[Japan Financial Services Agency Plans to Require Crypto Exchanges to Establish Reserve Funds] The Japan Financial Services Agency (FSA) is planning to introduce new regulations requiring cryptocurrency exchanges to establish reserve funds to address potential security vulnerabilities and operational risks, ensuring the safety of customer funds. As the primary financial regulatory body, the FSA aims to bring virtual currencies closer to the regulatory framework of traditional securities while promoting a safer market environment. Amid regulatory policy adjustments, Japanese asset management firms are exploring new types of crypto investment products, which may drive the development of trading services in the digital asset sector and intensify market competition.

[The U.S. Bureau of Economic Analysis to Release Q3 GDP Data] The U.S. Bureau of Economic Analysis plans to release the U.S. third-quarter GDP data on December 23.

[U.S. SEC Issues No-Action Letter to Fuse Energy Regarding ENERGY Token] Fuse Energy announced on Platform X that the U.S. Securities and Exchange Commission (SEC) has issued a No-Action Letter regarding the Energy Dollar (ENERGY) token. ENERGY is the native utility token of The Energy Network, which is built on the Solana blockchain. The project's whitepaper was released today, providing detailed information. In the announcement, the SEC stated that based on the facts presented in the legal opinion letter, if Fuse issues and sells the token without registering it under Section 5 of the Securities Act or registering the token as an equity security under Section 12(g) of the Exchange Act, the Division will not recommend enforcement action. The SEC emphasized that this position is based solely on the facts and circumstances currently presented, and any changes could lead to a different conclusion.

[Probability of Fed Cutting Rates by 25 Basis Points in December Rises to 81%] CME 'FedWatch' data shows that the probability of the Federal Reserve cutting rates by 25 basis points in December is 81% (compared to 69.4% yesterday), while the probability of maintaining rates unchanged is 19%. By January next year, the probability of the Fed cumulatively cutting rates by 25 basis points is 65.2%, maintaining rates unchanged is 14.1%, and cumulatively cutting rates by 50 basis points is 20.6%.

[UBS Securities Says U.S. Stock Market Rotation May Have Ended] UBS Securities trading division stated that the recent decline in the U.S. stock market may have ended, creating conditions for a year-end rebound. Last week, the stock market experienced a sharp drop as investors' expectations for further easing by the Federal Reserve wavered, alongside capital outflows from AI-related trades. The S&P 500 Index and Nasdaq 100 Index fell approximately 4% and 7%, respectively, from their record highs in late October, dropping to their 100-day moving averages. However, after the benchmark indices found support at this technical level, systematic fund selling has subsided, and market expectations for a December rate cut by the Federal Reserve have also recovered. Michael Romano, UBS Securities' Head of Equity Derivatives Hedge Fund Sales, noted in a Sunday report, 'The current phase of risk aversion may have ended.'