1. Headlines

1. The Fed cut interest rates by 25 basis points as scheduled, and Powell said he would not resign because of Trump.

As expected, the Federal Reserve lowered the Intrerest Rate Benchmark by 25 basis points to a range of 4.5% to 4.75%, marking the second consecutive interest rate cut. Powell stated in a press conference that the Fed's main goal is still to keep inflation at 2% and will not deliberately push it below 2%. He emphasized that the US economy is currently outperforming other countries globally, the labor market remains strong, and although core inflation has eased somewhat, it is still at a high level.

Powell reiterated that the Fed is moving towards a more neutral stance, but specific target values have not yet been determined. He stated that the Fed will continue to cautiously adjust the Interest Rate to avoid economic risks from acting too quickly or too slowly. Regarding whether Trump's election as president will affect policy, Powell said that the election results will not affect the Fed's decision-making in the short term, and reiterated the independence of the Fed. When asked if he would resign because of Trump, he simply replied, "No."

Analysts pointed out that Powell's speech conveyed the Fed's cautious attitude towards the economic outlook. Under the pressure of continuous rise in inflation data, the Fed may slow down the pace of interest rate hikes to balance the delicate relationship between economic rise and inflation control. However, Trump's fiscal policy may increase inflationary pressure, which could force the Fed to tighten its policy further in the future.

2. Ethereum Foundation 2024 Report: 99.45% of Holdings are ETH, with asset reserves of approximately $970 million

The Ethereum Foundation recently released its 2024 annual report, disclosing its asset reserves and investment portfolio. The report shows that as of October 31, 2024, the total assets of the foundation were approximately 970.2 million US dollars, of which 99.45% were ETH Holdings, with a value of approximately 965 million US dollars.

The foundation stated that its financial management policy is relatively conservative, aiming to provide long-term funding support for public products in the Ethereum ecosystem, ensuring that it can continue to operate even during a Bear Market period. The report pointed out that the foundation has allocated $32.1 million to first-tier research and development projects, and another $28.6 million is used to fund new institutions' funding.

Analysts believe that the disclosure of the massive asset reserves of the Ethereum Foundation highlights the strength of the Ethereum ecosystem. However, its highly concentrated ETH holdings have also raised some concerns. On the one hand, this reflects the Foundation's long-term confidence in Ethereum; but on the other hand, it may also exacerbate the 'single asset' risk of the Ethereum ecosystem.

Industry insiders point out that the Ethereum ecosystem is facing challenges such as the centralization of stake assets under the PoS mechanism, economic and security flaws of Rollup technology, which may affect the essence of Decentralization and future development of Ethereum. Therefore, the Ethereum Foundation may need to further optimize asset allocation in the future to better support the long-term sustainable development of the ecosystem.

3. OpenAI spends $15.5 million to acquire Chat.com domain name.

According to reports, artificial intelligence company OpenAI has purchased the top-level domain name Chat.com from HubSpot founder Dharmesh Shah for $15.5 million. This is believed to be in preparation for OpenAI's upcoming new product or service.

OpenAI announced that the domain name Chat.com will be used for its next-generation conversational AI system. The system will integrate OpenAI's current multiple language models to provide users with a more natural and fluent conversational experience. OpenAI CEO SamAltman revealed that the new system will be open for testing in the first quarter of 2024.

Industry insiders pointed out that this move by OpenAI reflects its ambition in the field of conversational AI. The Chat.com domain name not only has high visibility and memorability, but also can give OpenAI's new products a first-mover advantage. With the continuous advancement of artificial intelligence technology, conversational AI is expected to play an important role in multiple fields such as customer service, education, and healthcare.

However, some analysts also expressed doubts about OpenAI's huge investment in purchasing domain names. They believe that as a non-profit organization, this move may spark controversy over the use of funds. At the same time, the high premium for the Chat.com domain name may also exacerbate concerns about speculation in top-level domain names in the industry.

4. encryptionAI startup Pond completes $7.5 million seed round financing

Pond, a startup company in the encryption AI model layer, recently completed a $7.5 million seed round of financing, led by Archetype and other institutions. Pond plans to use this fund to expand its AI application scenarios in the encryption field, including Decentralized Finance, Risk Management, insider trading detection, and personalized recommendations.

The founder of Pond stated that there is a huge demand for AI technology in the encryption field, but there is currently a lack of AI solutions specifically tailored for blockchain and Cryptocurrency. Pond aims to fill this gap by providing high-performance, highly secure AI models and tools for the encryption industry.

Investment firm Archetype's partner said that Pond has a first-mover advantage in the encryption AI field, and its products are expected to promote the intelligent upgrading of the encryption industry. He believes that AI technology has broad prospects for application in improving the security of encryption transactions and optimizing algorithmic trading strategies.

However, some analysts are cautious about the future prospects of encryptionAI. They point out that the encryption field has a huge demand for AI technology, but also faces many challenges such as regulation, privacy, and security. Companies like Pond need to make more efforts in the transparency and interpretability of Algorithms to gain widespread recognition and trust from the encryption community.

5. Singapore Fintech Festival: Stable Coin2.0 will become a key infrastructure of the digital economy

At the 2024 Singapore FinTech Festival, Raymond Yuan, founder and CEO of WSPN (Worldwide Stablecoin Payment Network), delivered a keynote speech titled 'Stable Coin 2.0: Global Digital Economy Blueprint.' Raymond Yuan analyzed the pain points faced by the current stablecoin market, such as lack of transparency and poor user experience, and proposed innovative solutions for Stable Coin 2.0.

Raymond Yuan said that Stable Coin 2.0 will truly realize the concept of "from the people, for the people" by introducing community governance, increasing transparency, optimizing user experience, and so on. WSPN is actively exploring the application of the Stable Coin 2.0 concept to practical scenarios to meet the new demands of the digital economy era.

Raymond Yuan particularly emphasized the importance of Stable Coin in the AI era. He pointed out that with the deepening of digitization and intelligence, Stable Coin Payment Network will gradually replace traditional electronic payment methods and become a key bridge connecting TradFi and emerging technologies. With the rapid development of AI technology, the global digital economy is facing unprecedented opportunities and challenges. In this context, Stable Coin 2.0 will become a key infrastructure for promoting the development of the digital economy.

Analysts believe that the concept of Stable Coin 2.0 meets the new requirements of the payment system in the digital economy era. By improving transparency and introducing mechanisms such as community governance, Stable Coin 2.0 is expected to gain higher credibility and play a more important role in the digital economy. However, the implementation of Stable Coin 2.0 still requires the cooperation of regulatory agencies, traditional financial institutions, and technology companies.

二. Industry Data

1. BTC

BTC recent transaction price is $74,764.1000, with a 1.80% increase within the day.

2. ETH

ETH recent transaction price is $2818.9400, with a daily increase of 8.60%.

3. DOGE

DOGE recently traded at $0.1916, down 4.20% on the day.

4. GT

GT recent transaction price is 8.8960 US dollars, with an intraday increase of 1.90%.

5. SWELL

SWELL recent transaction price is $0.0439, with a 15.90% increase within the day.

III. Industry News

BTC breaks $76,000, reaching a new all-time high, causing market frenzy

The BTC price broke through the $76,000 mark on November 8, setting a new all-time high. This significant breakthrough was mainly driven by the Favourable Information of Trump's victory in the US election. The Trump administration is considered to have a friendly attitude towards Crypto Assets, and the news of his victory has made the market more optimistic about the future prospects of BTC.

Analysts pointed out that the surge in BTC price reflects investors' expectations of the Trump administration's possible launch of encryption-friendly policies. Trump has promised to make the United States a "Bitcoin superpower," a commitment that has filled the market with confidence in the future development of BTC. At the same time, the Republican Party's dominance in Congress also facilitates the introduction of cryptocurrency regulatory policies.

The big rise in BTC price has triggered market frenzy, with both volume and investor sentiment soaring. Data shows that the daily net inflow of BTC Spot ETF has reached a historic high. However, experts also warn that the short-term excessive inflation of BTC price may bring pullback risks, and investors need to remain cautious. Overall, the breakthrough of BTC above the $76,000 mark signals the restart of the Bull Market, but there is still uncertainty about future trends.

2. The price of ETH is rising, and the foundation firmly holds ETH

The price of ETH experienced a noticeable pump on November 8th, mainly driven by the BTC Bull Market sentiment. The latest financial report from the Ethereum Foundation shows that 99.45% of its encryption assets are in ETH, with a total reserve of approximately $970 million. The Foundation stated that it will continue to hold ETH firmly and plans to sell ETH regularly to ensure financial support for the coming years.

Analysts believe that the ETH Foundation's holding of ETH reflects its confidence in the long-term development prospects of Ethereum. Even during the Bear Market, the Foundation will maintain an adequate reserve of funds to support important public goods in the ecosystem. This prudent financial management policy helps ensure the sustainable development of the Ethereum ecosystem.

Meanwhile, the ETH spot ETF welcomed the third highest net inflow in a single day on November 7, reaching $79.74 million. This reflects the continued favor of institutional investors towards ETH. Analysts expect the price of ETH to pump to $8,000 in the next year, as it is currently undervalued. Overall, the development prospects of the ETH ecosystem look promising, and the price is expected to further rise.

3. The Solana ecosystem continues to heat up, and memes perform well

The Solana ecosystem performed strongly on November 8th, with the price of SOL breaking through the $200 mark. Solana is seen as the main birthplace of MEME coins, and the meme projects within its ecosystem have been hot recently, becoming a market focus.

Data shows that MemeTokenPepe in the Solana ecosystem has pumped 6.54% in price in the past 24 hours. Analysts believe that the pump in the price of these MemeTokens is mainly driven by investor demand and the overall increase in activity in the Solana ecosystem.

At the same time, the MEV extraction protocol Crab within the Solana ecosystem generated a daily income as high as $6.14 million on October 24, reflecting the rise in demand for MEV services on Solana. However, analysts warn that the sustainability of this income level may depend on the sustained high volume on Solana.

Overall, the innovative applications and active community within the Solana ecosystem provide strong support for its price pump. However, the speculative nature of meme coins may also bring certain risks, so investors need to remain cautious. The future development of the Solana ecosystem is worth continuous follow.

4. The new track of the industry is sought after by funds, and AI+We is the focus

During the TOKEN2049 conference, AI+We is seen as a emerging track in the Cryptocurrency industry, attracting a lot of follow from funds. Founders of many traditional AI companies are shifting to the We field, such as Gensyn, Hyperbolic, etc. At the same time, some projects focusing on AI art generation, such as Title.xyz, are also highly sought after.

Analysts believe that the combination of AI technology and We is expected to give birth to new application scenarios and business models, bringing new development momentum to the industry. AI technology can improve the efficiency and user experience of blockchain systems, while We provides the infrastructure for AI to achieve Decentralization.

Meanwhile, some highly anticipated tracks such as Non-fungible Token (NFT) and GameFi have seen a slowdown in development and faced skepticism recently. Industry funds and talents are now flowing towards emerging tracks like AI+We, showing a clear Matthew effect.

Overall, AI+We is considered one of the future development directions of the Cryptocurrency industry. However, the true potential and application scenarios of this emerging track still need time to be tested. Investors need to remain rational and carefully evaluate the actual value of the projects.

5. Analysts warn of three popular AltCoins and call for rational investment

Against the backdrop of a sharp rise in coin prices, some analysts have expressed concerns about the market's excessive exuberance and warned investors to invest cautiously in the three major popular altcoins.

First of all, there is PEPE, which has seen a pump of 6.54% in price in the past 24 hours. Analysts believe that the rise of PEPE is mainly due to speculative trading and lacks actual use cases. There is a significant investment risk.

Next is Shib, a former hot Meme coin that has pumped over 1.2 million times in price in the past year. However, analysts point out that Shib's pump is mainly dependent on marketing hype and lacks real user support, which may result in a significant pullback in the future.

The third is AltCoinSTRUMP and TREMP related to Trump. These currencies have attracted some investors to follow due to their political influence, but they also have high risks and speculative nature.

Overall, analysts call on investors to maintain rationality, carefully evaluate the true value and development prospects of AltCoins, and avoid blindly following investment trends. Excessive speculation may bring serious risks of capital loss.

Four. Project Highlights

1. Pond completes a $7.5 million seed round of financing to advance encryptionAI application development

Pond is a startup company focusing on encryption AI models and applications. The company initially developed a user search engine based on on-chain data, and has now expanded to build a complete model ecosystem covering data, model computation, training, and inference.

Recently, Pond announced the completion of a $7.5 million seed round of financing, led by Archetype and other institutions, with participation from Cyber Fund, Delphi Ventures, Coinbase Ventures, and other well-known institutions. The funds raised will be used to expand its encryptionAI application, covering areas such as Decentralized Finance Risk Management, internal transaction detection, and personalized recommendations.

Pond's financing further highlights the development potential of the encryptionAI field. With the continuous penetration of artificial intelligence technology in the cryptocurrency field, encryptionAI applications are expected to bring new development opportunities to the industry. Pond is committed to using AI technology to enhance the efficiency and security of the encryption ecosystem, providing users with more intelligent products and services.

Industry insiders believe that the rise of encryption AI companies such as Pond is expected to promote the transformation of the entire industry towards intelligence and efficiency. In the future, encryption AI applications may become an important driving force for industry development. At the same time, encryption AI also faces many challenges, such as data privacy and computing power costs, and still needs continuous innovation to achieve long-term development.

2. MakerDAO votes to retain the "Sky" brand and plans to launch a new Stable Coin

MakerDAO is a well-known Decentralization financial protocol in the Ethereum ecosystem. Recently, the MakerDAO community voted on whether to retain the recently adopted "Sky" brand, and ultimately decided to continue using it.

The voting results show that nearly 80% of the votes support keeping "Sky" as the brand for the MakerDAO backend protocol. Previously, MakerDAO founder Rune Christensen called on the community to resolve the brand dispute and to rise again.

In addition to branding issues, MakerDAO also plans to launch new Stable Coin products. Among them, puredai will be a decentralized and anti-censorship Stable Coin, while NewStable will target the mass market and comply with regulatory Compliance requirements. In addition, Sky will also launch versions on public chains such as Solana and Base to expand its ecological impact.

The brand dispute and new product plans of MakerDAO both reflect its important position in the field of Decentralized Finance. As an industry pioneer, every move of MakerDAO will be widely followed. Analysts believe that MakerDAO's innovation helps promote the diversified development of the Decentralized Finance ecosystem, providing users with more choices.

At the same time, there are also views that MakerDAO needs to strengthen communication with regulatory agencies to ensure that new products comply with Compliance requirements. In addition, in the intense competitive environment, MakerDAO also needs to continue to innovate and consolidate its leading position in the Decentralized Finance field.

3. Sui ecosystem welcomes the explosive MemeToken launch platform. Fun

SUI is an emerging first-layer public chain, using MoveVirtual Machine, developed by Mysten Labs. Recently, the SUI ecosystem has welcomed a highly followed MemeToken launch platform, Fun.

.Fun showed strong market performance on the first day of its launch. Data shows that the platform's volume approached $5 million on the first day, attracting over 1300 projects to go online. As a result, .Fun's platform Token surged by over 30% within 24 hours, significantly higher than SUI's increase during the same period.

The popularity of .Fun reflects the heat of MemeToken in the Sui ecosystem. As a new public chain, there are not many projects available for investment in the Sui ecosystem at present. The emergence of .Fun undoubtedly provides investors with a new choice.

However, some analysts are cautious about the long-term prospects of MemeToken. They believe that MemeToken often lacks practical use and its value mainly comes from speculation, making it difficult to sustain long-term rise. Therefore, the Sui ecosystem needs more high-quality projects with practical applications to truly gain sustainable development momentum.

Overall, the emergence of FUN marks the beginning of the MemeToken launch in the Sui ecosystem. In the future, whether the Sui ecosystem can nurture more high-quality projects will determine its ability to stand out in the public chain competition.

5. Economic Trends

1. The Fed cut interest rates by 25 basis points as scheduled, and Powell released a cautious signal.

Economic Background: The US economy performed strongly in 2024, with GDP growth maintained at around 3%, the job market continued to improve, and the unemployment rate remained low at 3.5%. However, the inflation level remains high, with the core inflation rate hovering around 4%, far above the Federal Reserve's target of 2%. In this context, the Federal Reserve continues its gradual interest rate hike cycle, seeking a balance between controlling inflation and avoiding an economic hard landing.

Important Event: As expected by the market, the Federal Reserve lowered the federal funds interest rate by 25 basis points to a target range of 4.5% to 4.75% at the Intrerest Rate decision meeting on November 8. This is the seventh rate cut by the Federal Reserve since the beginning of the rate hike cycle in March last year.

Market Response: Federal Reserve Chairman Powell sent a cautious signal at a press conference. He stated that despite strong economic data, inflation levels remain higher than expected, and there is uncertainty in the future policy path. This cautious stance has cooled market expectations for further easing of monetary policy by the Federal Reserve, leading to a slight decline in US stocks and a rise in the US dollar index.

Expert opinion: Goldman Sachs Chief Economist Jan Hatzius said: "Powell's rhetoric shows that the Fed is weighing the balance between economic rise and inflation. Although they expect inflation to come down gradually, they remain cautious in case inflation remains stubborn. This means that the pace of interest rate hikes in the future is likely to slow, but a rate cut is less likely. "

HSBC's chief US economist Michael Moran believes: "Powell's remarks reflect the Fed's uncertainty about the economic outlook. They may pause rate hikes and wait for more data instead of immediately turning to a rate-cutting cycle. This wait-and-see attitude may continue for a period of time."

2. China's unexpected rebound in October exports, trade surplus expands

Economic Background: The Chinese economy gradually recovers in 2024, with a rise of 3.9% in GDP in the third quarter compared to the same period last year, and positive data on industrial production and fixed asset investment. However, the export situation remains severe, with a year-on-year decline of 7.5% in the first three quarters due to the slowdown in global demand. Against this backdrop, the Chinese government continues to implement proactive fiscal policies and a stable monetary policy, striving to stabilize the economy's rise.

Important events: The data released by the General Administration of Customs of China on November 8th showed that China's exports in October rose by 7.7% year-on-year, significantly higher than the market's expected -8.7%, ending four consecutive months of decline. During the same period, imports decreased by 7.5%, and the trade surplus expanded to $8.82 billion.

Market Response: The unexpected rebound in export data has improved market expectations for the outlook of the Chinese economy. The RMB Exchange Rate against the US dollar has slightly increased, and the offshore RMB to USD Exchange Rate has pumped nearly 0.3%. At the same time, analysts believe that the favorable export data may alleviate the pressure on the People's Bank of China to further ease monetary policy.

Expert opinion: "The rebound in October's export data is mainly due to the early arrival of winter, which led to some orders being shipped ahead of schedule, and some companies accelerating their dumping to avoid tariffs. Overall, the external demand situation remains weak, and the export outlook is not optimistic."

BofA Securities' chief economist, Huang Wentao, believes that "the improvement in export data may only be temporary, and exports may continue to be under pressure in the coming months. However, good trade data helps alleviate economic downside pressure and eases the pressure on policymakers to loosen policy."

3. The European Central Bank raised interest rates by 75 basis points and pledged to continue fighting inflation.

Economic Background: The euro area's economy slipped into recession in 2024, with a 0.4% quarter-on-quarter decline in GDP in the third quarter. The inflation level continued to rise, reaching 10.7% in October, far exceeding the European Central Bank's target of 2%. Against this backdrop, the European Central Bank had to continue its aggressive cycle of interest rate hikes to curb further heating of inflation expectations.

Important Event: On November 8, the European Central Bank raised its three key interest rates by 75 basis points at the Intrerest Rate resolution meeting. This is the fourth consecutive substantial interest rate hike by the European Central Bank, raising the deposit interest rate to 2.5%, the highest level since 2008.

Market response: European Central Bank President Lagarde said at a press conference that inflationary pressures persist, and the Central Bank will maintain its stance against inflation. This hawkish rhetoric has led to a general increase in euro area government bond yields, with the yield on Germany's 10-year government bond rising to 2.3% at one point. The euro has edged up slightly against the US dollar Exchange Rate.

Expert opinion: Deutsche Bank's Chief Economist for the Eurozone, David Folkerts-Landau, said, "The European Central Bank's rate hike exceeded market expectations, demonstrating its determination to combat inflation. Nevertheless, the inflation rate is unlikely to fall significantly in the short term, and the European Central Bank may need to raise interest rates further."

Goldman Sachs European economist Jari Stehn believes that the hawkish stance of the Central Bank of Europe may exacerbate the risk of economic recession in the eurozone. In the coming quarters, the Central Bank may slow down its pace of interest rate hikes to balance the relationship between inflation and economic growth.

Six. Regulation & Policies

1. The new chairman of the United States Securities and Exchange Commission may promote reform in the regulation of Crypto Assets

With the release of the results of the US presidential election, the Trump administration is expected to reorganize the Securities and Exchange Commission (SEC). Analysts predict that Hester Peirce or Dan Gallagher may become the new SEC chairman. Both of them hold relatively friendly attitudes on Crypto Assets regulation issues, which may lead to a relaxation of SEC's regulation on Crypto Assets.

Background: As the regulatory body of the US securities market, the SEC's direction on cryptocurrency regulation will directly impact the development of the entire industry. Currently, the SEC has adopted a relatively strict regulatory stance on cryptocurrencies, treating most tokens as securities and requiring project parties to register. This has sparked widespread controversy and criticism within the industry.

Policy Expectations: If Pierce or Gallagher becomes the SEC chairman, it is expected that they will push for a more open and inclusive policy on cryptocurrency regulation. They may revise the existing regulatory framework to allow more tokens to be issued and traded without registration. At the same time, it is also expected to simplify compliance requirements for cryptocurrency exchanges and other institutions.

Market Reaction: Industry insiders generally welcome the appointment of the new chairman of the SEC. They believe that the relaxation of cryptocurrency regulatory policies will bring new development opportunities to the industry, attracting more investors and innovative projects into this field. However, some people are concerned that overly lenient regulation may increase investor risk.

Expert Opinion: James Grimmelmann, a cryptocurrency legal expert, said that the appointment of the new SEC chairman will be a crucial opportunity to change cryptocurrency regulatory policies. We can expect to see improvements in the regulatory environment, but at the same time, we need to balance the needs of investor protection and industry development.

2. Republican Proposal in the US Senate to Establish BTC Strategic Reserve

Republican Senator Cynthia Lummis proposed a bill in the U.S. Senate suggesting the federal government establish a strategic reserve of Bitcoin (BTC). The proposal aims to initially purchase 200,000 BTC and reach 1 million within five years. This move reflects the potential role of BTC in national wealth strategy.

Background: As a new type of digital asset, the status and role of BTC at the national level have always been controversial. Supporters believe that BTC can serve as a new reserve asset to help maintain national financial sovereignty. Opponents are concerned about its volatility and lack of regulation, which may bring risks.

Policy Content: Lummis' proposal suggests that the federal government should establish a BTC strategic reserve as a means of hedging inflation and maintaining wealth sovereignty. The proposal specifically includes: 1) initially purchasing 200,000 BTC; 2) gradually increasing holdings to 1 million BTC over the next five years; 3) reserve management to be handled by the Treasury Department.

Market Response: The BTC community has responded enthusiastically to this proposal, believing that it will greatly enhance the status of BTC. However, some individuals are concerned that if the government makes large-scale purchases, it may push up the price of BTC and increase investors' risks.

Expert opinion: Cryptocurrency analyst Kevin Rock commented, "This proposal marks BTC's integration into the mainstream financial system. As a new type of digital asset, the role of BTC in the national wealth strategy is still to be observed. But undoubtedly, this will bring new development opportunities for BTC."

3. MAS and Industry Collaborate to Drive RWA Regulatory Innovation in Singapore

At the Singapore FinTech Festival, the Monetary Authority of Singapore and multiple institutions discussed regulatory innovation on RWA (tokenization of real assets). Participants unanimously agreed on the need for standardized RWA and flexible regulation to unleash the full potential of RWA.

Background: RWA refers to the tokenization of real-world assets and their circulation on the blockchain, which is an important part of the digital economy. Singapore, as a financial technology innovation center, plays an important role in promoting regulatory innovation in RWA.

Policy Direction: Participants believe that RWA regulation needs to strike a balance between standardization and flexibility. On the one hand, it is necessary to establish unified standards and regulations for the issuance and trading of RWA. On the other hand, sufficient flexibility should be given to adapt to the characteristics of different types of assets. At the same time, cross-border regulatory cooperation needs to be strengthened to promote the circulation of RWA globally.

Market expectations: Industry insiders hope that Singapore can take the lead in establishing a regulatory framework for RWA, providing a reference for other countries and regions worldwide. Once the regulatory policies are clear, it will help attract more institutions to issue RWA products and promote the development of the entire RWA ecosystem.

Experts suggest: Chen Siying, Assistant Professor of the National University of Singapore, said, "RWA regulation needs to follow the principle of 'user-centered', not only to protect the rights and interests of investors, but also to leave space for innovation. At the same time, regulatory authorities also need to strengthen their own technological capabilities to keep up with the development of RWA."