6.27 AI Daily OpenAI CEO takes the stage at The Federal Reserve (FED) meeting as the global encryption regulatory landscape accelerates transformation.

1. Headlines

1. OpenAI CEO will deliver a keynote speech at the Federal Reserve Board meeting on July 22.

OpenAI CEO Sam Altman will deliver a keynote speech on bank capital and regulation at the Federal Reserve Board meeting on July 22. This arrangement reflects the regulators' concern about the application of artificial intelligence (AI) technology in the financial sector.

Altman is expected to elaborate on the potential applications of AI in banking. With the rapid development of AI technology, the banking industry is exploring its application in various areas such as risk management, customer service, and transaction execution. However, the transparency, fairness, and security of AI systems have also raised concerns at the regulatory level.

This speech will provide regulators with an opportunity to understand the current state of AI technology development and future trends. Altman is expected to share OpenAI's practical experience in AI governance and risk management, providing references for the formulation of relevant regulatory policies. At the same time, he may also offer insights on the potential impact of AI on banking business models.

2. Resupply suffered an attack loss of $9.6 million, and the founder is requesting Curve to provide a fair solution.

On June 27, founder Yishi made a statement regarding "Curve ecosystem DeFi protocol Resupply suffering a price manipulation attack resulting in a loss of 9.6 million USD," calling for Curve to provide a fair solution for every investor and to return the user funds lost due to the project's errors.

Yishi stated that it is one of the three major investors in Resupply, and the losses from this attack incident amount to millions of dollars, causing not only significant economic losses but also immense psychological pressure. His main stance in defending his rights is that many investors, including himself, made large investments based on the technical strength and reputation of the Resupply team, rather than purely speculative motives. As the project party, Resupply should bear primary responsibility for this vulnerability. Meanwhile, Curve, as the core of the ecosystem, should also bear some responsibility for this incident.

Yishi calls on Curve to provide a fair solution for every investor, returning the user funds lost due to serious technical errors by the project team. He believes that only in this way can the long-term healthy development of the Curve ecosystem be maintained.

3. The Hong Kong stock market sector strengthens, Tianfeng Securities hits the upper limit.

On June 27, the A-share securities sector continued to strengthen, with Tianfeng Securities hitting the daily limit at one point. According to previous news, Tianfeng International has obtained a relevant license for virtual asset trading in Hong Kong.

The securities industry is expected to welcome a new track for digital asset business. The Hong Kong Special Administrative Region government recently released the "Hong Kong Digital Asset Development Policy Declaration 2.0", which clearly states that future services such as digital asset trading and custody will be subject to licensing management. This clears regulatory obstacles for securities firms to carry out related businesses.

Analysts point out that digital asset business will become a new profit growth point for brokerages. On one hand, securities firms can provide digital asset trading, custody, and other services for institutional and high-net-worth clients, expanding their revenue sources; on the other hand, the digital asset business is expected to drive innovation in traditional securities business, enhancing the overall competitiveness of the company.

However, the digital asset business also faces certain risks. Regulatory compliance, technological system construction, and talent introduction will become challenges. Securities companies need to prudently manage risks while seizing opportunities for the development of digital assets.

4. AI model marketplace OpenRouter secures $40 million in funding.

The AI model marketplace platform OpenRouter has announced the completion of $40 million in seed and Series A funding, with the company valued at approximately $500 million. This round of financing was led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia and several well-known industry investors.

The funds will be used for product development, introducing new model types, and expanding enterprise support. OpenRouter aims to provide businesses with a one-stop AI model procurement and deployment service, helping enterprises quickly obtain the AI capabilities they need.

The AI model market is on the rise. With the widespread application of AI technology across various industries, the demand for AI models is growing day by day. However, training and deploying AI models is costly and has a high technical threshold for most enterprises. Therefore, platforms that provide AI model as a service ( AIaaS ) have emerged.

The rise of platforms like OpenRouter is expected to promote the standardization and commercialization of AI models, lowering the threshold for enterprises to acquire AI capabilities. However, it also faces challenges such as model quality control and data privacy protection. The introduction of industry regulations may define the boundaries for platform development.

5. Bitcoin returns to $108,000, but momentum signals suggest caution

Bitcoin has risen by 10% since last Sunday, regaining the key level of $108,000. However, momentum signals indicate that investors should still exercise caution.

Under the influence of geopolitical factors, the price of Bitcoin briefly fell below $100,000. As the situation eased, safe-haven funds re-entered the crypto market, driving Bitcoin's rebound. However, the valuation momentum ( MV momentum ) indicator shows that the current price increase momentum is insufficient, reflecting investors' lingering doubts about the future market.

Analysts point out that after Bitcoin returns to the $108,000 mark, the next phase of the market will depend on two main factors: first, the further development of the geopolitical situation; second, the upcoming performance of the listed companies' earnings reports. If the earnings report data is positive, it is expected to boost market confidence and provide momentum for Bitcoin's next phase of growth.

At the same time, regulatory policies are also an important variable affecting the price movement of Bitcoin. The changes in the regulatory stance of the U.S. Securities and Exchange Commission ( SEC ) towards cryptocurrencies will directly influence the flow of institutional funds. Overall, Bitcoin is currently at a critical juncture, and investors should remain cautiously optimistic.

2. Economic Dynamics

1. The Federal Reserve keeps interest rates unchanged, suggesting a possible rate cut later this year.

The current economic environment presents a complex situation. On one hand, the growth rate of the US GDP is slowing, with an annualized growth of only 1.3% in the first quarter, far below expectations. On the other hand, although the inflation rate has fallen somewhat, it is still above the Federal Reserve's target of 2%. The core PCE price index rose by 4.7% year-on-year in May. The labor market remains robust, with the unemployment rate holding steady at a low of 3.7% in May.

The Federal Reserve decided to maintain the federal funds rate in the target range of 5%-5.25% at its interest rate decision meeting in June. However, several officials hinted that if the economy slows down and inflation continues to decline, the likelihood of interest rate cuts later this year increases. Powell stated that they would "patiently wait" for more data to determine whether further rate hikes are necessary.

The market reacted positively to the Federal Reserve's dovish remarks. U.S. stocks surged after the meeting, with the S&P 500 index closing up over 1%. Investors expect that the Federal Reserve will begin its rate-cutting cycle in September to stimulate economic growth. However, some analysts are concerned that an early rate cut could cause inflation to resurge.

Goldman Sachs chief economist Jan Hatzius believes that the Federal Reserve may start cutting interest rates in the fourth quarter of this year, but the cuts will be limited. He expects that by the end of 2024, the federal funds rate will still remain at a relatively high level of 4.5%-5%. Meanwhile, analysts at JPMorgan believe that the Federal Reserve may pause interest rate hikes later this year, but rate cuts may be delayed until 2024.

2. The China-U.S. trade negotiations have made breakthroughs, and tariff exemptions are promising.

The governments of China and the United States have made significant breakthroughs in resolving bilateral trade disputes. According to the latest news, China has agreed to substantially increase its rare earth exports to the United States, in exchange for which the U.S. will cancel some tariffs imposed on Chinese products.

Since 2018, the trade war between China and the United States has been a significant uncertainty factor in the global economy. The U.S. government imposed a 25% punitive tariff on approximately $360 billion worth of Chinese imports, and China also took countermeasures.

This new agreement is expected to ease tensions between both parties and inject new vitality into global supply chains and trade. China is the world's largest producer of rare earths, accounting for over 90% of global supply. Rare earths are key materials for manufacturing high-tech products and are crucial for the U.S. manufacturing industry.

Investors reacted positively to this. The stock markets in mainland China and Hong Kong surged on Thursday, led by tech stocks. U.S. stocks also briefly rose more than 1% during the session. The easing of trade tensions will help boost corporate confidence and investment.

However, some analysts remain cautious about the content of the agreement. Jim Reid, a macro strategist at Deutsche Bank, stated that although this is a positive development, there are still many differences between the two parties that need to be resolved, and the fundamental issues of the trade war have not been eliminated.

Goldman Sachs chief economist Jan Hatzius also believes that even if tariffs are partially exempted, they will still pose a certain drag on the U.S. economy. He expects that tariffs will cause the U.S. GDP growth rate to decline by about 0.3 percentage points in 2023.

3. The EU and the US reach a consensus on a new trade agreement.

After months of difficult negotiations, the EU and the United States have finally reached a consensus on a temporary trade agreement. According to the terms of the agreement, the United States will temporarily waive the 10% steel and aluminum tariffs imposed on the EU, in exchange, the EU will eliminate retaliatory tariffs on American products.

Previously, the Trump administration imposed high tariffs on imported steel and aluminum products under the pretext of national security, causing strong dissatisfaction and countermeasures from the EU. The trade dispute between the two sides once cast a shadow over the global economic outlook.

The new agreement, although only temporary, is seen as an important opportunity to ease tensions between the two sides. It clears the way for reaching a comprehensive trade agreement in the future. EU Trade Commissioner Malmström believes this is "a key step in rebuilding mutual trust."

The market reacted positively to this. Major European stock indices rose collectively on Thursday. The euro also appreciated against the dollar. Analysts believe that the easing of trade tensions will boost corporate and consumer confidence, benefiting the recovery of the European economy.

However, there are still experts who have doubts about the content of the agreement. Gabriel Felterman, a researcher at the German Institute for Economic Research, stated that the agreement is merely a "stopgap measure" and that there are still serious differences between the two sides in many areas, and the root cause of the trade dispute has not been eliminated. He warned that if negotiations fall into a deadlock again, both sides may re-impose tariffs on each other.

4. The internationalization of the Renminbi has taken another step forward, with multiple countries joining the cross-border payment system.

The internationalization process of the renminbi has received further good news. According to official sources, several countries including Russia, Turkey, Saudi Arabia, and the United Arab Emirates have joined the renminbi cross-border payment system. This system is operated by the People's Bank of China and aims to promote the use of the renminbi globally.

In recent years, the Chinese government has been promoting the internationalization of the renminbi to enhance the influence of its currency on the international stage. As China's economic strength continues to grow, the renminbi is expected to challenge the dominance of the US dollar in international trade and investment.

Analysts believe that this move will further enhance the international status of the renminbi, providing more opportunities for businesses and individuals in various countries to use renminbi for settlement. UBS forex strategist Majed stated: "This will increase the use of renminbi in global payments and international trade, thereby enhancing its appeal as an international reserve currency."

However, some experts are cautious about the prospects of the internationalization of the renminbi. Alan Lakin, a foreign exchange strategist at Deutsche Bank, believes that the process of renminbi internationalization may be hindered by China's capital controls. He said: "The renminbi can only truly achieve internationalization if China further relaxes its capital controls."

5. Central banks around the world are increasing their investment in digital currency research, challenging the status of fiat currency.

The arrival of the digital age is driving central banks around the world to accelerate the development of digital currencies. Major economies, including China, the European Union, Japan, and Russia, are actively exploring the issuance of official digital currencies.

Unlike cryptocurrencies, central bank digital currencies are issued and managed by official authorities, possessing legal tender status, and are intended to replace paper money and coins as a new form of legal tender. Supporters believe that digital currencies help improve payment efficiency, reduce transaction costs, and assist in combating illegal activities such as money laundering.

However, the issuance of digital currencies has also raised some concerns. IMF President Kristalina Georgieva warned that if designed and managed improperly, digital currencies could bring new financial stability risks and undermine the effectiveness of monetary policy transmission.

In addition, some analysts believe that the rise of digital currencies could undermine the position of the existing fiat currency system. Deutsche Bank macro strategist John Reed stated: "If central bank digital currencies are widely adopted, it will weaken the deposit base of commercial banks, thus affecting their ability to create credit."

However, overall, the development of digital currencies has become an irreversible trend. Goldman Sachs analyst Carla Moore believes that digital currencies will bring fundamental changes to the financial system, and central banks and regulatory agencies need to keep up with this trend in a timely manner.

3. Regulation & Policy

1. Hong Kong releases the "Digital Asset Development Policy Declaration 2.0" to promote the licensing of digital assets.

The Hong Kong SAR Government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, aiming to promote Hong Kong as a global digital asset hub. The policy declaration focuses on "legal precedence, business expansion, innovation promotion, and talent cultivation" and clarifies that future services such as digital asset trading and custody will be subject to licensing regulations.

Policy Background: In 2022, the Hong Kong Securities and Futures Commission released the "ASPIRe" roadmap, laying the foundation for digital asset regulation. This "Policy Declaration 2.0" is a further upgrade of Hong Kong's digital asset regulation. As an international financial center, Hong Kong intends to attract more digital asset companies by improving its regulatory framework.

Policy Content: "Policy Declaration 2.0" proposes that Hong Kong will establish a comprehensive regulatory framework for digital assets, including the implementation of a licensing system for exchanges, custodians, and stablecoin issuers. At the same time, Hong Kong will promote innovation in digital asset products, allowing the issuance of tokenized securities, among others. This policy will officially take effect in 2025.

Market Response: Industry insiders generally believe that Hong Kong's digital asset regulatory policy has clarified the development direction, which is beneficial for attracting quality projects and funds. However, some opinions suggest that overly strict regulation may limit innovation. Overall, the market welcomes Hong Kong's determination to build an international digital asset center.

Expert Opinion: Hong Kong financial law expert Zhang Weiqiang stated that the "Policy Declaration 2.0" creates a favorable environment for the digital asset industry, but the regulatory details still need to be further clarified. He suggested that Hong Kong should learn from the mature practices of places like Singapore, ensuring investor protection while leaving room for innovation.

2. The U.S. House of Representatives passed the "Deploying the American Blockchain Act", promoting the development of blockchain technology.

On June 26, the U.S. House of Representatives reviewed and passed the "Deploying American Blockchains Act" (, which instructs the Department of Commerce to take various measures to promote blockchain technology.

Policy Background: Blockchain is seen as a disruptive innovation technology, with broad application prospects in fields such as finance and supply chain. However, the United States has lagged behind countries like China in the development of blockchain. This bill aims to accelerate the deployment and application of blockchain technology in the United States.

Policy Content: The "Blockchain Act for America" requires the Department of Commerce to develop policies to enhance the competitiveness of U.S. blockchain, coordinate the adoption of blockchain technology across agencies, issue related guidelines, and support the construction of open-source blockchain infrastructure. The bill still needs to pass the Senate and be signed by the President to take effect.

Market reaction: Industry insiders welcome this bill, believing that it will encourage the U.S. government, businesses, and academia to increase investment in the blockchain field, which will benefit the United States in gaining an advantage in the global blockchain competition. However, there are also views questioning that relying solely on government leadership may not truly drive blockchain innovation.

Expert Opinion: Blockchain expert Anderson believes that the bill is a signal of the U.S. government's support for blockchain development, but more importantly, it is about establishing a specific regulatory framework to create a favorable environment for businesses. He suggests that the government should work closely with the industry to fully leverage the advantages of blockchain in improving efficiency and reducing costs.

) 3. The U.S. Treasury Secretary calls for the removal of the "899 retaliation tax clause", which is beneficial for the development of crypto companies.

US Treasury Secretary Becerra called on Congress on June 26 to remove the "899 retaliatory tax provision" to avoid impacting American businesses operating globally. This move is seen as beneficial for the development of crypto companies in the United States.

Policy background: The "899 retaliation tax provision" was originally intended to punish countries that impose digital services taxes on the United States. However, this provision may also affect the normal business operations of cryptocurrency companies overseas. The Treasury Department has previously indicated that this provision could hinder the development of cryptocurrency companies in the United States.

Policy content: Beisent stated that an agreement has been reached with the G7 ###G7(, and U.S. companies will be exempt from taxes imposed by some countries. In exchange, the Trump administration will remove the "899 retaliatory tax clause" from the "Big and Beautiful" tax reform legislation.

Market Reaction: Crypto industry insiders welcome this. Coinbase CEO Armstrong has criticized the "899 clause" for undermining the competitiveness of the US crypto industry. It is widely believed that the removal of this clause will create a more friendly environment for crypto businesses to grow in the US.

Expert Opinion: Cryptocurrency tax expert Stevenson stated that the removal of the "899 clause" is a positive signal, indicating that the U.S. government hopes to attract cryptocurrency companies to develop in the United States. However, he also pointed out that the U.S. still needs to provide more certainty and convenience for cryptocurrency companies in terms of regulation, taxation, and other aspects.