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The head of research at digital asset management company Grayscale, Zach Pandl, stated in an analysis that even if Congress fails to pass the CLARITY Act this year, U.S. crypto regulation can still advance in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures.U.S. President Donald Trump signed the GENIUS Act on July 18, 2025, establishing a regulatory framework for the issuance of payment stablecoins. The act requires issuers to provide sufficient reserves and publicly disclose the composition of reserves monthly, prohibiting misleading claims that tokens are federally insured, backed by the U.S. government, or considered legal tender. The U.S. Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, which aims to allow eligible projects to raise no more than $5 million over four years, or no more than $75 million every 12 months. Relevant exemptions and investment contract safe harbors are still in the proposal stage, with the public comment submission deadline set for October 20.The recent procedural milestone for the CLARITY Act was the termination debate vote on the motion to advance held on September 15, which requires 60 votes to pass and is not the final vote. Grayscale stated that the act would still help clarify the division of regulatory authority between the SEC and the Commodity Futures Trading Commission (CFTC), but its failure to pass would not halt the regulatory measures already in progress.

The U.S. SEC is reviewing Grayscale's application to rename the Grayscale Litecoin Trust to "Grayscale Litecoin Trust ETF," which is planned to be listed on NYSE Arca under the stock ticker LTCN.

According to Catcher Predict monitoring, in the market prediction on Polymarket for the event "Houston Astros vs. Tampa Bay Rays," the "Houston Astros" option in the sub-market "Houston Astros vs. Tampa Bay Rays" has experienced a dramatic fluctuation in winning probability, dropping from 60% an hour ago to the current 16.5% (a fluctuation of 43.5%). Please note the impact of related breaking news.

According to Catcher Predict monitoring, in the market prediction event "Real Madrid vs. Rayo Vallecano" on Polymarket, the "Over" option for the sub-market "Real Madrid second half goals greater than 0.5" has experienced a sharp fluctuation in winning probability, plummeting from 83.5% an hour ago to the current 65.5% (a fluctuation of 18%). Please note the impact of related breaking news.

According to Onchain Lens monitoring, the Grayscale GLNK ETF address (0xe33...0aA) received 203,810 LINK from Coinbase Prime a few minutes ago, worth 2.38 million dollars; over the past 18 days, this ETF has accumulated 1,050,000 LINK, worth 12.12 million dollars.

Zach Pandl, the research director at Grayscale, pointed out that Zcash, as a Bitcoin-like digital currency with privacy features, currently has lucrative mining profits. Although Bitcoin network miners earn about $35 million daily, far exceeding Zcash's approximately $2 million, the daily revenue per mining machine for Zcash is about twice that of Bitcoin, with revenue per megawatt-hour approximately four times that of Bitcoin, even surpassing some AI/high-performance computing cloud services.Driven by the strong performance of token prices, Zcash's overall mining activity has increased more than 2.5 times this year, forming a virtuous cycle of "price increase --- mining increase --- network security enhancement --- supporting price." Pandl believes that at the current valuation, Zcash mining remains attractive and continues to strengthen its network security.

Grayscale's research director Zach Pandl stated that the U.S. CLARITY Act, aimed at establishing comprehensive rules for the cryptocurrency market, will face a procedural vote in the Senate on September 15, requiring 60 votes in support. With the Republican Party currently holding 53 seats, the advancement of this bill still requires Democratic support, and market predictions indicate a low probability of its passage by 2026.However, Grayscale believes that even if the CLARITY Act fails to pass within the year, progress in U.S. cryptocurrency regulation will not stagnate. Regulatory frameworks in areas such as stablecoins, token issuance, tokenized securities, and perpetual futures have gradually become clearer. Among them, the GENIUS Act has established a federal framework for payment stablecoins, the proposed rules by the U.S. Securities and Exchange Commission may provide a clearer path for token financing, and the Commodity Futures Trading Commission has also opened regulated channels for perpetual futures through Kalshi and Coinbase.

According to Catcher Predict monitoring, in the market prediction event "Tampa Bay Rays vs. Atlanta Braves" on Polymarket, the "Yes" option in the sub-market "Overtime" experienced a sharp fluctuation in winning probability, soaring from 9% an hour ago to the current 50% (a fluctuation of 41%). Please note the impact of related breaking news.

According to official news, the on-chain risk protection platform OpenCover has announced the expansion of institutional-level risk protection to the Solana network. Eligible related positions can now obtain risk protection, with the first batch covering Kamino, Raydium, Orca, and Jupiter. The specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users and connects users with underwriters such as Nexus Mutual.After this expansion, Solana ecosystem users can also purchase related protection against risks such as smart contract vulnerabilities, oracle failures or manipulations, liquidation failures, and governance attacks. According to a previous announcement from Nexus Mutual, it has currently launched four protection projects on Solana: Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the funds in the Solana lending market. Among them, Kamino and Jupiter have over $1 billion and $925 million in lending deposits, respectively.OpenCover stated that this launch marks the starting point for its further expansion of risk transfer infrastructure on Solana. In the future, it will collaborate with protocols, asset management institutions, and liquidity providers to expand the range of positions eligible for protection.

According to Catcher Predict monitoring on-chain data, it predicts significant capital movements in the Polymarket market. A large whale invested $244,000 in "Sporting CP vs. Galatasaray SK" event, specifically targeting "Sporting CP". Based on the current transaction price, the latest corresponding winning probability for this subject is 61%.

According to CoinDesk, Grayscale's Zcash Spot ETF (ZCSH) has seen its assets under management exceed $500 million within two weeks of its launch, currently holding over 550,000 ZEC, accounting for about 3% of its total circulating supply of 16.9 million.Since its listing on August 25, the fund has attracted over $70 million in inflows and received an additional $100 million investment from DCG International Investments. Driven by this, ZEC briefly surpassed $1,180 during the day, with an increase of over 4%, and a 24-hour trading volume of approximately $1 billion, raising its market capitalization to the tenth position in the cryptocurrency rankings.

Grayscale announced on platform X that its launched the world's first Zcash spot ETF fund ZCSH is now open for options trading.

Raydium's official announcement states that its LaunchLab now supports trading of any token pairs on Raydium. This upgrade brings a more flexible token pairing mechanism to Solana, while providing deeper liquidity, lower fees, and a stronger native trading experience for memes.

According to Catcher Predict monitoring, in the Polymarket event "Tampa Bay Rays vs. Texas Rangers," the sub-market option "Tampa Bay Rays" has experienced significant fluctuations in winning probability, soaring from 58.5% an hour ago to the current 80.5% (a fluctuation of 22%). Please note the impact of related breaking news.

According to The Block, multiple cryptocurrency companies are actively lobbying the U.S. Securities and Exchange Commission (SEC) to expedite the ETF review process and allow the submission of confidential draft documents. Among them, Grayscale has explicitly requested that SEC staff commit to a response within 45 days.However, Jane Street and Charles Schwab have expressed reservations about this, voicing concerns over the rushed push for listings and the submission mechanism for confidential documents.

Since its listing on the NYSE Arca on August 25, the Grayscale Zcash ETF (ZCSH) has seen a cumulative net inflow of approximately $34.4 million. Launched by Grayscale, ZCSH is the first exchange-traded product to provide spot exposure to ZEC.According to Gate market data, ZEC has surpassed $1000 today, reaching a historic high, with ZEC increasing by approximately 31% since the listing of the Zcash ETF.

The U.S. Securities and Exchange Commission (SEC) has publicly released its request for comments regarding "Novel ETFs," which may hold crypto assets or adopt unconventional strategies. The disagreement centers on whether the filing documents should remain public before the fund begins trading and how quickly the review process should be. Crypto asset management firm Grayscale and the crypto policy organization Crypto Council for Innovation (CCI) support establishing an optional confidential filing period to reduce competitors from submitting imitation documents.Charles Schwab opposes complete confidentiality and suggests that filing documents should be made public at least 75 days in advance. Grayscale requests that the SEC respond within 45 days, while CCI argues that the confidentiality process should not extend the automatic effectiveness or review period. Venture capital firm Andreessen Horowitz (A16z) supports shortening the review time but emphasizes that the rigor of the review should not be reduced; trading firm Jane Street believes that accelerating the process could lead to a decline in product quality, competitiveness, and liquidity.Currently, there are 174 ETFs related to crypto assets in the U.S., with BlackRock's iShares Bitcoin Trust ETF (IBIT) managing approximately $61 billion in assets, accounting for about 38% of the total assets of related ETFs. The SEC will decide whether to adjust the confidentiality arrangements for filings and the speed of the review.

Digital asset management company Grayscale stated that by the end of 2025, the proportion of company stocks held directly and indirectly by American households' financial assets will reach 46.71%, up from 43.99% a year ago. Grayscale's research director Zach Pandl pointed out that the increase in stock asset concentration and high valuations has enhanced the opportunity for cryptocurrency to be used for portfolio diversification.Grayscale indicated that the long-term earnings growth expectation for the S&P 500 index rose to over 25% on August 28, significantly higher than the historical range concentrated between 10% and 15%. The agency believes that after the market adjustment, the valuation, leverage levels, and investors' long positions in cryptocurrency assets have all decreased.Data released by Grayscale shows that the 90-day correlation between Bitcoin and the Nasdaq 100 index has dropped from over 60% to about 33%, while its correlation with gold has risen from nearly 0 to over 50%. Grayscale also noted that Bitcoin's historical volatility is higher than broad equity indexes and does not always serve as a safe-haven asset.

According to monitoring by Catcher Predict, in the predicted market event "New York Mets vs Tampa Bay Rays" on Polymarket, the "Over" option in the sub-market "O/U 8.5" has experienced a dramatic fluctuation in winning probability, dropping from 44.5% an hour ago to the current 22.5% (a fluctuation of 22%). Please note the impact of related breaking news.

The privacy-focused cryptocurrency Zcash has increased approximately 19 times in the past year, but its market capitalization is still less than 1% of Bitcoin. Digital asset management company Grayscale states that financial privacy, cybersecurity development, and cross-chain connectivity capabilities may drive Zcash to further expand its market share. As of today, Bitcoin's market capitalization is $1.56 trillion, while Zcash's market capitalization is $13.74 billion, about 0.88% of Bitcoin's, with Bitcoin's market cap being approximately 114 times that of Zcash.Grayscale estimates that if ZEC reaches 2%, 5%, and 10% of Bitcoin's market capitalization, the corresponding prices would be $1,622, $4,054, and $8,109, respectively; these scenarios are not price predictions. Grayscale's Zcash ETF began trading on NYSE Arca under the ticker ZCSH, moving from OTCQX to NYSE Arca, providing investors with spot ZEC exposure without the need to directly purchase tokens or manage wallets and private keys. Zcash uses proof-of-work and has a fixed supply of 21 million coins, supporting the concealment of transaction details through zero-knowledge proofs. Its intents technology can coordinate cross-chain transactions based on user goals, such as exchanging other digital assets for ZEC.