【Crypto World】The U.S. Commodity Futures Trading Commission (CFTC) has recently taken a major step—expanding the scope of cross-margining for government bonds. In simple terms, this allows some clients to hedge margins between Treasury futures and spot Treasury securities, which can improve capital efficiency and increase liquidity.
Acting Chair Caroline Pham emphasized in a statement that this move aims to optimize risk management models. However, market observers see a deeper significance—this is a structural shift. Interestingly, this policy change may pave the way for a unified clearing ecosystem in the future. Imagine a scenario where Treasuries, tokenized funds, and crypto assets collaborate within the same investment portfolio framework—such an ecosystem would have been unthinkable in the past.
Even more noteworthy is that the CFTC has just launched a pilot project for digital asset collateral, allowing Bitcoin, Ethereum, and USDC to be used as margin. Even two

The Federal Reserve cut interest rates as scheduled this week, but challenges in the AI sector led to a divergence between the US stock market and the bond market, with long-term yields rising. Next week, focus on speeches by Federal Reserve officials and CPI data, which will influence market expectations and the dollar's movement, especially whether the CPI falls below the 3% target.

Recently, Bitcoin market data shows a positive attitude among institutional investors. Exchange leveraged long positions reached $93 million, open interest in options contracts is close to a historical high, and BTC price fluctuates around $91,000. Withdrawal volumes are rising, indicating large investors are accumulating. This suggests the market still has buying pressure pushing prices up, and discussions are ongoing about whether this is a rebound or the beginning of a new cycle.

The Federal Reserve's interest rate cut signals a dovish stance, but the AI sector's issues make the performance of US stocks and bond markets complicated. Next week, non-farm payrolls, inflation, and retail sales data will be released, which will directly impact the US dollar and the cryptocurrency market trends, especially as CPI data is crucial for future rate cut policies.

Chairman of the U.S. Securities and Exchange Commission, Paul Atkins, announced that the on-chain transformation of the financial markets is finalized. The SEC will support the development of on-chain markets, bringing higher predictability, transparency, and trading efficiency. The migration of traditional financial infrastructure to the chain allows investors to enjoy lower risks and faster settlement speeds, potentially reshaping the operation of the U.S. financial markets.

Bitcoin mining company Bitdeer held 1,994.1 Bitcoins as of December 12, produced 136.3 BTC and sold 134.8 BTC, with a net increase of 1.5 BTC, demonstrating a long-term optimistic attitude towards cautious mining and selective cashing out.

A major holder sold 3,296 ETH during market panic, gaining $292,000, but previously had unrealized gains of $1,266,000. This indicates a change in their outlook on the market or a decision to realize profits, demonstrating the behavior of large holders exiting amidst anxiety.

【Crypto World】December 13th, the US crypto policy circle is once again buzzing. Hedge fund giant Citadel Securities submitted a 13-page letter to the SEC, with a straightforward core demand: if DeFi protocols want to handle tokenized securities, they must be regulated and registered like traditional exchanges or brokerages.
As soon as the news broke, industry leaders in DeFi couldn't sit still. The DeFi Education Fund, a16z, Uniswap Foundation, Digital Chamber of Commerce, and lawyer J.W. Verret, among others, jointly responded, directly countering Citadel's argument as "baseless."
Where are the focuses of both sides? Citadel believes that if DeFi protocols handle tokenized securities trading, they essentially act as exchanges or brokerages and must comply with the same regulatory requirements—this logic seems sound. However, the industry’s response

The article discusses the dual nature of Bitcoin: on one hand, it is viewed as a speculative asset, while on the other hand, it may have practical value in extreme situations. There is disagreement within the industry regarding Bitcoin; some are skeptical, while others recognize its potential uses.

The Office of the Comptroller of the Currency (OCC) approved BitGo to upgrade to a national bank, allowing it to directly provide digital asset services to customers under federal law and simplify interstate compliance processes. This breakthrough marks a positive shift in U.S. regulatory authorities' attitude toward the digital asset industry, promoting official recognition of institutionalized and compliant services.

ADA's recent performance has drawn attention, with large investors continuing to accumulate while retail investors reduce their holdings. Analysts believe this is a bullish signal. Technical analysis shows solid support at $0.40, and with a market capitalization reaching $18 billion, the new ecosystem project Midnight is about to launch, providing momentum for a medium-term rebound.

【Crypto World】 Recently, the Office of the Comptroller of the Currency (OCC) in the United States granted conditional approval to Ripple, allowing it to establish a national trust bank. This is no small matter — it marks an important regulatory milestone for the entire industry.
Interestingly, Ripple CEO Brad Garlinghouse openly pointed out that traditional banks have been trying every means to delay the entry of cryptocurrencies into the regulated financial system. Obtaining this banking charter is equivalent to Ripple receiving a formal "ticket" to enter the U.S. banking industry.
More importantly, this means that Ripple's stablecoin RLUSD will be subject to dual regulation by the OCC and the New York State Department of Financial Services (NYDFS). This clarification of the regulatory framework will actually accelerate the promotion and application of stablecoins in the market.
This time, the OCC didn't approve just Ripple; in total

December 13th, the total liquidation amount across the entire network reached $184 million, with longs losing $182 million and shorts losing $3.27 million. In the past 24 hours, over 110,000 traders were forcibly liquidated, with total losses amounting to $395 million, indicating a sharp change in market sentiment, increased leverage risk, and the need for investors to pay attention to stop-losses.

【Crypto World】MNT recently performed brilliantly, with the price soaring over 10%. After successfully breaking below the $1.20 resistance level, it is now hovering around $1.26. This rebound is not without foundation — 24-hour trading volume has increased by 5% to $170 million, indicating a clear rise in market enthusiasm. More notably, the project's fundamentals are steadily improving, with total value locked (TVL) jumping from $385 million to over $430 million. This level of growth is enough to attract capital inflows.
The main factors supporting this rally include continued institutional interest, rising expectations for related ETFs, and recent ecological collaborations between MNT and a leading exchange and AI platform Almanak. These signals reflect a positive attitude towards the project's development.
However, while bulls are betting on the price potentially reaching $1.50 or even $2.00, market volatility and macroeconomic risks should not be overlooked.