On September 25, according to 4E Observation, Mike Crapo, Chairman of the U.S. Senate Finance Committee, announced that a hearing entitled "Review of Digital Asset Tax Policies" would be held on October 1. At that time, CoinCenter, ASKramer Law, Coinbase and the American Institute of Certified Public Accountants will testify on the inclusion of cryptocurrencies in the federal tax code. This is an important step after the House of Representatives, or driving tax modernization of the $2.5 trillion crypto market. The U.S. SEC announced the agenda of a joint roundtable meeting with the CFTC on September 29. Core topics include regulatory coordination, investor protection, and reducing market participation costs. Former CFTC Chairman J. Christopher Giancarlo, SEC Director of Trading and Markets Jamie Selway and others will attend. The market generally believes that the two major regulatory agencies rarely sit on the same stage, sending a signal that the encryption market is more institutionalized. At the capital level, Solana treasury firm SOLStrategies announced that it will raise $25 million through rights issues and warrants private placement, with Canaccord Genuity serving as exclusive bookrunner. Funds will be used to expand digital asset allocation and further support the growth of SOL reserves. On the technical level, Ethereum co-founder Vitalik Buterin revealed that the Fusaka upgrade will introduce a Peer DAS data availability solution, allowing nodes to verify security without having to download complete blocks. Vitalik emphasizes security as a priority and plans to gradually increase the number of blobs to promote the expansion process of Ethereum L1 and L2. 4E reminds investors: Regulatory discussions and institutional expansion show that the market is entering deep waters, and policy frameworks and technological breakthroughs will shape the new cycle. However, in the short term, there is still uncertainty about the legislative progress and financing implementation. Investors should remain cautious while paying attention to fundamentals.