Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From South Korea's stablecoin dreams hitting the snooze button and BitMine's relentless ETH shopping spree to the DeFi Education Fund's courtroom showdown and crypto's chance to catch up in 2026, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets as we close out 2025! 🥳

INTEL BRIEF

🟧 South Korea's cryptocurrency bill that would allow domestic stablecoin issuance is getting pushed to 2026 due to disagreements over who gets to oversee stablecoin issuers.

🟧 BitMine scooped up another $97.6 million in ETH as year-end tax-loss selling and holiday bot trading kept crypto prices suppressed, according to Fundstrat's Tom Lee.

🟧 US prosecutors are pushing back against the DeFi Education Fund's amicus brief in the potential retrial of two brothers accused of a $25 million Ethereum MEV exploit, arguing it rehashes already-rejected legal arguments.

🟧 Crypto has lagged behind gold and stocks since November, but analysts believe 2026 offers an opportunity for the market to catch up as whales may return to accumulation mode.

South Korea Delays Stablecoin Bill Because Nobody Can Agree on Who's the Boss

South Korea's grand plan to unleash won-pegged stablecoins onto the world is taking an extended coffee break. The Digital Asset Basic Act, which was supposed to be the golden ticket for domestic stablecoin issuance, has been delayed until 2026 because, surprise surprise, people can't agree on the details.

According to Yonhap News, the holdup centers around one spicy question: who exactly should babysit these stablecoin issuers? The bill, championed by the ruling Democratic Party and backed by President Lee Jae-myung (who promised crypto-friendly policies before taking office in June), would require stablecoin issuers to stash all their reserve assets with authorized custodies—think banks, the responsible adults of finance.

But here's where things get messy. Some folks want a whole authorization committee to vet issuers before they can play in the stablecoin sandbox. Meanwhile, South Korea's Financial Services Commission is side-eyeing this idea and considering whether to limit banks' involvement to make room for tech companies to join the party. Because nothing says "innovation" like keeping the traditional finance bros at arm's length, right?

President Lee had big dreams beyond stablecoins too—he wanted the national pension fund investing in crypto and Bitcoin ETFs flowing like soju at a karaoke bar. But for now, those ambitions are stuck in bureaucratic limbo while regulators play tug-of-war over regulatory frameworks.

Meanwhile, in related "yikes" news: Do Kwon, the Terraform Labs co-founder who just got slapped with a 15-year sentence in the U.S., might end up serving time in South Korea where he could face up to 40 additional years. Talk about a homecoming nobody wants.

South Korea's Digital Asset Basic Act (enabling won-pegged stablecoins) delayed to 2026 over disputes about regulatory oversight

Key disagreement: whether to create an authorization body for stablecoin issuers vs. limiting banks' roles to encourage tech company participation

Do Kwon may serve additional prison time in South Korea (up to 40 years) after his 15-year U.S. sentence

BitMine Spent Nearly $100M on ETH This Week While Bots Ran Wild

BitMine Immersion Technologies decided to treat itself to a cool $97.6 million worth of Ethereum. Yes, you read that right—the treasury company gobbled up 32,938 ETH on Tuesday like it was going out of style, bringing its total stash to 4.07 million ETH (a casual $12 billion, no big deal).

But wait, there's more! BitMine also staked another 118,944 ETH because why just hold crypto when you can make it work for you, right? It's the financial equivalent of putting your money to bed and telling it to dream about passive income.

So why the shopping spree? According to Tom Lee—Fundstrat founder and the mastermind behind BitMine's Ethereum strategy—the crypto market is currently getting hammered by year-end tax-loss selling. Translation: Americans are frantically dumping assets to offset their taxable income before the clock strikes midnight on 2025. Lee noted that this selling pressure peaks between December 26-30, which explains why crypto prices have been flatter than day-old champagne.

Adding to the chaos? Institutional investors are on vacation, leaving trading bots to run wild and dominate the market. When the humans are away, the algorithms will play—and apparently, they're not bullish.

Despite all this doom and gloom keeping the total crypto market cap stuck around $3 trillion for two weeks straight, BitMine isn't fazed. The company has hoovered up more than 77,400 ETH since last Monday and has been on a 10-week buying streak of at least 40,000 ETH per week. Lee proudly calls BitMine the largest "fresh money" buyer of ETH—basically the crypto whale everyone else wishes they could be.

Meanwhile, over in California, crypto leaders are losing their minds over a proposed 5% wealth tax on billionaires that includes taxes on unrealized gains. Former Kraken CEO Jesse Powell warned it could trigger an exodus of entrepreneurs and capital from the Golden State. Yikes.

BitMine bought $97.6M in ETH (32,938 ETH) on Tuesday, bringing total holdings to 4.07M ETH ($12B), and staked another 118,944 ETH

Tom Lee attributes muted crypto prices to year-end tax-loss selling (peaks Dec 26-30) and holiday bot trading dominating markets

BitMine has purchased 40,000+ ETH weekly for 10 consecutive weeks, becoming the largest "fresh money" ETH buyer amid California's controversial 5% wealth tax proposal on billionaires

Feds Say DeFi Education Fund Can Keep Their Opinions to Themselves in MEV Case

Nothing says "Happy New Year" like a good old-fashioned legal drama, and the potential retrial of brothers Anton and James Peraire-Bueno—accused of exploiting the Ethereum blockchain for $25 million using MEV bots—is serving up plenty of courtroom spice.

In a Tuesday filing, interim US Attorney Jay Clayton submitted a letter to Judge Jessica Clarke basically saying, "Hard pass" to the DeFi Education Fund's (DEF) amicus brief. His beef? The brief is "detached from the trial record" and just recycles legal arguments the court already rejected. Clayton argued that DEF isn't bringing anything new to the table that would help the judge decide on the brothers' motion to acquit, so why bother?

Let's rewind: Back in November, Judge Clarke declared a mistrial after jurors couldn't agree whether to convict or acquit the Peraire-Bueno brothers, who allegedly used automated maximal extractable value (MEV) bots to pull off their heist. The US government wasted no time requesting a retrial for late February or early March 2026—because apparently, they're not ready to let this one go.

The DeFi Education Fund, however, isn't staying quiet. In their December 19 draft brief, they argued that this case has "broader implications" for the entire industry and supported dismissing the indictment. Their concern? Prosecutions like this create ambiguity and fear among software developers, which could chill participation in DeFi and push innovators to flee the country. DEF warned that the DOJ shouldn't get ahead of lawmakers by stretching existing laws to fit crypto cases, as it stifles growth and confuses everyone about the rules.

The crypto industry is clearly paying attention. Coin Center, another crypto advocacy group, also filed an amicus brief during the trial (which prosecutors also tried to block). With the brothers facing charges of conspiracy to commit wire fraud, money laundering, and receiving stolen property—each carrying up to 20 years in prison—the stakes are sky-high, not just for them but for MEV-related activities across the industry.

US prosecutors oppose DeFi Education Fund's amicus brief in the Peraire-Bueno brothers' retrial, claiming it repeats already-rejected legal arguments

Brothers allegedly exploited Ethereum for $25M using MEV bots; mistrial declared in November, retrial expected Feb/March 2026

DeFi Education Fund argues the case has broader industry implications, warning prosecutions like this chill DeFi participation and create confusion about legal boundaries for developers

Crypto Got Crushed While Gold and Stocks Thrived But the Comeback Starts Now

If you've been watching the markets lately and feeling like crypto got the short end of the stick, you're not wrong. While gold is flexing with a 9% gain since early November and the S&P 500 managed a modest 1% climb, Bitcoin has faceplanted 20%, currently limping along at around $88,000. Ouch.

According to Santiment, a market intelligence platform, crypto is straight-up trailing behind other major assets right now. But before you start panic-selling your bags, there's a silver lining: 2026 could be crypto's chance to play catch-up. The analysts noted that the correlation between Bitcoin and other major sectors is still lagging, which means there's room for crypto to sprint back into the race once conditions shift.

So what's holding crypto back? Whales—or more specifically, the lack of whale action. Santiment pointed out that the second half of 2025 saw small wallets aggressively accumulating while large wallets stayed flat, riding up to the October all-time high before selling off. Since whales are generally considered market movers whose trades can shake up liquidity and investor psychology, their absence has been noticeable.

But here's the kicker: Long-term Bitcoin holders have stopped selling for the first time in six months. After trimming their positions from 14.8 million coins in mid-July to 14.3 million in December, they've hit the brakes. Historically, the best recipe for flipping a bear market bullish is when large wallets accumulate while retail dumps—and we might be seeing early signs of that shift.

Garrett Jin, former CEO of the now-defunct BitForex, speculated that capital is already beginning to flow back into crypto after the "short squeeze in metals" wrapped up. Meanwhile, Nansen data shows Bitcoin active addresses jumped 5.51% in 24 hours (though transactions dropped nearly 30%). Analyst CyrilXBT called this a "classic late-cycle positioning before a shift," predicting that when liquidity returns and Bitcoin breaks its current structure, gold will cool, BTC will lead, ETH will follow, and alts will finally wake up.

Since early November: gold +9%, S&P 500 +1%, Bitcoin -20% (trading around $88,000), creating lag for crypto vs. other assets

Santiment says 2026 offers catch-up opportunity as whales slowed accumulation in H2 2025 but long-term holders stopped selling (down from 14.8M to 14.3M BTC)

Early signs of capital shift: Bitcoin active addresses up 5.51% in 24 hours; analysts speculate liquidity returning could trigger "classic late-cycle" bullish positioning

And that's a wrap, my lovely PoI readers! 🎯 I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). As we head into 2026, remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five!

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