On September 9, according to 4E Observation, Nasdaq has submitted a proposal to the SEC to amend the rules to allow tokenized securities to be listed and traded on the exchange. The document shows that if tokenized securities are deemed to have the same effect as the underlying securities and have the same shareholder rights, the same enforcement rules and documentation requirements as traditional securities will apply. Nasdaq emphasized that tokenized assets must be clearly marked with their attributes so that the clearing and settlement processes can be carried out smoothly, and will receive the same order priority as traditional securities. The market believes that this move may pave the way for the legal and compliant entry of tokenized stocks into the mainstream market. At the same time, Strategy has met various technical requirements for inclusion in the S & P 500 with its nearly US$70 billion Bitcoin position. The company achieved unrealized gains of US$14 billion last quarter. In the context of the Trump administration's relaxation of encryption regulations, market participants are increasingly concerned about its possibility of entering the S & P 500. In terms of capital flow, Cathie Wood's Ark Invest increased its holdings of 101,950 shares of Bitmine Immersion (BMNR) through three funds on Wednesday, worth approximately US$4.46 million. Data showed that ARKK increased its holdings by 67,700 shares, ARKW increased its holdings by 21,900 shares, and ARKF increased its holdings by 12,400 shares. In the U.S. Congress, Congressman Joyce submitted a report to the H.R. on September 5. Bill 5166 requires the Treasury Department to formulate a custody and management plan for strategic bitcoin reserves and establish institutional guarantees for BTC held by the federal government. 4E reminds investors: tokenized stocks, bitcoin reserves and institutional increases all indicate that traditional financial and crypto markets are deeply integrated, but there are still variables in market expectations and policy implementation, and investors need to maintain rational judgment and flexible response.