ROLLUP: Is the Bull Market Back? | Treasury QE | Trump Pumps Crypto | SEC Token Rules

— Bitcoin and Ethereum surged double digits in a single week, with BTC up 14% in a day and a half, and ETH up 23% on the week—the largest moves since the BlackRock ETF approval in January 2021.

— The Treasury announced a shift toward yield curve control by doubling bond buybacks from $2 billion to $4 billion, signaling a return of the "debasement trade" and placing a ceiling on long-term yields around 5.3%.

— The White House held a crypto industry summit where President Trump publicly endorsed the sector, named hyper liquid by name, and pledged to advance tokenization and the Clarity Act.

— The SEC released a 402-page Regulation Crypto Assets rulemaking, establishing three pathways for token issuance without securities classification: a $5 million startup exemption, a tiered fundraising exemption up to $75 million, and an investment contract safe harbor.

— The FASB opened a comment period to allow stablecoins to qualify as cash equivalents on corporate balance sheets, creating a structural advantage for compliant issuers like Circle.

— Revenue and user growth across crypto apps accelerated sharply, with Venice crossing $100 million annualized revenue, FOMO surpassing $150 million, and multiple M&A deals involving model aggregators.

— The SEC rulemaking removes regulatory ambiguity for token launches and allows direct capital raises ($5M–$75M) without onerous securities compliance; however, the appetite for new layer-one networks remains muted, limiting near-term token issuance opportunity.

— Treasury's yield curve control, combined with White House sector endorsement and SEC clarity, creates a structural tailwind for scarce-asset trades (Bitcoin, Ethereum) over the medium term, though near-term durability depends on whether short squeezes translate to sustained demand or reverse into liquidations of overleveraged long positions.