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On November 12, according to the Empire podcast, Phantom wallet CEO Brandon Millman stated that the company has no intention of launching its own blockchain or pursuing an IPO. The current focus remains on the Solana ecosystem and products aimed at mainstream users. He said that building a proprietary chain goes against the principles of openness and composability in the crypto industry, and Phantom will continue to deepen its involvement in Solana. Brandon also mentioned that although the company has the potential to go public, it prefers to rely on support from investors such as a16z, Paradigm, and Sequoia, and to continue expanding through private fundraising.

ChainCatcher reported that Wall Street brokerage Bernstein stated in its latest report that as the US crypto regulatory framework gradually takes shape, the country is entering a critical stage toward becoming the global center of crypto capital. The report pointed out that the implementation of the GENIUS Act has driven the expansion of the stablecoin market, pushing the total supply of USD stablecoins beyond 260 billions USD; the CLARITY Act, expected to be launched by the end of 2025, will for the first time clarify the market structure of digital assets in the US, define the regulatory boundaries between the SEC and CFTC, and end years of regulatory uncertainty. The Bernstein analyst team stated that the "Project Crypto" led by SEC Chairman Atkins is at the core of this transformation, aiming to deeply integrate the securities market with blockchain infrastructure and exclude most crypto assets from securities law, thereby allowing tokenized stocks and bonds to circulate under a unified regulatory system. The report also noted that US crypto ETF assets have reached 160 billions USD, with institutional investors accounting for about a quarter; since the beginning of 2024, the total IPO financing of crypto companies has exceeded 4 billions USD, and the total market value of listed crypto companies has increased from 80 billions USD to 380 billions USD. A certain exchange and Robinhood have been included in the S&P 500 index. Bernstein believes that a clear regulatory path, the return of institutional capital, and the maturity of on-chain financial infrastructure are driving the formation of a more sustainable new crypto cycle.