A16z calls on the US Department of Justice to stop holding DeFi protocols accountable for user behavior

According to BlockBeats, on February 5th, The Block reported that the ETH supply has reached 120521523 ETH, an increase of approximately 383 ETH from the September 2022 merger. Presto Research analyst Jaehyun Ha explained that this inflation is mainly due to the Dencun upgrade implemented in March 2024. The blob trading mechanism introduced in this upgrade uses independent fee units, which weakens the original ETH destruction effect and may affect Ethereum's deflationary properties as a "ultrasonic currency". DeSpread Research researcher Byoungjoon Kim pointed out that the recent meme craze has led to a large number of users and liquidity turning to the Solana network, and the emergence of numerous Layer 2 solutions after Dencun's upgrade has also had an impact on the Ethereum ecosystem. Previously, it was reported that the current circulation of ETH has exceeded the level before the Ethereum PoS merger.

Odaily Planet Daily News: Mena Theodorou, co-founder of cryptocurrency exchange Coinstash, said that despite Trump's suspension of the tariff war, investors still feel panic and seek safe haven, expecting greater volatility in the future. He pointed out that "tariffs of this scale are often seen as unfavorable for risky assets such as Bitcoin and other cryptocurrencies." Gold rose to a historic high today, while the US dollar index rose to a new high for the year. However, Theodore believes that Trump has also brought a glimmer of hope at the end of the tunnel, including a potential Bitcoin strategic reserve plan. （DL News）

On February 5th, according to Blockworks, Katherine Dowling, the legal director of Bitwise and former US prosecutor, stated that the SEC is currently in a "transitional period" and needs to wait for the confirmation of the new chairman Paul Atkins. Dowling pointed out that the cooperation between the SEC and CFTC is strengthening, and the newly established cryptocurrency working group has a positive attitude. But on the issue of securities attributes of assets such as XRP and Solana, the SEC still needs instructions from the new leadership. She expects the Bitcoin Ethereum ETF portfolio to be approved quickly, while other cryptocurrency ETFs will require longer approval times.

Odaily Planet Daily News: Noelle Acheson, the corresponding author of Crypto Is Macro Now, said that if the tariff panic subsides soon, it will be a good thing for risky assets including Bitcoin. But if not, safe haven assets such as Bitcoin can benefit from investors seeking to hedge against currency depreciation and prepare for the development of the new economy. Nevertheless, the success of Bitcoin largely relies on the strength of the US dollar. She pointed out, "The decline of the US dollar against other currencies will benefit global liquidity and may reignite risk appetite, benefiting Bitcoin and stocks

Odaily Planet Daily News: Katherine Dowling, Chief Compliance Officer of Bitwise, stated that January marked the end of SAB 121, welcomed Trump's cryptocurrency executive order, and witnessed the establishment of a new SEC working group. In addition, with the surge in cryptocurrency ETF applications, now is a good time to communicate with insiders. She pointed out that the signal of SEC-CFTC strengthening cooperation is one of the biggest changes compared to the Gensler era. According to Bitwise's conversation with the SEC, the cryptocurrency working group appears to be "very sincere". The current nominee for SEC Chairman, Paul Atkins, has not yet been confirmed, and Mark Uyeda will serve as Acting Chairman. Nevertheless, Dowling stated that the SEC is in a "purgatory state" and appears to be waiting for "high-level instructions" on how to handle lawsuits, including the case against Ripple. Dowling said, "Tonight, these things won't disappear, nor should they disappear, but when you have a new leadership, you will have a new perspective. In this particular case, are we focusing on the right thing? Is there a position of reconciliation that allows both sides to achieve the results they want It pointed out that some assets are still "trapped like dolphins in a fishing net". She refers to assets that are clearly classified as securities, including SOL and XRP. The SEC must make some concessions in this regard in order to push forward these ETF proposals. She hinted that the DOGE ETF may have a clearer path as the SEC has not yet marked DOGE as a security. In addition, in addition to the uncertainty of litigation/securities, there is also a question of whether the SEC will require the existence of a "sizable regulated market" (historically traded through CME futures). （Blockworks）