Gate Daily (September 25): Trump considers new candidates for CFTC chairman; Hong Kong Monetary Authority debunks rumors of "offshore Renminbi stablecoin" issuance.

Bitcoin (BTC) has seen a slight rebound, currently reported around 113,096 USD on September 25. The prospects of Brian Quintenz serving as CFTC chairman are fraught with uncertainty, and Vitalik has called for the establishment of Open Source infrastructure in the fields of healthcare, finance, and governance. The Hong Kong Monetary Authority has dispelled rumors that there are currently any "offshore RMB stablecoins" issued in Hong Kong, and no stablecoin licenses have been distributed yet.

####Today's Outlook

1. Swiss policy interest rate, previous value is 0.00%

2. Taiwan's industrial production for August (year-on-year) was previously 18.11%.

3. UK September CBI Retail Sales Expectations Index, previous value -16

4, The final value of the U.S. second quarter Personal Consumption Expenditures Price Index (annualized quarterly rate), previous value was 1.6%.

5. U.S. August Durable Goods Orders Preliminary (MoM), previous value was -2.8%

6, U.S. Q2 real GDP final value (annualized quarterly rate), previous value was 3.3%

7, The number of initial jobless claims in the United States last week (seasonally adjusted) (thousands) (as of 0920) was 231, the previous value.

8, US August NAR seasonally adjusted existing home sales (annualized monthly rate), previous value was 2.0%

9. San Francisco Fed President Daly gave a speech.

10. The Swiss National Bank announces its interest rate decision.

11. Chicago Fed Chairman Goolsbee delivered a speech.

12. Federal Reserve Chairman Williams delivered a welcoming speech at the fourth annual conference on the international role of the U.S. dollar.

13. Kansas Federal Reserve Chair Schmid delivered a speech.

14. Federal Reserve Board Member Bowman spoke on regulatory issues.

####Macroeconomic Events & Cryptocurrency Hotspots

1. Reports indicate that President Trump is actively considering other candidates, and the path for former Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz to become the next chair of the agency appears to be far from certain. According to Semafor, the Trump administration is reviewing several candidates to succeed acting chair Caroline Pham. The shortlist includes former CFTC division director Josh Sterling (who served at the agency from 2019 to 2021), SEC chief legal advisor Mike Selig, and Treasury advisor Tyler Williams. This development is noteworthy, as Quintenz had been seen as a frontrunner after being nominated by Trump in February.

2. Ethereum co-founder Vitalik Buterin called for the establishment of open source, verifiable infrastructure in critical areas such as healthcare, finance, and governance, warning that centralized systems could undermine trust and security. In a blog post on September 24, Buterin pointed out that as digital infrastructure becomes integrated into daily life, reliance on closed and opaque systems increases the risks of abuse and monopolization. Buterin wrote, "The civilizations that benefit the most from the new wave of technology are not those that consume the technology, but those that create the technology; openness and verifiability can counteract global balkanization."

3. The Hong Kong Monetary Authority pointed out that recent rumors regarding the "world's first offshore RMB stablecoin has been issued in Hong Kong" are fake news, reminding investors not to be deceived. At the same time, the Monetary Authority has not yet issued any stablecoin issuance licenses. The Monetary Authority reiterated in its announcement that since the Hong Kong Stablecoin Regulation came into effect on August 1, anyone wishing to issue fiat stablecoins in Hong Kong and promote stablecoin issuance activities to the public must obtain a license issued by the Monetary Authority.

####Market Trends

1. Latest news on Bitcoin: $BTC has seen a slight rebound, currently reported at around 113,096 USD, with 48.42 million USD liquidated in the past 24 hours, mainly from long positions;

2. The US stock market closed lower for two consecutive days on September 24, with early gains in artificial intelligence (AI) investments quickly fading, led by declines in technology stocks. The Dow Jones Industrial Average dropped 171.50 points, or 0.4%, to 46,121.28 points; the S&P 500 index fell 18.94 points, or 0.3%, to 6,637.98 points; and the Nasdaq Composite index decreased by 75.62 points, or 0.3%, to 22,497.86 points. The Philadelphia Semiconductor Index fell by 0.2%.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 113,226.30 USDT, if it drops to around 112,009 USD, the accumulated liquidation amount of long positions exceeds 518 million USD; if it rises to around 114,308 USD, the accumulated liquidation amount of short positions exceeds 504 million USD. The liquidation amount for shorts is lower than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 1.71 billion USD, outflow was 1.74 billion USD, net outflow was 30 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $SOL, $DOGE, $DOT, and $AVAX have seen a net outflow, indicating trading opportunities.

####News Updates

1. Australia releases draft regulations for cryptocurrency asset platforms.

2. AML Software sues Athena Bitcoin and others for allegedly stealing Bitcoin ATM source code.

3. Aster will increase the holding time Rh points to 5 times.

4. A certain whale withdrew 26 million ASTER from Gate, with a total holding amount reaching 115.5 million USD.

5. USDC Treasury mints 250 million USDC on the Solana chain.

6. SEC Chairman emphasizes strengthening cooperation with CFTC to promote legislation in the cryptocurrency market.

7. The U.S. Senate Finance Committee announced the list of personnel for the cryptocurrency tax hearing.

8. Trump's assistant involved in large-scale chip and cryptocurrency transactions raises ethical scrutiny.

9. Meteora proposes to allocate 3% of the TGE reserve in the form of liquidity position NFTs to Jupiter stakers.

10. SUI Group disclosed that it holds over 105 million SUI, valued at nearly 360 million USD.

11. Hong Kong Monetary Authority: There are currently no offshore RMB stablecoins issued in Hong Kong, beware of fake news.

####X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's tasks are a bit easier to write, although the U.S. stock market trend is still not good today, but the price of BTC has slightly rebounded. I always like to compare Bitcoin with the U.S. stock market. Although it seems that the U.S. stock market has been declining in the past two days, in fact, the decline of BTC occurred earlier than the U.S. stock market, especially the reaction over the weekend seems more like the 'expectation' of the U.S. stock market in advance. Moreover, from the market reaction, there is no expectation of systemic risk."

"The core PCE data is coming out on Friday, which is also a somewhat important piece of data recently. The market expectation for the core PCE is relatively good, with the key annualized data expected to be the same as the previous value. According to the data from the Cleveland Fed, it is 2.99%, which is an increase compared to the previous value and higher than expected, while the month-on-month rate is slightly lower than expected. If the published data is less than or equal to expectations, it would still help market sentiment. However, my own long position has only made less than 20% profit, and I am considering whether to reduce my holdings before the core PCE on Friday. After all, betting on data can be quite troublesome, especially since the weekend follows the data release. If the data is bad and it carries over into the weekend, it could be even more problematic. So how should I choose between making a little less profit and the possibility of a loss?"

"Looking back at Bitcoin's data, today's turnover is lower. Generally speaking, a low turnover rate indicates that the trading activity is not enthusiastic. This data is consistent with the decline in trading volume we have observed. It is indeed becoming very difficult for investors to sell their holdings at low prices. Other data is also very normal; there's no need to elaborate on support levels, as we are currently nowhere near touching support. Especially when it hit below $115,000 on Monday's low, it started to rebound, indicating that investors are still quite interested in this position."