Crypto Morning Brief: Michael Selig Officially Assumes Role as US CFTC Chairman, Uniswap 'UNIfication Proposal' Passes

深潮Publicado a 2025-12-23Actualizado a 2025-12-23

Resumen

Crypto Morning Brief: Michael Selig has been officially sworn in as Chairman of the U.S. CFTC. He emphasized the agency’s growing role in shaping practical regulatory standards for digital asset markets. In other news, Uniswap’s “UNIfication” proposal has passed with over 69 million votes. The proposal will activate a fee mechanism, burn 100 million UNI tokens from the foundation treasury, and introduce a fee discount auction system. Since the vote began, UNI’s price has risen over 25%. Spot gold hit a new all-time high, surpassing $4,450 per ounce. Federal Reserve Governor Milan noted that the need for a 50-basis-point rate cut has diminished, though he warned that policy rates must adjust to reflect a declining neutral rate. Elsewhere, Espresso opened eligibility checks for its $ESP airdrop, with token claims starting in early 2026. Hyperliquid responded to transparency criticisms, asserting its full on-chain verifiability. Polymarket plans to launch its own Ethereum L2. Japanese firm Metaplanet approved issuing dividend-preferred shares and holds over 30,800 BTC. JPMorgan is considering offering crypto trading services to institutional clients. Coinbase acquired prediction market startup The Clearing Company. Trump Media purchased an additional 150 BTC, raising its total holdings to 11,241 BTC.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

Spot Gold Rises to $4450/Ounce This Morning, Hitting Another Record High

According to Jinshi Data, spot gold rose to $4450 per ounce this morning, setting another historical high, with a daily increase of 0.15%.

Michael Selig Has Officially Been Sworn In as US CFTC Chairman

According to Cryptobriefing, Michael Selig, a pro-Bitcoin figure, has officially been sworn in as Chairman of the US Commodity Futures Trading Commission (CFTC), following his confirmation by the US Senate.

In a statement, Selig noted that the CFTC is entering a significant period of transformation, driven by increased retail participation and the emergence of new products and platforms. He stated that the agency will play a larger role in establishing practical regulatory standards for the digital asset market while maintaining the stability and security of the US derivatives market. Selig emphasized: "We are at a unique moment where various new technologies, products, and platforms are emerging, retail participation in commodity markets is at an all-time high, and Congress is about to send digital asset market structure legislation to the President, solidifying the US's position as the 'crypto capital.'"

Prior to joining the CFTC, Selig served as Chief Legal Counsel of the US Securities and Exchange Commission (SEC) Crypto Working Group and Senior Advisor to Chairman Paul Atkins.

Fed Governor Milan: The Need for a 50 Basis Point Rate Cut Has Weakened

Federal Reserve Governor Milan stated that with the recent progress in monetary policy adjustments, the necessity for the 50 basis point rate cut he previously advocated has diminished. Milan pointed out that there have been some abnormal fluctuations in recent inflation data, partly related to the government shutdown. These anomalous signals suggest that the Fed's policy stance should shift towards a more accommodative direction. He emphasized that he does not currently see a risk of the economy falling into recession in the short term but believes that the neutral interest rate level has clearly shifted downward, and monetary policy must reflect this structural change. If policy rate is not consistently lowered to align with the new neutral level, it could instead increase the risk of the economy falling into recession. Additionally, regarding his own term, Milan admitted he is uncertain whether he will remain. He stated: If no successor is confirmed by the end of January, I will assume that I will continue to serve by default.

Uniswap's "UNIfication" Fee Switch Proposal Has Reached the 40 Million Vote Threshold for Passage, Will Take Effect This Week

According to Cointelegraph, Uniswap's fee switch proposal "UNIfication" has reached the 40 million vote threshold for passage and will take effect this week.

As of Monday, the proposal had received nearly 69 million affirmative votes, with voting ending on Thursday (Christmas Day). After the proposal passes, there will be a two-day timelock period, after which the Uniswap v2 and v3 fee switches will be activated on the Unichain mainnet, triggering UNI token burns.

The proposal will burn 100 million UNI tokens from the Uniswap Foundation treasury and implement a protocol fee discount auction system to increase liquidity provider yields. These changes are expected to significantly improve the supply and demand dynamics of the UNI token and enhance its long-term holding value.

Since voting began, the UNI price has risen over 25% and is currently trading at $6.19.

Espresso: Eligibility Check for ESP Airdrop Now Open, Token Claiming to Begin in Early 2026

According to an official announcement, the blockchain infrastructure Espresso Foundation has officially launched the $ESP token registration portal. Users can now connect their wallets to check if they are eligible for the Espresso airdrop. The token claiming page will open in early 2026.

Previous news indicated that Espresso completed a $28 million Series B funding round in 2024, led by a16z.

Hyperliquid Responds to Transparency Concerns, Emphasizes On-Chain Solvency is Fully Verifiable

Hyperliquid issued an official statement responding to multiple criticisms raised in a recent article about its platform. The statement emphasized that Hyperliquid is built on on-chain transparency, the platform is fully solvent, and every dollar is traceable and verifiable. Officials pointed out that critics overlooked the existence of HyperEVM USDC, incorrectly claiming the system was missing $362 million.

The statement clarified that testnet functions are only for the test environment and cannot be executed on the mainnet; the platform has no privileged users or fee exemptions; the CoreWriter function was misunderstood and cannot arbitrarily mint tokens or move user funds.

Hyperliquid stressed that as the only major perpetual contract platform with fully transparent state and transactions, anyone can run a node to verify the on-chain state, and every order, trade, and liquidation can be checked in real-time, a transparency advantage that other major trading platforms lack.

Sources: Polymarket Plans to Launch Its Own L2

Polymarket trader PredictTrader (@polymarketbet) summarized information recently disclosed by Polymarket team member Mustafa on social media, with key points as follows:

Polymarket plans to migrate away from Polygon and intends to launch its own Ethereum L2 service, POLY. Launching POLY is the "top priority."
Polymarket plans to abandon all third-party vendors (GoldSky, Alchemy, etc.).
This week, Polymarket will launch 5-minute markets.

Japan's Largest Bitcoin-Holding Company Metaplanet Approves Issuance of Dividend-Preferred Shares

According to Cointelegraph, Japan's largest corporate Bitcoin holder, Metaplanet, approved a comprehensive overhaul of its capital structure on Monday, allowing it to raise funds from institutional investors by issuing dividend-preferred shares. The approved proposals include reclassifying capital reserves, doubling the authorized number of Class A and Class B preferred shares, and modifying the dividend structure to introduce floating and periodic dividends. Class A preferred shares will adopt a monthly floating dividend mechanism, while Class B preferred shares will offer quarterly dividends and be open to international institutional investors. It is reported that Metaplanet currently holds approximately 30,823 Bitcoins, valued at $2.75 billion, making it the largest corporate Bitcoin holder in Asia. The company also announced it will trade on the US over-the-counter market through American Depositary Receipts, further expanding its global market presence.

JPMorgan Considers Providing Cryptocurrency Trading Services for Institutional Clients

According to Bloomberg, Wall Street giant JPMorgan is evaluating the possibility of providing cryptocurrency trading services for its institutional clients. People familiar with the matter revealed that the bank's markets division is exploring products and services to expand its cryptocurrency business scope, potentially including spot and derivative trading.

Coinbase Acquires Prediction Market Startup The Clearing Company

According to The Block, Coinbase has reached an agreement to acquire prediction market startup The Clearing Company, with the transaction expected to be finalized in January 2026. This acquisition is part of Coinbase's "all-in-one exchange" strategy, aiming to deepen its presence in the event trading space. The Clearing Company team will join Coinbase to help expand its prediction market products. The startup was founded this year and received $15 million in seed funding in August, with investors including Coinbase Ventures.

Trump Media Spends $13.44 Million to Acquire an Additional 150 BTC

According to Arkham monitoring data, approximately 9 minutes ago, Trump Media, owned by Donald Trump, spent $13.44 million to acquire an additional 150 BTC. Trump Media's Bitcoin holdings now total 11,241 BTC, worth approximately $1 billion.

Market Trends

Preguntas relacionadas

QWho has been sworn in as the new chairman of the U.S. Commodity Futures Trading Commission (CFTC)?

AMichael Selig has been officially sworn in as the new chairman of the U.S. Commodity Futures Trading Commission (CFTC).

QWhat is the 'UNIfication' proposal for Uniswap and what is its main purpose?

AThe 'UNIfication' proposal is a fee switch mechanism for Uniswap that has passed its voting threshold. Its main purposes are to burn 100 million UNI tokens from the Uniswap Foundation treasury and implement a protocol fee discount auction system to increase liquidity provider yields, thereby improving the token's supply and demand dynamics.

QWhich company, reported as the largest corporate Bitcoin holder in Japan, has approved issuing dividend-preferred shares?

AMetaplanet, the largest corporate Bitcoin holder in Japan, has approved issuing dividend-preferred shares to raise funds from institutional investors.

QAccording to the article, which major Wall Street bank is considering offering cryptocurrency trading services to its institutional clients?

AJPMorgan is considering offering cryptocurrency trading services, including potential spot and derivatives trading, to its institutional clients.

QWhat significant action did Trump Media take regarding its Bitcoin holdings, as mentioned in the report?

ATrump Media spent $13.44 million to acquire an additional 150 BTC, increasing its total Bitcoin holdings to 11,241 BTC, valued at approximately $1 billion.

Lecturas Relacionadas

If the AI Bubble Is Already Bursting, Who Will Truly Survive?

If the AI Bubble is Bursting, Who Will Remain? The debate over an AI bubble is intensifying, with figures like Ray Dalio warning of high levels and Jensen Huang seeing immense, early-stage opportunity. Both views hold truth: a speculative bubble in capital markets likely exists, mirroring the dot-com era, but the underlying technological shift is real and transformative. History shows that while bubbles burst—wiping out overvalued companies and speculative capital—they often leave behind critical physical and digital infrastructure. The dot-com bust, for instance, eliminated many firms but left the global fiber optic networks and data centers that enabled the rise of Amazon, Netflix, and cloud computing. Today's massive AI infrastructure investments (projected at trillions by 2030) in data centers, power, cooling, and GPUs may follow a similar path, creating the foundation for future applications. A key divergence from past bubbles is the "Jevons Paradox" effect in AI. As the cost of AI inference has plummeted by over 99.7% since 2023, enterprise spending on AI has skyrocketed. Cheap "tokens" have unlocked vast, previously uneconomical use cases, moving AI from simple chatbots into core business workflows—code generation, legal document review, scientific simulation, and financial analysis. The market is now in a phase of self-correction, weeding out superficial "API-wrapper" startups, but this cleansing process strengthens the ecosystem. The long-term trajectory is clear. The value is gradually shifting from capital expenditure (CapEx) on hardware to operational expenditure (OpEx) on transformative applications. As AI becomes a utility, the winners will be firms that deeply integrate it to solve vertical industry problems in law, healthcare, finance, and manufacturing. The泡沫 will recede, but the foundational shift towards an AI-powered era across all sectors is irreversible. The underlying productive force of AI contains no bubble.

marsbitHace 24 min(s)

If the AI Bubble Is Already Bursting, Who Will Truly Survive?

marsbitHace 24 min(s)

If the AI Bubble Is Already Bursting, Who Will Truly Remain?

**Summary: If the AI Bubble is Bursting, What Will Remain?** The debate around an AI bubble is intensifying, with figures like Ray Dalio warning of high valuations while Jensen Huang sees immense opportunity. This echoes the dot-com bubble, which saw massive wealth destruction but ultimately left behind critical infrastructure like undersea cables and broadband, enabling future giants like Amazon and Netflix. Similarly, today's AI boom involves trillions invested in data centers, power, cooling, and GPUs, while application-layer revenue remains comparatively modest. This investment-disparity signals a bubble. However, the core technological progress is real and accelerating. AI inference costs have plummeted by over 99.7% since 2023, making intelligence increasingly cheap and accessible. This cost collapse is unlocking vast new demand. Instead of reducing spending, enterprises are tripling their AI cloud expenditure. Cheap "tokens" enable AI to move beyond simple chatbots into complex workflows—automating code writing, legal document review, financial analysis, and scientific research. This follows "Jevons's paradox": improved efficiency leads to greater total consumption. The market is now undergoing a necessary purification, weeding out "API-wrapper" startups with no real moat. The deeper evolution involves a shift from capital expenditure (CapEx) on infrastructure to operational expenditure (OpEx) on value-creation in applications. While hardware vendors currently profit most, long-term value will migrate to AI-native firms solving vertical industry problems. Ultimately, a market correction will cleanse speculative excess but will not reverse the AI+ trend. The massive physical and algorithmic infrastructure being built will endure, becoming a cheap, utility-like foundation. Just as the internet became indispensable to all industries post-2000, AI is poised to empower and redefine every sector, moving society irreversibly toward an intelligence-augmented era. The bubble may burst, but the underlying productive momentum is solid.

链捕手Hace 31 min(s)

If the AI Bubble Is Already Bursting, Who Will Truly Remain?

链捕手Hace 31 min(s)

Microsoft CEO: In the AI Era, How Do You Define a Company's Moat?

Microsoft CEO Satya Nadella argues that in the AI era, a company's true competitive edge, or "moat," is not determined by choosing the single most powerful model, but by its ability to build a continuous "learning loop." This system integrates and evolves by connecting human workflows, domain expertise, organizational judgment, and employee experience. He posits that future companies will accumulate two types of capital: Human Capital (employee knowledge, judgment, creativity) and "Token Capital" (a firm's own built and owned AI capabilities). Importantly, AI amplifies rather than devalues human capital. Human direction is essential to guide progress, as computational power alone is aimless. The core opportunity lies in creating a closed-loop system where human and token capital reinforce each other in a compound, self-improving cycle. A company must be able to preserve its unique institutional knowledge—its "company veteran" expertise—even if it switches underlying general-purpose AI models. This requires private evaluation benchmarks, reinforcement learning environments based on internal data, and queryable knowledge bases. Nadella warns against a future where economic value is concentrated by a few dominant models that commoditize entire industries' knowledge. Instead, the priority should be building a broad "frontier ecosystem" where every company, industry, and nation can own its learning loop. This allows organizations to retain control of their intellectual property, amplify employee capabilities, and ensure the economic value created by AI is captured within their own businesses and communities. True corporate sovereignty in the AI age comes from turning organizational knowledge into a compounding system that creates enduring, defensible value.

marsbitHace 1 hora(s)

Microsoft CEO: In the AI Era, How Do You Define a Company's Moat?

marsbitHace 1 hora(s)

ETFs Are Just the Ticket: The True Institutionalization of Bitcoin Is Happening Where You Can't See It

Beyond the Bitcoin ETF spotlight, a deeper institutionalization is underway, leveraging Bitcoin as a foundational financial primitive. Institutions are using Bitcoin for purposes long reserved for assets like U.S. Treasuries and gold: as collateral for loans, insurance reserves, and the backbone of rated bonds. Examples include a Barbados-based insurer capitalizing with $40M in Bitcoin reserves and Ledn's $188M securitization of Bitcoin-backed loans, which received the first-ever investment-grade rating (BBB-) from S&P for a digital asset-backed security. This structure was stress-tested during a 27% price drop in early 2026, triggering automatic liquidations that functioned as designed but revealed the systemic risk of synchronized selling across leveraged positions. Infrastructure is evolving to support this, with platforms like Anchorage Digital's Atlas network enabling secure, institutional-grade settlement and collateral management. Strategies like basis trades and corporate treasuries (exemplified by companies like MicroStrategy issuing billions in equity and debt to fund Bitcoin acquisitions) further integrate Bitcoin into financial mechanics. While ETFs solved "how to own" Bitcoin, these developments answer "what to do with it," embedding the asset into the working machinery of finance—as collateral upon which loans, derivatives, and structured products are built. The real, enduring institutional shift is happening in these largely invisible plumbing and financing systems.

marsbitHace 1 hora(s)

ETFs Are Just the Ticket: The True Institutionalization of Bitcoin Is Happening Where You Can't See It

marsbitHace 1 hora(s)

ZEC Co-Founder Responds to Orchard Vulnerability: No Signs of Theft, Orchard Pool to Be Sealed

ZEC Co-Founder Addresses Orchard Vulnerability: No Signs of Theft, Plans to Sunset Orchard Pool A security vulnerability was recently discovered in Zcash's Orchard shielded pool, raising key concerns. The primary questions are whether the flaw was exploited, if user funds are safe, whether users can verify the total ZEC supply, and if other similar vulnerabilities exist. Analysis suggests the vulnerability was likely not exploited prior to its discovery. It was found proactively by a researcher using specialized tools, not due to an active breach. The development team and mining pools acted quickly to contain the issue. Typical financially-motivated attacks would likely have left visible on-chain evidence, which has not been observed. User funds in Orchard are considered safe and should be recoverable, assuming no prior exploitation. If the flaw was never used, all legitimate funds can be withdrawn. The article outlines risks associated with moving funds to transparent addresses or other pools, but concludes that leaving assets in place is a reasonable option. Currently, users cannot independently verify that the total ZEC supply hasn't been inflated due to this bug. However, the planned Ironwood network upgrade is designed to resolve this. It will permanently close the Orchard pool to new deposits and internal transfers, allowing only withdrawals. This mechanism will cap total withdrawals at the amount of legitimately deposited funds, enabling anyone to cryptographically verify the supply post-upgrade. Multiple teams, including Shielded Labs, have conducted extensive audits focused on counterfeiting vulnerabilities, assisted by advanced AI tools. No additional flaws of this type have been found so far, increasing confidence that no other similar undisclosed vulnerabilities exist. In summary, evidence indicates the Orchard bug was probably not used, user funds are secure, and no other counterfeiting flaws are currently known. The upcoming Ironwood upgrade will restore users' ability to independently verify the total ZEC supply, closing this chapter.

Foresight NewsHace 1 hora(s)

ZEC Co-Founder Responds to Orchard Vulnerability: No Signs of Theft, Orchard Pool to Be Sealed

Foresight NewsHace 1 hora(s)

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560 Vistas totalesPublicado en 2025.12.11Actualizado en 2026.06.02

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Crypto Morning Brief: Michael Selig Officially Assumes Role as US CFTC Chairman, Uniswap 'UNIfication Proposal' Passes

Resumen

Yesterday's Market Dynamics

Market Trends

Recommended Reading

Preguntas relacionadas

Lecturas Relacionadas

If the AI Bubble Is Already Bursting, Who Will Truly Survive?

If the AI Bubble Is Already Bursting, Who Will Truly Remain?

Microsoft CEO: In the AI Era, How Do You Define a Company's Moat?

ETFs Are Just the Ticket: The True Institutionalization of Bitcoin Is Happening Where You Can't See It

ZEC Co-Founder Responds to Orchard Vulnerability: No Signs of Theft, Orchard Pool to Be Sealed

Trading

Artículos destacados

Cómo comprar US

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