Core Insights - The report by Binance Research indicates that the total cryptocurrency market capitalization surpassed $4 trillion for the first time in 2025, with Bitcoin reaching an all-time high, although the market ultimately declined by approximately 7.9% due to macroeconomic uncertainties [1] - Bitcoin exhibited characteristics of strong asset properties but weak on-chain activity, with net inflows into U.S. spot ETFs exceeding $21 billion, while the number of active addresses decreased by 16% year-over-year [1] - The report forecasts that global monetary easing and deregulation in 2026 will drive a "risk reset" in the market, with the establishment of a U.S. Bitcoin strategic reserve potentially serving as a key catalyst [1]

Core Viewpoint - The U.S. Treasury Secretary Scott Bessent plans to significantly adjust the regulatory approach of the Financial Stability Oversight Council (FSOC), shifting from a focus on strengthening regulation to a more relaxed regulatory environment, indicating a fundamental change in the regulatory framework established since the 2008 financial crisis [1][2]. Group 1: Regulatory Changes - Bessent's letter suggests a transition in the FSOC's regulatory focus, moving from stringent oversight of financial institutions to promoting a more lenient regulatory environment [1]. - The new approach will involve collaboration with member agencies to assess whether existing regulatory frameworks impose excessive burdens that negatively impact economic growth and financial stability [2]. - This shift contrasts sharply with the original intent of the FSOC, which was established to prevent systemic risks that could lead to financial crises [2]. Group 2: Economic Growth and Deregulation - Bessent advocates for lowering regulatory barriers and reducing oversight to strengthen the financial system and promote economic growth, aligning with the deregulatory focus of the Trump administration [2]. - The new guidelines will require the FSOC to evaluate if current regulations constitute an "undue burden" on economic growth, emphasizing the balance between regulatory costs and economic efficiency [2]. Group 3: AI Regulatory Agenda - A working group will be established to explore opportunities for artificial intelligence (AI) to enhance the resilience of the financial system while monitoring potential risks to financial stability posed by AI applications [3]. - This initiative reflects a shift in regulatory focus from traditional financial risks to the challenges presented by technological innovations [3].