【BiTu Daily News Highlights】Investment bank TD Cowen: The crypto market structural bill may be delayed until 2027 for approval and implemented in 2029; Jupiter launches native stablecoin JupUSD, 90% of which is backed by BlackRock and Ethena's USDtb; Goldman Sachs upgrades Coinbase stock rating to "Buy" with a target price of $303; Polymarket will launch a real estate prediction market allowing users to bet on housing price trends.

Daily curated Web3 news from Bi推:

【Investment Bank TD Cowen: Crypto Market Structure Bill May Be Delayed Until 2027, Implementation Possibly Pushed to 2029】

According to reports from The Block, investment bank TD Cowen states that the US legislative process aimed at establishing clear rules for the cryptocurrency market may take longer than expected, with the bill’s passage potentially delayed until 2027, and actual implementation possibly postponed to 2029.

In a report released on Monday, TD Cowen noted that although there are still pathways to push the crypto market structure bill through this year, political struggles in the US Congress make delays more likely. The firm believes that the Democrats currently lack the motivation to accelerate legislation, especially given their expectation of regaining control of the House in the 2026 midterm elections.

They also mentioned that election outcomes are always uncertain, so Democrats might reach an agreement, which could happen quickly, as staff have been researching technical provisions for months. Timing favors the bill’s passage; if it is approved in 2027 and takes effect in 2029, the issue will be resolved. The cryptocurrency industry must accept that the presidential election could influence final rules, and Democrats need to accept that conflict-of-interest clauses do not apply to Trump.

【Jupiter Launches Native Stablecoin JupUSD, 90% Backed by BlackRock and Ethena’s USDtb】

According to Bi推, Jupiter announced the launch of its native stablecoin JupUSD, with 90% backed by BlackRock and Ethena’s USDtb, which manages “daily reserve operations.” USDtb is issued by Ethena and is supported by BlackRock’s tokenized dollar digital liquidity fund (BUIDL).

The announcement states that JupUSD will immediately be integrated across the “entire Jupiter product suite” and used as the protocol’s accounting unit. These native integrations include an integration with Jupiter Lend, where JupUSD deposits will mint a reward-accumulating token called jlJupUSD; and an integration with Jupiter Perps’ JLP pool, which will “phase in USDC collateral and LP balances” to “unify dollar liquidity across the stack.”

Jupiter said the stablecoin will also support Jupiter’s limit order and dollar-cost averaging tools, providing a “single balance user experience” for its mobile app, serving as collateral for malicious trading, and for market prediction settlement.

【Goldman Sachs Upgrades Coinbase Stock Rating to “Buy,” Target Price $303】

According to Bi推, Goldman Sachs upgraded Coinbase (stock ticker COIN) from “Neutral” to “Buy” in its 2026 industry outlook report, citing recent product launches and growing infrastructure revenue as improving the exchange’s long-term prospects, despite short-term margin pressures from competition and interest rate sensitivity.

The bank set a target price of $303, implying about 34% upside from the recent low of around $225, but emphasized that its constructive view is selective rather than bullish on the entire industry. Goldman Sachs analyst wrote: “We remain selectively constructive on the group,” noting that increased competition and interest rate sensitivity could keep 2026 adjusted EBITDA margins steady.

【Polymarket to Launch Real Estate Prediction Market Allowing Users to Bet on Housing Prices】

According to market sources, Polymarket will launch a real estate prediction market, allowing users to bet on housing price trends.

【JPMorgan: Bitcoin Network Hashrate Declined for the Second Consecutive Month in December 2025】

Reported by CoinDesk, JPMorgan released a report on Monday showing that Bitcoin’s network hashrate declined for the second consecutive month. The firm’s analysts noted: “As a monthly industry competition indicator, the average network hashrate decreased by 30 EH/s month-over-month, a 3% decline, with the average falling to 1045 EH/s.” Mining profitability has also decreased. Analysts estimate that last month, miners earned an average daily block reward of $38,700 per EH/s, down 7% from November and 32% year-over-year, marking the lowest level on record.

The report also states that last month’s daily gross profit from block rewards declined by 9% month-over-month to $17,100 per EH/s. By the end of 2025, the total market cap of 14 US-listed Bitcoin mining companies and data center operators tracked by JPMorgan reached $48 billion, a 73% increase for the year. Hut 8 (HUT) performed best last month, with a 2% stock price increase; CleanSpark (CLSK) underperformed, with a 33% decline. The report adds that although only two companies outperformed Bitcoin in December, over the full year, 9 of the 14 outperformed Bitcoin, with IREN (IREN) and Cipher Mining (CIFR) leading.

【Vitalik Buterin: Ethereum Aims to Empower Users Through Resilience and Sovereignty】

Bi推 reports that Vitalik Buterin posted on X that Ethereum’s original purpose was not to improve financial efficiency or application convenience, but to liberate users.

Vitalik Buterin (vitalik.eth) pointed out that while efficiency and convenience are valuable, Ethereum’s core competitive advantage lies in resilience. Resilience is not about seeking higher yields but minimizing the risk of losing 100% of assets, ensuring the network remains stable in extreme situations such as developer disappearance, platform bans, or network wars. Vitalik emphasized that resilience equals sovereignty, aiming to reduce external dependencies’ vulnerabilities and make users equal participants rather than corporate dependents. Web2 technology’s DNA is not suitable for building resilient systems, and the resilience of the financial industry is overly one-sided. Ethereum’s primary mission is to provide a decentralized, permissionless, and resilient blockchain space, and to achieve sufficient space on this foundation.