Crypto Morning Brief: Kevin Hassett, a top contender for the next Fed chair, signaled openness to significant interest rate cuts if economic data permits. In regulatory news, SEC Chair Paul Atkins stated that most ICOs should not be classified as securities, limiting the SEC’s role to tokenized securities. Hong Kong plans to begin automatic tax data exchange for crypto transactions with partner jurisdictions starting in 2028.

Stripe will launch stablecoin payments on December 12, supporting USDC on Ethereum, Base, and Polygon, with a 1.5% transaction fee. It also opened public testing for its blockchain project Tempo with new partners Kalshi and UBS. Circle introduced a privacy-focused stablecoin, USDCx, in partnership with Aleo, and received a financial services license in Abu Dhabi.

In other developments, Coinbase partnered with PNC Bank to offer Bitcoin trading to private clients. A TRUMP meme token announced an upcoming mobile game. Meta is reportedly developing a new AI model named Avocado, and SpaceX is planning a potential record-breaking IPO in 2026.

<html><head></head><body>Author: Deep Tide TechFlow
<h2>Yesterday's Market Dynamics</h2>
Hassett: Fed Has Ample Room for Significant Rate Cuts
Top contender for the next Fed Chair and White House National Economic Council Director Hassett stated on Tuesday that he believes the Federal Reserve has "ample room" for significant interest rate cuts. When asked if he would push for the substantial rate cuts desired by Trump if appointed, he responded: "If the data shows we can do it—like now—I think there is absolutely room to do so."
When pressed further on whether this meant cuts larger than 25 basis points, he clearly answered: "That's right." Trump said in an interview with Politico on Tuesday that rapid rate cuts would be a "litmus test" for his Fed Chair pick. Faced with the question of whether his loyalty, if appointed Chair, would be to Trump or independent economic judgment, Hassett said: "I would stick to my judgment, and I believe the President trusts my judgment."
SEC Chair: Many Types of Crypto ICOs Are Not Securities Transactions, Focus Will Be on Tokenized Securities Regulation
According to a Decrypt report, SEC Chair Paul Atkins stated at the Blockchain Association's annual policy summit that many types of ICOs should be considered non-securities transactions and thus fall outside the SEC's regulatory purview.
Atkins specifically referenced the token taxonomy he introduced last month, which divides the cryptocurrency industry into four main token categories. He argued that three of these—network tokens, digital collectibles, and digital tools—should not inherently be considered securities, and the related ICOs should also be treated as non-securities transactions.
Atkins stated: "Three areas fall under CFTC regulation, we let them handle it, and we will focus on tokenized securities." He noted that the only ICO category the SEC should regulate is tokenized securities, meaning the on-chain representation of securities already regulated by the SEC.
Hong Kong Government Plans Automatic Exchange of Tax Information Related to Crypto Asset Transactions with Partner Jurisdictions Starting 2028
According to a Hong Kong Government news bulletin, the government has launched a public consultation on implementing the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD).
The government plans to complete local legislative amendments next year, aiming to automatically exchange tax information related to crypto asset transactions with partner jurisdictions starting in 2028, and implement the newly amended CRS starting in 2029. Secretary for Financial Services and the Treasury Christopher Hui stated that this move aims to demonstrate Hong Kong's commitment to promoting international tax cooperation and combating cross-border tax evasion, which is crucial for maintaining Hong Kong's reputation as an international financial center.
The OECD announced this reporting framework in 2023, allowing partner jurisdictions to automatically exchange tax information related to crypto asset transactions annually. Hong Kong has been exchanging financial account information with partners according to the OECD CRS since 2018. The public can submit comments on the relevant proposals by February 6, 2026.
TRUMP Meme Coin Announces Mobile Game in Early Hours Today
According to an official announcement, the TRUMP Meme token X account posted in the early hours today, "TRUMP mobile game coming soon, built for true Trump fans. Free waitlist now open."
Stripe's Stablecoin Payment Feature to Launch on December 12, Supporting Ethereum, Base, and Polygon Networks
According to a disclosure by Adam, co-founder of RWA.xyz, payment giant Stripe will enable stablecoin payment functionality for user accounts on December 12. This feature supports payments using stablecoins like USDC on mainstream blockchain networks such as Ethereum, Base, and Polygon. Stripe stated that stablecoin payments are fully integrated into its optimized checkout suite, and existing integrations can use it without code changes.
Regarding fees, stablecoin payments charge 1.5% of the transaction amount (calculated in USD), with no fixed fee. All transactions will be settled in USD into the user's existing payment balance.
Stripe and Paradigm Open Tempo Blockchain to Public Testing, Add Kalshi and UBS as Partners
According to a Bloomberg report, payment giant Stripe and crypto venture capital firm Paradigm announced on December 9th the public testing of their jointly developed blockchain project, Tempo. Any enterprise interested in developing real-world stablecoin payment applications can participate. This public test also adds Kalshi and UBS (Union Bank of Switzerland) as new partners. Interest in the stablecoin market has surged during President Trump's second term, and the White House has established a federal regulatory framework for these tokens, which are often pegged to real-world assets like the US dollar. Stripe is one of many financial institutions, retailers, and startups that have announced pilot programs, deals, or partnerships related to this rapidly growing sector of the crypto market.
Circle Launches Bank-Grade Privacy Stablecoin USDCx in Partnership with Aleo Blockchain
According to a Fortune report, Circle and the Aleo blockchain announced a partnership to launch a privacy-enhanced stablecoin, USDCx. This stablecoin will provide users with "bank-grade privacy" protection, making transaction data invisible to the public while retaining compliant records for regulatory review.
Circle Obtains Financial Services License from Abu Dhabi Global Market
According to an official announcement from Circle, Circle Internet Group (NYSE: CRCL) announced it has obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), allowing it to operate as a money services provider in the international financial center.
Concurrently, Circle appointed Dr. Saeeda Jaffar as Managing Director for the Middle East and Africa region. Dr. Jaffar previously served as Senior Vice President and Group Country Manager for the Gulf Cooperation Council at Visa. She will be responsible for leading Circle's regional strategy, deepening partnerships with financial institutions and enterprises, and accelerating the adoption of trusted digital dollar and on-chain payment solutions in the UAE and broader Middle East and Africa markets.
Circle co-founder and CEO Jeremy Allaire stated that regulatory clarity is the foundation for building a more open and efficient internet financial system. This license enables Circle to expand regulated payment and settlement use cases for businesses, developers, and financial institutions in the UAE.
Coinbase Enters Significant Partnership with PNC Bank
Coinbase's Crypto-as-a-Service platform now provides direct Bitcoin trading services to PNC Private Bank clients, making PNC the first major US bank to offer such a service. This partnership aims to seamlessly integrate digital assets into the traditional financial system.
Meta May Launch New AI Large Language Model 'Avocado' in Early 2026
Informed sources revealed that Meta may release a new large language model, Avocado, in the first quarter of 2026 to further compete with companies like Google and OpenAI.
SpaceX Plans IPO at $1.5 Trillion Valuation, Potentially the Largest IPO in History
According to Jinshi Data citing a Bloomberg report, SpaceX is expected to have an IPO valuation of approximately $1.5 trillion, raising significantly more than $30 billion. SpaceX plans to conduct the IPO in mid-to-late 2026, depending on market conditions. SpaceX expects sales of about $15 billion in 2025 and $22 to $24 billion in 2026. SpaceX's IPO plan has the potential to become the largest IPO in history.
<h2>Market Trends</h2>
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<h2>Recommended Reading</h2>
Early Thursday Morning, It's Not the Rate Cut Itself That Will Determine the Direction of Risk Assets
This article analyzes the potential impact of the upcoming Federal Reserve interest rate decision on the market, pointing out that the rate cut itself is already fully priced in. The real market drivers lie in the Fed's forecasts for the future interest rate path and its policy stance. Additionally, the article discusses the relationship between the crypto market and Fed policy, as well as the impact of the upcoming labor market data on the overall economy.
Bitwise: My Most Confident Investment in the Crypto Space
This article explores investment strategies in the cryptocurrency space, with the author sharing their views on market uncertainty and how to address it. They emphasize the importance of investing in the entire market and propose a strategy of diversifying risk through cryptocurrency index funds. Furthermore, the article looks ahead to the future development potential of the cryptocurrency industry and related technologies.
What Crypto Decisions Has Fidelity's CEO Made Over the Past Decade?
This article documents an interview with Fidelity Investments CEO Abigail Johnson at the A16Z Founder Summit. She shared how Fidelity has explored the crypto space over the past decade, covering key topics such as early Bitcoin mining, crypto custody, stablecoins, innovative investment models, and the "build vs. buy" approach. The article explores how traditional finance is positioning itself in crypto assets with a new perspective and its outlook for the future.
Behind 'Thefts and Scams' in Cryptocurrency: Why Does Civil Relief Often Hit Roadblocks?
This article recounts cryptocurrency scam cases and analyzes the difficulties in obtaining legal relief, focusing on two real cases that highlight the challenges of both criminal and civil remedies in the cryptocurrency field. The article emphasizes the limitations of civil avenues for recourse when criminal offenses are involved and recommends prioritizing the pursuit of losses through criminal channels.
Where Will the Money for the Next Bull Market Come From?
This article explores the future direction of the crypto market, analyzing potential funding sources for the next bull run. It focuses on key drivers such as institutional capital, Real World Asset (RWA) tokenization, and infrastructure upgrades, while noting that the market is shifting from retail-driven to institutionalized and structurally supported funding.
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