Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

According to market data from BIT (Bit.com), the three major US stock indices closed lower across the board: the Dow Jones Industrial Average fell 0.22%, the S&P 500 dropped 0.69%, and the Nasdaq Composite declined 1.32%. SanDisk slid 9.01%, Apple rose 1.49%, Microsoft gained 0.23%, Google edged down 0.02%, Amazon dropped 0.70%, Tesla declined 0.72%, Nvidia fell 2.36%, and Meta Platforms slid 4.47%. For crypto-related stocks, COIN (Coinbase) declined 2.74% on the day, while HOOD (Robinhood) fell 4.69% intraday.

The U.S. Securities and Exchange Commission (SEC) has proposed a new regulatory framework dubbed "Regulation Crypto Assets," designed to offer a more flexible compliance path for digital asset financing—balancing investor protection with lower regulatory hurdles for certain crypto projects. SEC Chairman Paul Atkins described the rule as a "custom-tailored issuance mechanism" aimed at supporting crypto innovation within the securities law framework and modernizing the regulatory system for the digital asset market. Per the proposal, the SEC plans to roll out a "Startup Exemption," allowing digital asset issuance projects with financing of up to $5 million to be exempt from registration requirements under the 1933 Securities Act for four years; it will also introduce a "Fundraising Exemption," enabling issuances of up to $75 million to qualify for exemption for one year. Additionally, the framework includes a safe harbor mechanism: if a digital asset meets relevant criteria and the project team "ceases ongoing managerial efforts," the asset may no longer be classified as a security going forward. The proposal arrives as the U.S. Congress’s CLARITY Act—legislation focused on the structure of the digital asset market—has stalled. The SEC noted that the framework will align with digital asset regulatory guidance previously issued by the SEC and the Commodity Futures Trading Commission (CFTC). SEC Commissioner Hester Peirce stated that the proposal is only the first step toward a "clear, reasonable, and enforceable" crypto regulatory framework, with a 60-day public comment period.

According to The Wall Street Journal, OpenAI told investors its second-quarter revenue rose 18% quarter-over-quarter, but losses widened—a result that disappointed some shareholders who had hoped the startup would make more progress to catch up with rival Anthropic. Per people familiar with the matter, the company’s revenue reached $6.7 billion in the three months ending June 30, compared to $5.7 billion in the first quarter. Meanwhile, its operating margin declined further, making the prospect of achieving profitability even more elusive ahead of the company’s highly anticipated IPO.

Unitree Technology listed on the Shanghai Stock Exchange STAR Market today. It issued a total of 40.4464 million shares, with an IPO initial offering price of 150.80 yuan per share and an IPO price-to-earnings ratio of 219.23 times.

According to monitoring by OnchainLens, Multicoin Capital has transferred 172,710 HYPE tokens to Coinbase Prime, with the transfer valued at approximately $10.15 million. The firm currently holds around 2.16 million HYPE tokens, worth roughly $126.63 million.

Telegram founder Pavel Durov announced in a post on his personal channel that the messaging app has applied for the .gram domain suffix. If the application is approved by the Internet Corporation for Assigned Names and Numbers (ICANN), Telegram’s roughly 1 billion users will be able to get their own second-level domains. Durov cited examples: Telegram usernames like @durov would map to durov.gram, while @monk would correspond to monk.gram. Users can also input a command to host and create interactive websites on Telegram.