#美联储降息 On Monday, U.S. stock markets opened with divergent trends, with the Nasdaq Composite index falling by 0.4% intraday, the S&P 500 index dropping by only 0.03%, while safe-haven asset gold rose against the trend by 0.3% to $4,312 per ounce. Amid economic uncertainty, investors’ asset allocation strategies are beginning to show differences.

The Federal Reserve’s policy stance remains the market’s focus. Former Fed official Kevin Wash has become the leading candidate to succeed as the next Fed chair, a personnel change that could have a profound impact on monetary policy direction. Meanwhile, Trump recently expressed hope that interest rates will stay at 1% or lower within a year, reflecting political expectations for an accommodative monetary policy.

Also noteworthy is a significant rule adjustment by Nasdaq. According to documents submitted to the U.S. Securities and Exchange Commission on December 12, Nasdaq plans to amend its listing application review rules, retaining the authority to reject applications when risks are identified. This change is driven by deep considerations—recent years have seen frequent issues with small IPOs, many of which are headquartered in Asia and involve allegations of market volatility and stock manipulation.

Specifically, the new rules will allow Nasdaq to consider multiple factors when reviewing listing applications: the company’s location, the legal remedies available to U.S. investors in the jurisdiction, and the track records of company advisors (including auditors, underwriters, and law firms). If these advisors have been involved in other problematic or suspicious securities transactions, Nasdaq can weigh concerns about the honesty of the company’s board, management, and major shareholders based on this.

Nasdaq stated in the document: "When evaluating based on comparable characteristics or involving similar advisors, if we believe the applicant’s securities are more susceptible to manipulation, these proposed factors will make the assessment more transparent." This means that current rules prohibiting rejection based on trading patterns or advisor-related considerations will be improved. The proposed rules will take effect immediately. The SEC has not yet responded officially.

For digital assets such as $BTC, $ETH, and $SOL, these actions by U.S. stock markets and regulators are worth close attention—changes in risk appetite in traditional financial markets often spill over into the crypto market, and evolving regulatory frameworks directly influence institutional investors’ deployment decisions.