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:
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40%: Technology and infrastructure iteration
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40%: Market expansion and ecosystem partnerships
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10%: Operations and risk management
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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
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Bloomberg: Stablecoins May Not Help US Escape Debt and Deficit Quagmire
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