[Comparative Daily News Picks] Trump calls on Congress to pass stablecoin legislation; NYSE Arca applies to the US SEC to add a pledge function to the Bitwise Ethereum ETF; US SEC: PoW mining does not constitute a securities issuance

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[Trump calls on Congress to pass stablecoin legislation]

Comparing news, US President Trump called on Congress to pass stablecoin legislation at the New York Digital Asset Summit. He also said, “America is already ahead in the field of cryptocurrency and next-generation fintech. We're ending the last government's regulatory war on cryptocurrencies and bitcoin.”

【NYSE ArcaMukaemiSECThe application isBitwiseEthereumETF adds pledge function]

According to news, NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted proposed rule changes (19b-4 application) to the US Securities and Exchange Commission (SEC) to amend the Bitwise Ethereum ETF to allow staking of Ethereum held by trusts. The SEC issued this notice to solicit opinions from interested parties on the proposed rule changes.

[US SEC: PoW mining does not constitute securities issuance]

Comparatively, the US Securities and Exchange Commission (SEC) issued a statement on March 20 that cryptocurrency mining activities based on the Proof of Work (PoW) mechanism do not constitute securities issuance, so there is no need to register in accordance with the Securities Act. The statement pointed out that whether miners mine independently or through mining pools, the rewards they receive are direct returns for contributing to their computing resources, not based on other people's management or operating profits, so they do not meet the definition of an “investment contract.” The SEC emphasized that the certification only applies to specific types of mining activities, and other transactions involving crypto assets still require case analysis.

【Pump.fun[Launch of a DEX called PumpSwap, which can instantly migrate graduation tokens]

Comparative news, based onSolanaPump.fun, the meme coin publishing platform, has launched a native decentralized exchange (DEX) called PumpSwap. After completing its binding curve, Pump.fun's tokens will be transferred directly to PumpSwap, apparently skipping the step of migrating to Solana-based decentralized exchange and automated market maker (AMM) Raydium.

[“New Debt King” Gunlak: The probability that the US economy will fall into recession is higher than 50%]

Comparing news, “New Debt King” Gunlak said in an interview that he believes the possibility of the US economy falling into recession is between 50% and 60%, which is far higher than most people's expectations. Gunlak said tariffs are likely to cause inflation. Gunlak said it's hard to imagine how the inflation rate could stabilize at the Federal Reserve's target level of 2%.

[Bernstein lowered the target prices of a number of listed Bitcoin mining companies and kept the target price of $200,000 for BTC unchanged at the end of the year]

Comparing news, brokerage firm Bernstein lowered the target prices of a number of listed Bitcoin mining companies, including IREN,CleanSpark和RiotPlatforms because the shares of these companies have performed far less than BTC so far this year. Analyst Gautam Chhugani explained that Bitcoin mining companies experienced painful adjustments this year, falling 20-40%, while Bitcoin fell 10%. Overall, the price trend of listed mining companies was disappointing. There was no significant increase in the fourth quarter of last year, and the performance so far this year is worse than Bitcoin's adjustment.

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