● The US Treasury report: Bitcoin mainly serves as 'digital gold' in DeFi
According to Odaily Planet Daily, the US Treasury report stated that Bitcoin is mainly used as a store of value, or 'digital gold', in decentralized finance (DeFi). The report also warned that current speculative interest plays a significant role in the growth of digital tokens.
● The US Bitcoin Spot ETF had a net inflow of $2.7297 billion this week
According to BlockBeats, on December 7, Farside Investors monitoring data shows that the US Bitcoin Spot ETF had a cumulative net inflow of $2.7297 billion this week.
According to BlockBeats, based on HODL15 Capital statistics, as of this week, the US Bitcoin Spot ETF holds a total of 1,108,419 BTC, with AUM exceeding $111 billion.
● TD Securities expects the Federal Reserve to pause interest rate cuts early next year
According to Odaily Planet Daily, TD Securities US interest rate strategist Molly McGown stated that after the employment data is released, the upcoming CPI will set a 'higher threshold' for the Federal Reserve to pause its interest rate cut plans at the next meeting. TD Securities expects the Federal Reserve to pause rate cuts early next year, as policymakers will evaluate Trump's fiscal policy after he takes office in January. Molly McGown added, 'We learned from Powell that once he understands what the actual policy is, he will start to incorporate it into the policy framework.'
According to DLNews, the US Securities and Exchange Commission (SEC) may reject multiple applications for Solana spot exchange-traded funds (ETFs). At least two applicants have been notified of the rejections. According to Fox Business reporter Eleanor Terrett, it is unlikely that the SEC will approve new crypto ETFs under the Biden administration. Bloomberg analyst Eric Balchunas described this as Gensler's 'farewell gift.'
Analyst James Seyffart indicated that the SEC's trading and markets division is unlikely to approve Solana ETFs because the agency views Solana as a security. Multiple companies have applied to launch Solana ETFs. Analysts expect that under the Trump administration, the new SEC chairman Paul Atkins could bring more crypto-friendly policies, and the approval of Solana ETFs is just a matter of time.
● Trump plans to empower the CFTC to reshape the cryptocurrency regulatory framework
According to Odaily Planet Daily, Fu Rao, Executive Director of the Hong Kong International New Economy Research Institute, analyzed that incoming President Trump plans to reshape the cryptocurrency regulatory framework by giving the Commodity Futures Trading Commission (CFTC) greater regulatory power. This change aims to cover the $3 trillion digital asset market while weakening the authority of the SEC. This move is seen as a significant policy turning point in the cryptocurrency sector, which could have profound effects on the global crypto market.
The regulation of cryptocurrencies in the US has long faced the issue of unclear responsibilities. Under the existing framework, the SEC and CFTC regulate the crypto industry through enforcement actions, but there has been ongoing controversy over the scope of their powers. In contrast, the CFTC is known for its more lenient approach to cryptocurrency regulation, being viewed as a more favorable regulator by the industry. The Trump administration plans to expand the CFTC's scope of responsibilities, allowing it to oversee the spot markets for digital commodities including Bitcoin and Ethereum.
● Musk hints he won't leverage his relationship with Trump to undermine competitors
According to Odaily Planet Daily, US billionaire Elon Musk hinted on social media on December 6 that he would not leverage his growing influence in the Trump administration to harm or retaliate against industry competitors. (The Hill) reported that OpenAI CEO Altman and Amazon founder Bezos both expressed faith this week that Musk would not misuse his relationship with elected President Trump to strengthen his competitive position. Musk responded, 'They are right.'
