Headline
▌JPMorgan Chase Issues Galaxy Short-Term Bonds on Solana Network
JPMorgan Chase arranged and created, distributed, and settled a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain, part of an effort to improve the efficiency of financial markets using the underlying technology of cryptocurrency. The $50 million U.S. commercial paper was purchased by Coinbase and asset management firm Franklin Templeton, with payment made in USDC stablecoins issued by Circle Internet Group Inc., the companies said in a statement on Thursday. Redemption proceeds at maturity will also be paid in USDC.
Coinbase has released x402 V2, an upgraded AI stablecoin payment protocol for AI agents, enabling a more flexible and autonomous payment system. The new version supports wallet authentication, automatic API discovery, dynamic payment recipients, and is compatible with more blockchains and fiat currencies. It also provides a modular development kit to facilitate developers in extending functionality and improving the scalability and future adaptability of the payment protocol. As of press time, according to CoinGecko data: BTC price is $92,757.08, a 24-hour change of +0.7%; ETH price is $3,241.25, a 24-hour change of -2.6%; BNB price is $887.54, a 24-hour change of -0.9%. SOL price is $136.59, a 24-hour change of -0.1%; DOGE price is $0.1409, a 24-hour change of -2.1%; XRP price is $2.04, a 24-hour change of -0.4%; TRX price is $0.2807, a 24-hour change of +0.2%. The WLFI price is $0.1472, a 24-hour change of -4.0%; the HYPE price is $29.20, a 24-hour change of +0.2%. Policy: The U.S. Securities and Exchange Commission (SEC) has approved the DTCC's plan to tokenize stocks, bonds, and Treasury securities.
▌SEC Chairman: US Financial Markets Are Moving Towards "On-Chain" Operation
US Securities and Exchange Commission (SEC) Chairman Paul Atkins stated, "US financial markets are moving towards operating 'on-chain.' The SEC prioritizes innovation and actively adopts new technologies to realize the on-chain future."
▌US FSOC Annual Report Removes Cryptocurrency Risk Warning
The Financial Stability Oversight Council (FSOC) has completely removed the section listing digital assets as a "vulnerability" to the financial system from its latest annual report. Treasury Secretary Scott Bessent stated that the new committee no longer focuses primarily on "identifying risks to the financial system," but rather emphasizes the supporting role of long-term economic growth in financial stability. Unlike the Biden administration's emphasis on stablecoin regulation and crypto risks, the Trump administration's 2025 FSOC report is significantly reduced in length and no longer offers any regulatory recommendations specifically for crypto assets.
... The report notes that regulators have withdrawn their previous general warnings regarding regulated financial institutions' involvement in the crypto space and emphasize the positive development of the digital asset industry, while also mentioning the continued need to monitor the risks of abuse of dollar-denominated stablecoins. The report also points out that the continued growth of dollar-denominated stablecoins is expected to strengthen the dollar's position in the global financial system over the next decade. According to sources, US senators from both parties met this week with several Wall Street bank executives to discuss a bill structuring the crypto asset market. Senate Banking Committee Chairman Tim Scott stated that Congress is making "substantial progress" towards passing this broad-based crypto market regulatory bill, aiming to solidify the US's position as the "global crypto capital." Scott discussed the bill's contents, including how to divide the regulatory authority between the SEC and CFTC, with Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf. Sources familiar with the matter said the meeting was "friendly" and covered topics including yield products, DeFi regulation, and anti-money laundering. The US Senate has taken a key step in confirming the nominees for chairmen of the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC). CFTC Chair Mike Selig and FDIC Chair Travis Hill, nominated by President Trump, passed a procedural vote of 52-47, paving the way for final confirmation. The Senate Majority Speaker expects the final vote to take place early next week. Selig, who previously headed crypto affairs at the SEC, will succeed interim chair Caroline Pham, and the CFTC is expected to play a central role in US crypto regulation. Hill, currently serving as interim head of the FDIC, will be formally appointed and will continue to push for crypto-friendly banking policies.
▌US CFTC Retracts 2020 Guidance on "Actual Delivery" of Digital Assets, Accelerating Crypto-Friendly Regulation
Acting Chair of the US Commodity Futures Trading Commission (CFTC), Caroline Pham, announced the retraction of the old 2020 guidance on "actual delivery" of digital assets, calling it "outdated and overly complex," and stating that the move aligns with the recommendations of the Digital Assets Working Group.
▌US SEC Chairman: Crypto Working Group to Hold Roundtable to Discuss Policy Issues Related to Financial Surveillance and Privacy
US SEC Chairman Paul Atkins announced that the Crypto Working Group will hold a roundtable on Monday, December 15th, to discuss policy issues related to financial surveillance and privacy. The event will be held in person and streamed live on the SEC website.
▌US Media: Bessant Proposes Reforms to the Financial Stability Oversight Council, Deregulation
According to CNBC, US Treasury Secretary Bessant is proposing major changes to the government's approach to financial regulation and stability. Bessant will recommend changes to the working principles of the Financial Stability Oversight Council (FSOC), promoting more relaxed regulation and a more liberal approach. In a letter dated Thursday, Bessant will write, "The Commission will work with its member agencies and support their assessments of whether certain aspects of the financial regulatory framework constitute an excessive burden and negatively impact economic growth, thereby harming financial stability." The FSOC was established after the 2008 financial crisis to monitor and address systemic risks, and Bessant serves as its chairman. This plan marks a shift from the Commission's long-standing bias towards strengthening regulation. Bessant will also establish a working group "to explore opportunities for AI in enhancing the resilience of the financial system, while monitoring potential risks that AI applications may pose to financial stability."
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Blockchain Applications
▌Vitalik criticizes Musk's platform X, calling it a "breeding ground for hate speech"
Ethereum co-founder Vitalik Buterin has publicly and strongly criticized Elon Musk's changes to platform X (formerly Twitter), arguing that the platform's shift in content moderation policies has gradually turned it into a breeding ground for hate speech and extreme ideologies. Although Buterin has consistently expressed dissatisfaction since Musk took over, his recent comments have further exacerbated the ideological divide between the two sides—one side is the crypto community, represented by Buterin, advocating for decentralization and censorship resistance, while the other side is the "absolute freedom of speech" model promoted by Musk.
Blockchain Applications
▌Vitalik criticizes Musk's platform X, calling it a "breeding ground for hate speech"
▌Bloomberg Analyst: 124 Crypto ETFs Currently Registered in the US Market
Bloomberg ETF Senior Analyst Eric Balchunas posted a chart on the X platform showing that as of the end of 2025, there were 124 cryptocurrency-related ETP (Exchange Traded Products) registration applications in the US market. These include: Bitcoin-related products, accounting for the largest share with 21 applications (18 of which are based on the Derivatives Structure of Act of 1940). This is followed by basket-type products (15 applications), and mainstream tokens such as XRP (10 applications), Solana (9 applications), and Ethereum (7 applications). Currently, 42 applications are spot applications under Act of 1933, with the remainder being derivatives or structured funds.
... **Opinion: Bitcoin Will Hit Cycle Bottom in 2026, Trading Volume Continues to Decline** Cryptocurrency analyst Jason Pizzino's latest research suggests that Bitcoin (BTC) prices may not reach a long-term bottom until October 2026. Currently, BTC trading volume is declining continuously, similar to the pattern seen in late 2022 and early 2023, reducing the likelihood of a short-term bull market resurgence. Meanwhile, CryptoQuant data shows that the share of exchange deposits held by large investors has fallen from 47% in mid-November to the current 21%, with the average deposit amount shrinking by 36%, indicating that selling pressure is easing. If this trend continues, the BTC price could rebound to $99,000. Analysts point out that the 200-day simple moving average presents strong resistance, market risk appetite is insufficient, and Bitcoin may need to undergo a consolidation period before a new round of market activity.
▌CBOE Officially Approves Listing and Registration of 21Shares XRP ETF
The Chicago Board Options Exchange (CBOE) has officially approved the listing and registration of the 21Shares Ripple Exchange-Traded Fund (XRP ETF).
▌ETHZilla, Ethereum Treasury Company, Plans to Redeem $516 Million in Convertible Bonds by Year-End
ETHZilla, Ethereum treasury company, announced plans to redeem $516 million in convertible bonds by December 30, 2025, at a redemption price of 117% of the outstanding principal (plus all accrued interest and other payables). ETHZilla stated that it will provide funding for this early redemption transaction by releasing restricted cash used as collateral.
▌CBOE Officially Approves Listing and Registration of 21Shares XRP ETF
Ethereum treasury company ETHZilla announced plans to redeem $516 million in convertible bonds by December 30, 2025, at a redemption price of 117% of the outstanding principal (plus all accrued interest and other payables). ETHZilla stated that it will provide funding for this early redemption transaction by releasing restricted cash used as collateral.
▌FTX/Alameda Unstaking 194,861 SOL, worth $25.5 million
According to Lookonchain monitoring, FTX/Alameda unstaking 194,861 SOL, worth $25.5 million. It is understood that FTX/Alameda unlocks SOL monthly.
▌Former Movement Labs Co-founder Launches $100 Million Crypto Investment Plan
Former MOVE Labs co-founder Rushi Manche today announced the formation of Nyx Group, planning to invest up to $100 million to support crypto token projects. This investment plan will provide liquidity and comprehensive operational support to projects preparing for token launches, including community building, financial management, and compliance guidance.
... Manche stated that Nyx Group aims to fill a "critical gap" in the current crypto market, particularly in an environment where founders face difficulties in accessing capital. The team will employ stringent investment criteria, supporting only founders with whom the team has deep trust, with decisions made by an investment committee. Notably, Manche was previously dismissed from Movement Labs due to a controversy involving market-making arrangements for 66 million MOVE tokens. Regarding the new project, he emphasized that Nyx Group will be the "most founder-friendly partner," providing favorable conditions and supporting a long-term vision. Alliance DAO co-founder: Quality stocks will outperform L1 tokens in the next 10 years because growth doesn't necessarily equal profit. Alliance DAO co-founder QwQiao posted on social media that he'd be happy to bet on any stock index he lists that a weighted index of their chosen Layer 1 tokens will outperform his over the next 10 years. QwQiao stated that most people have a strange misconception that growth equals profit equals market capitalization growth. Historically, most industries haven't actually followed this pattern. There have been industries that experience unprofitable growth (like airlines and the restaurant industry), and industries that don't grow but are profitable (some excellent companies can raise prices over time). I believe the blockchain will experience rapid growth, but competition will lower profits. While the competition isn't entirely fierce (unlike the restaurant industry), it will be far more competitive than an oligopoly market. According to the official website, Binance Futures has added perpetual contract trading for the traditional asset XAU (spot gold). **Important Economic Developments** **▌Approximately $9 Trillion of US Debt Will Mature in 2026** Approximately $9 trillion of the US government's debt will mature in 2026. This debt primarily stems from the large-scale issuance of five-year Treasury bonds during the 2021 pandemic. The Treasury bonds issued in 2021 had an interest rate as low as 0.8%, and these bonds will be rolled over at an interest rate of approximately 4.0% in 2026. This means that the interest costs of these bonds will increase fourfold instantly. Therefore, it is projected that the interest costs of US Treasury bonds will exceed $1 trillion for the first time in 2026. To maintain normal government operations, the US Treasury must issue nearly $11 trillion in Treasury bonds in 2026, of which $1.7 trillion will be used to cover the deficit, and $9.3 trillion will be used to roll over debt maturing in 2026 and cover the additional interest. HSBC Securities predicts the Federal Reserve will not cut interest rates for the next two years. The Fed is expected to maintain interest rates within the 3.5%-3.75% range set on Wednesday. This follows a 25-basis-point rate cut by Fed policymakers in a divided vote. Ryan Wang, the firm's U.S. economist, noted in a December 10 report that Fed Chairman Jerome Powell was "open to questions about whether and when the FOMC will cut rates further next year" at the post-meeting press conference. "We believe the FOMC will maintain the target range for the federal funds rate at 3.50%-3.75% throughout 2026 and 2027, but as the economy evolves, as in the past, we must always pay attention to the significant two-way risks facing this outlook."
▌US Bureau of Labor Statistics: US December PPI data to be released on January 30
The US Bureau of Labor Statistics: US December PPI data to be released on January 30.
▌75.6% probability of the Federal Reserve keeping interest rates unchanged in January
According to CME's "FedWatch": The probability of the Federal Reserve cutting interest rates by 25 basis points in January is 24.4%, and the probability of keeping interest rates unchanged is 75.6%. The probability of a cumulative 25 basis point rate cut by March is 40.4%, the probability of keeping interest rates unchanged is 52%, and the probability of a cumulative 50 basis point rate cut is 7.6%.
Golden Encyclopedia
▌How the Weak US Labor Market Puts Pressure on Cryptocurrency Prices
After hitting a new high in October, Bitcoin has struggled to maintain its gains since late November. Meanwhile, the US labor market has cooled significantly. The US unemployment rate has climbed to around 4%, reaching its highest level in recent years. Data from the US Bureau of Labor Statistics (BLS) and the Federal Reserve Economic Data (FRED) series shows that monthly non-farm payroll growth has slowed from post-pandemic levels to a more modest six-digit increase. Job openings and departures have also declined from their 2021-2022 peaks. Changes in the labor market affect risk appetite and liquidity conditions, and these changes are often reflected in the price movements of Bitcoin and cryptocurrencies more broadly. If labor market data remains stable while inflation remains high, investors will infer that interest rates may remain high for an extended period.