5.8 AI Daily Bitcoin breaks $100,000 leading a new round of bull run in the Crypto Assets market

1. Headlines

1. Bitcoin breaks through the $100,000 barrier, triggering a wave of short liquidations.

The price of Bitcoin has surpassed the $100,000 mark, triggering a wave of short position liquidations in mainstream cryptocurrency exchanges. According to data from Coinglass, after Bitcoin broke the $100,000 mark, the total amount of short position liquidations in mainstream cryptocurrency exchanges reached $396 million.

The price of Bitcoin broke through the $97,000 mark in early May, then briefly consolidated around $94,000 before rebounding again, ultimately surpassing the $100,000 threshold on May 8. The continuous rise in Bitcoin's price has been mainly driven by favorable factors such as the easing of US-China trade negotiations, expectations of interest rate cuts by the Federal Reserve, and a continuous influx of institutional investors.

Analysts point out that Bitcoin breaking the $100,000 mark is not only an important psychological milestone but also signifies the official entry of the cryptocurrency market into a new bull market cycle. As Bitcoin's price continues to rise, it is expected to further trigger investor enthusiasm, attracting more capital into the cryptocurrency market. At the same time, the rise in Bitcoin's price will also drive up other cryptocurrencies, promoting the prosperous development of the entire cryptocurrency market.

2. Unichain surpasses Ethereum, becoming the dominant chain for Uniswap

Data shows that recently Unichain has surpassed Ethereum, becoming the blockchain with the highest trading volume share on Uniswap v4. Unichain rapidly rose to prominence in mid-April, and its market share is now close to or exceeding 60%, significantly ahead of Ethereum's less than 30%.

Unichain is a blockchain specifically optimized for Uniswap, aiming to provide higher throughput, lower transaction fees, and a better user experience. As the Uniswap ecosystem continues to develop and the number of users grows, the congestion and high transaction fee issues on the Ethereum network have become increasingly prominent, which has directly driven the rise of Unichain.

Analysts believe that Unichain surpassing Ethereum to become the dominant chain for Uniswap signifies a profound transformation in the decentralized finance ( DeFi ) ecosystem. In the future, more DeFi protocols and applications may choose to deploy on specially optimized blockchains to achieve better performance and user experience. This will also further drive the development and innovation of blockchain technology.

3. AI-generated game "Phantom Beast Palu" sued by Nintendo's legal department.

Recently, an AI-generated game named "Phantom Beast Palu" has sold 2 million copies after being launched on Steam, attracting significant attention from Nintendo's legal department. Nintendo believes that the game has serious plagiarism suspicions of its classic game "Pokémon" and has filed a lawsuit against the developer.

"Paloo the Phantom Beast" is an AI-generated open-world adventure game where players can capture, train, and battle various strange creatures. After its launch on Steam, the game quickly gained popularity among players due to its innovative game mechanics and beautiful visuals, reaching the top of the Steam bestseller list.

However, Nintendo believes that the game seriously plagiarizes the design concept, character images, and gameplay of Pokémon, and has filed a lawsuit against the developer, demanding the removal of the game and compensation for the corresponding economic losses.

This issue has sparked widespread discussion within the industry regarding the ownership of intellectual property rights for AI-generated content. Analysts point out that as AI technology continues to develop, similar intellectual property disputes will become increasingly common, necessitating the formulation of corresponding laws and regulations to govern the use and protection of AI-generated content.

4. Layer has reached a strategic partnership with Sundial, connecting the BTC and Cardano ecosystems.

On May 8th, the project layer, based on the implementation of Bitcoin ecosystem VM technology, announced a strategic partnership with Sundial. The two parties will jointly create the VM Bridge to achieve interoperability between the Bitcoin and Cardano ecosystems, bringing new development opportunities to both ecosystems.

Bitcoin and Cardano are both heavyweight projects in the cryptocurrency field, representing two major development directions: digital currency and smart contracts, respectively. However, due to differences in their technological approaches, the two ecosystems have long been unable to achieve interoperability, which has somewhat limited the development of the entire cryptocurrency ecosystem.

The collaboration between layer and Sundial aims to utilize VM technology to build a bridge connecting Bitcoin and Cardano, enabling asset and data interoperability between the two ecosystems. Once the bridge is completed, it will greatly promote the integrated development of the Bitcoin and Cardano ecosystems, bringing new development momentum to both.

Analysts believe that this cooperation will not only promote further prosperity of the Bitcoin and Cardano ecosystems, but also inject new vitality into the entire cryptocurrency ecosystem, with the potential to drive innovation and application of cryptocurrency technology.

5. Tether announced the launch of USDT on the Kaia blockchain, providing stablecoin services for Asian users.

On May 8th, Tether announced the launch of USDT on the Kaia blockchain, in collaboration with LINE NE, to provide stablecoin services to Asian users. This move will further expand the influence of USDT in the Asian region and meet the local demand for stablecoins.

As the world's largest stablecoin issuer, Tether has been committed to promoting USDT to more blockchains and application scenarios. This collaboration with LINE NE will allow USDT to enter the ecosystem of LINE, the largest instant messaging application in Asia, providing convenient stablecoin services for Asian users.

Analysts point out that this cooperation not only benefits the enhancement of USDT's visibility and influence in the Asian region, but also further promotes the popularization and application of blockchain technology in Asia. As more and more users start using USDT, the application prospects of stablecoins in payment, settlement, and cross-border remittances will become even broader.

In addition, Tether's collaboration with LINE NE also reflects the trend of integration between traditional companies and cryptocurrency companies. In the future, we can expect to see more traditional enterprises collaborating with cryptocurrency companies to jointly promote the development and application of blockchain technology.

2. Industry Data

1. BTC

The recent transaction price of BTC is $96,982.0000, with a daily increase of +2.7000%.

2. ETH

The recent transaction price of ETH is $1838.2800, with a daily increase of +1.8000%.

3. SOL

The recent transaction price of SOL is $147.3100, with a daily increase of +1.3999%.

4. ALPACA

The recent trading price of ALPACA is $0.2563, with a daily increase of +44.4000%.

5. GT

The recent transaction price of GT is $21.3640, with a daily decline of -0.1000%.

3. Industry News

1. The AI sector concept coins are experiencing a general rise, with AIXBT, IO, SHELL, and others leading the way.

The AI sector concept coins generally rose today. Among them, AIXBT increased by over 19% in the last 24 hours, priced at $0.1982; IO rose by over 19% in the last 24 hours, priced at $0.865; SHELL increased by over 17% in the last 24 hours, priced at $0.2136; VIRTUAL rose by over 17% in the last 24 hours, priced at $1.65; KAITO increased by over 14% in the last 24 hours, priced at $1.39; CGPT rose by over 13% in the last 24 hours, priced at $0.1276.

The strong performance of AI concept coins is mainly driven by the recent AI craze. With AI tools like ChatGPT continuing to gain popularity, investors' attention towards AI-related projects has been steadily increasing, driving up the overall AI sector. Analysts point out that although AI concept coins may experience some speculative trading in the short term, AI technology still has huge development potential in the future, making related projects worth continuous attention. However, investors should also be wary of the high volatility risks in the AI sector.

2. Bitcoin has risen consecutively, breaking through $98,000, and the Meme sector is diverging.

Bitcoin has risen for the second consecutive day today, with a 24-hour increase of 0.85%, reaching a high of over $98,000 at one point. Analysts believe that the recent rise in Bitcoin is mainly driven by expectations surrounding US-China trade negotiations and the entry of institutional investors.

At the same time, the Meme sector has shown a differentiated trend. MOG Coin surged by 36.6%, while other Meme coins performed flat. Analysis indicates that although Meme coins may experience speculative trading in the short term, in the long run, the projects themselves need to have actual application scenarios and user stickiness; otherwise, it will be difficult to sustain price increases.

Overall, the current sentiment in the cryptocurrency market is optimistic. However, investors should also be wary of the high volatility risks in the market, rationally view short-term price fluctuations, and pay attention to the long-term development prospects of projects.

3. Bitcoin Suisse Report: In April, Meme and AI projects performed well, while DeFi faced pressure.

According to the latest report from Bitcoin Suisse, in April 2025, the cryptocurrency asset market showed signs of sector differentiation. The AI project Virtuals Protocol saw a price increase of 207%, making it one of the most notable assets for that month, with a market capitalization exceeding $1 billion; Fartcoin and Brett in the Solana ecosystem recorded price increases of 132% and 112%, respectively.

In contrast, the DeFi sector is under significant pressure. Uniswap, Celestia, and Toncoin recorded price declines of -13%, -15%, and -21%, respectively. The report notes that among the top 100 cryptocurrencies, 78 assets have seen price increases, while 22 assets have seen price decreases. In terms of trading volume, the 30-day trading volumes of Virtuals and Fartcoin are $15.218 billion and $7.206 billion, respectively.

Analysts say that the rising popularity of Meme and AI projects reflects investors' enthusiasm for emerging sectors. However, it is also important to be wary of the high risks associated with these projects, and investors are advised to maintain a rational perspective and focus on the actual application value of the projects. The adjustments in traditional popular sectors such as DeFi also indicate that the market is gradually returning to rationality, with higher demands for the fundamentals of projects.

4. The "greed" sentiment in the crypto market has cooled, with a fear and greed index of 65.

According to Alternative data, today the cryptocurrency Fear and Greed Index is 65(, down from 67) yesterday, indicating a cooling in the market's "greed" sentiment. This index is calculated based on multiple indicators including volatility, market trading volume, social media heat, market surveys, Bitcoin market share, and Google Trends analysis.

Analysts point out that the decline in the Fear and Greed Index reflects some concerns in the market regarding the recent rise in cryptocurrency prices. Investor sentiment is beginning to trend towards rationality, and the level of market enthusiasm has cooled somewhat. However, the index remains in a neutral range, still a certain distance from extreme "greed" or "fear" states.

Overall, the changes in market sentiment indicate that investors' optimism towards the cryptocurrency market has somewhat eased, and they are beginning to take a more cautious view of the current situation. Analysts suggest that investors closely monitor market trends and rationally seize investment opportunities.

5. Unichain surpasses Ethereum, becoming the dominant chain for Uniswap v4

According to data, Unichain has recently surpassed Ethereum, becoming the blockchain with the highest trading volume share on Uniswap v4. It rapidly emerged in mid-April, and its market share is now close to or exceeds 60%, significantly leading Ethereum's share of less than 30%.

Analysts believe that Unichain can dominate on Uniswap v4, mainly due to its advantages such as low fees and high throughput. Compared to Ethereum, Unichain has a clear competitive edge in terms of transaction speed and costs.

However, some analysts have expressed doubts about Unichain's continued dominance. They believe that Ethereum, as the "big brother" in the cryptocurrency space, has a strong ecological advantage and will still hold a dominant position in the long run. Whether Unichain can consolidate its leading advantage on Uniswap v4 remains to be further observed.

Overall, Unichain's rise on Uniswap v4 reflects investors' preference for high-performance blockchains. However, the deep foundation of the Ethereum ecosystem cannot be overlooked, and the competition between the two in the field is worth ongoing attention.

4. Project Highlights

1. The rise of Union cross-chain interoperability projects challenges the dominance of LayerZero.

Union is a cross-chain interoperability project based on ZK technology, aimed at creating an efficient and secure cross-chain consensus verification mechanism. Compared to existing cross-chain projects, Union has the advantages of extensive ecological coverage and second-level transaction confirmation.

The Union project was born in 2022, founded by former Cosmos developers, and is dedicated to solving the problem of blockchain interoperability. The project uses ZK technology to achieve cross-chain asset transfers and contract execution through zero-knowledge proofs, ensuring a high level of security and privacy. At the same time, Union introduces a new type of consensus mechanism that allows for rapid cross-chain consensus without relying on any trust assumptions.

The emergence of Union has brought a new technical route for cross-chain interoperability. Compared to existing solutions like LayerZero, Union does not rely on light nodes or multi-signature committees, offering higher security and decentralization. In addition, Union also supports interoperability with non-EVM chains, covering a broader ecological range.

Currently, Union has attracted investments and strategic collaborations from numerous top institutions, and has also performed prominently in the Bitcoin ecosystem. Analysts believe that Union is expected to become a benchmark project for the next generation of cross-chain interoperability, leading cross-chain technology into the 2.0 era.

2. The Sui ecosystem continues to expand, with USDC and Grayscale Trust joining.

Sui is a Layer 1 public chain based on the Move language, founded by former Meta employees, and is seen as a strong competitor to Solana and Aptos. Recently, the Sui ecosystem welcomed two major additions: USDC and Grayscale Trust.

First is USDC, a stablecoin issued by Circle that will be natively issued on the Sui chain. As a major payment and settlement tool in the cryptocurrency market, its presence will bring a large amount of liquidity to the Sui ecosystem, benefiting the development of applications such as DeFi and NFTs.

Secondly, Grayscale Trust, the cryptocurrency investment giant, will launch a Bitcoin trust product on the Sui chain. The addition of Grayscale Trust not only provides institutional investors with a channel to gain exposure to Bitcoin but also injects new capital into the Sui ecosystem.

The continuous expansion of the Sui ecosystem is inseparable from its outstanding technical strength. Sui is written in the Move language, featuring a resource model and ownership semantics, effectively preventing security risks such as reentrancy attacks. Additionally, Sui boasts high throughput and low transaction fees, making it a strong competitor for the next generation of smart contract platforms.

Analysts say that the rapid development of the Sui ecosystem will further promote the popularity of the Move language and bring more innovative applications to We. At the same time, Sui will also put greater competitive pressure on Solana and Aptos.

3. Morph's consumer-grade public chain makes a push to compete for the We entry position

Morph is a Layer 1 public chain aimed at providing consumers with a seamless Web experience. Recently, Morph launched several innovative features, attracting widespread attention in the industry.

First is the Morph wallet, which allows users to log in using social accounts, eliminating the need to remember complex private keys. Users only need to bind their phone number or social account to easily manage their digital assets. The Morph wallet also supports multi-chain asset storage and has built-in features to provide users with a one-stop service.

Secondly, there is the Morph Store, which is a platform that integrates games, social interactions, art, and other We applications. Users can directly experience various DApps in the store without the need to download a wallet or add RPC nodes. The emergence of the Morph Store has significantly lowered the entry barrier for We applications.

In addition, Morph has also launched a one-click token issuance feature, allowing any individual or organization to issue tokens on the chain, facilitating We entrepreneurship.

The innovative features of Morph are all aimed at creating a consumer-level We entry point. Analysts believe that Morph is directly challenging Web2 platforms, trying to seize the entry position of the We era. If Morph can attract a large number of ordinary users, it will greatly promote the popularization of We.

However, Morph also faces many challenges, such as security and scalability issues that still need to be addressed. Undoubtedly, Morph brings new development possibilities for We, which are worth continuous attention from the industry.

4. Coinbase publicly discloses thousands of regulatory documents, revealing SEC regulatory disputes.

The American cryptocurrency exchange Coinbase recently disclosed over 10,000 documents related to its communications with regulators, attracting widespread attention from the industry. These documents reveal internal divisions and uncertainties within the U.S. Securities and Exchange Commission ( SEC ) regarding cryptocurrency regulatory issues.

According to the document, as early as 2019, the SEC internally acknowledged the existence of a "cryptocurrency regulatory gap." In 2023, the New York Attorney General requested the SEC's support in treating Ethereum as a security, but this was rejected. In addition, the SEC was also unable to view the video materials submitted by Coinbase due to IT issues.

Coinbase made these documents public in order to promote transparency in government regulation and uphold the public's right to know. The Chief Legal Officer of Coinbase stated that this battle for information transparency concerns the entire society.

Analysts point out that these documents further highlight the SEC's dilemma in cryptocurrency regulation. Due to the lack of clear laws and regulations, there are divergences in the SEC's assessment of the nature of certain crypto assets, leading to increased uncertainty in regulatory policies.

Moreover, there is a lack of understanding of emerging technologies within the SEC, making it difficult for them to keep up with the pace of industry development. Experts call for the SEC to improve its internal processes, enhance its professional understanding of the cryptocurrency field, and maintain a positive interaction with the industry in order to formulate clear and reasonable regulatory policies.

Coinbase's actions are seen as an important confrontation between the cryptocurrency industry and regulators. The industry hopes that both sides can reach a consensus to create a favorable environment for the compliant development of cryptocurrencies.

5. The Solana ecosystem is revitalizing, with institutional favor triggering a new round of accumulation.

Solana was one of the most outstanding public chain projects in the last bull market, but it subsequently faced ongoing issues such as attacks and network congestion in decentralized finance ( DeFi ). However, recently the Solana ecosystem has shown renewed vitality, attracting active attention from institutional investors.

Firstly, there is the continuous innovation of projects within the Solana ecosystem. The emergence of new and cutting-edge projects such as Cubex and FlashTrade has brought new development momentum to Solana. In addition, the Solana ecosystem has also attracted a large influx of fresh talent, making the community more vibrant.

Secondly, there is the continued preference of institutional investors for Solana. Data shows that Solana attracted about $150 million in institutional capital inflows over the past month. Analysts believe this reflects institutions' optimism about Solana's long-term prospects.

From a technical perspective, Solana boasts advantages such as high throughput and low transaction fees, making it a strong contender for the next generation of smart contract platforms. In addition, the innovative projects emerging within the Solana ecosystem have also brought new growth momentum.

However, Solana also faces some challenges, such as issues with network stability and ecological diversification that still need to be addressed. But overall, the continued inflow of institutional funds will bring new development opportunities for Solana.

Analysts say that the revival of the Solana ecosystem is worth paying attention to. If Solana can continue to maintain its innovative vitality and attract more high-quality projects, it is expected to become a leader in the public blockchain space again.

5. Economic Dynamics

1. The Federal Reserve keeps interest rates unchanged, warning of rising inflation and unemployment risks.

The current economic environment shows a complex trend. Although the GDP data for the first quarter has turned negative, the Federal Reserve believes this is mainly affected by fluctuations in net exports, and fundamental economic activities are still expanding robustly. The inflation rate has fallen from its peak, but remains slightly above the target level of 2%. The job market remains resilient, with the unemployment rate staying low.

The Federal Reserve maintained interest rates in May's rate decision, in line with market expectations. However, the meeting statement added new wording, warning that the risks of high inflation and high unemployment are rising simultaneously, making the economic outlook even more uncertain.

This decision reflects the Federal Reserve's cautious attitude towards the current complex economic situation. The tariff policy of the Trump administration has brought uncertainty, affecting business investment and consumer spending. Federal Reserve Chair Powell repeatedly mentioned "waiting" in the press conference, emphasizing that there is no rush to take action.

Investors reacted lukewarmly to the Federal Reserve's decision. The market expects the Fed to continue monitoring changes in economic data, with the possibility of no more than two rate cuts this year. Bond yields fell slightly, reflecting market concerns that overly tight policies could hamper the economy.

Goldman Sachs chief economist Jan Hatzius stated that the challenge facing the Federal Reserve is to seek a balance between full employment and price stability. If the economy slows further, the Fed may have to make trade-offs between the two objectives. He expects the Fed to cut interest rates twice this year.

2. The Bank of England may assess the impact of Trump’s tariffs for the first time.

The UK economy is facing multiple pressures. On one hand, the inflation rate dropped to 2.6% in March, but it is expected to rebound significantly in the coming months, potentially reaching 3.4% in the second quarter. On the other hand, economic growth expectations continue to be revised downwards, with GDP growth rates for 2025 and 2026 expected to be 0.9% and 1% respectively, down from previous estimates of 1.1% and 1.5%.

In this context, the Bank of England will announce its interest rate decision this Thursday. Analysts expect that the Bank of England will assess for the first time the impact of the Trump administration's tariffs on the UK economy and may lower interest rates based on the assessment results.

Trump's tariff policy has not only impacted the domestic economy of the United States but has also brought shocks to the global economic landscape. As a major trading partner of the U.S., the UK is at the forefront. Bank of England Governor Carney has stated that tariffs will pose 'new downside risks' to the UK economy.

The market widely expects the Bank of England to cut interest rates by 25 basis points this week. Traders anticipate that the Bank of England will cumulatively cut rates by 100 basis points to 3.5% within the year, marking the first consecutive rate cuts since 2009.

Goldman Sachs analysts believe that the challenge facing the Bank of England is the "double bind" of inflation and economic growth. If they hastily cut interest rates significantly, it may exacerbate inflationary pressures; but if they maintain high interest rates, it could further drag down economic growth.

3. Trump's tariffs trigger global monetary policy divergence

The Federal Reserve's decision this time reveals the monetary policy divergence between the United States and other economies caused by Trump's trade policy. The main issues faced by other economies are softening demand and employment, but they do not have the price increase impacts that the Federal Reserve may have to deal with later this year.

Due to the recent period of high inflation in the U.S. economy, the Federal Reserve believes it cannot take the risk of preemptively cutting interest rates to support the slowing job market, lest it exacerbates price pressures in the short term. Therefore, the Federal Reserve's stance is different from that of the European, Canadian, and British central banks. Powell hinted that the Federal Reserve would only lower interest rates when there is evidence of a significant slowdown in economic growth, and it could be a rapid rate cut.

This divergence stems from the unilateral actions of the Trump administration to impose heavy tariffs on imported goods. The tariff policy aims to protect domestic industries in the United States, but it has also brought inflationary pressures. In contrast, other economies, which have not taken similar measures, primarily face challenges related to insufficient demand.

Goldman Sachs economist Karla Moro stated that avoiding persistent inflation will depend on the scale, timing, and inflation expectations of tariffs. If tariffs remain unchanged, the Federal Reserve will struggle to make progress on its two major goals of maximum employment and price stability this year.

Overall, Trump's trade policy has increased the policy divergence among global central banks, adding uncertainty to the economic outlook. Central banks need to formulate responses based on their specific national circumstances, balancing economic growth with inflation control.

6. Regulation & Policy

1. The U.S. OCC allows banks to buy and sell customer-held crypto assets.

Policy Background: The Office of the Comptroller of the Currency (OCC) is an independent federal agency responsible for regulating all national banks. In recent years, the OCC has taken a cautious approach to the banking industry's involvement in cryptocurrency activities. However, the latest policy has released positive signals, reflecting the trend of regulators gradually accepting crypto assets.

Policy Content: The OCC has issued Interpretation Letter No. 1184, which clearly states that banks can buy and sell crypto assets held in custody based on customer instructions, and allows for the outsourcing of crypto asset-related activities to third parties, including custody and execution services. The premise is that it complies with appropriate third-party risk management standards. This move provides greater flexibility for banks to participate in cryptocurrency business.

Market Reaction: This move is seen as an important step for the banking industry to further embrace crypto assets. Cryptocurrency companies and investors generally welcome this, believing it will help promote the integration of crypto assets with the traditional financial system. However, there are also concerns that the involvement of banks may bring regulatory risks.

Expert Opinion: Charley Cooper, an advisor at Compound Capital, stated that this policy provides clear regulatory guidance for banks, which is beneficial for promoting the application of cryptocurrencies within the traditional financial system. However, he also cautioned that banks need to establish a sound risk management framework.

2. Texas Advances Bitcoin Reserve Bill

Policy Background: Texas has long supported the development of cryptocurrency, with Governor Greg Abbott stating that he wants to make Texas the "crypto capital of the United States." This bill aims to include digital assets like Bitcoin in the state's reserve assets.

Policy Content: The bill stipulates that the state auditor is responsible for managing digital asset reserves, and the investment targets must meet the condition of having a market value of no less than $500 billion in the past 12 months; currently, only Bitcoin meets this requirement. Qualified custodians in the state are authorized to stake these assets to earn rewards or receive airdrops. Any staking rewards or airdropped assets will be deposited into the new Bitcoin and digital asset reserve fund.

Market Reaction: The bill has garnered widespread attention and support from the cryptocurrency industry. Bitcoin's status as a reserve asset has been further recognized, which is conducive to promoting its adoption among institutional investors. However, there are concerns that state governments holding large amounts of crypto assets may pose risks.

Expert Opinion: John Griffin, a finance professor at the University of Texas, believes that the bill will help improve the liquidity and credibility of Bitcoin, but it also requires corresponding risk management measures to be put in place. He suggests that state governments should adopt a prudent investment strategy.

3. Oregon passes blockchain and digital asset legislation

Policy Background: Oregon is one of the first states in the United States to pay attention to blockchain technology and digital assets. This bill aims to provide a clear legal status for activities related to blockchain and cryptocurrencies.

Policy Content: The new bill introduces Article 12 of the Uniform Commercial Code, which clarifies the legal definition of digital assets including cryptocurrencies, tokenized records, and electronic currencies, and amends Article 9 to allow digital assets to be used as collateral for secured transactions. Additionally, the bill updates several provisions to recognize electronic records, electronic signatures, and hybrid transaction forms, thereby supporting digital business activities.

Market Reaction: The bill has been widely welcomed by blockchain and cryptocurrency businesses. It provides a legal basis for the application of digital assets in financial transactions, which is conducive to promoting the development of related businesses. However, there are also concerns that it may bring regulatory risks.

Expert Opinion: Andrea Coles-Bjerre, a law professor at the University of Oregon, stated that the bill provides a clear legal status for digital assets, which helps reduce regulatory uncertainty. However, she also pointed out that the implementation of the bill requires further guiding rules.