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The following article is adapted from The Block’s newsletter,The Daily, which comes out on weekday afternoons. Happy Friday! Thanks for sticking with us through the rollercoaster ride that was crypto in 2025. The Daily is taking a short break over the holidays, but we'll be back in the new year refreshed and ready to help you navigate what 2026 has in store. In today's newsletter, Terraform Labs' liquidator sues Jump Trading for $4 billion, David Sacks says the Clarity Act markup is confirmed for January, the U.S. Senate confirms new CFTC Chair pick Michael Selig, and more. Meanwhile, JPMorgan reiterates why it doesn't see a trillion-dollar stablecoin market by 2028. P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe! Terraform Labs liquidator sues Jump Trading for $4 billion in damages Terraform Labs' court-appointed liquidator has sued Jump Trading and top executives, seeking $4 billion in damages tied to the 2022 TerraUSD collapse. The lawsuit alleges Jump secretly struck a backdoor deal with Terraform to prop up the algorithmic stablecoin before its failure, allowing the firm to profit in the billions of dollars. Terraform's collapse wiped out more than $40 billion in market value, triggering widespread contagion across the crypto lending sector. Terraform Labs ultimately filed for bankruptcy in 2024 and agreed to pay the Securities and Exchange Commission nearly $4.5 billion in penalties. The SEC previously also said Jump's crypto unit secretly propped up TerraUSD in 2021 in exchange for early access to Luna tokens, misleading investors and generating $1.28 billion in profits before later agreeing to pay $123 million in fines. Jump dismissed the liquidator's lawsuit as an attempt to deflect blame from Terraform and co-founder Do Kwon, while creditors have recovered only about $300 million so far, according to the WSJ. Last week, Kwon was sentenced to 15 years in prison in the U.S. following his guilty plea to two criminal counts in August. US crypto czar David Sacks says Clarity Act markup confirmed for January White House AI and crypto czar David Sacks said Senate Banking Chair Tim Scott and Senate Agriculture Committee Chair John Boozman have confirmed a January markup for the Clarity Act. "We are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for," Sacks said on X. The legislation, which would establish a formal regulatory framework for crypto and clarify jurisdiction between the SEC and the CFTC, already passed the House in July with strong bipartisan support and is now moving into the Senate committee review stage. A January markup could merge the House-passed Clarity Act with elements of the Senate's own market structure proposal before a potential floor vote. Senate confirms CFTC Chair pick Selig as agency takes larger role regulating crypto The Senate was also in the news late Thursday, confirming Michael Selig to lead the CFTC and positioning the agency to take a central role in federal crypto regulation as the market structure legislation advances. President Trump nominated Selig after withdrawing a16z crypto's Head of Policy Brian Quintenz's bid following stalled votes and conflict-of-interest concerns from parts of the crypto industry, including Gemini's Tyler and Cameron Winklevoss. Selig brings prior experience from private practice and as Chief Counsel for the SEC's Crypto Task Force, as lawmakers consider expanding the CFTC's authority over digital assets. During his confirmation hearing in the Senate Agriculture Committee last month, Selig spoke about the need for clearer rules for crypto, while balancing consumer protection and allowing software developers to innovate. Ark Invest scoops up more Coinbase shares following crypto exchange's 'System Update' Ark Invest bought another 17,386 Coinbase shares on Thursday, worth about $4.2 million, across three of its funds, adding to its position following the crypto exchange's "System Update" Dec. 17 product rollout. The Cathie Wood-led investment firm continues to actively rebalance its fund weightings, having purchased $16.3 million in Coinbase shares earlier this week amid ongoing market volatility. Coinbase's expansion into stocks, prediction markets, Solana DEX trading, derivatives, custom stablecoins, and payments has reinforced analysts' bull case for its shares, prompting Benchmark, JPMorgan, and Deutsche Bank to reiterate or initiate buy ratings. Ark also added $1.4 million worth of Solmate shares, backing the Solana-focused treasury firm despite steep declines in the stock since its September peak. Ethereum devs name post-Glamsterdam upgrade 'Hegota' as 2026 roadmap takes shape Ethereum core developers named the post-Glamsterdam upgrade "Hegota" during the latest ACDE call on Thursday, setting the next milestone in the network's 2026 roadmap under its new twice-yearly release cadence. Hegota combines the execution layer's "Bogota" and the consensus layer's "Heze," though developers will not choose its headliner EIP until February. The Hegota upgrade remains at an early stage and is expected to absorb deferred items from Glamsterdam, with long-term goals like Verkle Trees and state management changes also potentially incorporated. Looking ahead to next week UK GDP data are released on Monday. U.S. GDP numbers follow on Tuesday. U.S. jobless claims figures are due on Wednesday. Markets are closed on Thursday for Christmas. Euler, LayerZero, Kaito, AltLayer, and Wormhole are among the crypto projects set for token unlocks. Never miss a beat with The Block'sdaily digestof the most influential events happening across the digital assetecosystem. Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

$COIN $MSTR $BTC had been giving strong warning signals and just like $COIN and $MSTR it's in a very negative context and momentum is also negative. Note the #Coinbase pattern which has formed an ugly left translated cycle. This is a dangerous pattern and look at the protracted base (there is no demand present). Any rebound in this market is likely to fail and get hit again on the downside and that follows the long term forecast that lower prices are coming your way in #Crypto and related assets. $MSTR broke down early in the summer time and that was the warning (given here in August). Opportunities can be found in both directions like here on $COIN

RWA trading is growing rapidly on Lighter. Yesterday, the team added $COIN and $HOOD. Thanks to this, Lighter now has 12 RWA assets, and their trading stats are growing rapidly. In just 2 weeks: - Trading Volume grew by 78% - OI grew by 52% RWA's share is already 10%, over month after adding the first asset. Lighter seems to have found a highly sought-after niche that is enjoying high popularity. Many Web3 traders wanted access to popular RWA assets, which performed better than Web3 tokens in 2025. We might see a listing soon: $MSTR $CRCL $NVDA What else?

$COIN $MSTR $BTC had been giving strong warning signals and just like $COIN and $MSTR it's in a very negative context and momentum is also negative. Note the #Coinbase pattern which has formed an ugly left translated cycle. This is a dangerous pattern and look at the protracted base (there is no demand present). Any rebound in this market is likely to fail and get hit again on the downside and that follows the long term forecast that lower prices are coming your way in #Crypto and related assets. $MSTR broke down early in the summer time and that was the warning (given here in August). Opportunities can be found in both directions like here on $COIN

Being in a different time zone from Wall Street can make it tricky to keep up with the U.S. stock market. By the time it opens, it’s already late at night for many traders, which often means missing the moves they were waiting for; That’s why some traders have turned to onchain platforms like Bitget, where they can trade U.S. stock tokens anytime without waiting for market hours. Some have even started mixing in tokens like $COIN combining crypto and stock-linked assets for a more versatile approach. And with Bitget currently offering rewards like a 100 USDT futures position voucher for first-time users who trade $100 worth of U.S. stock tokens it’s becoming an attractive alternative to traditional setups that depend on strict trading hours. #WallStreet #Tokens