24-Hour Hot Cryptocurrencies and News | US SEC Chairman predicts the entire US financial market will migrate to on-chain within two years; He Yi states community-issued tokens are unrelated to Binance (December 8th)
- 核心观点：市场普跌但资金流向看涨期权，监管与创新并行。
- 关键要素：
- 主流币种普遍下跌，ZEC跌幅最大达17.35%。
- 交易所ETH持有量占比降至8.7%，创历史新低。
- 美SEC主席预计两年内美金融市场将迁移至链上。
- 市场影响：短期市场情绪谨慎，长期监管与基建发展受关注。
- 时效性标注：短期影响。
1. Popular cryptocurrencies on CEXs
Top 10 CEX trading volumes and their 24-hour price changes:
- BTC: -4.43%
- ETH: -5.25%
- SOL: -6.25%
- XRP: -6.15%
- BNB: -4.43%
- DOGE: -6.98%
- SUI: -7.98%
- ZEC: -17.35%
- LINK: -6.01%
- ADA: -6.56%
24-hour gainers list (data source: OKX):
- TRA: +16.33%
- Z2: +11.25%
- ZEUS: +8.13%
- ACA: +7.24%
- CITY: +5.66%
- DEGEN: +4.95%
- SWFTC: +4.32%
- GMX: +2.71%
- ZEC: +2.51%
- DOGS: +2.37%
24-hour cryptocurrency stock gainers list (data source: msx.com ):
- MIGI: 23%
- QLGN: 5.59%
- VERB: 4.18%
- FLNC: 2%
- AMRK: 1.88%
- UPXI: 1.88%
- DFDV: 1.5%
- FLY: 1.16%
- LAC: 0.94%
- ASPI: 0.92%
2. Top 5 trending on-chain memes (data source: GMGN ):
- Keonne
- Japan
- Bold
- Cobratate
- XT
Headlines
US SEC Chairman: Expects the entire US financial market to migrate to blockchain within two years.
Paul Atkins, chairman of the U.S. Securities and Exchange Commission, said he expects the entire U.S. financial market to migrate to the blockchain technology that underpins Bitcoin and cryptocurrencies within the next two years. He previously stated that Bitcoin and broader crypto assets will become the underlying foundation of the global financial system in the coming years.
On December 6th, He Yi responded on the X platform to comments that "Binance's official Twitter account's posting style resembles KOLs' (Key Opinion Leaders) promotional tactics," stating that Binance's official Twitter account has the freedom to use its own titles and posting style within its daily operations. However, Binance employees are not allowed to participate in the issuance or promotion of any token projects. Currently, the community's use of Binance's official Twitter account, its own statements, or excerpts from posts to promote tokens is a community activity and has nothing to do with Binance. However, simply because someone might look for angles doesn't mean they shouldn't tweet. Such expressions are misinterpretations. Her statement about encouraging employee innovation and experimentation specifically refers to their daily work and is unrelated to any token issuance projects. She urged everyone to be aware of investment risks.
Trump plans to replace personal income tax with tariff revenue.
According to market sources, US President Trump stated that "in the near future, there will be no need to pay personal income tax." It is understood that Trump plans to replace the existing personal income tax system with tariff revenue.
Industry News
Data: Total USDT supply surpasses 190 billion, setting a new record.
According to Coingecko data, the total supply of the USD stablecoin USDT has exceeded 190 billion, currently reaching 191,099,037,578 (of which the circulating supply is 185,632,100,913), with a market capitalization of $185,929,020,830, both setting new historical highs.
Glassnode's latest weekly report points out that the current market situation bears similarities to the early stages of the 2022 bear market (also known as the crypto winter). ETF demand continues to weaken, with IBIT experiencing outflows for the sixth consecutive week, marking the longest streak of negative outflows since its launch in January 2024, with total redemptions exceeding $2.7 billion over the past five weeks. Derivatives data further confirms the decline in risk appetite. Open interest continued to decline between November and December, indicating a decrease in market risk tolerance, especially after the liquidation flash crash on October 10th. Perpetual contract funding rates remained largely neutral, only briefly turning negative, while funding premiums also fell significantly, suggesting a more balanced market environment and reduced speculation. Options market sentiment is cautious, with investors more inclined to sell than chase gains. Earlier this week, as Bitcoin prices approached $80,000, put option buying dominated, but as prices subsequently stabilized, investor panic subsided, and funds flowed into call options.
DeFi Development: Q3 unrealized gains exceeded $74 million; no recent increases in SOL holdings.
Nasdaq-listed Solana treasury company DeFi Development (DFDV) released its November earnings update, disclosing that it had not increased its SOL holdings recently. At the end of the month, its SOL holdings remained at 2,195,926, with a market capitalization of approximately $293.2 million. The SOL supply invested in the liquidity staking token dfdvSOL was 530,286.72. Furthermore, DeFi Development disclosed unrealized gains exceeding $74 million in the third quarter, with an SOL holding return of 11.4%. Its Chief Operating Officer, Parker White, and Chief Strategy Officer, Dan Kang, have begun repurchasing DFDV shares from the open market.
Centralized exchanges' share of ETH holdings has fallen to 8.7%, the lowest since 2015.
Ethereum's share of centralized exchanges has fallen to 8.7%, a record low since the network launched in 2015. Since July, ETH balances on exchanges have decreased by 43%, primarily flowing into staking, restaking, Layer-2 networks, the Digital Asset Treasury (DAT), and long-term custody. Analysts point out that this unprecedented supply shortage could lead to price increases.
Project News
Bitcoin treasury firm Strategy released a recent interview with CNBC on its CEO, Phong Le, on the X platform. Le stated that Strategy does not have an inability to pay dividends, but rumors circulating claiming the company cannot meet its dividend obligations have led to shorting Bitcoin in the market. Regarding the establishment of a $1.44 billion dividend reserve fund, Le said Strategy raised $1.44 billion in just eight and a half days, equivalent to 21 months of dividend payments. This was done to eliminate FUD (fear, uncertainty, and doubt) and to demonstrate to the market that Strategy can still quickly raise funds even during a Bitcoin downturn.
Kalshi releases a new SDK, fully opening up its trading, market data, and portfolio management APIs.
Kalshi, a prediction market platform, has launched a new SDK covering core API functions such as trading, market data querying, and portfolio management. The kit uses RSA-PSS signatures for authentication and supports automatic signature and timestamp processing to simplify the developer integration process and enhance security.
Investment and Financing
Blockchain bank N3XT has announced it has raised $72 million in three funding rounds, with participation from Paradigm, HACK VC, and Winklevoss Capital, among others. The bank was reportedly founded by Scott Shay, founder and former chairman of Signature Bank, and Jeffrey Wallis, former head of digital asset and Web3 strategy at Signature Bank, will serve as N3XT's CEO. Unlike traditional banks, N3XT does not issue loans; instead, it operates as a so-called "narrow bank," with every dollar backed one-to-one by cash or short-term U.S. Treasury bonds.
LayerBank completes $2.3 million Pre-Seed funding round, with Taiko and others participating.
LayerBank announced the completion of a $2.3 million Pre-Seed funding round, with participation from Torab Torabi, CEO of Move Industries, Coin Bureau Chinese, DVchain, Taiko, Rootstock, and several angel investors and ecosystem contributors.
The new funds will be used to advance the development and launch of its native token, ULAB, which is designed to form the basis of the platform's long-term value capture and incentive model. LayerBank plans to hold its Token Generation Event (TGE) on the Movement Network. LayerBank is a universal liquidity and on-chain money market that currently supports more than 150 markets across over 17 chains, aiming to provide lending and yield strategies through a unified chain abstraction experience.
Regulatory policies
On December 6, at the 8th Member Congress of the Securities Association of China, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), delivered a speech on the high-quality development of the securities industry. Wu Qing pointed out that securities companies must firmly grasp the key to improving governance effectiveness, truly implement the rigid requirements of corporate governance and equity management, improve mechanisms for preventing conflicts of interest such as related-party transaction management, resolutely prevent shareholders from illegally interfering in operations, and resolutely eliminate unqualified shareholders.
Wu Qing stated that it is necessary to further strengthen transaction management, enhance the ability and targeting of transparent management, improve the fairness of transaction services for different types of investors, safeguard the legitimate rights and interests of small and medium-sized investors, and strictly prevent illegal arbitrage and disruption of transaction order. It is crucial to strengthen risk prevention in key areas, paying close attention to businesses requiring special attention such as margin trading, over-the-counter derivatives, and private asset management, as well as institutions requiring special attention such as subsidiaries with headquarters in other locations, and focusing on key risks such as credit, liquidity, and compliance. We must be vigilant and take preventative measures. For new business models such as crypto assets, we must conduct in-depth analysis and treat them prudently; we must resolutely refrain from operating in areas that are unclear or unmanageable, and resolutely avoid any illegal or irregular activities.
In an interview with People's Daily, Zhuang Rongwen, director of the Cyberspace Administration of China, pointed out that the cyberspace administration will earnestly enhance its sense of responsibility and urgency in modernization and informatization. First, it will accelerate the innovation and breakthrough of network information technology, and accelerate the innovation of digital and intelligent technologies such as artificial intelligence and blockchain. Second, it will accelerate the development of the industrial ecosystem, promote the empowerment of the real economy by digital and intelligent technologies, and enhance the common service support capabilities of blockchain.
The South Korean government is pushing forward legislation to introduce a "no-fault liability" rule similar to that in the banking industry for major cryptocurrency exchanges. It is understood that the Financial Services Commission (FSC) is assessing the possibility of requiring virtual asset service providers to bear liability for user losses even when they are not at fault, in the event of hacking attacks or system failures.
Currently, such mandatory compensation only applies to traditional financial institutions and electronic payment companies. This policy shift stems from a security incident on the Upbit platform on November 27, in which approximately 44.5 billion won (about US$30.1 million) in assets were transferred to external wallets within 54 minutes, and regulators cannot force the platform to make compensation under current regulations.
South Korean financial regulators also pointed out that the cryptocurrency trading industry has experienced frequent system failures in recent years. Data shows that from 2023 to September of this year, the five major exchanges experienced a total of 20 system failures, affecting more than 900 users and resulting in cumulative losses of approximately 5 billion won. Upbit was involved in six of these failures, with losses amounting to approximately 3 billion won. The draft also proposes to raise technical security requirements and increase the maximum penalty for hacking incidents to 3% of annual revenue, the same as traditional financial institutions, higher than the current fixed limit of 5 billion won.
Furthermore, Upbit's incident has sparked controversy over "delayed reporting." The platform detected the anomaly at 5:00 AM but only reported it to regulators at 10:58 AM, leading some lawmakers to question whether it intentionally waited until the merger process between its parent company, Dunamu, and Naver Financial was completed before disclosing the information. Regulators are investigating the matter, but under the current framework, it is unlikely that severe penalties will be imposed.
Characters * Voices
Bank of America: If the Fed cuts rates dovishly next week, the "Santa Claus rally" may be over.
Bank of America strategists say the year-end stock market rally could be threatened if the Federal Reserve's economic outlook next week is overly cautious. The S&P 500 is currently near record highs, and investors are confident in a best-case scenario of Fed rate cuts, falling inflation, and resilient economic growth. However, a dovish signal from the Fed at next week's meeting could test this optimism—as it could suggest a larger-than-expected economic slowdown. Analyst Michael Hartnett wrote in a report, "The only thing that could stop a Santa Claus rally is a dovish Fed rate cut triggering a sell-off in long-term Treasuries."
The U.S. Securities and Exchange Commission (SEC) will host a roundtable discussion on cryptocurrencies, financial surveillance, and privacy on December 15. Zooko Wilcox, founder of the crypto privacy project Zcash, and others will participate. Analysts believe the SEC may use this meeting to assess the level of regulatory weight it can give to crypto privacy projects during its rule-making process. If a consensus is reached that zero-knowledge proofs can meet compliance obligations, this flexibility could be incorporated into rules governing digital asset brokerages, alternative trading systems, and custody. However, if the meeting splits into two camps—"privacy is a right" and "privacy fuels crime"—the existing surveillance-centric framework may be retained, pushing privacy advocates to court.
Paradigm co-founder: Now is the "iPhone moment" for cryptocurrency.
Matt Huang, co-founder of crypto venture capital firm Paradigm, posted on the X platform, “I don’t know who needs to hear this, but this is the Netscape moment or the iPhone moment for crypto. The scale of the crypto market is unprecedented, larger than we ever imagined, both at the institutional and cypherpunk levels.”
