The Web3 space has witnessed a series of significant events today, covering various aspects such as regulation, financial innovation, and technological breakthroughs.

In terms of regulation, the U.S. Securities and Exchange Commission (SEC) made an important decision, clearly stating that crypto liquidity staking products and their associated receipt tokens do not fall under the category of securities, a ruling that could have far-reaching implications for the cryptocurrency market. Meanwhile, Binance co-founder Zhao Changpeng (CZ) filed to dismiss the FTX trust lawsuit for up to $1.8 billion, citing a lack of jurisdiction of the U.S. bankruptcy court.

In terms of financial innovation, Coinbase is considering raising $2 billion by issuing convertible notes, demonstrating the cryptocurrency exchange's active positioning in the capital markets. Additionally, the company announced support for Canadian users to conduct cryptocurrency transactions via PayPal, further expanding its service offerings. It is worth noting that the Michigan pension fund has increased its holdings by 200,000 shares of the ARK Bitcoin ETF, reflecting the growing interest of traditional financial institutions in crypto assets.

In the field of technological innovation, OpenAI has released its first open-source AI model, GPT-OSS. This move may promote the popularization and development of artificial intelligence technology. At the same time, Swiss AMINA Bank has become the world's first institution to support SUI token trading and custody services, demonstrating the trend of traditional banking embracing blockchain technology.

On the policy front, the Brazilian government will hold a public hearing on the national Bitcoin reserve proposal on August 20, which could signify broader recognition of Bitcoin at the sovereign state level. In addition, there are reports from the U.S. political scene that the nominee for the Federal Reserve Chair will be determined within this week, with four candidates currently under consideration.

These events collectively depict the latest dynamics in the Web3 space, reflecting the rapid development and transformation of the industry in terms of technology, finance, and regulation.