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October 15 news, according to 4E observation, the recent sharp decline in the crypto market has exposed structural issues in exchange liquidation and risk control. Some platforms profited during extreme market conditions, while others lost hundreds of millions of dollars. Industry reports point out that automated liquidation systems designed to provide liquidity have instead amplified market chaos during violent fluctuations, prompting institutions to re-examine risk management. 10x Research noted that the industry is exploring whether to adopt traditional finance's "Circuit Breakers" to limit extreme volatility. If implemented, this mechanism could permanently change the volatility structure and profit logic of the crypto market. The report recalls that a similar systemic reflection last occurred after Elon Musk announced in 2021 that Tesla would stop accepting bitcoin payments. On the macro side, Federal Reserve Chairman Powell warned in a speech early this morning that the U.S. labor market is cooling, hinting at support for another 25 basis point rate cut. He pointed out, "The downside risk to employment has increased," and even if official data is delayed due to a government shutdown, the Fed's internal research is sufficient to support a rate cut decision. As a result, the yield on 30-year U.S. Treasury bonds fell to 4.60%, hitting a new low since April.In addition, Republican Congressman Troy Downing has proposed the "Retirement Investment Choice Act," which aims to include cryptocurrencies and private equity in the investment scope of 401(k) retirement plans. This means that the executive order from the Trump era is expected to be formally legislated, paving the way for crypto assets to further integrate into mainstream investment channels.4E reminds investors: If the "Circuit Breakers" mechanism is officially introduced, it will mark a key step for the crypto market towards institutionalization and risk control. However, short-term liquidity and volatility structures may undergo drastic changes, so close attention should be paid to the chain reactions of market system reforms.