The U.S. Internal Revenue Service (IRS) has released a draft of the January 2026 revision of Form W-9, a key document used to collect taxpayer identification information. According to the Taxbit blog, this update introduces significant changes designed to address the evolving cryptoasset ecosystem and provide clearer guidance for sole proprietors and disregarded entities regarding the collection of taxpayer identification numbers (TINs). These revisions reflect the IRS's ongoing efforts to address emerging financial technology, modernize tax compliance, and streamline the reporting process for taxpayers and broker-dealers. One of the most notable updates to the draft Form W-9 is the addition of provisions specific to digital asset compliance, with a focus on U.S. broker-dealers. The revised Form W-9 incorporates requirements for broker-dealers to collect and report information related to digital asset transactions, consistent with the broader regulatory framework established by the Infrastructure Investment and Jobs Act of 2021. Under the updated form, broker-dealers must obtain certain information from clients engaging in digital asset transactions. The REX-Osprey Ethereum Collateralized ETF (ticker: ESK) is listed on the Cboe BZX exchange. The fund is designed to track the spot price of Ethereum and overlay staking rewards.
Market
As of press time, according to CoinGecko data:
BTC price is $109,417, up or down -3.5% in the past 24 hours;
ETH price is $3,885.73, up or down -6.6% in the past 24 hours;
BNB price is $945.77, up or down -7.0% in the past 24 hours;
-8.3%;
DOGE price is $0.2233, with a 24-hour increase or decrease of -7.3%;
XRP price is $2.75, with a 24-hour increase or decrease of -6.0%;
TRX price is $0.3327, with a 24-hour increase or decrease of -1.7%;
The price of WLFI is $0.1868, with a 24-hour fluctuation of -5.3%. US regulators investigate cryptocurrency strategic reserve companies suspected of insider trading. According to the Wall Street Journal, people familiar with the matter revealed that US financial regulators have launched an investigation into unusual trading patterns in the stocks of companies that are attempting to make the purchase of cryptocurrencies a core corporate strategy. The SEC and FINRA have contacted some of the more than 200 companies that announced cryptocurrency reserve strategies this year, raising concerns in letters about unusually high stock trading volume and sharp price increases in the days leading up to the announcements. Officials warned the companies of potential violations of Regulation Fair Disclosure. Lawyers say such letters often mark the beginning of a deeper investigation into insider trading. Companies announcing cryptocurrency reserve strategies have emerged in large numbers in the past few months, following the example of Strategy (MSTR.O) by issuing stocks and bonds to raise funds for purchasing Bitcoin and other digital tokens.
▌The Dutch Parliament is formally considering the creation of a strategic Bitcoin reserve
According to market news, the Dutch Parliament is formally considering the creation of a strategic Bitcoin reserve.
Blockchain application
▌Fidelity launches Fidelity Trader+, an advanced trading platform that supports cryptocurrency services.
According to official news, Fidelity Investments announced the launch of the advanced trading platform Fidelity Trader+, which supports web, desktop and mobile devices, and allows users to access its encryption service Fidelity Crypto through mobile devices and web pages. It is expected to integrate encryption trading functions into the Fidelity Trader+ desktop version in 2026. In addition, it also supports zero-commission active portfolio insights, online US stock and ETF trading functions. Canada's anti-money laundering agency fined KuCoin's parent company approximately $14 million. According to Reuters, Canada's anti-money laundering agency said on Thursday it had fined Peken Global Limited, the operator of the crypto exchange KuCoin, C$19.6 million (US$14.09 million). Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) stated that Peken Global, based in the Seychelles, failed to register as a foreign money services business, report large virtual currency transactions of C$10,000 or more, or file suspicious transaction reports, which are required of all financial institutions. This is the largest fine ever imposed by FINTRAC.
▌ Musk's xAI accuses rival OpenAI of stealing trade secrets
According to the lawsuit filed on September 24th local time, Musk's artificial intelligence startup xAI sued its rival OpenAI in the US federal court in California, accusing it of stealing trade secrets to gain an unfair advantage in the artificial intelligence technology competition. The lawsuit alleges that OpenAI has a "deeply disturbing practice" of poaching former xAI employees to obtain trade secrets related to the artificial intelligence chatbot Grok.
▌CoreWeave and OpenAI reach a $6.5 billion expansion agreement
CoreWeave, an American AI cloud computing company, today announced an expanded agreement with OpenAI to power OpenAI's most advanced next-generation model training. The contract value of the deal is up to $6.5 billion. In March 2025, CoreWeave announced an initial agreement with OpenAI worth up to $11.9 billion, followed by an expanded agreement in May worth up to $4 billion. The agreement announced today brings the total contract value with OpenAI to approximately $22.4 billion. CleanSpark, a publicly listed Bitcoin mining company, secures another $100 million in credit financing. Following a $100 million credit line from Coinbase, CleanSpark, a Nasdaq-listed Bitcoin mining company, announced it has secured another $100 million in credit financing, backed by Two Prime. This brings the company's total credit line to $400 million. The proceeds are expected to be used to support the deployment of Bitcoin mining computing power, investments in high-performance computing (HPC) capabilities, and its digital asset management strategy. Bitcoin mining company Cipher Mining plans to issue $800 million in convertible senior notes in a private placement. Bitcoin mining company Cipher Mining (NASDAQ: CIFR) plans to issue $800 million in aggregate principal amount of 0% convertible senior notes due 2031 in a private placement to qualified institutional buyers. Cipher also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $120 million in principal amount of the notes. The notes will mature on October 1, 2031, unless earlier redeemed, repurchased, or converted. Cipher intends to use a portion of the net proceeds from the offering to pay the costs of the call option transactions and the remaining proceeds to fund the company's data center construction in Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue to expand its development site pipeline, and for general corporate purposes. BlackRock has submitted an application for a Bitcoin premium yield ETF. Nine European banks plan to jointly launch a MiCA-compliant euro stablecoin. According to CoinDesk, nine European banks—ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International—have announced the formation of a new company with plans to issue a MiCA-regulated euro stablecoin in the second half of 2026. The company will apply for an electronic money institution license from the Dutch central bank, aiming to become the European digital payments standard and open it up to more banks. The stablecoin will support low-cost, near-real-time cross-border payments and digital asset settlements.
▌The total market value of stablecoins has exceeded US$300 billion, hitting a record high
According to the latest data from CoinMarketCap, the total market value of stablecoins has exceeded US$300 billion, a record high, currently reaching US$307,727,722,954, with a 24-hour market value increase of 0.13%. Among them, Tether (USDT) ranks first with a market value of US$173.03 billion, and USDC ranks second with a market value of US$74.19 billion.
▌Melanion plans to raise 50 million euros to purchase Bitcoin
French investment company Melanion Capital announced the launch of a new strategic initiative, positioning itself as a private asset management company implementing the Bitcoin Reserve Operating Model (BTOC). To accelerate the implementation of this strategy, Melanion's board of directors plans to raise €50 million, all dedicated to Bitcoin allocations. Market News: 27 Countries Actively Hold or Use Bitcoin According to market news, 27 countries worldwide actively hold or use Bitcoin, with another 13 countries considering related proposals. These countries' exposure to Bitcoin includes reserves, mining, pensions, and taxation. Bitwise Files S-1 for Its Hyperliquid ETF. Bitwise has filed an S-1 for its Hyperliquid ETF. Billionaire Mark Cuban: Bitcoin Treasury Companies Are an Alternative to Hedging Fiat Currency According to market news: Billionaire Mark Cuban stated that companies holding Bitcoin as treasury assets are an alternative hedge against fiat currency risks. Over 100 Million Dogecoins Transferred to Coinbase According to Whale Alert, 102,233,974 Dogecoins (valued at $23,936,754) were transferred from an unknown wallet to the Coinbase cryptocurrency exchange. Hyperion DeFi announced it has invested $10 million to increase its holdings of 176,400 HYPE tokens. Nasdaq-listed Hyperion DeFi announced it has invested $10 million to increase its holdings of 176,422 HYPE tokens, bringing its digital asset treasury to 1,712,195 tokens at an average purchase price of $38.25. This is reportedly the company's fourth investment in HYPE tokens, and the additional holdings are expected to be used for revenue-generating opportunities on HyperCore and HyperEVM. Circle has issued a cumulative $31 billion in USDC on Solana since 2025. According to OnchainLens, Circle has issued an additional $250 million in USDC on the Solana chain. Since 2025, Circle has issued a cumulative $31 billion in USDC on the Solana chain.
Important Economic Dynamics
▌Federal Reserve Bank's Daly: Further Rate Cuts May Be Required Over Time
Federal Reserve Bank's Daly stated that interest rates remain moderately tight and further rate cuts may be required over time.
▌Federal Reserve Board Governor Milan: 50 basis point rate cuts are possible in a very short period of time
Federal Reserve Board Governor Milan stated that if interest rates are not lowered quickly, the Fed will face the risk of harming the economy. He believes that the Fed's current policy rate of 4% to 4.25% is highly restrictive and far above his estimate of the so-called "neutral" level. "That's why it's so important to start adjusting interest rates faster, not slower," Milan said. "When monetary policy is in a restrictive stance, the economy is more vulnerable to downside shocks. In my view, there's really no need to take that risk." He said: "My view is that we can cut interest rates by 50 basis points in a very short period of time and then readjust monetary policy, and once we reach our target, we will act more cautiously."
▌Federal Reserve's Schmid: Fed's balance sheet reserves may fall to about $2.6 trillion
Federal Reserve's Schmid: The key issue with the Fed's balance sheet is the appropriate level of reserves. Reserves may fall to about $2.6 trillion, and the more the balance sheet shrinks, the better.
▌Federal Reserve Governor Bowman: The labor market is more fragile than expected
Federal Reserve Governor Bowman: The labor market is more fragile than expected, and the Fed is close to its 2% inflation target range. All living former Federal Reserve chairmen sign an opinion urging the Supreme Court to protect the Fed's independence. Leading U.S. economic policymakers from the past 35 years, including all living former Federal Reserve chairmen, are urging the Supreme Court to allow Federal Reserve Governor Tim Cook to continue in office. The amicus brief warns that allowing Cook's removal while her legal challenge is ongoing would mark a devastating erosion of the safeguards protecting executive branch independence established by Congress 90 years ago. The signatories cite research showing that central banks can reduce inflation and lower long-term interest rates by excluding short-term political considerations from setting interest rates. The brief is signed by former Federal Reserve Chairs Alan Greenspan, Ben Bernanke, and Janet Yellen. The 18 signatories also include presidential advisers from both Republican and Democratic administrations, as well as leading economists from across the ideological spectrum: former Treasury Secretaries Robert Rubin and Lawrence Summers, former Council of Economic Advisers Chairs Glenn Hubbard and Greg Mankiw, and others. The probability of a 25 basis point Fed rate cut in October is 85.5%. According to CME's "Fed Watch," the probability of the Fed keeping interest rates unchanged in October is 14.5%, and the probability of a 25 basis point rate cut is 85.5%. The probability of the Fed keeping interest rates unchanged in December is 4.3%, the probability of a cumulative 25 basis point rate cut is 35.4%, and the probability of a cumulative 50 basis point rate cut is 60.4%. Golden Encyclopedia: How to Research Cryptocurrencies Using ChatGPT Unlike traditional stocks, which are backed by financial reports and regulatory filings, crypto assets generally lack standardized financial data. You need to sift through information like white papers, GitHub repositories, and community sentiment. Failure to conduct proper research can lead to investing in overhyped or even fraudulent projects. ChatGPT can simplify complex crypto projects by summarizing white papers, explaining use cases, and analyzing token economics. Before investing in any crypto token, it's crucial to research the team, partners, and security risks. Comparing a project with competitors can highlight its strengths and weaknesses, helping you make better decisions. ChatGPT can act as a research guide by providing relevant research questions for both beginners and experienced investors. While ChatGPT is a powerful research assistant, it's important to understand its limitations: unless integrated with tools like web browsing or APIs, it doesn't have real-time data; it doesn't provide investment advice or guaranteed predictions; and it may generate outdated or inaccurate information (always verify facts). However, AI tools like ChatGPT now make it easier than ever to gather insights, organize information, and ask the right questions. It's crucial to use ChatGPT as a supplement to your research process, not a replacement for critical thinking and due diligence.
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