[JPMorgan: Exclusion of Strategy from S&P Seen as a Blow to Bitcoin Treasury Model] JPMorgan analysts stated that the S&P 500 Index Committee's decision to exclude Strategy (formerly MicroStrategy) from its constituents, despite meeting technical criteria, is viewed as a blow to the Bitcoin treasury model. The committee remains cautious toward companies restructuring their balance sheets with large-scale Bitcoin holdings. Meanwhile, the Hong Kong Monetary Authority has released a consultation paper on crypto asset classification, and the U.S. SEC has launched Project Crypto. The global regulatory environment is trending toward greater detail and stratification, and investors should pay close attention to policy developments.