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MicroStrategy has launched a fierce rebuttal against Morgan Stanley Capital International’s (MSCI) proposal to exclude Bitcoin-heavy companies from its major equity indexes, calling the move “discriminatory” and “misguided.” The company argues that the plan unfairly treats operating businesses like investment funds, threatening innovation and distorting how digital assets are represented in global markets.

A Clash Over Bitcoin Exposure
The dispute erupted after MSCI began a consultation in October to determine how companies with large digital asset holdings—known as Digital Asset Treasuries (DATs)—should be classified in its indexes. The proposed rule would exclude firms whose balance sheets consist of more than 50% digital assets, a threshold that directly targets MicroStrategy, one of the world’s largest corporate holders of Bitcoin.

JPMorgan analysts quickly warned that such a move could unleash billions in forced selling, estimating that MicroStrategy alone could face up to $2.8 billion in sell pressure, and as much as $9 billion if other index providers followed suit. The potential fallout has sparked a heated debate over how Bitcoin exposure should be managed in public markets.

MicroStrategy Defends Its Business Model
In a detailed 12-page letter signed by Executive Chairman Michael Saylor and President Phong Le, MicroStrategy—now rebranded as “Strategy”—argued that MSCI’s proposal fundamentally misunderstands its business model. The company emphasized that it is not a passive investment vehicle but an operating enterprise that strategically uses Bitcoin as a reserve asset to issue debt, raise capital, and strengthen its balance sheet.

“The proposal rests on a broad mischaracterization of digital asset treasuries,” the letter stated. “It would impose arbitrary and unworkable conditions that stifle innovation, damage MSCI’s credibility, and conflict with national economic priorities.”

Strategy further contended that the 50% digital-asset threshold unfairly singles out Bitcoin-focused firms while leaving other concentrated sectors—such as energy, real estate, or commodities—untouched. The company labeled the rule “discriminatory,” arguing that it penalizes innovation in digital finance while protecting traditional asset classes.

Broader Implications for Bitcoin and Public Markets
The MSCI consultation has become a flashpoint in the evolving relationship between traditional finance and digital assets. If implemented, the rule could reshape how investors gain exposure to Bitcoin—potentially steering them away from corporate treasuries like MicroStrategy’s and toward regulated exchange-traded funds (ETFs).

For companies like Strategy, exclusion from major indexes could have far-reaching consequences. It could reduce liquidity, increase borrowing costs, and limit access to institutional capital. More broadly, it could discourage other corporations from adopting Bitcoin as a treasury reserve asset, slowing the integration of digital assets into mainstream finance.

The Road Ahead
MSCI’s consultation remains open until December 31, with market participants, institutional investors, and regulators closely monitoring the outcome. The decision will likely set a precedent for how digital asset treasuries are treated across global equity benchmarks.

As the debate intensifies, MicroStrategy’s challenge underscores a pivotal question for the financial world: should Bitcoin exposure be confined to regulated funds, or can it coexist within the balance sheets of innovative public companies? The answer could redefine the boundaries between corporate finance and the digital asset economy for years to come.
#ETHETFsApproved $BTC

全球智慧手机市场即将发生重大变化，小米与Sei携手合作，让加密货币的访问变得和解锁手机一样简单。从2026年开始，数百万小米用户将通过预装的Sei钱包和Web3探索应用程式获得即时访问数字资产的权限——这一举措可能重新定义日常消费者如何与区块链技术互动。

无缝的加密货币入口
这项于12月10日宣布的合作引入了一种本地MPC（多方计算）钱包，直接集成到在中国和美国以外地区销售的新小米设备中。用户将能够使用他们的Google或小米ID登录，消除对复杂种子短语的需求——这是加密货币采用的最大障碍之一。

The idea of a “Trump-led Federal Reserve” is rapidly becoming one of the most talked-about macroeconomic themes heading into 2026. Analysts warn that markets may be underestimating the potential impact such a shift could have on global liquidity—and by extension, the cryptocurrency market. The possibility of a more politically influenced Fed raises questions about interest rates, inflation, and the broader risk appetite that fuels digital asset growth.

Macro strategist Plur Daddy has described this potential transition as a “nonlinear, disruptive shift” that could trigger outsized market reactions. Investors are already positioning defensively, with increased bets on gold as a hedge against policy uncertainty. Former Fed trader Joseph Wang, known as “Fed Guy,” has echoed these concerns, suggesting that a Trump administration’s push for lower interest rates could ignite rallies in equities and spill over into risk assets like crypto.

Market Signals and Policy Tensions
Despite growing speculation, markets have yet to fully price in the implications of a Trump-controlled Fed. The yield curve currently reflects a tug-of-war between short-term Treasury bills and long-term bonds, signaling deep uncertainty about future policy direction. Analysts point to three potential levers the administration could use to ease financial conditions without resorting to formal quantitative easing (QE):

Easing bank regulations to encourage greater Treasury demand.
Shortening bond maturities to improve market absorption and liquidity.
Leveraging government-sponsored enterprises (GSEs) to purchase mortgage-backed securities (MBS), transmitting looser policy into the housing market.
These measures could effectively inject liquidity into the system, even without direct asset purchases by the Fed.

Crypto’s Short-Term Outlook: Volatility Meets Opportunity
In the near term, the cryptocurrency market faces a complex environment. Volatility remains high, and liquidity is limited, making trading conditions challenging. Bitcoin could see modest upside if bank reserves improve and term premiums decline, but structural supply-demand imbalances continue to weigh on sustained momentum.

Short-term rallies may occur as liquidity conditions ease, yet the broader crypto market is likely to remain in a phase of consolidation. Traders and investors should remain cautious, focusing on liquidity flows and shifts in risk sentiment rather than chasing speculative spikes.

The Road Ahead: Liquidity as the Key Catalyst
Looking forward, policy tools such as OBBBA expansions and T-bill buybacks could help relieve funding stress across financial markets. These interventions would indirectly support crypto by improving overall liquidity and investor confidence. However, analysts expect a gradual recovery rather than a sudden breakout.

The cryptocurrency market’s next major move will likely depend on how effectively the new Fed leadership manages the balance between growth and inflation. If macro conditions stabilize and liquidity steadily returns, digital assets could emerge as one of the biggest beneficiaries of a Trump-era monetary reset.

In essence, a Trump-controlled Fed could reshape the financial landscape—potentially turning crypto from a speculative asset into a strategic hedge against policy-driven volatility.
$BTC $TRUMP

比特币的价格继续徘徊在谨慎的乐观与持续的不确定性之间。在经历了数周的横盘整理后，全球最大的加密货币正努力寻找支撑点，交易者们在猜测下一次重大变动是突破还是再次下跌。随着联邦公开市场委员会（FOMC）预计将在星期三宣布25个基点的降息，潜在的波动性舞台已经搭建好——但真正的问题是短期持有者是否会帮助或阻碍比特币的复苏。

马克龙发出严厉警告：美国加密货币放松监管可能引发全球金融冲击
比特币世界
法国总统埃马纽埃尔·马克龙对美国加密货币政策发出了迄今为止最强烈的国际警告，警告称美国日益放松的监管立场，特别是在稳定币方面，可能会加剧全球市场的系统性风险。
他的言论反映了欧盟内部日益增长的担忧，即美国正在优先考虑快速的加密货币扩张，而不是长期的金融稳定。