regulatory certainty to the industry. The GENIUS Act is expected to be officially signed into effect by Trump on Friday, which will further enhance market confidence and attract more institutional funds into the market.

Meanwhile, on-chain data shows that institutional investors are buying large amounts of Ethereum and Bitcoin. A rare ETH premium has appeared on the Coinbase platform, with spot ETH inflows hitting a historic daily high. This indicates that US institutions and large holders are actively positioning themselves in cryptocurrency.

The macroeconomic situation has also provided a favorable environment for the cryptocurrency market to heat up. Analysts point out that against the backdrop of persistent inflationary pressures, cryptocurrencies are favored as a new asset class.

However, investors should also be vigilant about potential corrections that may occur in the short term. Maintaining risk awareness and reasonably controlling positions is crucial. Overall, the outlook for the cryptocurrency market is positive, but market developments will still take time.

5. Bitcoin options expiry is imminent, and market volatility may intensify.

According to statistics, Bitcoin and Ethereum options contracts worth over $5.7 billion will expire on July 18, with BTC options contracts accounting for $4.91 billion and ETH options contracts for $851 million. Analysts warn that this could trigger significant market volatility.

The expiration date of options often becomes the battleground for both bulls and bears. Data shows that current BTC options contracts exhibit a clear bullish tendency, with a long-short ratio of 0.78; whereas ETH options contracts show a balanced force between longs and shorts, with a long-short ratio of 1.01.

If the spot price is significantly different from the strike price after the options expire, it may trigger a large-scale liquidation by one party, thereby intensifying market volatility. Taking BTC as an example, if the current price cannot hold the $114,000 mark, the bears may launch a fierce attack.

However, some analysts believe that after the options expiration, the market is expected to return to stability. At that time, investors can refocus their attention on the fundamentals rather than overly worrying about short-term fluctuations.

Overall, investors need to stay vigilant and be prepared to respond to market fluctuations. At the same time, they should remain patient and wait for the market to stabilize before seizing investment opportunities.

6. The cryptocurrency market is experiencing a new wave of upward momentum, but the risk of a bubble cannot be ignored.

Under the dual benefits of favorable legislation in the United States and institutional capital entering the market, the cryptocurrency market has seen a strong upward trend, with a total market capitalization nearing $4 trillion. Bitcoin has broken through the $120,000 mark, and Ethereum has also risen above $3,600.

Analysts believe that this is mainly driven by legislative progress in the United States and institutional capital inflows. The House of Representatives passed three important crypto bills this week, bringing regulatory certainty to the industry. Meanwhile, on-chain data shows that institutional investors are making significant purchases of Ethereum and Bitcoin.

However, some analysts have raised warnings about the market overheating. They point out that the cryptocurrency market has experienced multiple bubbles, and this current market trend also carries the risk of becoming a bubble. If speculative funds flood in, it could drive prices away from fundamentals.

In addition, the direction of the Federal Reserve's monetary policy is also a major uncertainty. If the Federal Reserve raises interest rates too quickly, it could lead to capital outflows, putting significant pressure on the cryptocurrency market.

Overall, investors should be cautiously optimistic and maintain risk awareness. While enjoying the benefits of a bull market, they should also be alert to the risks of a bubble burst.

3. Project News

( 1. OpenAI releases ChatGPT agents, capable of autonomously executing complex tasks.

OpenAI live-streamed the launch of the new ChatGPT agent feature early this morning. The new feature integrates the capabilities of Operator and deep research tools, supporting complex tasks such as autonomous scheduling, competitive analysis, and creating presentations in a virtual computing environment. Users can directly instruct the agent to browse websites, analyze data, and generate slides and spreadsheets within the conversation. This feature is equipped with various tools, including a visual browser, text browser, terminal, and API access, and has achieved industry-leading results in multiple academic evaluations.

Pro users can use it nearly unlimited times per month, Plus and Team users have 50 uses per month, and enterprise and education users will gradually gain access in the coming weeks. The release of this feature marks a significant breakthrough for OpenAI in the field of general artificial intelligence, which is expected to drive widespread applications of AI across industries. Industry insiders believe that the emergence of the ChatGPT agent will further enhance human-machine collaboration efficiency and unleash human creativity. However, some analysts have raised concerns about its safety and controllability, calling for strengthened AI regulation.

) 2. The Sui ecosystem is迎来重大利好, with Grayscale Trust and native support for USDC coming soon.

The Sui ecosystem is experiencing rapid development. According to the latest news, Grayscale Trust and native USDC support on Sui are coming soon, which will bring significant benefits to Sui. Grayscale Trust is one of the largest digital asset management companies in the world, and its participation will inject a large amount of capital and institutional investors into the Sui ecosystem. Meanwhile, USDC, as a leading stablecoin globally, will further enhance the stability and practicality of the Sui ecosystem.

At that time, there was no so-called Grayscale Trust and Native USDC on Sui. With the support of these two, I believe Sui will develop even better. Overall, Sui, Aptos, and Movement are all promising ecosystems in the Move chain. However, Sui's problem still lies in the fact that there are indeed too few tradable assets. Although SuiPlay was launched and had the largest game booth at KBW in South Korea, the star projects are still the previous ones like Cetus, Navi, and Scallop. I hope that more outcomes come from the incubation plans that Cetus and Sui previously worked on.

Industry insiders believe that the addition of Grayscale Trust and USDC will bring more institutional funds to the Sui ecosystem, enhancing its leading position in the Move ecosystem. However, some analysts are concerned that an influx of too much capital may lead to speculative trading and hope that the Sui team can take measures to maintain the healthy development of the ecosystem.

3. Memeclip stands out with its unique advantages, showing impressive performance in the presale market.

In the highly competitive presale market, Memeclip highlights its superiority in value and reliability by offering unique advantages over Snorter Bot and Token6900. Memeclip is a decentralized social media platform designed to provide users with a fairer and more transparent content creation and sharing experience.

Compared to Snorter Bot and Token6900, Memeclip has the following advantages: first, it adopts an innovative token economic model that ensures the long-term growth of token value; second, it has a strong anti-monopoly and censorship system that protects users' freedom of speech; finally, it also offers rich social features, such as interest groups and instant messaging, enhancing user interaction experience.

With these unique advantages, Memeclip has performed excellently in the presale market, attracting a lot of investor attention. Analysts believe that Memeclip is expected to become a representative of the next generation of social media platforms, providing users with a brand new experience. However, there are also concerns that the sustainability of its token economic model still needs to be tested over time.

4. Sui Stack redefines collaborative application development, enhancing privacy protection.

Sui Stack fundamentally changes the creation of applications by promoting decentralization and user control over data, addressing the privacy issues exacerbated by centralized systems. The key components of the framework, Walrus and Seal, enhance security, while the integration of AI further strengthens this innovative framework.

As an open-source collaborative application development framework, Sui Stack allows developers to build feature-rich applications while protecting user privacy. It adopts a distributed architecture, ensuring that data is not stored centrally on a single server, thereby reducing the risk of data breaches. Additionally, it provides end-to-end encryption features to ensure the security of user data during transmission.

In addition, Sui Stack has integrated advanced AI technologies such as natural language processing and computer vision, providing strong support for application development. This enables developers to build intelligent applications more easily, enhancing the user experience.

Analysts believe that the emergence of Sui Stack will promote the development of decentralized applications, providing users with better privacy protection and data ownership. However, there are also concerns that its complex architecture may increase development difficulties and hinder large-scale adoption.

5. The cryptocurrency market surged on July 18, driven by multiple positive factors.

On July 18, the cryptocurrency market experienced a significant surge, with Bitcoin breaking through the $120,000 mark and Ethereum also making strong gains. A combination of multiple favorable factors propelled this trend, including the passage of several cryptocurrency bills in the United States, substantial inflows of institutional funds, and improvements in the supply and demand relationship.

First, on that day, the U.S. House of Representatives passed three pieces of cryptocurrency-related legislation, including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance Nation Act, providing legal protection for the industry's development. Among them, the GENIUS Act is expected to be signed into law by Trump, which will further promote the widespread adoption of cryptocurrency.

Secondly, on-chain data shows that institutional investors are buying Ethereum in large quantities. BlackRock's Ethereum ETF received $560 million in inflows, and a rare Ethereum premium has appeared on the Coinbase platform, indicating that institutional investors and large holders in the United States are buying Ethereum in large amounts.

Finally, the supply and demand relationship of Bitcoin is also improving. Analysts point out that Bitcoin is in the "ignition phase" of a bull market, with rising momentum and structural stability, indicating significant price increases in the future.

Overall, favorable factors such as clear legal regulations, an influx of institutional funds, and improvements in supply and demand dynamics have resonated to drive a significant surge in the cryptocurrency market. However, analysts also warn that an overheated technical situation may lead to short-term consolidation, and investors should be cautious of Bitcoin's influence.

4. Economic Dynamics

1. The Federal Reserve has signaled a dovish stance, raising market expectations for interest rate cuts.

Economic Background: The US economy showed weak performance in the first half of 2025, with GDP growth slowing to 1.5%. Although the inflation rate has receded somewhat, it still remains above the 2% target level. The unemployment rate has slightly risen to 4.2%, reflecting a moderate cooling of the job market. Against this backdrop, the Federal Reserve faces the challenge of seeking a balance between supporting economic growth and curbing inflation.

Important Event: Federal Reserve Governor Waller signaled a dovish stance in his latest speech, stating that if core inflation remains controlled and economic growth is sluggish, further rate cuts may be necessary. He also warned that delaying rate cuts could increase the risk of taking more aggressive measures in the future. This is seen as the Federal Reserve's intention to lay the groundwork for a rate cut in September.

Market Reaction: Waller's speech immediately heightened market expectations for a Federal Reserve rate cut. U.S. stocks closed higher, with both the S&P 500 and Nasdaq indices reaching all-time highs. The dollar index dipped slightly, reflecting a decrease in investor demand for dollar assets. Bond yields fell, indicating a rise in bond prices.

Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated that the likelihood of the Federal Reserve cutting interest rates by 25 basis points in September has exceeded 70%. He believes that signs of a slowing U.S. economy are becoming increasingly apparent, and a weak labor market along with easing inflationary pressures will force the Fed to take action. However, he warned that if trade tensions escalate further, the Fed may have to cut rates again within the year.

5. Regulation & Policy

1. The US SEC is considering introducing an "innovation exemption" policy to incentivize the tokenization process.

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated that after the U.S. House of Representatives passed a landmark stablecoin bill on Thursday, the SEC is weighing whether to introduce an "innovation exemption" to incentivize the market to advance the tokenization process.

This initiative aims to respond to the ever-evolving innovations in the digital asset space, providing more targeted regulatory exemptions for the development of new trading methods and tokenized securities ecosystems. Atkins emphasized that stablecoin legislation is an important step for the U.S. to become a global cryptocurrency hub, and the SEC will continue to explore how to establish exemption clauses for innovative projects within the existing regulatory framework.

Previously, the SEC had been viewed as taking a cautious approach to cryptocurrency regulation. However, with the development of the industry and increased mainstream recognition, regulatory bodies are actively seeking the best path to balance innovation and risk management. The introduction of the "innovation exemption" policy will bring new development opportunities to the tokenized securities ecosystem, and is expected to promote the tokenization process of more traditional assets and financial instruments.

Industry insiders welcome this policy. Olivier Delahaye, founder of Polychain Capital, believes that it will provide clearer regulatory guidance for tokenized securities, helping to attract more institutional investors and capital into the sector. However, he also cautioned that the SEC must be particularly prudent when setting specific exemption conditions to prevent new regulatory loopholes and risks.

2. The China Industrial Internet Research Institute held a seminar on stablecoins and industrial digital assets.

On July 18, the China Industrial Internet Research Institute held a "Stablecoin and Industrial Digital Asset Seminar" to discuss core topics such as stablecoin policy regulation, the transformation of industrial digital assets, the integration of RWA and industrial internet development, and more. Relevant colleagues from the Department of Information Technology Development of the Ministry of Industry and Information Technology attended the meeting to provide guidance.

The conference invited representatives from financial industry experts including Guosen Securities, SoftBank Asia Venture Capital, and Fosun Wealth International Holdings. Participants had in-depth discussions on issues such as the application scenarios of stablecoins in industrial digital transformation, regulatory policies, and the integration with the real economy.

Stablecoins, as an important innovation in the field of cryptocurrencies, have attracted significant attention for their application prospects in the industrial internet sector. On one hand, stablecoins can provide value anchoring for digital industrial assets, promoting the circulation of assets on the blockchain; on the other hand, their decentralized and programmable features help create more transparent and efficient industrial financial services.

At the same time, the regulatory compliance of stablecoins is also a key focus of the industry. Experts at the conference believe that a clear regulatory framework should be established based on a thorough assessment of risks to create a favorable environment for the application of stablecoins in the industrial sector.

The convening of this seminar reflects that the Chinese government is carefully evaluating the potential role of stablecoins in the real economy. Industry insiders expect that relevant policy guidelines may be introduced in the future to provide institutional support for the innovative application of stablecoins in fields such as the industrial internet.

3. The U.S. House of Representatives passed three pieces of cryptocurrency legislation to promote the construction of a regulatory framework.

On Thursday, local time, the U.S. House of Representatives passed three significant pieces of cryptocurrency legislation: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance National Act. Among them, the GENIUS Act is expected to be signed into law by Trump on Friday, establishing a long-term friendly regulatory framework for the U.S. cryptocurrency industry.

The CLARITY Act aims to clarify the regulatory division between securities and commodities, providing clearer regulatory attribution for crypto assets. The anti-CBDC Act prohibits the U.S. government from issuing central bank digital currency to protect public privacy and financial freedom.

The passage of these three bills marks a key step in the U.S. crypto regulatory process. The White House further stated that Trump will sign an executive order allowing 401###k### retirement accounts to invest in crypto assets and supports a "minimum tax exemption" policy for crypto, aimed at encouraging everyday use.

The market reaction is enthusiastic. Major cryptocurrencies such as Bitcoin and Ethereum have collectively risen in price, boosted by investors' expectations of clearer regulations enhancing market confidence. However, some analysts caution that the specific implementation details of the new regulations are still to be clarified, and the path for industry development may become more tortuous.

The CEO of the cryptocurrency exchange Coinbase stated that relevant legislation will provide clarity for the industry, helping to protect the cryptocurrency sector and prevent similar influences from the Biden administration in the future. Meanwhile, Polychain Capital founder Olivie Delafoy believes that these bills lay a solid foundation for the U.S. to become a global crypto hub.

4. White House Press Secretary: The Trump administration supports the "minimum tax exemption" policy for cryptocurrency.

White House Press Secretary Karine Jean-Pierre stated that the Trump administration supports providing a "small amount" tax exemption for cryptocurrency transactions in future legislation. "The President has clearly stated support for a minimum tax exemption on cryptocurrencies, and the administration continues to support this position, we are indeed open to it."

She explained that the policy aims to simplify the cryptocurrency payment process and encourage everyday use, "as simple as buying a cup of coffee." Although it is not currently achievable, the government will continue to explore legislative solutions to realize this goal.

Industry insiders generally believe that the "minimum threshold tax exemption" policy will benefit the application of cryptocurrencies in small payments and retail. Currently, capital gains tax is required for cryptocurrency transactions, which brings inconvenience to daily small payments. If tax exemption can be implemented for transactions below a certain amount, it will greatly lower the usage threshold.

However, some analysts have warned that this policy may bring about new regulatory loopholes and tax evasion risks. Therefore, reasonable limit standards should be set during specific operations, and the regulatory efforts against money laundering and tax evasion should be strengthened.

In addition, some states and regions are already exploring similar policies. Florida passed a cryptocurrency payment tax exemption bill earlier this year. With the federal government taking the lead, it may promote the unified implementation of this policy across the United States.

5. Federal Reserve Governor Waller: Stablecoins bring competition to the payment system, but do not pose a threat.

Federal Reserve Governor Christopher Waller stated that he does not believe stablecoins pose a threat to traditional payment systems, but they do bring competition to the payment system.

Waller pointed out in a speech that stablecoin projects are driving innovation in payment systems, providing consumers with more choices. However, at the same time, these emerging payment tools also bring new risks, necessitating the establishment of an appropriate regulatory framework to manage them.

He emphasized that regulators need to ensure that stablecoin issuers comply with the same strict rules as banks, including adequate capital and liquidity reserves, effective risk management, and so on. Only in this way can the security and efficiency of the stablecoin system be ensured.

Waller's speech reflects the Federal Reserve's open yet cautious attitude towards stablecoins. On one hand, the central bank acknowledges the potential of stablecoins in payment innovation; on the other hand, it is also aware of the financial stability risks they may pose.

Industry insiders believe that Waller's speech conveys a positive signal and is expected to promote the establishment of a regulatory framework for stablecoins. Circle CEO Jeremy Allaire believes that clear regulation will create a favorable environment for the development of stablecoins, while also protecting consumer rights.

However, some analysts have questioned Waller's remarks. Olivier Deloffre, founder of Polychain Capital, believes that the decentralized nature of stablecoin systems means there is a fundamental difference between them and traditional payment systems, and simply applying a banking regulatory framework may not fully control the risks.

Overall, the regulation of stablecoins is still in exploration. The industry hopes that regulatory agencies such as the Federal Reserve can strike a balance between innovation and prudence to create a favorable environment for the development of stablecoins.