This week delivered one of the most consequential stretches for U.S. digital-asset policy in recent memory. From the SEC stepping back from past enforcement priorities to the CFTC launching new pilots and rewriting old rules, the regulatory agenda is shifting rapidly—and the political backdrop is changing just as fast.

With banks now gaining expanded permissions to transact in crypto and Congress re-opening the CBDC debate, the industry is entering 2026 with an entirely new set of power dynamics. Below are the major developments shaping the new regulatory landscape.

Trump’s National Security Strategy Sidesteps Bitcoin, but the Context Matters

The Trump administration released its 2025 National Security Strategy (NSS), a 33-page document detailing the White House’s priorities across global economic and technological fronts. Surprisingly, digital assets received no mention. Instead, the report leaned heavily into AI, quantum computing, biotech, and other frontier sectors.

For a pro-crypto administration that has already established the President’s Working Group on Digital Assets, signed the GENIUS Act for stablecoin regulation, and pulled back on several enforcement actions, the omission stands out. It indicates that while the White House is making room for digital assets in market policy, crypto has not yet broken into core national-security planning.

Still, the administration’s actions matter more than the document’s omissions. Bitcoin may not have earned a line in the NSS, but regulatory behavior suggests digital assets are becoming embedded in the economic strategy—even if not yet the security framework.

SEC Closes Ondo Probe Without Charges—A Break From the Past

In another sign of shifting enforcement posture, the SEC formally ended its multi-year investigation into Ondo Finance without filing charges. The probe focused on whether Ondo’s tokenized treasuries complied with securities law and whether the ONDO token itself constituted a security.

The no-action outcome echoes a broader pattern emerging at the regulator: several enforcement cases initiated during the Biden administration have been softened, paused, or dropped entirely. For market participants, it raises a key question: Is the era of aggressive regulatory hostility finally ending?

The decision also gives further legitimacy to the fast-growing real-world asset (RWA) sector, which is increasingly viewed as a regulated bridge between traditional finance and blockchain markets.

CFTC Expands Its Role: New Collateral Pilot and Rule Withdrawals

If the SEC is stepping back, the CFTC is accelerating.

Acting Chair Caroline Pham unveiled a major pilot program allowing Bitcoin, Ether, and USDC to be used as collateral in derivatives markets. The initiative will give regulators real-time visibility into how tokenized collateral performs under market stress, a key step toward integrating crypto into regulated clearing and settlement.

In the same week, the CFTC:

• Scrapped its outdated 2020 “actual delivery” Bitcoin guidance, which had long been criticized as incompatible with modern trading practices and the GENIUS Act;
• Granted no-action relief to four prediction markets—Polymarket US, LedgerX, PredictIt, and Gemini Titan—easing reporting burdens and reducing enforcement risks for a category of platforms that has grown faster than regulators expected.

These moves show that the CFTC is preparing to become the dominant U.S. crypto regulator, a shift that appears to be in line with Congressional momentum behind expanding the agency’s mandate.

Congress Reignites the CBDC Fight

Rep. Keith Self (R-Texas) introduced an amendment to the annual defense bill that would prohibit the development of a U.S. central bank digital currency. He accused GOP leadership of breaking promises by removing anti-CBDC language from the bill’s latest version.

The amendment highlights deepening political divides over digital cash. Conservatives argue that a CBDC threatens financial privacy, while supporters say it modernizes payment infrastructure. With the 2026 election cycle approaching, CBDCs are becoming a wedge issue, and legislative momentum remains uncertain.

Banks Move Into Crypto as Regulators Open the Door

In a landmark decision, the Office of the Comptroller of the Currency (OCC) said national banks may now engage in riskless principal crypto transactions, allowing them to buy from one customer and sell to another without holding inventory.

This effectively gives banks permission to operate as regulated intermediaries in crypto trading, narrowing the gap between banking and digital-asset markets. Combined with previous OCC guidance allowing custody and balance-sheet holdings, the banking sector is now closer to full crypto market participation than ever before.

In parallel, regulators revealed that nine major banks imposed inappropriate restrictions on crypto companies, further underscoring the need for consistent standards as banks move deeper into the space.

Trump’s CFTC Nominee Heads to a Crucial Senate Vote

Michael Selig—Trump’s nominee to chair the CFTC—is now headed for a full Senate vote. If confirmed, Selig will helm an agency gaining sweeping new authority over crypto markets. His pledge to make the U.S. “the Crypto Capital of the World” sets the stage for one of the most consequential regulatory leadership eras since Bitcoin’s inception.

The vote, expected imminently, comes as the CFTC operates with only one seated commissioner and faces staffing concerns about its ability to regulate an expanding sector.

This week reflects a structural turning point. The SEC is retreating. The CFTC is positioning itself as the primary crypto overseer. Banks are entering the market. Congress is fighting over CBDCs. And the Trump administration is shaping the future from the top down.

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Global electronic brokerage Interactive Brokers has begun allowing U.S. retail clients to fund individual brokerage accounts with stablecoins, allowing customers to transfer funds directly from personal crypto wallets.

The feature, powered by crypto infrastructure provider Zerohash, marks a major expansion of the firm’s digital-asset capabilities. The rollout will occur in phases, with availability determined by account type, jurisdiction, and regulatory requirements.

In addition to the U.S. pilot, Interactive Brokers said it has also started offering stablecoin deposits to a wider group of global users, allowing transfers in USDC that are automatically converted to U.S. dollars upon arrival.

The company said the move gives traders faster and more flexible funding options, particularly compared to traditional banking rails that are limited by clearing times and operating hours.

How USDC Funding Works

To deposit via stablecoin, clients must log into the Interactive Brokers Client Portal, go to Transfer & Pay, select Deposit Funds, and choose “Fund with Stablecoin.” Users then select a blockchain network—such as Ethereum, Solana, or Base—and Zerohash generates a unique wallet address and QR code for the transaction.

Clients must send USDC from their personal crypto wallets to the provided address, ensuring that the selected blockchain network matches the one chosen during the deposit setup. Interactive Brokers strongly advises against manually typing wallet addresses due to the risk of irreversible errors.

Transaction Limits, Fees, and Supported Assets

Stablecoin deposits come with several constraints: a $10 minimum per transfer, a $25,000 per-transaction cap, a $25,000 daily limit, and a monthly ceiling of $100,000. At present, only USDC is supported; deposits in other stablecoins or cryptocurrencies will not be processed.

Interactive Brokers said it does not charge deposit fees, though users must cover blockchain gas fees associated with the chosen network. Zerohash applies a 0.3% conversion fee, with a $1 minimum. Most deposits are credited within minutes following blockchain confirmation, offering speed advantages over ACH or wire transfers.

Interactive Brokers cautions that USDC must be sent on the exact blockchain network selected during setup. Sending assets via the wrong network or to an incorrect wallet address may result in rejection, delays, or permanent loss of funds. Users encountering issues are directed to the firm’s stablecoin deposit FAQ for troubleshooting.

Step Toward 24/7 Bank-Free Funding?

By allowing deposits directly from crypto wallets, Interactive Brokers is moving toward a funding model that is faster, continuously available, and less dependent on banking intermediaries.

The phased U.S. rollout shows growing institutional acceptance of stablecoins as a practical settlement tool, particularly for active traders seeking real-time funding flexibility.

Coinbase Predicts Stablecoins Will Enter the Mainstream

Stablecoins are set to move firmly into the financial mainstream next year, according to Keith Grose, UK CEO of Coinbase, who expects continued acceleration in consumer adoption and regulatory clarity.

Speaking ahead of expected policy developments in the UK, Grose outlines why he believes stablecoins are becoming a central pillar of the next phase of digital finance.

“We see stablecoins transitioning into mainstream payment rails in the UK and worldwide in 2026,” Grose said. “More consumers are now using stablecoins for seamless everyday payments, without needing to change how they transact.”

He added that global investors are increasingly turning to digital-currency alternatives to diversify away from traditional dollar-denominated instruments.

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Binance has obtained anti-money laundering (AML) registration from Pakistan’s Virtual Assets Regulatory Authority (PVARA), marking regulatory progress as the crypto exchange moves closer to securing a full Virtual Asset Service Provider (VASP) licence in the country.

The approval places Binance on a phased compliance-driven pathway toward full authorisation in line with Financial Action Task Force standards.

Pakistan’s regulator said the decision is part of its broader strategy to establish a regulated and transparent digital-asset ecosystem built on strong governance, AML, and counter-terrorist financing controls.

Binance Shows Commitment to Pakistan’s Digital-Asset Growth

Richard Teng, CEO of Binance, described the development as a “meaningful milestone” for the exchange’s presence in Pakistan.

“We’ve obtained AML registration from Pakistan VARA, moving us closer to full VASP licensing and deeper local collaboration,” Teng said in a post on X. He adds that Binance looks forward to helping build a “safe, transparent and future-ready digital-asset ecosystem” alongside local stakeholders.

PVARA also confirmed it has issued no-objection certificates to both Binance and HTX as part of a phased regulatory framework designed to onboard global virtual asset platforms in a controlled manner.

What AML Registration Allows Binance to Do Next

Securing AML registration allows Binance to operate within defined regulatory expectations while progressing toward full licensing. A complete VASP licence would permit a broader set of services within Pakistan’s digital-asset market.

Interest in cryptocurrencies has been rising locally, driven by retail adoption, remittances, and growing awareness of blockchain-based financial tools. Regulators have increasingly indicated a move toward engagement rather than prohibition, with PVARA positioning itself as the central authority overseeing virtual asset activity.

Part of a Wider Trend in Emerging Markets

For Binance, this approval adds to a growing list of regulatory engagements worldwide as the exchange works to strengthen its compliance presence across key jurisdictions. The company has emphasised close collaboration with regulators and policymakers as it promotes responsible digital-asset adoption.

Pakistan has opened its doors to international crypto exchanges and virtual asset service providers by inviting them to apply for licenses to operate under its newly formed regulatory authority.

The PVARA, created under the Virtual Assets Ordinance 2025, reportedly issued a call for Expressions of Interest this Saturday from firms already operating in other major jurisdictions. With over 40 million users and an estimated $300 billion in annual trading volume, Pakistan’s virtual asset market shows rapid growth, but until now it has remained largely unregulated.

Binance and TRON Leaders Visit Pakistan

Bilal bin Saqib MBE, Special Assistant to the Prime Minister on Blockchain and Crypto, shared images welcoming Binance founder CZ and TRON founder Justin Sun to Pakistan, reflecting growing engagement between global crypto leaders and local stakeholders as the country advances its digital-asset framework.

Saqib told Cryptonews in an earlier interview that the cost of doing business in the country is much cheaper than elsewhere.

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Ripple announced on Friday that it has entered a new partnership with Switzerland-based AMINA Bank, making the FINMA-regulated institution the first European bank to deploy Ripple Payments for near real-time cross-border transactions.

The agreement allows AMINA Bank’s clients to use Ripple’s licensed end-to-end payments infrastructure, positioning the bank as an early adopter of blockchain-based payments within Europe’s traditional financial sector.

Ripple said AMINA Bank will integrate its payments technology to strengthen settlement capabilities and improve the experience for clients operating across both blockchain and fiat systems.

The move builds on an existing relationship between the two companies, following AMINA Bank’s decision earlier this year to support Ripple USD (RLUSD) through custody and trading services.

Reducing Friction Between Blockchain and Traditional Rails

AMINA Bank said the integration of Ripple Payments will also help address operational challenges faced by crypto-native companies working with legacy banking systems. Blockchain transactions often move faster than traditional correspondent banking networks, creating gaps in settlement and increasing the administrative burden on firms that operate across both environments.

By using Ripple’s infrastructure, AMINA Bank said it intends to streamline these processes. The bank’s clients will be able to settle transfers quickly at a lower cost. Ripple said the technology provides the reliability required by institutions operating across multiple currencies and digital asset types.

“Native web3 businesses often run into friction when working with legacy banking systems,” said Myles Harrison, Chief Product Officer at AMINA Bank. “Traditional correspondent networks weren’t designed to support cross-border stablecoin transactions. With Ripple’s support, we can reduce that friction and help our clients maintain their competitive edge,” Harrison added.

Strengthening Capabilities for Crypto and Traditional Clients

Ripple said the partnership will allow AMINA Bank to act as a bridge between blockchain innovators and conventional banking infrastructure.

Cassie Craddock, Managing Director for the UK and Europe at Ripple, said the partnership will expand the bank’s ability to offer seamless cross-border payment solutions.

“We are providing a crucial bridge between fiat and blockchain rails to AMINA Bank’s clients,” she said. “This includes access to payments using RLUSD and other stablecoins, as well as rapid payouts in multiple currencies,” Craddock added.

Expanding Global Adoption of Ripple Payments

The partnership is another step in Ripple’s expansion of its institutional payments network. Ripple Payments currently processes more than $95 billion in volume and offers coverage across jurisdictions representing more than 90% of global FX markets.

Ripple Payments are available in Australia, Brazil, Dubai, Mexico, Singapore, Switzerland, and the United States. As Ripple deepens its footprint in regulated financial markets, the collaboration with AMINA Bank shows growing interest among banks in integrating digital asset infrastructure.

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Crypto markets are stabilizing after the Federal Reserve’s latest rate cut, with traders reassessing how a more data-dependent policy path may influence liquidity conditions heading into early 2026.

According to a new note from on-chain analytics firm Nansen, the combination of revised forward guidance, fresh liquidity tools, and shifting cross-asset dynamics has created a more complex environment for digital assets.

Earlier today, Bitcoin briefly rallied above $92,000 before retreating, mirroring broader volatility across risk markets following the Federal Open Market Committee (FOMC) meeting.

Aurelie Barthere, Principal Research Analyst at Nansen, said markets were braced for a rate cut paired with hawkish messaging but instead received a cut accompanied by “uncertain, data-dependent” guidance. The Fed’s introduction of T-bill purchases and removal of the cap on the standing repo facility added to the perception of a potential liquidity boost in the first quarter of 2026.

AI Stocks Drive BTC’s Latest Pullback

Bitcoin’s post-FOMC dip occurred alongside sharp moves in large U.S. AI names following Oracle’s earnings release. Barthere notes that while the AI sector continues to post strong earnings and capex growth, valuations have climbed to levels that are increasingly difficult to justify as 2026 approaches.

She added that BTC has shown rising correlation with AI-themed equities—a relationship she expects to persist. “I expect that relationship to continue until we see a more meaningful sell-off that fully ‘cleans’ valuations in the sector,” she said. As long as AI stocks react sharply to earnings surprises or guidance revisions, BTC is likely to echo those swings.

Key Resistance at $91K as Positioning Stays Stretched

From a technical and market-structure perspective, Barthere emphasized $91,000 as the dominant resistance level for BTC. Sustained trading above that mark for several weeks would be needed to confirm a renewed uptrend.

However, the derivatives markets are showing stretched positioning with open interest in both futures and options at record highs. Elevated leverage increases the risk of abrupt moves if sentiment shifts or liquidity thins.

Heading into year-end, traders are holding considerable downside protection. Options imply a 48% probability that BTC reclaims $91,000, and futures funding rates remain only mildly positive, suggesting leveraged longs are not aggressively dominating.

2026 Outlook: Bullish Options, Risk of Disappointment

Looking further ahead, Nansen notes that options markets are structurally bullish for 2026, reflecting expectations for improved liquidity, macro stability, and continued institutional inflows.

However, Barthere cautioned that such positioning could prove vulnerable if economic data or earnings trends fail to meet optimistic assumptions. With markets recalibrating, traders will be watching how liquidity dynamics evolve and whether BTC can break cleanly above resistance to regain upward momentum.

In September, Nansen announced the launch of Nansen AI, a mobile agent designed to transform how investors and traders interact with blockchain data.

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Bitpanda Technology Solutions (BTS), a firm providing digital asset infrastructure, has announced a new partnership with EurocoinPay intended to widen access to institutional-grade crypto liquidity across Spain.

Under the agreement, EurocoinPay said it will integrate Bitpanda’s liquidity platform, allowing its users to trade more than 650 crypto-assets with competitive pricing and high-quality execution.

EurocoinPay has been a key player in Spain’s digital asset landscape for years. The partnership seeks to allow the company to have a much broader asset catalogue, delivered through a compliant infrastructure trusted by institutions across Europe.

Europe’s Growing Demand for Institutional-Grade Infrastructure

The collaboration arrives as European markets increasingly look toward partners that can provide depth, reliability, and consistency in digital asset services.

According to Nadeem Ladki, Global Head of Bitpanda Technology Solutions, the partnership reflects exactly that shift. “With the growing appetite for institutional-grade digital asset services across Europe, companies are looking for partners that can deliver depth, reliability, and certainty,” Ladki said.

“Our partnership with EurocoinPay reflects exactly that. By combining our liquidity and infrastructure with EurocoinPay’s local footprint, we are enabling broader access to digital assets for users in Spain,” Ladki added.

EurocoinPay’s User Offering

EurocoinPay said its customers will now benefit from an expanded choice of assets and improved market execution. Herminio Fernández, co-founder and CEO of EurocoinPay, emphasized the value of the partnership for long-term growth. “Partnering with Bitpanda Technology Solutions allows us to provide our customers with secure and innovative crypto services with full confidence,” Fernández said.

The move places EurocoinPay among a growing wave of European platforms choosing external infrastructure providers to streamline trading services while maintaining regulatory alignment.

Expanding Bitpanda’s Global Footprint

This agreement reinforces Bitpanda’s role as a trusted infrastructure partner for banks, fintechs, brokers, and digital asset platforms across multiple regions. The company recently expanded its presence in LATAM, the UAE, and APAC, and the new Spanish rollout deepens its footprint across Southern Europe.

The partnership is expected to evolve throughout 2026, with additional enhancements planned as Bitpanda continues to broaden its institutional liquidity and infrastructure services.

Bitpanda Expands to Latin America

In October, Bitpanda Technology Solutions announced its first partnership in Latin America with Onda Finance, a Brazilian digital payment and investment platform.

The collaboration will power Onda’s new crypto offering for wealth and corporate clients, using Bitpanda’s secure, API-based infrastructure to deliver trading, custody, and liquidity services.

This was Bitpanda’s latest expansion beyond Europe and the Middle East, bringing its proven institutional-grade crypto infrastructure to a region with fast-growing digital adoption but uneven regulatory clarity.

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Stablecoins are set to move firmly into the financial mainstream next year, according to Keith Grose, UK CEO of Coinbase, who expects continued acceleration in consumer adoption and regulatory clarity.

Speaking ahead of expected policy developments in the UK, Grose outlines why he believes stablecoins are becoming a central pillar of the next phase of digital finance.

“We see stablecoins transitioning into mainstream payment rails in the UK and worldwide in 2026,” Grose said. “More consumers are now using stablecoins for seamless everyday payments, without needing to change how they transact.”

He added that global investors are increasingly turning to digital-currency alternatives to diversify away from traditional dollar-denominated instruments.

Regulators Move, but UK Risks Falling Behind

Stablecoin adoption has been rising steadily, powered both by consumer utility and institutional interest. Grose points to emerging regulatory frameworks as a pivotal catalyst.

“The Bank of England’s evolving approach to stablecoins is welcome,” he said. “But to secure London’s place at the heart of the next monetary revolution, more needs to be done. A competitive, well-regulated stablecoin regime can strengthen financial stability and not only allow the UK to catch up with the rest of the world, but lead,” Grose explained.

Stablecoins Move to the Top of the UK’s 2026 Regulatory Agenda

The UK’s financial regulator is also positioning stablecoins as a central component of its digital finance agenda for 2026, marking its most assertive commitment yet to integrating blockchain-based payments into the mainstream economy.

In a year-end letter to Prime Minister Keir Starmer, the Financial Conduct Authority (FCA) recently outlined its achievements across capital markets reform, showing the UK’s ambition to build a competitive environment for digital assets.

For 2026, the FCA said it will focus on allowing stablecoins to function within everyday payment systems, echoing industry expectations that digital cash instruments will move into mainstream rails.

Momentum Builds: U.S. and EU Lead the Charge

Momentum across major jurisdictions supports this view. For example, in the United States, the GENIUS Act has provided clearer federal guidelines giving stablecoin issuers and platforms the regulatory certainty needed to expand.

In the European Union, stablecoin activity surged following the 2024 rollout of MiCA, with euro-stablecoin market capitalization doubling within a year as adoption spread across fintech platforms, exchanges, and on-chain settlement providers.

Dollar-backed stablecoins remain the dominant asset class globally, surpassing $260 billion in circulation in Q3 2025, while euro-denominated stablecoins continue to gain traction.

Grose notes that EURC alone has driven more than $70 million in transfer volume on Base, Coinbase’s Layer 2 network—evidence, he says, of stablecoins’ growing role in cross-border payments and digital commerce.

Coinbase Pushes Toward an Inclusive Digital Economy

“At Coinbase, we’re committed to continue advancing a digital ecosystem that is increasingly open, innovative and inclusive with stablecoins in the year ahead,” Grose said.

With expanding regulatory clarity, rising consumer adoption, and the global payments sector shifting toward programmable money, 2026 could be the year stablecoins evolve from niche digital assets into standard instruments of everyday financial life.

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Bitcoin’s market dynamics have shifted sharply in recent weeks, offering signs of short-term resilience as selling pressure eases and investors reduce deposits to exchanges ahead of a highly anticipated Federal Reserve policy meeting.

According to the latest research report from CryptoQuant, after briefly falling to $80,000 on November 21, Bitcoin has rebounded to a one-month high of $94,000, supported by declining exchange inflows and reduced selling activity from large holders.

Exchange Deposits Fall, Easing Price Pressure

A major driver behind Bitcoin’s recent price stabilization is the sharp decline in BTC transferred to exchanges. Deposits have fallen to 21,000 BTC today, compared with 88,000 BTC on November 21, marking a 76% decrease in sell-side supply over the past three weeks, according to CryptoQuant.

This decrease indicates that holders, especially short-term traders, are less inclined to sell immediately into the market. Lower exchange inflows traditionally reduce downward pressure, creating more opportunity for price recovery in the near term.

Large Holders Pull Back: Lower Deposits, Smaller Transfers

Institutional-scale investors and whales have played a major role in the shifting environment. The share of exchange deposits linked to large holders dropped from 47% in mid-November to 21% today, while the average transfer size fell 36%, from 1.1 BTC to 0.7 BTC.

These patterns suggest that major players are stepping back rather than accelerating sell-offs. Large holders tend to dictate market direction during periods of volatility, and their reduced activity typically supports more orderly price behavior.

Loss Realization Peaks, Reducing Future Sell-Side Pressure

Bitcoin’s recent rebound also comes after a wave of realized losses, often a turning point in market psychology. On November 13, as Bitcoin broke below $100,000, whales and short-term holders realized $646 million in losses, the highest since July.

Across the last several weeks, that figure has climbed to $3.2 billion in net losses, likely flushing out weaker hands and reducing forced selling. Loss realization can fuel capitulation in bear phases, but once completed, it can set a foundation for more stable price action.

Key Levels to Watch: $99K, $102K, and $112K

If selling remains muted, analysts say Bitcoin could advance toward $99,000, marking the lower band of the Trader On-chain Realized Price indicator, typically a major resistance during market drawdowns. Beyond that, major resistance levels stand near $102,000 (one-year moving average) and $112,000 (Trader On-chain Realized Price) reports CryptoQuant.

Market uncertainty remains, particularly ahead of the Federal Reserve’s decision, but Bitcoin’s latest trend suggests a market catching its breath—the calm before the next wave of volatility.

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Strategy Inc., the world’s largest Bitcoin treasury company, has submitted a detailed response to MSCI’s consultation on how to classify Digital Asset Treasury Companies (DATs).

MSCI has proposed excluding from its Global Investable Market Indexes any company whose digital asset holdings represent 50% or more of total assets.

In a letter dated December 10, sent by Executive Chairman Michael Saylor and CEO Phong Le, Strategy argues the move is “misguided” and would have “profoundly harmful consequences” for capital markets, innovation, and U.S. leadership in digital assets.

“DATs Are Operating Companies, Not Investment Funds”

The core of Strategy’s argument is that DATs like itself are operating businesses, not passive investment funds. Strategy stresses that it does not simply sit on a Bitcoin hoard; instead, it runs a Bitcoin-backed corporate treasury and capital markets program, issuing a range of equity and fixed-income instruments that provide investors with varying degrees of Bitcoin exposure.

It compares this model to banks and insurers that capture a spread between financing costs and returns on underlying assets.

The company notes that many traditional firms—such as oil majors, REITs, timber companies, and media groups—are also heavily concentrated in a single asset type, yet are not treated as funds or excluded from indices. Singling out digital-asset-heavy balance sheets, it says, would be discriminatory and inconsistent.

Strategy Warns of Index Instability and Policy Bias

Strategy contends that MSCI’s proposed 50% digital asset threshold is both arbitrary and unworkable. Given crypto price volatility and divergent accounting standards (GAAP vs. IFRS), companies could “whipsaw on and off” MSCI indices as market values fluctuate, undermining index stability and investor confidence.

The letter also accuses MSCI of improperly injecting policy judgments into index construction, departing from its stated role as a neutral provider of “exhaustive” benchmarks that reflect market evolution rather than deeming certain business models “good or bad.”

Excluding DATs, Strategy argues, would structurally under-represent a fast-growing segment of the economy and call into question the neutrality of MSCI’s indices.

Conflict with U.S. Digital Asset Strategy and Call for Extended Review

Strategy further argues that the proposal conflicts with the current U.S. administration’s pro-innovation digital asset agenda, including initiatives like a Strategic Bitcoin Reserve and efforts to expand access to digital assets in retirement plans.

Excluding DATs from major benchmarks, the company says, would choke off access to passive capital, chill innovation, and weaken U.S. competitiveness in a strategically important sector.

Concluding, Strategy urges MSCI to reject the proposal outright or, at a minimum, extend the consultation and undertake a longer, more deliberate review as digital asset treasury models continue to mature. “The wiser course,” the letter states, “is for MSCI to remain neutral and let the markets decide the course of DATs.”

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Ethereum co-founder Vitalik Buterin has issued a sharp warning to Elon Musk, expressing concern that X’s evolution from a platform championing free speech to a tool for organizing targeted hate could trigger a global backlash and ultimately undermine the very freedoms Musk claims to defend.

In a series of posts, Buterin said that public discourse around Europe — including from individuals he previously viewed as “interesting and sophisticated” — has grown “unhinged,” fuelled by increasingly aggressive online narratives.

While he acknowledged legitimate criticisms of the EU, citing GDPR “clickthroughs” and “Chat Control” as policies needing reform, Buterin cautioned that the tone and coordination of these attacks signal something more dangerous.

Addressing Musk directly, Buterin wrote that turning X into “a global totem pole for Free Speech, and then turning it into a death star laser for coordinated hate sessions” is “harmful for the cause of free speech.”

He added that he is worried about the long-term consequences, warning of “huge backlashes against values I hold dear” emerging within a few years if the platform continues allowing escalation rather than debate.

The Debate Over Europe: Too Much Unity or Not Enough?

The comments triggered a wider conversation on X about Europe’s geopolitical role. One user argued that those advocating for a weakened Europe misunderstand global power dynamics, claiming international actors “drool” over the idea of dissolving EU unity and fear it may eventually federalize.

Buterin responded that he supports the idea of the EU — a shared experiment delivering the benefits of a superstate without the aggressive posture of a world power — but emphasized the union remains “a work in progress.” According to him, the balance is off: not enough unity in foreign policy and too much unity where it becomes bureaucracy and surveillance.

“If the experiment can be improved and thrives,” Buterin wrote, “it’s a model that could set a really good example for the world.”

The Free Speech Paradox Tech Platforms Now Face

Buterin’s intervention joins a growing list of voices wrestling with the same tension: Where is the line between free expression and coordinated harm? And — perhaps more importantly — who draws that line?

Musk has positioned X as a refuge against censorship after acquiring the platform in 2022. But critics argue that what began as a defense of open expression has enabled harassment networks, misinformation, and political agitation at scale.

Buterin’s warning reframes the debate not as left vs. right, or pro-EU vs. anti-EU, but as a structural risk. Empowering free speech while avoiding the weaponization of online mobs may determine whether social platforms protect democratic values — or destabilize them.

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After two months dominated by uncertainty, global markets are showing greater tolerance toward negative macro inputs, according to research commentary from Wintermute.

Concerns surrounding central bank policy pivots, uneven macroeconomic data, and questions around the sustainability of AI-driven capex remain, but they are no longer triggering the same reflexive risk-off reaction seen earlier in the quarter.

The result is a consolidation phase marked by choppy but more resilient trading patterns as price action settles into a range-bound structure. Wintermute notes that the market has shifted from reactive liquidation to a more measured environment of digestion and recalibration.

Crypto Sees Rotation Into Majors as Fragility Meets Resilience

In crypto, the shift has been one of consolidation rather than breakout. Bitcoin has recovered toward $92,000, while overall crypto market capitalization has rebounded to $3.25 trillion.

Last Friday’s sharp $4,000 intraday drawdown, triggered by cascading liquidations totaling $2 billion in just over an hour, showed the lingering fragility of the recovery.

However, the key takeaway for Wintermute was that the market absorbed the shock without follow-through selling, indicating growing resilience.

Fading momentum in the Nasdaq is pushing investors toward more selective risk-taking. Wintermute’s desk notes a rotation into majors, with rare simultaneous inflows into BTC and ETH from both retail and institutional participants.

Yet despite increased spot flows, the compressed basis reflects low conviction in leveraged positioning, as participants await clarity on the macro front.

Focus Turns to the Fed and BOJ as Altcoin Appetite Stalls

A packed central bank calendar is now driving positioning. Market attention is fixed on the Federal Reserve decision this Wednesday, followed by the Bank of Japan next week.

With CME basis compressed, interest has shifted toward delta-neutral strategies in lower-cap assets, where carry opportunities remain attractive, reports Wintermute.

This trend shows a lack of appetite for directional altcoin risk, with the market prioritizing yield capture and capital efficiency over speculative exposure—a posture consistent with consolidation rather than breakout.

Outlook: Consolidation Remains the Base Case

Wintermute’s research concludes that the market is consolidating without conviction, and major macro events are likely to dictate the next directional move. Activity has narrowed around the most liquid assets, while subdued funding and muted leverage reflect caution.

Absent a decisive macro surprise, crypto is expected to remain range-bound, with volatility driven more by liquidity and structural positioning than fundamentals. Rising interest in delta-neutral and carry strategies reinforces consolidation as the prevailing regime into year-end.

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Tassat Group, Inc. announced on Tuesday that it has secured a U.S. patent for its on-chain Yield-in-Transit (YIT) technology, marking an advancement in programmable interest-bearing settlement infrastructure.

The patent is part of Tassat’s mission to modernize financial transaction systems for regulated institutions and supports the company’s role in allowing Lynq to deliver end-to-end integrated interest-bearing settlement at scale.

Developed in collaboration with Arca Labs and tZERO Group and launched in July 2025 with the backing of U.S. Bank, Avalanche, B2C2, Crypto.com, Fireblocks, Galaxy, FalconX, and Wintermute, Lynq allows digital asset institutions to accrue and receive on-chain interest continuously throughout settlement, collateral, and reserve processes.

Yield-in-Transit: Intraday Interest Without Friction

Tassat’s patented YIT technology covers the intraday accrual and distribution of on-chain interest, addressing a longstanding challenge in high-velocity settlement environments.

By allowing interest distribution proportionate to the time assets are held, the YIT model removes the ambiguity, manual reconciliation, and economic inefficiency typically associated with 24/7, cross-platform settlement.

“The award of this key patent validates Tassat’s continued innovation in tokenization and real-time programmable settlement platforms,” said Glen Sussman, Chief Executive Officer of Tassat.

“Yield-in-Transit has the potential to transform how digital asset institutions such as market makers, exchanges, custodians, and stablecoin issuers think about on-chain capital efficiency,” Sussman added.

Driving Capital Productivity in a 24/7 Financial Landscape

YIT will make sure that liquidity is never idle. The technology keeps capital productive throughout the settlement process—positioning on-chain assets to continuously generate returns in ways traditional systems cannot without batch-based cycles, cutoffs, or multi-day delays.

“This IP embodies our commitment to building next-generation blockchain solutions that meet the real-time needs of leading digital asset firms,” added Andre Frank, Chief Operating Officer of Tassat. “It opens the door to YIT-enabled features, including collateral pledging, delivery vs. payment, and stablecoin reserve management.”

Real-World Deployment Through Lynq

The real-time impact of Yield-in-Transit is already being demonstrated within Lynq’s institutional network.

“Through the incorporation of Yield-in-Transit into Lynq, our users are able to accrue on-chain intraday interest and receive distributions the same day,” said Jerald David, Chief Executive Officer at Lynq. “Tassat and Lynq are redefining how institutions optimize settlement, collateral, and liquidity operations.”

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The crypto market entered December with strong upward momentum, with Bitcoin climbing towards $94,000 and Ethereum nearing $3,250 by late last week, according to a research note from Laser Digital.

The rally was fuelled by two key catalysts: Strategy’s purchase of roughly $960 million worth of BTC and anticipation around the Fusaka upgrade scheduled for December 3.

However, as those factors passed, bullish sentiment evaporated. Prices quickly reversed during Friday’s U.S. trading session, leading to aggressive selling. A small rebound emerged over the weekend, but sentiment failed to sustain into Monday—a pattern that Laser Digital notes has been “typical behavior of the crypto market for the past few months.”

Bond Yields Hit Multi-Decade Highs as Policy Expectations Shift

Macro conditions added pressure across risk assets. Bond markets sold off across major economies, driven initially by Japan. The JGB 10-year yield breached 1.90%, a record level over the past 30 years.

Laser Digital says that the move followed growing odds of a December rate hike by the Bank of Japan, coupled with concerns around increased issuance stemming from a larger-than-expected FY25 supplementary budget and the expected FY26 budget.

Meanwhile, in the U.S., the 10-year Treasury climbed above 4.10%, with markets positioning ahead of the Federal Reserve’s policy meeting. Expectations for a “hawkish cut” this week—a reduction accompanied by firm forward guidance—weighed on rate sentiment and risk appetite broadly.

Market Split Between Equities and Crypto

Gracy Chen, CEO at the universal exchange Bitget, said investors are behaving as if the Fed’s rate decision has already been decided. “According to CME Group’s FedWatch, Fed funds futures bet on almost a 90% chance of a 25 bp cut, which makes sense, especially given inflation cooling and soft macro data. Interestingly, just a couple of weeks ago, the chance was below 40%.”

She notes a divergence in risk sentiment: “The S&P 500 is up almost 17% this year and trades only about 4% below its October peak. Yet U.S. equity funds had $3.5 billion in outflows last week, while global funds added $7.9 billion… Crypto, sadly, is much weaker… A rate cut could make BTC rise back toward $94,000–$96,000. By contrast, a cautious move could send it into the $80K range again.”

Volatility Builds Ahead of Central Bank-Heavy Week

Laser Digital notes that options markets are pricing extra volatility ahead of the FOMC decision. The trading desk expects “price action to be choppy this week and next,” citing a dense calendar that includes the Fed on December 10, the BOJ on December 19, and two major labor reports in between.

Market focus is centred on the Fed’s updated Summary of Economic Projections (SEP) dot plot and the potential revision to the terminal rate path, both of which could reshape positioning into year-end.

Volume Cools, but Event Risk Premium Remains

Crypto volatility has eased back from recent peaks, though markets continue to price event risk meaningfully. BTC volumes are trading around the 45-vol handle and ETH around 70-vol, with 11th December event volatility marked at 56v for BTC and 75v for ETH.

Laser Digital notes that spot-vol correlation remains negative—a trend that has continued to materialize. With macro forces dominating and catalysts fading, markets appear braced for turbulence as central banks take centre stage.

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BlackRock is advancing further into digital asset investment products with a filing for the iShares Staked Ethereum Trust ETF, its first U.S. product that offers direct staking exposure for institutional investors.

The move expands upon the firm’s existing Ethereum fund, which now exceeds $11 billion in assets, and reflects the growing market appetite for yield-generating crypto strategies.

The preliminary prospectus, dated December 5, describes a vehicle that will reflect ETH price performance while also capturing rewards from staking a portion of its holdings.

The trust will issue shares representing fractional beneficial interests in its ether assets, which will be held in custody on behalf of investors. Staking rewards, once received, are intended to enhance net asset value, though the filing cites regulatory and operational risks that could impact distribution and performance.

Multi-Custodian Structure Anchored by Coinbase and BNY Mellon

The filing outlines a layered custody and administration model. Coinbase Custody Trust Company is slated to serve as the ETH custodian, while The Bank of New York Mellon will act as cash custodian and administrator.

Anchorage Digital Bank is listed as an additional custodian, strengthening the trust’s regulated oversight and redundancy. BlackRock Fund Advisors will serve as trustee, and iShares Delaware Trust Sponsor LLC is listed as the sponsor of the trust. The structure indicates a clear intention to position the product as a compliant infrastructure designed for institutional comfort and risk management.

Provider-Facilitated Staking, Not Validator Operation

Instead of running validator infrastructure directly, the trust will rely on approved third-party staking service providers. The sponsor will determine how staking is allocated based on provider performance, reliability, and reputation.

Staking operations may be executed through affiliates of the custodians or other regulated partners, with the prospectus noting both reward potential and slashing risk as material considerations for investors.

The trust intends to issue shares continuously and list on NASDAQ under the ticker “ETHB”, with creation and redemption occurring in standardized baskets of 40,000 shares.

Institutional Demand Shifts Toward Yield-Bearing Crypto Products

BlackRock’s filing indicates a strategic shift as institutional investors increasingly seek exposure beyond price-only products and toward yield-bearing, tokenized financial instruments. If approved, the ETF may help define how staking rewards are classified, a topic still evolving in U.S. regulatory circles.

The staked ETH ETF positions BlackRock at the center of this transition, reflecting its ambition to shape the next phase of digital asset adoption, one in which exposure is not merely speculative but grounded in the operational economics of blockchain networks.

BlackRock’s Bitcoin ETF Bleeds $2.7B

Meanwhile, BlackRock’s iShares Bitcoin Trust has logged its longest stretch of weekly withdrawals since the fund launched in January 2024, marking a sharp turn in institutional sentiment toward Bitcoin even as prices steady. Investors pulled more than $2.7 billion from the fund over the five weeks ending Nov. 28, according to data from SoSoValue.

Redemptions continued on Thursday with an additional $113 million, putting the ETF on track for a sixth consecutive week of outflows.

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Binance has disclosed the interim results of an ongoing investigation following a report submitted on December 7, alleging that employees used insider information to publish content via the company’s official social media channels for personal gain.

The report, delivered to Binance’s internal audit department, led to the immediate launch of a comprehensive internal review. Preliminary findings indicate a connection between a token issuance posted on-chain at 13:29 (UTC+8) and a tweet published at 13:30 from the official @BinanceFutures account, with similarities in language and imagery.

Binance confirmed that the actions are suspected to involve employees leveraging their positions in violation of company policies and professional ethics.

Suspension and Legal Cooperation Underway

In response to the findings, Binance said it has suspended the employees believed to be involved while further internal procedures continue. The company also confirmed it has proactively contacted authorities in the relevant jurisdiction and will cooperate with legal processes to ensure accountability.

Binance stressed that it is committed to taking firm action against conduct that compromises user trust, platform integrity, or regulatory compliance.

Bounty Rewards Distributed to Verified Reporters

Binance stated that it has completed the verification and deduplication process for reports submitted through its official audit channel (audit@binance.com). In line with its bounty commitment, the company will evenly distribute a $100,000 reward among the earliest valid reporters identified by partially anonymized email addresses.

While acknowledging additional information posted publicly on the X platform, Binance clarified that bounty eligibility applies exclusively to reports sent through its designated official channel, in order to protect reporters and uphold procedural transparency.

Zero Tolerance, Strengthened Controls, and Community Oversight

Reaffirming its user-first approach and values of openness and fairness, Binance reiterated its zero-tolerance stance toward actions that undermine the platform or exploit authority for personal gain.

The company plans to strengthen internal systems, tighten management processes, and close potential gaps that could allow future misconduct.

Binance also encouraged ongoing community participation and oversight, inviting users to submit relevant leads through the official reporting channel to support the creation of a secure, transparent blockchain ecosystem and a trusted trading environment for all participants.

The statement concluded by thanking users for their continued support and reiterating the platform’s commitment to responsibility, accountability, and ongoing improvement as the investigation progresses.

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Digital asset investment products recorded a second consecutive week of inflows, totalling $716M, showing improving sentiment across institutional and retail investors after a volatile period in crypto markets, according to the latest report from CoinShares.

CoinShares reports total assets under management rose 7.9% from their November lows to $180B, though this figure remains below the all-time high of $264B. Daily flow data indicated minor outflows toward the end of the week, which analysts believe reflected macroeconomic uncertainty and market reactions to U.S. inflation-related data.

Despite those short-term jitters, the week’s net performance highlights renewed confidence in digital asset exposure through exchange-traded products.

A notable trend was the geographic spread of inflows, suggesting renewed interest globally rather than activity concentrated in a single region. The United States led with $483M in inflows, followed by Germany at $96.9M and Canada at $80.7M, demonstrating that institutional re-engagement with crypto markets is widening across regulated investment platforms.

Bitcoin Leads Inflows While Short Products Reverse

Bitcoin remained the primary focus for investors, recording $352M in inflows last week, contributing to year-to-date (YTD) inflows of $27.1B. This remains below the record $41.6B seen in 2024; however, continued inflows suggest persistent appetite for exposure despite reduced volatility and slower price momentum compared to previous cycles.

In contrast, short-Bitcoin investment products saw outflows of $18.7M — the largest since March 2025. Analysts note that the previous occurrence coincided with price lows and later recovery, hinting that current negative sentiment may have exhausted itself, with investors positioning for a more favourable outlook.

The reversal in short-Bitcoin demand could be interpreted as a tactical shift, where investors are less confident in prolonged downside risk and increasingly reassessing the potential for stabilization or upside in digital asset markets.

XRP Sees Strong Momentum as Institutional Interest Accelerates

XRP continued to draw attention, with $245M flowing into ETPs last week, bringing YTD inflows to $3.1B — a dramatic increase compared to $608M in 2024. The surge reflects heightened institutional engagement following greater clarity around its legal and regulatory landscape, which has broadened access and improved sentiment.

The continued rise in XRP ETP demand marks one of the strongest comparative growth stories in the digital asset space this year, suggesting that investors may now be reassessing exposure beyond Bitcoin and Ethereum as the market diversifies.

Chainlink Records Largest Inflows on Record

Chainlink registered $52.8M in weekly inflows, representing over 54% of its total assets under management — the largest on record for the token. The surge highlights growing institutional and developer interest in the tokenized asset and oracle infrastructure ecosystem that Chainlink underpins.

As tokenization of real-world assets expands and demand for reliable data connectivity increases across blockchains, Chainlink’s growth may indicate a long-term thematic trend rather than short-term speculation.

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During a panel session moderated by CryptoNews during Binance Blockchain Week, panelists examined the accelerating evolution of stablecoins, from retail adoption and cross-border payments to tokenized settlement and institutional frameworks. Speakers included Sam Elfarra (Tron DAO), Marcelo Sacomori (Braza Bank), and Daniel Lee (Banking Circle).

Stablecoins: The Fastest-Growing Segment of Digital Assets

Opening the discussion, the moderator positioned stablecoins as the fastest-growing category in digital assets, citing issuance and wallet counts rising by around 50% and daily trading volumes now surpassing Visa. The conversation focused on usability, reliability during volatility, the emergence of bank-issued tokens, and the infrastructure required to support tokenized settlement.

Brazil’s Regulatory Trust Advantage

Marcelo Sacomori, representing Brazil’s largest stablecoin dealer, detailed Braza Bank’s issuance of BRL- and USD-linked tokens driven by FX demand and corporate payments. He stressed transparent reserves, independent verification, and liquidity as pillars of trust. Brazil’s regulatory clarity, he said, has accelerated institutional uptake and consumer confidence.

“Once you use stablecoins for payments, you’ll never want to go back to traditional ways. I think, in two years, stablecoins will no longer be a niche product,” said Sacomori.

Tokenized Settlement and the Institutional Shift

Banking Circle’s Daniel Lee explained that tokenized real-world assets cannot scale without a tokenized settlement capable of atomic, near-instant transfer. He outlined the distinction between tokenized deposits and bearer stablecoins, adding that EU e-money token frameworks create regulated, bankruptcy-remote structures suitable for institutions.

Emerging Markets Driving Volume and Use Cases

Speaking for Tron DAO, Sam Elfarra described strong momentum across LATAM, Africa, Southeast Asia, and the Middle East, where users seek affordability, reliability, and dollar stability. Tron’s uptime and operational resilience, he noted, have supported high transaction throughput even during periods of market volatility.

Closing the session, it was concluded that stablecoins are no longer a niche experiment but are rapidly becoming the backbone of global value exchange—reshaping how money moves, is stored, and, in the near future, how tokenized assets will settle.

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Binance Blockchain Week 2025 delivered one of its most anticipated moments when Changpeng Zhao (CZ), founder of Binance and Giggle Academy, took the stage opposite Peter Schiff, senior economist and founder of Euro Pacific Asset Management and Schiff Gold.

The debate tackled a defining question for the global financial environment: Is the future of sound money rooted in Bitcoin or will tokenized gold ultimately prevail? The atmosphere was charged with investors, developers, policymakers, and institutional delegates filling the main hall for what quickly became a clash of ideology, economics, and technology.

Schiff: Tokenized Gold Enhances What Already Works

Peter Schiff framed tokenized gold not as competition to Bitcoin but as the modernization of a centuries-tested store of value. “Tokenized gold improves all the monetary properties of gold while it remains a store of value. The token is simply the evidence that you own the gold in the vault.”

He argued that technology solves the core logistical weakness of gold—portability—without undermining its intrinsic qualities. “For money purposes, tokenized gold is better than physical gold. Ownership can change hands while the gold never leaves the vault.”

Schiff reminded the audience that gold’s value is anchored in utility, rarity, and historical trust. “What gives gold value is not that you can touch it, but that it has real utility as a metal. There are industries that need gold and things only gold can do.”

For Schiff, tokenization is evolutionary, not revolutionary—retaining the asset while removing friction.

CZ: Digital Value Needs No Physical Form

CZ countered with the argument that Bitcoin is native to the internet economy and benefits from being purely digital. “If I give you Bitcoin right now, we can verify it in several ways that you received it. It settles instantly and transparently on-chain.”

He positioned Bitcoin as more than a currency—it’s a global decentralized ecosystem. “Bitcoin is more than a transaction network. It is an entire industry with many use cases and a very large, global community behind it.”

CZ dismissed the notion that money requires physical backing to be credible, comparing Bitcoin’s value to that of tech platforms. “The internet is virtual. There is nothing physical about Google or X, but they clearly have value. Many virtual things have value; that value is not tied to physical properties.”

Two Philosophies, One Converging Future

The debate pointed out a broader shift: traditional assets are being digitized, while native digital assets continue to mature. Tokenized gold caters to those who value tangible backing and historical stability; Bitcoin speaks to a generation aligned with decentralization and borderless liquidity.

If Binance Blockchain Week made one thing clear, it’s that the future of money may not be defined by one asset—but by how well traditional and digital systems coexist, compete, and inevitably converge.

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A high-profile panel at Binance Blockchain Week in Dubai brought together Brad Garlinghouse of Ripple, Lily Liu of the Solana Foundation, and Binance’s Richard Teng to dissect the latest trends shaping digital asset markets.

Moderated by CNBC’s Dan Murphy, the conversation spanned Bitcoin’s recent volatility, the rapid rise of stablecoins, and institutional adoption driven by regulatory clarity.

Bitcoin’s Rebound and the Leverage Flush-Out

Murphy opened the session by recapping Bitcoin’s turbulent performance. The asset has climbed 8% over the past week to reclaim nearly $90,000, despite still sitting roughly 30% below its October peak.

The surge comes on the heels of a dramatic market reset that saw $20 billion in leverage positions wiped out across exchanges, alongside negative funding rates in Bitcoin perpetuals.

While some view this as a sign of cooling sentiment, the panel stressed that liquidity stress and rapid corrections remain natural features of the crypto cycle.

Lily Liu noted that the selloff was amplified by an “irrational liquidity window,” adding that volatility should be embraced rather than feared. “When I reread the original Bitcoin forums, I’m struck by how much clarity there was—speed, cost, programmability, and liquidity have been the themes since 2015,” she said. These fundamentals, she argued, remain the north star for long-term development.

ETFs, Institutions, and the Stablecoin Economy

Despite short-term turbulence, institutional appetite remains strong. Murphy pointed out continued inflows into Bitcoin and Solana ETFs, which have helped offset the leverage wipeout. The panel agreed that the broader macro narrative is now being shaped by regulation and corporate adoption, not retail speculation.

Richard Teng stresses the surge in stablecoin usage as one of the year’s defining trends. He noted that stablecoin market capitalization has risen 50%, with wallet numbers climbing by the same margin.

“I think stablecoins massively improve capital efficiency—they’re cheaper, faster, and I expect a lot of institutions to rely on them,” Teng said.

Brad Garlinghouse also pointed to regulatory clarity in the U.S.—particularly around the Gensler Act—as a turning point for institutional engagement.

“People are starting to recognize that stablecoins really are stable and much easier to manage and move, especially in this region,” he said. Ripple’s recent acquisition of G Treasury, he added, has sparked “remarkable interest from corporate customers” exploring stablecoin-based payment rails.

Solana’s Long-Term Vision and Market Infrastructure

Liu expanded on Solana’s ambition to build what she described as the “TCP/IP for money,” a unified financial layer supporting global, instantaneous capital flows. She emphasized that the next wave of adoption will depend on speed, cost efficiency, liquidity, and utility—not speculation.

Daily inflows into the Solana ETF, she said, demonstrate growing institutional validation. Liu also noted Solana’s goal of expanding financial inclusion across emerging markets, arguing that crypto’s role in digitizing global capital markets is only beginning to unfold.

Regulation, Market Maturation, and Industry Outlook

Regulatory clarity was a recurring theme throughout the discussion. Teng pointed to developments in Abu Dhabi and Dubai, where policymakers have approved regulated stablecoins, as evidence that governments now see digital assets as part of national financial strategy.

Garlinghouse was cautiously optimistic about progress in Washington. The Clarity Act, he said, is gaining momentum and could mark a decisive shift in the U.S. regulatory environment. Collaboration between regulators and industry leaders, he argued, is essential “to unlock the next chapter of institutional adoption.”

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