Gate Daily Report (April 14): The SEC releases regulatory guidance on self-custody wallet exemptions; Ondo submits a five-action letter regarding OGM tokenized equities

Bitcoin (BTC) is seeing a strong rebound and rise, temporarily around $74,330 as of April 14. The U.S. Securities and Exchange Commission (SEC) issued regulatory guidance in relation to exemptions for interfaces for crypto securities self-custody wallet accounts. Ondo Finance submitted an application to the SEC for a no-action letter regarding action-free requests for OGM tokenized equity.

Macro Events & Crypto Market Hotspots

1、The SEC’s Division of Trading and Markets under the U.S. Securities and Exchange Commission (SEC) issued a staff statement aimed at crypto users’ interfaces, saying that under certain conditions, it allows some service providers offering “self-custody wallet + front-end interface” to operate without being registered as a broker-dealer. The statement defines such “user-interface coverage” as websites, applications, or browser extension functions that help users initiate crypto asset securities transactions on a blockchain or smart contracts through self-custody wallets.

The SEC said that if the interface provider does not actively solicit investors, does not guide routing choices through phrases such as “best price,” and has in place corresponding policies and procedures for analyzing trading venues, then, from an enforcement standpoint, it “would not object” to them operating in a non-broker-dealer capacity. The document reflects the temporary stance of SEC staff and does not constitute an official rule. The SEC is also seeking input from the industry.

2、According to an official blog, Ondo Finance has submitted a request for a no-action letter to the U.S. Securities and Exchange Commission (SEC), seeking confirmation that, without changing the existing securities legal framework, it can record and manage securities-related equity of Ondo Global Markets (OGM) in a tokenized form on the Ethereum mainnet.

OGM is still a tokenized note linked to U.S. stocks and ETFs for non-U.S. investors. The underlying securities and the official ledgers remain within the existing custody and clearing systems, with the corresponding securities equity held on-chain by the custodian BitGo only in specific circumstances, for optimizations such as collateral monitoring, subscription and redemption processes, and reconciliation. Ondo says the application is intended as an improvement at the record-keeping and operational level, rather than rewriting market structure or launching a brand-new product.

News Updates

1、The whale group holding between 10 million and 1 million Bitcoins has increased its total holdings to 4.25 million BTC, accounting for 21.3% of the supply

2、Two whales holding long positions currently have unrealized gains of more than $176.8 million and $190 million, respectively

3、Strategy perpetual preferred stock STRC daily trading volume reached $1.1 billion, setting a record high

4、Korean payment service provider NHN KCP will build its own Layer 1 network on Avalanche

5、Squads reminds about the risk of address poisoning attacks, says there is currently no loss of funds and will roll out a whitelist mechanism

6、Huang Licheng’s ETH long positions currently have floating profits of $2.14 million, but his total losses are still as high as $26.4 million

7、UK Reform Party leader Nigel Farage buys $2 million worth of Bitcoin

8、The whale that set “10 big goals in advance” has stopped out; losses in this round are about $5 million

9、The European Central Bank supports tokenized EU capital markets, but imposes strict regulatory measures

10、Crypto wallet company Exodus sues W3C and its CEO, demanding performance of a $175 million acquisition agreement

Market Trend

1、Bitcoin latest news: $BTC strong rebound and rally, temporarily around $74,330. Over the past 24 hours, liquidations totaled $229 million, with the main liquidation coming from long positions;

2、On April 13, U.S. stocks ignored news from last weekend’s breakdown of U.S.-Iran talks, and instead focused more on corporate earnings reports from key companies and the hopes for a peace talk released by President Trump. Driven by a strong rebound in software stocks, the S&P 500 index fully recovered all losses since the outbreak of the war in late February. The Nasdaq index also set the longest consecutive-rally record since 2023. The Dow Jones Industrial Average rose by 301.68 points, up 0.6%, closing at 48,218.25. The S&P 500 index rose by 69.35 points, up 1%, closing at 6,886.24. The Nasdaq Composite rose by 280.84 points, up 1.2%, closing at 23,183.74.

（Source: Gate）

3、In Gate’s BTC/USDT liquidation map, taking the current 74,150.50 USDT as the reference: if it drops to around $71,194, the cumulative liquidation amount for long positions exceeds $1.64 billion; if it rises to around $75,354, the cumulative liquidation amount for short positions exceeds $290 million. The liquidation amount for shorts is significantly lower than that for longs. It’s recommended to control leverage ratios reasonably to avoid triggering large-scale liquidations amid market changes.

（Source: Coinglass）

4、Within the past 24 hours, BTC spot inflows were $2.89 billion, outflows were $2.92 billion, resulting in net outflows of $0.3 billion.

（Source: Coinglass）

5、Within the past 24 hours, net outflows led in contract trading for $CL, $DOT, $TAO, $BZ, $TSLA , etc., indicating potential trading opportunities.

Selected X KOL Perspectives

Phyrex Ni (@Phyrex_Ni): “The past weekend was relatively quiet. Starting Monday, there were more random and messy things. Today Trump has indeed blocked Iran’s ports, and that is not good news for the temporary ceasefire. Iran’s posture also feels very tough again; the attitude seems to have returned to before the ceasefire. Especially since Trump has been talking publicly about Iran’s role in the negotiations for a ceasefire, and even started discussing the freezing measures for uranium enrichment. But from Iran’s side, you don’t see any of that. Instead, they’re emphasizing that blocking Iran will lead to the war resuming.”

“However, judging by market performance, things still lean toward being optimistic. The rebound in U.S. stocks and $BTC has been quite good; it’s just that oil prices are a bit higher. The U.S.-Iran issue may keep fluctuating for a while. After Trump announced that the U.S. has already blocked Iran’s ports today, at the end of the press conference he also said that after Iran wraps up, they will ‘take a convenient route’ to Cuba.”

“I guess they ran into a wall with Iran, and now they’re planning to make up for it in Cuba. The mid-term election is coming up soon, so Trump doesn’t have much time left.”

“Back to the Bitcoin data, the turnover rate is still quite low. Investors don’t seem to show emotional dissatisfaction with the current price. Most investors are still holding and waiting rather than panicking. The positioning structure is also very stable. We haven’t seen panic from early and short-term investors. The buying sentiment over the past few days has also been pretty good.”

“Of course, what dominates the market is still mainly the geopolitical conflict and monetary policy.”

Today’s Preview

1、China March trade balance (in billions of dollars), prior value was 213.62

2、China March trade balance (in billions of yuan), prior value was 1503.49

3、U.S. March Producer Price Index (year-over-year rate), prior value was 3.4%