Headlines
▌JPMorgan Issues Short-Term Galaxy Bonds on the Solana Network
JPMorgan arranged, created, distributed, and settled a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain as part of an effort to enhance financial market efficiency through underlying cryptocurrency technology. The $50 million US commercial note was purchased by Coinbase and asset management firm Franklin Templeton, paid in USDC stablecoins issued by Circle Internet Group Inc., according to a statement released on Thursday. Redemption upon maturity will also be paid in USDC.
▌Coinbase Launches Upgraded AI Stablecoin Payment Protocol x402 V2
Coinbase released the stablecoin payment protocol x402 V2 for AI agents, enabling a more flexible autonomous payment system. The new version supports wallet identity authentication, automatic API discovery, dynamic payee reception, and is compatible with more blockchains and fiat currencies. It also offers modular development kits to facilitate feature expansion by developers, improving the scalability and future adaptability of the payment protocol.
Market Data
As of press time, according to CoinGecko:
BTC price at $92,757.08, up 0.7% in 24 hours;
ETH price at $3,241.25, down 2.6% in 24 hours;
BNB price at $887.54, down 0.9% in 24 hours;
SOL price at $136.59, down 0.1% in 24 hours;
DOGE price at $0.1409, down 2.1% in 24 hours;
XRP price at $2.04, down 0.4% in 24 hours;
TRX price at $0.2807, up 0.2% in 24 hours;
WLFI price at $0.1472, down 4.0% in 24 hours;
HYPE price at $29.20, up 0.2% in 24 hours.
Policies
▌US SEC Approves Plan for DTCC to Tokenize Stocks, Bonds, and Treasuries
The U.S. Securities and Exchange Commission (SEC) has approved the depositary trust company DTCC’s plan to tokenize stocks, bonds, and treasuries.
▌SEC Chair: U.S. Financial Markets Moving Toward “On-Chain” Operations
SEC Chairman Paul Atkins stated, “U.S. financial markets are moving toward on-chain operations. The SEC prioritizes innovation and actively adopts new technologies to realize an on-chain future.”
▌US FSOC Removes Cryptocurrency Risk Warning in Annual Report
The U.S. Financial Stability Oversight Council (FSOC) completely removed references to digital assets as vulnerabilities in the financial system in its latest annual report. Treasury Secretary Scott Bessent said the new FSOC no longer focuses primarily on identifying financial systemic risks but emphasizes the long-term contribution of economic growth to financial stability. Unlike the Biden administration’s focus on stablecoin regulation and crypto risks, the 2025 FSOC report under the Trump administration is significantly shorter and contains no new regulatory proposals for crypto assets. The report notes that regulators have rescinded previous warnings about the widespread involvement of regulated financial institutions in crypto and emphasizes positive industry development, while noting ongoing risks related to dollar stablecoin abuse. It also states that the continued growth of dollar-pegged stablecoins is expected to strengthen the dollar’s position in the global financial system over the next decade.
▌US Senators and Bank Executives Report “Substantial Progress” in Crypto Legislation
Sources reveal that bipartisan senators met this week with several Wall Street bank executives to discuss the market structure legislation for crypto assets. Senate Banking Committee Chairman Tim Scott said that Congress is making “substantial progress” toward passing a comprehensive crypto regulation bill aimed at cementing America’s status as the “global crypto capital.” Scott discussed the bill with Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf, including regulatory jurisdiction between SEC and CFTC. Sources say the meetings were “friendly,” covering topics such as yield products, DeFi regulation, and anti-money laundering.
▌U.S. Senate Nears Final Vote on CFTC and FDIC Crypto Regulators
The U.S. Senate has taken a key step in confirming nominees for the Commodity Futures Trading Commission (CFTC) and Federal Deposit Insurance Corporation (FDIC). Nominees Mike Selig for CFTC and Travis Hill for FDIC have passed procedural votes 52-47, paving the way for final confirmation. Senate majority leader expects the final vote to occur early next week. Selig, who previously handled crypto at the SEC, will succeed interim Chair Caroline Pham and is expected to play a core role in U.S. crypto regulation. Hill, currently serving as acting FDIC head, will be officially confirmed and will continue to promote friendly crypto banking policies.
▌CFTC Withdraws 2020 “Actual Delivery” Guidance for Digital Assets, Accelerates Crypto-Friendly Regulation
CFTC Acting Chair Caroline Pham announced the withdrawal of the 2020 guidance on “actual delivery” for digital assets, calling it “outdated and overly complex,” aligning with recommendations from the digital assets working group.
▌SEC Chair: Crypto Working Group to Host Roundtable on Financial Monitoring and Privacy Policies
SEC Chair Paul Atkins announced that the crypto working group will hold a roundtable on December 15, Monday, to discuss policies related to financial surveillance and privacy. The event will be in-person and streamed live on the SEC website.
▌US Media: Bessent Proposes Reform for FSOC, Easing Oversight
According to CNBC, Treasury Secretary Bessent is proposing major adjustments to how the government handles financial regulation and stability. He suggests reforming FSOC to promote looser regulation and more flexible approaches. In a letter Thursday, Bessent wrote, “The committee will work with member agencies and support their assessment of whether certain aspects of the financial regulation framework constitute undue burdens and negatively impact economic growth, thereby harming financial stability.” FSOC was established after the 2008 financial crisis to monitor and address systemic risks, with Bessent as chair. This plan marks a shift from the long-standing trend of strengthening oversight. Bessent also plans to establish a working group to explore AI opportunities for enhancing financial resilience and monitor potential risks AI applications might pose to financial stability.
Blockchain Applications
▌Vitalik Criticizes Elon Musk’s Platform X, Calls It a “Hate Speech Hotbed”
Ethereum co-founder Vitalik Buterin publicly criticizes Elon Musk’s platform X (formerly Twitter), saying its content moderation policy shift has turned it into a breeding ground for hate speech and extremism. Though Buterin has expressed dissatisfaction since Musk took over, his recent comments further deepen ideological divides—one side represented by Buterin, advocating decentralization and censorship resistance in crypto, the other by Musk’s “absolute free speech” stance.
▌Do Kwon Sentenced to 15 Years for $40 Billion Terra-Luna Collapse
Terraform Labs founder Do Kwon was sentenced to 15 years in prison by the Southern District Court of New York for the 2022 collapse that caused $40 billion in losses. Prosecutors accused Kwon of misleading investors multiple times and concealing the severe mechanism flaws between algorithmic stablecoin TerraUSD and Luna, triggering chain reactions across the crypto industry. The judge stated that Kwon “chose to lie” and “made wrong choices” during the trial.
▌Crypto Startup LI.FI Completes $29 Million Funding Round
Crypto startup LI.FI raised $29 million in funding, led by Multicoin and CoinFund, bringing total funding to about $52 million. LI.FI plans to expand into various trading areas including perpetual futures, yield opportunities, prediction markets, and lending. It also intends to use this capital to hire more staff.
▌Sky On-Chain Capital Allocation Platform Keel Launches $500 Million Investment Plan
Sky ecosystem’s capital allocation platform Keel announced a $500 million investment plan aimed at integrating real-world assets (RWA) on Solana. Named “Tokenization Regatta,” the plan was announced at the Solana Breakpoint conference in Abu Dhabi and aims to attract tokenized asset issuers through a competitive process. Selected projects will receive direct funding and support to issue RWAs, like debt, credit, or funds, on Solana.
▌Disney to Invest $1 Billion in OpenAI Equity
Market reports indicate that The Walt Disney Company has reached a milestone agreement to invest $1 billion in equity in OpenAI.
▌Oracle’s Market Cap Shrinks by $102 Billion
Oracle (ORCL.N) saw its market cap drop by 16%, the largest single-day decline since March 2001, evaporating $102 billion in value.
Cryptocurrency
▌21Shares: Bitcoin Will End the Traditional Four-Year Cycle, Market Will Surpass $100 Billion in Annual Trading Volume by 2026
21Shares released the 2026 crypto status report, making several key predictions. Notably, Bitcoin will end its traditional four-year cycle, shifting to a mature macro asset driven by structural fund inflows, macro adjustments, and regulatory clarity; global crypto ETP assets will grow from over $250 billion to $400 billion, outperforming the Nasdaq 100 ETF; stablecoin supply will increase from $300 billion in 2025 to $1 trillion, growing 3.3 times; annual trading volume will exceed $100 billion; and tokenized real-world assets (RWA) total value locked will rise from $35 billion to over $500 billion.
▌Vanguard Focuses on Blockchain Tech but Maintains Caution on Bitcoin
At the “ETFs in Depth” crypto panel, Vanguard’s John Ameriks said blockchain technology itself is attractive for companies because it enables faster settlements, improves collateral efficiency, and reduces costs. He asked, “Is there a way to leverage blockchain without involving crypto?” He also noted that if asset tokenization doesn’t become mainstream, then Bitcoin is just “digital toys” for him.
▌Bitcoin Mining Difficulty Down 0.74% to 148.2 T
According to CloverPool, Bitcoin’s mining difficulty was adjusted at block height 927,360 on December 11 at 11:47, decreasing 0.74% to 148.2 T.
▌Bloomberg Analyst: 124 Crypto Asset ETFs Registered in the U.S. Market
Bloomberg ETF senior analyst Eric Balchunas posted on X that by the end of 2025, there are 124 crypto-related ETP registration applications in the U.S., including 21 Bitcoin-related products (18 structured as derivatives under the 1940 Act), 15 basket products, and main tokens XRP (10), Solana (9), and Ethereum (7). Currently, 42 are spot applications under the 1933 Act, with the rest being derivatives or structured funds.
▌Opinion: Bitcoin to Hit Cycle Bottom in 2026, Trading Volume to Continue Decline
Crypto analyst Jason Pizzino’s latest research suggests Bitcoin ((BTC)) may only bottom out in October 2026. Currently, BTC’s trading volume is steadily declining, similar to late 2022 and early 2023 patterns, reducing chances of a short-term bull market. Meanwhile, CryptoQuant data shows large investors’ exchange deposits have fallen from 47% in mid-November to 21%, with average deposits shrinking 36%, indicating weakening sell pressure. If this trend continues, BTC could rebound to $99,000. Analysts note the 200-day simple moving average acts as strong resistance, and market risk appetite remains low, so Bitcoin may need a consolidation period before a new market cycle.
▌CBOE Officially Approves Listing and Registration of 21Shares XRP ETF
CBOE has officially approved the listing and registration of the 21Shares XRP ETF.
▌Ethereum Treasury Company ETHZilla Plans to Redeem $516 Million Convertible Bonds Early
ETHZilla announced plans to fully redeem $516 million in convertible bonds before December 30, 2025, at 117% of the outstanding principal plus accrued interest. ETHZilla will fund the early redemption by releasing restricted cash pledged as collateral.
▌FTX/Alameda Unlocks 194,861 SOL, Worth $25.5 Million
According to Lookonchain, FTX/Alameda unlocked 194,861 SOL, valued at $25.5 million. They unlock SOL monthly.
▌Former Movement Labs Co-Founder Launches $100 Million Crypto Investment Fund
Rushi Manche, former co-founder of Movement Labs, announced the formation of Nyx Group, planning to invest up to $100 million in crypto tokens. The fund will provide liquidity and comprehensive operational support for projects preparing to launch tokens, including community building, financial management, and compliance. Manche stated that Nyx aims to fill a “key gap” in the current crypto market, especially as founders face capital challenges. The team will adhere to strict standards, supporting only founders they deeply trust, with decisions made by an investment committee. Notably, Manche was previously terminated from Movement Labs over a dispute involving a $66 million MOVE token market-making arrangement. He emphasizes that Nyx will be “the most founder-friendly partner,” offering favorable terms and supporting long-term visions.
▌Alliance DAO Co-Founder: Top Quality Stocks Will Outperform L1 Tokens Over Next 10 Years, Because Growth Doesn’t Always Equal Profit
Alliance DAO co-founder QwQiao posted on social media that he is willing to bet that, over the next decade, a weighted index of Layer 1 tokens they select will outperform the stock indices he listed. He said many people have a misconception that growth = profit = market cap increase. Historically, many industries do not follow this pattern. There are unprofitable growth sectors (like airlines and restaurants), and profitable sectors with no growth (some excellent companies can raise prices over time). He believes blockchain will see rapid growth, but competition will suppress profits. While not as competitive as oligopolies, the sector will be more competitive than traditional monopolies.
▌Binance Launches First Traditional Asset Perpetual Contract XAU (Spot Gold)
Officially announced, Binance futures now includes a perpetual contract for XAU (spot gold).
Major Economic Developments
▌U.S. Approximately $9 Trillion in Debt Matures by 2026
The U.S. government has about $9 trillion in debt maturing in 2026, mainly from the large issuance of five-year Treasuries during the 2021 pandemic. The Treasury issued bonds at interest rates as low as 0.8% in 2021; by 2026, these will be rolled over at about 4.0%. This will quadruple the interest costs instantly. It is estimated that U.S. debt interest payments will exceed $1 trillion in 2026. To sustain government operations, the Treasury will need to issue nearly $11 trillion in debt in 2026, including $1.7 trillion to cover deficits and $9.3 trillion to roll over maturing debt plus interest.
▌HSBC Forecasts No Rate Cuts by Federal Reserve in Next Two Years
HSBC predicts the Fed will keep rates steady in the 3.5%-3.75% range over the next two years. After a 25 basis point rate cut earlier, Fed policymakers remain divided. Economist Ryan Wang said on December 10 that Fed Chair Jerome Powell “is open to further rate cuts in 2024.” “We believe the FOMC will keep the federal funds rate at 3.50%-3.75% through 2026–2027, but evolving economic data and risks mean this outlook could change.”
▌U.S. Bureau of Labor Statistics to Release December PPI on January 30
The U.S. Bureau of Labor Statistics will release the December Producer Price Index (PPI) on January 30.
▌Probability of Fed Holding Rates Steady in January 2024 at 75.6%
According to CME “FedWatch,” the probability that the Fed will hold rates steady in January 2024 is 75.6%, with a 24.4% chance of a 25 basis point cut. The probability for a cumulative 25 basis point cut by March is 40.4%, with a 52% chance of no change, and 7.6% for a 50 basis point cut.
Gold Encyclopedia
▌How a Weak U.S. Labor Market Pressures Cryptocurrency Prices
After reaching a new high in October, Bitcoin has struggled to maintain gains since late November. Meanwhile, the U.S. labor market has significantly cooled. The unemployment rate has risen to about 4%, near multi-year highs. Data from the BLS and FRED show that monthly non-farm employment growth has slowed from post-pandemic levels to modest six-figure increases. Job vacancies and quits have declined from peaks in 2021–2022. These labor market shifts influence risk appetite and liquidity, which often reflect in Bitcoin and broader crypto price trends. If data remains stable but inflation stays high, investors may expect rates to stay elevated longer. Rising unemployment and slowing non-farm job growth reinforce the case for rate cuts.
Crypto markets are part of this ecosystem. When strategists discuss labor market impacts on Bitcoin and crypto, they usually refer to two overlapping channels. First is growth. Rising unemployment, slower hiring, and stagnant wages make investors more cautious about future earnings and default risks. Consequently, risky assets like small caps, Bitcoin, and altcoins tend to decline. Second is liquidity and rates. Weak economic data can trigger panic and lead to easing by central banks. For Bitcoin and crypto, weak labor data suggest lower prices and help forecast macro conditions. These data influence growth expectations, interest rates, and liquidity, which in turn affect investor risk appetite.
