1. Frequent Regulatory Benefits from US SEC and OCC: What Are the Lessons?

On December 11, 2025, the Depository Trust Company (DTC) received a no-action letter from the U.S. Securities and Exchange Commission (SEC), allowing it to tokenize a portion of custody assets. DTC aims to leverage blockchain technology to connect traditional finance (TradFi) and decentralized finance (DeFi), thereby building a more resilient, inclusive, and efficient global financial system. Previously, the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1188, confirming that national banks may engage in permitted banking activities related to risk-free principal crypto asset transactions. Click to read

2.a16z: Top 17 Cryptocurrency Trends Predictions for 2026

This week, a16z released its annual “Big Ideas” from partners across its application, U.S. vitality, biotech, crypto, growth, infrastructure, and Speedrun teams. Below are 17 observations from multiple crypto partners (and a few invited writers) on crypto trends for 2026 — topics include proxies and artificial intelligence; stablecoins, asset tokenization, and finance; privacy and security; prediction markets, SNARKs, and other applications… and how we will build. Click to read

3. Governance Crisis of ENS

On November 14, 2025, ENS DAO Secretary Limes issued a temperature check proposal, with a simple core proposition: at the end of the sixth term (December 31, 2025), terminate the operation of the three working groups: Meta Governance, Ecosystem, and Public Goods. In ENS’s architecture, the secretary is not a miscellaneous role. If the managers are heads of various departments, the secretary is the administrative hub of the entire DAO. Click to read

4. Is Spending Time in the Crypto Industry a Waste of Life?

A few days ago, I saw Aevo’s founder showing off, saying he wasted his life in the crypto industry. I initially just laughed it off. But over the past two days, I’ve seen others follow suit, saying they’ve spent years in the crypto space, earning and losing, which seems to also be a waste of life. Click to read

5. Next Steps in Hong Kong’s Crypto Asset Regulation

On December 9, 2025, Hong Kong announced via the government gazette that authorities are conducting public consultations on the implementation of the Crypto-Asset Reporting Framework (CARF) and the Common Reporting Standard (CRS) amendments. The goal is to automatically exchange tax-related crypto transaction information with relevant partner tax jurisdictions starting from 2028, and to implement the revised CRS rules from 2029. Although Hong Kong has not yet signed the multilateral competent authority agreement (MCAA) for CARF, it has actively outlined a local implementation timetable. This arrangement reflects Hong Kong’s balanced approach between aligning with the international system and maintaining autonomous regulation to ensure market stability. Using this public consultation as an opportunity, this article will briefly review the CARF framework, introduce Hong Kong’s current tax information exchange system, outline the evolution of crypto asset regulation, and analyze the impact of implementing CARF on various market participants, aiming to provide industry practitioners and investors with valuable compliance references. Click to read