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<div style="display: none; max-height: 0px; overflow: hidden;">The Fed rescinded its 2023 policy that put a “strong presumption” against Fed-supervised state member banks doing “novel” crypto activities </div>
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<h1><strong>TLDR Crypto <span id="date">2025-12-18</span></strong></h1>
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<strong>SEC says broker-dealers need to maintain crypto private keys (3 minute read)</strong>
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The SEC's Division of Trading and Markets indicate that a broker-dealer can treat itself as having possession/control when it has exclusive access to the private keys needed to transfer the token. It also requires written policies and systems to protect keys from theft, loss, or unauthorized use, plus preparedness for operational events like network attacks, blockchain malfunctions, and hard forks, and processes to comply with legal orders to freeze/burn/seize assets. Custodians must monitor protocol/governance developments and reduce exposure if there are material security or operational weaknesses.
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<strong>Federal Reserve withdraws restrictive 2023 policy (3 minute read)</strong>
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The Fed rescinded its 2023 policy that put a “strong presumption” against Fed-supervised state member banks doing “novel” crypto activities not clearly permissible for national banks, replacing it with a more flexible approach. Insured state member banks are still constrained by Section 24, but uninsured state member banks can now seek Fed permission on a case-by-case basis.
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<h1><strong>Innovation & Launches</strong></h1>
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<strong>Introducing Tempo Transactions (5 minute read)</strong>
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Tempo Transactions is a new native transaction type designed for payments at scale. Core features include paying network fees in any USD stablecoin, batch + concurrent transactions, fee sponsorship, scheduled payments, and passkey-based auth (FaceID/biometrics). Tempo positions these as protocol-level primitives to support enterprise-grade workflows like payroll, payouts, subscriptions, neobanks/wallet UX, and commerce. Crossmint, Fireblocks, Privy, and Turnkey are among the ecosystem partners rolling out support.
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<strong>Coinbase continues “everything exchange” push (3 minute read)</strong>
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Coinbase is rolling out an “everything exchange” bundle that includes commission-free US stocks/ETFs, prediction markets via Kalshi, and in-app Solana DEX trading via Jupiter, all alongside crypto balances (often using USD or USDC). It also announced custom stablecoins (backed 1:1 by a mix of USDC + other USD stables), expanded developer APIs and x402, a simplified futures/perps UX, and Coinbase Advisor, along with broader Base App features and Coinbase Business distribution.
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<h1><strong>Guides & Tutorials</strong></h1>
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<strong>Bridge USDC → USDH on Hyperliquid for FREE! (Sponsor)</strong>
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Why pay to enter the trading arena? Move USDC from any chain straight into USDH on Hyperliquid with zero fees, zero slippage, and zero extra steps. Only on Across Protocol.<p></p><p><strong>👉 </strong><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fapp.across.to%2Fhypercore%3Futm_source=TLDR%26utm_medium=ad%26utm_campaign=nativemarkets/2/0100019b319c59d3-b241b126-f442-468a-b135-59f394dba20e-000000/ZcHrBcEqRBJGDYiPYeL-trjuxyVuJQOAcojEb3OUjIM=436" rel="noopener noreferrer nofollow" target="_blank"><span><strong>Bridge Now!</strong></span></a>
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<strong>How Banks Learned To Stop Worrying And Love Stablecoins (6 minute read)</strong>
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Fears of stablecoins causing immediate “deposit erosion” were overstated, as there is little evidence of deposit outflows tied to stablecoin growth because deposits are “sticky” because of the checking account's role as the hub for payroll, bills, credit, and mortgages. Rather than displacing banks, stablecoins can discipline banks into paying better rates and improving efficiency, expanding lending/intermediation and consumer welfare. The GENIUS Act addresses run/liquidity risk by requiring stablecoins to be fully backed by cash, short-term Treasuries, or insured deposits, with operational details left to regulators. The upside case is payments plumbing because stablecoins enable 24/7 atomic settlement, reducing cross-border delays and “trapped” liquidity.
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<strong>The Ramping Bottleneck (18 minute read)</strong>
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Stablecoin ramps are the real adoption bottleneck as bank-funded ramping in the US/EU/UK can cost 0-0.3%, while parts of Africa can hit 15–20%. Global card on-ramp completion is ~21% (Africa ~6% and Asia ~7%), and cards are structurally mispriced for stablecoins because there's no product margin to hide MDR/chargeback risk.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>Beware the Lofty Promises of TradFi Firms Embracing Tokenization (10 minute read)</strong>
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TradFi's tokenization press releases hype 24/7 settlement and programmability, but they largely ignore the existential risk that permissionless onchain rails pose to their incumbent moats. These firms can't get the upside without meaningful cannibalization and mistakes along the way. If these firms fail, they'll use adoption carrots and regulatory sticks to push crypto toward permissioned, captured “crypto-like” systems.
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<strong>Aave Will Win: 2026 Master Plan (9 minute read)</strong>
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Aave's 2026 strategy prioritizes three pillars: Aave V4 (hub-and-spoke liquidity to unify pools and bootstrap new markets), Horizon (institutional RWA lending market targeting the “next trillion” in assets), and the Aave App (consumer fintech-style UX plus “Push” zero-fee on/off-ramp to drive the first million users). Aave has historically done $3.33T in cumulative deposits and originated ~$963B in loans. It had a peak of $75B net deposits, has 59% DeFi lending share, and does $885M in annual fees.
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<strong>DAO control over Aave is a mistake (2 minute read)</strong>
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Increasing DAO control over Aave risks slowing decision-making and weakening execution, because “when everyone has control, no one really does.”
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Ethereum weekly active users are back near ATHs at ~2.4M unique active addresses/week.
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<strong>Aqua by 1inch: shared, self-custodial liquidity (2 minute read)</strong>
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Aqua has proposed a DeFi liquidity model where assets stay in the user's wallet and strategies get conditional access via smart contracts, meaning tokens only move during an actual swap or settlement.
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