Author: TechFlow
Yesterday’s Market Highlights
Hassett: Trump to Announce a Slew of Pro-Economy Messages
Kevin Hassett, Director of the U.S. White House National Economic Council, stated that Trump will soon announce a slew of messages beneficial to the economy. The 10-year Treasury yield may experience a decline similar to that seen in the 1990s.
Additionally, Hassett indicated that Powell might also view rate cuts as prudent. When discussing Trump’s candidates for the Federal Reserve, Hassett said that if he were asked to take the position, he would be very happy to serve.
US CFTC Launches “Digital Asset Pilot,” Allowing Bitcoin, ETH, and USDC as Collateral in Derivatives Markets
According to TheBlock, the U.S. Commodity Futures Trading Commission (CFTC) Acting Chair Caroline Pham announced the launch of the “Digital Asset Pilot Program,” which allows certain cryptocurrencies to be used as collateral in derivatives markets.
In the initial phase, the program is limited to Bitcoin, ETH, and the stablecoin USDC. Pham stated that embracing responsible innovation ensures the U.S. market remains a global leader and helps unlock economic growth. Futures Commission Merchants (FCMs) participating in the crypto collateral project must report the total amount of digital assets held in customer accounts weekly—including for futures and cleared swaps—and must report any significant operational or system issues affecting digital asset collateral.
Bloomberg: Top Executives from Multiple U.S. Banks to Meet with Senators This Thursday to Discuss Crypto Market Legislation
Bloomberg reports that Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf plan to meet with bipartisan senators on Thursday to discuss upcoming votes on cryptocurrency market legislation.
The meeting, organized by the Financial Services Forum, a consortium of large banks, is expected to focus on bankers’ opposition to allowing stablecoins to pay interest, the competitiveness of banks in the crypto sector, and measures to prevent cryptocurrencies from being used for illegal activities.
US SEC Ends Two-Year Ondo Finance Probe, No Charges Filed
According to Crypto in America, the U.S. Securities and Exchange Commission (SEC) has ended its two-year investigation into tokenization firm Ondo Finance, recommending no charges be filed. The investigation, which began in October 2023, primarily examined whether Ondo complied with U.S. securities laws while tokenizing U.S. Treasury products and whether the ONDO token should be classified as a security. An Ondo spokesperson confirmed that the company received formal notification at the end of November confirming the probe had concluded. This marks another instance of regulatory action against digital asset firms being overturned under the Biden administration. Since pro-crypto SEC Chair Paul Atkins took office, the agency has closed the majority of crypto-related investigations and withdrawn several high-profile cases against companies like Coinbase, Ripple, and Kraken.
Bittensor to Undergo First Halving on December 14, TAO Token Daily Issuance to Halve to 3,600
According to Cointelegraph, the decentralized machine learning network Bittensor will undergo its first token halving event around December 14. At that time, daily issuance of its native token TAO will be halved from the current 7,200 to 3,600.
Bittensor is a decentralized, open-source machine learning network built around specialized “subnets,” creating a market for AI services through incentive mechanisms. Grayscale Research analyst William Ogden Moore describes this event as a “key milestone in the network’s maturation,” as Bittensor moves toward a capped supply of 21 million tokens, adopting a fixed supply model similar to Bitcoin.
Binance: Employee Found Exploiting Insider Information for Personal Gain, Suspended and Legal Action to Follow
On December 8, Binance officially announced that an employee had exploited insider information to post content on social media for personal gain. The investigation revealed that on December 7 at 05:29 UTC, the employee issued a token on-chain and, less than a minute later, posted a related tweet through the @BinanceFutures official account. Binance has immediately suspended the employee and will cooperate with judicial authorities to take legal action. Additionally, Binance announced a $100,000 reward to be split among five whistleblowers who provide valid leads through official reporting channels.
HASHKEY Discloses IPO Details: Plans to Raise Up to 1.67 Billion Yuan, Expected to Start Trading on December 17
According to the Hong Kong Economic Times, HASHKEY HLDGS (new listing code: 03887) will open its IPO subscription from December 9 to 12. HASHKEY, parent company of Hong Kong-licensed virtual asset exchange Hashkey Exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The IPO price ranges from 5.95 to 6.95 HKD, aiming to raise up to 1.67 billion HKD. Each lot consists of 400 shares, with a minimum entry fee of 2,808 HKD. HASHKEY expects to begin trading on December 17. J.P. Morgan, Guotai Haizhong, and Guotai Junan International are joint sponsors.
As of October 31, the company held 1.48 billion HKD in cash and equivalents, and 570 million HKD in digital assets, with mainstream tokens accounting for 89% (including ETH, BTC, USDC, USDT, and SOL).
As of the end of September, platform assets exceeded 19.9 billion HKD, with 3.1% in hot wallets and 96.9% in cold wallets. Total spot trading volume reached 1.3 trillion HKD. The main business is transaction facilitation, accounting for nearly 70% of revenue. Over the past three years, HASHKEY posted losses of 590 million, 580 million, and 1.19 billion HKD, respectively. In the first half of this year, attributable losses to equity shareholders narrowed 34.8% year-on-year to 510 million HKD, while revenue fell 26.1% to 280 million HKD.
In terms of equity, HASHKEY investor and Wanxiang Group Chairman Lu Weiding is one of the controlling shareholders with a 43.2% stake and holds 22.9% of the voting rights for the employee shareholding platform; founder Xiao Feng holds 16.3%; other investors hold 17.6%. HASHKEY has brought in nine cornerstone investors—including UBS AM Singapore, Fidelity Funds, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., and Shining Light Grace Limited—investing a total of $75 million (about 590 million HKD).
Planned use of net proceeds:
40%: Technology and infrastructure iteration
40%: Market expansion and ecosystem partnerships
10%: Operations and risk management
10%: Working capital and general corporate purposes
UAE National Security Official: Bitcoin Has Become a Key Pillar of Future Financing
According to Bitcoin Magazine, UAE National Security Bureau Director Mohammed Shamsi recently made a major statement, declaring that “Bitcoin has become a key pillar of future financing” and noting that the UAE is actively preparing for this.
Beijing Business Today: Beware of Disorderly Innovation in Virtual Currency Sector, Domestic Space Further Squeezed
Beijing Business Today published an article titled “Behind the Joint Risk Alert by Seven Associations: Beware of Disorderly Innovation in the Virtual Currency Sector.” The article notes that the joint alert emphasized the risks of innovation in the virtual currency field. Wang Peng, associate researcher at Beijing Academy of Social Sciences, said activities such as stablecoins and real-world asset tokenization carry hidden risks despite their innovative appearance. Such activities can easily become tools for illegal finance and pose substantive threats to financial security, making clear definitions and strong crackdowns imperative. The room for virtual currencies and related activities in China continues to be squeezed, and further cross-sector regulatory improvement is needed.
Metaplanet to Issue New Class of Stock Similar to Strategy’s $STRC
According to Bitcoin Magazine, Japanese-listed company Metaplanet announced it will issue a new class of stock similar to Strategy’s $STRC, specifically to purchase more Bitcoin.
Strategy Acquires Additional 10,624 Bitcoins, Total Holdings Reach 660,624
According to the official announcement, Strategy has acquired 10,624 bitcoins at a total price of approximately $962.7 million (about $90,615 per bitcoin). As of December 7, 2025, the company’s total bitcoin holdings have reached 660,624 coins, with a cumulative investment of roughly $4.935 billion and an average cost of $74,696 per coin.
Additionally, Strategy CEO Phong Le stated the company will hold its bitcoin at least through 2065, maintaining a long-term accumulation strategy. Despite the rise of spot ETFs, MSTR stock continues to serve as a key proxy for BTC.
Ripple Completes $500 Million Share Sale, Investors Granted Special Protection Clauses
According to Bloomberg, Ripple completed a $500 million share sale in November, setting a new record private valuation for a digital asset company at $40 billion. Major Wall Street firms like Citadel Securities and Fortress Investment Group participated. Notably, the deal included special protection clauses allowing investors to sell shares back to Ripple with guaranteed returns and receive priority treatment in the event of bankruptcy or acquisition.
Market Trends
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Bloomberg: Stablecoins May Not Help the U.S. Escape Debt and Deficit Quagmire
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