4E: JPMorgan says rejecting Strategy's entry into the S&P is a blow to crypto treasury

According to 4E observations, JPMorgan analysts pointed out that last week the S&P 500 Index Committee rejected the inclusion of Strategy (formerly MicroStrategy) in the constituent stocks, despite its technical indicators meeting the standards. This move is seen as a blow to the "Bitcoin treasury model." The report states that the committee has discretion in selecting constituent stocks, showing a cautious attitude towards companies that restructure their balance sheets with large Bitcoin holdings.

In Hong Kong, the Monetary Authority released a consultation draft on "Classification of Crypto Assets," proposing to categorize crypto assets into two major categories and four sub-groups. Group 1a consists of tokenized traditional assets, Group 1b includes stablecoins with sufficient stabilization mechanisms, and Group 2 covers non-reserve-backed assets like Bitcoin and Ethereum. This initiative aims to implement the Basel Committee's new regulations for 2026, providing a clear framework for banks' capital requirements.

U.S. regulation is also shifting. SEC Chairman Paul Atkins announced the launch of Project Crypto at the OECD roundtable, which will provide predictable rules for on-chain financing, emphasizing that "most tokens are not securities," and allowing trading, lending, and staking activities under a unified framework.
Additionally, European crypto asset management company CoinShares will go public on NASDAQ through a merger with SPAC Vine Hill Capital and Odysseus Holdings, becoming the first European-based Web3 company to list in the U.S.

4E reminds investors: The global regulatory environment is becoming more detailed and layered, and the market position of institutions and treasury companies is facing reassessment. Investors should pay attention to the dynamic evolution of policies and compliance.