[Goldman Sachs: Trump Tariffs May Be Ruled Illegal, But Overall Trade Impact Limited] Goldman Sachs analysis points out that during oral arguments, the U.S. Supreme Court raised doubts about the legality of tariffs imposed by President Trump under the International Emergency Economic Powers Act, with the likelihood of the tariffs being ruled unconstitutional increasing. Prediction markets indicate that the probability of the Supreme Court upholding the tariffs has dropped by approximately 10 percentage points, and the final ruling is expected to be announced between December 2025 and January 2026. If the tariffs are ruled illegal, the government may need several months to refund approximately $115 billion to $145 billion in collected tariffs. However, it is expected that similar tariffs will be reintroduced through other legal avenues. As a result, the overall impact on trade dynamics is expected to be limited, with tariff adjustments likely to involve smaller trade partners and have minimal effects on major economies such as the EU. In the short term, the handling of refunds and tariff adjustments may trigger market volatility.

OKX-OKB/USDT is currently trading at $119.90, with a 5-minute drop of 0.23%. Please be aware of market fluctuations.

[Coinbase Urges Treasury to Strictly Adhere to the Original Intent of the GENIUS Act] Coinbase has submitted feedback to the U.S. Treasury, urging it to strictly follow Congress's original intent when formulating implementation rules for the GENIUS Act, avoiding excessive expansion of regulatory scope. Coinbase emphasized that non-financial software, blockchain validators, and open-source protocols should be explicitly excluded from the scope of regulation. The Chief Policy Officer pointed out that third-party reward programs should not be considered 'interest' to ensure alignment with the spirit of the Act. Additionally, Coinbase suggested treating payment-based stablecoins as cash equivalents to optimize tax and accounting processes. The GENIUS Act, signed in July 2025, aims to establish a federal regulatory framework for stablecoins in the United States.

OKX-ETH/USDT is currently trading at $3397.64, a decrease of 0.18% in 5 minutes. Please pay attention to market fluctuations.

Data shows that Ethereum has dominated the stablecoin supply changes in the past 24 hours, with inflows exceeding $1 billion. （Cointelegraph）