We have specially compiled noteworthy activities in the crypto field in Hong Kong for January, which will open a window to the future of Web3 for you.

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White House cryptocurrency affairs director David Sacks: Will advance the final legislative process of the Digital Asset Market Transparency Act

David Sacks, the White House director of AI and cryptocurrency affairs, recently held several closed-door meetings on Capitol Hill with several senior bipartisan lawmakers to promote the passage of the Digital Asset Market Transparency Act. Reports indicate that Sacks left the office of Senate Banking Committee Chairman Tim Scott after the meeting, with the number of participating senators reaching double digits. Sacks stated that this move is a key part of "completing" cryptocurrency regulation in the first month of the new year, aiming to replace the previous uncertain environment with a clear, written framework to provide long-term certainty for developers and investors.

Barclays makes its first investment in a stablecoin-related company Ubyx, exploring "tokenized currency" within a regulatory framework

UK bank Barclays has invested in the US stablecoin settlement company Ubyx, marking its first investment in a stablecoin-related company, though the scale and valuation of the investment have not been disclosed. Ubyx, set to launch in 2025, will provide a stablecoin clearing system aimed at coordinating tokens created by different issuers and achieving settlement. PitchBook information shows that Coinbase and Galaxy Digital's venture capital divisions have previously invested in Ubyx. Barclays stated that both parties will work to develop "tokenized currency" within regulatory boundaries.

Shanghai Justice Bureau warns against "tasting card" phishing scams, gangs settle stolen funds with virtual currency

The Shanghai Justice Bureau announced that there have been recent telecom network scams using counterfeit supermarket "tasting cards" as bait, luring victims to scan codes to join so-called "benefit groups" and then committing scams such as transfer rebates. Multiple cases have been solved in Shandong and other regions, with suspects arrested; investigations show that criminals used overseas communication software to contact their superiors and settled criminal proceeds through virtual currency, making it highly concealed. The Justice Bureau reminds the public not to scan unknown QR codes and not to disclose personal information to unfamiliar platforms to avoid financial losses.

Central Bank Work Conference proposes to strengthen virtual currency regulation and continue to combat illegal activities, clarifying the steady development of the digital yuan

The People's Bank of China held its work conference from January 5 to 6, 2026, to deploy key work for 2026, proposing to "strengthen virtual currency regulation and continue to combat related illegal activities," and clarifying the "steady development of the digital yuan." The meeting also mentioned strict implementation of penetrating regulation for payment institutions and regulatory oversight of payment business functions, as well as researching the construction of a financial statistical system and standard system that matches the modern central banking system.

Project/Company Updates

Nike quietly sold its digital products subsidiary RTFKT last month

Nike has quietly sold its digital products subsidiary RTFKT last month, with specific sale terms and the identity of the buyer not yet disclosed. Reports indicate that RTFKT had previously announced it would end its Web3 service operations in January 2025. RTFKT is a digital product company that Nike acquired in 2021.

YZi Labs again criticizes CEA Industries' "poison pill plan" and other defensive measures, calling for the election of new board members

YZi Labs has once again responded to CEA Industries' adoption of the "poison pill plan" and defensive charter amendments, stating that the board is more focused on consolidating its own position rather than shareholder interests, and calling for an end to such operations to ensure that the nomination and election process for directors is free and fair. YZi Labs also refuted the company's claim that it "has never considered alternative tokens for the Digital Asset Trust (DAT)," stating that this assertion is false and pointing out that CEA CEO David Namdar mentioned at an industry conference in November 2025 that the company had considered transitioning to other crypto assets like Solana. YZi Labs stated that shareholders should be represented by a board loyal to their investment strategy and look forward to providing shareholders with the opportunity to elect new board members at the annual shareholder meeting.

Ripple's GTreasury acquires no-code financial automation platform Solvexia

Ripple's financial management system company GTreasury announced the acquisition of the no-code financial automation platform Solvexia, with the specific acquisition amount undisclosed. GTreasury stated that this acquisition will expand its platform capabilities to support the automation of reconciliation and regulatory reporting processes in financial, financial, and compliance operations.

Coinbase: The "GENIUS Act" may weaken the competitiveness of US digital payments, interest-bearing digital yuan will pose a challenge

Coinbase Chief Policy Officer Faryar Shirzad stated that if subsequent amendments to the "GENIUS Act" further restrict the ability of dollar stablecoins to offer "rewards/returns" to users, it may weaken the US's advantage in the global expansion of digital payments and put the US at a disadvantage in competing with other payment tools. Chinese central bank officials have publicly stated that they will allow commercial banks to pay interest on digital yuan wallets starting January 2026. Shirzad believes that the interest-bearing framework may attract users seeking returns, thereby reshaping the competitive landscape and making the digital yuan a more explicit competitor to stablecoins.

Fusion: Arbitrum's USDC Fusion Optimizer old vault vulnerability exploited, loss of approximately $336,000

Fusion security update, a certain old version of the IPOR USDC Fusion Optimizer on Arbitrum had a vulnerability, and the IPOR team confirmed a loss of approximately $336,000 USDC after being notified on January 6. The official stated that this attack path only affected that specific old vault, with losses accounting for less than 1% of the total guaranteed funds of Fusion, and they are working with the Security Alliance to track and recover the funds. The IPOR DAO also stated that it will cover the funding gap from the treasury, and all affected depositors will receive full compensation.

Polymarket introduces Taker fees for 15-minute cycle cryptocurrency rise and fall markets

Polymarket has introduced taker-only fees in the cryptocurrency rise and fall markets with a 15-minute cycle, with the related fees used to fund liquidity incentives for market makers, and the platform does not retain any. The documentation states that all fees paid by takers will be returned daily to liquidity providers in the form of USDC, while most other markets will maintain zero fees. The fee level varies with market probability, peaking when prices are close to 50%, and approaching zero when close to 0% or 100%; the official example shows that a transaction of 100 contracts at $0.50 incurs a fee of about $1.56, which accounts for about 3% of the transaction amount at the peak of the fee rate curve.

Morgan Stanley Files for Bitcoin and Solana ETF with SEC

Morgan Stanley has submitted documents to the U.S. Securities and Exchange Commission (SEC) to apply for exchange-traded funds (ETFs) linked to the prices of crypto assets, aiming to track the prices of Bitcoin and Solana respectively.

In-Depth & Outlook

Goodbye to the Wild West: Crypto Market Makers Celebrate Their "Coming of Age"

In the realm of cryptocurrency, market makers seem to always stand at the top of the food chain. They are viewed as "system-level winners" alongside exchanges, imagined by outsiders as entities that do not bear directional risks but can profit from every market fluctuation like "toll collectors."

"Invisible Tax" on Solana

Memes have brought prosperity to Solana, but they have also left behind a root of problems, instilling a restless profit-seeking gene. For Solana to truly realize the vision of ICM, it cannot allow applications that control front-end traffic and protocols that manage infrastructure to collude and act recklessly.

Views

2026 Year Start Observation: Geopolitical Changes and Interest Rate Cut Expectations Intertwined, Bitcoin Moves Cautiously Above $90,000

The performance of the crypto market at the start of 2026 has set a cautiously optimistic tone for the year. Bitcoin's fluctuations above $90,000 reflect the market's complex emotions under multiple factors such as macro uncertainty, regulatory progress, and increased institutional acceptance.

Eve of Convergence: What Happened in U.S. Stocks/Tokenization in 2025, and Where is the Spark for 2026?

2025 has swiftly passed. This year, the global financial markets underwent one round after another of "extreme stress tests": repeated geopolitical tensions, fluctuating macro expectations, narrative retreats, and liquidity differentiation occurred simultaneously, while tokenization quietly accelerated under the impetus of compliance and infrastructure.

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