Headline
▌US SEC and CFTC to Jointly Advance Crypto Regulatory Cooperation to Align with Trump's Pro-Crypto Policy
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will hold a joint event next week to demonstrate the coordinated efforts of the two regulatory agencies on crypto policy. With Mike Selig, appointed by Trump, taking office as the new CFTC chairman, SEC Chairman Paul Atkins will work with him to explain how the two agencies will work together to implement the Trump administration's pro-crypto policy agenda. In a joint statement, both parties pointed out that market participants have long been forced to deal with regulatory fragmentation issues with unclear application boundaries and unbalanced design. This event aims to promote regulatory harmonization, ensure that crypto innovation develops within the US legal framework, and serve investors, consumers, and the competitiveness of the US economy. The two chairmen will also discuss the development of digital asset regulatory rules, which is seen as the latest development in the SEC and CFTC's continued efforts to advance regulatory harmonization and narrow long-standing regulatory differences.
▌Kansas, USA Introduces Bitcoin Strategic Reserve Bill
Kansas, USA, has introduced a Bitcoin strategic reserve bill that would allow up to 10% of the state trust fund's assets to be invested in a Bitcoin ETF.
▌The latest text of the US Senate Agriculture Committee's cryptocurrency market structure bill fails to reach an agreement with DemocratsCryptocurrency journalist Eleanor Terrett wrote that the additional two weeks of negotiations to secure formal Democratic support failed to yield results, and next week's Senate Agriculture Committee markup is expected to be partisan. This is not a positive sign for the Senate Banking Committee, which had hoped to advance its review through bipartisan consensus. She further stated that the Senate Agriculture Committee has released the latest version of the cryptocurrency market structure bill text, and Committee Chairman John Boozman indicated that an agreement had not been reached with Democrats, but he still looks forward to next week's review meeting. The meeting is scheduled for next Tuesday at 3 PM Eastern Time.
Blockchain Applications
▌Cryptocurrency Startup ZBD Raises $40 Million in Series C Funding, Led by Blockstream Capital
Cryptocurrency startup ZBD announced the completion of a $40 million Series C funding round, led by Blockstream Capital, a crypto investment firm affiliated with early Bitcoin investor Adam Back. The investment amounted to $36 million. The company currently primarily sells access to video game payment software that can handle various transactions, including Bitcoin transactions, but has not yet ventured into NFTs or other cryptocurrency-based gaming areas.
Blockchain Applications
▌Cryptocurrency Startup ZBD Raises $40 Million in Series C Funding, Led by Blockstream Capital, a crypto investment firm affiliated with early Bitcoin investor Adam Back.
The company currently primarily sells access to video game payment software that can handle various transactions, including Bitcoin transactions, but has not yet ventured into NFTs or other cryptocurrency-based gaming areas.
▌On-chain IPO platform Superstate completes $82.5 million Series B funding
On-chain IPO platform Superstate has completed an $82.5 million Series B funding round, led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and several other cryptocurrency-focused investors. Superstate will further expand into the on-chain capital market, using blockchain technology to revolutionize how companies raise funds and go public.
▌Musk: Establishing a solar-powered AI data center in space is a natural thing
Tesla CEO Elon Musk stated in Davos that establishing a solar-powered AI data center in space is a natural thing.
Cryptocurrency
PwC: Institutional Crypto Adoption Has Passed the "Irreversible Inflection Point," Stablecoins Accelerate Embedding into Core Financial Processes
PwC, in its "Global Crypto Regulatory Report 2026," points out that institutional adoption of crypto assets has passed the "irreversible inflection point," with the focus shifting from "whether to adopt" to "how to integrate." The report states that crypto assets are moving from trading and speculative uses to core business applications such as payments, settlements, fund management, and balance sheet management. Stablecoins and tokenized cash are entering production environments in banks, asset management institutions, and payment companies. PwC emphasizes that this shift towards functional financial infrastructure makes it difficult to revert once embedded in core operations.
▌South Korean Major Banks Accelerate Alliance Formation Ahead of Stablecoin Legislation, Laying the Foundation for Won Stablecoin Issuance
As the South Korean government plans to complete stablecoin legislation by the end of next month, major domestic financial institutions are accelerating the formulation of stablecoin issuance plans. The ruling Democratic Party intends to overturn the 2019 ban on token issuance, allowing domestic companies to issue stablecoins pegged to the Korean won. Hana Financial Group recently launched a stablecoin alliance, whose members include BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, OK Savings Bank, and JB Financial Group subsequently joined. The alliance has agreed to establish a dedicated company to issue a Korean won stablecoin after the ban is lifted and has already contacted tourism and insurance institutions regarding potential cooperation. Meanwhile, Kakao is advancing a stablecoin working group involving its banking and electronic payment subsidiaries and has begun developing a Kakao-branded Korean won stablecoin.
Regulators have proposed a compromise, discussing allowing only consortia of large banks to issue stablecoins, prompting financial institutions to form alliances in advance to prepare for potential regulatory frameworks. Bitwise launches the Bitwise Proficio Currency Depreciation ETF (NYSE: BPRO). As a pioneering actively managed investment strategy, the fund targets assets that benefit from the continued weakening purchasing power of global fiat currencies—including gold, Bitcoin, silver, other precious metals, and mining stocks. The fund combines Bitwise's deep expertise in the crypto space with Proficio Capital Partners' extensive experience in precious metals and other hedging assets. BlackRock Deposits 3,970 BTC and 82,813 ETH to Coinbase Prime According to Lookonchain, BlackRock deposited 3,970 BTC (worth $356.7 million) and 82,813 ETH (worth $247.1 million) into Coinbase Prime. BitGo Lists on NYSE with BTGO Symbol The first crypto IPO of 2026 in the US market: Crypto asset custody company BitGo listed on the New York Stock Exchange with the symbol BTGO. BitGo has set its initial public offering (IPO) price at $18 per share, higher than the previously expected range of $15 to $17. Based on the IPO price, BitGo's market capitalization will reach approximately $2.1 billion.
▌Nomura-backed Laser Digital Launches Tokenized Bitcoin Yield Fund
According to CoinDesk, Laser Digital, a crypto trading firm under Nomura Securities, has launched a tokenized Bitcoin yield fund. The fund aims to provide returns for long-term holders through strategies such as market-neutral arbitrage, lending, and options. Its goal is to achieve a net return exceeding 5% of Bitcoin's spot performance over a rolling 12-month period. The fund will be natively tokenized through tokenization specialist KAIO and custodied by Komainu, a joint venture custodian of Nomura, CoinShares, and Ledger. It is open only to select accredited investors in eligible jurisdictions (excluding the United States), with a minimum investment of $250,000 or the equivalent in Bitcoin.
▌Bitwise: Signs of Bear Market Bottoming Out in Q4 2025
Crypto asset management firm Bitwise suggests in a recent report that the fourth quarter of 2025 may mark the end of the current crypto bear market. In the report released Wednesday, Bitwise Chief Investment Officer Matt Hougan stated that Q4 is full of conflicting signals—despite the overall weak performance of the crypto market, its underlying fundamentals remain strong. He pointed out that a similar situation occurred in the first quarter of 2023. At that time, after the FTX crash, crypto asset prices began to rebound, with Bitcoin's price rising from approximately $16,000 at the beginning of 2023 to nearly $98,000 at the beginning of 2025.
▌Trump: Interviews for Fed Chair are over, nominee to be announced soon
US President Trump stated that interviews for the Federal Reserve Chair are over and the nominee will be announced soon.
▌95% probability of the Fed keeping rates unchanged in January
According to CME's "FedWatch": the probability of the Fed cutting rates by 25 basis points in January is 5%, and the probability of keeping rates unchanged is 95%. By March, the probability of a cumulative 25 basis point rate cut is 15.4%, the probability of keeping rates unchanged is 84.1%, and the probability of a cumulative 50 basis point rate cut is 0.6%.
Golden Encyclopedia
▌How to Value Public Chains
The crypto industry is keen to debate the valuation logic of public chains, and there are good reasons behind this. In the $3 trillion total market capitalization of cryptocurrencies, public chain tokens still account for approximately 84%, making their valuation crucial. Although the industry claims to have entered the "mainstream" stage, even the top investors cannot reach a consensus on public chain valuation. One group consists of investors who adhere to fundamental investment principles, emphasizing the importance of tangible cash flow metrics and price-to-earnings ratios (P/E). The other group consists of staunch supporters of Bitcoin and Ethereum, who believe in the "currency premium" theory. Is there a valuation model that satisfies both sides? Can we incorporate rational economic analysis while avoiding getting bogged down in vague conceptual debates like "currency premium"?
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