WuBlockchain

Tether-backed Bitcoin treasury company Twenty One Capital CEO Rapha Zagury said at Bitcoin Asia 2026 that Bitcoin is experiencing its first-ever “hashrate bear market.” Bitcoin’s network hashrate approached 1.3 ZH/s at the end of last year before declining steadily, marking the longest cycle to date from an all-time high in hashrate to recovery.
Zagury said the current situation differs from the hashrate decline following China’s 2021 crypto mining ban, when miners mainly relocated to other regions and gradually recovered. Bitcoin mining now also faces new infrastructure allocation options such as AI and HPC. He said nearly all publicly listed mining companies are moving away from pure large-scale Bitcoin mining and shifting toward AI.

According to data from @adam_tehc, daily volume for RWA-related tokens on Robinhood Chain reached $390 million, with Memecoin–Stock pairs recording $217 million in volume and tokenized stocks generating $127 million, both marking new all-time highs. Meanwhile, the total market cap of tokenized RWA assets on Robinhood Chain has surpassed $84 million. As the convergence between crypto and TradFi deepens, networks such as Robinhood Chain are giving rise to a new onchain structure in which Memecoin speculation helps generate liquidity, volume, and TVL for tokenized stocks.

Strategy CEO Phong Le, speaking in an interview with Bloomberg TV, explained why the company sold Bitcoin in the $60,000–$65,000 range before resuming purchases at around $80,000, saying Strategy does not make Bitcoin buying or selling decisions based on BTC’s price, but rather on its cost of capital. Le said selling roughly 7,000 BTC to fund some of the company’s preferred dividends was “the right trade at the time.” Over the past two months, Strategy has reduced its net debt from about $7 billion to zero and built roughly $7 billion in U.S. dollar reserves, strengthening its balance sheet. He said it now makes sense to sell MSTR shares at a premium to fund additional Bitcoin purchases.
Le added that Strategy follows a “two-way strategy” and may sell Bitcoin when it makes financial sense, although it remains a net accumulator. He said the company could continue buying BTC at $90,000, $100,000 and even $130,000 if the economics remain attractive.

According to the WuBlockchain Data Center, the monthly trading volume of equity/stock perpetual futures on centralized exchanges (CEXs) reached $665.42 billion in August, up 4.6% month-over-month compared to $636.19 billion in July, reflecting a slowing growth rate; however, it represents a 56.5-fold surge compared to $11.58 billion in January. The top three underlying assets by trading volume were SNDK ($193.58 billion), SKHYNIX ($75.89 billion), and SPCX ($65.93 billion), which together accounted for 50.4% of the total trading volume.

OKX has released its 46th Proof of Reserves (snapshot date: August 11). User BTC holdings stood at approximately 134,000 BTC, up 4.52% or 5,810 BTC compared to the previous snapshot (July 7); user ETH holdings were approximately 1.725 million ETH, down 0.17% or 3,022 ETH; user USDT holdings were approximately 8.117 billion USDT, down 7.17% or approximately 627 million USDT.

According to Tokenomist, one-time unlocks exceeding $10 million over the next month include HYPE, XPL, ENA, ZRO, H, CARDS, and ARB. Linear unlocks exceeding $10 million per month include RAIN, SOL, CC, TRUMP, ZEC, ASTER, WLD, MORPHO, PUMP, TAO, AVAX, and NEAR. The total unlock value is expected to exceed $1.535 billion.

According to attorney Ariel Givner, two Thai businessmen filed a lawsuit against Tether in the US District Court for the Southern District of New York over ~$42.4 million in frozen USDT. The plaintiffs allege Tether froze their wallets in October 2025 based merely on an informal request from Homeland Security Investigations (HSI) without a warrant or court order.
A seizure warrant was only issued by the Eastern District of North Carolina in February 2026 directing the burn and reissue of the tokens to a government wallet. The funds are allegedly tied to a $61M "pig butchering" laundering case. While not disputing the underlying criminal allegations, the suit challenges Tether authority to freeze assets without prior court orders and questions whether the subsequent warrant authorized burning and reissuing the USDT.

ARK Invest and Glassnode jointly released a research report on blockchain decentralization. The report found that, in terms of key control thresholds affecting block production, Bitcoin and Ethereum each require just 3 entities to reach the critical threshold, while Solana requires 19. However, mining pool and staking delegation structures mean this metric cannot be directly equated with actual control. In terms of infrastructure, Bitcoin has the most balanced geographic distribution of nodes, with about 63% of nodes running through Tor; Ethereum has a higher reliance on cloud service providers, with about 20% of nodes hosted by AWS; Solana’s infrastructure is largely operated in data centers.

According to Bloomberg, Coinbase co-founder Fred Ehrsam is seeking control of at least three Venezuelan oil fields as Washington reshapes the nation's energy industry and considers replacing Maduro-era operators with Trump-aligned investors. The targeted fields, located in the Boca, Guico, and Guara blocks of Venezuela’s Orinoco Belt, are currently operated by Alvorada Heavy Industries Ltda under contracts US officials are reviewing for potential revocation. Ehrsam has reportedly been exploring cross-sector opportunities in oil, natural gas, fintech, and digital payments through his investment firm Primavera, having made multiple visits to Caracas to meet with US officials.

According to an investigation by The Block, users of Robinhood Wallet and social trading app Fomo can purchase Meme coins such as WIF directly through Crossmint using Visa and Mastercard credit cards, as well as Apple Pay and Google Pay, without completing separate KYC. The Block’s tests found that the transactions were classified as “digital goods/media” rather than crypto transactions, a category typically required by credit card networks, allowing users to continue earning standard credit card points or cash back. Chase, JPMorgan’s banking arm, said it believes the Visa transactions were incorrectly classified and should not qualify for credit card rewards, and has asked Visa to investigate. The New York Attorney General’s Office also said it is reviewing the matter.

Hyperliquid Strategies (NASDAQ: PURR) has increased the aggregate capacity of its ChEF equity financing facility from $1.0 billion to $2.5 billion. The company may raise funds as needed by issuing newly issued common shares to Chardan Capital Markets, with proceeds intended for general corporate purposes, including potential purchases of HYPE. After aggregate share sales under the facility reach $1.0 billion, any additional shares issued at less than $12.02 per share are generally subject to a cap of 42,641,847 shares, equal to 19.99% of the company’s shares outstanding immediately before the amendment, unless shareholder approval is obtained or otherwise not required under Nasdaq rules.

Binance said phishing text messages targeting crypto users have increased recently, with attackers posing as security alerts and using shortened links to trick users into clicking and potentially compromising their accounts. Binance said it will never ask users via SMS to click a link to verify or secure an account, and recommended using Binance Verify to confirm official communications, enabling withdrawal address whitelisting and an anti-phishing code, and contacting Binance Support through the official app immediately if a suspicious link has already been opened.

News Multiple X users reported receiving password reset emails on September 1 that they did not initiate, with some suspecting that attackers may be mass-triggering the reset process using public usernames. There is currently no evidence of a breach of X’s systems or confirmed large-scale account takeovers. X’s official help page recommends enabling Password Reset Protection and two-factor authentication (2FA), and avoiding links in suspicious emails.

Twenty-one major financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Fidelity Investments, Wells Fargo and MUFG, have committed to establish a new company in the second half of 2026 to support the issuance of stablecoins. The group plans to launch a USD-denominated stablecoin in the first half of 2027, with additional G7 currencies to follow and the euro as a priority. The stablecoin is intended for wholesale, institutional and retail use cases including cross-border payments and digital asset settlement, and is expected to comply with the U.S. GENIUS Act and EU MiCA where applicable.

According to the Hyperliquid Research Collective’s Q2 2026 report, TradeXYZ’s total trading volume rose 79.2% quarter-on-quarter to $202.36 billion. Its share of HIP-3 trading volume increased from 84.5% to 95.1% during the quarter, while several competing platforms, including Felix, Ventuals and Dreamcash, shut down. Equity perpetuals were TradeXYZ’s fastest-growing segment, with Q2 trading volume surging 377% quarter-on-quarter to $58.9 billion.

Ethena announced the launch of EthenaPay, which it describes as an “internet money neobank” built on Avalanche. The platform supports card-spending rewards, dollar savings, cross-border transfers, multi-currency accounts, and integration between fiat IBANs and self-custodial stablecoin accounts.Ethena said EthenaPay currently offers 5% cashback on card spending and a 6% dollar savings rate. The app is now available on iOS.

Bloomberg reported that stablecoin remittance startup Felix Pago raised $200 million in Series B financing, including $87 million in equity funding led by Andreessen Horowitz (a16z) and a $113 million credit facility from General Catalyst’s Customer Value Fund. Felix Pago primarily provides cross-border remittance services through WhatsApp and uses stablecoins and blockchain infrastructure for settlement. The company has processed more than $8 billion in remittances to date and plans to expand beyond money transfers into lending and savings products while developing an AI-powered financial assistant.

Original Author | Meng Yan
Compiled by | WuBlockchain
Original Link：
https://x.com/myanTokenGeek/status/2089903647035658655
Disclaimer: This article is republished content. Readers may refer to the original link for more information. If the author has any objections to the form of republication, please contact us, and we will make modifications as requested. This republication is for informational purposes only. It does not constitute investment advice or represent the views or position of WuBlockchain.
The full article is as follows:
The SEC has just released a key proposal, Regulation Crypto Assets. This is not a statement of principles, but a comprehensive set of specific rules intended to answer one question: How should a crypto project legally raise funds, grow from zero to one, and ultimately move beyond the scope of securities regulation?
I quickly reviewed the fact sheet published on the SEC’s website and summarized its main provisions, along with my comments, as follows:
I. Main Provisions of the Proposal
At the heart of the proposal are two exemptions and one safe harbor. First, the startup exemption allows projects to raise up to $5 million over a four-year period. Second, the fundraising exemption has two tiers: Tier 1 allows up to $20 million to be raised within 12 months, while Tier 2 allows up to $75 million within 12 months. Third, under the investment contract safe harbor, once a project satisfies the relevant conditions, the SEC will determine that its token no longer constitutes an investment contract, fully removing it from the scope of securities laws.
The rationale behind the startup exemption is clear: It gives project teams a regulatory grace period in which to complete the development work promised in their white papers. The conditions include a four-year term, one-time use, a $5 million cap, public principles-based narrative disclosures on the project’s website, and the filing of Form NOR with the SEC. This pathway does not require financial statements. It permits public offerings and sales to retail investors, and the tokens are not subject to resale restrictions. The issuer may be an individual or a team and does not even need to be a registered entity, making the exemption relatively friendly to early-stage development teams with limited resources.
The fundraising exemption draws on the Regulation A framework, with adjustments tailored to crypto assets. Issuers must file Form 1-CRYPTO through EDGAR and disclose their financial condition and financial statements. Tier 2 requires audited financial statements. In exchange, issuers receive higher fundraising limits but assume ongoing reporting obligations. The two exemptions are not mutually exclusive. A project may begin under the startup exemption and later use the fundraising exemption to scale up.
The safe harbor is the endpoint of the entire framework. Once a project has completed, or permanently abandoned, the core managerial efforts promised in its white paper, and no longer makes new promises, it may file Form TR together with a supporting analysis. The SEC will then recognize that the investment contract has been extinguished and that the token itself is no longer a security. The asset will have truly completed its transition from a fundraising instrument into a freely tradable commodity.
II. Why It Matters
To understand why this proposal deserves serious attention, it must be viewed against a longer timeline. Following the collapse of FTX in 2022, the crypto industry effectively lost its ability to incubate high-quality new assets. Nearly all assets currently near the top of the market capitalization rankings were created before 2022. Regulatory uncertainty effectively shut down compliant fundraising pathways in the United States, forcing new projects either to move offshore or abandon compliance altogether.
If an asset market fails to produce new assets for an extended period, its existing assets will also gradually lose vitality. Liquidity will dry up, narratives will become stale, and there will be no new destination for incremental capital. For a period after 2023, the crypto industry hoped to avoid the challenge of creating new assets by layering new use cases onto existing ones. However, the bear market that began in late 2025 and has continued to the present has already rejected that approach. If the crypto industry cannot create new assets that are more attractive and dynamic than stocks, even old-school crypto-native assets such as Bitcoin and Ethereum will gradually decline in relevance.
The CLARITY Act divides regulatory responsibilities at the market-structure level, while the SEC’s proposal provides specific pathways at the fundraising level. Together, they point toward the same objective: reopening the path for incubating new assets from zero to one.
III. Industry Background
There is also a more sobering backdrop. The entire crypto industry is undergoing an unprecedented filtering process, with a widespread expectation that more than 95% of projects will eventually go to zero. Meanwhile, real-world assets, or RWAs, have quietly become the primary driver of growth in onchain trading.
Behind this data lies an uncomfortable truth: The industry is acknowledging that its ability to create high-quality native assets has been exhausted and is instead attaching itself to traditional assets to build a leveraged spin-off market.
This should not be crypto’s destiny. Such a positioning fails to realize the technological and economic advantages that crypto and tokenomics are supposed to offer. Tokenization should not merely add an onchain wrapper to real-world assets. The industry must regain its ability to create native assets. This is why the proposal truly deserves attention: At the very least, it reopens that door at the institutional level.
If this pathway proves viable and the crypto industry regains its ability to create new assets, we can imagine many new ventures, including AI and robotics projects, launching through crypto-based models. They could establish solid foundations and create assets within a regulated framework. Once the fundamental quality of those assets has been validated, they could then be scaled through platforms such as Coinbase, Binance, and OKX. The industry as a whole would become more standardized and experience less fraud, although speculation would not necessarily decline.
IV. A Hypothetical Path for a Startup
Consider a startup called Xyz and the pathways it could follow if the proposal takes effect.
At stage zero, the team must publish principles-based, white paper-style disclosures on its website. This must be completed before any token distribution takes place.
Path one is the startup exemption. Xyz would file Form NOR, commit to completing the promised development work within four years, and raise no more than $5 million in total. Airdrops, staking rewards, and testing fees would all count toward this limit. No financial statements would be required. The company could conduct a public offering and sell to retail investors, while the tokens would not be subject to resale restrictions. This pathway could be used only once, and Form TR would have to be filed when the four-year period expires.
Path two is the fundraising exemption. If Xyz requires more substantial funding or wants to skip the seed stage and proceed directly to large-scale fundraising, it could file Form 1-CRYPTO and use either the $20 million Tier 1 limit or the $75 million Tier 2 limit. Tier 2 would require audited financial statements. Before launching the offering, the company could also “test the waters” to gauge investor interest. The two pathways could be used sequentially: Xyz could begin under the startup exemption and, after validating its product, use the fundraising exemption to scale up.
The endpoint is the safe harbor. Once Xyz has genuinely completed the promised development work, or has voluntarily and permanently abandoned its commitment to continue developing the project, it would file Form TR together with a supporting analysis. The SEC would then recognize that the investment contract had been extinguished. The token would become an ordinary non-security crypto asset, no longer subject to registration or ongoing reporting requirements. Secondary-market trading would also be exempt from state securities registration requirements under the definition of a qualified purchaser.
V. The Impact of the CLARITY Act
Finally, it is worth discussing the impact of the CLARITY Act. In early August, the CLARITY Act cleared a procedural vote on the motion to proceed, but the final floor vote was postponed until mid-September. Whether it will ultimately pass remains uncertain.
If the CLARITY Act passes, it will establish a CFTC-level spot-market regulatory framework for mature digital commodities, complementing the SEC’s proposal. The SEC’s rules would govern the process through which tokens move from initial fundraising to the point at which they cease to have securities characteristics. The CLARITY Act would govern how mature tokens trade on regulated venues. The two frameworks would operate as successive stages rather than overlap.
If the CLARITY Act remains stalled, projects could still rely on the SEC’s proposal to raise funds and enter the safe harbor. However, regulatory jurisdiction over secondary markets and trading venues would remain in a gray area.
Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish

Aster announced an update to ASTER tokenomics, extending the lockup period for 400 million ASTER tokens allocated to the team by 12 months. The first unlock has been postponed from September 17, 2026 to September 17, 2027. The allocation represents 5% of ASTER’s maximum supply and was originally scheduled to unlock at a rate of 10 million tokens per month starting this September. Aster said the change will not affect its existing buyback-and-burn mechanism, with team-allocated tokens remaining the priority source for corresponding reserve burns.