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first_img The SEC plans to establish two compliance channels for cryptocurrencies: over 1,600 projects have cumulatively raised funds of up to $5 million over four years

According to RootData, among 3,244 cryptocurrency projects with financing records spanning no more than four years and amounts that can be accounted for, 1,617 have a cumulative financing amount of no more than $5 million, accounting for 49.8%. The median financing for this batch of projects is $2.5 million, with about 96% recording only one round of financing.In terms of sectors, DeFi, infrastructure, and gaming projects together account for 59.2%, with small-scale financing mainly flowing to protocol development, underlying technology, and consumer applications. However, a quarter of the projects in the sample have already ceased operations, indicating that while lower regulatory thresholds can improve financing efficiency, they cannot replace product demand and sustainable operational capability.Institutional participation is also higher than the market's usual perception of "small projects": 92.9% of the sample has identifiable investor records, and 83.5% disclosed at least two investors. Among them, Animoca Brands, Shima Capital, and Big Brain Holdings participated in 84, 69, and 67 projects, respectively.It is reported that the U.S. SEC officially proposed the "Regulation Crypto Assets" on August 18. The proposal aims to set up two tiers of issuance exemptions: projects can raise no more than $5 million in a single instance within four years; projects with greater financing needs can raise up to $75 million within each 12-month period, but must submit financial statements and fulfill ongoing reporting obligations. The proposal is currently in a 60-day public comment period and has not yet officially taken effect.

Bitget Research Institute: Dual Catalysts of Policy and Regulation Propel the Crypto Market into a New Turning Point

Yesterday, the cryptocurrency market experienced the strongest single-day performance of the year. Bitcoin reached a high of $70,000, marking the first time in two months; Ethereum peaked at $2,300; Solana rose by about 12%. The Bitget Research Institute analyzed that the core driving force behind this round of market activity comes from a dual breakthrough in policy and regulation: the White House convened a meeting with the president, executives from the cryptocurrency industry, and heads of the SEC and CFTC, marking the formal entry of digital assets into the national financial strategy discussion level; on the same day, the SEC proposed "Regulation Crypto Assets," establishing a clear channel for token financing and introducing the "investment contract safe harbor" mechanism for the first time, which is expected to promote the emergence of more U.S.-native projects.From a market structure perspective, when the first two catalysts were realized, the market was in a bearish position, and the price increase triggered a chain reaction of liquidations. On that day, 126,000 traders across the network had a total of $1.92 billion in positions liquidated, setting a record for the largest short liquidation day in history, further amplifying the price increase. The Bitget Research Institute believes that since a considerable proportion of this round of price increase comes from concentrated short liquidations rather than spot buying, there is a short-term pressure for market correction. However, from a medium to long-term perspective, the cryptocurrency market is迎来政策与流动性的双重转折点, with the clarification of regulatory pathways and the improvement of the long-end liquidity environment together forming the foundation for a new cycle.

first_img Market news: Intel's Razor Lake may adopt TSMC's N2X process

According to the Industrial and Commercial Times, competition in advanced process technology for PC processors is heating up. Market news indicates that Intel's next-generation Nova Lake desktop processor will prioritize the introduction of bLLC large last-level cache to reduce access latency to system memory, competing with AMD's 3D V-Cache technology; the laptop version may be delayed until the subsequent Razor Lake-HX generation is released. The supply chain reveals that Nova Lake, set to debut early next year, will utilize a combination of Intel's 18A and TSMC's N2P processes, while the subsequent Razor Lake may further adopt TSMC's high-performance 2-nanometer N2X process.N2X is a high-performance extension of TSMC's N2 platform, targeting high-frequency CPUs, AI, and HPC applications, with transistor technology shifting from FinFET to nanosheets. If mass production is achieved, Intel's collaboration with TSMC on advanced processes is expected to extend to a broader 2-nanometer family, helping to reduce risks associated with a single proprietary process and optimize the timing and capacity configuration for high-end CPU launches.In addition to TSMC benefiting directly, related supply chains are also expected to welcome business opportunities. Sungsan is one of the few manufacturers in Taiwan capable of mass-producing its own CMP polishing pads, with a 25% year-on-year increase in consolidated semiconductor revenue in the first half of the year, rising to 66% of total revenue. Demand for Hard Pads and advanced packaging is strong, with a new Soft Pad line expected to begin trial production in the third quarter and gradually ramp up production in the fourth quarter, with products already applied in CoWoS and SoIC. Zhongsha holds CMP diamond discs and recycled wafers, reporting revenue of 2.49 billion yuan in the second quarter, a year-on-year increase of 17.9%, with gross margin rising to 40.1%, and shipments of 2-nanometer and 1.6-nanometer related diamond discs rapidly increasing.
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