Wu's Daily Selected Crypto News - SEC Chairman Paul Atkins states most ICOs are not securities, paving the way for the US market to restart token issuance

1. SEC Chairman Paul Atkins States Most ICOs Are Not Securities, Paving the Way for Restarting Token Offerings in the US Market

SEC Chairman Paul Atkins stated that various types of ICOs should not be considered securities transactions and therefore are not under SEC regulation; according to the token classification framework he proposed last month, network tokens, digital collectibles, and digital utility tokens and their corresponding ICOs should fall under CFTC jurisdiction, with only tokenized securities-related offerings regulated by the SEC. This stance implies that without new market structure legislation, the US may see a resurgence of ICO fundraising trends.

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2. Office of the Comptroller of the Currency Confirms National Banks Can Conduct “Risk-Free Principal” Crypto Asset Transactions

The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter No. 1188, confirming that national banks may engage in “risk-free principal” crypto asset transactions under compliance conditions. These transactions refer to banks engaging in opposite-direction crypto trades with two clients in their own name, without holding crypto inventory, acting only as intermediaries. OCC emphasized that these activities must be conducted securely, prudently, and in accordance with the law.

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3. Coinbase: Excess Market Speculation Has Been Cleared, Systemic Leverage Reduced to 4%–5% of Total Market Cap

Coinbase Institutional issued a statement saying that the crypto market correction in November has laid the groundwork for December’s trend. Data shows that open interest for BTC, ETH, and Solana perpetual contracts decreased by 16% month-over-month, and there was a $3.5 billion outflow of Bitcoin and a $1.4 billion outflow of Ethereum from US spot ETFs. The funding rate for Bitcoin perpetual contracts once fell below two standard deviations below the 90-day moving average before rebounding. Coinbase Institutional stated that excessive market speculation has been cleared, with systemic leverage decreasing from about 10% in summer to 4%–5% of total market cap, and reduced leverage helps create a healthier market structure and lowers the risk of a significant correction before the end of the year.

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4. Vitalik: Ethereum Can Withstand Occasional Catastrophic Failures Without Systemic Risk

Ethereum co-founder Vitalik Buterin said that occasional “catastrophic failures” in the network do not pose serious risks; even confirmation delays of several hours caused by bugs are normal, and the key is “not to confirm the wrong block in the end.” Previously, a vulnerability in Prysm client caused Ethereum to nearly experience a consensus halt. Oxford researcher Fabrizio Romano Genovese noted that Ethereum’s operation during loss of finality is more similar to Bitcoin’s, and such events do not threaten security but only temporarily shift reorganization guarantees to probabilistic. Polygon stated that these events might cause transfer delays but will not lead to transaction rollbacks or message failures.

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5. JPMorgan: Does Not Expect Market to Enter a New Crypto Winter

JPMorgan’s latest research report states that although Bitcoin temporarily fell to $81,000 last month and recorded its first year-over-year decline in 2023, it does not believe the market will enter a new crypto winter, and remains bullish on crypto trends. The report said that this correction “is meaningful but does not alter the bull market structure,” and noted that the total stablecoin market has grown for 17 consecutive months, with no signs of structural deterioration in the ecosystem. Previously, Standard Chartered lowered its 2025 Bitcoin target price to $100,000.

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