A certain state in the US has introduced AI safety legislation requiring large AI developers to disclose safety protocols and report security incidents within 72 hours. The maximum fine is $1 million. Although OpenAI supports the bill, lobbying organizations oppose it, demonstrating that tech giants have different interests in state-level regulation, reflecting the game between capital and industry.

2025 is not over yet, and the S&P 500 index has performed well, but whether this can continue in the future remains uncertain. Analysis points out that the U.S. stock market needs to address three key issues, which have significant implications for the financial market ecosystem and digital asset investors, influencing capital flows and risk appetite, and affecting global investment strategies.

【BlockBeats】Recently, a piece of news has sparked quite a discussion in the crypto circle—MSCI might remove listed companies that hold large amounts of Bitcoin and digital assets from its indices.
Here's what happened. In October, MSCI proposed a suggestion: if a company's digital asset holdings account for more than 50% of its total assets, it should be excluded from the global benchmark index. The reasoning is straightforward—MSCI believes such companies are more like investment funds rather than genuine operating enterprises, and funds are not part of their index system.
But here’s the problem. Once this proposal was announced, many companies were not happy. They claim they are real businesses developing products, and MSCI’s move is an unfair discrimination against the crypto industry. After all, inspired by recent years, more and more traditional companies are including cryptocurrencies and digital assets on their balance sheets in hopes of sharing the appreciation dividends.
According to analysts’ estimates,

Korean lawmakers call on the government and financial institutions to collaborate to accelerate the legalization of stablecoins, emphasizing their importance in global payment standards. They believe that stablecoins have become an irreversible trend, with the key being the speed and manner of their rollout.

Recent BTC trends indicate that the bullish momentum is weakening, with price fluctuations oscillating and currently below the level of the 12th noon. Despite the appearance of a hammer pattern, trading volume is shrinking, indicating diminishing upward momentum. Overall analysis suggests that the short-term upward trend still exists, but attention should be paid to changes in trading volume, and appropriate buy and sell points and stop-loss levels should be set.

【BiTu】U.S. November inflation data released, and the results are shocking—far below economists' predictions. Meanwhile, the unemployment rate unexpectedly rose, and this combination of data caught the market off guard.
Manulife Investment Management's Head of U.S. Rates and Mortgage Trading, Michael Lorizio, recently made a judgment: although the federal government shutdown has increased informational noise, the current space for inflation to continue rising significantly beyond expectations is actually limited. In other words, the data has already returned to a relatively manageable range.
The key point is—if the labor market continues to deteriorate, with the monthly unemployment rate rising by 0.1 percentage points, then the market may seriously underestimate the room for rate cuts next year. At that time, the central bank's policy adjustment room could be much larger than currently imagined. This is worth paying attention to for overall asset allocation expectations.

【Block Rhythm】On-chain monitoring data shows that a trader has staged a "harvesting" show on the Hyperliquid platform with a keen market sense. The address named pension-usdt.eth has accumulated a profit of $24.04 million over the past month, with 16 out of 17 trades since December being profitable, resulting in a hit rate of 94.1%.
This trader's current ETH long position is massive—holding 30,000 ETH worth $89.72 million, firmly ranking in the top 3 for ETH long positions on Hyperliquid. Interestingly, his average opening price was set at $2,969.6, providing ample profit potential in subsequent market movements.
Just 9 hours ago, this whale had just completed a BTC short position closing trade, extracting from this transaction again.

Macroeconomic analyst Luke Gromen was previously bullish on Bitcoin but has recently turned bearish, mainly because Bitcoin is highly correlated with tech stocks, and its future prospects are concerning. Additionally, liquidity tightening and the potential threat of quantum computing are important factors. Tether is increasing investments in AI and gold, indicating that the market is undergoing asset adjustments.

【Blockchain Rhythm】Trump claims that Trump Gold Card sales are booming, with sales exceeding $1.3 billion. However, the prediction platform Polymarket has raised serious doubts about this figure.
Polymarket explicitly states that only sales data that have been finalized and paid for can be recognized. Trump's statement on December 19 regarding Gold Card sales, as well as Howard Lutnick's claim that "$1.3 billion worth was sold in just a few days," do not meet this standard — because these are merely sales claims and do not meet the strict condition of "payment completed."
The best indicator of the issue is the prediction data itself. As of now, the probability on Polymarket that Trump Gold Card sales this year are $0 remains as high as 89%, reflecting widespread skepticism in the market about the authenticity of the official statement.
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The U.S. Department of Justice has begun releasing publicly the Epstein case investigation files and has warned that some victim information may still be exposed. Deputy Attorney General Blanc said that the identities of more than 1,200 victims have been confirmed for deletion, and plans to release hundreds of thousands of documents on the 19th. A full disclosure will take several weeks.

[CoinPush] JPMorgan's recent analysis report has dealt a blow to the stablecoin market. According to their forecast, by 2028, the supply of stablecoins may hover between $50 billion and $60 billion, far below the industry's most optimistic estimates of $2 trillion to $4 trillion. How big is the gap? The difference is 3 to 6 times.
What is the current situation? Since the beginning of this year, the stablecoin market has grown by approximately $100 billion, with a total current size of $308 billion. USDT and USDC, the two major players, have contributed the main growth. But where does this growth come from? It is mainly not from payment scenarios, but from trading scenarios. DeFi and derivatives trading are the true driving forces behind the demand for stablecoin collateral, with new stablecoin holdings on derivatives exchanges reaching $20 billion.
What about payment applications? Currently, they are still a weakness. However, analysts believe that as more service providers begin testing cross- based on stablecoins,

Large technology companies provide $5 billion in financing support to Bitcoin miners through data center leasing partnerships, helping miners upgrade infrastructure and shift towards AI computing supply chains. Market expectations are that miner stock prices will rise significantly, and tech giants will obtain equity subscription warrants, tightly binding the interests of both parties, demonstrating the industry's pursuit of new growth stories.