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.
▌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."
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.
▌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.
▌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.
Joy
Kikyo
Brian
Alex