Top Stories

U.S. House of Representatives Aims to Advance Cryptocurrency Tax Legislation Covering Stablecoins, Staking, and Mining

The U.S. House Committee on Ways and Means will hold a cryptocurrency taxation hearing, with seven draft bills already leaked. The proposals aim to provide clearer rules on stablecoins, staking, mining, and tax relief for small-value transactions. Drafts include exempting capital gains taxes on stablecoin transactions under $200 and crypto earnings under $300, while explicitly stating that digital asset lending does not constitute a taxable event. (The Block)

Iran’s Strait Passage Fees Drop Significantly

According to the UK's Lloyd’s List, some vessels passing through the Strait of Hormuz must now pay tens of thousands of dollars for Iranian passage permits. The fee has dropped dramatically from initial war-time rates of $1–2 million per vessel, with current maximum fees at $120,000 for bulk carriers and $160,000 for tankers—rates vary based on vessel type, cargo, and shipowner nationality. (Xinhua News Agency)

Glassnode Co-Founder: Bitcoin’s Bottom Zone Already Visible, High-Probability Bottom Likely Between $46K–$54K

Glassnode co-founder Rafael notes that Bitcoin’s current price around $62,000 has declined nearly 50% from its all-time high, entering a historical valuation cluster zone where prior cycles saw bottoms emerge. He estimates the high-probability bottom range to be between $46,000 and $54,000, with the $35,000–$40,000 range representing a rare "sell-off tail." Notably, this correction is approximately 50%, significantly less than previous cycles’ 77–85%, suggesting the high-probability bottom is more likely located in the upper end of the range.

Industry News

U.S. Central Command Denies Damage to Fifth Fleet Headquarters, Claims Intercepted Iranian Missiles and Drones

The U.S. Central Command stated there are no reports of American personnel injuries and dismissed Iran’s claim of damaging the Fifth Fleet headquarters in Bahrain as false. The command also announced successful interception of missiles and drones launched by Iran. (Jinshi News)

South Korea’s Finance Minister Chairs Emergency Meeting, Warns of Strict Crackdown on Forex Market Speculation

South Korea’s Minister of Finance chaired an emergency market assessment meeting, stating the government would not tolerate herd behavior in foreign exchange markets. Regulatory agencies will conduct targeted reviews, impose strict penalties on speculative activities targeting the Korean won, and investigate any illicit forex transactions by importers and exporters. (Jinshi News)

Insiders: U.S. Government Considering Equity Stake in AI Firms

Three informed sources revealed that senior U.S. government officials have begun preliminary discussions with major AI companies about potential government equity participation. OpenAI CEO Altman has regularly discussed this concept with government officials since Trump’s second term, positioning it as a mechanism to distribute AI economic benefits to the public. The focus centers on “voluntary transfer of shares to the government,” though specific details remain undetermined. (CCTV News)

State Council: Strictly Prohibits Private Equity Funds from Engaging in Illegal Lending, “Debt-Like Equity” Practices

The General Office of the State Council issued guidance clarifying a strict prohibition against private equity funds engaging in illegal lending, “debt-like equity,” and similar practices due to inadequate supervision and institutional shortcomings in the industry. It calls for revisions to the Securities Investment Fund Law and aims to comprehensively establish a private equity fund regulatory framework centered on administrative oversight with supplementary self-regulation.

Project Updates

ZEC Surges Past 430 USDT, Rises 22.31% in 24H

OKX data shows ZEC breaking above 430 USDT, currently trading at 431.7 USDT, up 22.31% over the past 24 hours.

Dragonfly Partner: Market Overinterprets Zcash Vulnerability Incident; Most Holders Unaffected

Dragonfly Managing Partner Haseeb stated that the market has misinterpreted the Zcash vulnerability incident. He clarified that even if attackers exploit the flaw, they can only forge ZEC within the privacy pool. To enter mainstream exchanges, these tokens must first be transferred to transparent addresses, where any abnormal outflows exceeding the total supply cap will be detected and blocked. As such, the vast majority of holders of transparent ZEC remain unaffected. He confirmed Dragonfly continues to hold ZEC.

Voices from the Field

Trump: No Immediate Plan to Withdraw U.S. Troops from the Middle East

Trump stated that despite Iran’s severely weakened defensive and offensive capabilities, fragile ceasefires frequently violated, there are currently no plans to withdraw U.S. troops from the Middle East. He noted Iran retains only about 21%–22% of its pre-war missile stockpile, and emphasized that maintaining troops locally “costs very little” while enabling leverage in negotiations. (Jinshi News)

Trump: No Justification for Fed to Raise Interest Rates

Trump said the Federal Reserve has no reason to raise interest rates. (Jinshi News)

Trader Eugene: Temporarily Exiting Crypto Markets, Sees No Attractive Opportunities

Renowned trader Eugene announced his exit from cryptocurrency trading, shifting focus to equities, which he believes offer greater potential. He expressed caution toward Strategy (MSTR), suggesting recent BTC sell-offs may merely mark the beginning of deeper issues. He remains hesitant to re-enter before a clear disconnection between BTC and MSTR occurs, and currently holds off on bottom-fishing, maintaining a wait-and-see stance on short-term market bottoms.