Headlines
▌Texas Lieutenant Governor Announces Official Bitcoin Purchase, Aims to Build U.S. Digital Future Hub
Texas Lieutenant Governor Dan Patrick stated, “Texas is the first state in history to purchase Bitcoin. I support President Trump and hope to build Texas as the center of America’s digital future.”
▌SpaceX Tells Investors It Aims for IPO by End of 2026
According to The Information: SpaceX has told investors it is targeting an IPO by the end of 2026.
Market
As of press time, according to CoinGecko data:
BTC price is $92,303.51, 24h change -1.3%;
ETH price is $3,139.76, 24h change -1.3%;
BNB price is $902.33, 24h change -1.7%;
SOL price is $139.09, 24h change -3.9%;
DOGE price is $0.1477, 24h change -2.9%;
XRP price is $2.10, 24h change -4.6%;
TRX price is $0.2858, 24h change +1.9%;
WLFI price is $0.1533, 24h change -4.7%;
HYPE price is $33.58, 24h change -3.5%.
Policy
▌U.S. Judge Orders Release of Epstein Grand Jury Investigation Records
On December 5 local time, U.S. District Judge Rodney Smith ordered the release of federal grand jury investigation files related to the Epstein case. Reportedly, records from the federal grand jury investigation into Epstein from 2005 to 2007 will be made public. (Jin10)
****▌U.S. Judge Orders Release of Epstein Grand Jury Investigation Records
According to CCTV News, on December 5 local time, U.S. District Judge Rodney Smith ordered the release of federal grand jury investigation files related to the Epstein case. It is reported that records from the federal grand jury investigation into Epstein from 2005 to 2007 will be made public. On November 18, both the House and Senate passed a bill requiring the Department of Justice to release documents related to the Epstein case. On November 19, President Trump signed the bill, approving the release of the Epstein files. After the bill’s passage, the Department of Justice requested to release the related documents.
****▌U.S. Prosecutors Recover Nearly $1.7 Million in Crypto Investment Scam Funds Through “Civil Asset Forfeiture”
According to the U.S. Department of Justice website, the U.S. Attorney’s Office for the Eastern District of Virginia successfully recovered 420,740 USDT and 1,249,996 BUSD, totaling nearly $1.7 million, through civil asset forfeiture proceedings. These funds were proceeds from cryptocurrency investment scams and money laundering activities and are currently being returned to victims.
Court documents show that scammers contacted victims via SMS and social media, posing as accidental contacts before luring victims to encrypted chat apps. Scammers then gained victims’ trust and encouraged them to “invest” crypto on a fake platform. The site imitated legitimate crypto investment platforms but actually transferred victims’ funds to the scammers.
Blockchain Applications
▌Yield Basis Has Activated Fee Switch
On December 6, it was reported that Yield Basis, a protocol developed by Curve Finance founder Michael Egorov, activated its fee switch on Thursday, becoming the latest crypto protocol to direct revenue to token holders.
Some Yield Basis users will have four weeks to claim over 17 Bitcoin accumulated since the protocol’s launch in September. These Bitcoin were worth nearly $1.6 million as of Friday. The proposal to activate the fee switch was unanimously approved by Yield Basis token holders on Wednesday.
****▌Solana’s Largest Treasury Company FWDind Launches Proprietary AMM Platform “BisonFi”
According to SolanaFloor, Forward Industries (FWDind), the largest digital asset treasury holding $SOL on Solana, has officially launched its self-developed AMM platform “BisonFi.” The news has been confirmed by Kyle Samani, managing partner at Multicoin Capital.
****▌Texas Community Bank Monet Enters Crypto-Focused Banking Sector
Monet Bank, a small community bank in Texas owned by billionaire political supporters of former President Donald Trump, has officially entered the crypto lending business, positioning itself as an “infrastructure bank” focused on digital assets. Its website states: “Monet is committed to becoming a leading digital asset financial institution, providing innovative and forward-looking solutions for the digital economy.” According to official Texas records, the bank has assets under $6 billion and capital slightly over $1 billion, making it a typical community bank.
Founded in 1988 as Beal Savings Bank, the Texas bank was renamed XD Bank in early 2024 and then rebranded again as Monet Bank two months later. Federal data shows the bank holds a state charter, is regulated by the FDIC, and currently operates six branches.
****▌Blockchain Bank N3XT Raises $72 Million in Three Funding Rounds
Blockchain bank N3XT disclosed it has raised $72 million through three funding rounds, with participation from Paradigm, HACK VC, and Winklevoss Capital. The bank was reportedly founded by Signature Bank founder and former chairman Scott Shay, and Jeffrey Wallis, former Signature Bank director of digital assets and Web3 strategy, will serve as N3XT’s CEO.
Cryptocurrency
▌Polymarket Faces $59 Million Bet Dispute Over Platform “Launch” Definition
Prediction market Polymarket has become embroiled in controversy over a $59 million bet. Traders placed large bets on whether the platform would launch a U.S. version by the end of 2025. In November, Polymarket opened a regulated U.S. platform to a small group of test users, but whether this “soft launch” meets the criteria for an official launch is in dispute. This week, UMA token holders voted on-chain to rule “yes,” but many users protested that the decision favored interpretation over facts. Prize payouts are still pending, highlighting the challenge prediction markets face when dealing with their own uncertainties.
****▌Dormant Address with 1,000 BTC Activated After 13.1 Years
A dormant address containing 1,000 BTC (worth approximately $89,259,331) was just activated after 13.1 years (worth $11,551 in 2012).
****▌Exodus CEO Predicts Bitcoin Will Hit $200,000 in 2026
The CEO of public company Exodus predicted in a CNBC interview that the price of Bitcoin will reach $200,000 in 2026.
****▌Circle Has Issued 10 Billion USDC Over the Past Month
According to lookonchain monitoring, Circle issued another 500 million USDC one hour ago. Over the past month, Circle has issued a total of 10 billion USDC.
Major Economic Developments
▌Spot Gold Down 0.30%, Down 1% This Week
On Friday (December 5) at the close of New York trading, spot gold was down 0.30% at $4,194.86/oz, down 1.03% for the week.
****▌Fed: U.S. Bank Deposits Were $18.526 Trillion Last Week
Fed: U.S. bank deposits were $18.526 trillion last week, up from $18.428 trillion the week before.
****▌U.S. Stocks Close Slightly Higher, Most Large Tech Stocks Gain
All three major U.S. stock indexes closed slightly higher. The Dow rose 0.22%, the Nasdaq rose 0.31%, and the S&P 500 rose 0.19%. Most large tech stocks gained: Broadcom rose over 2%, Google and Meta rose over 1%, Apple and Nvidia fell less than 1%. Crypto-related stocks led the declines, with Strive down over 7% and Circle down over 2%.
****▌Economists Expect Fed to Cut Rates in December, Two More Cuts Likely in 2026
According to surveyed economists, Fed officials are expected to vote for another rate cut next week to guard against rising risks of a sharp labor market downturn. The median forecast shows the Fed will implement two additional 25 basis point cuts in 2026, starting in March. Next week’s cut would continue the rate-cutting trend from September and October policy meetings. Most respondents also expect Fed officials to reiterate that “the downside risks to employment have increased in recent months,” as they did in October. The Fed will announce its decision at 2:00 p.m. Washington time on December 10, followed by a press conference from Chair Jerome Powell.
****▌Atlanta Fed GDPNow Model Projects U.S. Q3 GDP Growth at 3.5%
The Atlanta Fed GDPNow model projects U.S. Q3 GDP growth at 3.5%, down from the previous estimate of 3.8%.
Golden Encyclopedia
▌How Euro Stablecoins Address EU Concerns Over the Dollar
Central bankers in the EU have pointed out that dollar-backed stablecoins may threaten their ability to conduct monetary policy. Over the past year, the stablecoin market has seen explosive growth, largely thanks to legal certainty in the U.S. The total stablecoin market cap is hitting new all-time highs every month, but European Central Bank policymakers worry that increased adoption of dollar assets in times of crisis could cause a series of problems. Issuers of euro- and pound-backed stablecoins also recognize these risks, but believe proposed solutions like the digital euro cannot quickly provide viable alternatives and question whether central bank digital currencies are the right choice. Instead, issuers argue that the key to solving Europe’s dollarization problem is building a thriving European stablecoin ecosystem.
Monetary policymakers are already advancing digital currency projects in the eurozone. According to the European Central Bank, the goal is to reduce the eurozone’s reliance on non-European providers, help integrate fragmented payments sectors, and support innovation and competition. Significant uncertainty remains: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; proposed holding caps would offset many inherent advantages of private stablecoins, such as scalability and decentralized access. Whether private stablecoins or a tightly regulated digital euro, the sovereignty of European monetary policy depends on digital currency developments.
