On October 20, according to 4E Observation, a number of crypto company executives (including Coinbase, Chainlink, Galaxy, etc.) will hold a closed-door roundtable meeting with U.S. Senate Democrats this week to discuss market structure legislation and the direction of industry development. The meeting was chaired by Senator Kirsten Gillibrand, amid an industry backlash sparked by the Democratic DeFi regulatory proposal. Data from the Hong Kong Stock Exchange shows that as of the end of September, the scale of virtual asset ETP asset management in Hong Kong has reached HK$8.1 billion, making it the largest market in the Asia-Pacific region. The Hong Kong Stock Exchange plans to promote the digitization of the primary market redemption mechanism to improve liquidity. According to Lianhe Zaobao, Ant Group, JD and other companies have suspended plans to issue stablecoins in Hong Kong. Hong Kong has implemented the "Stable Coin Ordinance" since August, and a total of 36 institutions have submitted license applications. Chain data shows that a giant whale holding more than US$250 million in BTC and ETH orders currently has a floating loss of approximately US$2.95 million. 4E reminds investors that regulatory and institutional behavior are accelerating their impact on the market structure, and short-term fluctuations may intensify. Investors should remain cautious and pay attention to changes in policy rhythm and market liquidity.