[Bitpush Daily News Selection] The Wall Street Journal: US SEC and FINRA have launched investigations into abnormal trading of "crypto concept stocks"; Citi raises stablecoin forecast: market size could reach $4 trillion by 2030, but bank tokens have greater potential; Bitwise files S-1 for its Hyperliquid ETF; Andrew Kang: has bought a large amount of short-term ETH put options

Bitpush editors' daily selection of Web3 news:

[The Wall Street Journal: US SEC and Financial Regulatory Authority have launched a review into abnormal trading of "crypto concept stocks"]

According to Bitpush, The Wall Street Journal reported that, according to sources, the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) are reviewing abnormal trading activities of more than 200 listed companies that have announced cryptocurrency investment as a core strategy. Regulators have contacted some companies, questioning the unusually high trading volumes and stock price fluctuations prior to their strategic announcements.

Regulators pointed out that the SEC is focusing on whether these companies violated the Fair Disclosure Regulation, that is, whether there was selective disclosure of significant non-public information to specific investors. Legal experts say such inquiries are often a precursor to insider trading investigations, but it is unclear whether this will develop into formal enforcement action.

This review involves all listed companies that announced the allocation of crypto assets this year. The regulators aim to investigate possible information leaks and improper trading activities before the announcements.

[Citi raises stablecoin forecast: scale may reach 4 trillion USD by 2030, but bank tokens have greater potential]

According to Bitpush, Citi Bank released its latest report, raising its forecast for global stablecoin issuance by 2030 to 1.9 trillion USD in the baseline scenario and up to 4 trillion USD in a bull market scenario. The report points out that stablecoins could support up to 200 trillion USD in annual transaction volume.

However, the report predicts that due to enterprises' demand for regulatory protection, the transaction volume of bank tokens (such as tokenized deposits) may eventually surpass that of stablecoins, with transaction amounts expected to exceed 100 trillion USD by 2030. Citi believes that stablecoins, bank tokens, and central bank digital currencies (CBDC) will coexist and jointly reshape financial infrastructure.

[Bitwise submits S-1 filing for its Hyperliquid ETF]

According to Bitpush, Bitwise has submitted an S-1 filing for its Hyperliquid ETF.

[Andrew Kang: Has bought a large number of short-term bearish ETH options]

According to Bitpush, Mechanism Capital partner Andrew Kang tweeted that he has bought a large number of short-term bearish ETH options. Each contract cost $15, and if ETH falls to the $3,000 range, he will gain $400-1,000.

Previously reported, Andrew Kang cited his article criticizing Tom Lee yesterday, stating, "Ethereum is Luna 2.0." In the article, Andrew Kang bluntly said Tom Lee's theory about ETH "sounds idiotic," and refuted it with five main points, causing a stir in the industry, namely:

The popularization of stablecoins and RWA will not bring the expected returns;

The analogy of Ethereum as "digital oil" is inaccurate;

Institutions buying and staking ETH? Pure fantasy;

ETH is equivalent to the total value of all financial infrastructure companies? Absolutely absurd;

Technical analysis shows ETH is still in a multi-year sideways range, and the most recent rally was ruthlessly beaten back after touching the upper bound.

[All living former Federal Reserve chairs sign an opinion urging the Supreme Court to protect the Fed's independence]

According to Bitpush, citing Golden Ten Data, the main economic policymakers of the past 35 years in the United States, including all living former Federal Reserve chairs, have urged the Supreme Court to allow Fed Governor Cook to continue in office. The amicus brief warns that allowing her to be dismissed while her legal challenge is ongoing would mark a destructive erosion of the safeguards Congress established 90 years ago to ensure the independence of the executive branch. The signatories cited research showing that central banks can reduce inflation and lower long-term interest rates when setting rates without considering short-term political factors.

This brief was signed by former Fed chairs Greenspan, Bernanke, and Yellen. The 18 signatories also include presidential advisers from both Republican and Democratic administrations, as well as leading economists from different ideological backgrounds: former Treasury Secretaries Robert Rubin and Lawrence Summers, former Council of Economic Advisers chairs Glenn Hubbard and Greg Mankiw, among others.

[Canadian anti-money laundering agency fines KuCoin's parent company approximately $14.09 million]

According to Bitpush, citing Reuters, Canada's anti-money laundering agency said on Thursday that it had fined cryptocurrency exchange KuCoin's operator Peken Global Limited 19.6 million Canadian dollars ($14.09 million).

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Seychelles-based Peken Global was not registered as a foreign money services business, failed to report large virtual currency transactions of 10,000 Canadian dollars or more, and did not submit suspicious transaction reports, all of which are requirements for all financial institutions. This is the largest fine ever imposed by FINTRAC.

[Chow Tai Fook Enterprises Group Co-CEO: The board currently has no plans to develop digital currency or stablecoins, Shanghe Development is Adrian Cheng's personal investment]

According to Bitpush, citing Aastocks, Adrian Cheng, who resigned as CEO of New World Development last September, recently announced the establishment of a new company "Shanghe Development" to expand into the digital and virtual asset sector. His brother, Chow Tai Fook Enterprises Executive Director and Group Co-CEO Kent Cheng, stated at a post-results press conference that "Shanghe Development is Adrian Cheng's personal investment," and clarified that the Chow Tai Fook Enterprises board has no plans to develop digital currency or stablecoins.