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JPMorgan Chase issues Galaxy short-term bonds on the Solana network.
According to Bloomberg, JPMorgan Chase arranged for the creation, distribution, and settlement of a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain, as part of an effort to improve the efficiency of financial markets by leveraging the underlying technology of cryptocurrencies.
The $50 million U.S. commercial paper was purchased by Coinbase and asset management firm Franklin Templeton , payable in USDC stablecoin issued by Circle Internet Group Inc., the companies said in a statement Thursday. Redemption proceeds upon maturity will also be paid in USDC.
New York court sentences Terraform Labs founder Do Kwon to 15 years in prison
Inner City Press reported that on December 11, the U.S. District Court for the Southern District of New York sentenced Terraform Labs founder Do Kwon to 15 years in prison for fraud. This sentence exceeded the 12-year term previously recommended by prosecutors.
According to court reports, presiding judge Paul Engelmayer stated in court that Kwon "chose to lie" and "made the wrong choice." Do Kwon was indicted by U.S. prosecutors in March 2023 on multiple charges, including conspiracy to commit fraud, merchandise fraud, wire fraud, securities fraud, and conspiracy to manipulate the market and money laundering. He pleaded guilty to the wire fraud and conspiracy to commit fraud charges in August 2024.
This case stems from the 2022 collapse of the algorithmic stablecoin Terra USD and its associated governance token Luna, which wiped out approximately $40 billion in market capitalization and triggered a chain reaction of crises within the crypto industry. Prosecutors accuse Kwon of making false statements to investors regarding the token's risks and stability. Do Kwon was arrested in Montenegro in March 2024 for using forged travel documents and, after an extradition dispute, was transferred to the United States in December of the same year. He may subsequently face litigation in other jurisdictions in South Korea.
The US Financial Stability Oversight Council (FSOC) removed a risk warning for digital assets from its annual report.
The Financial Stability Oversight Council (FSOC) has completely removed the section listing digital assets as a “vulnerability” to the financial system from its latest annual report.
Treasury Secretary Scott Bessent stated that the new committee will no longer focus primarily on "identifying risks in the financial system," but will instead emphasize the supporting role of long-term economic growth in financial stability.
Established after the 2008 subprime mortgage crisis, the FSOC aims to serve as an early warning system to identify potential future risks. Unlike the Biden administration's emphasis on stablecoin regulation and crypto risks, the Trump administration's 2025 FSOC report was significantly reduced in length and no longer offered any regulatory recommendations specifically for crypto assets.
The report notes that regulators have withdrawn their previous general warnings regarding regulated financial institutions' involvement in the crypto space, emphasizing the positive developments in the digital asset industry while also mentioning the continued risk of misuse of dollar-denominated stablecoins. The report also points out that the continued growth of dollar-denominated stablecoins is expected to strengthen the dollar's position in the global financial system over the next decade.
OpenAI launches more advanced model GPT-5.2 to compete with Google.
In a statement, OpenAI announced the release of its GPT-5.2 AI model on Thursday, claiming improvements in general intelligence, coding, and long-context understanding. This comes weeks after Google (GOOG.O) released the highly anticipated Gemini 3, putting the startup on the defensive.
OpenAI states that the new model promises greater economic value for users due to its superior performance in creating spreadsheets, building presentations, and handling complex, multi-step projects. GPT-5.2 Instant, Thinking, and Professional versions will reportedly launch on ChatGPT on Thursday, with paid subscribers getting early access. GPT-5.2 is priced at $1.75 per million input tokens and $14 per million output tokens, with a 90% discount on cached inputs. OpenAI also states that there are currently no plans to deprecate GPT-5.1, GPT-5, or GPT-4.1 from the API.
Disney to invest $1 billion in OpenAI.
The Walt Disney Company and OpenAI have reached a landmark agreement, with Disney investing $1 billion in OpenAI equity.
The US SEC has authorized the DTCC to custody and endorse tokenized stocks and other RWA assets on a blockchain.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has granted a license to the Depository Trust and Clearing Corporation (DTCC) in the form of a no-action letter, allowing the company to custody and endorse tokenized stocks and other real-world assets (RWAs) on a blockchain. This move enables DTCC to offer tokenization services on a pre-approved blockchain for a period of three years.
"While the project is still in the pilot phase and subject to various operational constraints, it marks a significant step toward the market's migration to on-chain," SEC Commissioner Hester Peirce said in a statement. Michael Winnike, Head of Global Strategy and Market Solutions for Clearing and Securities Services at DTCC, said in an interview that DTCC will also extend its record-keeping operations to the blockchain once it obtains permission.
As a core clearing and settlement center in the U.S. financial system, DTCC plays a vital role in the equity and fixed-income product markets. Many liquid assets in the U.S. market are held in custody by DTCC's custodian, Depository Trust Co. The company is expected to launch a new tokenization service in the second half of next year.
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