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According to Binance spot market data, the market has experienced significant fluctuations. COW has dropped by 18.95% in 24 hours, while D has also shown a "high to low" state, with a 24-hour decline of 17%.Meanwhile, CTK has reached a new high for the week, with an increase of 17.03%. OM and SXP have shown a "bottoming rebound" state, with increases of 5.1% and 5.94%, respectively. Other tokens such as ENSO, EUL, and HIGH have all reached new lows today.

According to The Block, investment bank TD Cowen stated that filling the Democratic vacancies at the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission could help advance negotiations on the U.S. crypto market structure bill.The investment bank pointed out that the biggest obstacle to the passage of this bill is not its core framework (i.e., whether digital assets should be regulated as securities by the SEC or as commodities by the CFTC), but rather a political dispute surrounding conflict of interest rules.Democrats are pushing for a ban to prevent senior government officials and their families from engaging in specific financial transactions involving digital assets. TD Cowen noted that, given Trump's involvement in the crypto project World Liberty Financial, this proposal would affect Trump and his family. Bloomberg estimated last month that Trump has made about $1.4 billion from his crypto project. The Trump family also holds a 20% stake in the mining company American Bitcoin.According to TD Cowen, it is unlikely that Democrats will abandon this demand, as the party has used Trump's crypto asset holdings as campaign material ahead of the midterm elections. Last month, no Democratic senators voted in favor of a bill in the Senate Agriculture Committee, citing concerns over Trump's crypto project. It remains unclear whether Democrats will support the Senate Banking Committee's bill.TD Cowen stated that Republicans oppose the proposal because they believe Trump would veto any legislation requiring his family to divest their crypto asset holdings. The report added that this disagreement has already caused a political stalemate, even as industry groups continue to negotiate the crypto regulatory framework.One possible path forward is for both parties to reach a compromise. In this scenario, Trump would agree to fill the Democratic vacancies at the SEC and CFTC. In return, Democrats would accept conflict of interest provisions that would only take effect after the next presidential inauguration.

According to Binance spot data, the market has seen several tokens experience a rise and fall. COW has dropped 26.52% in 24 hours, OM has decreased by 8.58%, and SKL has fallen by 10.75%.Among other tokens, QKC has declined by 6.31%, AEVO by 7.87%, TAO by 8.43%, ZRO by 5.13%, POL by 8.06%, and PNUT by 5.63%.

According to market news, the Moscow Exchange in Russia plans to launch a new cryptocurrency index based on the prices of Solana, Ripple, and Tron, along with corresponding futures contracts in 2026.Maria Silkina, head of the exchange's derivatives department, stated that these new contracts will follow the design of the already launched Bitcoin and Ethereum index futures, which use a cash settlement method with monthly expirations. In addition, the exchange is also considering launching perpetual futures for Bitcoin and Ethereum, which will be designed to expire daily and automatically roll over. According to current Russian regulations, these crypto derivatives are currently only available to qualified investors.

According to The Block, investment bank TD Cowen has lowered the one-year price target for Bitcoin reserve company Strategy (formerly MicroStrategy) from $500 to $440, due to ongoing equity and preferred stock issuances leading to a decline in Bitcoin yields.Analysts expect Strategy to acquire approximately 155,000 Bitcoins in fiscal year 2026, a significant increase from the previous estimate of 90,000, but these acquisitions will primarily be financed through common and preferred stock, diluting Bitcoin yields.Despite the lowered price target, analysts remain optimistic about Strategy's value as a Bitcoin investment tool, predicting that the price of Bitcoin will reach approximately $177,000 by December 2026 and about $226,000 by December 2027.

According to Bitcoin Magazine, investment bank TD Cowen expects Congress to pass cryptocurrency market structure legislation by 2026. The CLARITY Act will clarify whether digital assets are regulated by the SEC or the CFTC, and will regulate staking services, cryptocurrency custody, and trading platforms. Senate Democrats have proposed several requirements, including clarifying the legal status of digital assets, establishing a regulatory framework, and preventing illegal financial activities. The bill may also include ethical provisions prohibiting the president and their family from owning cryptocurrency exchanges or issuing tokens. Experts believe that while there is a risk of a delay until the first half of 2027, a compromise is likely to be reached among all parties.

According to The Block, investment bank TD Cowen stated that the U.S. legislative process aimed at establishing clear rules for the cryptocurrency market may take longer than expected, with the passage of related bills potentially delayed until 2027, and actual implementation possibly postponed until 2029.In a report released by TD Cowen on Monday, it was noted that while there is still a path to push the cryptocurrency market structure bill through this year, the political maneuvering in the U.S. Congress increases the likelihood of delays. The agency believes that the Democrats currently lack the motivation to accelerate the legislative process, especially considering their assessment that they may regain control of the House of Representatives in the 2026 midterm elections.It also stated that election outcomes are always filled with uncertainty, so Democrats may reach an agreement, which could happen quickly as staff have been researching technical terms for months. Timing is favorable for the passage of the bill; if the bill is passed in 2027 and takes effect in 2029, then the issues will disappear. The cryptocurrency industry needs to accept that the presidential election may affect the final rules, and Democrats also need to acknowledge that conflict of interest provisions do not apply to Trump.

Recently, the Aave community has erupted in governance controversy, focusing on whether the integration of CoW Swap has caused protocol revenue to flow to Aave Labs instead of Aave DAO. A representative named "EzR3aL" posted on the governance forum, stating that their on-chain analysis shows that transaction fees generated through the new CoW Swap interface are no longer flowing into the DAO treasury but are instead directed to an independent address, estimated to be worth about $200,000 per week.Marc Zeller, head of the Aave Chan Initiative, described the situation as "extremely concerning," accusing it of being a "secret privatization of about 10% of Aave DAO's potential revenue." The controversy has also extended to the revenue distribution issues related to Aave Vaults, Horizon, and the Aave v4 liquidation engine. Aave founder Stani Kulechov responded by stating that Aave Labs has the right to monetize the front-end interface it developed, especially features beyond the protocol's functionality, and emphasized that its goal is to increase protocol users and revenue through new features.

According to Cryptopolitan, Russia's largest securities market—Moscow Exchange (MOEX)—has announced that in November, the trading volume of cryptocurrency futures on the platform reached 48.7 billion rubles (approximately 636 million USD), setting a new historical high.The exchange explained that the high volatility of the crypto market has sparked strong interest among qualified investors in Russia. The Moscow Exchange also stated that as of the end of last month, the total trading volume of its derivatives market reached 11.7 trillion rubles, an increase of 15.8% compared to November 2024. The open interest in its exchange-traded derivatives market exceeded 2.7 trillion rubles, a 22.7% increase year-on-year. More than 135,000 clients are trading futures and options on the exchange, with individual investors accounting for nearly 55% of the total trading volume of exchange-traded derivatives.

According to The Block, Aave Labs has expanded its collaboration with CoW Swap by integrating the DEX aggregator's solver network into all Swap functionalities on Aave.com, and has launched a flash loan product specifically designed for intent-based infrastructure.Both parties stated that this collaboration aims to provide DeFi users with safer, lower-cost, and more efficient asset management services, having previously supported basic swaps and limit order functionalities. Once the integration is complete, Aave.com will handle asset swaps, collateral swaps, debt swaps, and "repaying with collateral" functions through the CoW protocol's batch auction execution system, allowing users to manage all aspects of the loan lifecycle on a single platform.This integration reduces the need for users to interact with multiple interfaces, lowers gas fees, and protects users from front-running and sandwich attacks through MEV-resistant execution methods. The collaboration also launched the first intent-based flash loan product, expanding the programmable liquidity toolkit. Starting Thursday, asset, collateral, and debt swap functionalities supported by the CoW protocol have gone live on Aave.com, with aToken swaps available through CoW Swap.

According to Binance spot data, the market has experienced significant fluctuations. COW has risen by 8.81% in the last 24 hours and reached a new high today.At the same time, DCR, DUSK, SFP, ALCX, and ACH have all shown a "high and then low" pattern, with 24-hour declines of 9.39%, 5.83%, 6.59%, 7.79%, and 7.16%, respectively.The remaining tokens F, EDU, and TIA also reached new highs today, with increases of 5.44%, 8.62%, and 5.91%, respectively.

According to Binance spot data, the market has experienced significant fluctuations. COW has risen by 7.54% in 24 hours and reached a new high for today; additionally, COW has slightly increased by 3.28% within 5 minutes.Meanwhile, DASH has fallen by 7.83% in 24 hours, and FUN has decreased by 6.22%, both showing a "high and then low" trend. KAVA, NMR, and STORJ have each reached new lows for today, with declines of 5%, 6.85%, and 5.09%, respectively. YFI has also hit a new low for the week, with a decline of 5.95%.

According to The Block, TD Cowen's latest report indicates that the Bitcoin premium of Michael Saylor's Strategy continues to decline, currently "approaching the lows of the 'crypto winter' of 2021-2022." The report includes two updated premium charts (one tracing back to 2020 and covering nearly 12 months), showing that Strategy did not issue new shares or purchase new Bitcoin through its market issuance (ATM) plan yesterday, prompting the market to re-evaluate its current premium levels.The charts show that the current premium has significantly retreated from last year's peak and is gradually compressing to levels seen at the end of 2021 and the beginning of 2022. Nevertheless, TD Cowen maintains a bullish stance on MSTR, keeping a buy rating and a target price of $535 (approximately 200% higher than Strategy's current stock price of about $180), believing that "achieving this target within a year is reasonably expected." The report states: "We have not adjusted our base Bitcoin price expectations, anticipating that Strategy will hold 815,000 Bitcoins by the end of fiscal year 2027, which estimates that by December 2027, its holdings will be worth over $185 billion, equating to an intrinsic value of about $540 per share. The $535 target price reflects zero premium to the intrinsic value per share as of December 2027." The report also emphasizes that the risk of Strategy being removed from the MSCI index has put pressure on its stock price, with expectations that the company will be removed from the index and will continue to face pressure under MSCI's shadow.

Investment bank TD Cowen analysts pointed out that as the federal government resumes operations, the U.S. Securities and Exchange Commission is entering a critical period, as the agency is working on establishing regulatory rules for the cryptocurrency industry.The TD Cowen Washington research team, led by Jaret Seiberg, stated in a report that after the longest government shutdown, the market focus has shifted to SEC Chairman Paul Atkins' policy agenda. "After the government restart, the SEC will enter the most important 12 months of Chairman Atkins' tenure, and his agenda for easing regulations will enter a substantive phase," Seiberg said on Monday.

According to The Block, analysts at investment bank TD Cowen have pointed out that as the federal government resumes operations, the U.S. Securities and Exchange Commission (SEC) is entering a critical period, as the agency is working on developing regulatory rules for the cryptocurrency industry.Led by Jaret Seiberg, the TD Cowen Washington research team stated in a report that following the longest government shutdown in history, market focus has shifted to SEC Chairman Paul Atkins' policy agenda. Seiberg said on Monday, "After the government restart, the SEC will enter the most important 12 months of Chairman Atkins' tenure, and his agenda for easing regulations will enter a substantive phase." Since the new Trump administration took office this year, the SEC has taken several actions to clarify its stance on cryptocurrency regulation, including issuing staking guidelines, holding roundtable discussions, and launching a rule modernization initiative called the "Crypto Plan."Last week, Atkins also announced a token classification scheme aimed at defining under what circumstances digital assets should be classified as securities. Seiberg noted that the SEC needs to start releasing proposals in the coming months to complete rule-making before 2027, as the agency can take up to two years from proposal to finalization, allowing room for judicial defense and ensuring that the new rules are implemented by the end of 2028.Seiberg mentioned that Atkins is also focusing on non-cryptocurrency issues such as semi-annual report disclosures and retail investor participation in alternative investments. In the cryptocurrency space, Atkins is expected to focus on tokenized equity assets. As crypto companies rush to launch blockchain equity tokens, these tokenized securities may directly compete with traditional brokerage businesses. Seiberg stated, "We expect SEC Chairman Atkins to provide exemptions for online brokers and crypto platforms, paving the way for them to engage in tokenized equity business."

According to The Block, TD Cowen reiterated its overall outlook for Bitcoin by the end of the year, maintaining a base expectation of a Bitcoin price of $141,277, while also presenting more extreme bullish scenarios ($160,000) and bearish scenarios ($60,000).Additionally, TD Cowen expects that after Strategy Company issues its first euro-denominated preferred stock STRE (valued at €620 million, approximately $715 million), the company will be able to add 6,720 Bitcoins to its Bitcoin treasury.TD Cowen also gave a buy rating and target price for the newly issued euro-denominated STRE stock and STRC stock from Strategy, while reaffirming its buy ratings for Strategy's existing STRF, STRK, and STRD categories.

According to The Block, the U.S. Tenth Circuit Court of Appeals upheld the ruling that Custodia is not entitled to a Federal Reserve master account. TD Cowen's analysis describes this outcome as a "speed bump rather than a roadblock," suggesting that there is still hope for crypto banks to access the central bank's payment system through a "streamlined master account" in the future.Currently, institutions including Coinbase, Ripple, and Circle are also seeking national trust bank charters.

ChainCatcher news, TD Cowen analysts stated in a recent report that the U.S. Senate is making slow progress in advancing cryptocurrency market structure legislation, and the passage of the bill may be delayed until after the midterm elections.The report pointed out that there are fundamental disagreements between Democrats and Republicans regarding the division of regulatory authority and the restrictions on DeFi, which have become the main obstacles to the current review. Among them, the provision proposed by Democrats to prohibit government officials from holding crypto assets is seen as a sensitive issue, involving controversies over the Trump family's profits through projects like World Liberty Financial. TD Cowen analyst Jaret Seiberg stated that senators are not unable to take action within the next 12 months, but from a political consideration and limited session perspective, "the reasons for their delay far outweigh the reasons for swift advancement."

ChainCatcher news reports that investment bank TD Cowen maintains a bullish target price of $680 for Strategy, predicting that by the end of 2027, Strategy will accumulate 4.3% of the total Bitcoin supply (i.e., 900,000 coins), with the price of Bitcoin reaching $232,000. The current trading price of MSTR is $363, with Bitcoin prices above $116,000.Today, Strategy announced that it has relaxed its equity sale financing restrictions, allowing the issuance of common stock when the stock price is below 2.5 times its corresponding Bitcoin holdings, providing more flexibility for Strategy to raise funds to increase BTC holdings. This move has sparked controversy in the market, and analysts at TD Securities stated that the financing restrictions were initially a defensive strategy to protect the value of reserve assets, but have now evolved into an opportunistic strategy aimed at accelerating shareholder value creation.