Author: Zhang Feng
Paul S. Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), delivered a speech at the Cryptocurrency Working Group Roundtable on December 15, 2025, providing in-depth insights into the balance between financial privacy and regulation in the blockchain era. He explicitly stated that if regulatory approaches go astray, cryptocurrencies could become "the most powerful financial surveillance architecture in history," potentially pushing the entire industry into the abyss of a "financial panoramic prison." In today's era of deep integration of digitalization and blockchain technology, how to implement effective financial regulation without infringing on personal privacy has become a common challenge faced by global regulators.
1. Why is this issue so critical? — Misregulation could lead to a "Financial Panoramic Prison"
In his speech, Atkins straightforwardly pointed out that cryptocurrencies and blockchain technology possess unprecedented transaction transparency and traceability. Every

Source: The Crypto Advisor, Compilation: Shaw Golden Finance
In the past week, our internal discussion atmosphere has undergone a subtle change. It’s not about any earth-shattering event—no bold predictions, no sweeping conclusions—just a slight but noticeable shift in tone. The Federal Reserve’s recent decisions have sparked a cautious sense of excitement. The widely expected rate cut, combined with a moderate-scale government bond purchase plan, has been enough to reignite active discussions. This isn’t because the Fed’s policies are aggressive, but because it seems to be the first clear signal of a potential shift beginning.
The impact of a monetary policy shift rarely appears immediately on charts. You first hear its effects: slight fluctuations in the financing markets, a minor decrease in market volatility, and a slight reduction in risk appetite. Liquidity doesn’t change overnight but quietly circulates within the system, gradually altering the market.

Written by: imToken
Introduction: Besides mnemonics, how else can we manage assets?
For a long time, mnemonics have not only been the only key to open the Web3 door but also a significant psychological burden for many users. We had to carefully copy, verify, and store them, because in traditional account models, losing the mnemonic (private key) meant permanently losing ownership of the assets.
While this strict rule established the security foundation of decentralization, it also created a barrier to bringing blockchain technology to the masses. So, is there a technology that can retain the core advantages of decentralization while making accounts as easy to manage and recover as Web2 applications?
The answer is Account Abstraction (AA).
This technology is redefining the way digital assets are managed. imToken W

Introduction
Due to its characteristic of "combining virtual and real," RWA projects are often more deceptive, leveraging the trust in traditional finance and the "innovation" veneer of blockchain for packaging. This sector has enormous potential along with accompanying risks.
While there are great opportunities in this field, there are also many pitfalls. This article aims to analyze why RWA is so popular and has become a breeding ground for scams, helping friends who are just learning to identify risks and make rational judgments.
Why did RWA suddenly become popular?
In simple terms, the rise of RWA is not accidental. It is mainly driven by four powerful forces, which can be summarized with the keywords "market confidence," "technological maturity," "regulatory improvement," and "investment demand."
"Market Confidence"
When traditional financial giants start entering the scene, they bring stronger compliance stability and capital support to the RWA market, promoting the integration of traditional finance and crypto assets, and market confidence also

Author: Nancy Lubale Source: Cointelegraph Translation: Shanoopa, Jinse Finance
Long-term Bitcoin holders continue to reduce their holdings, with the amount dropping to the lowest level since April.
Key Points
1. The proportion of long-term Bitcoin holders' holdings has fallen to 72%, the lowest since April
2. If critical support levels are broken, Bitcoin price could sharply retrace to $68,500
Long-term Bitcoin holdings decline to April levels
According to Glassnode data, the holdings of long-term holders (entities holding for at least 155 days) decreased from 14.8 million coins in mid-July to 14.3 million coins in December.
As shown in the chart below, the proportion of holdings by these investors has fallen to 71.92%, a figure that matches 4

Author: Paul Veradittakit, Partner at Pantera Capital; Translation: Wu Zhu, Golden Finance
Decentralized Physical Infrastructure Networks (DePin) combine blockchain with infrastructure networks and are currently applied in industries such as energy, telecommunications, storage, artificial intelligence, and data collection.
In the previous crypto cycle, many projects capitalized on DePin hype, identifying significant market opportunities. However, when core products failed to garner attention in both demand and supply, they shifted focus to cryptocurrency token economics.
For those companies that survived, many spent time building their infrastructure, creating sustainable revenue by solving existing problems, even independently of token economic flywheels. Let’s look at them!
Geodnet (Real-time Kinematics)
Working on solving

Author: Pix
Translation: Saoirse, Foresight News
People in the cryptocurrency space often say, "Not your keys, not your coins." This statement sounds powerful, and it is indeed true. But behind this phrase, there is another layer of mirror logic — "Only with your keys can you own your cryptocurrency."
If no one else knows how to access your wallet, then the moment you stop breathing, your cryptocurrency is effectively "non-existent." Of course, this does not mean literal disappearance — it still exists on the blockchain ledger, but from an economic perspective, it is no different from being burned.
So, how large is this "death buyer" scale?
Today, most cryptocurrency holders are quite young, with most between twenty-eight or twenty-nine and early forties.
There are very few holders beyond retirement age.

The coordination mechanism meeting held by the central bank to crack down on virtual currency trading and speculation marked the beginning of a large-scale cleanup of mining farms in Xinjiang in half a month.
Overnight, Xinjiang, once regarded by miners as a power paradise, fell into silence. Between December 14 and 15, a large number of mining farms in major mining clusters such as Changji and Hami in Xinjiang were suddenly disconnected from power, forcing approximately 400,000 mining machines offline.
The total network computing power of Bitcoin sharply decreased by about 10% within 24 hours, with a maximum single-day drop of up to 18%, the largest weekly decline since June 2022, indicating an unusual tremor in the heart of cryptocurrency.
40,0000 mining machines shut down
It is understood that many mining farms had already received official notices forwarded by the National Development and Reform Commission at the beginning of the month, requiring "to report mining activities to the NDRC in accordance with the central bank’s requirements."
Multiple sources confirmed that during December 14 to 15, the major mining clusters in Xinjiang such as Changji and Hami were...