JH Kim

The state of São Paulo in Brazil will conduct a public real estate auction using blockchain technology. The goal is to increase transparency and reduce disputes that may arise during the auction process. On the 16th (local time), according to CoinDesk, a virtual asset (cryptocurrency) specialist media, the São Paulo State Court of Accounts decided to introduce Brazil's first blockchain-based public real estate auction system. The auction will target public real estate assets managed by the state government. In this auction, all documents and records related to the bidding process will be stored on the blockchain. This allows the auction procedures to be publicly verifiable and strengthens the traceability of transaction histories and tamper-prevention functions. The São Paulo State Court of Accounts expects that adopting blockchain technology will raise administrative credibility and minimize post-hoc disputes and legal battles. It also expects overall efficiency in the public asset disposal process to improve. Brazil's public sector has recently accelerated digital transformation, and this move is seen as a representative case of applying blockchain to administrative and asset management areas.

The three major U.S. stock indexes are showing a decline. The Nasdaq Composite is trading at 23,008.09 points, down 0.21% from the previous day as of 00:22 on the 17th. The Dow Jones index is down 0.38% at 48,233.95 points, and the S&P 500 index is down 0.38% at 6,790.68 points.

The three major U.S. stock indices closed lower. The Nasdaq Composite recorded 23,057.41 points, down 0.59% compared with the previous session on the 16th. The Dow Jones index closed at 48,416.74 points, down 0.09%, and the S&P500 closed at 6,818.34 points, down 0.16%.

On the 15th (local time), according to crypto-focused U.S. media CoinDesk, Paul Atkins, Commissioner of the U.S. Securities and Exchange Commission (SEC), warned that the federal government's extensive financial surveillance could be strengthened in the process of regulating the virtual asset (cryptocurrency) industry and that caution is needed. Atkins said at a "Financial Surveillance and Privacy" roundtable recently held at SEC headquarters, "It is not hard to imagine a situation where, through virtual asset technologies, the government, working with various intermediaries, looks into almost every aspect of an individual's financial life." He argued that if regulators try to treat every wallet like a broker, every piece of software like an exchange, every transaction as reportable, and every protocol as a surveillance node, "the government would remodel this ecosystem into a 'financial panopticon (an all-encompassing surveillance system).'" Atkins reportedly emphasized that discussions on virtual asset regulation should consider not only investor protection and market order but also the potential for privacy infringement.

On the 15th (local time), according to crypto-focused media CoinDesk, the Supreme Court of the United Kingdom dismissed the application for permission to appeal in the large-scale damages lawsuit brought by Bitcoin Satoshi Vision (BSV) investors. As a result, it is assessed that the threshold for recognising liability for alleged 'loss of future profits' that occurred after virtual asset exchanges delisted the asset has once again been raised. According to the UK Supreme Court case page, the court dismissed the application for permission to appeal on December 8. The court explained that the application did not raise "an arguable point of law" or a "point of law of general public importance." The case began when BSV holders claimed they suffered losses after BSV's value fell following delistings by multiple exchanges in 2019. The dispute centers on two main issues. First, whether BSV holders who say their value fell due to delisting are required to mitigate their losses by selling BSV and purchasing similar other virtual assets. Second, whether they can claim so-called 'loss of growth opportunity (lost chance)' damages, arguing that BSV lost the opportunity to grow into a 'top-tier virtual asset'. With this decision by the UK Supreme Court, the lower courts' rulings on the related issues are maintained, making it difficult for the class-action plaintiffs to overturn them on appeal.

45% of U.S. Gen Z (18~28) said they would be "happy" to receive virtual assets (cryptocurrencies) as a holiday gift this year. It is the result of a survey commissioned by Visa to Morning Consult that polled 1,000 U.S. adults. Reuters reported that in this survey, at least one in four U.S. adults also evaluated virtual asset gifts positively. Visa said the survey was conducted online from October 14~16, 2025, and that weights were applied based on gender, education, age, and race.

Russia's largest bank Sberbank (Sberbank) has begun testing DeFi (decentralized finance) products. On the 15th (local time), according to DL News, a media outlet specializing in virtual assets (cryptocurrencies), Sberbank is piloting DeFi-based financial products in response to increasing demand for virtual assets within Russia. A Sberbank executive told Russian outlet RPC in an interview, "We plan to develop digital asset products in close cooperation with regulators," adding, "I am confident that traditional banking and DeFi will merge before long." This move is interpreted as part of efforts by the Russian financial sector to gradually integrate digital assets and blockchain technology into the regulated financial system.

A senior U.S. government official said that the dispute between Russia·Ukraine has largely entered the stage of resolution. On the 15th (local time), according to the economic news channel Walter Bloomberg, the official said, "The Russia·Ukraine issue is currently about 90% resolved." However, he did not mention any specific terms of an agreement or the remaining points of contention. The remark has drawn market attention amid ongoing diplomatic negotiations and international mediation efforts.

Bank of America (BofA) said that U.S. banks are moving toward onchain-based finance thanks to changes in the regulatory environment. On the 15th (local time), according to crypto-focused media CoinDesk, BofA analyzed that as regulatory moves in the U.S. accelerate, digital assets are being incorporated into the regulated financial system and U.S. banks are moving toward a 'multi-year onchain future.' BofA particularly expects that as regulatory clarity around stablecoins and deposit tokens is secured, the onchain transition of real-world assets and payment systems will accelerate. Accordingly, it predicted that the flow of traditional financial assets and infrastructure—such as bonds, equities, money market funds (MMFs), and cross-border payments—moving to blockchain-based platforms could gain momentum. BofA added that if the new regulatory environment and institutional-grade infrastructure combine, asset tokenization and the spread of onchain payments would emerge as mid-to-long-term core priorities for the financial sector.

John Williams, president of the Federal Reserve Bank of New York, expressed continued concern about the level of inflation. On the 15th (local time), according to the economic breaking account Walter Bloomberg, Williams said, "Inflation remains at a level that is too high." He did not mention specific figures or future policy direction, but it is interpreted that he emphasized that price pressures have not been fully resolved. This remark came amid ongoing debates within the Fed over the pace of the inflation slowdown and whether to make additional interest rate cuts. Markets view Williams's remarks as suggesting that the Fed may carefully monitor inflation indicators for the time being and adjust the pace of monetary policy easing.

The three major U.S. stock indexes are showing a decline. The Nasdaq Composite is trading at 23,106.40 points, down 0.38% from the previous close at 00:18 on the 16th. The Dow Jones index was down 0.12% at 48,400.11 points, and the S&P 500 was down 0.14% at 6,817.61 points.

The three major U.S. stock indexes closed lower. On the 13th, the Nasdaq Composite fell 1.69% from the previous day to 23,195.17 points. The Dow Jones Industrial Average closed at 48,457.68 points, down 0.51%, and the S&P 500 closed at 6,827.05 points, down 1.07%.

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, emphasized that the independence of the Federal Reserve System (Fed) must be maintained. According to Walter Bloomberg, an economic breaking-news account, on the 12th (local time), Goolsbee said, "It is very important that monetary policy be decided without political interference," and "In countries where central banks are not independent, inflation tends to surge again." He also said, "To curb inflation, the Fed sometimes has to play the role of 'taking away the punch bowl.'" This means there is a need to cool excessive market heat in a phase of economic overheating through interest rate increases or tightening policies. Goolsbee's remarks came amid continuing controversy in U.S. political circles over the Fed's interest-rate policy and independence. Fed officials have repeatedly emphasized that monetary policy decisions should be based on the dual mandate of price stability and employment and should be free from political pressure.

Research firm Kaiko warned that the phenomenon of liquidity being excessively concentrated on Binance in the global virtual asset (cryptocurrency) market could act as a major risk. On the 12th (local time), according to virtual asset-focused media DL News, Kaiko said, "Although Binance plays a central role in the virtual asset ecosystem, it is not subject to formal regulation," and "It should be remembered that it was found guilty in the United States on charges of neglecting anti-money laundering (AML) obligations, and that it does not hold a MiCA license in Europe." Kaiko added, "This situation causes significant risks to the virtual asset industry overall in structural, operational, and legal aspects."

The U.S. Office of the Comptroller of the Currency (OCC) is reported to have conditionally approved Ripple (Ripple)'s application to establish a 'National Trust Bank'. On the 12th (local time), crypto-focused media CryptoBriefing reported that the OCC also conditionally approved the establishment of trust banks by major digital asset (cryptocurrency) firms such as BitGo, Fidelity Digital Assets, Paxos, and Circle, in addition to Ripple. Trust banks, unlike ordinary commercial banks, focus on specific tasks such as custody and trusts, and some traditional banking services like deposit-taking and lending are restricted. Market observers say a federal-level license could provide an institutional basis for digital asset firms' custody, reserve management, and payment infrastructure development. Meanwhile, Paxos has previously been reported to have received a 'conditional approval' (preliminary conditional approval) from the OCC related to a National Trust Bank.

According to Reuters on the 12th (local time), the Pakistani government and Binance have signed a memorandum of understanding (MOU) to tokenize state-owned assets totaling $2 billion. The cooperation examines converting Pakistan's government bonds and commodity reserve assets into blockchain-based tokens. If tokenization is fully pursued, Pakistan could expand asset liquidity and market access, while Binance would secure a large-scale real asset tokenization project.

The three major U.S. stock indexes are showing declines. The Nasdaq Composite was trading at 23,281.77 points at 00:36 on the 13th, down 1.32% from the previous day. The Dow Jones was down 0.05% at 48,680.57 points, and the S&P 500 was down 0.82% at 6,844.33 points.

The three major U.S. stock indices closed mixed. The Nasdaq Composite recorded 23,591.26 points, down 0.27% from the previous day on the 12th. The Dow Jones index closed at 48,710.20 points, up 1.36%, and the S&P 500 closed at 6,898.98 points, up 0.18%.

DeFi platform Stream Finance has filed a lawsuit in U.S. federal court against the responsible parties over an incident in which managed assets entrusted to an external fund manager suffered losses of $93 million. On the 11th (local time), according to crypto-focused media DL News, the defendants are accused of unlawfully misappropriating Stream Finance assets to cover personal loan losses. It was also alleged that they failed to properly perform the contract they entered into when they assumed Stream Finance's operational authority last January. Stream Finance has asked the court to compel performance of the contract, and it is reported to have lost about 17% of its total managed assets in this incident. This lawsuit is expected to serve as an opportunity for renewed attention to the risks of asset management models that use external managers in the DeFi space.