December 2025 is not the starting point for the "yen carrying transactions to ignite the world", but rather the starting point for the "turnaround of US monetary policy from tightening to excessive looseness". The real risks will be in 2026-2027.

The CFTC launched a pilot program allowing Bitcoin, Ethereum, and USDC to be used as margin collateral in U. S. derivatives markets. source: https://www.cryptopolitan.com/cftc-approves-tokenized-collateral/

According to ChainCatcher, the U.S. Commodity Futures Trading Commission (CFTC) Acting Chair Caroline Pham has announced the launch of a 'Digital Asset Pilot Program.' This initiative will allow specific cryptocurrencies to be used as collateral in the derivatives market. Initially, the pilot program will be limited to Bitcoin, Ethereum, and the stablecoin USDC. Pham emphasized that embracing responsible innovation ensures that U.S. markets remain global leaders and helps unlock economic growth in the country. Futures commission merchants participating in the crypto collateral project are required to report the total amount of digital assets held in customer accounts weekly. This includes futures and cleared swaps, as well as any significant operational or system issues affecting digital asset collateral.

Elon Musk responded to the European Commission fining his social media platform, X, £120 million ($140 million) for violating its Digital Services Act (DSA). The regulator found X to be in violation of the EU’s digital regulations after a two-year investigation. US officials, including Secretary of State Marco Rubio and Vice President JD Vance, were […] source: https://www.cryptopolitan.com/musk-takes-on-eu-u-s-big-tech-sweep/

MANTRA has issued a warning to its community following a dispute with OKX over the exchange’s announcement of OM migration dates, which the project alleges violate official governance rules. The conflict intensified when OKX announced on December 5 that it would terminate its service and migrate to a new platform by the end of December. […] source: https://www.cryptopolitan.com/mantra-ceo-sounds-alarm-as-om-migration/

CFTC allows BTC, ETH, and USDC as collateral in derivatives markets through a new pilot program. source: https://coincu.com/news/cftc-pilot-digital-assets-collateral/

According to Odaily, Ripple's Global Head of Cooperation, Luke Judges, has emphasized the need for XRP Ledger (XRPL) to adopt strategies from Solana to maintain its competitive edge in the evolving Layer 1 landscape. Judges highlighted that Solana's appeal lies in its practical engineering and rapid implementation rather than its protocol design. Having operated validator nodes within the Solana ecosystem worth over $30 million, Judges believes that the success of Layer 1 networks is driven by pragmatism and speed rather than theoretical technical superiority. He noted that while XRPL has made progress in advancing smart contracts and enhancing programmability, these technical iterations must be accompanied by a clear go-to-market strategy to truly convert into competitive advantages. Ripple's Chief Technology Officer, David Schwartz, offered a contrasting perspective, asserting that XRPL's core strengths are reliability, stability, and institutional-grade performance, which surpass chains that prioritize high throughput at the expense of stability. Schwartz argued that XRPL's consistency and high availability are more suitable for real-world financial applications than merely chasing speed. Judges also stressed the importance of developer tools, documentation, and onboarding processes, pointing out that validator incentives and decentralization risks are crucial for the sustained development of Layer 1 networks. He noted that the current decline in the number of Solana validators serves as a cautionary tale for XRPL. Overall, Judges believes that XRPL's future strategy should focus on enhancing developer experience, accelerating technology implementation, and borrowing execution efficiency from competing chains while maintaining reliability. He emphasized that this approach is not a critique of XRPL but a necessary adjustment to address future competitive cycles.

Experts are divided on the viability of Ethereum gas futures market source: https://ambcrypto.com/why-vitaliks-gas-futures-market-idea-has-split-experts/

The US Commodity Futures Trading Commission (CFTC) launched a digital assets pilot program on December 8, permitting bitcoin, ether, and USDC as margin collateral in derivatives markets—a move industry leaders are calling a watershed moment for crypto adoption. Acting Chairman Caroline D. Pham announced the initiative alongside new guidance on tokenized collateral and the withdrawal of Staff Advisory 20-34, a 2020 directive that had restricted the use of virtual currency in segregated accounts. Pilot Program Sets Three-Month Trial With Strict Reporting and Risk Standards The announcement follows the passage of the GENIUS Act, which establishes a federal framework for payment stablecoins source: https://beincrypto.com/cftc-bitcoin-ether-derivatives-collateral/

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 2903, providing you with the latest and fastest news on the digital currency and blockchain industry.

Undoubtedly, we have reached the darkest moment for the crypto industry. Some may disagree, as their obsession with the casino-like state of affairs and individualistic selfishness has overshadowed the industry's growth itself.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.

The decision to release $1.4 billion in reserves may be a concession based on the strategy of not selling Bitcoin, but in the face of reality, Strategy also simultaneously lowered its full-year financial forecast and key performance indicators.

Bitcoin holders want to use their Bitcoin, but the infrastructure has never provided a secure and native way to do so.

Predictions, Crypto Markets, Shorting the Prediction Market (Golden Finance), Mean Reversion in the Super Speculative Cycle.

If a more stringent, fully punitive approach is adopted towards $BTC, the capital shortfall could be between $12.5 billion and $25 billion.

Just as tokenization represents an evolution in the market, so too does the topic of the recommendations the committee will consider. The emergence of artificial intelligence promises to revolutionize workflows and business models.

Recommended reading tonight: 1. The rise of Moore's Threads: The key to China's chip breakthrough; 2. What does the entry of Vanguard Group, Bank of America, and Charles Schwab into the crypto field mean?; 3. Crypto trend outlook for 2026;