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Deribit Chief Commercial Officer Jean-David Péquignot stated at the Consensus HK conference that the long-term upward trend of Bitcoin has currently been disrupted, and it is difficult to repair the technical upward structure before the price reclaims $85,000.Recently, Bitcoin's price has mainly been operating in the range of $60,000 to $70,000, a decline of about 45% from last year's historical high, and it may record a fourth consecutive week of decline. If Bitcoin breaks through $85,000 again, it would mean that buyers have basically absorbed the supply that previously suppressed the market and regained market dominance. At this stage, traders generally view the range of $58,000 to $60,000 as the key ultimate support area for this adjustment cycle.

As 2026 approaches, U.S. crypto investors are about to face a tax environment that is markedly different from previous years. Several new regulations will come into effect during the 2025 trading year and the 2026 tax season, referred to in the industry as the "watershed moment" for crypto taxation.One of the core changes is Form 1099-DA. Starting in 2025, "brokers" such as centralized exchanges in the U.S. will be required to report users' crypto asset sales and dispositions to the IRS, and will send out the 1099-DA form for the first time in 2026. The initial forms will mostly only include gross proceeds from sales, excluding cost basis; if taxpayers fail to report clearly on their own, the IRS may default the cost to zero and automatically issue tax notices.Meanwhile, "cost accounting by wallet" will replace the previously commonly used "pooling" method. The IRS requires that each trading platform account or wallet track costs separately, and when selling, only the asset batches within that wallet can be matched. This will have a particularly significant impact on users with multiple exchanges, DeFi, and self-custody.Industry tax experts point out that reconstructing historical ledgers and organizing all on-chain and off-chain transaction records will be a one-time but extremely cumbersome task. Although the IRS provides a transitional safe harbor in the 2024-28 program, the compliance window is short, and few investors will complete it.Tax experts warn that without advance preparation, the 2026 tax season could "automatically trigger" issues due to data mismatches. Under a more data-driven and stricter IRS oversight, actively recording, planning ahead, and collaborating early with tax professionals familiar with crypto assets is becoming a "required course" for crypto investors.

The prediction market Kalshi shows that the probability of the Democratic Party winning a majority in the U.S. House of Representatives is about 75%. Against this backdrop, senior Democratic member of the U.S. House Financial Services Committee, Maxine Waters, has made sharper criticisms of the cryptocurrency regulatory policies of SEC Chairman Paul Atkins.In a letter to the committee's Republican Chairman French Hill, Waters stated that the SEC has terminated or suspended several important enforcement cases against the cryptocurrency industry, involving entities such as Coinbase, Binance, and Justin Sun. She pointed out that the committee has not conducted a thorough review of the reasons for the SEC's abandonment of these cases, nor how to prevent fraud and manipulation in the market aimed at a large number of retail investors in the future.Waters also mentioned that some of the companies involved announced the termination of cases publicly before the SEC's formal vote, questioning the "unusually active" role played by Atkins' team in the settlement process. She believes that the SEC's recent policy shifts, primarily advanced through staff statements rather than formal rules, may circumvent the requirements of the Administrative Procedure Act, undermining the role of public opinion gathering and congressional oversight. Therefore, she has called for Atkins to attend a hearing to provide explanations.Reports indicate that since the Donald Trump administration took office and completed its leadership transition, the SEC has dropped several lawsuits against the cryptocurrency industry. Atkins has also publicly stated multiple times that supporting the development of the U.S. cryptocurrency industry will be a regulatory priority, a stance that has become a focal point of ongoing concern and questioning from the Democratic side.

According to a report by Crowdfund Insider, Ari Redbord and Angela Ang from the TRM Labs policy team, along with TRM's EMEA compliance advisor Luke Dufour, reviewed the most important issues in global crypto policy for the fourth quarter of 2025 and examined the developments in crypto policy across 30 jurisdictions, revealing several key trends:Stablecoins dominated the policy agenda, with over 70% of jurisdictions advancing stablecoin regulation in 2025.Clearer regulations created a tailwind for institutional adoption, with about 80% of jurisdictions' financial institutions announcing new digital asset initiatives.The impact of regulation on illicit financing remains clear. TRM's analysis found that virtual asset service providers (VASPs), as the most regulated part of the crypto ecosystem, have a significantly lower rate of illicit activity compared to the overall ecosystem.TRM Labs noted that 2025 is "a watershed year for U.S. crypto policy," while the fourth quarter reinforced the momentum of crypto policy as "no longer just bills moving through Congress." Instead, regulators are increasingly "leveraging guidance, oversight, and enforcement to achieve policy objectives."

ChainCatcher news, according to Cointelegraph, U.S. House Financial Services Committee Democratic leader and California Congresswoman Maxine Waters responded to the concerns of many cryptocurrency users and lawmakers who accused Trump of launching a meme coin that undermines legitimate projects in the cryptocurrency industry.In a statement on January 20, Waters stated that Official Trump (TRUMP) represents "the worst side of crypto" and provides a case for regulators and policymakers to worry about the future of the cryptocurrency industry under the new presidential administration. She noted that after insiders of TRUMP sold off the tokens, investors would "pay the price," which has been accused of being a "rug pull."She also stated, "Even if buyers are deceived, the terms and conditions of the token prohibit them from filing a class-action lawsuit." She added, "The lack of transparency for buyers of this cryptocurrency is concerning. Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing parties to anonymously transfer funds to him and his inner circle."

ChainCatcher news, Trump publicly supports the Bitcoin reserve plan, pushing the U.S. government to accumulate Bitcoin as a strategic asset. The plan has received support from political figures including Porter and Lummis, and has sparked bipartisan interest. Trump's endorsement gives political momentum to this previously marginalized concept, marking a watershed moment in the cryptocurrency market.California Democratic Congressman and Wyoming Republican Senator propose to include Bitcoin in the U.S. reserve assets, partially relying on America's gold reserves. However, critics argue that this could reinforce the U.S. financial dominance and pose a challenge to the decentralized nature of Bitcoin. Nevertheless, supporters believe this initiative helps address the debt crisis and promotes global financial innovation.

ChainCatcher news, Democratic Congresswoman Waters (California) emphasized the higher risks consumers face in the DeFi space during a hearing on Capitol Hill, using the cryptocurrency lending platform World Liberty Financial, promoted by Trump and his sons, as an example.Last week, the Twitter accounts of Trump’s daughter Tiffany Trump and Republican National Committee Chairwoman Lara Trump (Trump's daughter-in-law) were hacked. Under the hackers' control, these accounts promoted fake tokens issued by World Liberty Financial, attempting to defraud potential buyers. Waters stated, "Due to the notoriety of the individuals behind the project, criminals took this opportunity to defraud potential users. Legislators have a responsibility to consider implementing strong protective measures to prevent such scams."According to Trump’s son Eric Trump, Twitter blocked the hacked social media accounts "within minutes." However, Waters pointed out that many people still suffered real harm, purchasing fake tokens worth approximately $1.8 million, which were actually unrelated to the project.

ChainCatcher news, Coinbase officially stated that the U.S. SEC has approved 11 Bitcoin spot ETFs, 8 of which are in partnership with Coinbase, marking a watershed moment for the expansion of the crypto economy. Various Bitcoin spot ETFs launched by the world's largest asset management companies will attract a diverse range of new investors, stimulating long-term growth and product innovation.Coinbase stated that cryptocurrencies will continue to exist, and Bitcoin spot ETFs will further expand the adoption of cryptocurrencies. Applications for Ethereum spot ETFs may soon be approved.In response, Coinbase's Chief Legal Officer Paul Grewal also stated: "We should all thank Grayscale for resisting the SEC's arbitrary and capricious actions, which cleared the way for the approval of Bitcoin spot ETFs."

ChainCatcher News: U.S. House Democratic Leader Maxine Waters expressed her "deep concerns" over PayPal's move to launch a stablecoin this week without a federal regulatory framework.Waters stated in a statement on Wednesday, "PayPal has 435 million customers worldwide, surpassing the total number of online accounts at all major banks. Given PayPal's size and reach, federal oversight and enforcement of its stablecoin operations are crucial to ensuring consumer protection and alleviating financial stability concerns."It is reported that Waters previously served as the chair of the House Financial Services Committee, which is currently led by North Carolina Republican Congressman Patrick T. McHenry. At the end of last month, the committee proposed a regulatory framework for payment stablecoins, called the "Payment Stablecoin Transparency Act." McHenry stated that the bill would protect consumers through federal safeguards while promoting innovation in the U.S.Waters noted that the House Financial Services Committee Democrats have been working on stablecoin regulation for the past 15 months to "create an environment that protects consumers and the economy in cases where companies like PayPal decide to launch their own stablecoins." However, she called the bill "problematic" and added that it would harm consumers.