🔍 December 12, 2025 Daily Briefing 📊 I. Key Data Fear & Greed Index: 29 (Fear) US BTC Spot ETF: Net inflow yesterday -$77.34 million US ETH Spot ETF: Net inflow yesterday -$42.37 million 📰 II. Important News of the Day 1️⃣ Macroeconomics and Regulation 1) On December 12, US SEC Chairman Paul Atkins stated that the SEC is prioritizing innovation and actively adopting new technologies, transitioning to on-chain operations to bring investors greater predictability, transparency, and efficiency. Additionally, this morning the SEC approved the American Depository Trust & Clearing Corporation (DTCC) to hold and confirm tokenized stocks and RWA assets on-chain. 2) On December 12th, the U.S. Commodity Futures Trading Commission (CFTC) issued no-action letters to Polymarket, PredictIt, Gemini, and LedgerX/MIAX, announcing that under certain conditions, these companies are exempt from certain record-keeping regulatory requirements and may be able to clear contracts through third-party clearing members. 3) According to Bitcoin News, France is pushing forward with Amendment 1649AC, requiring citizens to declare the precise market value of their self-custodied crypto assets, even if no taxable transactions have occurred. Critics warn that this measure constitutes an undue interference in private life and could create a dangerous "information honeypot" containing names, addresses, and specific crypto asset balances. 2️⃣ Industry News 1) On December 12th, Bloomberg reported that sources revealed Coinbase plans to announce two products at its December 17th showcase: a prediction market and tokenized stocks. The tokenized stocks product will be developed internally by the Coinbase team, rather than being launched through a partner. 2) a16z released its annual report, covering stablecoins, tokenization, payments and finance, AI, and agency-related topics in the blockchain and crypto industry. a16z points out that stablecoin trading volume reached $46 trillion in 2024, more than 20 times that of PayPal and nearly 3 times that of Visa. Furthermore, a16z predicts that decentralized payment systems will be widely adopted by 2026. 3) On December 12th, a report from [website name - _2024111120230_] shows that in 2025, the only Bitcoin treasury company to outperform the S&P 500 is The Blockchain Group, headquartered in France, with a year-to-date return of 16% and its stock price surging approximately 164% since January 1st. Among other well-known Bitcoin treasury companies, Strategy's stock price fell 12%, Metaplanet's stock price fell by nearly a third, and Nakamoto, which had raised over $600 million to buy Bitcoin, has seen its market capitalization plummet by over 98%. 3️⃣ Focused Targets/AI-Related Developments 1) On December 11, OpenAI received a $1 billion equity investment from Disney. Furthermore, under a three-year cooperation agreement, Sora will be able to generate user-triggered short social videos for fans to watch and share, featuring over 200 Disney, Marvel, Pixar, and Star Wars characters. Simultaneously, Disney sent a cease and desist letter to Google, accusing the company of copyright infringement in its Gemini output. Disney's cease and desist letter is not legally binding, but such communications serve as a formal warning and can be cited later in potential legal action. 2) On December 12, OpenAI launched GPT-5.2, focusing on expertise work and long-process AI agent design. GPT-5.2 offers three versions: Instant, Thinking, and Pro. Instant is suitable for writing and information retrieval; Thinking excels at deep tasks such as program development and planning; and Pro provides the most accurate answers to complex problems. OpenAI states that the core goal of GPT-5.2 is to make AI more economically valuable in real-world work scenarios.