Important News from Last Night and This Morning (December 9 - December 10)

Hyperliquid Co-founder: ADL will not transfer profits and losses to HLP; their treatment of users and HLP is completely symmetrical.

Hyperliquid co-founder Jeff issued a statement refuting the view that “ADL (Auto Deleveraging) transfers profits and losses to HLP.” Jeff stated that the ADL mechanism does not transfer profits and losses to HLP (Hyperliquidity Provider), and their treatment of users and HLP is entirely symmetrical. ADL will not destroy the $653 million in gains.

He Yi’s WeChat account suspected of being hacked and promoting a Meme coin

According to crypto influencer AB Kuai.Dong, He Yi, Binance’s Co-CEO,’s WeChat account was suspected of being hacked, and he posted a Moments update promoting the meme coin Mubarakah.

A whale once again withdrew 13.44 million ASTER from Binance, after previously selling at a high and incurring a loss of $34.5 million

According to Lookonchain monitoring, whale address 0xFB3B withdrew another 13.44 million ASTER (worth $13.04 million) from Binance 8 hours ago. Previously, the whale withdrew 64.53 million ASTER (valued at $1.3368 billion) from Gate.io when the price was near the high of $2.07, then deposited 64.53 million ASTER (worth $99.14 million) into Binance at $1.54, resulting in a loss of $34.5 million.

Cascade launches 24/7 brokerage service covering crypto perpetual contracts, raising $15 million

According to CoinDesk, New York-based startup Cascade has launched a new 24/7 brokerage service. The service is built on a unified margin account, linked to perpetual markets covering cryptocurrencies, major US stocks, and private companies like OpenAI, SpaceX, and Stripe. Currently, some invited depositors can access the platform, which is expected to open to the public in early 2026. Initially, the platform will offer over 10 perpetual markets, with plans to expand gradually. To date, Cascade has raised $15 million from investors including Polychain Capital, Variant, Coinbase Ventures, and Archetype.

Cathie Wood: Bitcoin is entering a new phase with smaller retracements

According to Cryptobriefing, ARK Invest CEO Cathie Wood believes Bitcoin is entering a phase where institutional adoption may help prevent sharp declines. In an interview on “Mornings with Maria,” she said, “Bitcoin’s role as a risk-on asset may break its historical four-year boom-and-bust cycle, which often saw drops of 75% to 90%. Its volatility is decreasing, now around 30%. While Bitcoin has played a safe haven during crises like Europe’s sovereign debt crisis and US regional bank crises, it now exhibits risk-on characteristics. Concerns about its four-year cycle persist, but institutional participation could prevent further declines. Bitcoin may have already bottomed out a few weeks ago.” Over the past three months, Bitcoin has fallen 20%, while gold prices have risen nearly 60% this year. Wood predicts this trend may reverse next year, with gold prices falling and Bitcoin rising. She said, “Today, gold is more like a safe haven, reflecting widespread anxiety, with investors using gold to hedge geopolitical risks. Looking back to the early 1980s through the late 1990s, as we entered a golden age of innovation ending with the internet era, gold prices declined steadily. We believe a similar pattern could happen again, with Bitcoin continuing as a risk-on asset and reactivating.”

CZ (Changpeng Zhao) reposts a photo of himself wearing Trump limited edition Bitcoin sneakers

Binance CEO CZ reposted a photo of himself wearing Trump limited edition “Bitcoin Sneakers” and said the shoes were a gift from a friend. He also considers them NFTs. In the photo, CZ wears a special version of Bitcoin sneakers launched by Trump in 2024, with an orange-yellow high-top design and Bitcoin symbol ₿. The series is limited to 1,000 pairs, originally priced at $499, sold out quickly after pre-sale on July 31, 2024, and now secondhand prices have doubled to between $700 and $2,500.

SlowMist’s Yuánzī: Zcash is not default privacy, balanced design better understood by regulators

PANews, December 10 — SlowMist founder Yuánzī stated that a high proportion of Zcash transactions can be traced, which is not new. During the previous privacy coin hype cycle, Zcash was similar; it is not default private, but users can choose. For example, addresses starting with z are private, while t addresses are transparent and traceable. This design makes Zcash more understandable to regulators compared to Monero (XMR), which has default privacy. Currently, most mainstream platforms’ Zcash addresses start with t, indicating that the truly privacy-conscious group is very small. Catering to regulation is the platform’s way out. Compared to the truly hardcore Monero, Zcash’s privacy design is more balanced, potentially allowing broader adoption.

U.S. Senate version of the Crypto Market Structure Act expected to be announced this week, hearings and voting next week

According to The Block, Democratic Senator Kirsten Gillibrand (NY) and Republican Senator Cynthia Lummis (WY) spoke at the Blockchain Association policy summit in Washington, detailing legislative progress on the comprehensive crypto regulation bill (Crypto Market Structure Act). Gillibrand revealed that negotiations between Democrats and Republicans have been ongoing, with last week’s bipartisan meeting progressing smoothly. On Monday night, after a Democratic meeting, she submitted final requests to Republicans for inclusion in the bill. She is optimistic that the final bill will be comprehensive, though some issues like regulating decentralized exchanges remain unresolved. Lummis, a member of the Senate Banking Committee, said the goal is to share the bill draft by the end of this week, with hearings and amendments next week. She also mentioned negotiations extending to the White House, working with industry and White House officials, describing it as a “three-dimensional chess game.” Additionally, Lummis said she and Democratic Senator Ruben Gallego are negotiating on moral clauses, which have been sent to the White House, but the White House returned the clauses, saying they can do better. She plans to re-engage with the White House.

SEC Chair hints at rapid progress on crypto regulation early next year, says “the good show is yet to come”

According to The Block, SEC Chair Paul Atkins said at the annual Blockchain Association policy summit that “the good show is yet to come. Next year, all the seeds we plant will start to sprout, and we will reap the harvest.” Atkins outlined an ambitious agenda to clarify the SEC’s stance on cryptocurrencies. He revealed that one of the top priorities for the new year is a “regulatory exemption” for crypto and fintech projects—aimed at reducing compliance costs and encouraging innovation, with a conditional and time-limited framework. He hopes to formally launch this framework around the end of January. Regarding token classification, he pointed to Congress. Lawmakers are pushing a comprehensive crypto regulation bill, with key focus on clarifying the jurisdiction boundaries between the SEC and the CFTC. Previously, it was reported that the Senate was pushing to pass this bill before the end of the year, aiming for a key Senate Banking Committee review, but negotiations seem to be stalled. Atkins said, “We look forward to Congress’s legislative results.”

Strive launches $500 million SATA stock ATM financing plan, part of net proceeds to buy Bitcoin

According to GlobeNewswire, Bitcoin asset reserve company Strive (Nasdaq: ASST; SATA) announced it has signed a sales agreement. Under this agreement, Strive can issue and sell its Series A variable-rate perpetual preferred stock (SATA stock) with a par value of $0.001 per share, for a total issuance of up to $500 million (ATM plan). Strive plans to use the net proceeds from the ATM plan for general corporate purposes, including but not limited to: purchasing Bitcoin and related products, working capital, acquiring income-generating assets to expand business, other capital expenditures, share repurchases of Class A common stock, and/or debt repayment. The proceeds may also support acquisitions of businesses, assets, or technologies complementary to current operations.

Ethena Labs withdraws 1.59 billion ENA from Coinbase Prime, worth about $443 million

Onchain Lens monitoring shows Ethena Labs withdrew 1.59 billion ENA from Coinbase Prime, valued at approximately $443 million.

Bitcoin treasury company Twenty One’s stock drops 20% after merging with Cantor Equity

According to Bloomberg, on Tuesday, Twenty One Capital Inc. merged with special purpose acquisition company Cantor Equity Partners Inc., becoming the latest publicly listed crypto company. Its stock dropped 20% on the first trading day. The opening price was $10.74 per share, below Cantor SPAC’s $14.27 close. The stock closed at $11.42. Based on the number of shares outstanding in the filings, the company’s market cap is about $4 billion. Twenty One Capital Inc., formed by affiliates of Cantor Fitzgerald LP, Tether, and SoftBank, is a Bitcoin company also focusing on building financial infrastructure for crypto and creating media and educational resources about Bitcoin. It holds about $3.9 billion in Bitcoin, controlled by Tether and Bitfinex, with SoftBank holding a significant minority stake.

As ETH rises in early morning, Huang Licheng’s ETH long re-floats profit of $1.35 million

According to on-chain analyst Yu Jin, as ETH rose in the early morning, Huang Licheng’s ETH long position now has a floating profit of $1.35 million, after previously being liquidated when taking profits. He rolled his position long twice: on the 2nd, starting at $2,840, he increased ETH long; by the 4th, profit was $2.84 million. A small retracement on the 6th wiped out all profits and liquidated him. Today’s ETH rebound has brought his position back to a floating profit of $1.35 million.

“Insider whale on October 11” added over 10,000 ETH longs in the early morning, current floating profit about $17.4 million

According to hyperbot data, “October 11 flash crash insider whale” 7 hours ago increased ETH long holdings to a maximum of 85,001.5313 ETH, then reduced to 80,094.5238 ETH, and added again to the current 80,985.8357 ETH (worth about $269 million). Compared to the initial 70,001.5313 ETH seven hours ago, it added over 10,000 ETH. Average entry price is $3,108.49, floating profit about $17.4 million.

A whale transferred 50 million USDC to HLP to continue long ETH, current position floating profit $17.72 million

On-chain analyst Yu Jin reports that during ETH’s early morning rise, a whale who started long ETH at $3,048 transferred 50 million USDC into Hyperliquid to continue long ETH. His ETH long position is now floating profit of $17.72 million. Over the past two days, he transferred a total of 120 million USDC into Hyperliquid and went long ETH worth $269 million, with an average entry price of $3,108.

Octra to conduct $20 million public token sale at $200 million valuation on Sonar on December 18

According to The Block, privacy blockchain project Octra’s organization, Octra Labs, will hold a public token sale on Sonar by Echo on December 18. The week-long sale will sell 10% of OCT tokens at a fully diluted valuation (FDV) of $200 million, aiming to raise $20 million. The sale is fixed-price and commitment-based, allowing any participant to deposit funds and receive tokens proportionally, aiming for maximum decentralization. If demand is strong, the share may increase; unsold tokens will be burned. All tokens will be unlocked shortly after the sale. Octra states early investors hold 18% of OCT, Octra Labs 15%, and 67% is allocated to the community, including early users, validators, grantees, Echo participants, and ICO buyers. No investor holds more than 3%. Co-founder Alex says the $200 million valuation is twice the previous Echo funding valuation. Earlier this year, Octra raised $4 million on Echo, with an additional $4 million pre-seed from Big Brain Holdings, Finality Capital Partners, Karatage, and Presto Labs.

TRUMP official: Launching “Trump Billionaires Club” mobile game using TRUMP tokens

The Meme coin TRUMP official X account announced plans to launch a mobile game “Trump Billionaires Club” supported by OpenLoot. The game will use TRUMP tokens for in-game activities.

Coinbase launches spot trading for Humidifi(WET) and Jupiter(JUPITER), delays Plume(PLUME) launch

According to official announcement, Coinbase has launched spot trading for Humidifi(WET) and Jupiter(JUPITER), and has delayed Plume(PLUME). If liquidity conditions are met and trading is supported, the PLUME-USD trading pair will start trading at 01:00 Beijing time on December 11 or later.

SEC Chair: Many types of ICOs do not fall under SEC jurisdiction

According to The Block, SEC Chair Paul Atkins said at the Blockchain Association annual policy summit that many types of initial coin offerings (ICOs) should be considered non-securities and outside SEC regulation. He explained that this is what the SEC encourages; by its definition, these are not securities. Atkins specifically mentioned his token classification framework introduced last month, which divides the crypto industry into four main categories. He noted that network tokens, digital collectibles, and digital tools should not be considered securities. On Tuesday, he reiterated that ICOs involving these three categories should also be considered non-securities, outside SEC jurisdiction. He further clarified that the only tokens the SEC believes it should regulate are tokenized securities—securities that are on-chain and under SEC oversight. He added that ICOs span four themes, three of which fall under CFTC jurisdiction, and the SEC will let the CFTC handle those, focusing itself on regulating tokenized securities.

Coinbase to list Hyperlane(HYPER) spot trading

According to official announcement, Coinbase will list Hyperlane(HYPER) spot trading. If liquidity conditions are met and trading is supported in certain regions, the HYPER-USD pair will start trading at 01:00 Beijing time on December 11 or later. Hyperlane(HYPER) will be available on coinbase.com, Coinbase app, and Coinbase Advanced. Institutional users can access Hyperlane(HYPER) directly through Coinbase Exchange.

OCC confirms U.S. national banks can conduct “riskless principal” crypto asset matching trades

The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1188 confirming that U.S. national banks can act as “risk-neutral” principals, executing crypto asset trades with one client and simultaneously offsetting with an opposite trade with another client, without holding inventory—functioning as agent brokers. Such activities must be conducted safely and in compliance with applicable laws.

Stripe and Paradigm’s Tempo blockchain now open for public beta

According to Bloomberg, Stripe and crypto venture firm Paradigm’s Tempo blockchain is now open for public beta, targeting stablecoin payments. New partners include UBS, Cross River Bank, and prediction market platform Kalshi, alongside existing partners like Deutsche Bank, Nubank, OpenAI, and Anthropic. Tempo features an independent payment channel design with a fixed transaction fee of $0.001 per transaction, reducing gas fee volatility impact, and supports any USD stablecoin for fee payments.

Bitwise’s top 10 crypto index ETF officially listed on NYSE Arca as ETF

Eleanor Terrett reports that Bitwise’s “10 Crypto Index Fund” is now officially listed on NYSE Arca as an ETF, after previous delays due to SEC review. The ETF covers the top 10 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA), Chainlink (LINK), Litecoin (LTC), Sui (SUI), Avalanche (AVAX), and Polkadot (DOT).

Spot silver nears all-time high

Spot silver rose $1.01 intraday, now at $59.15/oz, approaching its all-time high, with a daily increase of 1.74%.

Circle to launch USDCx stablecoin supporting “bank-grade privacy,” deployed on Aleo blockchain

According to Fortune, Circle will partner with privacy blockchain Aleo to launch a new stablecoin USDCx, offering “bank-grade privacy.” Transaction history will be invisible to the public, only shown as encrypted “information blocks,” but each transaction will include a compliance record accessible by Circle upon law enforcement requests. Aleo co-founder Howard Wu said USDCx meets institutional privacy needs and has attracted interest from partners like Request Finance and Toku.

Coinbase partners with PNC to offer direct Bitcoin trading for high-net-worth clients

According to Coinbase blog, PNC Private Bank, one of the top ten US banks, has launched direct spot Bitcoin trading via Coinbase’s Crypto-as-a-Service. PNC becomes the first large US bank to support buying, selling, and custody of Bitcoin within its digital banking platform, allowing clients to operate without external exchange accounts. This expansion follows a strategic partnership announced in July, with trading and custody handled within PNC’s platform, secured by Coinbase, and open to qualified private banking clients.

Legacy privacy project Horizen reboots as Layer 3 network on Base

According to The Block, Horizen, founded in 2017, has officially transitioned to a Layer 3 mainnet on Base, aiming to provide “compliant optional privacy.” The old mainnet and EON sidechain have been deprecated, and ZEN tokens have been restarted. Horizen plans to invest 100 million ZEN over five years to develop privacy applications for finance, gaming, and social use cases. The new architecture supports jurisdiction-specific modules for compliance disclosures. ZEN is now tradable on Base and supported by Binance, Coinbase, and other exchanges.

Standard Chartered lowers Bitcoin 2025 target to $100,000, delays long-term goal to 2030

According to Decrypt, Standard Chartered has cut its Bitcoin 2025 price forecast from $200,000 to $100,000, and postponed its long-term target of $500,000 from 2028 to 2030. The bank’s analysis states that aggressive buying by MicroStrategy and others has subsided, ETF inflows have slowed significantly, with net inflows this quarter of only 50,000 BTC—the lowest since listing. It suggests future Bitcoin prices will mainly depend on ETF buying.

FLock.io, Deluthium, and Aerodrome partner to build CARiFIN, accelerated by UNDP

Decentralized AI model platform FLock.io announced a partnership with AI-native liquidity infrastructure project Deluthium and the base chain’s central liquidity hub Aerodrome to build the new on-chain inclusive finance platform CARiFIN, which will be accelerated by the UNDP in Latin America and the Caribbean. The collaboration aims to address trust issues, liquidity shortages, and compliance challenges in microinsurance markets, providing timely and efficient insurance support for underserved populations, especially women. The partners will leverage their core strengths: FLock.io’s models will serve as the insurance platform’s computational brain, handling core logic, privacy-preserving risk modeling, and automated claims; Deluthium will execute currency transactions and stablecoin conversions during claims, ensuring zero slippage; Aerodrome will use its modular VerifiedERC20 standard to enable on-chain identity verification and compliance for payment recipients.

Ethereum Foundation address deposits 5748 ETH to Kraken

Lookonchain monitoring shows that wallet address 0x9D1c deposited 5748 ETH (~$17.89 million) to Kraken about 50 minutes ago. The source of these ETH is traced back to the Ethereum Foundation.

Binance Alpha to list Talus Network (US)

Binance Alpha will be the first platform to list Talus Network (US) on December 11. Eligible users can visit the Alpha activity page after trading opens to claim airdrops using Binance Alpha points. Details will be announced separately.

Malaysian crown prince launches Ringgit stablecoin RMJDT for crypto payments

According to Bloomberg, the Crown Prince of Johor, Ismail Ibrahim, through Bullish Aim, launched a stablecoin RMJDT backed by Ringgit cash and short-term government bonds, planned for issuance on Zetrix blockchain. RMJDT aims to become Malaysia’s standard for crypto payments, improving transaction efficiency and security. Zetrix provides the technical infrastructure as a national “Malaysian Blockchain Infrastructure” platform. Bullish Aim will also invest 500 million Ringgit to establish a digital asset treasury, purchasing Zetrix tokens.

EU plans to start capital markets integration reform in 2027, crypto firms to be regulated by ESMA

European Commissioner for Financial Services María Luis Albuquerque said Tuesday that the EU hopes to begin implementing its capital markets union reform package by 2027, providing a timeline for the initiative. “We should push for discussion and approval of this plan as soon as possible; ideally, if it can be launched in 2027, that would be very good.” Last week, the European Commission announced plans to empower the European Securities and Markets Authority (ESMA) with greater oversight and enforcement authority as part of measures to unify fragmented capital markets. The proposal still needs approval from the European Parliament and Council, with some member states strongly opposing. Centralized regulation will bring key clearinghouses, central securities depositories, and trading venues under ESMA’s jurisdiction, and crypto firms will also be regulated by ESMA. The EU also commits to a comprehensive review of banking regulation rules by the end of next year, with the European Central Bank to publish proposals for simplifying banking supervision on Thursday, which will be incorporated into the overall reform work.