[U.S. Senate Fails to Pass Temporary Spending Bill] According to reports from Golden Finance, the temporary spending bill aimed at preventing a U.S. government shutdown failed to pass in the Senate.

**[Announcement on Adjustment of Tiered Margin Rules for Certain Perpetual Contracts by OKX]** Dear OKX Users, To further enhance market liquidity, OKX plans to adjust the tiered margin rules for certain perpetual contracts on September 20, 2025, from 10:00 AM to 12:00 PM (UTC+8). Details of the adjustment are as follows: Please note that due to market conditions, the adjustment time for certain tokens may change or be postponed. Please refer to the *Position Tier Description* to confirm whether the adjustments for relevant tokens have been successfully implemented. **Risk Reminder** Due to recent significant market fluctuations, the maintenance margin rate for user positions may increase after the tiered margin rule adjustment. To prevent forced liquidation caused by the rule changes, please promptly manage your risk by closing positions, reducing positions, or adding margin to lower the actual leverage ratio. OKX will continue to provide you with better products and higher-quality services! **OKX Team** September 20, 2025

[SEC Releases Listing Standards for Crypto ETFs, Price Impact May Be Uneven] The U.S. Securities and Exchange Commission (SEC) has announced listing standards for cryptocurrency ETFs, with industry insiders believing this will drive market development. However, analysis suggests that price impacts may be uneven.

[Analyst: Bitcoin May Test the $120,000 Level] Bitbank analyst Yuya Hasegawa stated that after the Federal Reserve's rate cut, market risk appetite has increased, and improved technical sentiment may help Bitcoin test the $120,000 level. If this level is breached, the market may see a full correction. Traders are expected to take a week to digest the impact of the rate cut and will focus on changes in inflation and interest rates. Prediction market data shows that 72% of users expect the Federal Reserve to cut rates by another 25 basis points in October.

The crypto industry has entered the long slog of rule writing on the stablecoin law, and the Treasury is inviting input on how to deal with illicit activity.