Mars Morning News | SEC Expected to Issue "Innovation Exemptions" for the Crypto Industry in "About a Month"

SEC Chairman: SEC Expected to Issue “Innovation Exemption” for Crypto Industry in “About a Month” 

SEC Chairman Paul S. Atkins stated in an interview with CNBC that the SEC expects to issue an “innovation exemption” for the crypto industry in “about a month.” He mentioned that the original timeline was delayed due to the government shutdown, but the SEC has now resumed normal operations and will continue to promote a regulatory framework that supports crypto innovation, aiming to reverse its resistant stance of recent years. Atkins also said the SEC plans to introduce new policies next year to improve the IPO market environment.

UK “Property (Digital Assets etc) Bill” Officially Comes into Effect

UK House of Lords Speaker John McFall announced on Tuesday that the “Property (Digital Assets etc) Bill” has received Royal Assent from King Charles III, meaning the bill has officially become law. The bill explicitly defines cryptocurrencies, stablecoins, and other digital assets as personal property protected by law, providing a legal foundation for the recognition of digital asset ownership, asset recovery, bankruptcy, and inheritance handling. It is regarded as an “important milestone” in UK crypto regulation. Data from UK financial regulators shows that as of last year, about 12% of UK adults held crypto assets.

BlackRock CEO: Some Unnamed Sovereign Funds Are Buying Bitcoin, Building Long-Term Positions

BlackRock CEO Larry Fink revealed that some unnamed sovereign funds are buying bitcoin, and when bitcoin’s price fell from its peak of $126,000, “they bought even more.” Larry Fink stated that these funds are buying “gradually” and increased their holdings when bitcoin’s price dropped to the $80,000 range, aiming to build long-term positions. In recent months, sovereign funds from Abu Dhabi and Luxembourg have disclosed purchases of BlackRock’s IBIT bitcoin ETF shares.

Bank of America Recommends Wealth Management Clients Allocate 1%–4% to Crypto Assets for the First Time

Bank of America (BofA) has, for the first time, recommended that its wealth management clients allocate 1%–4% to crypto assets. This recommendation applies to Merrill, Private Bank, and Merrill Edge, and from January 5, 2026, will officially cover and provide research on four bitcoin ETFs: BITB, FBTC, Grayscale Mini Trust, and IBIT. Previously, BofA advisors were not allowed to proactively recommend crypto products. Now, about 15,000 wealth advisors can directly suggest allocations to clients, marking the bank’s formal inclusion of crypto assets in mainstream asset allocation systems.

Strategy Announces $1.44 Billion Reserve for Dividend Payments

Strategy announced the establishment of a $1.44 billion reserve to cover at least 12 months of preferred stock dividends and debt interest, with plans to expand it to 24 months. The company said the reserve was established with funds from ATM equity issuance. Currently, it holds 650,000 BTC, accounting for about 3.1% of the total supply. Previously, Strategy stated that selling bitcoin would only be considered a “last resort” if the mNAV (per-share net asset value of bitcoin) falls below 1 and further financing is not possible. CEO Phong Le emphasized that the company has no plans to sell bitcoin and remains committed to long-term holding, but if the premium disappears and fundraising is hindered, technical reductions may not be ruled out to protect shareholder returns.

Bitcoin Selling Pressure Nears End, Current Stage Bottom Forming

On December 7, CryptoOnchain published an analysis stating that bitcoin’s SOPR ratio (LTH-SOPR / STH-SOPR) has dropped to 1.35, the lowest level since 2024, while the price has corrected to around $89,700. 1. Large-Scale Selling Ends When the SOPR ratio is high, it means long-term holders (LTH) are realizing profits more aggressively than short-term holders (STH). Now that the ratio has dropped to 1.35, it indicates that the large-scale distribution phase of old coins has clearly subsided, and the profit gap between old players and new capital is narrowing. 2. Market Sentiment Cools Significantly The SOPR ratio is often used as an oscillating indicator of market sentiment. This decline means the market has undergone a thorough “reset,” and the speculative bubble of the early cycle has been cleared. Historical data shows that in macro bull markets, when the SOPR ratio drops to these low levels, it often signals that selling pressure is nearing its end. If this indicator stabilizes or rises again around 1.35, it may suggest a stage bottom is forming, providing a healthier foundation for the next upward move.

Ethereum Mainnet Successfully Completes Fusaka Upgrade and Achieves Finalization

The Ethereum mainnet has successfully completed the Fusaka upgrade and achieved finalization. Fusaka is an important step on Ethereum’s scaling roadmap: improving L1 performance, expanding blob capacity, enhancing rollup cost efficiency, and bringing UX improvements. It also introduces the Blob Parameter Only (BPO) fork mechanism, which allows for safely increasing blob capacity when rollup demand rises. It is understood that Consensys has stated Ethereum now plans to shift from one upgrade per year to an accelerated development pace of “two hard forks per year.”

Macro Outlook for Next Week: Fed Rate Cut “Set in Stone,” Hawk-Dove Debate in the Spotlight

According to Golden Ten Data, next week marks the Federal Reserve’s final rate-setting meeting of the year, with the rate decision to be announced at 3:00 a.m. (UTC+8) on Thursday, followed by Fed Chair Powell’s monetary policy press conference at 3:30 a.m. (UTC+8). According to CME FedWatch, there is an 84% probability of a 25 basis point rate cut next week. The upcoming Fed meeting is expected to be one of the most contentious in recent years, with investors focusing on policymakers’ disagreements over the outlook for rate cuts and the signals Fed Chair Powell will send about future policy directions. Of the 12 voting members of the Federal Open Market Committee (FOMC), five have expressed opposition or skepticism toward further monetary easing, while three board members support a rate cut. Since 2019, the FOMC has not seen three or more dissenting votes at any meeting, making the dissenters closely watched. Key macro data and events are as follows: Tuesday: Reserve Bank of Australia announces rate decision, RBA Governor Bullock holds a monetary policy press conference; Wednesday: US Q3 labor cost index quarterly rate; Bank of Canada announces rate decision; Thursday: Fed FOMC announces rate decision and summary of economic projections, Fed Chair Powell holds monetary policy press conference; US initial jobless claims for the week ending December 6; Friday: Fed releases US household financial health data in the Q3 2025 flow of funds report; 2026 FOMC voting member and Philadelphia Fed President Harker speaks on the economic outlook; 2026 FOMC voting member and Cleveland Fed President Mester speaks; Chicago Fed President Goolsbee participates in a moderator dialogue ahead of the Chicago Fed’s 39th Annual Economic Outlook Symposium. Market closure reminders: On Wednesday, the NYSE closes early at 2:00 a.m. (UTC+8); on Thursday, US stocks, many European stock markets, Korean stocks, and Australian stocks are closed. CME’s precious metals, US oil, forex, and equity index futures contracts, as well as ICE’s Brent crude oil futures contracts, will be suspended for the entire day.