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Coinbase Chief Legal Officer Paul Grewal stated on the X platform that the U.S. Congress has granted the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over the launch of related prediction market contracts. The latest news is that a federal court hearing in Nevada has been scheduled for next week, and he also expressed gratitude for the handling of the relevant court matters.Paul Grewal previously stated that Nevada regulators attempted to unilaterally prevent the launch of any prediction market event contracts without giving Coinbase an opportunity to defend itself, and that due process should at least include the opportunity to obtain a hearing.

U.S. Senator Elizabeth Warren is calling for Congress to hold hearings on the $500 million acquisition of WLFI equity by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan. Reports indicate that the transaction documents were signed by Eric Trump, with approximately $187 million flowing directly into entities related to the Trump family, and at least $31 million going to entities associated with Trump ally Steve Witkoff.Elizabeth Warren stated that this move is "purely a corrupt act" and urged the Trump administration to rescind its decision to sell sensitive artificial intelligence chips to the UAE. She also called for Trump administration officials, including Steve Witkoff, David Sacks, and Commerce Secretary Howard Lutnick, to testify before Congress on related issues, claiming that they jeopardize U.S. national security for the benefit of a president-associated cryptocurrency company.

This week, the High Court of England held a hearing in Manchester regarding the civil recovery case of Qian Zhimin's Bitcoin. However, this was a typical procedural hearing and did not make any rulings on asset ownership, compensation schemes, or substantive legal issues. The core issue of the hearing was who would represent the large number of Chinese victims. Judge Turner expressed concerns about the current situation multiple times, as more and more law firms are representing different groups of Chinese victims and making claims under Section 281 of the POCA. The High Court is facing the real risk of "agent proliferation." Additionally, Judge Turner also mentioned another judicial process being concurrently advanced by the High Court, concerning the UK bankruptcy liquidation process of Blue Sky Grey. It is reported that a subsequent hearing is scheduled for February 16-17, during which further arrangements or guidance may be provided regarding the specific impact of the bankruptcy liquidation process on the civil recovery case.

Galaxy Research Director Alex Thorn posted on the X platform that a key hearing in the legislative process for cryptocurrency market structure will take place next week. Republican members of the Senate Agriculture Committee have released a discussion draft of the "Digital Commodities Consumer Protection Act." This bill is expected to be merged with related legislative content completed by the Senate Banking Committee to form a comprehensive "Cryptocurrency Market Structure Act."As the Senate Agriculture Committee is responsible for overseeing the U.S. Commodity Futures Trading Commission (CFTC), this draft primarily focuses on the digital commodities market, with the core content being to grant the CFTC exclusive regulatory authority over the spot cryptocurrency market, including cryptocurrency trading platforms, dealers, and brokers. The committee plans to hold a hearing on the bill's amendments on January 27 (Tuesday), during which bipartisan lawmakers may propose amendments. Although the commodity attributes section (including the CFTC's regulatory authority over the spot market) is generally considered less controversial than the securities attributes section in the cryptocurrency market structure discussions, this discussion draft still carries a noticeable partisan tone. It has not yet received the endorsement of key Democratic negotiators, although many provisions previously negotiated with Democrats have been included. Overall, the legislative text from the Senate Agriculture Committee aligns with market expectations, with its core being the establishment of a regulatory framework for the digital commodities spot market centered around the CFTC. Compared to the related topics being discussed by the Senate Banking Committee, this version has a narrower scope and is relatively less politically sensitive and controversial.

Galaxy research director Alex Thorn posted on X platform that U.S. Senate Banking Committee Chairman Tim Scott has announced the postponement of the hearing on the cryptocurrency market structure bill. It is reported that the issue of stablecoin yields is a key sticking point in the negotiations, with banking lobby groups actively pushing to restrict stablecoin rewards, fearing that interest-bearing stablecoins could siphon off bank deposits and undermine the stability of the banking system. The compromise proposal put forward to gain support from lawmakers was ultimately deemed unacceptable by the stablecoin industry, with some believing that this issue is vital to their survival. Other unresolved issues include restrictions on DeFi and illegal activities, as well as limitations on tokenized securities innovation.In addition, Alex Thorn revealed that although Tim Scott has not announced a new hearing date, the Senate will be in recess next week, meaning the earliest possible time for the Banking Committee to reconvene for the revised hearing could be the week of January 26 to 30. The Senate Agriculture Committee, which handles CFTC-related matters, has also postponed its revised hearing to January 27.

Galaxy Research Director Alex Thorn posted on the X platform that, although U.S. Senate Banking Committee Chairman Tim Scott has not announced a new hearing date, the Banking Committee may reconvene for a revised hearing as early as the week of January 26 to 30, since the Senate will be in recess next week. The Senate Agriculture Committee, which handles CFTC-related matters, has also postponed its revised hearing to January 27.Previously, Tim Scott announced the postponement of the hearing on the cryptocurrency market structure bill. It is reported that the issue of stablecoin yields is a key sticking point in the negotiations. Banking lobby groups are actively pushing to restrict stablecoin rewards, fearing that interest-bearing stablecoins could siphon off bank deposits and undermine the stability of the banking system. Compromise proposals put forward to gain support from lawmakers were ultimately deemed unacceptable by the stablecoin industry. Some believe this issue is vital to their survival, while other unresolved issues include restrictions on DeFi and illegal activities, as well as limitations on tokenized securities innovation.

The Senate Banking Committee has canceled the scheduled hearing on Thursday for the CLARITY Act (the Crypto Market Structure Act) revisions. According to crypto journalist Eleanor Terrett, dissatisfaction among industry players erupted this Wednesday, with Coinbase leading the way in announcing its withdrawal of support for the bill. They complained that lawmakers made excessive concessions to banks and traditional financial institutions after proposing amendments to a lengthy 278-page bill, particularly regarding stablecoin yields and tokenization.Critics argue that the CLARITY Act itself is already biased in favor of traditional institutions. Meanwhile, some Democrats insist on establishing ethical standards for senior government officials, including the president, to prohibit them from profiting from cryptocurrency projects. Democrats have previously been at an impasse with the White House on this issue.Currently, Banking Committee Chairman Tim Scott stated in a statement announcing the postponement of the meeting that "everyone is still working sincerely at the negotiating table," but did not reveal when the committee would reschedule the review. The Senate will be in recess next week for Martin Luther King Jr. Day and will reconvene the following week. During that time, the Senate Agriculture Committee is expected to hold a review, which had also been postponed from this Thursday.

The U.S. Senate Agriculture Committee has announced that its previously scheduled hearing on the cryptocurrency market structure bill has been postponed, and the bill text will be released on January 21, followed by a markup hearing. The committee stated that this adjustment aims to ensure transparency in the legislative process and provide members with more time for review.Senate Agriculture Committee Chairman John Boozman stated that the bill will provide clarity and certainty for the cryptocurrency market while protecting consumers and supporting American innovation. Meanwhile, the Senate Banking Committee will hold a separate markup hearing this week on its version of the cryptocurrency market structure bill. The current version from the Agriculture Committee has not yet been released in formal text, with related contentious points including ethical provisions and the composition of regulatory agency members.

The prediction market Kalshi shows that the probability of the Democratic Party winning a majority in the U.S. House of Representatives is about 75%. Against this backdrop, senior Democratic member of the U.S. House Financial Services Committee, Maxine Waters, has made sharper criticisms of the cryptocurrency regulatory policies of SEC Chairman Paul Atkins.In a letter to the committee's Republican Chairman French Hill, Waters stated that the SEC has terminated or suspended several important enforcement cases against the cryptocurrency industry, involving entities such as Coinbase, Binance, and Justin Sun. She pointed out that the committee has not conducted a thorough review of the reasons for the SEC's abandonment of these cases, nor how to prevent fraud and manipulation in the market aimed at a large number of retail investors in the future.Waters also mentioned that some of the companies involved announced the termination of cases publicly before the SEC's formal vote, questioning the "unusually active" role played by Atkins' team in the settlement process. She believes that the SEC's recent policy shifts, primarily advanced through staff statements rather than formal rules, may circumvent the requirements of the Administrative Procedure Act, undermining the role of public opinion gathering and congressional oversight. Therefore, she has called for Atkins to attend a hearing to provide explanations.Reports indicate that since the Donald Trump administration took office and completed its leadership transition, the SEC has dropped several lawsuits against the cryptocurrency industry. Atkins has also publicly stated multiple times that supporting the development of the U.S. cryptocurrency industry will be a regulatory priority, a stance that has become a focal point of ongoing concern and questioning from the Democratic side.

Custodia Bank has submitted a petition for en banc rehearing to the U.S. Court of Appeals for the Tenth Circuit regarding its legal dispute with the Federal Reserve. The bank argues that the Federal Reserve's refusal to establish a master account undermines the authority of state banks and raises constitutional issues. Custodia Bank requests the court to reconsider its October ruling, which supported the Federal Reserve's denial of the bank's access to core central bank payment services, a struggle that has become a precedent for cryptocurrency banks seeking access to the U.S. payment system.

New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis introduced at the Blockchain Association Policy Summit in Washington, D.C. what direction the U.S. Congress will take in comprehensive regulation of the cryptocurrency industry. Cynthia Lummis stated that the goal is to release the draft of the "CLARITY Act" (Market Structure Bill) before the weekend and hold hearings next week to amend and vote on the bill. Democrats and Republicans are continuing negotiations, with the first bipartisan meeting held last week, making significant progress. "Nothing is standing in the way of this bill."The U.S. Congress has been trying for years to push for a broader cryptocurrency market structure bill, but progress has been slow. This summer, the House passed its version of the "Digital Asset Market Clarity Act" (referred to as Clarity) in July, bringing new momentum to the legislation. The Senate has since begun to advance similar legislation.The Senate Banking Committee already has a draft that clearly defines the regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and creates a new term "ancillary assets" to clarify which cryptocurrencies do not fall under securities. Meanwhile, the Senate Agriculture Committee also released its draft last month, proposing to grant the CFTC more new powers.

According to the Hong Kong Stock Exchange's disclosure on December 1, HashKey Holdings Limited (a company incorporated in the Cayman Islands) has passed the hearing of the Hong Kong Stock Exchange and officially initiated the process for listing in Hong Kong. JPMorgan, Cathay Securities, and Guotai Junan International are acting as joint sponsors for this IPO.Key Information:The company has released a post-hearing information package and is currently in the listing preparation stage.The expected price range for the IPO is HKD [to be determined] to HKD [to be determined] per share.The number of shares to be issued, the number of shares for public offering, and the number of shares for placement are all [to be determined] (subject to adjustment).The par value per share is USD 0.00001.The issue price is expected to be determined through negotiations between the overall coordinator and the company.It is important to note that this post-hearing information package is only a draft and is not complete; significant changes may occur. Investors should wait for the formal prospectus to be published and make investment decisions solely based on the official prospectus registered with the Hong Kong Companies Registry.

According to The Block, Michael Selig, the nominee for chairman of the U.S. CFTC, stated at a Senate Agriculture Committee hearing that if confirmed, he would advocate for a "clear and simple" regulatory framework for crypto assets to avoid overregulation.Selig previously served as the chief legal advisor for the SEC's crypto task force. Currently, Congress is pushing two bills to empower the CFTC to regulate crypto assets, and if passed, Selig will lead key changes. The hearing also addressed issues related to preventing incidents like FTX and the CFTC's resource shortages. Selig indicated that he would assess whether additional budget is needed.

According to Caixin, the main suspect in the case of laundering 60,000 bitcoins, Qian Zhimin, purchased bitcoins at an average price of 2,815 yuan per coin, while on the day she was sentenced in the UK, the price had inflated 266 times to 750,000 yuan per coin.Regarding the disposal of the assets involved that have been frozen in the UK, there has not yet been substantial progress on the part of the UK in terms of returning or sharing with the Chinese authorities. On October 30, the Hedong Branch of the Tianjin Public Security Bureau, which is investigating the Lantian Ge Rui case, also announced that the public security authorities are still continuing cross-border cooperation with UK law enforcement agencies to pursue fugitives and recover assets, making every effort to recover the losses of the fundraising participants.On November 17, 2025, the UK High Court will hold another hearing on the disposal of the 60,000 bitcoins.

According to Jin Shi, the U.S. Supreme Court has officially begun hearing arguments regarding President Trump's tariffs.

According to CoinDesk, the U.S. Court of Appeals for the Second Circuit will hear arguments next week regarding FTX founder SBF's motion for a rehearing. He was previously convicted on seven different counts of conspiracy and fraud and sentenced to 25 years in prison, with the jury unanimously finding him guilty two years and two days ago.The hearing on November 4 will give the Southern District of New York prosecutors (currently led by former SEC Chairman Jay Clayton) and SBF's new defense team (led by veteran white-collar crime appellate attorney Alexandra Shapiro) 10 minutes each to present their arguments. During the hearing, judges may ask questions to clarify details; however, the hearing will not re-examine the charges themselves but will assess whether the trial was conducted properly.

ChainCatcher news, sources reveal that the leadership of the U.S. Senate Banking Committee hopes to complete the revisions to the Responsible Financial Innovation Act by the end of this month. In July, the House of Representatives passed the Financial Transparency Act, after which the Senate Banking Committee and the Agriculture Committee each drafted their own bills, which will later be merged. Last month, Republican members of the Banking Committee released a revised version, while Democrats provided a list of principles they hope will be included in the legislation. The Agriculture Committee's draft has not yet been released, and completion may take longer. Although the U.S. Senate recently rejected two plans to fund the federal government to end a nine-day shutdown, causing the cryptocurrency policy agenda to be stalled due to the uncertain budget, insiders in Washington feel that the momentum has not completely disappeared. The House is on hold due to the shutdown, while the Senate is still meeting on budget and cryptocurrency-related issues.

ChainCatcher news, according to Cointelegraph, a committee of the Massachusetts state legislature plans to discuss a Bitcoin strategic reserve bill that was first proposed in February. In an update on the "Bitcoin Strategic Reserve" bill introduced by Republican State Senator Peter Durant, the Massachusetts Joint Committee on Revenue will hold a hearing to review the bill.It is currently unclear how likely any Republican-led bill is to pass in the Massachusetts legislature. The Democrats currently hold an absolute majority in both the state House and Senate, and control the governor's office. All representatives from the state in the U.S. House and Senate are also Democrats. The bill proposed by Durant would allow "any Bitcoin or other digital assets seized by the Commonwealth of Massachusetts" to be deposited into the reserve and authorize the state treasury to invest up to 10% of the Massachusetts Stabilization Fund in cryptocurrencies.

ChainCatcher news, according to 4E observations, U.S. Senate Finance Committee Chairman Mike Crapo announced a hearing titled "Review of Digital Asset Tax Policy" to be held on October 1. At that time, Coin Center, ASKramer Law, Coinbase, and the American Institute of CPAs will testify on the inclusion of cryptocurrency in the federal tax code. This is an important step following the House of Representatives and may promote the modernization of taxes in the $2.5 trillion crypto market.The U.S. SEC announced the agenda for the joint roundtable with the CFTC on September 29, with core topics including regulatory coordination, investor protection, and reducing market participation costs. Former CFTC Chairman J. Christopher Giancarlo, SEC Division of Trading and Markets Director Jamie Selway, and others will attend. The market generally believes that the rare joint appearance of the two regulatory agencies signals a more institutionalized approach to the crypto market.On the capital front, Solana Treasury Company SOL Strategies announced a private placement financing of $25 million through stock and warrants, with Canaccord Genuity serving as the exclusive bookrunner. The funds will be used to expand digital asset allocations and further support the growth of SOL reserves.On the technology front, Ethereum co-founder Vitalik Buterin revealed that the Fusaka upgrade will introduce the PeerDAS data availability solution, allowing nodes to verify security without downloading the full block. Vitalik emphasized security first and plans to gradually increase the number of blobs to promote the scaling process of Ethereum L1 and L2.4E reminds investors: Regulatory discussions and institutional expansion indicate that the market is entering deep waters, and the policy framework and technological breakthroughs will shape a new cycle. However, in the short term, there is still uncertainty regarding legislative progress and financing implementation, so investors should remain cautious while paying attention to fundamentals-driven factors.