FCA opens stablecoin Regulatory Sandbox Uniswap proposal passes preliminary vote

Headline

▌UK FCA opens stablecoin regulatory sandbox, Debt Management Office explores expanding the scale of the Treasury bill market

The UK's Financial Conduct Authority (FCA) has announced the establishment of a stablecoin task force within its regulatory sandbox, with applications open until January 18, 2026. At the same time, according to Bloomberg, the UK's Debt Management Office is studying the expansion of the UK Treasury bill market, which may be related to the structure of stablecoin reserves.

▌The Uniswap “UNIfication” proposal passed the preliminary vote with an overwhelming majority, launching a $15.5 million bug bounty program

The “UNIfication” governance proposal of Uniswap has received support of over 63 million UNI tokens in the preliminary Snapshot vote, with almost no opposition. This proposal aims to unify Uniswap Labs and the Uniswap Foundation under a coordinated governance framework, while activating a protocol-level fee mechanism. Currently, a $15.5 million Cantina bug bounty program has been launched, covering the new fee-switching smart contract in preparation for the complete on-chain vote expected next week.

Market

As of the time of writing, according to CoinGecko data:

The price of BTC is $91,378.23, with a 24-hour change of +1.1%;

The price of ETH is $3,016.45, with a 24-hour change of -0.2%;

The price of BNB is $895.92, with a 24-hour change of +0.6%;

The price of SOL is $140.83, with a 24-hour change of -1.3%;

The price of DOGE is $0.1527, with a 24-hour change of -1.3%;

The price of XRP is $2.20, with a 24-hour change of -0.9%;

The TRX price is $0.2802, with a 24-hour change of +1.4%;

The price of WLFI is $0.163, with a 24-hour change of -1.4%;

The HYPE price is $34.82, with a 24-hour change of -2.8%.

Policy

▌Democrats accuse Trump of crypto corruption in explosive new House report

A new report released by the top Democrat on the House Judiciary Committee accuses President Donald Trump of abusing his influence over national cryptocurrency policy for personal and family gain. The document, published this week by Representative Jamie Raskin, states that Trump's pro-crypto stance is closely intertwined with his private business interests, which have reportedly generated “hundreds of millions” in revenue for the Trump family during his current term. The minority party report claims that Trump is using his position in the White House to promote businesses associated with his family while allowing his political allies and foreign individuals to gain privileged access and opportunities through investments in crypto companies closely linked to Trump. Raskin stated that the scale of this potential conflict of interest is unprecedented. “We still do not know where all the money is coming from, but the U.S. has never seen such a scale of corruption happening within the White House,” he said. According to the document, Trump's policy stance is “another Trump family self-dealing scheme, built on a transaction of paying for opportunities and seeking secret channels for influence with corrupt foreign interests.” The Democrats currently do not control both chambers of Congress, so the report cannot immediately trigger action. However, it was released at a politically sensitive time: cryptocurrency legislation is stalled in the Senate, while budget negotiations regarding healthcare and social services are underway.

▌UK Chancellor's Autumn Statement did not increase crypto taxes, but regulation is tightening

UK Chancellor of the Exchequer Rachel Reeves did not propose any new tax hikes on cryptocurrencies in her latest autumn statement, maintaining the same tax treatment for crypto assets as other asset classes. However, the government is pushing for stricter reporting and regulatory measures, including the upcoming Crypto-Asset Reporting Framework (CARF) global tax transparency system set to be implemented in 2026. Industry professionals welcomed the support measures for startups but warned that the overall tax and regulatory environment in the UK could undermine its global competitiveness in fintech and digital assets. Experts are concerned that a lack of sufficient incentives could lead to high-growth fintech, AI, and Web3 companies choosing to develop in other jurisdictions, further exacerbating the talent drain recently observed in the UK.

Blockchain Applications

▌South Korea's Upbit exchange revises stolen amount to 44.5 billion won

South Korean digital asset exchange Upbit was hacked on November 27, with approximately 44.5 billion won (about 30 million USD) in assets stolen, mainly involving digital assets on the Solana network. Upbit discovered the abnormal transfer at 4:41 AM on the same day and reported it to regulatory authorities. The South Korean police and financial regulatory agencies have launched an on-site investigation into the operator, Dunamu Inc., which is expected to last until the 5th of next month. Upbit has stated that it will fully compensate customers for their losses with company assets, ensuring zero loss for users. Previously, Upbit disclosed that it had been attacked, with approximately 54 billion won in tokens transferred to an unknown wallet.

▌Uniswap adds support for Monad mainnet

Uniswap Labs tweeted that it has added support for the Monad mainnet, allowing users to conduct cross-chain and token exchanges within the Uniswap application.

▌Do Kwon requests the U.S. court to impose no more than five years in prison

According to Bloomberg, Do Kwon, co-founder of Terraform Labs Pte., stated that he is requesting a U.S. court to impose a sentence of no more than five years in prison for his involvement in a fraud case related to the collapse of the TerraUSD stablecoin, which was valued at $40 billion in 2022. Kwon pleaded guilty in August to conspiracy and wire fraud charges, thereby avoiding a trial. He was previously arrested in Montenegro and convicted for using a fake passport as a fugitive wanted by South Korea, and was subsequently extradited to the United States.

Cryptocurrency

▌Ark Invest: Liquidity is recovering, which may lay the foundation for a market rebound by the end of the year

Ark Invest stated that after the U.S. market liquidity reached a multi-year low of $5.56 trillion on October 30, it has finally started to rebound. A six-week government shutdown resulted in a liquidity loss of $621 billion, but with the government reopening, $70 billion has already flowed back into the market. It is expected that an additional $300 billion will return in the next 5-6 weeks as the Treasury's general account normalizes. The improvement in liquidity coincides with the Federal Reserve's shift to a dovish stance. New York Fed President John Williams, Fed Governor Waller, and San Francisco Fed President Daly have all expressed support for interest rate cuts, raising the market's implied probability of a near-term rate cut to about 90%. Ark Invest believes that as liquidity recovers, quantitative tightening (QT) will end on December 1, and monetary policy will shift to a supportive stance. We think the market is forming conditions that could potentially reverse the recent downward trend.

▌Opinion: The low trading volume and high volatility of Bitcoin during Thanksgiving is not a structural trend signal

The wealth management company Swissblock stated that the trading volume of Bitcoin is low and volatility is high during the Thanksgiving period, making it a good opportunity for tactical operations rather than structural trends. When macro liquidity and capital flows remain weak, these fluctuations should be viewed as “noise” rather than market signals.

▌VanEck stakes 12,600 ETH again

According to monitoring by Lookonchain, VanEck has staked another 12,600 ETH (approximately 37.9 million USD).

▌Tether CEO retweets clarification: The market misunderstands that Tether prefers gold over Bitcoin

Regarding Tether's purchase of gold exceeding that of several central banks in the last quarter, Tether CEO Paolo Ardoino retweeted a post from Sam Callahan, the Strategic and Research Director of the Bitcoin Treasury Company OranjeBTC, clarifying market misunderstandings that Tether prefers gold over Bitcoin, stating: “Tether still loves Bitcoin.” It is reported that Tether currently holds approximately 87,475 Bitcoins and has been using about 15% of its profits to increase its Bitcoin holdings since 2023. The purchase of gold means that Tether is no longer just a stablecoin issuer, but a global corporate group.

▌Blockrise Obtains MiCAR License, Launches BTC Staking Loans, Plans to Raise 15 Million Euros

The Dutch Bitcoin platform Blockrise announced that it has been authorized by the Netherlands Authority for the Financial Markets (AFM) under the EU MiCAR to provide Bitcoin-related services in Europe. Blockrise is a “Bitcoinonly” platform that will offer loans secured by Bitcoin to corporate clients, with a minimum loan amount of 20,000 euros. Clients retain ownership of the collateralized BTC and it cannot be re-pledged. The company previously secured 2 million euros in seed funding and is now planning to raise 15 million euros in Series A funding to expand its presence in the EU market and credit business.

▌South Korean listed company Bitplanet increases its holdings by 17 bitcoins, now holding a total of 245.5 BTC

According to market news: South Korean listed company Bitplanet (stock code: 049470.KQ) has increased its holdings by 17 bitcoins, currently holding a total of 245.5 BTC.

▌California Public Employees' Retirement Fund holds approximately $80 million in Strategy stocks

According to market news: California Public Employees' Retirement System (California CalPERS), the largest state pension fund in the United States, holds 448,157 shares of Bitcoin treasury company MicroStrategy (ticker symbol $MSTR), with a holding value of approximately $80 million.

▌In the past 24 hours, the inflow of stablecoins to the Monad network reached $3.8 billion

According to market news: In the past 24 hours, the inflow of stablecoins into the Monad network reached $3.8 billion, more than double the $1.7 billion inflow of Ethereum.

▌Only 35.7% of the 76,021 wallets that received the Monad airdrop still hold intact

According to Adam's data, among the 76,021 wallets that received the Monad airdrop, 52.4% have sold or transferred all of their tokens, while only 35.7% still hold all of the airdropped tokens intact.

▌A certain whale reopened a $56.7 million BTC long position after 18 months, currently with an unrealized profit of $4.39 million

According to monitoring by Onchain Lens, a certain whale has once again opened an 18x BTC long position after 18 months, with the current position floating profits of about 4.39 million USD. The nominal size of the long position is 56.7 million USD, with an opening price of 84,306 USD and a liquidation price of 78,642 USD.

▌Arthur Hayes has once again increased his holdings by 2 million ENA and 364,000 ETHFI

According to OnchainLens monitoring, Arthur Hayes (CryptoHayes) has recently continued to buy tokens from FalconX. The latest data shows that he has again purchased: 2 million ENA (worth $556,000), increasing his total ENA holdings to 4.89 million (approximately $1.37 million); 364,987 ETHFI (worth $287,000), raising his total ETHFI holdings to 696,000 (approximately $543,000).

▌Wormhole Foundation has purchased $5 million worth of W tokens, which will be added to its balance sheet

The Wormhole Foundation has purchased $5 million worth of W tokens, which are included in its balance sheet.

▌Since the market drop on October 11, Tether and Circle have minted a total of $17.25 billion in stablecoins

According to Lookonchain monitoring, Circle minted 1.25 billion USDC today. Since the market downturn on October 11, Tether and Circle have minted stablecoins worth $17.25 billion.

▌Binance Alpha will launch GaiAi (GAIX) on November 29 and open airdrop claims

According to the official announcement, Binance Alpha will launch GaiAi (GAIX) on November 29. Eligible users can go to the Alpha event page to claim the airdrop using Alpha points after trading begins.

Important Economic Dynamics

▌Wall Street maintains an optimistic outlook on the emerging market prospects for 2026

Major banks on Wall Street are preparing to achieve better results in emerging markets, expecting that a weak dollar and a surge in investments in artificial intelligence will provide further momentum for this asset class. These positive factors are anticipated to drive further growth in emerging markets, with local currency bonds offering investors a 7% return, the best performance since 2020, and currency indexes rising by more than 6%. Morgan Stanley strategists point out that as the U.S. economy slows, the Federal Reserve may further cut interest rates, which will support the continuation of market gains. The bank advises clients to maintain a bullish position on emerging market local currency bonds, predicting returns will reach around 8% by mid-2026. For emerging market dollar bonds, it forecasts a “high single-digit” increase over the next 12 months.

▌Institution: The dollar is set to post its largest weekly decline in four months, with the Federal Reserve's path in focus

The U.S. market is closed for Thanksgiving, leading to a scarcity of liquidity, which has amplified the volatility in currency trading. The dollar is retreating from a six-month high reached a week ago, poised for its largest weekly decline since July. Brent Donnelly, president of Spectra Markets, stated, “The market will soon consider major trading strategies for 2026, and I strongly believe that 'going long on the dollar' will not be one of them.” He mentioned that if White House economic advisor Hassett, who advocates for interest rate cuts, is appointed as the next Federal Reserve chairman, it should be unfavorable for the dollar.

▌The probability of the Federal Reserve lowering interest rates by 25 basis points in December rises to 86.9%

According to CME's “FedWatch”: The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 86.9%, while the probability of maintaining the current rates is 13.1%. The probability of the Federal Reserve cumulatively cutting rates by 25 basis points by January next year is 67.3%, with a 9.6% probability of keeping rates unchanged, and a 23.1% probability of a cumulative cut of 50 basis points.

Golden Encyclopedia

▌Can General Artificial Intelligence really think like humans?

As the boundaries between humans and machines become blurred, we see the emergence of General Artificial Intelligence (AGI). Unlike Narrow Artificial Intelligence (ANI) (which focuses on solving specific problems with artificial intelligence), AGI refers to artificial intelligence capable of understanding, learning, and applying knowledge in a manner indistinguishable from human cognition. AGI is still in the theoretical stage, but the prospect of artificial intelligence fully replacing human input and judgment naturally attracts widespread attention, with researchers, technology experts, and scholars striving to turn the concept of AGI into reality. Although AGI remains theoretical, its immense potential makes it the sci-fi version of artificial intelligence. While existing models (such as ChatGPT) are continuously evolving and improving, the journey to make AGI a reality still faces significant technological challenges.

Can general artificial intelligence think like humans? This question delves into the core of human cognition. The characteristics of human thought include consciousness, emotional depth, creativity, and subjectivity. Although general artificial intelligence can simulate certain aspects of human thinking, replicating the entire scope of human cognition is a daunting challenge. The litmus test for general artificial intelligence is whether it can fully replicate human experiences. Once achieved, its potential benefits will be immense and will impact various industries, influencing all aspects of daily life. Despite the limitations of general artificial intelligence, it is increasingly seen as a positive force across industries.

General Artificial Intelligence (AGI) can create computers as smart as humans, fundamentally changing fields like cryptocurrency trading or market analysis. However, AGI requires trust and fairness to benefit everyone. The technology behind Bitcoin and Ethereum—blockchain—provides a secure and transparent way to achieve this. However, ongoing challenges such as slow blockchain speeds, delays in encrypted transactions, and limited storage capacity could make it difficult for General Artificial Intelligence (AGI) to process data quickly or handle large datasets. To prepare the blockchain for General Artificial Intelligence (AGI), researchers are exploring: off-chain storage, sharding and danksharding, and data pruning.

General Artificial Intelligence represents the pinnacle of AI development, expected to achieve capabilities comparable to human intelligence. Although General Artificial Intelligence (AGI) can simulate certain aspects of human thought, achieving true human-like cognition remains a distant goal. Consciousness, emotional depth, and creativity are intrinsic attributes of human experience that pose significant challenges for General Artificial Intelligence. Nevertheless, the pursuit of General Artificial Intelligence continues to drive innovation and reshape our understanding of intelligence.