U.S. stock markets opened positively on Friday, with the Nasdaq index leading the rise at 0.7%, followed by the S&P 500 index, which rose 0.6%, while the Dow Jones index edged up 0.2%. At the same time, JPMorgan adjusted its expectations for Fed rate cuts, predicting three rate cuts starting in September 2025, each by 25 basis points, a new forecast that is more aggressive than the previous expectation of a single rate cut in December.

Recently, Trump signed an executive order that has sparked widespread discussion, allowing alternative assets such as private equity, cryptocurrencies, and real estate to be included in workplace retirement plans. This decision has prompted differing opinions in the financial sector. Lawyer Jerry Schlichter expressed concerns for ordinary investors, believing that their primary goal is to have a safe and reliable retirement plan, while emerging fields like cryptocurrencies or private equity may pose potential risks to investors.

Economist Peter Schiff has raised criticisms from another perspective. He pointed out that the retirement savings of most Americans are already severely insufficient, and allowing limited retirement funds in 401(k) accounts to be invested in cryptocurrencies like Bitcoin may further exacerbate this issue.

Meanwhile, the cryptocurrency industry has reached an important legal milestone. The long-standing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, which lasted for four years, has finally come to an end. Both parties submitted a joint statement to the Second Circuit Court of Appeals, announcing their voluntary withdrawal of the appeal against the July 2023 first-instance ruling and agreeing to bear their own legal costs. This case dates back to 2020 when the SEC, under the leadership of then-chairman Jay Clayton, accused Ripple Labs of violating securities laws by selling XRP.

These events reflect the ongoing interaction and collision between the cryptocurrency market and the traditional financial system, and highlight the challenges that regulators face when dealing with emerging financial technologies. As crypto assets gradually integrate into the mainstream financial system, finding a balance between encouraging innovation and protecting investor interests will become an issue that future policymakers need to consider deeply.