4E: JPMorgan says Strategy's refusal to join S&P is a crackdown on crypto treasury

According to 4E observations, JPMorgan analysts pointed out that the S&P 500 Index Committee refused to include Strategy (formerly MicroStrategy) as a component stock last week, although its technical indicators have met standards, which is seen as a blow to the "bitcoin treasury model." The report said the committee has discretion in selecting components, showing caution about companies that restructure their balance sheets with large-scale Bitcoin holdings. In Hong Kong, the HKMA issued a draft for soliciting opinions on the "Crypto Asset Classification", intending to divide crypto assets into two categories and four groups. Group 1a is a tokenized traditional assets, Group 1b is a stablecoin with sufficient stability mechanism, and Group 2 covers Bitcoin, Ethereum and other unreserved supporting assets. This move aims to implement the new Basel Committee regulations in 2026 and provide a clear framework for bank capital allocation. U.S. regulation has also shifted. SEC Chairman Paul Atkins announced the launch of Project Crypto at the OECD Roundtable, which will provide predictable rules for on-chain financing, emphasize that “most tokens are not securities” and allow transactions, lending and pledge operations under a unified framework. In addition, European crypto asset management company CoinShares will land on Nasdaq through a merger with SPAC Vine Hill Capital and Odysseus Holdings, becoming the first European Web3 company to go public in the United States. 4E reminds investors: The global regulatory environment tends to be refined and stratified, and the market position of institutions and treasury companies is facing reassessment. Investors should pay attention to the dynamic evolution of policies and compliance.