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The Rollup founder Andy: The U.S. SEC may introduce a tokenized securities innovation exemption

The Rollup founder Andy posted that market rumors suggest the U.S. Securities and Exchange Commission (SEC) is preparing to launch the largest tokenization innovation exemption policy to date, which may allow tokenized securities to be traded solely through registered transfer agents, without the need for broker-dealer licenses, and without adhering to traditional trading platform or ATS-related rules. It is also reported that this could cover U.S. retail investors and overseas investors.Andy stated that if the above news is true, its potential impact would be significant. Tokenized funds could be issued and traded directly in the form of on-chain tokens, with transfer agents maintaining legal ownership records on-chain, while the underlying assets held by the fund, such as stocks and bonds, could also be further tokenized, thus forming an on-chain trading system of "fund tokens + underlying asset tokens."Andy later mentioned that a large fund has already received the SEC's "green light," but this has not yet been officially confirmed. He speculated that ARK, Fidelity, or BlackRock could be potential participants. If the policy is ultimately implemented, U.S. asset management firms may accelerate the issuance of native equity tokens to compete for around-the-clock liquidity and on-chain distribution channels, rather than waiting for third parties to mirror tokenize traditional securities. He further linked this potential policy change to the recent push by the Trump administration for regulatory openness in the crypto market, as well as the CFTC's efforts to bring perpetual contracts to the U.S. market, believing that the U.S. regulatory environment may be gradually opening the policy floodgates for on-chain finance.

F2Pool co-founder claims the rise of Zcash is due to narrative hype

F2Pool co-founder Wang Chun (@satofishi) pointed out that the current rise of Zcash is essentially a narrative-driven speculative behavior, rather than being supported by actual value. He listed several core issues: in terms of unfair distribution, 20% of the block rewards in the first four years were allocated as "founder's rewards" to founders, employees, advisors, and early investors, totaling 2.1 million ZEC, which accounts for 10% of the total supply cap. This was followed by a similar percentage taken under the name of a "development fund"; regarding privacy mechanisms, the privacy feature is optional rather than a default setting, and most tokens circulate in transparent addresses for a long time, criticized as a "marketing gimmick."In terms of governance, the Electric Coin Company (ECC) has long-standing management conflicts with the foundation, and in January 2026, the ECC team collectively left, claiming they were expelled. In terms of security, in May 2026, it was disclosed that the Orchard privacy pool had a serious vulnerability for four years, theoretically allowing the forgery of ZEC without on-chain traces. In July, the old pool was urgently closed and forced migration occurred, which was seen as a remedial action rather than a positive development. Wang Chun believes that Zcash being listed alongside Solana and Hyperliquid in market capitalization does not represent that it has the same actual application value; the current price reflects more of a "narrative short squeeze" rather than the network's fundamentals.
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