Daily Cryptocurrency Briefing (December 19, 2025)
1. The U.S. regulatory framework takes shape: Key legislation such as the GENIUS Act and the CLARITY Act will be implemented this year, clarifying the 1:1 reserve requirements for stablecoins and the 'digital commodity' nature of BTC and ETH, with the SEC and CFTC finally defining their regulatory roles.
2. New crypto tax regulations in Hong Kong: A public consultation on the crypto asset declaration framework will begin on December 9, with plans to automatically exchange trading tax information with partner jurisdictions starting in 2028, and a revised reporting standard to be implemented in 2029.
3. The EU MiCA legislation fully takes effect: The MiCA legislation, effective at the end of 2024, establishes a classified regulatory system, with IoTeX (IOTX) becoming one of the few blockchain platforms fully compliant across all 27 EU countries.
4. Update on Japan's crypto industry regulations: The Senate has passed an amendment to the 'Fund Settlement Act', introducing a 'domestic holding order' to prevent asset outflow while lowering the entry barriers for crypto intermediaries.
5. Bitcoin holding structure adjustment: On-chain data shows that the supply of BTC long-term holders (LTH) has dropped to its lowest level since October 2021, with chips facing redistribution.
6. Institutional funds flow against the trend: A net inflow in Bitcoin spot ETFs has been observed, with Fidelity's FBTC product contributing significantly to the inflow, providing liquidity support for the market.
7. Whale trading continues to profit: A specific whale has made profits in 12 consecutive trades since December 8, earning over $25.8 million through BTC long positions and ETH short positions.
8. Large on-chain fund movements: A Matrixport-associated wallet deposited 4,000 BTC (approximately $348 million) into Binance, while another newly created wallet withdrew 775 BTC (approximately $67.23 million) from Binance.
9. Major upgrades in DeFi projects: SMARDEX has been renamed to Everything, integrating trading, lending, and perpetual functions, with its token SDEX seeing a 24-hour increase of 160%.
10. Continuous improvement of the technical ecosystem: Safeheron has open-sourced the C++ based Lindell 17 MPC protocol, and Bybit is about to launch the sports IP tokenization project SCOR for spot trading.
