Appold Market Watch - Week ending 19 December 2025
Market Update & Industry News - Week ending 19 December 2025
🔷 The Depository Trust & Clearing Corporation (DTCC) selected the privacy-focused Canton Network to tokenise DTC-custodied U.S. Treasury securities. DTCC will join the Canton Foundation as co-chair, working towards an MVP by 2026.
Appold’s view: Canton is a logical choice, at this stage, based on its ability to attract many global financial institutions for testing and similar activities. It also reinforces the clear institutional trend towards privacy-focused blockchain infrastructure, an approach we expect to become increasingly central as regulated financial markets move on-chain.
🔷 Coinbase has announced plans to expand its offerings beyond digital assets by allowing users to trade stocks and event contracts, partnering with Kalshi to provide prediction markets. This move aims to reduce reliance on digital asset trading and compete with platforms like Robinhood. Coinbase also intends to introduce tokenised stocks for 24/7 trading.
Appold’s view: As we have consistently noted, the market is moving towards a handful of “super finance apps” that combine trading, investing, payments, on-chain services and the growing demand for “prediction markets". Good luck to Coinbase as it works to enhance both client and shareholder value.
🔷 The U.S. Senate has confirmed Michael Selig as the chair of the U.S. Commodity Futures Trading Commission and Travis Hill as the chair of the Federal Deposit Insurance Corporation (FDIC). Both are considered supportive of digital assets. Selig's and Hill's terms will expire in 2029 and 2030, respectively. These appointments have been positively received by the digital asset industry, anticipating a more favourable regulatory environment.
Appold’s view: With terms running into 2029 and 2030, these appointments provide rare medium-term certainty, far more valuable to institutions than short-term policy wins. While not a breakthrough, this meaningfully de-risks the regulatory outlook for institutional digital asset adoption in the US.
🔷 The Financial Conduct Authority has released three additional consultation papers on the crypto markets, focusing on operational practices, credibility, and financial resilience. These papers are currently undergoing a public consultation period and are expected to be confirmed and published in 2026.
Appold’s View: We strongly encourage both individuals and firms to review these proposals carefully and provide candid feedback. These consultations will shape the UK’s future regulatory framework, and it is essential that industry leaders actively contribute to ensure practical, well-balanced outcomes.
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