Crypto Morning Brief: Inflation data improves, Uniswap proposes burning 100 million UNI tokens and enabling fee switch
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Crypto Morning Brief: Inflation data improves, Uniswap proposes burning 100 million UNI tokens and enabling fee switch
Bitwise submits S-1 to U.S. SEC for proposed spot Sui ETF.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. Releases Key Economic Data
According to Jinshi Data, the number of initial jobless claims in the U.S. for the week ending December 13 was 224,000, compared to an expected 225,000.
According to Jinshi Data, the U.S. CPI year-on-year rate for November (unadjusted) was 2.7%, compared to an expected 3.1%.
Hassett: Latest CPI Report Is Surprisingly Good, Fed Has Significant Room to Cut Rates
According to Jinshi Data, on Thursday, Kevin Hassett, Director of the White House National Economic Council, welcomed the November CPI report, stating that the U.S. economy is showing high growth alongside declining inflation. He said: "I'm not saying we're declaring victory on prices, but this is a surprisingly good CPI report." Hassett noted that wage growth is outpacing price increases and that American taxpayers will see substantial tax refunds next year, with the government helping to lower mortgage rates. He added: "The Federal Reserve has significant room to cut interest rates." A leading candidate to succeed Powell as the next Fed chair, Hassett also emphasized that the Fed should become more transparent in the future. "I think the Fed must double down on transparency. Whoever leads the Fed should lay all their cards on the table so we can understand exactly what’s happening within that institution."
U.S. SEC Releases Regulatory FAQ on Cryptocurrencies and Distributed Ledger Technology
According to an official announcement, the SEC's Division of Trading and Markets has released frequently asked questions (FAQs) regarding cryptocurrency and distributed ledger technology (DLT) activities, aiming to provide compliance guidance for market participants. The content covers the following core areas:
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Broker-Dealer Responsibilities: Non-security crypto assets are not subject to Rule 15c3-3 under the Securities Exchange Act. However, if the asset is a “crypto asset security,” brokers may establish “control” under this rule to meet compliance requirements. The SEC does not object to non-paper-form assets.
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Customer Asset Protection: If a crypto asset is not a registered product under the Securities Act, it will not be protected by SIPC (Securities Investor Protection Corporation). The SEC recommends treating non-security crypto assets as “financial assets” under UCC Article 8 and holding them in “securities accounts” to strengthen customer asset segregation during liquidation or bankruptcy.
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Hybrid Asset Pairs: National securities exchanges (NSEs) and alternative trading systems (ATSs) may offer paired trading of “crypto securities/non-security assets,” provided they comply with regulatory requirements and fully disclose relevant information in Form ATS or ATS-N.
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Transfer Agents and DLT: If a transfer agent provides securities transfer services for issuers of crypto assets that are registered securities under Section 12, they must register with the SEC. The SEC does not object to using blockchain as the primary ledger, provided all federal recordkeeping and regulatory requirements are met.
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Clearing, Settlement, and ETPs: Registered broker-dealers operating an ATS may conduct internal clearing of customer transactions within their account ledgers; the SEC does not require mandatory registration as a clearing agency. For ETPs referencing crypto assets, the SEC does not object to following the no-action letter approach used for commodity ETPs in 2006.
Bitwise Submits S-1 to U.S. SEC for Spot Sui ETF
According to official filings, Bitwise has submitted Form S-1 to the U.S. SEC to launch a spot Bitwise Sui ETF, designed to track the value of Sui held by the Trust (net of fees). The Trust’s Sui will be custodied by Coinbase Custody, with plans to stake a portion of the assets.
Tether CEO: A Pear Operating System Will Eventually Be Launched
Stablecoin company Tether yesterday announced the launch of a peer-to-peer (P2P) password manager called PearPass, aimed at eliminating the risk of users’ encrypted data being leaked through cloud storage. The company’s CEO, Paolo Ardoino, shared a community analysis post on X and stated: "A Pear operating system (Pear OS) will eventually be launched."
Uniswap Founder: Final Governance Vote Submitted for Unification Proposal, Aiming to Burn 100 Million UNI Tokens and Activate Fee Switch
According to Uniswap founder Hayden Adams, the Unification proposal has been submitted for final governance voting. The vote will begin at 10:30 PM Eastern Time on December 19 and end on December 25.
If the proposal passes, the following measures will be implemented after a two-day timelock period: burn 100 million UNI tokens; activate the fee switch on both v2 and v3 versions on the mainnet, initiating UNI token burns, including fees from Unichain; Uniswap Labs will align contractually with Uniswap governance through a protocol legally binding under Wyoming’s DUNA law.
Hong Kong Economic Times: Standard Chartered Hong Kong Launches Tokenized Deposit Service
According to the Hong Kong Economic Times, Standard Chartered Bank (Hong Kong) and Ant International, under the Hong Kong Monetary Authority’s Distributed Ledger Technology Regulatory Sandbox and the Ensemble project framework, have tokenized Ant International’s Hong Kong dollar, renminbi, and U.S. dollar accounts via Ant International’s blockchain treasury management platform, “Whale Platform (Jing).”
The report states that this tokenized solution was jointly developed by both parties, enabling Ant International’s business entities to adopt a new treasury management model, accelerating the transition to real-time, 7×24 capital allocation across Hong Kong dollars, renminbi, and U.S. dollars.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, said that as businesses increasingly rely on instant liquidity, demand for real-time and 7×24 treasury management is growing rapidly.
Forward Industries Announces Its Tokenized Stock Goes Live on Solana Blockchain
According to Businesswire, Nasdaq-listed Solana treasury company Forward Industries announced that its shares registered with the U.S. Securities and Exchange Commission are now live on the Solana blockchain via Superstate’s platform. Eligible investors can also use Forward Industries’ tokenized shares as collateral to borrow stablecoins, thereby gaining on-chain liquidity while maintaining exposure to the underlying equity.
NYSE Parent Intercontinental Exchange Plans Investment in Crypto Payment Firm MoonPay
According to Bloomberg, Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, is in talks to invest in crypto payment firm MoonPay Inc. Sources familiar with the matter revealed that MoonPay is about to close a new funding round targeting a valuation of approximately $5 billion. This investment would be part of that financing round.
Public Company VivoPower Partners with South Korea’s Lean Ventures to Acquire Ripple Equity
According to CoinDesk, Nasdaq-listed company VivoPower (VVPR), through its digital assets division Vivo Federation, has partnered with South Korean asset management firm Lean Ventures to raise $300 million to acquire equity in Ripple Labs, aiming to serve institutional and qualified retail investors in South Korea.
Based on the current XRP price, this investment would indirectly gain exposure to approximately 450 million XRP tokens, worth around $900 million. VivoPower has received Ripple’s approval to purchase initial preferred shares and is currently negotiating additional acquisitions with existing institutional holders.
Solana-Based DePIN Project Fuse Energy Completes $70 Million Series B Funding Led by Lowercarbon and Balderton
According to SolanaFloor, Solana-based DePIN project Fuse Energy announced the completion of a $70 million Series B funding round. The round was co-led by Lowercarbon Capital and Balderton Capital, bringing the company’s valuation to $5 billion.
Market Trends
Suggested Reading
After Profiting $580K, I’m Again Going All-In with a $1M Short on ETH
This article analyzes the current state of the cryptocurrency market, particularly focusing on Ethereum (ETH) price volatility and investment strategies. The author details the rationale behind shorting ETH, discusses dynamics between marginal buyers and sellers, and examines how major market players like Tom Lee influence the ETH market. The article also explores the relationship between the maturation of the crypto market and the value of technological products and assets.
From AI to Labubu, From Gold to Cryptocurrency: Why Are Global Speculative Bubbles Everywhere?
This article examines the phenomenon of speculative bubbles worldwide, especially economic risks in artificial intelligence (AI), cryptocurrency, and other trending sectors. It analyzes historical speculative bubbles and compares them with the current market's irrational exuberance, while highlighting potential economic consequences of such bubbles.
New York Times: Behind Trump’s Embrace of Crypto, What Wasn’t Disclosed
This article discusses a New York Times piece revealing the Trump administration’s support for cryptocurrencies and its implications, including policy loosening, market volatility, innovation surges, and potential risks. It delves into the rise and fall of crypto firms, the dangers of leveraged trading, trends in asset tokenization, and analyzes the Trump family’s business ventures in the cryptocurrency space.
Frontline | Web3 Lawyer Explains the Latest Changes in U.S. Stock Tokenization!
This article thoroughly explores stock tokenization in the U.S., a key initiative in America’s financial infrastructure agenda. While it won’t fundamentally change Wall Street operations in the short term, progress has gradually shifted from “whether it’s compliant” to “how to implement it.” The article details recent developments in U.S. stock tokenization, including reforms by Nasdaq and DTCC, the SEC’s regulatory stance, and the technical pathways for implementing tokenization.
The On-Chain Evolution of Private Credit: From Ledger Entries to Investable Products
This article discusses how tokenized private credit has become one of the fastest-growing categories, expanding from less than $50,000 to approximately $2.4 billion, demonstrating its potential among on-chain assets. Tokenized private credit comes in two models: “representative” and “distributive.” The former merely records loan information, while the latter enables on-chain transfer of assets. Mobile private credit assets not only provide liquidity but also enable faster settlement, greater transparency, and more flexible custody solutions.
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