December 10th was a 'carnival day' for the crypto market — Bitcoin briefly broke through $94,500, and although it slightly retreated to $92,900, it still recorded a 2.48% increase over 24 hours; Ethereum closely followed, approaching the $3,400 key level. Boosted by this, the total market value of global crypto assets skyrocketed to $3.263 trillion, and crypto-related stocks in the U.S. market collectively rose, with MSTR, CRCL, and other targets showing particularly impressive gains.
Behind the market frenzy, a significant regulatory announcement is brewing, which may completely change the industry landscape.
Regulatory breakthrough! (CLARITY Act) A draft will be released this week, and a vote will take place next week.
The years of regulatory 'fog' in the cryptocurrency industry is expected to dissipate. On December 10, Democratic Senator Kirsten Gillibrand from New York and Republican Senator Cynthia Lummis from Wyoming explicitly stated at the Blockchain Association Policy Summit that the two parties have reached a key consensus on the CLARITY Act (Market Structure Bill) and plan to release a draft by the end of this weekend, with hearings and voting on modifications to take place next week.
"Nothing is preventing this bill," Lummis's statement gave the market a sense of reassurance. It is worth noting that the U.S. Congress has been promoting the cryptocurrency market structure bill for many years but has made slow progress. It was not until July of this year that the House of Representatives passed the Digital Asset Market Clarity Act that a turning point emerged. The core goal of the version promoted by the Senate is clear: to clarify the regulatory division of responsibilities between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission), and to create the concept of 'ancillary assets' to directly define which cryptocurrencies do not fall under the category of securities.
Coincidentally, SEC Chairman Paul Atkins also released key signals at the summit that day: "Most ICOs do not fall under securities trading; the SEC only regulates tokenized securities." He further explained that according to the token classification method launched last month, network tokens, digital collectibles, and digital tools, along with their ICOs, are not under SEC regulation. The corresponding fields for these three categories will be managed by the CFTC, while the SEC will focus on tokenized businesses of already regulated securities. The clear division of regulatory responsibilities is seen as an important step towards the 'legalization' of the crypto industry.
Market anomalies: Whales and institutions are collectively increasing their positions, and bigwig actions are frequent.
Under the dual stimulation of market rebounds and favorable regulations, institutions and whales have already taken action. On-chain data shows that a mysterious player known as the '1011 insider whale' currently holds a long position in ETH worth $268 million. With a leverage of 5 times and an opening price of $3108.49, they have already gained a profit of $16.8 million. More aggressively, this whale has also placed a limit long order of $63 million at $3280, clearly intending to increase their position.
Institutions are also taking continuous action. Bitcoin asset reserve company Strive has launched a $500 million financing plan by issuing preferred stock, with some funds to be directly used for purchasing Bitcoin and related products; while Elon Musk's SpaceX has reported significant news, planning to advance its IPO with a valuation of $15 trillion, expected to materialize in the middle of 2026. If successful, it will become the largest IPO in history, although the fundraising purposes have not been directly mentioned in the context of cryptocurrencies, it will undoubtedly bring imaginative space to the intersection of technology and crypto.
The dynamics of industry bigwigs are equally eye-catching. Binance founder CZ showcased a limited edition Trump Bitcoin sneaker gifted by a friend, with an orange and yellow high-top design featuring the Bitcoin symbol ₿. This limited edition, released in 2024 at $499 and quickly sold out, now has a resale price ranging from $700 to $2500. CZ even joked, "It's also an NFT." Another bigwig, Huang Licheng, staged a 'roller coaster' drama, as his ETH long position was liquidated a few days ago due to a pullback, but he took advantage of this rebound to regain a profit of $1.35 million.
Industry talk: The regulatory survival rules for privacy coins, along with some practical reminders.
Recently, Arkham exposed that 'more than half of Zcash transactions can be de-anonymized,' sparking heated discussions. Slow Fog founder Yu Xian revealed the industry's truth: Zcash is not defaulted to strong privacy; only addresses starting with 'z' are strongly private, while mainstream platforms use traceable addresses starting with 't.' This kind of 'balanced design' makes it more recognized by regulators than Monero and other coins that default to strong privacy, and it can better adapt to platform ecosystems—after all, 'catering to regulation is the way for platforms.'
For ordinary investors, there are two reminders worth noting: First, Coinbase announced that Stargate Finance (STG) has completed its migration to LayerZero (ZRO), and the platform will not convert assets on behalf of clients. Users must operate through self-custody wallets, and there is currently no set timeframe; Second, Coinbase is about to launch Hyperlane (HYPER) spot trading. After meeting liquidity conditions, it will open the HYPER-USD trading pair at 01:00 Beijing time, covering the official website, APP, and institutional channels.
Extended Highlights: Musk exits politics for business, Trump finalizes Federal Reserve Chair candidate?
Musk, a 'familiar face' in the crypto circle, recently revealed in an interview that the government efficiency department DOGE he leads is 'only somewhat effective,' but he will not participate in government affairs in the future and will focus on running his own company. This department, named after an internet suggestion and aimed at reducing government spending, briefly brought Musk into Washington, but he ultimately chose to return to the corporate track. However, he has not stopped his innovative pace, announcing that Grok 4.20 will be released in three weeks, and the new generation Grok 5 is planned to launch in several months, with parameters scaling up to 60 trillion, targeting general artificial intelligence.
On the other hand, there are also important developments in U.S. politics. President Trump stated that he will start the final interviews for the Federal Reserve Chair candidate this week, "I already have a suitable candidate in mind." It is reported that Kevin Hassett, Director of the White House National Economic Council, is a popular candidate, and Trump will also meet with former Federal Reserve Governor Kevin Walsh on Wednesday. The final candidate may be announced in early 2026, and this appointment will indirectly affect the future direction of U.S. monetary policy.
Disclaimer: The content of this article is for reference only and does not constitute any investment advice. Investors should rationally view cryptocurrency investments based on their own risk tolerance and investment goals, and should not blindly follow trends.
