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On August 21, Alex Thorn, the head of Galaxy Research, stated that the U.S. Securities and Exchange Commission (SEC) proposed the Regulation Crypto Assets (Reg Crypto) on August 18. This is the first set of securities rules in the U.S. specifically designed for the issuance and sale of crypto assets, rather than simply applying traditional stock regulatory frameworks. The proposal could bring two significant changes to the U.S. crypto industry: first, it allows eligible token projects to issue tokens legally to the public, including non-accredited investors; second, it establishes a clear mechanism for formally terminating investment contracts related to tokens once certain conditions are met, thereby addressing the longstanding uncertainty regarding the securities status of many historical tokens. According to the proposal, Reg Crypto will apply to crypto assets that 'do not constitute securities themselves but were issued or sold as part of an investment contract.' The framework consists of four main phases: 1. Financing Phase: Two new categories of issuance exemptions are introduced, including a startup exemption allowing projects to raise up to $5 million over a maximum of four years; a larger exemption similar to Regulation A allows for raising between $20 million and $75 million within 12 months. 2. Disclosure Phase: Issuers must disclose information more relevant to crypto assets, such as token supply, unlocking plans, minting and burning mechanisms, governance rights, smart contract information, source code, and project development progress. 3. Construction Phase: Project teams must complete the core construction work promised to investors within a specified timeframe. 4. Exit Phase: When a project fulfills or ceases its construction obligations and submits a transition report, investment contracts related to the tokens can be deemed terminated, and the tokens will no longer be subject to securities regulation under that investment contract. Alex Thorn believes that the significance of Reg Crypto lies in its establishment of a 'token lifecycle' regulatory framework, where tokens may initially constitute investment contracts due to project commitments but can have their securities status ended through a clear process as the project matures. However, the rule is still in the proposal stage and faces challenges from regulatory changes, state regulatory agencies, and congressional legislation. If ultimately approved, Reg Crypto could usher in a 'legal version of ICO 2.0' in the U.S., establishing a new regulatory foundation for project financing, token circulation, and investor protection.

On August 21, Alex Thorn, head of Galaxy Research, stated that the U.S. Securities and Exchange Commission (SEC) proposed the Regulation Crypto Assets (Reg Crypto) on August 18. This is the first set of securities rules specifically designed for the issuance and sale of crypto assets in the U.S., rather than simply applying traditional stock regulatory frameworks. The proposal could bring two significant changes to the U.S. crypto industry: first, it would allow eligible token projects to issue tokens legally to the public, including non-accredited investors; second, it would establish a clear mechanism for formally terminating investment contracts related to tokens once certain conditions are met, addressing the long-standing uncertainty regarding the securities status of many historical tokens. According to the proposal, Reg Crypto will apply to crypto assets that 'are not securities themselves but were issued or sold as part of an investment contract.' The framework consists of four main phases: Financing Phase: Two new categories of issuance exemptions are introduced, including a startup exemption allowing projects to raise up to $5 million over a maximum of four years; a larger exemption similar to Regulation A allows for raising between $20 million and $75 million within 12 months. Disclosure Phase: Issuers must disclose information more relevant to crypto assets, such as token supply, unlocking plans, minting and burning mechanisms, governance rights, smart contract information, source code, and project development progress. Construction Phase: Project teams must complete core construction work promised to investors within a specified timeframe. Exit Phase: Once the project completes or ceases related construction obligations and submits a transition report, investment contracts related to the tokens can be deemed terminated, and the tokens will no longer be subject to the securities regulatory constraints of that investment contract. Alex Thorn believes that the significance of Reg Crypto lies in its establishment of a 'token lifecycle' regulatory framework, where tokens may initially constitute investment contracts due to project construction commitments, but as the project matures, the securities status can be conclusively ended through a clear process. However, the rule is still in the proposal stage, and its final implementation faces regulatory changes, challenges from state regulators, and Congressional legislative impacts. If ultimately approved, Reg Crypto could usher in a 'legal version of ICO 2.0' in the U.S., establishing a new regulatory foundation for project financing, token circulation, and investor protection.

On August 21, Ken Griffin, founder and CEO of Citadel, issued an investor letter regarding the AI fund Situational Awareness. Griffin stated that over 80% of the original portfolio risk of Situational Awareness, with a total market value exceeding $4 billion, has been unwound through nearly 100 large trades, quickly exiting most vega risk. In a letter to clients on Friday, Griffin wrote, "Such a large-scale transaction would not have been possible without the collaboration of the trading and prime brokerage teams serving both companies. I am very grateful for their focused efforts to swiftly complete the portfolio transfer." Griffin also confirmed that the company's flagship multi-strategy Wellington fund had a return of 5.94% in July, which CNBC previously reported as the fund's best monthly performance since 2022.