News Preview:
Aster will launch the fifth phase of the airdrop on December 22, allocating 1.2% of the total supply.
MetaPlanet will hold an extraordinary general meeting of shareholders on December 22 to discuss important proposals regarding the future issuance of preferred shares.
The Bureau of Economic Analysis will release the third quarter GDP data on December 23.
Due to the Christmas holiday in the United States, the US stock market will be closed for one day on December 25th (Wednesday);
Plasma (XPL) will unlock approximately 88.89 million tokens at 8 PM Beijing time on December 25, with a circulation ratio of 4.5%, valued at about 11.7 million USD.
Approximately $23 billion in Bitcoin options will expire on December 26, which may exacerbate the already high volatility.
December 22
Project Updates:
Binance Wallet will launch Bitway on December 22.

Today's News Highlights:
1. Bipartisan members of the U.S. House of Representatives draft a cryptocurrency tax proposal, involving tax exemption for stablecoins and deferral of taxes on staking rewards.
2. Tom Lee responds to the conflicting discussions with Fundstrat, emphasizing that different analysts have different responsibilities and time horizons.
3. Arthur Hayes: The season of copycats always exists, it's just that some traders do not hold the rising currencies.
4. Tether CEO confirms the development of a mobile cryptocurrency wallet integrated with AI.
5. Data: So far this year, 118 TGEs have a break-even ratio of 84.7%, with only 15% of projects showing an upward trend.
6. F2Pool co-founder Wang Chun once lost 490 bitcoins after testing private key security by transferring 500 bitcoins to a suspicious address.
macroeconomic
Members of both parties in the U.S. House of Representatives are drafting a cryptocurrency tax bill that includes tax exemptions for stablecoins and deferral of taxes on staking rewards.
Representative Max

Source: "When Shift Happens", Youtube
Compiled by: Felix, PANews
Real Vision CEO Raoul Pal shared his framework for achieving success in the cryptocurrency space by 2026 without relying on luck: hold the right assets and then do nothing. Below are the highlights from the interview compiled by PANews from the podcast "When Shift Happens."
Kevin: I recently went to Silicon Valley and talked to a lot of people, which has strengthened my long-term perspective. Today we need to discuss this because I think it's important for people to understand, but either they don't understand or they don't want to understand. Much of people's anger is due to a mismatch in timeframes.
Raoul Pal: It's like you can tell them the direction of future developments. The technology's popular

Author: Joel John, Decentralised.co
Translation: Felix, PANews
Many marketing campaigns in the crypto space fail, perhaps because founders and teams are not good at "storytelling." Joel John, founder and main writer of the Web3 research and writing platform Decentralised.co, discusses the importance and methodology of telling a good story. Below are the details.
My career has witnessed three venture capital funds and one hedge fund from inception to success. Over the past three years, I have also worked with Siddharth and Saurabh Deshpande to

Today's News Highlights:
1. CNBC: Federal Reserve Board Member Waller had a "strong interview for Fed Chair" with US President Trump.
2. The three major US stock indices closed higher collectively, with technology stocks and blockchain concept stocks rising across the board.
3. Citigroup predicts Bitcoin could reach $143,000 in the next year.
4. CryptoQuant: The bear market may have begun, with medium-term support estimated at $70,000.
5. Galaxy Research: Bitcoin is expected to reach $250,000 by the end of 2027.
6. Market News: An internal report from Tom Lee Fund states that BTC and ETH will undergo deep corrections, contrary to his claim of reaching new highs by the end of January.
7. A user encountered a "toxic" attack involving addresses with similar starting and ending characters, losing nearly 50 million USDT.
Macro
The three major US stock indices closed higher collectively, with technology stocks and blockchain concept stocks rising across the board.
The three major US stock indices closed

Cryptocurrency applications are gradually evolving into standardized infrastructure, focusing on backend services to meet users' preferences for familiar interfaces. As technological advancements approach diminishing marginal returns, users prioritize ease of use over complex operations. In the future, competitive barriers will revolve around distribution capabilities rather than liquidity.

Author: miguelrare
Translation: Deep Tide TechFlow
Pumpfun has introduced hundreds of thousands of new tokens to the market,
while Vibecoding will bring the same revolution to Web3 applications.
$GOAT is a pioneer in the AI Agents field.
It successfully combined two popular narratives at the time: AI Agents + Meme Coins, instantly making "token value" clear to speculators (degens).
However, $GOAT did not appear out of nowhere; its success is closely linked to a series of important catalysts from Web2— the infrastructure provided by X and the momentum continuously built by OpenAI.
If you were active in the market at that time, you might also remember what happened next.
Shortly after the launch of $GOAT , everyone started discussing

Summary
Recently, Lighter has become the focal point of discussions in the Perp DEX sector. Lighter is actively traded, its points system operates stably, and Coinbase has included it in its listing roadmap; however, the token issuance date and specific details remain unclear, leading to market expectations being advanced while key information lags behind, sparking controversy. Unlike projects that rely solely on incentives, Lighter attracts a large number of long-term users through an efficient matching mechanism and a good trading experience, demonstrating strong product value. This has caused the market to start valuing it based on mature asset standards in advance, thereby amplifying disagreements. The entire Perp DEX sector is at a critical stage of transitioning from “incentive-driven” to “value-intrinsic” development. How to design tokens that can effectively motivate users while reasonably reflecting the platform’s true value has become a common challenge in the industry. The past projects’回

Highlights of this Issue
The weekly coverage period for this issue is from December 12, 2025, to December 19, 2025. This week, the total on-chain RWA market cap slightly increased to $18.9 billion, with the number of holders continuing to grow; stablecoin market cap surpassed $300 billion, but trading activity declined, indicating a market characterized by "stockpile sedimentation." The global regulatory framework is accelerating development, with China promoting digital RMB, and the US, Canada, and Hong Kong actively formulating rules for stablecoins and asset tokenization. Traditional financial institutions are further deepening their involvement: JPMorgan launched a tokenized fund on Ethereum and integrated JPM Coin into Base; Visa and Mastercard are expanding stablecoin payment and settlement services; DTCC is collaborating with Canton

Time always arrives unexpectedly, and K-line fluctuations are always unpredictable—this is the footnote of 2025. Now, we stand at the tail end of time, looking back at the past and envisioning the future.
The nearly past 2025 in the crypto industry was not particularly tumultuous, but it was also calm and peaceful. From the frenzy sparked by Trump Coin at the beginning of the year, to Ethereum's return in midsummer, and then the bloodbath brought by 1011 in late autumn, the crypto market's ups and downs are vividly outlined.
But beyond these fluctuations on the K-line, the crypto industry has finally welcomed another spring.
In January, the White House issued an executive order, completely abandoning the previous "restrictive regulation" approach.
In March, Trump launched the Bitcoin Reserve Plan, incorporating 200,000 confiscated Bitcoins into strategic reserves.
In April, the U.S. Department of Justice disbanded the specialized crypto enforcement team, creating more space for compliant platforms to develop.
In July, the U.S. Stablecoin Bill (GENIUS) officially took effect.
In August,

Author: Frank, MSX Research Institute
Used to only lose sleep at night from trading US stocks; in the future, I might not be able to sleep during the day either?
As the Crypto market becomes accustomed to the 7×24 non-stop rhythm, Nasdaq, the core hub of TradFi, can no longer sit still.
On December 15, Nasdaq officially submitted documents to the U.S. Securities and Exchange Commission (SEC), proposing to extend trading hours from the current 16 hours per day, 5 days a week (pre-market / regular / after-hours), to 23 hours per day, 5 days a week (daytime / nighttime).
Once approved, US stocks will trade from 21:00 on Sunday evening until 20:00 on Friday evening, leaving only a 1-hour market close window (20:00-21:00) each day. The official reason is quite respectable: "to meet the growing needs of Asian and European investors."

In the crypto world, what truly determines victory or defeat is never the code, but the game of liquidity, power, and regulation. The rise and fall of BUSD is not just a tragic story of a stablecoin, but a financial war over how exchanges attempt to "unify the world."
When BUSD was brought onto the stage of history, it carried not only a compliance narrative but also Binance's ambition to reshape the stablecoin order through heavy-handed tactics—by enforcing exchange rates and merging trading pairs, directly swallowing competitors' depth into its own ledger.
The 2022 "automatic conversion" was a textbook-level blitzkrieg; meanwhile, the regulatory iron fist on Valentine's Day 2023 caused this seemingly invincible empire to collapse in an instant. The twin BUSD, the shadow-like Binance-Peg, and the misalignment of regulatory boundaries together form its Achilles' heel.
But the story is not over yet.
From FDUSD

"Operation Chokepoint 2.0" has never been a conspiracy theory.
Previously declassified internal documents from the Federal Deposit Insurance Corporation (FDIC) revealed that in 2023, U.S. regulators indeed launched an organized de-banking campaign against the crypto industry.
That year, as Silvergate, Signature, and Silicon Valley Bank each failed, regulators imposed institutional friction to restrict banks from providing services to crypto companies, leading to limited liquidity and access in the industry. One of the core tools of this operation was the Federal Reserve's key policy statement that year — classifying banks' involvement in stablecoins, on-chain settlement, crypto custody, and related activities as "high-risk innovative activities," and setting additional approval thresholds.
And just yesterday, this blockade was dismantled by the Federal Reserve. The latest news shows that the Federal Reserve officially revoked the 2023

Title: Hyperliquid at the Crossroads: Robinhood or Nasdaq Economics
Author: @shaundadevens
Translation: Peggy, BlockBeats
Editor's Note: As Hyperliquid's trading volume approaches that of traditional exchanges, what truly matters is no longer just "how large the volume is," but which level of the market structure it chooses to stand on. This article references the division of roles between "brokerages vs exchanges" in traditional finance to analyze why Hyperliquid actively adopts a low-fee market layer positioning, and how Builder Codes, HIP-3, while expanding the ecosystem, also create long-term pressure on platform fees.
Hyperliquid's path reflects the entire crypto ecosystem's development.

Today's News Highlights:
Terraform Labs bankruptcy trustee files $4 billion claim against Jump, accusing it of being responsible for Terraform's collapse
Bank of Japan raises interest rates by 25 basis points as scheduled
Arthur Hayes: Maelstrom is aggressively accumulating high-quality altcoins
Banmu Xia: Japan's rate hike is fully priced in, Bitcoin at $112,500 is a strong resistance level
Solana Ecosystem DEX

Author: Crypto Salad
On December 15, 2025, U.S. time, Nasdaq officially submitted Form19b-4 to the SEC, requesting to extend trading hours for U.S. stocks and exchange-traded products to 23/5 (trading 23 hours daily, 5 days a week).
However, Nasdaq's proposed trading hours are not simply extended; they are divided into two official trading sessions:
Day trading session (Eastern Time 4:00-20:00) and night trading session (Eastern Time 21:00-Next Day 4:00). Trading is paused from 20:00 to 21:00, and all unfilled orders are canceled during the pause.
Many readers were excited upon seeing the news, thinking this might be the U.S. preparing for 24/7 tokenized trading of U.S. stocks. But Crypto Salad carefully studied the document and wants to tell everyone, don't rush to conclusions just yet.

Author: Jae, PANews
In the global stablecoin landscape exceeding $300 billion, where US dollar assets dominate with a 99% share, a non-mainstream category is quietly making a comeback.
Dune data shows that the total market capitalization of euro stablecoins recently broke through $400 million for the first time in history, with a growth rate of over 170% since the beginning of this year.
In the face of the massive size of US dollar stablecoins, although euro stablecoins account for only 0.14% of the global market, this force should not be underestimated. Against the backdrop of increasingly stringent requirements of the EU's Markets in Crypto-Assets (MiCA) Regulation and tightening regulatory walls, this counter-trend surge in data indicates that the crypto ecosystem in the Eurozone is undergoing a profound liquidity reshaping.
A silent on-chain euro war may have already begun, and this could be the turning point for euro stablecoins moving from the fringes to the mainstream market.
Providing compliant entry

The article discusses the conflict between internet platforms and mobile phone manufacturers triggered by AI assistants, especially the struggle over user operation rights and data sovereignty. AI technology makes mobile phone operation more convenient but also raises platform concerns about security, leading to account restrictions for users due to AI operations. The article analyzes the potential legal risks in this game, including unfair competition, data security, antitrust disputes, and user responsibilities, emphasizing the need for legal frameworks to keep pace with rapid technological changes and the importance of innovation.

At the end of the year, young practitioners review their experiences in the crypto world in 2025 through "3 keywords," sharing feelings and growth, exploring faith and future directions, and reflecting on satisfying and regrettable decisions.

Pantera Capital
Compiled & Edited by Yuliya, PANews
Recently, two partners of the top venture capital firm Pantera Capital, Paul Veradittakit and Franklin Bi, analyzed the current state and changes in the crypto investment market in their first podcast episode. They reviewed the speculative wave of altcoins over the past few years, analyzed the "ice and fire" phenomenon of this year’s record-high funding coupled with a significant decline in transaction volume, and debated topics such as project investment strategies, exit paths, DAT, tokenization, and zero-knowledge proofs. PANews has organized and compiled this blog post.
Crypto investment is returning to professionalism and rationality; team execution and asset appreciation are key to DAT competitiveness
Host: Today, we are going to discuss the current state of crypto venture capital. Data shows that