X Platform has been fined 120 million euros by the European Union for violating content regulations, marking the first fine since the implementation of the EU Digital Services Act.

**December 5 Update** Franklin Templeton officially unveiled details of its spot Solana (SOL) ETF on December 5. Key details: - Initial SOL holdings: 17,000 tokens (custodied by Coinbase Custody), with a market value of approximately $2.4 million. - Current circulating shares: 100,000; the ETF charges a 0.19% trading fee. Franklin Templeton noted the firm will stake its SOL holdings to generate rewards, which will be included in its revenue.

On December 5, the U.S. 10-year Treasury note yield rose 2 basis points to 4.12%, hitting a fresh high not seen since November 2020. (FX678)

On December 5, Wang Yongli, former vice president of a Chinese bank, published an article titled **"Why Is China Resolutely Halting Stablecoins?"** In the piece, he noted that China is accelerating digital yuan development and has clearly outlined its policy stance to firmly curb all virtual currencies—including stablecoins. This decision stems from comprehensive considerations: China’s global lead in mobile payments and the digital yuan, RMB sovereignty and security, and the stability of its monetary and financial system. With USD stablecoins spreading globally, international relations growing increasingly tense and complex, and monetary competition intensifying, their impact on the RMB’s innovation, national security, and China’s strategic goals of becoming a strong currency and financial power is significant and far-reaching. Thus, calm analysis and accurate early decision-making are critical—avoiding both indifference/hesitation and blind trend-following that could lead to di

**Wall Street Laser-Focused on Delayed September PCE Data (Fed’s Preferred Inflation Gauge)** With this critical deadline approaching this Friday, December 5, Wall Street is laser-focused on the upcoming U.S. September Personal Consumption Expenditures (PCE) Price Index — the Federal Reserve’s preferred inflation gauge. - Not just the first official inflation reading since late September, it’s the **lodestar** for whether U.S. stocks can escape recent volatility and chart their next direction. - Delayed by the prior government shutdown, the report has left markets rife with uncertainty. Investors, analysts, and even Fed officials are waiting eagerly to cut through the economic fog. ### Key Data to Watch (8:00 PM ET Today) - **Core PCE YoY**: Prior = 2.9% (no official forecast given, but markets are tuned to inflation trends). - **Headline PCE YoY**: Expected = 2.8% (slight uptick from August’s 2.7% — would mark the highest since April 2024 if realized). - **PCE MoM**:

On December 5, the European Commission announced plans to shift regulatory oversight of crypto firms to the European Union’s market watchdog as part of a push for “comprehensive integration” of the bloc’s financial markets. The Commission noted that putting crypto regulation under the European Securities and Markets Authority (ESMA)’s scope would boost regulatory effectiveness and smooth cross-border operations. The proposal targets addressing decentralization challenges stemming from regulatory gaps across the EU’s 27 member states. Earlier, national regulators—including France’s AMF, Austria’s FMA, and Italy’s Consob—raised concerns about MiCA implementation and urged ESMA to step up oversight. The plan still requires negotiation and approval from the European Parliament and European Council.

December 5th Pre-Market: U.S. cryptocurrency-related stocks saw a general decline, with the following moves: - MSTR: Down 0.49% - COIN: Down 0.01% - HOOD: Down 0.06% - SBET: Down 0.63% - BMNR: Down 1.21% - CRCL: Down 0.33%