Washington is brewing a suspense before Christmas - the candidate for the Fed chairman. News points to Kevin Hassett, the director of the National Economic Council, but you know, everything can turn upside down before the final announcement. Interestingly, Hassett has publicly questioned the Fed's policy direction multiple times, and if he really takes over, the script for monetary policy might have to be rewritten.

On the other hand, an intriguing phenomenon has emerged in the market. After the Bank of Japan raised interest rates, Bitcoin's trend surprisingly began to dance to the rhythm of the yen. Some speculate that arbitrage funds are being reallocated, as changes in interest rate differentials will prompt hot money to find new avenues.

Looking again at the regulatory level, the US and Europe are quietly aligning on stablecoin policy, especially regarding technical details like the integration of settlement systems, with both sides' standards becoming increasingly similar.

Personnel changes, capital flows, and policy coordination are intertwined. It's hard to predict the direction of this financial drama before the end of 2025.