JH Kim

According to crypto-focused media CoinDesk on the 11th (local time), Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), has discarded the so-called 'actual delivery' guideline to ease regulation of virtual assets (cryptocurrencies). The guideline was enacted in 2020 and has been used as a standard to determine whether derivatives regulation should apply in virtual asset commodity trading based on whether actual spot delivery occurs. It is a provision regarded as a core concept in the Commodity Exchange Act. Acting Chair Pham said, "This guideline could become an obstacle to future policy initiatives," and added, "The Trump administration's goal this year is to overhaul antiquated and complex regulations that are suppressing the virtual asset industry." This move is evaluated as a preparatory step by the CFTC to restructure the regulatory framework for virtual asset spot and derivatives, and is interpreted as a sign of regulatory easing across the digital asset market.

On the 11th (local time), according to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), global virtual asset exchange Coinbase announced the latest version of a stablecoin-based payment protocol for artificial intelligence (AI) agents called 'x402 V2'. x402 V2 is designed to make it easier for developers to integrate payment functionality into applications and supports AI agents in securely accessing wallets to execute stablecoin payments. It is also characterized by a modular architecture that allows new features to be flexibly added and expanded.

On the 11th (local time), DL News, a media outlet specializing in virtual assets (cryptocurrency), reported that the U.S. Department of Justice charged Canadian-born virtual asset fund manager Nathan Gauvin (Nathan Gauvin) with a total of 21 counts, including fraud involving US$42 million. According to the outlet, Gauvin claimed to have achieved annual returns of around 200% by investing clients' funds in stocks, derivatives, bonds, virtual assets, and other instruments, but these claims were all revealed to be false. Gauvin is also accused of misappropriating some investment funds for personal expenses, such as membership fees at a London members-only social club. The Department of Justice says many investors suffered losses due to his deceptive acts and is conducting further investigation.

According to foreign media reports on the 11th (local time), Commissioner Caroline Crenshaw of the U.S. Securities and Exchange Commission (SEC) strongly criticized that the SEC's regulatory standards have collapsed over the past year and pointed out that the virtual asset (cryptocurrency) market is increasingly beginning to look like a casino. At an event at the Brookings Institution that day, she said, "Confusion has intensified as the SEC has dismissed or reduced fines in a number of enforcement cases it has pursued for years." She continued, "A large number of virtual asset investors are moving based on speculative sentiment, exaggerated promotion, and wash trading (self-trading), not economic fundamentals." Commissioner Crenshaw noted that virtual assets still do not make up a large share of the overall financial market and emphasized that the SEC should focus on other, more important regulatory tasks.

A U.S. senator is pushing to establish an official task force (TF) to address virtual asset (cryptocurrency) fraud. On the 11th (local time), Eleanor Terrett, host of Crypto in America, reported on X(formerly Twitter) that Senator Jerry Moran introduced a bill to form a TF to identify and prevent virtual asset fraud. The bill aims to systematically investigate and prevent the rapidly increasing virtual asset-related scams, phishing, and illegal fundraising. In particular, as recent cases such as investment scams targeting the elderly, social media-based scams, and fake customer service impersonation have risen, the need for a response within the U.S. Congress is growing. Senator Moran has consistently pursued legislation to prevent financial fraud and protect consumers in the past, and some analysts say this bill could also gain bipartisan support. With the virtual asset market rapidly expanding, the U.S. officially pushing for a federal-level dedicated agency to combat fraud is seen as an important policy turning point.

On the 11th (local time), according to cryptocurrency-focused media CoinDesk, Hong Kong OSL Group will launch USDGO, a U.S.-regulatory-compliant stablecoin, in cooperation with Anchorage Digital. USDGO is expected to be used for cross-border payments, treasury operations, and on-chain payments

On the 11th (local time), U.S. senators are set to hold a bipartisan meeting and continue discussions on the virtual asset (cryptocurrency) market structure bill (CLARITY). Eleanor Terrett, host of Crypto in America, said on X (formerly Twitter) that the meeting will focus on the overall virtual asset regulatory framework and the division of responsibilities among agencies. In the afternoon, executives from major virtual asset and fintech companies are scheduled to attend a separate market structure bill meeting at the White House, and CEOs of large banks such as Bank of America, Citi, and Wells Fargo will also meet with senators to discuss current issues, including limits on interest payments by affiliates of stablecoin issuers. The market structure bill aims to establish a broad regulatory framework for the virtual asset industry, distinguish the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and would exempt virtual assets that meet certain requirements from registration obligations under the Securities Act of 1933.

The three major U.S. stock indexes are showing a mixed trend. The Nasdaq Composite was trading at 23,518.63 points, down 0.83% from the previous day as of 00:42 on the 12th. The Dow Jones Industrial Average was up 0.87% at 48,476.73 points, and the S&P 500 index was down 0.28% at 6,867.46 points.

The three major U.S. stock indexes closed higher. The Nasdaq Composite index recorded 23,662.84 points on the 11th, up 0.37% from the previous day. The Dow Jones index finished trading at 48,076.56 points, up 1.09%, and the S&P 500 index finished at 6,884.70 points, up 0.67%.

On the 10th (local time), according to foreign media, J.P. Morgan analyst Bob Michele said the result of the United States Federal Reserve (Fed)'s Federal Open Market Committee (FOMC) meeting "was not the worst-case scenario the market had expected."nMichele added that there could have been more votes against a rate cut in this decision. That day the Fed cut the benchmark interest rate by 25bp (0.25 percentage points).n

On the 10th (local time), according to the economic breaking-news account Walter Bloomberg, U.S. President Donald Trump said Federal Reserve (Fed)'s rate cut this time was "small" and "could have been larger."

Jerome Powell, chair of the U.S. Federal Reserve (Fed), said the U.S. economy "does not feel overheated" and that the recently reported increase in employment may have been overstated by about 60,000 on a monthly basis. He also said, "the recent rise in long-term interest rates may reflect expectations of higher growth." On the 10th (local time), according to economic breaking news channel Walter Bloomberg, Powell mentioned the reliability of labor indicators and growth prospects together, suggesting he will be cautious in his monetary policy decisions. Markets are watching how the potential downward revision of employment statistics and the direction of long-term interest rates will affect the Fed's future interest rate path.

Jerome Powell, chair of the U.S. Federal Reserve (Fed), mentioned the impact tariffs have on prices and said that if tariffs were removed, inflation could reach the 2% target. On the 10th (local time), according to the breaking economic news account Walter Bloomberg, Powell said, "If you remove tariffs, you could achieve the 2% inflation target." Powell's remarks were interpreted as suggesting that tariffs can act as an upward pressure on the price path. Markets are paying attention to how the Fed will reflect tariff factors when presenting its future monetary policy path.

On the 10th (local time), according to the economic news account Walter Bloomberg, Jerome Powell, Chair of the U.S. Federal Reserve (Fed), said the outlooks for employment and inflation have not changed significantly since the previous meeting. Powell said, "The outlooks for employment and inflation have not changed much compared to the last meeting." However, he added, "Inflation remains somewhat high." Markets interpret Powell's remarks as a message that, amid ongoing uncertainty surrounding the future path of monetary policy, the Fed may maintain a cautious stance until slowing inflation becomes more certain.

In the U.S. interest rate futures market, the Federal Reserve (Fed) saw the probability of stopping rate cuts in January 2026 rise to 78%. According to the economic breaking-news account Walter Bloomberg on the 10th (local time), that probability rose from about 70% before that day's Federal Open Market Committee (FOMC) meeting to 78% after the meeting. Markets interpret that, with the FOMC outcome and the Fed's future policy signals being reflected, there is more weight toward 'slowing the pace' or a 'temporary pause' rather than further cuts early in the year.

On the 10th (local time), the U.S. Federal Open Market Committee (FOMC) indicated via the December dot plot that it could cut the policy rate by 25bp (0.25 percentage point) once each in 2026 and 2027. The dot plot is a chart that plots participating FOMC members' projections of future policy rates as dots, and in this release it appeared to place weight on a gradual easing path for rates after next year. Market participants note that, since the dot plot is used as a key reference for gauging the broad direction of future monetary policy, the actual timing and size of cuts could vary depending on future inflation trends, employment conditions, and financial market volatility.

The U.S. Federal Reserve (Fed·the Fed) will begin purchasing Treasury securities from December 12. According to Walter Bloomberg, an economic news account, on the 10th (local time), the Fed announced it plans to purchase approximately $40 billion in Treasury securities over the next 30 days.

The U.S. Federal Reserve (Fed) Federal Open Market Committee (FOMC) announced on the 10th (local time) in an official statement that it would lower the benchmark interest rate by 25bp. This is in line with market expectations. As a result, the U.S. benchmark interest rate was lowered to 3.50%~3.75%.

The UK Financial Conduct Authority (FCA) has designated pound sterling stablecoins as a priority for the new year. On the 10th (local time), according to DL News, a media specializing in virtual assets (cryptocurrencies), the scale of pound sterling stablecoins currently in circulation is reported to be under $6 million.