📊 ​​【Important Updates Overview on the Evening of September 19 | Encryption Voyager Flying Fish】​​

12:00-21:00 Keywords: Scroll DAO, Federal Reserve, Bank of Italy, European Union, stablecoin, ETF
🤖 1. Scroll DAO will pause its daily operations, but retain veto power. The decentralized autonomous organization (DAO) of the Ethereum Layer 2 network Scroll has announced a significant governance adjustment: it will pause its daily operations, but the core team will retain veto power over community proposals.
Background and Interpretation: This action usually occurs in the early stages of a project when community voting participation is insufficient to safely manage the large treasury funds. Retaining veto power is a security measure designed to prevent potential attacks or malicious proposals from depleting treasury assets. It reflects the project's pursuit of balance between "decentralized ideals" and "operational security in reality."
Impact: In the short term, the development direction and funding use of the Scroll ecosystem may rely more on the decisions of the core team. Community investors need to pay attention to its future governance restart plan and the process of decentralization.
📉 2. Federal Reserve's Kashkari: It is appropriate to cut interest rates twice more this year. Minneapolis Fed President Neel Kashkari made clear dovish remarks. He supports the Federal Reserve's rate cut decision in September and believes that it is appropriate to cut rates by 25 basis points each (a total of 50 basis points) at the remaining two meetings in 2025, bringing the year-end rate range down to 3.50%-3.75%.
Reason: Kashkari pointed out that the main reason for his shift in stance is the increasing risk of a "significant and rapid" weakening of the labor market (the unemployment rate rose to 4.3% in August), which has surpassed concerns over inflation. He believes that, at the announced tariff levels, the inflation rate "will find it difficult to rise above 3%."
Internal Divisions Exist: It is noteworthy that there are significant divisions within the Federal Reserve on this matter. Kashkari's view is supported by eight other officials, but there are also eight officials who believe that only one more rate cut is necessary this year, or even that no further cuts are needed, indicating that the Federal Reserve is struggling to balance its two major tasks of "supporting employment" and "curbing inflation."
🏛️ III. The Bank of Italy Calls for Clear Regulatory Rules for Multi-Issuer Stablecoins
The Governor of the Bank of Italy published a report calling on EU regulators to clarify the regulatory framework for "multi-issuer" stablecoins.
Core Demand: The report indicates that the current EU regulation on the cryptocurrency asset market (MiCA) has preliminary provisions for stablecoins issued by a single entity (such as USDT, USDC), but there is a regulatory gap for stablecoin models issued and managed by multiple institutions.
Purpose: This move aims to ensure that all stablecoins, regardless of their issuance model, can operate within a clear regulatory framework to maintain financial stability and protect consumer rights.
⚠️ 4. President of the European Commission: Restrictive measures will target encryption currency platforms The President of the European Commission stated in a speech that as part of the EU's broader security and defense policy, "restrictive measures" may be used in the future to target certain encryption currency platforms.
Background and Interpretation: This suggests that the EU may incorporate cryptocurrency trading platforms into its financial sanction system. In the future, if platforms are accused of providing trading or money laundering channels for sanctioned entities (such as specific countries, organizations, or individuals), they may face severe measures from the EU, such as asset freezes and transaction bans.
Impact: This brings higher compliance and scrutiny pressures for cryptocurrency exchanges and DeFi protocols operating in the European Union, which need to enhance due diligence to avoid violating the EU's sanctions regulations.
💹 Five, the supply of stablecoins in the Ethereum ecosystem has reached $166 billion, setting a new historical high. Data shows that the total supply of stablecoins anchored on the Ethereum mainnet and Layer 2 networks has exceeded $166 billion, setting a new historical record.
Meaning: Stablecoins are the liquidity cornerstone of the DeFi ecosystem. This data indicates:
Massive capital inflow: A large amount of capital is flooding into the Ethereum ecosystem, seeking DeFi returns or acting as a medium of exchange.
Indicators of ecological prosperity: A high supply of stablecoins is a leading indicator of active on-chain economic activities, strong demand for lending, and trading.
Competitive Advantage: Solidified Ethereum's dominant position as the main issuance and circulation layer for global stablecoins.
📈 6. Grayscale CoinDesk Crypto 5 ETF Listed on NYSE Arca The "Grayscale CoinDesk Crypto 5 ETF" (Ticker: GDLC), jointly launched by Grayscale and CoinDesk, has officially been listed for trading on NYSE Arca.
Product connotation: This fund is a renamed version of the Grayscale Digital Large Cap Fund (GDLC), no longer a simple Bitcoin spot ETF, but instead tracks an index provided by CoinDesk and invests in a basket of encryption assets.
Industry Signal: This move marks the evolution of ETFs from single Bitcoin and Ethereum products to diversified encryption asset allocation products, providing traditional investors with a more convenient one-stop allocation tool, and reflecting the increasing acceptance of the encryption asset class by mainstream financial institutions.
💡 Evening summary: The evening dynamics intertwined governance exploration, macro policies, regulatory tightening, and market innovation.
Governance and Regulation: From the operational adjustments of Scroll DAO to the firm statements from the Bank of Italy and the European Commission, it indicates that the entire industry is still exploring the balance between decentralized governance and real-world regulatory constraints, with compliance costs and requirements continuously increasing.
Macroeconomic Good News: The dovish remarks from Federal Reserve officials have strengthened the market's expectations for an easing cycle, and liquidity benefits remain the core narrative supporting the medium to long-term performance of risk assets such as encryption currencies.
Market Development: The record high supply of Ethereum stablecoins and the launch of diversified ETFs demonstrate the maturity of the cryptocurrency market infrastructure and the continuous improvement of product structure.
#Scroll # Federal Reserve #降息 # Bank of Italy #欧盟 # stablecoin #ETF # encryption currency
(The above content is for reference only and does not constitute any investment advice.)