Wu Says Daily Selected Crypto News - US November ADP Employment -32,000, the lowest level since March 2023

1. US November ADP Employment Change: -32,000, Lowest Since March 2023

US November ADP employment change was -32,000, the lowest level since March 2023. The expected figure was 10,000, and the previous value of 42,000 was revised to 47,000.

2. UK “Digital Assets and Other Property Act” Officially Comes Into Effect

On Tuesday, House of Lords Speaker John McFall announced that the “Property (Digital Assets etc) Bill” has received Royal Assent from King Charles III, meaning the bill has officially become law. The act explicitly defines cryptocurrencies, stablecoins, and other digital assets as personal property protected by law, providing a legal basis for determining digital asset ownership, asset recovery, bankruptcy, and inheritance processes. It is hailed as a “major milestone” in UK crypto regulation. Data from UK financial regulators shows that as of last year, about 12% of UK adults held crypto assets.

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3. Former SEC Chair Gary Gensler: All Crypto Assets Except Bitcoin Are High-Risk, Highly Speculative

Former SEC Chair Gary Gensler stated in a Bloomberg interview that all crypto assets except Bitcoin are high-risk, highly speculative, emphasizing that most tokens lack fundamental support. Gensler pointed out that Bitcoin is viewed more as a commodity from a regulatory perspective, while the thousands of other tokens should be approached with caution by investors. He also denied that crypto regulation is a partisan issue, and said that the integration of crypto assets and traditional financial infrastructure following ETF listings is an “expected trend towards centralization.”

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4. Coinbase: Fed’s Return to Bond Market Improves Liquidity, but Bitcoin Remains Weak Due to Multiple Pressures

Coinbase Institutional tweeted that although the end of quantitative tightening and the Fed’s return to the bond market have improved liquidity—beneficial in theory for the crypto market—Bitcoin remains weak due to multiple pressures: BTC has fallen below a key bull market support band, options sentiment has turned bearish, OG whales continue to sell, spot ETF outflows are substantial, and treasury (DATs) inflows have also slowed significantly. Coinbase believes the current environment is better suited for waiting for breakout trades rather than aggressively buying the dip.

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5. Cayman Islands Web3 Foundation Registrations Surge 70%, Becoming Mainstream DAO Legal Structure

Web3 foundation registrations in the Cayman Islands have surged 70% year-over-year, surpassing 1,300 by the end of 2024, with over 400 new registrations in the first five months of 2025. Cayman foundations are becoming the mainstream legal wrapper for DAOs, used for treasury management, IP holding, and compliance matters; at least 17 foundation treasuries now exceed $100 million. The OECD CARF reporting framework will be officially implemented in 2026, requiring crypto service providers such as exchanges and custodians in the Cayman Islands to conduct due diligence and reporting. However, protocol treasuries and passive foundations that only hold assets are expected to be exempt from mandatory reporting.