U.S. employment data has been significantly revised down, with 911,000 fewer jobs as of March | Binance Morning Post (September 10)

● U.S. employment data has been significantly revised down, with 911,000 jobs fewer than before in March According to Jinshi data, the U.S. government said that in the 12 months to March this year, the number of new jobs in the U.S. economy may be 911,000 fewer than previously estimated. This shows that employment growth has shown signs of stagnation before Trump imposed tough tariffs on imported goods. Economists expect the Bureau of Labor Statistics, a subsidiary of the U.S. Department of Labor, may reduce employment levels by 400,000 to 1 million jobs from April 2024 to March 2025. Previously, the employment level from April 2023 to March 2024 had been lowered by 598,000 jobs. The benchmark revision follows news of almost stagnant employment growth in August, and June marks the first time in four and a half years to see a decline in jobs. Trade policy uncertainty and White House tightening immigration policies have weakened labor supply, and companies' shift toward AI tools and automation have also curbed demand for labor. Economists believe that the downgrade in employment growth data has little impact on monetary policy. The Fed is expected to resume rate cuts next Wednesday after suspending a loose cycle in January due to uncertainty over tariffs. ● New White House cryptocurrency adviser: Establishing a federal cryptocurrency reserve will be one of the top priorities According to BlockBeats, President Trump’s new cryptocurrency adviser Patrick Witt said he is taking over the baton of his former Bo Hines, urging lawmakers to formulate a comprehensive U.S. cryptocurrency policy while pushing regulators to implement the new stablecoin bill. "There will be no outages here," Witt said, who was promoted to the position last month, just two weeks after the U.S. government released a broad strategic report on U.S. crypto policy. "We will do our best to maintain high-intensity progress at the legislative level and across-agency actions recommended by the report." He said that his three top priorities are: the Senate to promote market structure legislation; the rapid implementation of the stablecoin bill called the Innovation Act of Guidance and Establishment of the United States Stablecoin Country; and the establishment of a federal cryptocurrency reserve library. ● Democratic members of the U.S. Senate proposed seven regulatory frameworks for crypto markets. According to Shenchao TechFlow, on September 9, 12 Democratic members of the U.S. Senate released a legislative framework for market structure. The framework includes seven core contents, including authorizing CFTC to regulate non-security tokens, clarifying the token classification process, requiring issuers to provide clear disclosure, strengthening trading platform compliance requirements, and combating illegal financial activities. The framework recommends increasing financial support from the SEC, CFTC and the Ministry of Finance. Preventing President Trump from profiting from crypto investments remains an important issue, and the framework recommends limiting officials and their families to profit from crypto projects and require property disclosure during their tenure. ● Vietnam launches a five-year crypto asset trading market pilot program According to Cointelegraph, Vietnam has launched a five-year crypto asset pilot program to set up strict industry requirements. Vice Premier Ho Defu signed a resolution to formulate rules for trading and issuance of crypto assets. The pilot program is effective immediately and requires that all crypto transactions, including issuance, transactions and payments, be conducted in Vietnamese Dong. The issuer must be a Vietnamese enterprise registered under the Enterprise Act. The pilot program prohibits the issuance of crypto assets based on fiat currencies and securities, requiring crypto assets to be issued based on real assets. Issuance to foreign investors is only allowed through crypto asset service providers licensed by the Ministry of Finance. The program emphasizes a roadmap of prudence, control, and adaptation to practices, ensuring safety, transparency and efficiency, and protecting the legitimate rights and interests of participants. ● BlackRock's crypto assets hold nearly 100 billion US dollars. According to PANews, Solid Intel quoted Arkham data as saying that BlackRock currently holds about $99.3 billion in crypto assets, mainly including Bitcoin and Ethereum. Among them, BTC (Bitcoin): holds 75.0417 pieces, worth about US$83.41 billion; ETH (Ethereum): holds 3.706 million pieces, worth about US$15.89 billion. In addition, BlackRock also holds a small number of other tokens, but the total value is much lower than BTC and ETH. ● CBOE will launch BTC and ETH continuous futures products in November. According to Shenchao TechFlow, on September 9, Solid Intel reported that the Chicago Options Exchange (CBOE) plans to launch BTC and ETH continuous futures products and will start trading on November 10. ● The US SEC has postponed the decision of Bitwise and Grayscale encrypted ETFs to November. According to ChainCatcher, the US SEC has announced that it will extend the review period of Bitwise Dogecoin ETFs and Grayscale Hedera ETFs to November 12. Both applications were submitted in March this year. The SEC chose to continue the extension rather than make advance decisions. There are currently more than 90 crypto ETF products pending, including several Solana and XRP-related applications.