Gate Daily (December 9): Bank of America, Wells Fargo, and the US government negotiate crypto legislation; MicroStrategy commits to holding Bitcoin until 2065

Bitcoin (BTC) saw a slight pullback, temporarily quoted around $90,370 on December 9. BlackRock has filed for the listing of an Ethereum staking ETF, planning to trade it on the Nasdaq. The CEOs of Bank of America, Wells Fargo, and Citigroup will meet with U.S. senators on Thursday to discuss crypto market legislation. MicroStrategy’s CEO stated that the company will hold Bitcoin at least until 2065, maintaining its long-term accumulation strategy.

Macro Events & Crypto Hot Topics

1. U.S. asset management giant BlackRock has applied to list shares of an investment vehicle tied to staking Ethereum, following its launch of other crypto products. BlackRock submitted an S-1 registration statement to the U.S. SEC for its iShares Staked Ethereum Trust ETF. This is part of the SEC’s process for listing ETFs and similar investment tools, but approval is not guaranteed. BlackRock plans to list shares of its staked Ethereum (ETH) fund on the Nasdaq, under the ticker ETHB. The fund’s shares could become one of the first products tied to staked crypto assets.

2. As reported on December 9 by Bloomberg, sources revealed that 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 crypto market legislation that may soon be put to a vote. The discussion is organized by the Financial Services Forum, a large banking alliance, and is expected to focus on bankers’ opposition to allowing stablecoins to pay interest, banks’ competitiveness in the crypto sector, and preventing the use of crypto for illicit activities. Senators involved in crypto market structure legislation have been invited to this meeting.

3. MicroStrategy CEO Phong Le stated the company will hold Bitcoin at least until 2065, maintaining a long-term accumulation strategy, as MSTR stock remains a significant proxy for BTC despite the rise of spot ETFs. Founder and Executive Chairman Michael Saylor is advocating for governments to develop digital banking systems backed by Bitcoin, offering high-yield, low-volatility accounts that could attract trillions of dollars in deposits. Speaking at the Bitcoin MENA event in Abu Dhabi, he said countries could use over-collateralized Bitcoin reserves and tokenized credit tools to create regulated digital bank accounts with yields higher than traditional deposits.

News Updates

1. CEOs of Bank of America, Wells Fargo, and Citigroup to meet with U.S. senators on Thursday to discuss crypto market legislation

2. Tether’s USDT stablecoin gains key regulatory approval in Abu Dhabi, enabling use on multiple mainstream chains

3. U.S. Bureau of Labor Statistics: October PPI data postponed, to be released with November’s data in January next year

4. U.S. Senator Moreno says crypto bill negotiations are “frustrating,” year-end legislative process is tense

5. MicroStrategy CEO: Company will hold Bitcoin at least until 2065, maintaining long-term accumulation strategy

6. Michael Saylor pitches Bitcoin-backed banking systems to governments

7. Tether participates in €70 million funding round for Italian humanoid robotics company Generative Bionic

8. Robinhood launches Ethereum and Solana staking services, continuing expansion into crypto business

9. U.S. CFTC launches digital asset pilot program, allowing BTC, ETH, and USDC as collateral

Market Overview

1. Latest Bitcoin news: $BTC slight pullback, temporarily quoted around $90,370, with $68 million in liquidations over the past 24 hours, mainly short positions;

2. Major U.S. stock indices closed lower on December 8. Most S&P 500 sectors declined, U.S. Treasury yields rose, and investors anxiously await the Fed’s monetary policy decision in two days. However, NVIDIA’s stock surged over 2% after hours as former President Trump said he would allow the sale of NVIDIA’s H200 chips to China. The Dow Jones closed down 215.67 points, a 0.45% drop, at 47,739.32; the S&P 500 fell 23.89 points, or 0.35%, to 6,846.51; the Nasdaq declined 32.22 points, or 0.14%, to 23,545.90. The Philadelphia Semiconductor Index jumped 80.38 points, up 1.10%, to 7,375.22.

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, based on the current price of 90,474.00 USDT: if the price drops to around $89,053, cumulative long liquidations will exceed $348 million; if it rises to around $92,450, cumulative short liquidations will exceed $428 million. Short liquidations exceed long liquidations, so it is advised to manage leverage properly to avoid triggering large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows totaled $1.68 billion, outflows were $1.85 billion, for a net outflow of $170 million.

(Source: Coinglass)

5. Over the past 24 hours, contract trading net outflows led by $ETH, $SOL, $HYPE, $XPL, $DOGE , etc. indicate trading opportunities.

Selected KOL Insights from X

Phyrex Ni (@Phyrex_Ni): “The market sentiment on Monday is still pretty good. Although there are concerns that Trump’s tariffs might be ruled illegal by the Supreme Court, leading to some pessimism—since tariffs have been Trump’s biggest achievement in office—if tariffs are ruled illegal, it could shake Trump’s voter base and increase social instability. However, from a risk market perspective, removing tariffs is actually a good thing; it reduces the likelihood of persistent inflation and lowers the price of imported goods, which could even boost U.S. GDP.”

“So in my personal view, while tariffs could threaten Trump’s standing, it’s beneficial for the U.S. economy. Of course, if Trump loses the case, he might initiate other measures to maintain tariffs, which could have a greater economic impact. I covered this in last week’s report for those interested. Beyond this, most news is positive. Hassett changed his earlier stance that rate cuts could wait, now saying the Fed should cut rates sooner, though future cuts will depend on data. This suggests rapid rate cuts could ease U.S. economic issues. Also, China and the U.S. have entered a ‘honeymoon period,’ and the U.S. is opening up more NVIDIA H200 chips to China. Overall, macro market sentiment is holding up, at least not overly pessimistic. The focus now turns to Thursday’s FOMC meeting.”

“Looking at Bitcoin data, trading turnover surged on Monday, and recent short-term investor sentiment is still unstable with high turnover, which also limits BTC price upside. Short-term investors are frequently turning over due to pessimistic future expectations, but earlier investors are still stable. The current chip structure is relatively safe, with no signs of massive panic among loss-making holders. This week’s focus remains on the Fed’s policy meeting. Although Powell’s impact may be offset by Hassett, the dot plot still reflects FOMC members’ views and will greatly affect sentiment.”

Today’s Preview

1. Reserve Bank of Australia cash rate, previous value: 3.60%

2. Germany October seasonally adjusted trade balance (billion euros), previous value: 15.3

3. U.S. October JOLTs job openings (ten thousand people)

4. Reserve Bank of Australia Governor Bullock holds monetary policy press conference