Analysis: $7 Trillion Money Market Fund Reserves Could Fuel Next Crypto Market Rally

September 9th. As per CoinDesk, President Trump's new cryptocurrency advisor, Patrick Witt, declared that he is assuming the role from his predecessor Bo Hines. He urged legislators to formulate a comprehensive U.S. cryptocurrency policy and urged regulators to enforce the new stablecoin legislation. Witt stated, "There will be no void here." He just took office the previous month, only two weeks after the U.S. government released a comprehensive strategic report on U.S. crypto policy. "We will make every effort in the legislative and cross-agency actions recommended in the report to maintain high-intensity progress." He mentioned that his top three priorities are: advancing market structure legislation in the Senate; promptly implementing the stablecoin legislation named the Stablecoin National Innovation Act to guide and establish U.S. stablecoin; and establishing a Federal Cryptocurrency Reserve.

On September 9th - It was disclosed that the stablecoin issuer Figure intends to expand its IPO size. The number of shares will increase from 26 million to 31.5 million. Additionally, the IPO price range has been lifted from $18-20 to $20-22.

On September 9th, Bloomberg ETF analyst Eric Balchunas posted on social media, indicating that the Rex-Osprey DOGE Spot ETF (with the code name DOJE) is anticipated to commence on Thursday. However, it will be issued in accordance with the Investment Company Act of 1940, similar to SSK. Additionally, there is a significant number of projects adhering to the Securities Act of 1933 that are still awaiting approval from the U.S. Securities and Exchange Commission (SEC). This is highly likely to be the first intentionally assetless ETF in the history of the United States.

On September 9th, according to official channels, SharpLink has initiated the implementation of a $1.5 billion share repurchase plan and is repurchasing around 1 million SBET shares. SharpLink declared that they hold the view that their stock is greatly undervalued. By purchasing shares when the Net Asset Value (NAV) is below 1, they will promptly enhance returns and bring a compounding effect to the long-term value of shareholders.

On September 9th, Noah Holdings (00376.HK) announced that it had obtained approval from the Hong Kong Securities and Futures Commission. This approval enables it to upgrade its existing Type 1 (Securities Trading) regulated activity license. With this upgrade, Noah Holdings is now allowed to offer virtual asset trading services. The approval is based on the arrangement of opening a comprehensive account on a licensed platform of the Securities and Futures Commission.

On September 9th, the CEO of OKX, Star, posted on social media, indicating that the original intention of OKX Boost is to identify high-quality projects and motivate real users to engage in genuine trading. OKX does not endorse any form of cheating behavior. Given the uncertainty of the reward amount in each period, users are advised to participate rationally and pay attention to risk management.