<div id="readability-page-1"><div><div><h2>Headline</h2>▌CFTC Chairman Michael Selig Launches Future Proof Program to Upgrade Crypto RegulationMichael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency is developing a new roadmap and announced the launch of a new program called &#34;Future Proof,&#34; aimed at modernizing the way digital assets are regulated. Selig stated that derivatives regulators need to upgrade and plans to conduct a broad review of existing rules, aiming to adopt the minimum effective dose of regulation he describes. Selig pointed out that decades-old rules designed for agricultural futures contracts are not suitable for emerging products or trading venues, and just as U.S. businesses modernize the traditional financial system by leveraging new technologies, the CFTC must upgrade its approach to unleash innovation. Selig, appointed by Trump and sworn in last month, stated that if Congress passes legislation on digital asset market structures, the CFTC will assume broad new responsibilities and ensure that these markets thrive domestically through a tailored regulatory framework, maintaining the U.S. market's leading position. Currently, lawmakers are debating a bill to expand the CFTC's jurisdiction over the digital asset industry. Trump Media Technology Group announced that the registration date for its recently announced digital token program is February 2, 2026. Following the record date, Trump Media will partner with Crypto.com to mint digital tokens, showcase them on the blockchain, and hold these digital assets in custody before distribution. Further details regarding the specific process for allocating and distributing the tokens to eligible shareholders on February 2 will be released later. In addition, Trump Media Technology Group expects to regularly offer various rewards to shareholders on the record date throughout the year, potentially including offers or discounts related to Trump Media products such as Truth Social, Truth+, and Truth Predict. As of press time, according to CoinGecko data: BTC price is $88,263.04, a 24-hour change of -4.6%; ETH price is $2,943.36, a 24-hour change of -7.6%; BNB price is $885.61, a 24-hour change of -4.1%. The price of SOL is $126.03, a 24-hour change of -5.5%; the price of DOGE is $0.1233, a 24-hour change of -4.5%; the price of XRP is $1.89, a 24-hour change of -5.2%; and the price of TRX is $0.2972, a 24-hour change of -4.8%. WLFI price is $0.1607, 24-hour change -2.6%; HYPE price is $21.16, 24-hour change -10.7%. Policy: ▌CFTC Chairman: Congress &#34;Close to Passing the Digital Asset Market Clarity Act&#34; The chairman of the U.S. Commodity Futures Trading Commission (CFTC) stated that the U.S. Congress is at a critical juncture in passing the Digital Asset Market Clarity Act. The bill aims to clarify the regulatory boundaries of the digital asset market and ensure its healthy development within the United States through a &#34;tailor-made regulatory framework.&#34; U.S. Treasury Secretary Bessenter reiterated Trump's goal: to build a world-leading crypto regulatory system and advance a strategic Bitcoin reserve. During the World Economic Forum in Davos, Switzerland, U.S. Treasury Secretary Bessenter stated that the Trump administration is committed to establishing a &#34;world-class&#34; regulatory environment for digital assets to stimulate innovation and reiterated the goal of advancing a U.S. strategic Bitcoin reserve. Bessenter pointed out that Trump signed an executive order in March 2025 designating government-held Bitcoin as a strategic asset, initially derived from criminal or civil asset forfeitures, and explicitly stipulating that Bitcoin in the reserve cannot be sold, and will be gradually expanded through a &#34;budget-neutral&#34; approach. He also emphasized that the U.S. has stopped selling forfeited Bitcoin and will include newly forfeited assets in its digital asset reserve in the future. At the legislative level, Bessant stated that Washington is pushing for comprehensive regulatory legislation for the crypto industry, with Trump hoping to &#34;bring digital assets and innovation back to the United States.&#34; However, the relevant market structure bill has recently encountered obstacles in the Senate due to disagreements over the handling of stablecoin yields and Coinbase withdrawing its support. The Hong Kong Securities and Futures Professionals Association (HKSFPA) objected to proposed digital asset management regulations in a submission to regulators on Tuesday, warning that these changes could prevent traditional asset management institutions from entering the cryptocurrency market. The association's main objection is the regulator's plan to remove the &#34;de minimis&#34; threshold for existing Type 9 licensed managers. Under the current framework, companies holding Type 9 licenses—covering discretionary portfolio management and asset management—can invest less than 10% of their total asset value in crypto assets without requiring an additional license upgrade, provided they notify the regulators (according to a report by local law firm Jun He LLP). The HKSFPA stated that the proposed changes would eliminate this threshold, requiring even very small investments (such as a 1% allocation to Bitcoin) to require a full virtual asset management license. The industry group pointed out that &#34;this 'all or nothing' approach is disproportionate,&#34; and stated that this move would significantly increase compliance costs, despite limited risk exposure, while also hindering traditional managers from venturing into the crypto asset class. This industry opposition focuses on the already gaining momentum of the regulatory framework. In December of last year, Hong Kong authorities released the consultation conclusions on the relevant proposals, following the launch of a public consultation in June. Subsequently, the Financial Secretary and the Securities and Futures Commission further launched consultations to introduce an additional licensing regime for crypto asset trading, advisory, and management services. <hr/><h2>Blockchain Applications</h2>▌Portuguese Regulator Orders Polymarket to Cease Operations in the CountryPortuguese betting regulator SRIJ has ordered the blockchain-based prediction market Polymarket to cease operations in the country within 48 hours, after betting on the presidential election results on the platform exceeded €103 million (approximately $120 million). The regulator pointed out that Polymarket does not hold a Portuguese betting license, and Portuguese law prohibits betting on the outcome of real-world events such as politics, allowing only sports, casino games, and horse racing betting. Currently, Polymarket is still accessible in Portugal, but the country's regulator may soon require internet service providers to block it.▌Aave's Cumulative Loan Issuance Approaches $1 TrillionAccording to official data, the cumulative loan issuance amount of the decentralized lending protocol Aave (from January 2020 to January 2026) has approached $1 trillion.<hr/><h2>Cryptocurrency</h2>▌About One-Fifth of the Trump Family's $6.8 Billion Wealth is Allocated to Cryptocurrency AssetsAccording to Bloomberg, in the past year, crypto assets have added approximately $1.4 billion to the Trump family's wealth, accounting for nearly one-fifth of their total assets for the first time. With Trump beginning his second presidential term, his personal and family asset structure is significantly different from that during his first term. The report points out that in addition to traditional real estate and brand licensing businesses, Trump has added a social media company, a crypto platform he co-founded, and digital assets such as Memecoin, which bears his name. This signifies that crypto and digital businesses are becoming an important source of wealth growth for the Trump family, and also indicates a deepening connection between his overall assets and the crypto industry. BlackRock's PFF ETF Holds $380 Million Worth of Strategy Preferred Stock Stretch (STRC), a perpetual preferred stock held by Bitcoin treasury company Strategy, has become the fourth largest holding in BlackRock's iShares Preferred Stock and Income Securities ETF (PPF ETF), with an allocation of $210 million. The ETF also holds several other Strategy preferred stocks, totaling approximately $380 million, including: 1. $97.5 million in Strife (STRF), with a weighting of 0.69%; 2. $90 million in MSTR common stock, with a weighting of 0.64%; and 3. $73 million in Stride (STRD), with a weighting of 0.51%. Vanguard Value Index Fund Purchases 1.23 Million Shares of Strategy, Worth $202.5 Million According to BitcoinTreasuries.NET, the $12 trillion Vanguard Value Index Fund (ticker symbol: VVIAX) recently disclosed its first purchase of 1.23 million shares (worth $202.5 million) of Bitcoin reserve company Strategy (ticker symbol: MSTR). Strategy Spent Approximately $2.13 Billion to Purchase 22,305 Bitcoins Last Week Strategy purchased 22,305 Bitcoins last week, for a total price of approximately $2.13 billion, or approximately $95,284 per Bitcoin. As of January 19, 2026, Strategy held 709,715 Bitcoins, with a total value of approximately $53.92 billion and an average price of approximately $75,979 per BTC. According to on-chain analyst Ember, Bitcoin treasury company Strategy (MSTR) increased its holdings by 22,305 BTC ($2.125 billion) last week at a price of approximately $95,284. They now hold a total of 709,715 BTC ($64.736 billion), with an average cost of $75,979 and an unrealized profit of $10.813 billion. Ethereum treasury company Bitmine (BMNR) added 35,268 ETH ($113 million) last week at a price of approximately $3,225. They now hold a total of 4,203,036 ETH ($12.979 billion), with an average cost of $3,857 and a paper loss of $3.232 billion. As of January 19th, Eastern Time, BitMine's total cryptocurrency + cash holdings + &#34;Moonshot&#34; holdings totaled $14.5 billion. BitMine holds 4,203,036 ETH (an increase of 35,268 ETH from the previous week), representing 3.48% of the total Ethereum supply (120.7 million ETH). In addition, it holds 193 BTC, a $22 million stake in Eightco Holdings (NASDAQ: ORBS), and $979 million in uncollateralized cash. Bitmine invested $200 million in Beast Industries on January 15, 2026. This investment is expected to close this week and is not currently included in the &#34;Moonshot&#34; program. Upon completion of the transaction, the company will assume the investment in Beast Industries at cost. ▌Bitmine Receives Investor Support to Expand Share CapEthereum treasury company Bitmine Immersion Technologies has received shareholder approval to expand its authorized share cap. The proposal received 81% approval. The company currently holds 4.203 million ETH (approximately 3.5% of the circulating supply), 193 BTC, and a $22 million stake in Eightco Holdings, in addition to nearly $1 billion in cash. ... In addition, Bitmine has staked approximately 1.83 million ETH, bringing its overall Ethereum staking rate to 2.83%, and recently invested $200 million in Beast Industries, demonstrating its ETH accumulation and diversification strategy. Nasdaq-listed Canton Treasury Tharimmune announced it will raise $55 million through a registered offering of shares. The company will issue 1,800,000 common shares at $2.92 per share, and prepaid warrants, each allowing the purchase of up to 17,000,000 common shares at $2.9199 per warrant. The offering is expected to close on January 21, and the new funds will be used to continue expanding its digital asset management strategy centered on the Canton Network token. ▌Tether Mints 1 Billion New USDT on Tron NetworkAccording to Onchain Lens monitoring, Tether has minted 1 billion new USDT on the Tron network. As of now, Tether has minted a total of 2 billion USDT on the Tron network in 2026.▌Coinbase to List Elsa (ELSA)Coinbase will list Elsa (ELSA). If liquidity conditions are met and trading is supported, the ELSA-USD trading pair will open later today. **Important Economic Developments** **▌Akademiker Pension, a Danish pension fund, will exit the US Treasury market.** Market news: Akademiker Pension, a Danish pension fund, will exit the US Treasury market. As of the end of December, the pension fund held $100 million in US Treasury bonds. The pension fund's chief investment officer stated that the US is &#34;basically no longer a good credit destination.&#34; **▌US Supreme Court Tariff Rulings Continue to &#34;Fail to Promise&#34;** The US Supreme Court issued two rulings today, but neither addressed the challenge to the legality of Trump's global tariffs. This means that the challenge to his signature economic policies may take at least another month to reach a conclusion. The court is about to begin a four-week recess. The next likely date for a tariff ruling is February 20th. During the court debate on November 5th last year, most justices appeared skeptical about whether Trump had the authority to impose such tariffs under the International Emergency Economic Powers Act of 1977. Although the court had previously expedited the proceedings, raising hopes among opponents for a swift ruling unfavorable to Trump, the uncertainty remains. According to foreign media reports, U.S. Commerce Secretary Howard Lutnick stated on Tuesday that he expects U.S. GDP growth to exceed 5% in the first quarter of 2026, but also pointed out that current U.S. interest rates are too high, suppressing stronger economic growth. “Our interest rates should be lower so that the economy can truly thrive,” said Lutnick at the World Economic Forum in Davos, Switzerland. “I think GDP will grow by more than 5% this quarter, which is very impressive for a $3 trillion U.S. economy.” He added, “If interest rates were lower, the growth rate could even reach 6%. What’s holding us back right now is our own policies.” It’s worth noting that Lutnick’s growth forecast is his personal opinion and is higher than U.S. Treasury Secretary Bessant’s expectation, who stated in Davos that U.S. real GDP growth in 2026 could be between 4% and 5%. Bridgewater Founder Dalio: Trump’s Policies Could Trigger a “Capital War” Bridgewater Associates founder Ray Dalio: Trump’s policies could trigger a “capital war” because trade tensions and a rising deficit have eroded confidence in U.S. assets, forcing investors to turn to gold as a hedge. ▌Bessant on the Fed: Trump may make a decision on the Fed Chair as early as next weekBessant on the Fed: Trump may make a decision on the Fed Chair as early as next week. Bessant: Several Fed officials under Powell's leadership have ethical issues. The Fed has lost billions of dollars due to inappropriate asset purchases.▌The probability of the Fed keeping rates unchanged in January is 95%According to CME's &#34;FedWatch&#34;: The probability of the Fed cutting rates by 25 basis points in January is 5%, and the probability of keeping rates unchanged is 95%. By March, the probability of a cumulative rate cut of 25 basis points is 20.6%, the probability of keeping rates unchanged is 78.5%, and the probability of a cumulative rate cut of 50 basis points is 0.9%. ... <hr/><h2>Golden Encyclopedia</h2>▌How to Value Public ChainsThe crypto industry is keen to debate the valuation logic of public chains, and there are good reasons behind this. In the $3 trillion total market capitalization of cryptocurrencies, public chain tokens still account for approximately 84%, making their valuation crucial. Although the industry claims to have entered the &#34;mainstream&#34; stage, even the top investors cannot reach a consensus on public chain valuation. One group consists of investors who adhere to fundamental investment principles, emphasizing the importance of tangible cash flow metrics and price-to-earnings ratios (P/E). The other group consists of staunch supporters of Bitcoin and Ethereum, who believe in the &#34;currency premium&#34; theory. Is there a valuation model that satisfies both sides? Can we incorporate rational economic analysis while avoiding getting bogged down in vague conceptual debates like &#34;currency premium&#34;?</div></div></div>

CFTC Chairman Michael Selig announced the "Future Proof" program to modernize crypto regulation, emphasizing the need for updated rules for digital assets. The CFTC may gain broader responsibilities if Congress passes the Digital Asset Market Clarity Act. Meanwhile, Trump Media Technology Group set February 2, 2026, as the registration date for its digital token program, partnering with Crypto.com for token minting and distribution. U.S. Treasury Secretary Bessenter reiterated the goal of establishing a leading crypto regulatory framework and a strategic Bitcoin reserve, despite recent legislative challenges.

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CFTC plans to upgrade crypto regulation; Trump Organization announces token registration date.