Former Binance executive files complaint in UK, accusing colleagues of soliciting bribes

[Federal Reserve's Schmidt Opposes Rate Cut: Inflation Too High, Restrictive Policy Should Be Maintained] Kansas City Federal Reserve President Schmidt opposed the Fed's decision to cut interest rates by 25 basis points this week, citing that inflation remains too high and monetary policy should continue to maintain a moderately restrictive stance. Schmidt pointed out that the economy still has momentum and inflation is too hot, indicating that the current policy is not overly tight. Schmidt believes that since opposing a rate cut in October, the situation has not changed significantly—inflation is still above the 2% target, the labor market is generally balanced, and there is no urgent reason to cut rates.

[Approximately $1.5 Million in Fraud-Related Cryptocurrency Seized in Florida, Linked to Chinese National] Florida prosecutors announced the seizure of approximately $1.5 million in fraud-related cryptocurrency, linked to a Chinese national named Tu Weizhi. In July 2024, a Citrus County resident reported losing $47,000 in an investment scam. Investigators traced the funds and found that the implicated wallet contained various cryptocurrencies, including AVAX, DOGE, PEPE, and SOL. Florida Attorney General James Uthmeier stated that authorities utilized the fugitive disentitlement framework to seize the assets. The suspect is currently in China and will be arrested if they attempt to enter the United States.

[USDC Treasury Burns Approximately 78.9 Million USDC on Ethereum] USDC Treasury burned 78,904,497 USDC on the Ethereum network, valued at approximately $78.9 million.

[Commerzbank: Fed Rate Cuts Expected to Exceed Market Expectations] Driven by expectations of further rate cuts by the Federal Reserve next year and ongoing geopolitical uncertainties fueling safe-haven demand, gold prices continue to rise. Analysts at Commerzbank stated that although there are signs that the Fed may pause rate cuts at its next meeting in January, the door remains open for further rate cuts thereafter. They expect the extent of the rate cuts to exceed current market expectations, especially after Powell's successor officially takes office as Fed Chair in May next year.

[UK Cross-Party Parliamentary Group Urges Chancellor to Intervene in Bank of England's Stablecoin Regulatory Framework] On December 11, a cross-party parliamentary group from the UK House of Commons and House of Lords (including Sir Gavin Williamson and others) sent a letter to Chancellor Rachel Reeves, urging intervention in the systemic stablecoin framework proposed by the Bank of England. The group warned that the proposal could drive innovation and capital overseas. The MPs stated that the plan, which prohibits large-scale use of stablecoins outside the digital securities sandbox, bans interest on reserves, and imposes holding limits, could make the UK a 'global outlier' and push trading activity toward dollar-backed stablecoins like USDC. The signatories argued that stablecoins are becoming the backbone of the digital economy and warned that restrictive measures in the UK could hinder adoption and weaken London's global standing.