Monetary Policy

The current market is undergoing a structural reshaping driven by de-globalization and artificial intelligence, resulting in slow trading adjustments. Bitcoin and Ethereum prices are struggling to rebound, indicating a lack of market confidence. Capital is flowing into value sectors, technology stocks are underperforming, and crypto assets are being sold off, facing a critical transition ahead.

February 24 News, as the United States advances its stablecoin regulatory framework, the "Genius Act" is being viewed by the market as a key policy to reshape the stablecoin industry landscape. Analysts point out that under the push of this act, the stablecoin-related revenue of the United States' largest compliant CEX is expected to grow by 2 to 7 times, and some institutions interpret this as a potential long-term "tenfold" growth logic, making it one of the important narratives in the crypto market by 2026. The act was signed by Trump, with the core goal of establishing a clear compliance system for U.S. stablecoins, including requirements for issuers to hold high-quality liquid assets such as U.S. Treasury bonds in a 1:1 ratio as reserves, and strengthening anti-money laundering and regulatory transparency. This institutional design will significantly reduce compliance uncertainties for stablecoins, increase institutional funding willingness, and promote the expansion of regulated stablecoins in payments, settlements, and on-chain finance.

February 24 News, the Federal Reserve announced the launch of a 60-day public consultation, planning to remove the key assessment indicator of "reputational risk" from the banking regulatory framework. This move is seen by the market as an important signal to improve the banking service environment for cryptocurrency companies. If the proposal is approved, banks will no longer face additional regulatory pressure due to subjective reputational concerns when providing accounts and settlement services to digital asset companies, thereby alleviating the long-standing "debanking" issue from an institutional level.

Japanese Prime Minister Fumio Kishida recently met with Bank of Japan Governor Kazuo Ueda to express concerns about further interest rate hikes, leading to a weakening of the yen. If Kishida's stance is accurate, it will complicate the Bank of Japan's interest rate hike plans. Market reactions will influence global risk assets, especially the cryptocurrency market trends.

Market focus shifts to exchange rates and interest rates. The U.S. Treasury Department has proactively initiated a "currency check" to support the yen, possibly related to uncertainties before the Japanese general election. Meanwhile, divergence in Federal Reserve policy paths and labor market performance will influence rate cut expectations. In the crypto market, BTC prices fluctuate, and attention should be paid to how the macro environment affects liquidity flows.

The article discusses the significant upgrades in Digital RMB 2.0, transforming it into a deposit currency with interest accrual, while also granting commercial banks operating rights. Policy developments leave room for the tokenization of real-world assets, promoting the application of Digital RMB in both domestic and international circulation. The domestic cycle emphasizes on-chain trading of financial assets, while the international cycle focuses on Hong Kong becoming a core market for Digital RMB, fostering the internationalization of the RMB and the development of stablecoins, laying the foundation for future circulation of Digital RMB.

February 24 News, the U.S. Federal Reserve has officially advanced a regulatory proposal to end the "debanking" of the crypto industry and has opened a 60-day public comment period on related banking regulatory rules. This move is seen as an important signal of a shift in U.S. financial regulatory policy, and the crypto industry generally believes it could weaken the long-standing banking service restrictions that have troubled digital asset companies. According to official statements, the proposed rules aim to remove "reputational risk" as a core basis for banks to review clients from the regulatory framework, instead focusing on "material financial risk." Regulators have previously instructed banking authorities not to require financial institutions to close customer accounts solely based on reputational concerns, which means that legitimate crypto businesses may receive clearer institutional protections when opening bank accounts and accessing financial services.

The U.S. Securities and Exchange Commission (SEC) recently announced that broker-dealers holding USD stablecoins can apply a 2% capital discount. This policy will reduce the capital pressure on broker-dealers and promote the integration of stablecoins into the mainstream financial system. The market capitalization of stablecoins is currently about $296.1 billion, gradually becoming an important extension of the US dollar in the digital asset market. However, some Federal Reserve officials remain skeptical about the actual value of stablecoins.

The Central Bank of Brazil officially advanced the regulatory framework for institutional virtual asset service providers (VASP) in February 2026. Based on Resolutions No. 519–521 issued in November 2025 and effective February 2, 2026, it established the licensing process for cryptocurrency companies and plans to implement related regulations in phases until 2027.

President Trump plans to implement a 0% capital gains tax on all Bitcoin and cryptocurrency investments. Once this policy is enacted, it will fundamentally change the investment cost structure of the cryptocurrency market and have a profound impact on retail investors, institutional investors, and industry talent allocation. The policy details are still to be clarified, including the scope of applicable assets and holding period requirements.

The Federal Reserve Board officially launched a 60-day public comment period on February 24 for a proposal aimed at explicitly removing "Reputational Risk" from the banking supervision and examination framework in the form of regulation. According to Bitcoin Magazine, if the proposal is officially approved, it is expected to significantly alleviate the long-term de-banking regulatory pressures faced by crypto companies.

The Federal Reserve Board is seeking public comment on plans to officially remove "reputational risk" from bank regulation, with the goal of preventing banks from being "debanked" due to customers' legitimate activities. This measure could alleviate the regulatory pressure faced by crypto companies.

Bitcoin briefly fell below $64,000 today, then recovered to around $64,770; Ethereum experienced a smaller decline, rebounding to $1,859. The three major U.S. stock indices all declined, with tech stocks generally underperforming; IBM plummeted 13%. The correlation between Bitcoin and U.S. tech stocks has increased, and market sentiment remains "extremely panic," indicating that Bitcoin may face further downside risk in the short term.

ChainCatcher News, according to Jinshi reports, CME “Federal Reserve Watch” shows that the probability of the Federal Reserve maintaining interest rates unchanged until March is 96%, and the probability of a 25 basis point rate cut is 4%. By April, the probability of a total 25 basis point rate cut is 17.3%, the probability of keeping rates unchanged is 82.1%, and the probability of a total 50 basis point cut is 0.6%. By June, the probability of a total 25 basis point rate cut is 46.8%.

Author: Tonya M. Evans Translation: Odaily Planet Daily Golem On February 19, the U.S. Securities and Exchange Commission (SEC) Trading and Marketing Division released a new FAQ clarifying how broker-dealers should handle payment stablecoins under the net capital rule. Subsequently, SEC Cryptocurrency Working Group Chair Hester Peirce issued a statement titled "A 2% Discount Will Do." Peirce stated that if broker-dealers apply a "2% discount" to their own positions in qualifying payment stablecoins when calculating net capital, rather than a punitive 100% discount, SEC staff would not object. Although this may sound somewhat obscure, this accounting adjustment could be the beginning of a softening of the SEC's stance on cryptocurrencies since early 2025.

Federal Reserve Chair Neel Kashkari strongly questions the practicality of cryptocurrencies, believing they have yet to prove any value, and compares their potential to that of artificial intelligence. He criticizes stablecoins for not bringing substantial upgrades to the financial system and argues that their advantages mainly do not target American consumers, highlighting his skepticism towards cryptocurrencies and contrasting with the government's supportive stance.

The U.S. SEC's recent policy change allows broker-dealers to treat certain dollar-pegged stablecoins as near-cash instruments. This change reduces capital requirements and encourages the integration of stablecoins into traditional finance, promoting efficiency and wider adoption in financial markets.

The President of the Federal Reserve Bank of Minneapolis, Kashkari, strongly criticizes cryptocurrencies for lacking real value, questions the advantages of stablecoins, and defends the independence of central banks. He pointed out that compared to artificial intelligence, cryptocurrencies have failed to demonstrate their economic utility, and emphasized the need to maintain the independence of monetary policy, which is in opposition to the crypto policies of the Trump administration.

ChainCatcher Message: Brokers generally apply a 100% discount to stablecoins, meaning that related holdings cannot be counted towards net capital, severely limiting institutional participation in stablecoin activities.