Gate Daily Report (September 11): SEC Chairman States "Most Tokens Are Not Securities"; BlackRock Ethereum Stake ETF Decision Delayed

Bitcoin (BTC) has welcomed a rebound, temporarily reporting around $113,840 on September 11. Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated that most crypto tokens are not securities. The SEC has postponed its decision on three cryptocurrency exchange-traded funds (ETFs), including Ethereum staking and altcoin ETFs. Polygon has fixed the RPC node bug, and consensus has returned to normal.

Today's Outlook

1. China's M2 money supply (year-on-year) at the end of August is 8.8%, previous value.

2. Japan's August domestic corporate goods price index (year-on-year) was previously 2.6%.

3. The refinancing rate of the European Central Bank in the Eurozone was previously 2.15%.

4. The seasonally unadjusted consumer price index (year-on-year) for August in the United States was 2.7% previously.

5, The number of initial jobless claims in the United States last week (in thousands) (as of 0906) was 237, previous value.

6. The seasonally unadjusted core consumer price index (year-on-year) for the United States in August is 3.1%, previous value.

7. IEA releases monthly oil market report

8. OPEC publishes monthly crude oil market report.

9. European Central Bank President Lagarde holds a monetary policy press conference

Macroeconomic Events & Crypto Circle Hotspots

1. Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), stated that "most crypto tokens are not securities," while outlining a comprehensive plan to incorporate crypto activities such as trading, lending, and staking into a unified regulatory framework. Atkins stated during his keynote speech at the OECD roundtable in Paris on September 10, "This is a new day for the U.S. Securities and Exchange Commission." He added, "Policy will no longer be determined by ad hoc enforcement actions." This stands in stark contrast to the previous administration's crackdown on crypto companies. "We will provide clear, predictable rules so that innovators can thrive in the U.S."

2. The Polygon Foundation, responsible for overseeing the development of Layer 2 scaling networks in the Ethereum ecosystem, announced on September 10 that a previous software error caused some nodes to become unsynchronized with the blockchain, but consensus and final functionality have been restored. The Polygon team indicated in an update that after the software vulnerability disrupted some remote procedure call (RPC) nodes, Polygon successfully executed a hard fork, and these nodes were used to relay messages between the application and blockchain layers. According to Polygon co-founder Sandeep Nailwal, the vulnerability was caused by a "faulty" proposal submitted by validators that pushed some Bor nodes used for transaction sorting and block production onto different network forks. Nailwal stated, "We have fixed Heimdall v0.3.1 (a new version that removes identified milestones via hard fork) and Bor 2.2.11 beta2, clearing the milestone from the database. After the fix, nodes are no longer stuck, and checkpoints and milestones are being completed normally."

3. The SEC postponed its decision on three cryptocurrency exchange-traded funds (ETFs) on September 10. These decisions delayed BlackRock's Ethereum staking plan and Franklin Templeton's spot XRP and Solana ETF applications. Meanwhile, the SEC is developing a universal listing framework to streamline the approval process for future cryptocurrency ETFs. The postponement means that these applications could potentially be approved during the anticipated decision window in October, which is consistent with previous forecasts. Bloomberg ETF analyst James Seyffart noted in April that crypto ETFs might receive a batch of approvals in October, at which point some of the over 90 applications would reach their deadlines.

Market Trend

1. Bitcoin Latest News: $BTC has experienced a rebound, currently reported at around 113,840 USD, with a liquidation of 41.67 million USD in the past 24 hours, mainly from short positions;

2. On September 10, the S&P 500 index and the Nasdaq Composite index in the US stock market hit new closing highs. Weaker-than-expected producer prices supported expectations for a rate cut by the Federal Reserve (Fed) next week. The S&P 500 index rose by 19.43 points, or 0.3%, closing at 6,532.04 points, marking its second consecutive day of record closings. The Nasdaq Composite index edged up 6.57 points, or 0.03%, closing at 21,886.06 points, achieving new highs for three consecutive days. The Dow Jones Industrial Average fell by 220.42 points, or 0.5%, to 45,490.92 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 113,920.40 USDT, if it drops to around 112,778 USD, the total liquidation amount of long positions exceeds 237 million USD; if it rises to around 114,720 USD, the total liquidation amount of short positions exceeds 378 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: CoinGlass)

4. In the past 24 hours, BTC spot inflow was 2.47 billion USD, outflow was 2.65 billion USD, with a net outflow of 180 million USD.

(Source: CoinGlass)

5. In the past 24 hours, contracts such as $ETH, $WLD, $ENA, $DOGE, and $WLFI have experienced net outflows, indicating trading opportunities.

News Updates

1. Bitmine received 46,255 Ether from CEX, with a total stock value exceeding 9.2 billion USD.

2. Linea Airdrop Information: 208 addresses received an airdrop amount exceeding one million, with the highest address obtaining approximately 137 million Tokens.

3. The SEC has extended the review period for Franklin XRP ETF listing applications to November 14.

4. Polygon PoS completed a hard fork and restored consensus finality.

5. VanEck plans to file for the Hyperliquid spot stake ETF.

6. Evoq Finance contract was attacked, resulting in a loss of approximately 420,000 USD.

7. In the past 24 hours, the total contract liquidation across the network reached 250 million USD, primarily from long positions.

8. Linea opened a 90-day claim window during the TGE, with a total airdrop of over 9.36 billion LINEA.

9. A credit union in Minnesota will launch a stablecoin, claiming to be the first of its kind in the United States.

10. Asset Entities approved the merger with Strive, establishing a BTC financial company valued at $1.5 billion.

11. The SEC has postponed its approval decision on the FRANKLIN spot SOLANA ETF.

12. The U.S. Office of Inspector General has launched a review of the Bureau of Labor Statistics, focusing on PPI, CPI data collection, and employment data revision mechanisms.

13. Analyst: A company has raised $375 million on-chain, with funding sources including institutions like Galaxy Digital.

14, The U.S. Senate Banking Committee passes the nomination of the Federal Reserve Board member through Milan.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Although the operation on September 11 was easier to write, there were still many pitfalls. The improvement in market sentiment is mainly due to favorable PPI data. Even Trump specifically posted that inflation no longer exists, which is certainly not correct. As we have been saying all along, Trump is completely disinterested in data. What he wants is for the U.S. to lower interest rates, to stimulate the economy with a relatively supportive rate, and thus he is entirely disinterested in data. This is how the Federal Reserve seeks to enhance its own economy."

"For the interest rate adjustments in September, the PPI and CPI data are actually not important anymore. The Federal Reserve has already anticipated that inflation may fluctuate. Even today, the lower-than-expected PPI data still reflects an increase in tariffs, and it is perfectly normal for rising tariffs to lead to increased inflation. The Federal Reserve understands this issue very well, so it considers this kind of inflation to be temporary. The main reason that could lead the Federal Reserve to cut interest rates in September is the decline in the labor market. If the Federal Reserve only considers inflation, it is not impossible that there will be no rate cut in September. Taking into account both the job market and inflation, a 25 basis points rate cut in September may be the biggest concession from the conservatives. Whether more can be gained will depend on Trump's efforts. Tonight, not only is the PPI data good, but the wholesale data is also good, significantly exceeding both the previous value and expectations, indicating that the market is not too bad. Of course, the increase in wholesale data could also be due to tariff rushes. Overall, it is still quite early to talk about a recession, and the Federal Reserve's current rate cut will be more defensive in nature."

Looking at the data for Bitcoin, today's turnover rate is still low, and the increase compared to yesterday is negligible. This is mainly due to some short-term investors' trading. The decrease in turnover rate further indicates that the current price has lost its appeal to many investors, even short-term investors are losing interest. As for the upcoming CPI, market expectations are not very good, with both the annual and monthly rates of broad inflation expected to rise, while core inflation is expected to remain at previous levels. If the announced data is lower than expected, it will definitely boost market sentiment. However, if it is higher than expected, although the impact on interest rate cuts may not be significant, the market will certainly be somewhat conflicted.

"CPI data is also one of the most important data points before the interest rate meeting. Next week, another data to pay attention to is the retail data, which can also reflect the state of the U.S. economy."