The Daily: Trump hopes to sign crypto bill 'very soon,' Hong Kong set to issue first stablecoin licenses, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin slipped under $88,000 as analysts warned that a widening risk-off move — driven by U.S. equity weakness and turmoil in Japan's bond market — rattled global markets.

In today's newsletter, Trump says he hopes to sign a crypto market structure bill "very soon," Hong Kong is set to issue its first batch of stablecoin licenses, Vitalik Buterin floats a native DVT staking proposal, and more.

Meanwhile, former Alameda Research co-CEO Caroline Ellison is scheduled for release today.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Trump hopes to sign crypto market structure bill 'very soon'

Speaking at the World Economic Forum in Davos on Wednesday, President Donald Trump said he hopes to sign a sweeping crypto market structure bill "very soon," reinforcing his push to brand the U.S. as the "crypto capital of the world."

• Momentum around the legislation wobbled after Coinbase pulled support and the Senate Banking Committee abruptly delayed its planned hearing to vote on the bill.
• Lawmakers now face a growing split between banks and crypto firms over whether stablecoin reward programs should be restricted.
• Banking groups warn that third-party stablecoin rewards could siphon deposits from community banks, while crypto firms say banks are trying to limit competition.
• Also in Davos, White House crypto czar David Sacks said he favors a compromise on yield to get a bill onto the president's desk before political momentum fades.
• Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, echoed that view, urging lawmakers to move quickly on market structure legislation, saying "compromises need to be made."
• Despite disagreements, industry leaders and lawmakers agree that the bill remains critical for clarifying SEC and CFTC oversight of crypto markets.
• The Senate Agriculture Committee plans to advance its version of the bill on Jan. 27, with legislative text expected to be released this week.

Hong Kong to issue first batch of stablecoin licenses in Q1, finance chief says

Hong Kong plans to issue its initial batch of stablecoin licenses in the first quarter as the special administrative region accelerates its push to become a crypto hub.

• Hong Kong Financial Secretary Paul Chan said at the World Economic Forum in Davos that the city's crypto framework prioritizes responsible growth while expanding into stablecoins, exchanges, and tokenized assets amid intensifying global competition.
• The stablecoin regime, approved in 2025, imposes strict requirements on reserves, redemption, and risk management for issuers.
• Hong Kong has already rolled out a licensing regime for crypto trading platforms, and authorities are seeking public feedback on further proposals to introduce additional licensing regimes for crypto asset dealing, advisory, and management services.

Vitalik Buterin floats native DVT staking proposal to boost Ethereum security and decentralization

Ethereum co-founder Vitalik Buterin proposed adding native distributed validator technology to the network's staking protocol to reduce single points of failure.

• The design would let multiple independent keys operate as one validator, keeping nodes online as long as a threshold of participants remains honest.
• Buterin argued that baking DVT directly into the protocol could simplify staking, improve security, and lower reliance on large operators.
• He also framed native DVT as a decentralization lever that could improve validator diversity as Ethereum staking scales.
• Separately on Wednesday, Buterin also said that he plans to return fully to decentralized social media this year, signaling a renewed personal commitment to crypto-native social platforms.

Figure takes operational role at Provenance Blockchain Foundation under community-led structure

Figure formalized its role as the primary operator supporting the independent Provenance Blockchain Foundation as the Layer 1 scales toward onchain equities, credit, and real-world assets.

• The updated structure keeps governance with HASH token holders while tasking Figure with technical, operational, and administrative support at the community's direction.
• Revised tokenomics also aim to reduce reliance on inflation by introducing network fees to better align incentives for validators and delegators.
• The move comes as Figure deepens its reliance on Provenance, following the launch of its OPEN platform to issue and trade equities natively onchain.

Solana Mobile launches SKR token airdrop for Seeker phone users and developers

Solana Mobile launched its SKR token airdrop for Seeker phone users and eligible developers, opening claims through the device's built-in wallet.

• The SKR token underpins ownership, incentives, and governance across the Solana Mobile ecosystem, with 30% of its 10 billion supply allocated at launch.
• The airdrop coincides with Seeker's Season 2 rollout as Solana Mobile pushes deeper into onchain apps spanning DeFi, payments, gaming, trading, and DePIN.

In the next 24 hours

• U.S. jobless claims, GDP, and PCE data are due at 1:30 p.m. ET on Thursday.
• World Economic Forum annual meetings continue.
• Aerodrome is among the crypto projects set for token unlocks.
• Web3 Hub Davos concludes. The Nashville Energy & Mining Summit gets underway.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.