12.4 Selected Consultations

1. The U.S. passed its first stablecoin legislation, the GENIUS Act, leading to clear divisions on Wall Street regarding whether stablecoins can truly boost demand for the U.S. dollar and bring new buyers to short-term U.S. Treasury bonds;

Coinbase is collaborating with several major banks to advance a pilot project on stablecoins, custody, and trading;

The nominees for the CFTC (Mike Selig) and FDIC (TravisHil) chairs, nominated by Trump, are moving towards confirmation, both seen as crypto-friendly and potentially reshaping the crypto regulatory landscape;

Last week, cryptocurrency funds recorded an inflow of $1.1 billion, the highest in 7 weeks, with Bitcoin at $461 million, followed by ETH at $308 million; meanwhile, investors withdrew $1.9 billion from Bitcoin short ETPs;

BlackRock predicts that the surge in U.S. Treasury bonds will drive institutional adoption of cryptocurrencies, as it considers Bitcoin ETFs as one of its main sources of revenue, forecasting that digital assets may reach new highs by 2026;

Franklin Templeton's Solana ETF is now live, with Grayscale CEO stating that LINK ETF saw inflows of approximately $41.5 million on its first day.