4E: U.S. Senate to hold closed-door meeting with multiple crypto executives; a certain exchange’s virtual asset ETP reaches 8.1 billion HKD

On October 20, according to 4E's observation, several executives from crypto companies (including a certain exchange, Chainlink, Galaxy, etc.) will hold a closed-door roundtable meeting with U.S. Senate Democrats this week to discuss market structure legislation and industry development directions. The meeting will be chaired by Senator Kirsten Gillibrand, against the backdrop of the Democratic Party's DeFi regulatory proposal sparking industry backlash. According to data from the Hong Kong Stock Exchange, as of the end of September, the asset management scale of Hong Kong's virtual asset ETPs has reached HKD 8.1 billion, making it the largest market in the Asia-Pacific region. The Hong Kong Stock Exchange plans to promote the digitalization of the primary market creation and redemption mechanism to enhance liquidity. In addition, according to Lianhe Zaobao, companies such as Ant Group and JD.com have suspended their plans to issue stablecoins in Hong Kong. Since August, Hong Kong has implemented the "Stablecoin Ordinance," and currently, a total of 36 institutions have submitted license applications. On-chain data shows that a whale holding $250 million in BTC and ETH long positions is currently experiencing an unrealized loss of about $2.95 million. 4E reminds investors: Regulatory and institutional actions are accelerating their impact on market structure, short-term volatility may intensify, and investors are advised to remain cautious and pay attention to policy developments and changes in market liquidity.