Weekly Preview | HASHKEY is expected to be listed on December 17; Coinbase plans to launch prediction markets and tokenized stocks.

Breaking News Preview:

• The U.S. SEC's Cryptocurrency Working Group will hold a roundtable discussion on financial regulation and privacy on December 15.
• Coinbase plans to launch prediction markets and tokenized stocks on December 17.
• HASHKEY plans to raise up to HK$1.67 billion and is expected to be listed on December 17.
• The U.S. Bureau of Labor Statistics will release the November CPI on December 18.
• The Bank of Japan will announce its interest rate decision on December 19, and the market widely expects it to raise interest rates.
• LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on December 20th, representing 6.79% of the circulating supply, with a value of approximately $38.6 million.

December 15

Policy and regulation:

The U.S. SEC's Cryptocurrency Working Group will hold a roundtable meeting on financial regulation and privacy on December 15.

The U.S. Securities and Exchange Commission (SEC) Cryptocurrency Working Group announced that it will hold a public roundtable discussion on financial regulation and privacy at SEC headquarters on December 15th to delve into related policy issues. The meeting will be streamed live online. Participants include executives from companies such as Espresso Systems, Zcash, Aleo Network Foundation, and Digital Asset, as well as representatives from academia.

Exchange:

Cboe Futures Exchange will launch continuous futures contract trading for Bitcoin and Ethereum on December 15.

According to market sources, Cboe Futures Exchange will launch continuous futures contract trading for Bitcoin and Ethereum on December 15.

Starting December 15th, Coinbase will stop offering USDC deposit rewards to free users, making it available only to paid members.

Cryptocurrency exchange Coinbase will stop paying USDC rewards to non-paying users next week; only Coinbase One Premium subscribers will be eligible to receive a 4% return on their stablecoin holdings. The exchange first announced the change on Thursday via an email to Coinbase customers, stating that the change will take effect on December 15th. A Coinbase spokesperson confirmed that USDC rewards are now an exclusive benefit for Coinbase One members.

Binance Wallet will stop supporting ARC-20 assets on December 15th.

Binance Wallet will cease support for ARC-20 assets starting December 15, 2025, at 18:00 (UTC+8). After this date, users will no longer be able to view, send, or receive ARC-20 assets within Binance Wallet. User ARC-20 assets will remain securely stored on the Bitcoin blockchain. This change only affects the display and management of these assets within Binance Wallet; user assets will not be lost or frozen. Users are strongly advised to manage or transfer their ARC-20 assets before the end of support date.

The Hong Kong High Court is scheduled to hear the case of eight defendants in the JPEX case on December 15. Xu Zhengyu stated that he will update the regulatory framework.

Hong Kong police have charged 16 people in their investigation of the cryptocurrency exchange JPEX for alleged fraud. The first eight defendants have been referred to the High Court for trial and adjourned to December 15. Some defendants have been granted bail. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated that the JPEX case will prompt consideration of regulatory updates, with plans to optimize regulations in four areas: trading, stablecoins, custody, and digital asset dealers. Previous reports indicated that Hong Kong police had charged 16 people in the JPEX case, including core members such as Lam Tsz-chu and key opinion leaders (KOLs), while the mastermind remains at large.

Project Updates:

The Aster S3 airdrop will be available on December 15th.

Aster announced on the X platform that the Season 3 airdrop eligibility check is now live, but the airdrop has not yet begun. This page currently only supports eligibility verification. Claim period: 20:00 Beijing time on December 15, 2025 to 20:00 Beijing time on January 15, 2026.

Yala will announce a detailed redemption plan for retail users on December 15th.

According to Yala's announcement, all native BTC held under the institutional model will be decoupled from the protocol. However, because some assets are locked in the Euler pool, YBTC will not be completely destroyed, and the associated YU will not circulate. This operation will not affect retail users' balances or redemption rights. Detailed redemption plans will be announced on December 15th. Yala will shift its focus to AI-driven prediction modules and update its development roadmap.

The decentralized AI computing protocol gensyn will launch its public offering on December 15th.

Decentralized AI computing protocol Gensyn announced a public sale of its AI tokens on December 15th. The total supply of AI tokens is 10 billion, with 300 million tokens available for public sale. The minimum FDV (FDV) is $1 million, or $0.0001 per token. The FDV cap is $1 billion (the price from the previous venture capital round with a16z, at $0.1 per token). The sale will take place on the Ethereum mainnet, and tokens will be distributed on the Gensyn network (L2). Payments are accepted in USDT and USDC, with a minimum purchase of $100. Tokens will be unlocked at TGE, but US buyers will have a 12-month lock-up period. Participants choosing the optional lock-up period will receive a 10% reward multiplier on their allocated amount. The public sale ends on December 20th, and token redemption will open in early February 2026.

The Level team has announced its acquisition by a leading DeFi protocol, and its front-end page will be taken offline on December 15th.

The Level team has announced its acquisition by a leading DeFi protocol and will gradually shut down the Level protocol and its products lvlUSD and slvlUSD. All users can unstaking slvlUSD and redeem lvlUSD within 2 seconds, with the related cooldown period shortened accordingly. The final yield distribution will take place on October 2, 2025, and the front-end page will be taken offline on December 15. Users will still be able to manage their assets through smart contracts at that time. The lvlUSD redemption ratio is fixed at 1:1, and minting is suspended.

Token unlocking:

Starknet (STRK) will unlock 127 million tokens at 8:00 AM Beijing time on December 15th, representing 5.07% of the circulating supply, worth approximately $13.2 million.

Sei Network (SEI) will unlock approximately 55.56 million tokens at 8 PM Beijing time on December 15th, representing 1.08% of the circulating supply, worth approximately $7.1 million.

December 16

Exchange:

Upbit has placed GRS on a trading alert and suspended deposits until December 16th.

Upbit exchange has announced that it has placed Groestlcoin (GRS) under "Trading Warning" and suspended deposits, applicable to GRS/KRW and GRS/BTC. Upbit stated that based on the DAXA joint mechanism and trading support review, GRS has deficiencies in areas such as public disclosure, business integrity, and sustainability, which may result in losses for users. The warning period is from 11:00 AM on December 2nd to 11:59 PM on December 16th (KST). Deposits made during this period will not be credited and will be refunded according to the established procedures. Trading support may be extended, lifted, or terminated after review; any changes will be announced separately.

Coinbase plans to suspend order book trading for certain trading pairs of ANKR, AXS, CGLD, and LRC on December 16.

Coinbase announced on its X platform that it plans to suspend order book trading for the following trading pairs at 1:00 AM Beijing time on December 16: ANKR-GBP, AXS-EUR, AXS-USDT, CGLD-EUR, CGLD-GBP, LRC-USDT, and LRC-BTC. This is intended to further improve the overall market health and consolidate liquidity. Eligible Coinbase Advanced users can still trade the relevant tokens in the USD order book. Currently, the above trading pairs have been switched to limit order mode, and market orders will no longer be able to be submitted.

Project Updates:

Decentralized energy network Daylight launches a new DeFi protocol, DayFi, with a pre-deposit event starting on December 16th.

Decentralized energy network Daylight launched its decentralized energy capital market, DayFi, announcing the opening of its pre-deposit vault at 21:00 Beijing time on December 16th, marking the start of the GRID Games event. The pre-deposit vault has an initial cap of $50 million, accepting USDS and USDT deposits with a two-month lock-up period. Funds will be managed by K3 Capital and deployed to Plasma's DeFi market, with participants earning WXPL rewards and GRID Games points. Previously, Daylight reportedly raised $75 million in funding , led by Framework Ventures, with participation from a16z crypto, Lerer Hippeau, M13, and others.

Sports prediction app Football.Fun will hold a token sale on Legion on December 16th.

The sports prediction app Football.Fun will hold a token sale on Legion on December 16th. Users need to hold USD1 on Ethereum to participate.

Token unlocking:

Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9 PM Beijing time on December 16th, representing 1.90% of the circulating supply, with a value of approximately $19.7 million.

December 17

Exchange:

Bloomberg: Coinbase plans to launch prediction markets and tokenized shares on December 17.

According to Bloomberg, sources familiar with the matter revealed that Coinbase Global Inc. plans to announce the launch of prediction markets and tokenized shares next week, with Coinbase officially launching these products at its product showcase event on December 17. The source also mentioned that Coinbase's tokenized shares will launch internally, rather than through partners. Coinbase executives have previously expressed interest in these businesses but have not yet officially announced plans. For weeks, screenshots of apps hinting at these features have been circulating on the social network X. A Coinbase spokesperson declined to comment on the company's specific plans but stated, "Stay tuned for the live stream on December 17 to see what new products Coinbase will be launching." This move is part of the company's effort to become a "one-stop shop," aiming to provide traders with broad access to assets and markets and keep pace with competitors who are also diversifying.

Sources say Coinbase plans to partner with Kalshi to launch an internal prediction market, expected to launch next week .

HASHKEY disclosed IPO details: plans to raise up to HK$1.67 billion, and is expected to list on December 17.

According to the Hong Kong Economic Journal, HASHKEY HLDGS (new listing number: 03887) will be open for IPO from December 9th to 12th. HASHKEY, the parent company of the licensed Hong Kong virtual asset exchange Hashkey Exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The offer price ranges from HK$5.95 to HK$6.95, raising up to HK$1.67 billion. Each lot consists of 400 shares, with an entry fee of HK$2,808. HASHKEY is expected to list on December 17th. JPMorgan, Guotai Haitong, and Guotai Junan International are the joint sponsors.

In terms of shareholding, Lu Weiding, chairman of Wanxiang Group and an investor in HASHKEY, is one of the controlling shareholders, holding 43.2% of the shares and also having the right to exercise 22.9% of the voting rights of the employee stock ownership plan platform; Xiao Feng, the founder of HASHKEY, holds 16.3% of the shares; and other investors hold 17.6%. HASHKEY introduced a total of nine cornerstone investors, including UBS AM Singapore, Fidelity Investments, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., and Shining Light Grace Limited, with an investment amount of US$75 million (approximately HK$590 million).

Valour plans to list four digital asset ETPs on the Brazilian B3 exchange on December 17.

DeFi Technologies Inc. announced that its subsidiary Valour has received approval from the Brazilian B3 exchange to list four digital asset exchange-traded products (ETPs), including Valour Bitcoin (BTCV), Valour Ethereum (ETHV), Valour XRP (XRPV), and Valour SUI (VSUI), with trading expected to begin on December 17.

Binance will delist FIS, REI, and VOXEL on December 17th.

The platform will delist FIS, REI, and VOXEL tokens on December 17, 2025. Their current market capitalizations are $6 million for FIS, $16 million for REI, and $7 million for VOXEL.

Project Updates:

Synthetix: Will return to the Ethereum mainnet on December 17th.

Synthetix has announced its return to the Ethereum mainnet on December 17th. Synthetix Liquidity Providers (SLPs) will also launch at the time of launch, with access to SLPs operating on a whitelist basis, and plans to open them to the public as soon as possible. Previously, Synthetix left the Ethereum mainnet in 2022 to migrate to Optimism.

Berachain's liquidity staking protocol Infrared will conduct TGE on December 17th.

Berachain's liquidity staking protocol Infrared has released details of its IR token airdrop. This airdrop is intended to reward early community members who have consistently used Infrared during the points program, participants in the Boyco pre-deposit program, and users who actively participate in community activities such as Discord interactions, user surveys, community events, and testnet participation.

The IR token has three main functions: staking to earn sIR for governance voting rights; participating in revenue sharing through buybacks; and token issuance to optimize protocol efficiency and revenue. Users can claim the airdrop in advance through the CEX pre-deposit process. The three centralized exchanges participating in the pre-deposit are: Bitget, Gate, and KuCoin. Important dates are as follows:

• At 20:00 (UTC+8) on December 13, the pre-deposit window for centralized exchanges will open.
• At 1:00 AM (UTC+8) on December 16, the pre-deposit window for centralized exchanges will close.
• The IR token was officially launched at 16:00 (UTC+8) on December 17.
• All applications will permanently close at 08:00 (UTC+8) on January 12, 2026.

Hats Finance will cease operations at the end of this month. Users can submit withdrawal requests through the managed UI before December 17th.

Decentralized security project Hats Finance announced on the X platform that it will be shutting down its custodial operations. This is because it believes continuing to operate the centralized user interface (UI) and servers is unsustainable, and there are currently no plans to adopt a new legal or operational framework to perpetuate the custodial architecture. The current arrangements are as follows: The user front-end and back-end (UI and servers) hosted by Hats.finance are expected to be offline by December 31, 2025, and most functions relying on this custodial architecture will be phased out. The Hats protocol remains deployed on-chain and managed by the DAO, with the core contract designed to continue operating as code. Currently, the user front-end offers an IPFS-based version, which users may be able to access through public gateways as long as this version remains available. However, due to the cessation of payments to current fixed service providers (such as Pinata), its continued availability and performance cannot be guaranteed. Users can submit withdrawal requests through the custodial UI before December 17th; after that, withdrawals will need to be completed directly through contract interaction.

December 18

Macroeconomics:

U.S. Bureau of Labor Statistics: October CPI release canceled; November CPI to be released on December 18.

The U.S. Bureau of Labor Statistics announced that the November CPI report will be released on December 18. The October real income report will also be cancelled and replaced by the November report on December 18. The third-quarter employment cost index will be released on December 10.

Next week's US CPI data release will be a key turning point for the dollar's trajectory. If the CPI data is lower than expected (the latest figure is 3%, still above the Fed's 2% target), it will further confirm the rationale for the Fed's rate-cutting cycle, and the dollar may face further downward pressure; conversely, it could reverse this trend.

Project Updates:

Octra will hold a $20 million public token sale on Sonar on December 18th, valuing the company at $200 million.

Octra Labs, the organization behind the privacy-focused blockchain project Octra, will hold a public token sale on the Sonar by Echo platform on December 18th. Octra stated on Tuesday that the week-long sale plans to sell 10% of the OCT token supply at a fully diluted value (FDV) of $200 million, aiming to raise $20 million. The sale will be a fixed-price, commitment-based event, where any number of participants can deposit funds and receive tokens proportionally, a design intended to maximize decentralization. Octra stated that the sale share may increase if demand is high, unsold tokens will be burned, and all sold tokens will be unlocked and distributed shortly after the sale ends.

December 19

Macroeconomics:

The Bank of Japan will announce its interest rate decision on December 19.

Markets widely expect the Bank of Japan to raise interest rates on Friday, a stark contrast to the global trend of interest rate cuts over the past year.

December 20

Token unlocking:

LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on December 20th, representing 6.79% of the circulating supply, with a value of approximately $38.6 million.

Lista DAO (LISTA) will unlock approximately 33.44 million tokens at 5 PM Beijing time on December 20th, representing 6.85% of the circulating supply, worth approximately $5.5 million.

December 21

None available

Time to be determined

Policy and regulation:

The draft of the U.S. Crypto Market Structure Act is expected to be revised and voted on at a hearing next week.

New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis spoke at the Blockchain Association Policy Summit in Washington, D.C., on Tuesday, detailing the progress lawmakers are making in pushing for a comprehensive regulatory bill for the cryptocurrency industry (i.e., the Crypto Market Structure Act). Gillibrand revealed that negotiations between Democrats and Republicans on the crypto bill have been ongoing, with the first bipartisan meeting last week progressing smoothly and no factors hindering its advancement. On Monday evening, after a meeting with Democrats, she presented her final requests to Republican staff for inclusion in the bill and stated that these requests have been submitted. She also mentioned that she and Lummis, among others, will further discuss some of these requests and are very optimistic that the final bill will be comprehensive, as the House has not addressed all the issues in its draft bill, such as how to regulate decentralized finance exchanges.

As a member of the Senate Banking Committee, Lummis stated that the current goal is to share the draft bill this weekend, hold hearings next week to revise the bill, and then vote on it. She also mentioned that negotiations have extended to the White House level; while Democrats and Republicans are negotiating, they are also working with industry and the White House, like a three-dimensional chess game. Furthermore, Lummis stated that she negotiated the ethics clause with Democratic Senator Ruben Gallego and sent the terms to the White House, but the White House returned the terms, saying they could be improved. She plans to try communicating with the White House again.

Project Updates:

MegaETH: Mainnet Beta "Frontier" to be open to application developers next week

MegaETH announced on its X platform that Frontier will be available to application developers next week. The infrastructure team has already completed deployment on the mainnet, and more teams will join in the coming days. The following weeks will then be dedicated to supporting applications in completing deployment and testing before user onboarding.

Jupiter will launch its stablecoin JupUSD next week.

Jupiter COO Kash Dhanda announced at the Solana Breakpoint event that Jupiter will launch its stablecoin JupUSD next week. JupUSD will be available soon, with real-time trading and yield features enabled simultaneously. Dhanda added that a third use case is planned for the first quarter of 2026, which he described as "very interesting." Previously, in October, Ethena and Jupiter announced a collaboration to launch JupUSD, a native stablecoin within the Solana ecosystem.