1️⃣ Macroeconomics and Regulation 1) On December 8th, the Central Bank of Argentina (BCRA) is considering lifting its long-standing ban on traditional financial institutions offering cryptocurrency trading and custody services. If implemented, this would signify a shift in regulatory policy from "explicit prohibition" to "regulated integration." Currently, the BCRA prohibits commercial banks from offering or facilitating cryptocurrency transactions to their clients, and the market is dominated by independent Virtual Asset Service Providers (VASPs) and crypto-native exchanges. However, the President Millais government has consistently maintained a more free-market and generally pro-crypto stance, and is therefore evaluating a series of regulatory reforms. The entry of major Argentine banks into the crypto space would significantly alter the local financial landscape. 2) On December 9th, according to The Block, Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), launched a digital asset pilot program that allows the use of certain cryptocurrencies as collateral in the derivatives market. Initially, the pilot program will be limited to Bitcoin, ETH, and USDC as collateral in the derivatives market. 3) On December 9th, according to Cointelegraph, Jonathan Gould, Comptroller of the Currency (OCC), stated that crypto companies seeking federal banking licenses should be treated the same as other financial institutions, and there is absolutely no reason to discriminate against digital assets. It is understood that the OCC has received 14 new bank applications this year, almost equal to the total number of applications in the past four years, but so far only two crypto banks have been granted OCC licenses. 4) According to Crypto In America, the U.S. Securities and Exchange Commission (SEC) has ended its investigation into tokenization company Ondo Finance and has not recommended any charges. The conclusion of the two-year investigation marks another reversal in regulatory action against digital asset companies during the Biden era. Since the pro-crypto SEC chairman Paul Atkins took office, the agency has terminated most crypto-related investigations and dropped several high-profile cases, including those involving Coinbase, Ripple, and Kraken. 2️⃣ Industry News 1) On December 9th, according to Ember Chain analysts, Strategy currently holds 660,624 BTC, with a floating profit of $10.473 billion. Strategy CEO Phong Le stated that the company will hold its Bitcoin until at least 2065, maintaining its long-term accumulation strategy. 2) HASHKEY HLDGS (new listing number: 03887) will be open for subscription from December 9th to 12th, with a planned issuance of 240 million shares, 10% of which will be offered to the public in Hong Kong. The offer price ranges from HK$5.95 to HK$6.95, raising up to HK$1.67 billion. HASHKEY is expected to be listed and traded on December 17th. 3) On December 9th, Jack Mallers, CEO of Bitcoin investment firm Twenty One Capital, tweeted that Twenty One is expected to begin trading on the NYSE today under the ticker symbol XXI. As part of the listing and settlement process, the team will transfer over 43,500 Bitcoins from its escrow account back to its own custody account and will update the corresponding proof of reserves upon completion. 4) According to Cointelegraph, USDT, issued by Tether, has been certified as a "fiat reference token" in the Abu Dhabi Global Market (ADGM). This means that licensed institutions can conduct USDT-related transactions, custody and other services within a regulated framework, further expanding its application in cross-border settlement, institutional custody and payment scenarios. 5) Robinhood announced yesterday that it plans to attract more high-level, high-volume cryptocurrency traders in the US and EU by launching new features including lower fees and increased leverage for Altcoin futures. The company stated that it has expanded its available fee tiers in the US from three to seven and is offering rates as low as 0.03% for high-volume users. 6) On December 8th, Bloomberg ETF analyst Eric Balchunas posted on social media that BlackRock had submitted its formal prospectus to the U.S. Securities and Exchange Commission (SEC) for the iShares Staked Ethereum Trust ETF, which will become its fourth crypto-related ETF product. Previously, BlackRock had applied for spot Bitcoin, spot Ethereum, and a "Bitcoin Income" ETF. 3️⃣ Trends in companies I'm following/AI-related developments 1) Nvidia: US President Trump announced on social media on the 8th that the US government will allow Nvidia to sell its H200 AI chips to China, but the US will take a 25% cut of the chip exports. He also stated that the US Department of Commerce is finalizing the details of the arrangements, and the same arrangement will apply to other AI chip companies such as AMD and Intel. Following the announcement, Nvidia's stock price rose 1.2% in after-hours trading. 2) Google announced on Monday that it is developing two different categories of AI glasses to compete with Meta's products next year: one equipped with a display screen, and the other focusing on audio functionality. The first AI glasses developed in collaboration will be available sometime in 2026, featuring Gemini's advanced Gemini Big Model, allowing users to take photos, navigate, answer calls, or identify objects in their field of vision without using their hands.