1. US Banking Industry Calls for Modification of Trump-Signed GENIUS Act, Citing Financial Risks
The American Bankers Association (ABA), together with 52 banking organizations, wrote to the Senate Banking Committee, stating that the GENIUS Stablecoin Act signed by Trump last month has potential loopholes in restrictions on "paying interest/returns to holders". They suggested extending related restrictions to digital asset exchanges, brokers, and affiliated parties to prevent "disguised interest payments" from affecting deposits and credit. In response, Coinbase Chief Legal Officer Paul Grewal commented on X that no such "loopholes" exist, believing the banking industry is avoiding competition.
2. Hong Kong Securities Regulator Clarifies Robust Custody Standards for Virtual Asset Trading Platforms
The Hong Kong Securities and Futures Commission today issued a circular to all licensed virtual asset trading platforms, clearly defining minimum standards and best practices for customer virtual asset custody, covering cold wallet facilities, third-party wallet usage, real-time monitoring, and executive responsibilities. This move aims to respond to recent overseas custody vulnerability incidents and implement the goal of protecting customer assets in the "ASPIRe" roadmap.
3. Coinbase: Market May Be Approaching Full Altcoin Season
Coinbase's August report suggested the market might be approaching a full Altcoin season, with institutional interest in ETH driving Altcoin total market value growth of over 50% since early July. LDO benefited from ETH's rebound and the SEC's positive stance on liquid staking tokens. If the Federal Reserve cuts rates in September, it could release more retail funds into the market.
4. Citigroup Plans to Custody Stablecoin-Supported Assets and Crypto ETFs, Explores Stablecoin Payments
Citigroup is considering providing custody and payment services for stablecoins and crypto ETFs. Biswarup Chatterjee, Head of Global Partnerships and Innovation, stated that the primary focus is on providing custody services for high-quality assets supporting stablecoins, while also researching custody for digital assets like Bitcoin spot ETFs, currently mainly led by Coinbase. Citigroup is also developing solutions to enhance cross-border payments and instant settlement using stablecoins, planning to allow clients to transfer stablecoins between accounts or exchange them for US dollars.
