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Forbes commented on the meme coin event issued by Trump in a column, pointing out that it could trigger a constitutional crisis. Although the incoming SEC chairman may introduce a more crypto-friendly policy, the fundamental legal principles remain unchanged, and the personality and policy preferences of SEC leaders cannot override existing securities laws.

Grayscale's Managing Director Zach Pandl stated that with the approval of spot ETFs in 2024 and Trump's election, the cryptocurrency industry will see more small-scale breakthroughs in 2025. These breakthroughs include an increase in institutional adoption, Congress introducing a more comprehensive legislative framework, and Bitcoin potentially becoming a reserve asset for the United States. In a conversation with Ric Edelman, founder of the Digital Asset Financial Professionals Association, Pandl mentioned that it is not "completely impossible" for Bitcoin to reach $500,000 by 2030.

The PPI data released on Tuesday showed that the PPI in the U.S. rose 0.2% month-on-month in December and increased 3.3% year-on-year, both lower than market expectations. This data indicates that inflationary pressures in the U.S. have not intensified, easing market tensions. The U.S. stock market initially rose in the morning session on the news but then experienced significant volatility, ultimately resulting in a slight decline of 0.23% for the Nasdaq index, while the S&P 500 and Dow Jones indices rose 0.11% and 0.52%, respectively.

Former Federal Reserve Vice Chairman Randall Quarles stated that even if Donald Trump is re-elected as president, the independence of the Federal Reserve, the level of inflation, and the labor market will not be threatened. He pointed out that there is a misunderstanding about the independence of the Federal Reserve, emphasizing that the president can express opinions on the Fed's policies, but this does not mean that the Fed will lose its independence. Quarles, who served as Vice Chairman for Supervision during Trump's administration, mentioned that tariffs themselves do not directly lead to inflation and may instead prompt the Fed to lower interest rates.

Goldman Sachs has adjusted its forecast for the Federal Reserve's interest rate cuts, lowering the expected cuts this year from 100 basis points to 75 basis points, and noted that reports about a rebound in core inflation have been exaggerated. According to the report, the annualized increase in core personal consumption expenditures (PCE) inflation from September to November last year was 2.5%, slightly higher than the 2.3% in the previous three months, but still below the 2.8% year-on-year increase, indicating a continued trend of declining inflation.

Famous journalist Nick Timiraos pointed out in The Wall Street Journal that the Federal Reserve is reassessing the potential impact of the Trump administration on the U.S. economy and inflation. Sources revealed that Fed Chairman Powell expressed dissatisfaction with some officials' public comments, believing they too directly linked the Fed's policies to changes in Trump's policies. Currently, the market generally expects the Fed's future rate cuts to be slower and more cautious.

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On December 12, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) data for November, showing a year-on-year increase of 2.7%, slightly higher than October's 2.6%, and in line with market expectations. Month-on-month, the CPI rose by 0.3%, up from last month's 0.2%, marking the largest increase since April of this year. The core CPI remained at 3.3% year-on-year, with a month-on-month increase of 0.3%, unchanged from the previous value.

On December 10, during an interview with FOX Business reporter Eleanor Terrett, SEC Commissioner Hester Peirce proposed three recommendations for the new SEC under the Trump administration to address cryptocurrency regulation. First, she suggested halting the government's regulatory bottlenecks on obtaining services related to cryptocurrencies to promote industry growth. Second, Peirce emphasized the need to clarify which matters fall outside the SEC's jurisdiction and which are not securities, thereby reducing the regulatory burden on relevant entities. Finally, she called for collaboration with entities involved in cryptocurrencies to explore the applicability of existing rules and necessary adjustments, believing that this process should take place in public to allow for broad participation and swift consensus.

On December 9, 10x Research released an analysis indicating that as the Christmas holiday approaches, the market environment has become increasingly cautious, and the risk of sideways consolidation has also increased. Retail trading volume has significantly declined; for example, cryptocurrency trading volume in South Korea has dropped from a peak of $25 billion to the current $6.6 billion. At the same time, Binance's spot trading volume has decreased from $60 billion to $24 billion, indicating that overall momentum is weakening. Given these trends, now is an appropriate time to reduce leverage, consolidate positions, and focus on high-conviction core assets.