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<div style="display: none; max-height: 0px; overflow: hidden;">The House has already passed the Digital Asset Market Clarity Act, but the Senate is juggling drafts from the Banking and Agriculture Committees </div>
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<h1><strong>TLDR Crypto <span id="date">2025-12-10</span></strong></h1>
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<strong>The hidden cost of Hyperliquid — and how to skip it (Sponsor)</strong>
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You've done the research. You've got your thesis. But before you even place a trade on Hyperliquid, you've already lost money — slippage on the swap, bridge fees, gas on multiple chains.<p></p><p>Skip the death by a thousand cuts with <a class="underline" href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fapp.across.to%2Fhypercore%3Futm_source=TLDR%26utm_medium=ad%26utm_campaign=nativemarkets/3/0100019b086d8069-5ca24af0-b4c4-4249-8d35-4546a2ef499d-000000/ML3BmvliJpDrKhc3eb3ARyko5JNUhYaKjJas46doJ2g=435" rel="noopener noreferrer nofollow" target="_blank"><span>Across Protocol</span></a> - and move USDC from any of 20+ chains directly into USDH on Hyperliquid or HyperEVM.</p>
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<strong>US Crypto Market Structure Talks Stall in Senate (3 minute read)</strong>
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The House has already passed the Digital Asset Market Clarity Act, but the Senate is juggling competing drafts from the Banking and Agriculture Committees that must reconcile SEC/CFTC jurisdiction, define “ancillary assets,” and set guardrails for DeFi and stablecoin yield. Hopes for a pre-Christmas markup are fading, with some senators citing timeline and White House concerns over ethics and quorum language, plus political noise around President Trump's extensive crypto holdings. Although a stablecoin law is on the books, broader rules for exchanges, tokens, and DeFi are still stuck in committee drama.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fpolicy%2F2025%2F12%2F09%2Fsec-approves-u-s-second-crypto-index-etp-with-bitwise-s-bitw%3Futm_source=tldrcrypto/1/0100019b086d8069-5ca24af0-b4c4-4249-8d35-4546a2ef499d-000000/f3AJ6x1MzdQCzit_WpiUAuMm5rb4M_GbD6FHRjtSxdE=435">
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<strong>SEC Approves US' Second Crypto Index ETP (4 minute read)</strong>
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The Bitwise 10 Crypto Index Fund received SEC approval to trade on NYSE Arca as the second US-listed multi-asset crypto ETP following Grayscale's July approval, offering diversified exposure to the 10 largest cryptocurrencies rebalanced monthly. The $1.25 billion fund originally launched in 2020 as an OTC fund. It now joins the regulated structure used by gold, oil, and commodity funds, potentially easing operational risks for traditional allocators wary of direct token exposure.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>PNC rolls out direct bitcoin trading for high-net-worth clients (4 minute read)</strong>
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PNC Bank launched direct spot bitcoin trading for private bank clients through Coinbase integration, enabling purchases funded from existing accounts with crypto positions appearing alongside traditional investments as the first major US lender offering direct asset trading versus passive ETFs. The move is a customer retention strategy that prevents migration to fintech platforms rather than immediate demand response. Expansion to institutional accounts, nonprofits, endowments, and foundations has been planned for early 2026. The launch extends Coinbase's push to supply crypto infrastructure to banks, avoiding internal buildouts while PNC provides banking and treasury services to Coinbase in return.
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<strong>Circle Gets ADGM Greenlight in Abu Dhabi (2 minute read)</strong>
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Circle has received a Money Services Provider license from Abu Dhabi Global Market's FSRA. It can now offer regulated payment and settlement services out of the UAE. With the license, Circle can push USDC-based rails to businesses, banks, and developers across the region under a clear, bespoke digital-asset regime. The firm has hired ex-Visa exec Saeeda Jaffar as MD for the Middle East and Africa to drive institutional partnerships and onchain payments adoption. This move lands alongside ADGM's recognition of USDT on multiple chains and Binance.com's full authorization, signaling a coordinated push to make Abu Dhabi a key stablecoin and exchange hub.
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<strong>The New Crypto Marketing Playbook (3 minute read)</strong>
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“Intern meme accounts + mascots” aren't enough anymore as social media algorithms now reward interaction, substance, and high-quality production. Founder-led and team-led content, short-form video with story, technical explainers for dev ecosystems, and cross-posting podcast/AMA clips across YouTube, TikTok, LinkedIn, etc, currently seem to be winning content strategies. Platform-specific writing and clipping long-form founder content can be cheaper and more effective than paying big KOLs. The long game is consistent, multi-person content from inside the team, not one viral post or one charismatic founder.
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<strong>The Blockchain Canon (35 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Blockchain's canon split after The DAO's 2016 fork into financial infrastructure focused on stablecoins and ETFs versus institutional machinery pursuing DAOs and network states. This comprehensive timeline spans from Chaum's 1983 blind signatures through Satoshi's 2008 whitepaper to 2025's GENIUS Act and Aztec's privacy-first technical whitepaper, documenting how the unified cypherpunk vision fractured when early governance experiments collided with reality. The canon compiled includes cryptographic foundations, political manifestos, catastrophic failures like Mt. Gox and Terra, regulatory milestones, and the shift from protest-oriented infrastructure to institutionally-recognized financial products as blockchain searches for synthesis between its twin mythologies.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fmarkets%2F2025%2F12%2F09%2Fnicholas-proposes-afterdark-bitcoin-etf-that-skips-u-s-trading-hours%3Futm_source=tldrcrypto/1/0100019b086d8069-5ca24af0-b4c4-4249-8d35-4546a2ef499d-000000/URTjjSpZPpKV6O0c4Mmu6_LjzqD4WY3vuV5u_j8PdCk=435">
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<strong>Proposed ‘AfterDark' Bitcoin ETF Would Skip US Trading Hours (5 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Nicholas Financial filed with the SEC for an "AfterDark" bitcoin ETF holding BTC only from 4 pm to 9:30 am ET when US markets are closed, rotating into short-term Treasuries during American trading sessions based on data showing Bitcoin trending green overnight and red during US hours. Bloomberg analyst Eric Balchunas confirmed similar 2024 patterns, suggesting spot ETFs or derivatives positioning may be driving the divergence. The fund is a novel approach that treats time of day as a key strategy factor in the growing ecosystem of bitcoin investment products.
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<strong>Bitwise CIO sees crypto growing 10–20x in the next decade (5 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Bitwise CIO Matt Hougan projects crypto growing 10-20x over the next decade, citing SEC Chair Paul Atkins's expectation that all US equities will move onchain within "a couple of years," contrasting $68 trillion in US equities against $670 million in tokenized stocks today. Despite eight years working in crypto, Hougan argues that blockchain winner-picking remains nearly impossible as outcomes depend on regulation, execution, macro conditions, and luck among hundreds of variables. Market-cap-weighted index exposure is preferable to directional chain bets to avoid backing the wrong horse even in a rapidly growing market.
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<h1><strong>Quick Links</strong></h1>
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<strong>CFTC digital-asset collateral pilot (1 minute read)</strong>
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The CFTC's acting chair, Caroline Pham, has announced a digital assets pilot program that will allow certain crypto assets (BTC, ETH, and USDC) to be used as collateral in regulated derivatives markets.
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<strong>Ethereum's Next Frontier is Validator Privacy in the P2P Layer (2 minute read)</strong>
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Making validator networking private and fast requires attestation gossip via an OHTTP-style two-hop relay (breaking the IP and validator link), prioritized meshes using a ZK “proof-of-validator” (sybil-resistant without revealing identity), rate-limiting nullifiers to stop spam, and decoy traffic to hide behavioral patterns.
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<strong>Tom Lee buys $435m Ethereum (3 minute read)</strong>
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Bitmine, the “Strategy of Ethereum,” bought an additional $435 million of ETH, bringing its total holdings to over $12 billion.
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<strong>Tempo launches public testnet (2 minute read)</strong>
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Tempo, the Stripe and Paradigm-backed payments chain, has launched a testnet.
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