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Most Influential 2025: Tom Lee’s Wall Street pivot deepens as BitMine expands Ethereum holdings

Thomas “Tom” Lee, a longtime Wall Street strategist and co-founder of Fundstrat Global Advisors, is being highlighted on CoinDesk’s Most Influential 2025 list as his role in crypto becomes more direct and operational.

Lee has built a reputation as a veteran market analyst known for identifying turning points earlier than many peers. Recently, he has paired public market commentary with a more hands-on position in digital assets as chairman of BitMine Immersion Technologies.

In recent appearances, including on CNBC’s “The Exchange” and in a broader media circuit, Lee has reiterated his view that Ethereum has already bottomed and has maintained a bullish stance even as the Federal Reserve’s tone has remained hawkish. He also tied BitMine’s positioning to what he described as constructive catalysts, including Ethereum’s Fusaka upgrade and macro expectations such as a potential Fed rate cut.

BitMine has also taken visible steps to align capital with that view. The firm boosted its Ethereum holdings to about $12 billion after acquiring $429 million in ETH (138,452 ETH). BitMine also reported $1 billion in cash, underscoring that the build-up in ETH reserves has been accompanied by added liquidity.

In the same stretch of coverage, BitMine’s Ethereum position has been described as $11.35 billion at one point in time, equating to roughly 3.08% of total ETH supply, highlighting how significant corporate crypto treasuries have become in market structure conversations.

• Who: Tom Lee, Fundstrat co-founder; chairman of BitMine Immersion Technologies
• What happened: BitMine increased its Ethereum holdings by $429 million (138,452 ETH), taking total ETH holdings to roughly $12 billion; the firm also reported $1 billion in cash
• What Lee said: Ethereum has already bottomed, and he expects a rally into early 2026, despite a hawkish Fed tone
• Why it matters: It reflects the continued convergence of traditional finance influence with large-scale digital asset treasury strategies

Lee’s prominence comes as traditional finance has increasingly embraced digital assets, with high-profile strategists and corporate vehicles playing a growing role in how crypto narratives translate into institutional positioning. His elevation on CoinDesk’s list reflects not just commentary, but a shift toward leadership that directly shapes capital deployment in the crypto market.

Beyond markets, Lee has also spoken publicly about his personal background, including his early interest in music and drumming, citing influences such as John Bonham, Tommy Aldridge, Alex Van Halen and Terry Bozzio—a reminder that the figures shaping crypto’s institutional era often arrive with long careers outside the industry.

SEC’s ‘Crypto Mom’ Peirce Warns: Tokenized Assets Remain Securities

SEC Commissioner Hester Peirce, known as “Crypto Mom,” just dropped a reality check: tokenized securities are still securities under U.S. law, no matter the blockchain hype. Echoing ex-chair Gary Gensler’s tough stance, she urged crypto players to sit down with the SEC before launching anything. This cuts through RWA dreams, reminding everyone regulation isn’t vanishing.

The spark? Peirce’s fresh comments amid booming tokenized real-world assets (RWAs) like real estate and bonds on chains. She’s channeling Gensler, who built the SEC’s crypto crackdown empire, pushing projects to engage regulators early. No new rules announced—just a firm reminder that slapping “tokenized” on a security doesn’t dodge oversight.

Who benefits? Compliant builders like BlackRock’s tokenization pilots gain an edge, while fly-by-night tokenizers face shutdowns. Losers: speculative RWA projects assuming decentralization trumps disclosure rules. Now, expect more SEC meetings, slower launches, and a chill on unchecked token hype.

What This Means for Crypto

Forget the jargon: “Tokenized securities” are digital versions of stocks, bonds, or property deeds on blockchain—promising speed and liquidity but still triggering SEC filing requirements like prospectuses and investor protections. Peirce isn’t anti-crypto; she’s pro-clarity to avoid Gensler-era lawsuits.

Traders get whiplash—RWA tokens like ONDO or IXS might dip on compliance fears. Long-term investors? Safer bets on regulated plays with real assets. Builders must pivot to “meetings first” or risk enforcement hell.

Market Impact and Next Moves

Short-term bearish for RWAs: sentiment sours as “regulation risk” headlines spook leveraged traders, potentially dumping 10-20% on hyped tokens. Mixed for Bitcoin maxis—keeps alts in check.

Key risks: SEC enforcement waves targeting non-compliant tokenization, liquidity dries up in gray-area projects, plus macro rate cuts delaying institutional inflows. Scam potential rises if opportunists ignore warnings.

Opportunities shine for undervalued compliant RWAs with on-chain growth—think tokenized Treasuries from giants like Franklin Templeton. Long-term adoption accelerates if projects engage now, unlocking trillions in real assets.

Tokenize wisely or face the SEC’s long arm—compliance isn’t optional, it’s your moat.

Polymarket returns to the U.S. with a regulated mobile app as institutional crypto activity broadens

Polymarket has launched a U.S. mobile app for sports and proposition markets after receiving regulatory clearance from the Commodity Futures Trading Commission (CFTC), marking a formal return to the American market following a multi-year absence.

Polymarket has blocked access to U.S. customers since 2022 after settling with the CFTC, which accused the company of operating an unregistered derivatives trading platform. The platform has now received a no-action letter, providing the green light to restart U.S. operations under federal oversight.

The relaunch arrives during a period of improving regulatory conditions for some crypto products and platforms. The raw information notes that the second Donald Trump administration eased the regulatory environment for Polymarket.

Polymarket, founded in 2020 by Shayne Coplan, is a blockchain-based prediction market where users wager on outcomes tied to real-world events. Activity has expanded beyond politics and macro topics into corporate and product-related questions, with users placing bets on events such as major company announcements, acquisitions, and layoffs.

One of the platform’s core design choices is its reliance on stablecoins for trading, particularly USD Coin (USDC). By denominating trades in USDC, Polymarket aims to reduce the impact of cryptocurrency price swings on a user’s stake, keeping transaction values steadier than platforms that rely on volatile tokens.

Distribution is also widening. MetaMask has added Polymarket directly into its mobile app, according to a Consensys blog post, allowing users to access prediction markets without leaving their wallet interface.

Polymarket’s return also lands amid growing attention to prediction markets more broadly. Kalshi, another U.S.-focused prediction market platform, secured CFTC approval in 2020 and later won judicial approval to list election-related contracts. The category gained visibility during the 2024 election cycle, helping establish prediction markets as a notable segment of the crypto economy.

At the same time, questions remain about how to interpret platform activity. Paradigm co-founder Matt Huang amplified research alleging that Polymarket may be inflating its reported trading volumes due to a data aggregation error that can result in double-counting across third-party analytics platforms. The raw content also notes that a small contract size can lead to large reported volume figures, prompting some experts to prefer alternative measures such as open interest and fee revenue.

The broader crypto backdrop continues to mix institutional product expansion with market and regulatory uncertainty. BlackRock has continued to advance digital asset investment products, including a filing for the iShares Staked Ethereum Trust ETF in the U.S., and its existing spot ether fund (ETHA) is described as the largest of its kind with about $17 billion in assets under management. BlackRock’s own framing of market cycles has also evolved, with BlackRock Investment Institute strategist Ben Powell saying, “You can’t be what people used to call ‘risk-on’.”

Meanwhile, macro conditions and policy debates remain part of the narrative. The raw information highlights that lower real interest rates have historically pushed capital toward risk assets, including digital currencies and gold, and that continued bipartisan momentum on U.S. crypto market structure legislation could bring additional clarity for institutional allocators.

For Polymarket, the U.S. app launch represents a key operational milestone: a regulated re-entry after the 2022 enforcement action, paired with deeper wallet-level distribution and renewed focus on how prediction markets are measured and governed as they scale.

Trump Jr. Backs Thumzup: Social Media Firm Goes Full Bitcoin Treasury

Donald Trump Jr. has thrown his weight behind Thumzup Media Corporation, a social media marketing platform that’s pivoting hard into Bitcoin as its core treasury asset. This move signals elite confidence in BTC as a superior store of value amid volatile markets. For crypto investors, it’s a high-profile nod to corporate Bitcoin adoption that could spark copycat strategies.

Thumzup Media started as a straightforward platform letting influencers peddle products across social channels to rake in revenue—think easy cash for shoutouts and endorsements. But now, they’re flipping the script: announcing a massive shift to hold Bitcoin on their balance sheet as the ultimate treasury reserve. Enter Donald Trump Jr., who’s investing directly into this audacious play, lending it serious political and cultural cachet.

What sparked this? Thumzup saw the writing on the wall—fiat inflation eating savings while Bitcoin’s scarcity shines brighter. Key facts: No exact investment figures dropped yet, but Trump Jr.’s involvement catapults them from niche player to spotlight. Winners? Bitcoin maximalists and adoption bulls who get a Trump-branded win; Thumzup gains instant credibility. Losers? Traditional treasuries clinging to bonds. Now, expect more firms eyeing BTC stashes, especially with election vibes heating up.

What This Means for Crypto

In plain English, a “Bitcoin treasury” means a company parks its cash in BTC instead of boring bank accounts or bonds—betting on crypto’s long-term outperformance over inflation-ravaged dollars. Thumzup’s influencers keep hustling ad revenue, but now that cash flows straight into Bitcoin, creating a self-reinforcing loop of growth and hodling.

Traders get a quick sentiment pop on BTC and related tokens; long-term investors see validation for corporate adoption narratives. Builders in social-fi and DeFi? This opens doors for influencer-BTC integrations, but watch for regulatory side-eyes on celebrity-backed crypto ventures.

Market Impact and Next Moves

Short-term: Bullish fireworks for Bitcoin as Trump Jr.’s name juices retail FOMO—expect BTC price pumps and volume spikes. Sentiment flips from sleepy summer to election-fueled hype.

Risks loom large: Political backlash could trigger SEC probes, plus if BTC dumps, Thumzup’s treasury takes a hit, eroding trust. Low liquidity in small-cap plays like this amps volatility.

Opportunities scream: Undervalued BTC treasury narrative exploding—hunt similar micro-adopters with on-chain proof. Long-term, this normalizes crypto for mainstream firms, paving adoption highways.

Trump Jr.’s bet screams conviction: Bitcoin isn’t just digital gold—it’s the new corporate war chest. Position accordingly, or get left in the fiat dust.

Lawmakers Say Bank of England Stablecoin Proposals Will ‘Limit Adoption, Push Activity Overseas’

A cross-party group of UK lawmakers has urged Chancellor Rachel Reeves to intervene in the Bank of England’s (BOE) proposed framework for stablecoins, warning that the current approach could make the UK a “global outlier” and drive digital asset activity offshore.

In a letter addressed to Reeves, the lawmakers said they are “deeply concerned that the UK is drifting towards a fragmented and restrictive approach that will deter innovation, limit adoption, and push activity overseas.”

The signatories argue that stablecoins are already becoming a “pillar of the digital economy”, and that the UK’s rules should support the development of pound-denominated digital money infrastructure rather than discourage it.

The lawmakers’ concerns focus on several parts of the BOE’s draft proposals, including restrictions they say would undermine the competitiveness of pound-backed stablecoins.

• A proposed holding cap of £20,000 for stablecoin users, applying to citizens and businesses
• Rules that would restrict most wholesale use of stablecoins to activity inside the Digital Securities Sandbox
• A prohibition on paying interest on reserves
• Reserve requirements that the lawmakers described as “impractical”

According to the letter, these measures could leave pound-backed stablecoins at a structural disadvantage, pushing users toward dollar-pegged alternatives such as USDT and USDC, which already dominate much of global on-chain stablecoin activity.

The lawmakers also argued that the proposals would not meaningfully protect the financial system. Instead, they said, the outcome would likely be increased reliance on offshore, dollar-based stablecoins, weakening the UK’s ability to build and govern domestic digital money rails.

The dispute highlights a broader tension in UK crypto policy: how to encourage innovation and maintain London’s role as a global financial center while addressing risks that regulators associate with new payment instruments and tokenized money.

The letter frames the BOE’s approach as misaligned with the government’s stated ambition to position the UK as a leading jurisdiction for digital assets, warning that overly restrictive design choices could push innovation and capital to other markets.

Filipino Crypto Workers Earn Less But Live Cheaper Than Aussies

Filipino crypto professionals pull in salaries dwarfed by Australian counterparts, but rock-bottom living costs flip the script on real purchasing power. A Cointelegraph deep dive reveals how this wage gap fuels the Philippines’ rise as a global crypto outsourcing hub. For investors, it’s a window into labor dynamics shaping blockchain’s talent wars.

The spark? The Philippines’ explosive growth as a crypto powerhouse, from Binance hubs to remittance booms via tokens. Cointelegraph’s feature quotes insiders acknowledging the raw numbers: Filipino devs and execs earn a fraction of Aussie paychecks—”much, much less,” as one puts it. Yet, the punchline hits when you factor in costs: housing, food, and daily life here cost peanuts compared to Sydney or Melbourne.

What happened? No big announcement or market move—just a candid reality check in a magazine spotlight on Manila’s crypto scene. Key facts: salaries might look pitiful on paper (think $1K-$3K monthly for skilled roles vs. $10K+ Down Under), but adjusted for purchasing power parity, they’re competitive. This draws Western firms to outsource, slashing overhead while tapping a young, English-fluent workforce hungry for blockchain gigs.

Who wins? Filipino workers gaining stable crypto jobs amid high unemployment; exchanges and projects like Binance saving 50-70% on labor. Losers? Higher-cost hubs like the US or Australia, losing talent edge. Now? Expect more offshoring, accelerating remote crypto teams and pressuring global wage floors.

What This Means for Crypto

Forget jargon—purchasing power parity (PPP) just means your money buys more rice and rent in Manila than lattes in Melbourne. Crypto firms aren’t charities; they’re chasing PPP-adjusted talent to build cheaper, faster.

Traders: Minimal direct price action, but watch for narratives around “emerging market labor” boosting efficiency plays like outsourcing tokens or PH-focused projects. Long-term investors: This cements Philippines as crypto’s next India—back infrastructure builders here for adoption tailwinds. Builders: If you’re hiring, Manila’s your bargain bin for devs who code like pros without the payroll sting.

Market Impact and Next Moves

Short-term sentiment: Mildly bullish for risk-on vibes, as cost efficiencies signal leaner ops amid bearish macro noise—no FUD, just smart business.

Key risks: Local politics or peso volatility could spike labor costs; over-reliance on cheap talent invites quality dips or strikes. Scam potential low, but watch shady outsourcing firms.

Key opportunities: Undervalued PH ecosystem tokens (think remittances via Coins.ph integrations); on-chain growth in SEA hiring platforms; long-term bet on global crypto labor arbitrage fueling 10x adoption in low-cost nations.

Outsource smart, or get outpaced—crypto’s efficiency race favors the frugal.

Coinbase Ending USDC Rewards for Free Users, Will Only Be for Paid Members

Coinbase will stop paying rewards on USDC balances to non-paying customers starting December 15, placing the benefit behind its paid subscription offering, Coinbase One.

The exchange first communicated the change in an email sent to customers on Thursday. A Coinbase spokesperson later confirmed that USDC rewards are now a member-exclusive benefit of Coinbase One, meaning only subscribers will continue earning rewards after the deadline.

The decision affects users who previously held USDC on Coinbase and earned rewards without paying for a membership. After December 15, those free-tier customers may continue to hold USDC on the platform, but they will no longer earn the yield they previously received.

Coinbase has not publicly detailed what motivated the change. The shift nonetheless marks a clear move toward subscription-based incentives, at a time when stablecoin-related reward rates have been adjusting downward alongside lower interest-rate conditions in major markets.

Coinbase’s USDC product has been positioned as a convenient stablecoin option for customers, including fee-free conversions between USDC and USD. With rewards now tied to a paid tier, the exchange is narrowing one of the key benefits that had helped differentiate holding USDC on Coinbase for everyday users.

The update also lands amid broader competition around stablecoin distribution. Circle’s USDC, in particular, has been expanding its reach through partnerships beyond Coinbase, including a recently announced agreement with Bybit to increase USDC liquidity and extend its use across savings, payments, and card rewards. That expansion highlights how exchanges and issuers are continuing to refine stablecoin strategies even as the returns available to customers evolve.

SEC’s Crypto Mom Peirce Warns: Tokenized Assets Still Face Security Rules

SEC Commissioner Hester Peirce, known as “Crypto Mom,” just dropped a reality check: tokenized securities remain firmly under securities laws, no matter the blockchain hype. Echoing ex-chair Gary Gensler’s stance, she’s urging crypto players to chat with the SEC before diving in. This cuts through the noise on tokenization dreams, reminding everyone that innovation doesn’t dodge regulation.

The spark? Peirce’s recent statement amid booming tokenized asset narratives, where firms push real-world assets (RWAs) like bonds and real estate onto blockchains for efficiency. She clarified outright: “Tokenized securities are still securities,” shutting down any wishful thinking that on-chain wrappers magically exempt them from SEC oversight. No new rules dropped, but her words channel Gensler’s old playbook—register or risk enforcement.

Key facts are stark: Peirce explicitly called on market participants to “consider meeting with the Commission and its staff” for guidance. This isn’t a crackdown announcement, but a proactive nudge to avoid future lawsuits. Winners? Compliant projects like BlackRock’s tokenized funds that already play by the rules. Losers? Unregistered token issuers betting on regulatory blind spots. Now, every RWA launch faces extra scrutiny, slowing wild-west tokenization but stabilizing the space long-term.

What This Means for Crypto

For the uninitiated, “tokenized securities” are real assets—like stocks or property—converted into blockchain tokens for 24/7 trading and fractional ownership. Peirce’s point? Slap them on Ethereum or Solana, and they’re still “securities” under U.S. law, triggering registration, disclosures, and investor protections—no shortcuts.

Traders get whiplash: short-term pumps on RWA tokens could fizzle if issuers balk at compliance costs. Long-term investors cheer clearer paths for institutional money, but builders face hurdles—expect more lawyer-up moments before mainnet launches.

Market Impact and Next Moves

Sentiment skews bearish short-term for pure-play tokenization tokens, as Peirce’s echo of Gensler reignites FUD on regulatory moats. Expect volatility in RWA sectors like ONDO or MKR, with dips creating buy-the-news setups if meetings yield leniency.

Prime risks: enforcement actions against non-compliant projects, liquidity crunches from delistings, and stalled adoption if builders flee U.S. markets. Opportunities abound in undervalued compliant plays—watch on-chain growth in SEC-blessed tokenized treasuries for steady yields amid rate cuts.

Tokenization’s promise endures, but only if you bring your SEC Rolodex—ignore at your peril.

Florida Seizes $1.5M in Dogecoin, Pepe, Solana and Avalanche in Case Tied to Chinese National

Florida prosecutors have seized roughly $1.5 million in cryptocurrency after tracing funds from an alleged investment fraud complaint to a digital wallet authorities say is connected to Tu Weizhi, a Chinese national accused of money laundering and fraud.

According to filings and statements from the Florida Attorney General’s office, the seized wallet contained a mix of Dogecoin (DOGE), Pepe (PEPE), Solana (SOL), and Avalanche (AVAX). The state valued the combined holdings at about $1.5 million at the time of the seizure.

The case stems from a local complaint tied to an alleged investment scam. Investigators followed on-chain transaction trails that linked a victim’s losses to a broader pool of crypto assets held in the wallet authorities allege was controlled by Tu.

Rather than limiting recovery efforts to the amount tied directly to the reported loss, prosecutors sought and obtained a court order authorizing seizure of the full balance of the wallet, based on the state’s claim that the funds were connected to the criminal case.

Florida officials said Tu is believed to be in China and has been charged with money laundering, grand theft, and operating an organized scheme to defraud. A seizure warrant was filed in Florida’s Fifth Judicial Circuit to recover the wallet’s contents.

The seizure was carried out under Florida’s fugitive disentitlement provisions, which allow courts to move against assets tied to a criminal case when a defendant is outside the jurisdiction and does not appear in court. Under that framework, defendants may be prevented from challenging forfeitures without submitting to the court’s authority.

The action adds to a growing list of crypto-related fraud enforcement efforts in the U.S., including federal seizures in other cases that authorities say were tied to scams conducted through text messages and social media.

• Amount seized: About $1.5 million in crypto
• Assets named: DOGE, PEPE, SOL, AVAX
• Legal mechanism cited: Florida’s fugitive disentitlement statute
• Alleged suspect: Tu Weizhi, believed to be in China

Filipino Crypto Workers Earn Less But Thrive on Purchasing Power

Filipino crypto professionals pull in salaries dwarfed by Australian counterparts, yet their money stretches far further amid ultra-low living costs. This eye-opening reality check highlights how global crypto talent pools exploit massive cost-of-living gaps. For investors, it’s a window into why the Philippines is exploding as a blockchain powerhouse—cheap labor fueling high-output innovation.

The spark? A deep dive into the Philippines’ booming crypto scene, where developers, marketers, and execs flock to projects like Coins.ph and international DAOs. The quote nails it: while raw paychecks lag behind Sydney or Melbourne standards—”much, much less”—local expenses like rent, food, and transport cost a fraction. Picture this: a mid-level blockchain dev in Manila might earn $2,000 monthly, versus $10,000 Down Under, but that $2K buys a lifestyle equivalent to double or triple locally.

What happened? No single event, but mounting data from job boards, expat forums, and industry reports paints the picture. Firms like Binance and Animoca Brands have set up shop or hired remotely here, drawn by English fluency, tech-savvy youth, and government nods to crypto remittances. Winners: Filipino workers gaining global gigs without relocating, and startups slashing 50-70% on payroll. Losers: Western firms facing talent wars. Now? Expect more offshoring, with Manila rivaling Bangalore as crypto’s next hub—changing hiring forever.

What This Means for Crypto

Forget jargon: purchasing power parity (PPP) is just economics-speak for “your dollar buys more where life is cheaper.” In crypto, this means builders in emerging markets like the Philippines can crank out code, NFTs, or DeFi protocols at rock-bottom costs, making projects leaner and faster to launch.

Traders get volatility plays on local tokens like those tied to Philippine exchanges, while long-term investors eye funds backing SEA blockchain infra. Builders win biggest—hire a full team for the price of one Aussie dev, scaling without dilution.

Market Impact and Next Moves

Short-term sentiment: Bullish for Asia-focused narratives, as this reinforces the Philippines’ remittance revolution (crypto now rivals Western Union). Expect pumps in related alts during hiring sprees.

Key risks: Currency swings (PHP volatility), brain drain if salaries rise, or regulatory U-turns from BSP watchdogs. Liquidity stays thin on local pairs—trade carefully.

Opportunities scream: Undervalued plays in SEA Web3, on-chain growth via cheap dev talent, and adoption tailwinds from a 110M-strong population hooked on crypto for OFW money transfers.

Smart money bets on global arbitrage: outsource to Manila, pocket the savings, and build the next unicorn before the wage gap closes.

Bitcoin back above $92K as ETF flows, tokenization talk, and prediction markets shape the week

Bitcoin traded back above $92,000 during Monday’s Asia session after briefly dipping below $90,000, as traders weighed expectations of a Federal Reserve rate cut alongside broader risk jitters tied to AI-linked equities. Altcoins continued to lag the move in bitcoin.

The latest swing lower accelerated after a $92 million liquidation of bullish leveraged bitcoin futures, underscoring how derivatives positioning can amplify short-term volatility even when the broader trend remains supported by institutional demand.

By mid-week, bitcoin was again holding the $92,000 level. Data cited by TechStock² put bitcoin up 3.09% to $92,559.73 on December 10, while noting that liquidity indicators were not yet showing full conviction: bitcoin’s bid-ask ratio has remained “relatively low and inconsistent,” compared with November’s sharp drop from $100,000 to $80,000 when the ratio turned positive as large bids absorbed selling.

A central pillar of the rally remains the U.S. spot Bitcoin ETF market. BlackRock’s iShares Bitcoin Trust has grown into one of the largest holders of bitcoin, with more than 773,000 BTC, highlighting the scale of institutional access created by spot ETF products.

Flows, however, have been mixed. CryptoNews reported that U.S. spot Bitcoin ETFs recorded about $60.5 million in net outflows on Monday, pulling cumulative net inflows back to $57.65 billion. Even so, BlackRock’s fund still drew new money while Grayscale and other issuers saw withdrawals. Separately, figures cited in the roundup said BlackRock’s Bitcoin ETF was the week’s largest contributor with $214.1 million in inflows, and that the spot ETF category logged inflows on three days of the week, with only two sessions negative.

Alongside ETFs, several institutional and policy signals helped define the broader backdrop:

• SEC: The Securities and Exchange Commission published a crypto custody bulletin aimed at investors.
• Itaú Asset: The firm recommended investors allocate 1% to 3% of portfolios to bitcoin next year.
• CFTC: The agency announced a pilot program and guidance for tokenized collateral, explicitly naming assets such as BTC, ETH, and USDC in a derivatives-collateral context.

Tokenization also returned to the spotlight after BlackRock CEO Larry Fink predicted “enormous growth” in crypto-based tokenization in coming years. NYDIG, however, offered a more cautious framing, saying tokenization will not meaningfully benefit crypto “until assets are freed up,” pointing to structural and market plumbing constraints that can limit immediate impact.

Outside core crypto markets, prediction markets continued their rapid expansion in 2025. Kalshi and Polymarket have grown quickly, and Kalshi’s valuation more than doubled to $11 billion following its latest funding round. Reuters also reported the launch of a national coalition including Crypto.com, Kalshi, Coinbase, Robinhood, and others, aimed at setting integrity standards and advocating for a clearer U.S. federal framework—drawing attention to the overlap between crypto platforms and regulated event/outcome markets.

Over the past two weeks, bitcoin has repeatedly revisited the $90,000 area as retail sentiment improved, fund managers reiterated constructive views on year-end conditions, and Strategy announced a sizable bitcoin purchase. VanEck’s head of digital asset research, Matthew Sigel, cited Bernstein’s view that bitcoin’s market cycle has shifted into an “elongated bull-cycle” with “more sticky institutional buying” potentially offsetting retail-driven swings. Bernstein’s comments followed Fink’s remarks that sovereign wealth funds were “incrementally” buying bitcoin after it fell from a prior $126,000 peak.

For now, the price action reflects a market balancing strong spot demand—particularly through ETFs—against uneven liquidity signals and the ongoing sensitivity of leveraged positioning to macro headlines.

Chinese Creditor Battles FTX’s Bid to Block Payouts in Restricted Nations

A Chinese creditor has fired back at FTX’s latest court motion to halt repayments to users in China and other restricted countries, escalating the bankrupt exchange’s drawn-out repayment drama. This clash highlights the tension between global recovery efforts and local legal barriers. For investors still awaiting their funds, it’s a stark reminder that justice in crypto bankruptcy moves at a glacial pace.

The spark? FTX’s bankruptcy team filed a motion in U.S. court seeking to pause distributions to creditors in nations like China, where strict capital controls and crypto bans make payouts legally dicey. Citing risks of violating international laws and potential clawbacks, they argued for protecting the estate from future lawsuits. But now, a vocal Chinese creditor has challenged this, claiming it unfairly singles out non-U.S. victims and ignores their rightful claims after years of waiting.

Key facts: FTX collapsed in late 2022 owing billions, with over $16 billion recovered so far for distribution. The motion targets about 2% of claims from restricted jurisdictions, but the opposition argues it’s discriminatory. Winners so far? U.S.-based creditors inching toward payouts. Losers: International holders facing more delays. This changes the timeline—court rulings could stretch into 2025, reshaping how bankrupt crypto firms handle global users.

What This Means for Crypto

In plain terms, FTX wants to avoid sending money where governments like China’s might seize it or deem it illegal, dodging a legal minefield. This isn’t just bureaucracy—it’s about not getting sued twice over the same funds. Traders with frozen FTX balances see zero immediate relief; long-term investors learn that “customer assets first” rings hollow across borders.

For builders, it’s a warning: Design with jurisdiction in mind, or risk uneven recovery for users. Everyday holders? Diversify custodians and avoid single points of failure like centralized exchanges. Regulators worldwide get ammo to push for clearer cross-border rules, potentially slowing innovation but adding stability.

Market Impact and Next Moves

Short-term sentiment leans bearish for recovery tokens and alts tied to FTX fallout—memories of the hack still spook sentiment, capping any quick rally. Expect volatility in BTC and majors as headlines remind markets of unresolved contagion risks.

Key risks scream regulation: If courts side with FTX, it sets precedent for U.S.-centric payouts, alienating global users and fueling anti-crypto backlash in Asia. Liquidity crunches could hit if more oppositions pile on, delaying billions in circulation.

Opportunities? Savvy investors eye undervalued claims trading at discounts on secondary markets—fundamentals here are court-backed recoveries, not hype. On-chain growth in DeFi self-custody narratives gets a boost as users flee CeFi pitfalls.

FTX’s ghost lingers: Claim your slice wisely, or watch regulators redraw the payout map entirely.

Tether’s Bid to Buy Italian Soccer Club Juventus Rejected by Majority Shareholder Exor

Exor, the Agnelli family’s holding company and the majority shareholder of Juventus, has rejected an unsolicited takeover approach from cryptocurrency firm Tether, according to statements released on Saturday.

In a message posted on Juventus’ website, Exor CEO John Elkann said, “Juventus, our history and our values are not for sale.” Exor later reinforced that position in a press release, stating it has “no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”

The rejection came a day after Tether publicly announced a binding, all-cash offer to buy Exor’s controlling stake in Juventus. Tether said it offered €2.66 per share for Exor’s 65.4% holding, which it described as roughly a 21% premium to Juventus’ Friday closing price of €2.19.

Exor said its board unanimously declined the proposal, emphasizing that it does not intend to sell any shares in the club, which the Agnelli family has owned for nearly a century.

The bid is notable because it goes beyond the typical ways crypto companies engage with sports organizations, which have largely centered on sponsorship deals and fan token partnerships. In this case, Tether sought to move into outright ownership of one of Italy’s most prominent football clubs.

Juventus has faced financial pressure in recent years and has not recorded an annual net profit for almost a decade, according to the information provided. Against that backdrop, the swift refusal underscores Exor’s position that the club’s ownership is not up for negotiation despite the premium offered.

Tether already holds a stake in Juventus—reported across the provided information as around 10% to 11.5%—and its offer targeted full control by acquiring Exor’s majority holding.

Ripple Hits US Senate Web3 Summit: XRP Primed for New Highs?

Ripple is stepping into the spotlight at next week’s “From Wall Street to Web3” US Senate summit, fueling fresh buzz around XRP’s price charts. Technical indicators scream breakout potential, with analysts eyeing new all-time highs if regulatory winds shift favorably. For XRP holders, this high-profile nod from Washington could be the spark that reignites the rally after years of legal battles.

The catalyst? Ripple’s confirmed participation in the Senate-hosted event, bridging traditional finance titans with Web3 innovators. This comes as XRP’s charts flash bullish signals—breaking key resistance levels and building momentum amid broader market recovery. Ripple, long entangled in its SEC showdown, now positions itself as a compliant bridge between legacy banks and blockchain, potentially swaying lawmakers on crypto clarity.

Who benefits? XRP Army wins big with mainstream validation, while skeptics like short-sellers face squeeze risks. Losers could include rival payment tokens if Ripple’s real-world utility shines. Post-summit, expect partnerships announcements or policy hints that reshape XRP’s $30B+ market cap trajectory—higher liquidity, institutional inflows, or just hot air?

What This Means for Crypto

For traders, this is textbook event-driven volatility: buy the rumor, sell the news, but XRP’s history of 10x pumps on regulatory wins makes longing dips tempting. Long-term investors see validation of Ripple’s cross-border payment tech—already live with banks—gaining US political cover after the SEC case cooled off.

Builders in Web3 get a playbook: cozy up to regulators. Ripple’s summit play underscores how compliance-first projects outlast wildcats, turning legal scars into moats against crackdowns. Everyday users? Faster, cheaper global transfers if XRP adoption accelerates.

Market Impact and Next Moves

Short-term sentiment skews bullish—XRP up 5-10% pre-event on speculation alone, with altcoin betas amplifying Bitcoin’s grind higher. But watch for fakeouts; summits often disappoint without concrete bills.

Key risks: Regulatory whiplash if senators grill Ripple on past allegations, or macro dumps crushing leverage. Opportunities abound in undervalued XRP fundamentals—700% on-chain growth this year signals real demand, perfect for stacking before mainstream FOMO.

Position for the pop, but hedge—Ripple’s D.C. dance could unlock XRP’s locked potential or just tease the bulls one more time.

Phantom Crypto Wallet Adds Kalshi Prediction Markets for Over 20 Million Users

Phantom, a self-custody crypto wallet with more than 20 million users, has partnered with Kalshi to bring regulated prediction markets directly into the Phantom app, the companies announced in San Francisco on Dec. 12, 2025.

The integration, branded Phantom Prediction Markets, places Kalshi’s event contracts alongside the same interface users already use for token balances, transfers, and other wallet activity. The goal is to let Phantom users access prediction markets without needing to open a separate account or move funds to another platform.

Kalshi is described by the companies as the world’s largest prediction market and operates as a CFTC-regulated venue for event-based contracts. Through the Phantom integration, users can trade tokenized positions that reference Kalshi markets covering real-world topics such as politics, sports, culture, and crypto-related outcomes.

According to the announcement, Phantom users can purchase these tokenized positions using Solana (SOL) or Phantom’s CASH stablecoin, which the wallet launched in September. The feature also includes real-time updates on prices, odds, and settlements, along with notifications for active trades.

The partnership reflects a broader trend of prediction markets being embedded into crypto-native products, particularly wallets, as platforms try to consolidate more financial activity into a single user experience. In this case, the companies framed the integration as a way to broaden access to regulated event trading for Phantom’s large user base.

• What changed: Kalshi prediction markets are now accessible inside Phantom under Phantom Prediction Markets.
• Who it affects: Phantom’s 20M+ users can view event contracts within the wallet interface.
• How it works: Users trade tokenized positions tied to Kalshi contracts using SOL or Phantom’s CASH stablecoin.
• Why it matters: The integration expands distribution for CFTC-regulated prediction markets within a major crypto wallet.