Jensen Huang: AI companies warning of "doom" may have ulterior motives; instead of more regulation, we only need to enforce existing laws.

The U.S. Securities and Exchange Commission (SEC) is proposing to relax internal control audit requirements under the Sarbanes-Oxley Act, a move that could cost U.S. accounting firms over $4 billion annually in related fees. According to the SEC’s May proposal, public companies with a public float market capitalization below $2 billion will no longer need an auditor’s attestation on internal financial controls—up from the current $700 million threshold. Additionally, newly listed companies, regardless of size, will be exempt from this requirement for their first five years post-IPO. The SEC estimates the change will exempt roughly 1,700 companies, or 27% of all listed firms, from auditor attestation. A prior U.S. Government Accountability Office analysis found that after companies meet the current threshold and begin undergoing auditor internal control attestation, median audit fees rise by approximately 13%. Data from Ideagen Audit Analytics shows that companies potentially eligible for the exemption paid around $3.8 billion in audit fees last year, translating to an estimated $4.3 billion in related revenue for accounting firms. The Big Four accounting firms—EY, Deloitte, PwC, and KPMG—have all opposed the relaxed rules, arguing that even if independent attestation is scrapped, some internal control tests will still be required in regular audits, meaning actual cost savings for companies may be lower than expected. Investor groups have also raised concerns about the full five-year exemption for newly listed firms. SEC Chair Paul Atkins is advancing a series of deregulatory measures, including cuts to quarterly reporting requirements, and positions these reforms as part of efforts to reduce listing costs and encourage more companies to go public via IPOs.

Galaxy Research Head Alex Thorn wrote in a post that Bitcoin's weekly closing price has reclaimed its 50-week moving average (50W MA) for the first time in 45 weeks. Thorn noted that historically, Bitcoin reclaiming the 50W MA is often regarded as a key confirmation signal that a bear market bottom has formed. Currently, BTC has risen approximately 29% over the past 35 days.

According to HTX market data, Ethereum briefly broke through $2,700 and has now pulled back to $2,694, with a 24-hour increase of 2.49%.

U.S. retail diesel prices have for the first time topped $6.50 per gallon, extending a war-driven rally that has rippled across multiple sectors of the economy. Data from the American Automobile Association (AAA) shows that as of local time Saturday, the national average diesel price rose to $6.505 per gallon, just under 10 days after the last time it broke the $6 threshold. Since September, U.S. diesel price increases have accelerated significantly; so far this month, prices have risen by more than 87 cents, climbing almost daily and far exceeding the peak set in 2022. (Jinshi)

As Ethereum approaches $2,700, Bitmine — the world’s largest Ethereum treasury firm — has narrowed the unrealized loss on its total ETH holdings to $2.71 billion, after the loss had once swelled to $10 billion. Bitmine currently holds 5,956,378 ETH, with an average cost basis of roughly $3,340 per token. Additionally, its staked Ethereum positions remain at 5,067,309 ETH, accounting for 85% of its total holdings and valued at approximately $12.7 billion, with current annualized staking rewards of around $334 million.

According to Bitget market data, US and Brent crude oil opened over 1% higher on Monday before trending lower. WTI crude oil fell more than 1.00% on the day, currently trading at $94.31 per barrel, while Brent crude oil pulled back below $99 per barrel, down 0.70% on the day.