The Revolving Door Swings Again
Caroline Pham’s move signals a shift from enforcement to execution.
Good morning, everybody.
It is your Daily Crypto News.
It is Thursday, December 18th, 2025.
My name is Matt.
This is likely the final Daily Crypto News episode of 2025. Kyle may jump in once or twice next week while traveling, and I may get froggy and do a live, but otherwise this is probably it until the new year.
So before we get into the news, thank you.
It has been a hell of a year. Merry Christmas. Happy New Year. Cheer, joy, and all that.
If you want more ranting and ravings over the holidays, head over to TheAngryDem.com, my political Substack.
Craig Cobb also has a free webinar, link in the show notes.
Let us get into it.
THE FED ENDS CRYPTO RESTRICTIONS AND OPERATION CHOKEPOINT 2.0
The Federal Reserve has reversed nearly three years of policy that limited how state member banks could engage with crypto.
In its place, the Fed introduced a framework that explicitly encourages responsible innovation.
The central bank scrapped two crypto-specific supervisory letters and shut down its “novel activities” supervision program, folding digital asset oversight back into standard bank supervision.
Officials said the old guidance was no longer appropriate given improved understanding of crypto risks, framing the move as aligning innovation with safety, soundness, and financial stability.
Industry leaders and Wyoming officials praised the shift as the effective end of what many called Operation Chokepoint 2.0, arguing that earlier rules boxed crypto banks out of the financial system and blocked access to master accounts.
This is one of the clearest signals yet that Washington’s posture has shifted from suppression to normalization.
NORTH KOREA RESPONSIBLE FOR MAJORITY OF CRYPTO THEFT IN 2025
According to Chainalysis, North Korean-linked hackers stole an estimated $2.02 billion in crypto this year, accounting for roughly 59 percent of all crypto theft in 2025.
The data shows fewer attacks overall, but far larger ones. The standout was the $1.5 billion Bybit exploit in February.
Analysts identified a recurring laundering pattern involving Chinese-language services, cross-chain bridges, and mixers spread across roughly 45 days.
More concerning, Chainalysis warns that North Korean actors are increasingly attempting to infiltrate crypto firms as employees, using AI-generated video and voice tools to pass hiring processes.
That trend dramatically raises the risk of another large-scale incident in 2026.
CFTC LEADERSHIP MOVES STRAIGHT INTO CRYPTO INDUSTRY
Acting CFTC Chair Caroline Pham is leaving the regulator to join MoonPay as its Chief Legal and Administrative Officer.
Her departure follows the expected confirmation of her successor, Mike Selig.
During her tenure, Pham pushed through major crypto initiatives, including allowing spot crypto trading on futures exchanges, launching a digital asset pilot program, and cutting agency costs by nearly $50 million annually.
MoonPay, which serves more than 30 million users across 180 countries and has processed over $8 billion in transactions, said her regulatory experience positions the company for its next growth phase.
This move highlights a familiar pattern. Senior regulators build influence, relationships, and institutional knowledge in government, then transition directly into crypto and fintech leadership roles as enforcement gives way to rulemaking.
ADVANCED MALWARE DRAINS CRYPTO WITHOUT SEED PHRASES
A Singapore-based crypto investor lost his entire portfolio after downloading malware disguised as a beta game launcher promoted through Telegram.
The malware drained funds from browser-connected wallets within 24 hours, even though the wallets were not actively open and seed phrases were not stored digitally.
The victim believes the attack combined stolen authentication tokens with Chrome zero-day exploits, bypassing antivirus protections and surviving reinstalls.
The incident highlights a rise in highly targeted, multi-vector malware attacks aimed at crypto investors, especially those accustomed to testing early-stage Web3 projects.
This is no longer about clicking obvious scams. These are professional-grade operations.
DECRYPT NAMES CRYPTO TREASURY FIRMS THE STORY OF THE YEAR
Decrypt named the rise of crypto treasury firms as its Story of the Year.
In 2025, dozens of firms rushed into public markets to raise capital and stockpile digital assets, loosely modeled after Strategy’s Bitcoin accumulation playbook.
Some focused on Bitcoin. Others expanded into Ethereum, Solana, Dogecoin, TRON, and TON.
These companies relied heavily on MNAV, multiple net asset value, as a valuation and fundraising tool. When MNAV traded at a premium, firms issued stock to buy more crypto. As prices cooled, many MNAVs fell into discount territory, cutting off that funding mechanism.
Strategy adapted by issuing preferred shares. Smaller firms struggled, turning to buybacks, mergers, or outright liquidation.
Analysts expect consolidation ahead, with weaker players absorbed or shuttered.
Even if enthusiasm fades, roughly 200 publicly traded companies now hold Bitcoin, cementing crypto treasury firms as a volatile but permanent category in public markets.
Here Comes The Money
Time: 9:43 a.m. Eastern
Fear & Greed Index: 22 (Fearful)
RSI: 22 (Oversold)
Bitcoin: $87,974 up 0.6%
Ethereum: $2,941 up 0.5%
BNB: $841 down 2%
XRP: $1.89 down 1%
Solana: $125 down 2.3%
TRON: $0.28 up 0.1%
Dogecoin: $0.128 down 1.8%
Cardano: $0.37 down 3%
Total crypto market cap: $2.97 trillion
Bitcoin market cap: $1.75 trillion
Ethereum market cap: $354.5 billion
That is the show.
My name is Matt.
I will be live tomorrow at 8:30 a.m. Eastern on The Angry Democrat Substack with The Housing Nerd Jasson Farrier, breaking down housing, inflation, taxes, and markets.
If I do not see you again until 2026, have a great holiday.
Happy HODLing, Everyone.
References & Affiliates
📈 The Grow Me Co: Trading Business Webinar
🏦 Fed Overhauls Bank Policy, Pulls Back From Prior Crypto-Focused Restrictions
🏛️ Story of the Year 2025: Crypto Treasuries Meet Wall Street
🕵️ North Korean Hackers Stole $2 Billion in Crypto in 2025, Report Finds
👩⚖️ Acting CFTC Chair Caroline Pham to Join Crypto Payments Firm MoonPay
🎮 Singapore Entrepreneur Loses Entire Crypto Portfolio After Downloading Fake Game
Self-Custody Crypto Roth IRA: athenic.xyz
Use Code DCN for $30 off: DCN
Where to Find DCN:
🌐 DailyCryptoNews.net
🐦 twitter.com/DCNDailyCrypto
📈 Trader Cobb on X
🌿 The Grow Me Co
Disclaimer
This content is not financial, legal, or tax advice. It reflects personal opinions for educational and entertainment purposes only.
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