Japan’s rate hike looms over Bitcoin as institutional skepticism persists

Lawsuit Sees Further Chinese Crypto TV CoverageChina’s state broadcaster, CCTV, rarely covers the topic of crypto but in the space of the past three weeks, it has covered the subject twice, with the latest segment covering the news of the United States Securities and Exchange Commission (SEC) filing a lawsuit against global crypto exchange, Binance.Photo by Paolo Chiabrando on UnsplashBad pressThe segment, which aired on CCTV, provided a brief overview of the lawsuit, stating that the SEC accused Binance, its Co-Founder Changpeng Zhao (CZ), and its American affiliate Binance.US of violating US securities laws. The report also noted that the prices of Bitcoin and Binance’s native BNB coin experienced a decline following the news.The lawsuit filed by the SEC received significant media attention due to Binance’s position as the world’s largest crypto exchange. The crypto industry in the US has been under increased scrutiny following the recent troubles faced by FTX, another major player in the market. Prosecutors have alleged that FTX engaged in fraudulent activities that harmed its users.Many blame US regulators who spent hundreds of hours with FTX executives working on projects, and US Capitol Hill politicians, 33% of whom received money from FTX, as being culpable for the FTX collapse. Despite this, it’s clear that the collapse is being leveraged to effect a clampdown on the digital assets sector.It is worth noting that the CCTV broadcast also made mention of a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance and CZ in March. This lawsuit, similar to the SEC’s, focused on the sale of crypto derivatives. It is unclear whether CCTV covered the CFTC lawsuit when it was initially filed.CCTV’s coverage of crypto-related news is rare, making this particular broadcast significant and garnering wider attention. The outcome of legal action taken by the SEC against Binance is being watched carefully as it will likely have implications for digital asset regulation going forward.Previous coverageIn a previous broadcast last month, CCTV aired a segment that featured cryptocurrencies, including the Bitcoin logo. Ironically, given the nature of this latest reporting, Binance’s CZ regarded that previous coverage as a noteworthy event. Historically, such coverage has often preceded bull runs in the crypto market. The segment showcased what appeared to be a Bitcoin ATM in Hong Kong, displaying a prominent blue Bitcoin logo and an option to “Buy Bitcoins.”NFTs were also highlighted in the segment. Many speculated that the coverage signified a softening of the stance of the Chinese authorities in relation to crypto. However, the video of the initial crypto segment was taken down from the broadcaster’s website shortly after CZ tweeted about it.Despite it not being the most positive of news, CCTV’s coverage of the Binance lawsuit and its previous segment on cryptocurrencies indicates a growing interest in the industry from mainstream media outlets. The attention from a state broadcaster like CCTV suggests that regulators and authorities in China are closely monitoring developments in the crypto space and considering their potential impact on the broader financial landscape.

As Solana (SOL) gains institutional momentum through new investment products and major platform integrations, the blockchain is also becoming a target for sophisticated phishing scams in South Korea.Photo by GuerrillaBuzz on UnsplashFake websites and impersonatorsAccording to a recent Etoday report, attackers have been impersonating the Solana Foundation and Superteam Korea, a developer community within the Solana ecosystem. Using fake group chats on messaging platforms like KakaoTalk and Telegram, the scammers deploy official branding and fabricated partnership announcements to appear legitimate. Victims are lured with promises of five SOL tokens for creating wallets on fraudulent websites mimicking Solflare, a widely used Solana wallet. Users are then instructed to stake their tokens in exchange for daily yield, enabling the scammers to access their funds. The schemes have become more advanced, with perpetrators using names and photos of Superteam Korea members and generating fake wallet interfaces that display fabricated token balances. When victims attempt to withdraw funds, they are removed from chats, blocked from further communication and left with inactive websites as evidence is wiped. The Solana Foundation and Superteam Korea have issued public warnings, stating they do not solicit investments through messaging platforms or request payments to specific accounts. They have noted an increase in phishing sophistication and advised users to be cautious of unsolicited offers, particularly those that promise guaranteed returns. Solana adoption gains momentumThese scams stand in contrast to Solana’s recent growth. The Rex-Osprey Solana + Staking ETF, launched in the U.S., recorded $12 million in inflows and $33.6 million in trading volume on its first day. It is the first U.S.-listed ETF to offer SOL exposure with staking rewards available directly through brokerage accounts. Additionally, PancakeSwap’s V3 liquidity pool went live on Solana, offering up to 84% of trading fees to liquidity providers and enabling swaps starting at 0.01%.Amid these developments, Bitwise Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen expressed cautious optimism about Solana, predicting it could set new all-time highs this year, though likely with more difficulty than Bitcoin. They pointed to rising interest in stablecoins, ETF approvals and the emergence of treasury firms focused on SOL and Ethereum (ETH) as key factors that could support long-term value. The pair also reaffirmed Bitwise’s $200,000 price target for Bitcoin, citing sustained institutional demand.

South Korean lawmakers are moving to seize control of the nation’s stalled second phase of digital asset legislation, aiming to bypass months of interagency gridlock and introduce a comprehensive regulatory framework by January. The legislative acceleration comes as Seoul races to align with global standards following the implementation of the U.S. GENIUS Act in July, a shift that has intensified pressure on local regulators to formalize oversight of the crypto sector. According to a report from the Maeil Business Newspaper, the ruling Democratic Party of Korea (DPK) plans to introduce the Digital Asset Basic Act as a lawmaker-sponsored bill rather than wait for a government submission. The procedural move is intended to ensure that formal deliberations can begin during the February provisional session. Lawmaker Kang Jun-hyeon, a DPK member of the National Policy Committee, told reporters on Dec. 11 that relying on the government’s timeline would jeopardize passage of the bill in the first half of next year. Kang cited points of disagreement among the parliament, the government, and industry stakeholders. Among the authorities, in particular, a standoff between the Bank of Korea (BOK) and the Financial Services Commission (FSC) over monetary policy and issuance authority has been a key source of delay.Photo by Lauren Seo on UnsplashDraft sets ‘major’ stablecoin requirementsAt the heart of the legislation is a new classification system for stablecoins. The government delivered its draft for the Digital Asset Basic Act to DPK’s Digital Asset Task Force, outlining its intention to classify won-denominated stablecoins exceeding a certain issuance threshold as “major digital payment tokens.” According to Blockmedia, citing sources familiar with the closed-door briefing to the task force, these assets would fall under a rigorous oversight framework developed in consultation with the central bank. Under the draft rules, issuers would be required to maintain 100% reserves, prohibited from making interest payments to holders, and obliged to submit detailed issuance plans to the FSC. Foreign-issued stablecoins would only be permitted to circulate domestically if the issuer establishes a local branch. Although the government ultimately submitted its draft to the DPK, the delivery was delayed by two days, missing the Dec. 10 deadline set by the party. Officials attributed the postponement to unresolved interagency disagreements. The central bank had argued that any issuance should require unanimous approval from all relevant agencies, including itself, but the government agreed to involve the bank only when a token is designated as “major.” The Bank of Korea continues to advocate for a bank-led consortium issuance model, highlighting the coordination challenges that have complicated the bill’s preparation. Supply thresholds emerge as fault lineCritics warn that the proposed regulations could inadvertently tilt the market against domestic innovation. Analysts argue that if the threshold for the "major" designation is set too low, new won-based issuers may face compliance costs that could undermine their business viability before they reach meaningful scale. They added that setting the bar for entrenched dollar-backed issuers such as USDT and USDC is also complex, given that their combined global issuance already exceeds $250 billion. Market participants said concerns about triggering the “major” designation could prompt Korean issuers to cap supply to avoid heightened scrutiny, effectively stifling growth from the outset. Despite these concerns, political will to close the policy vacuum is hardening. The DPK intends to move the legislation forward on its own timetable, incorporating the government’s input but steering the process through parliament. Lawmaker Kang emphasized that while numerous issues remain, the task force aims to narrow the debate to a few essential questions before the bill’s planned introduction in January. Industry representatives have largely welcomed the clearer timeline, viewing the move as a necessary step to reduce uncertainty as the global crypto sector comes under more formal regulatory oversight.