Crypto Morning Brief: HashKey Discloses IPO Details, SEC Concludes Two-Year Investigation into Ondo

深潮Pubblicato 2025-12-09Pubblicato ultima volta 2025-12-09

Introduzione

Crypto Briefing: HashKey Group, the parent company of Hong Kong's licensed exchange HashKey Exchange, has disclosed its public offering details, aiming to raise up to HK$1.67 billion with trading expected to begin on December 17. In regulatory developments, the U.S. SEC has closed its two-year investigation into Ondo Finance without filing charges, continuing a trend of dropped cases under its current leadership. Meanwhile, the CFTC launched a digital asset pilot program allowing Bitcoin, ETH, and USDC as collateral in derivatives markets. Major U.S. bank CEOs are set to meet with senators to discuss crypto legislation, focusing on stablecoin regulations. In other news, Bittensor will undergo its first token halving on December 14, reducing daily TAO issuance to 3,600. Binance confirmed an employee misused internal information for personal gain and has suspended them. MicroStrategy purchased an additional 10,624 BTC, bringing its total holdings to 660,624 BTC. Ripple completed a $500 million share sale with special investor protection clauses. Market commentary included a UAE official calling Bitcoin a key pillar of future finance, while Chinese media warned against risks in currency innovation.

Author: Shenchao TechFlow

Yesterday's Market Dynamics

Hassett: Trump to Announce a Wave of Economy-Boosting News

Kevin Hassett, Director of the White House National Economic Council: Trump will announce a wave of news beneficial to the economy. The 10-year Treasury yield may see a decline similar to the trend in the 1990s.

Additionally, Hassett stated that Powell might also consider a rate cut prudent. When discussing potential Fed appointees for President Trump, Hassett said, "If I were asked to serve in that role, I would be delighted to do so for him."

US CFTC Launches "Digital Asset Pilot," Allowing Bitcoin, ETH, and USDC as Collateral in Derivatives Markets

According to The Block, acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, announced the launch of a "Digital Asset Pilot Program," allowing specific cryptocurrencies to be used as collateral in derivatives markets.

The pilot program will initially be limited to Bitcoin, ETH, and the stablecoin USDC. Pham stated that embracing responsible innovation ensures U.S. markets remain world leaders, unlocking American economic growth. Futures Commission Merchants (FCMs) participating in the crypto collateral program must report the total value of digital assets held in customer accounts weekly, including futures and cleared swaps, and report any significant operational or system issues affecting the digital asset collateral.

Bloomberg: Top US Bank CEOs to Meet with Senators Thursday to Discuss Crypto Market Legislation

According to Bloomberg, Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charlie Scharf plan to meet with bipartisan senators on Thursday to discuss upcoming cryptocurrency market legislation.

Organized by the large bank coalition Financial Services Forum, the discussion is expected to focus on bankers' opposition to allowing stablecoins to pay interest, banks' competitive capabilities in the crypto space, and preventing the use of crypto for illicit activities.

US SEC Concludes Two-Year Investigation into Ondo Finance, Brings No Charges

According to Crypto in America, the U.S. Securities and Exchange Commission (SEC) has concluded its two-year investigation into tokenization company Ondo Finance without recommending any charges. The investigation, which began in October 2023, primarily examined whether Ondo complied with U.S. securities laws regarding its tokenized U.S. Treasury product and whether the ONDO token should be classified as a security. An Ondo spokesperson stated the company received formal notice in late November confirming the investigation's closure. This marks another reversal of Biden-era regulatory actions against digital asset companies. Since the pro-crypto SEC Chairman Paul Atkins took office, the agency has closed most crypto-related investigations and dropped several high-profile cases against companies like Coinbase, Ripple, and Kraken.

Bittensor's First Halving Scheduled for December 14, TAO Token Daily Issuance to Halve to 3,600

According to Cointelegraph, the decentralized machine learning network Bittensor is set to experience its first token halving event around December 14. At that time, the daily issuance of its native token TAO will halve from the current 7,200 to 3,600.

Bittensor is a decentralized, open-source machine learning network built around specialized "subnets," creating a market for AI services through incentive mechanisms. Grayscale Research analyst William Ogden Moore called the event a "key milestone in the network's maturation" as Bittensor moves towards its 21 million token supply cap, adopting a fixed supply model similar to Bitcoin.

Binance: Confirms Employee Used Internal Information for Personal Gain, Suspended and Pursuing Legal Action

Binance officially announced on December 8 that it confirmed an employee used internal information to post content on social media for personal gain. The investigation revealed the employee launched a token on-chain on December 7 at 05:29 UTC and, less than a minute later, posted a related tweet via the official @BinanceFutures account. Binance has immediately suspended the employee involved and will cooperate with relevant judicial authorities to take legal action. Simultaneously, Binance announced it will split a $100,000 reward equally among five whistleblowers who provide valid tips through the official reporting channel.

HASHKEY Discloses IPO Details: Plans to Raise Up to HK$1.67 Billion, Expected to List on December 17

According to the Hong Kong Economic Times, HASHKEY HLDGS (New Listing No.: 03887) will offer shares from December 9 to 12. Hashkey Exchange, the parent company of the licensed Hong Kong virtual asset exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The offer price is between HK$5.95 and HK$6.95, aiming to raise up to HK$1.67 billion. Each lot consists of 400 shares, with a board lot entrance fee of HK$2,808. HASHKEY is expected to list and begin trading on December 17. J.P. Morgan, Haitong International, and Guotai Junan International are the joint sponsors.

As of October 31, the company had HK$1.48 billion in cash and cash equivalents, and digital assets worth HK$570 million. Among the digital assets, mainstream tokens accounted for 89%, including ETH, BTC, USDC, USDT, and SOL.

As of the end of September, platform assets exceeded HK$19.9 billion, with 3.1% stored in hot wallets and 96.9% in cold wallets. Cumulative spot trading volume on the exchange reached HK$1.3 trillion. The main business is trade facilitation services, accounting for nearly 70% of revenue. Over the past three years, HASHKEY reported losses of HK$590 million, HK$580 million, and HK$1.19 billion, respectively. For the first six months of this year, the company's loss attributable to equity shareholders was HK$510 million, a year-on-year decrease of 34.8%, while revenue fell 26.1% to HK$280 million.

Regarding equity, HASHKEY investor Lu Weiding, Chairman of Wanxiang Group, is a controlling shareholder holding 43.2% of shares, with additional voting rights over 22.9% via an employee stock ownership plan platform; Hashkey founder Xiao Feng holds 16.3% equity; other investors hold 17.6%. HASHKEY has introduced nine cornerstone investors: UBS AM Singapore, Fidelity Funds, CDH, Cindicate Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., and Shining Light Grace Limited, with a total investment of $75 million (approx. HK$590 million).

Use of net proceeds:

40%: Technology and infrastructure iteration
40%: Market expansion and ecosystem partnerships
10%: Operations and risk management
10%: Working capital and general corporate purposes

UAE National Security Official: Bitcoin Has Become a Key Pillar of Future Financing

According to Bitcoin Magazine, Mohammed Al Shamsi, Director-General of the UAE National Security Agency, recently made a significant statement, saying "Bitcoin has become a key pillar of future financing," and indicated the UAE is actively preparing for this.

Beijing Business Today: Beware of Disorderly Innovation in the Virtual Currency Sector, Domestic Space Further Effectively Compressed

Beijing Business Today published an article titled "Behind the Joint Risk Warning from 7 Associations: Beware of Disorderly Innovation in the Virtual Currency Sector." It pointed out that the joint risk warning from 7 associations emphasized the risks of innovative activities in the virtual currency field. Wang Peng, Associate Researcher at the Beijing Academy of Social Sciences, stated that virtual currency-related activities like stablecoins and real-world asset tokenization, under the guise of innovation, harbor potential risks that cannot be ignored, easily becoming tools for illegal financial activities and posing substantive threats to financial security. Therefore, clear definition and strengthened crackdowns on such innovative activities are imperative. The survival space for virtual currencies and related activities within China is further effectively compressed, and future efforts require continuous improvement of cross-sector regulatory frameworks.

Metaplanet to Issue New Share Class, Similar to Strategy's $STRC

According to Bitcoin Magazine, Japanese listed company Metaplanet announced it will issue a new class of shares similar to Strategy's $STRC, specifically for purchasing more Bitcoin.

Strategy Increases Holdings by 10,624 Bitcoin, Total Holdings Reach 660,624

According to an official announcement, Strategy announced the purchase of 10,624 Bitcoin for approximately $962.7 million (approx. $90,615 per coin). As of December 7, 2025, the company's total Bitcoin holdings have reached 660,624, with a cumulative investment of approximately $49.35 billion and an average holding cost of $74,696 per coin.

Additionally, Strategy CEO Phong Le stated the company will hold its Bitcoin until at least 2065, maintaining a long-term accumulation strategy. Despite the rise of spot ETFs, MSTR stock continues to serve as a key proxy for BTC.

Ripple Completes $500 Million Share Sale, Investors Get Special Safeguard Clauses

According to Bloomberg, Ripple completed a $500 million share sale in November at a $40 billion valuation, setting a new record for private digital asset companies. Wall Street giants like Citadel Securities and Fortress Investment Group participated in the investment. Notably, the transaction included special safeguard clauses allowing investors to sell shares back to Ripple for a guaranteed return and receive preferential treatment in major events like bankruptcy or acquisition.

Market Dynamics

Domande pertinenti

QWhat is the significance of the SEC ending its two-year investigation into Ondo Finance?

AThe SEC ended its two-year investigation into Ondo Finance without recommending any charges. This is seen as another reversal of the Biden-era regulatory actions against digital asset companies, following a trend under the new pro-crypto SEC chairman, Paul Atkins, who has closed many crypto-related investigations.

QWhat are the key details of HashKey's upcoming IPO?

AHashKey HLDGS (stock code: 03887) plans to raise up to HK$1.67 billion. It will issue 240 million shares, with 10% offered to the Hong Kong public. The price range is HK$5.95 to HK$6.95 per share, and it is expected to start trading on December 17. The funds will be used for technology and infrastructure iteration (40%), market expansion and ecosystem partnerships (40%), operations and risk management (10%), and working capital (10%).

QWhich cryptocurrencies are allowed as collateral in the new CFTC 'Digital Asset Pilot' program?

AThe U.S. Commodity Futures Trading Commission (CFTC) has initiated a 'Digital Asset Pilot' program that initially allows only Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC to be used as collateral in derivatives markets.

QWhat action did Binance take regarding an employee who misused internal information?

ABinance confirmed that an employee used internal information for personal gain by issuing a token on-chain and then posting about it from the official Binance Futures Twitter account less than a minute later. The employee was immediately suspended, and Binance is pursuing legal action. The exchange also announced a $100,000 reward split among five whistleblowers who provided effective tips.

QWhat major purchase did the company Strategy announce, and what is its long-term plan for its Bitcoin holdings?

AStrategy announced the acquisition of an additional 10,624 Bitcoin for approximately $962.7 million, bringing its total holdings to 660,624 BTC. The company's CEO, Phong Le, stated that they plan to hold their Bitcoin until at least 2065, maintaining a long-term accumulation strategy.

Letture associate

Ripple’s Fed Master Account Bid Gains Momentum After Trump Order

President Donald Trump has signed an executive order directing financial regulators and the Federal Reserve to review expanding fintech and crypto firms' access to core payment infrastructure. This order significantly advances the industry's push for direct Fed connectivity, a central issue for Ripple. The company has been seeking a Federal Reserve master account as part of its strategy for its RLUSD stablecoin, which would allow it to hold reserves directly with the central bank and access its payment rails. The order, titled "Integrating Financial Technology Innovation into Regulatory Frameworks," mandates a Fed review within 120 days on allowing access for entities like uninsured depository institutions and non-bank financial companies, including those in digital assets. This creates a formal policy timeline for resolving whether crypto payment firms must rely on traditional bank intermediaries. Ripple's application for a national bank charter and a master account is part of this broader landscape. The issue gained precedent when Kraken Financial received a limited-purpose master account, while Custodia Bank's application was denied after a legal battle. The Fed has also proposed a more restricted "payment account" option. Trump's order does not guarantee approval for Ripple but forces a high-level examination of the regulatory barriers, bringing the company's long-running effort to the forefront of Washington's financial policy agenda.

bitcoinist11 min fa

Ripple’s Fed Master Account Bid Gains Momentum After Trump Order

bitcoinist11 min fa

In AI Video Generation, 'Leading by a Wide Margin' Has Become a Reality

Chinese AI companies, particularly ByteDance and Kuaishou, are now leading in AI video generation, surpassing their US counterparts like OpenAI and Google, according to a recent viral overseas article. The core advantage stems from access to massive, high-quality, and user-behavior-annotated video training data from platforms like Douyin and Kuaishou, creating a self-reinforcing data flywheel that US labs struggle to match. Key Chinese models such as ByteDance's Seedance 2.0, Kuaishou's Kling 3.0, and Alibaba's HappyHorse dominate user-voted rankings on platforms like Artificial Analysis. Their lead is amplified by strong commercial integration in e-commerce, advertising, and short dramas, driving practical monetization absent in the US. However, challenges persist: a widening compute power gap with the US, copyright disputes with Hollywood, rising commercialization costs leading to usage caps and fees, and a foundational lag behind US giants like OpenAI in underlying large language model capabilities. While China holds a tangible lead in this vertical, sustaining it requires navigating these significant hurdles.

marsbit37 min fa

In AI Video Generation, 'Leading by a Wide Margin' Has Become a Reality

marsbit37 min fa

Google's 2026 Roadmap is Hidden in This Keynote Speech

Google I/O 2026 was not merely a product launch, but a strategic unveiling of the company's decade-long roadmap. The core signal is that Google is evolving its AI, Gemini, from a feature within products into a foundational operating layer that integrates and reshapes its entire ecosystem—Search, Android, Chrome, YouTube, Workspace, XR, and developer tools. The traditional paradigms of digital interaction are being redefined. Search is shifting from finding links to understanding intent and completing tasks. Android is transforming from an app-centric OS into an AI-native platform that orchestrates workflows across services. Chrome is becoming an AI reasoning layer over the web, while YouTube is evolving into a conversational knowledge engine. Google is heavily investing in Agentic AI, aiming for AI to act as a digital operator that executes tasks autonomously. Underlying this vision is the integration of Gemini across all products, making it the central nervous system. Key developments include Gemini Omni for multimodal generation, deeper product integrations, and a push into XR glasses for contextual, ambient computing. Google is positioning AI not as an optional feature but as essential infrastructure, akin to electricity. The broader implication is a competition for the next computing interface. Google's goal is not just to win in chatbots or models, but to become the operating system for the AI era by controlling the primary entry points—search, assistant, OS, and browser—and weaving them into a unified, intelligent layer. This represents a fundamental shift in computing paradigms that will impact creators, developers, businesses, and how all users interact with technology.

marsbit51 min fa

Google's 2026 Roadmap is Hidden in This Keynote Speech

marsbit51 min fa

‘Withdraw Insurance to Buy Stocks’: South Koreans Over 60 Are Borrowing to Bet on Samsung

South Korea's stock market has seen a frenzy, with the KOSPI nearly doubling in six months. This boom is fueled by a surge in retail investors borrowing to buy stocks, with outstanding margin loans hitting a record high. A significant portion of this debt is held by people over 50, with the 60+ age group seeing the fastest growth. Many are reportedly cashing out savings-type life insurance policies—even at a loss—to fund their stock investments. They are heavily concentrated in major semiconductor stocks like Samsung Electronics and SK Hynix, which have driven most of the market's gains. This trend is particularly risky for older investors, who are leveraging their limited retirement savings. While a market correction in March caused significant losses for leveraged accounts, the swift recovery and continued rally have reinforced risky behavior. Stories of quick profits on platforms like Blind further fuel the speculative rush. The phenomenon is partly driven by economic anxiety. With South Korea having a high elderly poverty rate and a low public pension replacement rate, some seniors see the booming market as a last chance to improve their finances. This "FOMO" (fear of missing out) sentiment is palpable, even in public parks where retirees gather and now discuss stock tips alongside their usual activities. Despite regulatory warnings and the inherent risks of leverage—especially for those with little time to recover from losses—the borrowing binge continues. The market's heavy reliance on a few tech stocks and its cyclical nature pose a substantial threat to these elderly investors, for whom a downturn could be catastrophic.

marsbit56 min fa

‘Withdraw Insurance to Buy Stocks’: South Koreans Over 60 Are Borrowing to Bet on Samsung

marsbit56 min fa

Deconstructing Anthropic: The Best AI Company Might Also Be an 'Organizational Invention'

Anthropic has emerged as one of the most compelling and fastest-growing AI companies. Its core strengths lie in strategic focus and unique organizational culture. Strategically, Anthropic concentrated early on coding as the critical path to AGI and commercial success, a focus driven by resource constraints and validated by market results. This contrasts with OpenAI's more expansive, multi-pronged approach. Co-founder Dario Amodei's technical conviction and low FOMO personality fostered this decisive focus. Organizationally, Anthropic has cultivated a distinctive culture characterized by: 1. **Deep Mission-Orientation:** A genuine, almost religious commitment to AI safety as the primary goal, even above corporate success. 2. **High Trust, Low Ego:** An environment where brilliant researchers collaborate effectively without internal politics or status battles. 3. **Strong Humanistic Values:** A bookish, idealistic ethos reflected in its hiring and model naming. This culture is maintained through rigorous cultural screening in hiring, extreme transparency and context-sharing from leadership (like Dario's frequent all-hands), a unique seven-cofounder equal-equity structure that disperses cultural influence, and a "one team" philosophy that minimizes silos. The culture stems partly from business necessity—excelling at the "dirty work" of data engineering for coding/agentic AI—and partly from Dario's negative experiences with political infighting at previous companies, motivating him to build Anthropic as an antithesis. While OpenAI remains a formidable competitor with greater resources and exploratory zeal, Anthropic demonstrates that success in the AI era can also come from focused bets, cohesive culture, and a steadfast mission, offering a distinct model of organizational invention.

marsbit1 h fa

Deconstructing Anthropic: The Best AI Company Might Also Be an 'Organizational Invention'

marsbit1 h fa

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277 Totale visualizzazioniPubblicato il 2024.12.12Aggiornato il 2025.03.21

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