U.S. SEC Releases 2026 Regulatory Agenda, Proposes Revisions to Rules for Crypto Trading Platforms and Brokers

Tiger Brokers has upgraded its rating on Coinbase from "Hold" to "Buy" and set a $200 price target. The firm stated that after a sharp pullback earlier, the risk-reward ratio has improved, Bitcoin’s toughest bear market phase may be over, and a new cryptocurrency market cycle is expected to kick off, fueled by recovering liquidity, rising institutional demand, and improved risk appetite.

Driven by SpaceX's record IPO, on-chain tokenized stock trading volume surged 145% month-over-month in June to $3.86 billion, hitting an all-time high. Of this total, trading volume for tokenized SpaceX stock (ticker: SPCX) reached $1.19 billion, accounting for 31% of the monthly tokenized stock trading volume. The SPCX token issued by BlackRock Securities saw $1.08 billion in trading volume, the market's most active product, while SPCXx from xStocks recorded $852 million. The total market capitalization of the tokenized stock market rose to $1.53 billion in June, up 6.64% month-over-month, marking the 15th consecutive month of growth. While popular assets like Nvidia and Tesla remain actively traded, market attention has clearly tilted toward SpaceX.

Naver Financial and Dunamu have delayed the completion of their full stock swap transaction to December 31, marking the second postponement of the deal. The transaction, which aims to integrate Dunamu—operator of South Korea’s largest crypto exchange Upbit—into Naver Financial, was originally scheduled to close on September 30. Dunamu unveiled the new timeline on the 6th via a corrected disclosure of documents first submitted last November, with unfinished digital asset legislation and pending antitrust review cited as key variables. The company has pushed its extraordinary general meeting from August 18 to November 19, and reset the shareholder record date to October 22. Multiple government approvals remain required for the deal to proceed, including merger clearance from the Korea Fair Trade Commission (FTC), approval for Naver Financial’s major shareholder change under credit information regulations, and acceptance of Dunamu’s major shareholder change filing under specific financial transaction information laws. Dunamu noted that progress in any of these steps could further extend the timeline or even lead to the deal’s collapse. It also pointed out that the Digital Asset Basic Act currently under parliamentary review is a practical variable affecting the transaction’s progress and outcome. When the bill is enacted, regulators are simultaneously considering imposing bank-style strict liability rules on exchanges, requiring platforms to compensate users for losses caused by hacking incidents.

CNBC stock commentator Jim Cramer said that despite recent weak market sentiment toward Nvidia and sustained pressure on its share price, the company remains a core player in the AI industry. He noted the current sell-off of Nvidia has been excessive, with its forward price-to-earnings (P/E) ratio dropping to near this year’s lowest levels. Cramer pointed out that while some firms—including Chinese AI company DeepSeek—are developing in-house AI chips, they still heavily rely on Nvidia’s technology, and no signs have emerged yet that the company will lose its industry-leading position. Additionally, he stated that some investors have sold Nvidia shares recently to free up capital for other tech stocks, including newly listed SpaceX.

According to HTX market data, Ethereum briefly rebounded to break through the $1,800 mark, currently trading at $1,799.84, with a 1.45% increase in the past 24 hours.

According to market data from BIT (bit.com), US stocks opened lower and trended downward during Tuesday’s trading session. The Philadelphia Semiconductor Index fell more than 6%, and the storage sector extended its losing streak. SanDisk dropped over 36% from its historical high half a month ago; Seagate is down 31%, Western Digital 35%, and Micron 28% from their respective highs.