According to BlockBeats, on September 3, U.S. SEC Chairman Paul Atkins stated in an interview with Fox News that he hopes Congress will expedite the passage of the CLARITY Act and send it to President Trump for signature. He added that the SEC is continuing to develop regulatory rules adapted to the blockchain and crypto asset markets.

The U.S. Senate has scheduled a key procedural vote on the CLARITY Act for September 15, requiring 60 votes to move the bill to formal consideration. Even if legislation continues to face obstacles, the SEC and CFTC still plan to use their existing powers to advance the regulatory framework for the crypto market.

According to Beating AI's latest Pre-IPO round, Kimi is aiming for a Hong Kong IPO with a target valuation of approximately $50 billion. While this price seems high, if we look at the already listed MiniMax and Zhipu, Kimi actually has a very clear revenue threshold to reach.

Based on a rough calculation of market capitalization as of September 3, MiniMax's total market capitalization was approximately $16 billion, with an August ARR of over $800 million, corresponding to an ARR of less than 20 times; Zhipu's total market capitalization was approximately $66 billion, with an August ARR of $1.6 billion, corresponding to an ARR of approximately 41.25 times.

If Kimi is valued at $50 billion, its ARR would only need to exceed approximately $1.212 billion for its valuation multiple to be lower than that of Zhipu; reaching $2.5 billion would correspond to an ARR of 20, which is close to that of MiniMax.

Kimi last explicitly disclosed its ARR (Average Revenue) at $300 million in mid-June. After the K3 was released in July, President Zhang Yutong stated that the company's ARR had "multiplied several times" and set a record for the largest single-day increase. Bloomberg also reported that daily sales increased at least sixfold after the K3's release, but the company has not yet released the latest absolute ARR value.

So now, to determine whether $50 billion is expensive or not, the key is just one number: the latest ARR after K3.

According to BlockBeats, Farside Investors reported on September 3 that U.S. Bitcoin spot ETFs saw a net inflow of $101 million yesterday, with BlackRock's IBIT seeing a net inflow of $115.4 million and Grayscale's GBTC seeing a net outflow of $56.2 million.

Ethereum ETF saw a net outflow of $48.2 million, BlackRock ETHA saw a net outflow of $53.4 million, ETHB saw a net inflow of $52.9 million, Fidelity FETH saw a net outflow of $26.2 million, and ETHE saw a net outflow of $23.5 million.

According to BlockBeats, on September 3rd, the Ethereum L2 network Silicon will close its asset deposit channel starting September 2nd, with the testnet shutting down simultaneously. Support for user asset withdrawals will continue until December 31, 2026, after which the block explorer will be shut down and the network will be terminated.