According to data from msx.com, at the opening of the US stock market, the Dow Jones Industrial Average fell 0.23%, the S&P 500 fell 0.07%, and the Nasdaq Composite fell 0.05%. The crypto sector saw mixed performance, with Circle rising 1.10%, Strategy rising 0.71%, BitMine rising 0.60%, SharpLink rising 0.39%, and Coinbase falling 0.45%. msx.com is a decentralized RWA trading platform that has listed hundreds of RWA tokens, covering US stock and ETF tokens such as AAPL, AMZN, GOOGL, META, MSFT, NFLX, and NVDA.

Economist Peter Schiff wrote on the X platform that stock investors are in a state of denial. Silver prices rose $4 this morning, bringing their December gains to over 35%. However, the Silver Stock ETF (SIL) has only risen 11% this month. Given the high leverage of silver stocks to silver prices, silver stocks should have doubled in December.

According to ChainCatcher, ETF issuer Defiance has announced the launch of the Defiance Daily Target 2X Long BITF ETF (BTFL), which tracks the performance of Bitcoin mining company Bitfarms. This exchange-traded fund is designed for traders looking to amplify short-term bullish returns on Bitfarms, aiming to deliver 200% of Bitfarms' daily stock price fluctuations as returns.

According to PANews, Whale Alert has reported that Tether Treasury has minted $1 billion USDT on the TRON network. This new issuance is approximately equivalent to $999 million.

According to Onchain Lens monitoring, Tether has minted 1 billion USDT on the Tron network. Since 2025, Tether has minted a total of 26 billion USDT on the Tron network.

The Russian Ministry of Justice recently submitted a draft amendment to the Criminal Code aimed at cracking down on unregistered illegal cryptocurrency mining in the country. According to the draft, illegal mining activities will face fines of up to 1.5 million rubles (approximately $19,000) or up to two years of forced labor. If illegal mining activities involve substantial profits, the maximum penalty could be five years imprisonment, along with a fine of up to 2.5 million rubles (approximately $31,800) or 480 hours of forced labor. The amendment also sets a maximum penalty of five years imprisonment or forced labor for the substantial profits achieved by illegal "organized groups." Russian Deputy Finance Minister Ivan Chebeskov stated that as of June 19, 2025, only about 30% of cryptocurrency miners have completed registration and legalized their operations, with the majority remaining in a "grey area." Under current regulations, individual miners consuming less than 6,000 kilowatt-hours of electricity per month do not need to register but are still required to pay personal income tax. (Cointelegraph)

According to Cointelegraph, Russia has introduced a draft bill aimed at curbing unregistered cryptocurrency mining activities within its borders. The proposal, put forth by the Ministry of Justice, suggests imposing penalties of up to 1.5 million rubles, equivalent to approximately $19,000, and up to two years of forced labor for those engaged in illegal mining operations. For cases involving significant profits, the penalties could escalate to five years of imprisonment, 480 hours of forced labor, and fines reaching 2.5 million rubles, or about $31,800. The draft amendments to the Criminal Code also target organized groups involved in illegal mining, with similar penalties. Russia's latest legislative move reflects the government's ongoing efforts to regulate and benefit from the burgeoning cryptocurrency mining industry. Miners are mandated to submit a monthly tax form detailing their digital currency production. However, as of June 19, only 30% of miners have registered and legalized their operations, according to Ivan Chebeskov, Russia's Deputy Minister of Finance. Chebeskov emphasized the government's intention to bring the industry out of the shadows, although the process remains incomplete. Miners consuming less than 6,000 kWh monthly are classified as individuals and are exempt from registration with the Federal Tax Register, though they must pay personal income tax on mined cryptocurrency, as per a decree effective November 1, 2024. By the end of October, Russia had 1,364 registered cryptocurrency miners, as reported by Anton Siluanov, the country's Minister of Finance, during a State Duma plenary session. In August 2024, Russian President Vladimir Putin enacted laws establishing a regulatory framework for cryptocurrency mining, which took effect on November 1, 2024. These laws require compulsory registration and taxation for all mining entities, including infrastructure providers. The legislation also prohibits foreign entities from mining in Russia and grants the government authority to restrict mining in specific regions, a decision that has faced criticism for not fully legalizing crypto mining nationwide.

According to BlockBeats, Grayscale has submitted the initial S-1 filing for the Grayscale Bittensor Trust, with the ticker symbol GTAO, to the U.S. Securities and Exchange Commission (SEC). This move could potentially lead to the establishment of the first TAO Exchange Traded Product (ETP) in the United States.

According to PANews, SoftBank has fulfilled its $40 billion investment commitment to OpenAI, as reported by CNBC citing unnamed sources. This significant financial move underscores SoftBank's confidence in OpenAI's potential and its strategic importance in the technology sector.

On December 17, 2025, the bell rang at the Hong Kong Stock Exchange, marking the listing of HashKey Group, Hong Kong's first licensed digital asset trading platform.

Grayscale submits Form S-1 for public trading of Bittensor Trust, tracking TAO. source: https://coincu.com/news/grayscale-form-s1-bittensor-trust/

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.

What seems like a land of opportunity is actually fraught with peril, with the real hurdles lying in one's understanding. Rather than being led astray by narratives, it's better to safeguard your own circle of competence, lower your expectations, and patiently wait for the right opportunity.

With President Trump's return to the White House in January, the regulatory environment has begun to change, and many foresee new opportunities in 2025.

Looking back at 2025, the core characteristics of the crypto market are the externalization of pricing frameworks and the deepening of channel competition.

For the global stablecoin industry, 2025 can be described as a year of rise but also one of constant ups and downs. As 2026 approaches, let's take a look back at the development of the stablecoin market in 2025.

A16Z, Artificial Intelligence, Crypto Market, a16Z: These 21 Major Future Trends Are About to Explode (Golden Finance), a16Z's Key Trends for 2026

Recommended reading tonight: 1. Grayscale: Crypto growth stalled in Q4 2025, but privacy tokens shone; 2. Dragonfly Partner: 25 predictions across 6 categories for crypto trends in 2026; 3. What does the market look like in the eyes of major institutions?

2025 will be a year in which capital, institutions, technology and politics accelerate simultaneously and squeeze each other.

What truly determines returns is the way you operate at the account level, not just market fluctuations themselves.