{"translated_text": "{"1": "Original | Odaily Planet Daily Ethan\r\n \r\nAs the year draws to a close, the suspense over who will wield the scepter of the Federal Reserve Chair—the \"master switch\" of global liquidity—has become the most anticipated year-end cliffhanger.\r\nMonths ago, when the benchmark rate ended its prolonged pause and saw its first cut, the market was once convinced that Christopher Waller was the chosen one (Recommended reading\"Academic Outsider Rises: Small-Town Professor Waller Becomes Hottest Candidate for Fed Chair\"). In October, the winds shifted, and Kevin Hassett surged ahead, with odds once nearing 85%. He was seen as \"the White House's mouthpiece\"; if he took office, policy might fully follow Trump's will, even jokingly called a \"human money printer.\"\r\nHowever, today, we will not discuss the \"frontrunner\" with higher odds but focus on the \"second in line\" with the greatest uncertainty—Kevin Warsh.\r\nIf Hassett represents the market's \"greedy expectations\" (lower rates, more liquidity), then Warsh embodies the market's \"fear and awe\" (harder money, stricter rules). Why is the market re-examining this outsider once hailed as the \"Wall Street golden boy\"? If he were to helm the Fed, what seismic shifts would occur in the underlying logic of the crypto market? (Odaily note: The core views of this article are based on inferences from Warsh's recent speeches and interviews.)\r\nWarsh's Evolution: From Wall Street Golden Boy to Fed Outsider\r\nKevin Warsh does not hold a Ph.D. in macroeconomics, and his career did not start in an ivory tower but in Morgan Stanley's mergers and acquisitions department. This experience gave him a mindset entirely different from Bernanke or Yellen: to academics, a crisis is just a data anomaly in a model; but to Warsh, a crisis is the second a counterparty defaults, the life-or-death moment when liquidity instantly vanishes from \"present\" to \"absent.\"\r\nIn 2006, when the 35-year-old Warsh was appointed as a Federal Reserve governor, many questioned his lack of seniority. But history has a sense of humor—it was precisely this \"Wall Street insider\" practical experience that made him an indispensable player in the subsequent financial storm. In the darkest hours of 2008, Warsh's role had already transcended that of a regulator; he became the sole \"translator\" between the Fed and Wall Street.\r\n\r\nExcerpt from Warsh's interview at Stanford University's Hoover Institution\r\nOn one hand, he had to translate Bear Stearns' toxic assets—which went to zero overnight—into language that academic officials could understand; on the other, he had to translate the Fed's obscure rescue intentions to a panicked market. He personally witnessed the negotiations during that frantic weekend before Lehman's collapse, and this close-quarters combat gave him a physiological sensitivity to \"liquidity.\" He saw through the essence of quantitative easing (QE): central banks must indeed act as \"lenders of last resort\" during crises, but this is essentially a transaction that mortgages future credit to buy survival time in the present. He even pointedly noted that the prolonged post-crisis monetary easing was actually \"reverse Robin Hood,\" artificially inflating asset prices to rob the poor and feed the rich, which not only distorts market signals but also plants the seeds for a bigger crisis.\r\nIt was this keen sense of systemic fragility that became his core bargaining chip when Trump was selecting candidates for the next Fed chair. On Trump's list, Warsh and another hot contender, Kevin Hassett, formed a stark contrast, a contest dubbed by the media as the \"Battle of the Two Kevins.\"\r\n\r\nFed Chair Candidates: Hassett vs. Warsh, image source Odaily original\r\nHassett is a typical \"growth-first\" advocate, with a simple, direct logic: as long as the economy is growing, low rates are justified. The market widely believes that if Hassett takes office, he would likely cater to Trump's desire for low rates, even cutting rates before inflation is fully under control. This also explains why long-term bond yields surged whenever Hassett's odds rose—because the market fears runaway inflation.\r\nIn contrast, Warsh's logic is far more complex; it's hard to simply label him as a \"hawk\" or a \"dove.\" While he also advocates for rate cuts, his reasoning is entirely different. Warsh believes that current inflationary pressures stem not from excessive buying but from supply constraints and the massive monetary overhang of the past decade. The Fed's bloated balance sheet is actually \"crowding out\" private credit and distorting capital allocation.\r\nThus, Warsh's prescription is an experimental combination: aggressive quantitative tightening (QT) coupled with moderate rate cuts. His intent is clear: to control inflation expectations by reducing the money supply, restoring the credibility of the dollar's purchasing power—essentially draining some liquidity—while lowering nominal rates to ease corporate financing costs. This is a hardcore attempt to restart the economy without flooding it with liquidity.\r\nButterfly Effect on the Crypto Market: Liquidity, Regulation, and Hawkish Underpinnings\r\nIf Powell is like a \"gentle stepfather\" in the crypto market, careful not to wake the children, then Warsh is more like a \"strict boarding school headmaster\" wielding a ruler. The storm stirred by this butterfly's wings might be more violent than we anticipate.\r\nThis \"strictness\" first manifests in his obsession with liquidity. The crypto market, especially Bitcoin, has been somewhat a derivative of the global dollar glut over the past decade. Warsh's policy core is a \"strategic reset,\" returning to the sound monetary principles of the Volcker era. His aforementioned \"aggressive QT\" is both a short-term nightmare and a long-term litmus test for Bitcoin.\r\nWarsh has explicitly stated: \"If you want to lower rates, you must first stop the money printer.\" For risk assets accustomed to the \"Fed put,\" this means the loss of a safety net. If he takes office and firmly implements his \"strategic reset,\" guiding monetary policy back to more prudent principles, global liquidity tightening will be the first domino to fall. As a \"frontier risk asset\" highly sensitive to liquidity, the cryptocurrency market will undoubtedly face valuation pressure in the short term.\r\n\r\nKevin Warsh discusses Fed Chair Jerome Powell's rate strategy on \"Kudlow,\" source Fox Business\r\nMore importantly, if he truly achieves \"inflation-free growth\" through supply-side reforms, keeping real yields positive long-term, then holding fiat and Treasuries will become profitable. This is starkly different from the negative-rate era of 2020, where \"everything rose except cash was trash,\" and Bitcoin's appeal as a \"zero-yield asset\" may face severe challenges.\r\nBut there are two sides to every coin. Warsh is someone who deeply believes in \"market discipline\" and would never rush to rescue the market like Powell did when stocks fell 10%. This \"no-bottom\" market environment might instead give Bitcoin a chance to prove its worth: when the traditional financial system cracks under deleveraging (like during the Silicon Valley Bank crisis), can Bitcoin break free from the gravitational pull of U.S. stocks and truly become a Noah's Ark for safe-haven capital? This is the ultimate test Warsh poses to the crypto market.\r\nBehind this test lies Warsh's unique definition of cryptocurrency. He left a famous quote in The Wall Street Journal: \"Cryptocurrency is a misnomer. It is not mysterious, and it is not money. It is software.\"\r\n\r\nExcerpt from Kevin Warsh's column \""}

PANews reported on December 23 that, according to The Block, the Ghanaian Parliament passed the Virtual Asset Service Providers Act , officially legalizing cryptocurrency trading. Related practitioners must register with the central bank or securities regulator. The Central Bank of Ghana stated that in 2026 it will explore asset-backed digital settlement tools, including gold-backed stablecoins, to promote cross-border payments and market infrastructure development.

PANews reported on December 23 that, according to Onchain Lens , a whale / institution staked 1,173,615 SOL tokens through Helius , worth approximately $174.36 million.

BlockBeats News, December 23 – According to Coinglass data, if Ethereum falls below $2,900, the cumulative long liquidation intensity on major CEXs will reach $630 million.Conversely, if Ethereum breaks above $3,100, the cumulative short liquidation intensity on major CEXs will reach $918 million.BlockBeats Note: The liquidation chart does not display the exact number of contracts awaiting liquidation or the precise value of contracts to be liquidated. The bars on the liquidation chart actually represent the relative importance, or intensity, of each liquidation cluster compared to adjacent clusters.Therefore, the liquidation chart illustrates the extent to which the underlying price reaching a certain level will be affected. A higher "liquidation bar" indicates that once the price reaches that level, a stronger reaction will occur due to liquidity waves.

BlockBeats News, December 23, according to on-chain data, the BlackRock address increased its holdings by 4,534 ETH and 45.379 BTC 9 hours ago.Currently, the total value of crypto assets in its address amounts to $79.127 billion.

Deep Tide TechFlow News, December 23 — According to Cointelegraph, Keith Grossman, President of crypto payment company MoonPay, stated that tokenization will transform the financial industry faster than digital technology has impacted traditional media. He pointed out that RWA will force traditional financial institutions to adapt, which is no longer a theoretical concept; institutions such as BlackRock and Franklin Templeton are already offering tokenized funds on the blockchain. Currently, the market capitalization of the RWA sector (excluding stablecoins) is close to $19 billion, with the vast majority of tokenized assets already settled on the Ethereum network. Advantages of tokenized assets include enabling 24/7 market access, asset globalization, reduced transaction costs, and shortened settlement times. Previously, the Depository Trust & Clearing Corporation (DTCC) received approval from the U.S. Securities and Exchange Commission to begin offering tokenized financial instruments, with plans to launch the first batch of tokenized assets, including U.S. Treasury bonds and stock indices, in the second half of 2026.

ChainCatcher reports, according to on-chain analyst Murphy (@Murphychen888) monitoring, the concentration of chips within 5% of the BTC spot price has reached 13.3%, exceeding the warning line. Data shows that when this indicator surpasses 13%, Bitcoin price may experience significant fluctuations, especially as the indicator enters a high-risk zone after exceeding 15%.

PANews reported on December 23 that, according to a Binance announcement, the platform will delist 10 FDUSD-denominated cross and isolated margin trading pairs, including EIGEN/FDUSD, ARB/FDUSD, and TRUMP/FDUSD, at 14:00 (UTC+8) on December 30, 2025. Lending and borrowing functions for these isolated margin trading pairs will be suspended starting December 24. The platform officially advises users to close their positions and transfer assets to their spot accounts before delisting to avoid potential losses.

PANews reported on December 23 that, according to a Binance announcement, the platform will delist 10 FDUSD-denominated cross and isolated margin trading pairs, including EIGEN/FDUSD, ARB/FDUSD, and TRUMP/FDUSD, at 14:00 (UTC+8) on December 30, 2025. Lending and borrowing functions for these isolated margin trading pairs will be suspended starting December 24. The platform officially advises users to close their positions and transfer assets to their spot accounts before delisting to avoid potential losses.

PANews reported on December 23 that, according to Lookonchain, address 0x72F8 transferred all 16.86 million ENA tokens it held to Coinbase Prime seven hours ago. These tokens were purchased about a year ago at an average price of $1.10, for a total cost of $18.53 million. Currently, their market value is only $3.51 million, resulting in a paper loss of over $15 million, a drop of 81%.