The main force lacks confidence in the future market

[France Proposes Tax on MiCA Stablecoins, Chainalysis Warns of Capital Outflows] The French National Assembly is reviewing the 2027 budget proposal, which includes plans to subject stablecoins under the MiCA framework to a 31.4% capital gains tax. Francois Volpoet, CEO of Chainalysis France, warned that this measure could drive traders toward DeFi platforms or self-custody wallets. Additionally, the parliamentary finance committee has proposed requiring the declaration of self-custody wallets holding over €100,000, with violators facing fines of up to approximately $11,600. The proposal also seeks to extend exit taxes to crypto asset holdings valued at over approximately $900,000. These measures have not yet been formally legislated, with the parliamentary vote scheduled for October 20.

On the 13th, the predictive market platform Kalshi submitted a request for a full retrial to the US Sixth Circuit Court of Appeals, requesting a reconsideration of the three member panel's rulings in Kalshi v. Schuler, Ohio and Kalshi v. Orgel, Tennessee. In late September, the collegiate bench ruled to uphold the preliminary injunction against Ohio's gambling regulatory agency against Kalshi and to revoke the preliminary injunction against the relevant agency in Tennessee. Kalshi claimed in the application that the collegiate bench had two misinterpretations of the Commodity Exchange Act, involving the priority of federal securities laws and state gambling laws, and whether sports contracts constituted swaps. Kalshi is still waiting for the opportunity to submit an application to the Supreme Court.

The bank manages custody and settlement in-house via a closed-loop model, removing the need for separate crypto wallets.

市场预期美国 9月核心 CPI 环比放缓，降低美联储 10 月加息紧迫性。加拿大蒙特利尔银行资本市场首席美国经济学家斯科特・安德森表示，若 9月核心 CPI 月率维持在 0.2% 区间，足以支撑美联储 10 月按兵不动，但关于后续是否加息的争论仍存。（来源：金十数据） AI解读：核心通胀放缓的预期直接削弱了美联储进一步紧缩的政策基础。这一趋势明确了货币政策进入观察期的必要性，有效缓解了市场对短期加息的恐慌情绪。通胀压力的边际改善为利率维持现状提供了坚实支撑，市场定价逻辑已转向对高利率持续时间的博弈。该数据表现直接锁定了美联储在短期内暂停加息的决策路径。

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