SBF GETTR posts. Photo by BeInCrypto The SEC has finalized civil settlements against three former senior executives at FTX and Alameda Research.  This judgment formally closes a major chapter in the regulator’s case tied to the collapse of the crypto exchange. Sam Bankman-Fried’s Associates Receive a Decade of Ban In a statement released on December 18, the SEC said it has filed proposed final consent judgments against Caroline Ellison, former CEO of Alameda Research, Gary Wang, former chief technology ...

今年 1 月，加密货币行业人士在总统就职前的一场活动上举杯欢庆唐纳德・特朗普开启总统第二任期， 现场播放着史努比・狗狗的音乐，气氛热烈。此后，该行业在 2025 年斩获了多项立法与监管层面的重 大胜利。 然而，这场狂欢或许难以延续到 2026 年。 在特朗普对加密货币持友好态度的第二届政府执政期间，该行业迎来的重大利好包括：美国证券交易委 员会（SEC）迅速撤销了严苛的加密货币会计指引，撤销了拜登政府时期对 Coinbase、币安等公司提起 的诉讼；此外，一项具有里程碑意义的法案正式通过，为与美元挂钩的稳定币制定了联邦层面的监管规 则。 美国一家顶级银行监管机构也放宽了银行从事加密货币业务的相关规定，并向加密货币企业有条件地发 放银行牌照。加之特朗普政府建立比特币储备，以及美国证券交易委员会批准了一系列新的加密货币产 品，上述多项政策变动共同推动比特币价格在今年创下历史新高，为加密货币的进一步普及铺平了道 路，但同时也引发了批评人士对潜在投资者风险与系统性风险的警示。 不过，多位加密货币行业高管表示，旨在解决该行业核心长期问题的加密货币市场结构法案，以及豁免 部分美国证券交易委员会监管规则的相关提案，目前仍未 ...

来源：市场资讯 《纽约时报》调查称，特朗普重返白宫后，美国证监会（SEC）明显收缩对加密行业的执法力度，在其 回归时仍在推进的加密案件中，超过 60% 被暂停、减罚或直接撤诉，且未再新增加密案件。报道指 出，SEC 已不再推进任何一宗针对与特朗普存在已知联系的加密公司的案件，包括撤销或冻结对 Binance、Coinbase、Gemini 等公司的诉讼，并尝试下调 Ripple 的罚款（未获法院支持）。SEC 否认政 治偏袒，称调整基于法律与政策考量，但部分前 SEC 官员警告此举或削弱投资者保护。 （来源：吴说） ...

Summary of Coinbase Global Conference Call (December 09, 2025) Industry Overview - **Industry**: Cryptocurrency and Digital Assets - **Company**: Coinbase Global (NasdaqGS:COIN) Key Points and Arguments Regulatory Environment - The regulatory landscape is evolving with the introduction of the Genius Act, which has provided market rules around stablecoins, leading to increased market activity in this area [5][6] - The Clarity Act, also known as the Market Structure Act, aims to clarify asset taxonomy and delineate regulatory oversight between the SEC and CFTC, fostering innovation in the U.S. crypto market [5][6][7] - Bipartisan support for regulatory clarity is noted, with optimism for progress in early 2026 [7] Market Activity and Performance - A significant sell-off in the crypto market has been observed, with industry trading volumes down 27% quarter-to-date annualized, compared to a 25% decline in the first three quarters of the year [8][9] - Coinbase maintained operational stability during market volatility, highlighting effective risk management and robust controls [9][10] Competitive Landscape - The competitive environment for retail trading has intensified, with more fintech and traditional financial services entering the crypto space [12][13] - Despite increased competition, Coinbase remains confident in its diverse product offerings and customer trust, which are key factors for consumer choice [15][16] Revenue Diversification - Coinbase has focused on diversifying revenue streams, with non-trading revenue growing significantly from 4% of total revenue at IPO to over 50% in some quarters [17] - The company is actively expanding its subscription and services revenue, particularly in staking, lending, and digital asset treasuries [28][30] Derivatives and Product Integration - The integration of Deribit is expected to enhance Coinbase's derivatives trading capabilities, with plans to offer a unified interface for spot, futures, and options trading [20][21] - The company is optimistic about the growth potential of derivatives, particularly in the U.S. market [25] Staking and New Opportunities - Staking has become a $700 million business for Coinbase, with opportunities for further growth as new blockchains and regulatory approvals emerge [28][29] - The company is also exploring the potential of tokenized equities, although regulatory clarity is still needed [49][50] Base Layer 2 Protocol - The Base protocol aims to provide a fast, low-cost infrastructure for transactions, with over $15 billion of USDC already on the platform [33][34] - Coinbase is focused on reducing transaction fees to encourage adoption and increase volume, similar to the evolution of texting services [34][35] Future Outlook - Coinbase anticipates a transformative 2026, with expanded product offerings and continued regulatory clarity [57][58] - The integration of AI and crypto is seen as a significant opportunity for efficiency and innovation [58][59] Upcoming Developments - A product announcement event is scheduled for December 17, 2025, where Coinbase will unveil new asset categories and updates to its platform [51] Additional Important Insights - The Coinbase Card is viewed as a customer acquisition tool, offering unique Bitcoin rewards and driving engagement on the platform [45][46] - The company is committed to customer-led initiatives, aiming to list safe and legal assets while adapting to market demands [39][40] This summary encapsulates the key discussions and insights from the Coinbase Global conference call, highlighting the company's strategic direction, market dynamics, and future opportunities in the cryptocurrency space.

近日，围绕柬埔寨太子集团董事长陈志名下约12.7万枚比特币（价值一度高达150亿美元）的归属，一 场涉及技术漏洞、跨国司法的复杂争议持续发酵。一边是美国司法部高调宣布"没收"其犯罪所得，另一 边则是技术报告暗示这批比特币实为多年前"被盗资产"，使得事件陷入重重疑云。 监管与追踪能力：美国司法部门展现了其通过区块链分析追踪犯罪资金、并利用监管工具（如制裁交易 所）穿透匿名性的强大能力。这也说明，加密货币的"匿名"并非绝对，一旦进入受监管环节，身份关联 成为可能。 跨国博弈色彩：事件涉及柬埔寨、中国、美国等多方，太子集团被指与已被美国制裁的柬埔寨汇旺集团 存在关联，使得事件超越单纯司法范畴，增添了地缘政治复杂性。 比特币从"被盗"到"被没收"的离奇轨迹 这批比特币最初属于太子集团旗下的LuBian矿池。2020年12月，该矿池因私钥生成存在"伪随机数漏 洞"，在2小时内被盗走12.7万枚比特币，此后数年一直处于"静默"状态。 2024年6月至7月，这批比特币突然被转移至新的区块链地址，而多个公开的区块链分析平台随后将这些 地址标记为美国政府持有。2025年10月，美国司法部对陈志提起刑事起诉，并宣布没收其12.7 ...

Group 1 - The recent market rebound has led investors to refocus on major crypto assets, with Bitcoin (BTC) surpassing $93,000, attempting to recover from a significant drop earlier in the week, although sentiment remains cautious [1][3] - Bitcoin's recovery above $93,000 reversed a substantial sell-off, with approximately $457 million in short positions liquidated in the past 24 hours, including $224 million in Bitcoin and $94 million in Ether [1][3] - The liquidation process has effectively cleared high-leverage positions, providing space for a short-term rebound, while Ethereum has also regained the $3,000 mark, and other major tokens like Solana and Cardano saw gains exceeding 12% [1][3] Group 2 - Despite the price rebound, core market issues persist, including structural risks related to asset exposure adjustments, significant withdrawals from strategy ETFs, and emotional volatility triggered by MSCI methodology reviews [2][4] - The market rebound has been supported by positive news, such as SEC Chairman Paul Atkins announcing plans to unveil details of an "innovation exemption" framework, which is seen as a step towards regulatory clarity [2][4] - Vanguard's decision to allow users to trade crypto-related ETFs and mutual funds has also improved the previously low market sentiment, although the rebound structure is still viewed as "emotional repair" rather than a solid trend reversal [2][4] - The sustainability of the upward trend will depend on whether spot buying can continue to support the market after the liquidation cycle in the derivatives market, with upcoming changes in market depth and spot demand being critical for validating the rebound's continuity [2][4]

Chinese authorities are renewing their focus on stopping crypto trading in the country amid a new surge in interest in speculative trading. The People’s Bank of China (PBOC) warned that virtual currencies, including stablecoins, do not have the same legal status as legal tender and cannot be used as currency in the market.“Virtual currency-related business activities constitute illegal financial activities,” it said. Its comments came following a high-level meeting last week between the PBOC, the Ministry o ...

Core Insights - Traditional financial institutions that once dismissed high-leverage perpetual contracts are now embracing them, indicating a significant shift in the cryptocurrency landscape [1] - The regulatory environment is evolving from "whether to regulate" to "how to regulate," with countries like Belarus and Australia taking steps to implement stricter regulations [3] - The cryptocurrency market is experiencing a liquidity surge, with Bitcoin rebounding to $90,000, driven by institutional investments and improved market conditions [4] - The labor market in the U.S. shows signs of weakness, which could impact the cryptocurrency market's sensitivity to Federal Reserve signals [5] - A new wave of options trading is emerging, with decentralized exchanges like Hyperliquid enabling broader access to options contracts, challenging traditional financial structures [7] - Asset security is becoming increasingly important for traders, with decentralized wallets offering control over private keys, emphasizing the need for proper security practices [8][9] - The current environment presents both opportunities and challenges for cryptocurrency traders, necessitating a comprehensive understanding of policies, macroeconomic indicators, and risk management [11] Regulatory Developments - Belarus is focusing on cryptocurrency regulation by creating a blacklist of wallets associated with criminal activities and implementing taxation on crypto transactions [3] - Australia is introducing new legislation to enhance oversight of cryptocurrency platforms, while Hong Kong is seeing increased donations from the crypto industry [3] Market Dynamics - A significant influx of nearly $300 billion into the cryptocurrency market has led to a strong recovery in Bitcoin and Ethereum prices [4] - The Nasdaq International Securities Exchange has applied to the SEC to increase the position limit for BlackRock's iShares Bitcoin Trust options, potentially positioning Bitcoin as a core institutional tool [4] Labor Market Impact - The U.S. labor market is showing signs of fatigue, with October layoffs reaching a 20-year high, raising expectations for Federal Reserve interest rate cuts and highlighting the cryptocurrency market's vulnerability [5] Trading Innovations - The introduction of options trading on decentralized platforms is revolutionizing the market, with Hyperliquid's new protocol allowing for the creation of Nasdaq 100 index options [7] - Traders must adapt to new trading strategies involving options and structured products to remain competitive in the evolving landscape [7] Security Considerations - The rise of decentralized exchanges necessitates a focus on asset security, with traders responsible for managing their private keys and understanding the importance of mnemonic phrases [8][9]

Core Viewpoint - The cryptocurrency market experienced a significant downturn on November 21, with Bitcoin dropping below $82,000 and Ethereum falling to around $2,700, reflecting a broader risk-off sentiment in the market [1][2]. Market Performance - Bitcoin's price fell by 10.44% to $82,300, while Ethereum dropped by 10.92% to $2,681 as of 18:30 Beijing time on November 21 [2]. - The total market capitalization of cryptocurrencies fell below $3 trillion, with a 24-hour decline exceeding 8% [1]. - Over 40,300 traders were liquidated, with total liquidations exceeding $1.965 billion, primarily from long positions [2]. Causes of Decline - The recent sell-off in the cryptocurrency market is attributed to renewed risk aversion and a sell-off in technology stocks, which negatively impacted market sentiment [1][2]. - The decline in cryptocurrency prices is seen as a reflection of overall risk sentiment, with analysts expressing concerns about the potential for further deterioration in market conditions [4]. Historical Context - Bitcoin has seen a cumulative decline of approximately 23% in November, marking the largest monthly drop since June 2022 [3]. - The current downturn follows a significant liquidation event on October 10, where $19 billion in leveraged positions were closed, leading to a total market value loss of about $1.5 trillion [3][5]. Investor Sentiment - The market is currently characterized by extreme fear, with analysts suggesting that the situation may lead to forced selling [6]. - Institutional investors appear cautious, with significant outflows from Bitcoin ETFs and cryptocurrency funds, indicating a lack of confidence in the market's recovery [3][5]. Future Outlook - The coming weeks will be critical in determining whether Bitcoin stabilizes or continues to decline further, as macroeconomic pressures remain unresolved [6]. - Analysts warn that if Bitcoin prices approach certain leverage thresholds, it could trigger additional margin calls, exacerbating the sell-off [4].

Core Viewpoint - The Japanese Financial Services Agency is considering regulations to classify cryptocurrencies as financial products subject to insider trading rules and to lower their profit tax rate [1] Group 1: Regulatory Changes - The proposed regulations will apply to 105 cryptocurrencies currently in circulation in Japan, including Bitcoin and Ethereum [1] - Cryptocurrency exchanges will be required to disclose information regarding price volatility risks [1] - Banks and insurance companies will be permitted to sell cryptocurrencies to depositors and policyholders through their securities subsidiaries [1] Group 2: Tax Implications - The profit from cryptocurrency trading will be taxed at a rate of 20%, aligning it with the stock trading tax rate, significantly down from the current maximum rate of 55% [1] - The Financial Services Agency aims to pass the relevant legislation during the regular Diet session next year [1]