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🏛️🤔 Bitcoin's Pardon & Bank Loans: New Rules?

Hello there you embodiment of curiosity;

Welcome to today's edition of Osiris News, if you’re staring at the charts and feeling a strange calm after a political earthquake, you are not alone. The market is digesting a presidential pardon with a slow, steady grind. Bitcoin holds near $110,000, no euphoria, no panic, just quiet recalibration as liquidity rotates, dealers rebalance, and desks wait for the next macro catalyst.

Volatility has cooled, basis is stable, and order books look orderly if a bit thinner at the edges, classic post-shock consolidation.The story today is about power, not price, rules rewritten by a signature in Washington and memos inside the largest banks.Legal risk, collateral frameworks, and compliance architecture are becoming the decisive variables. The scoreboard is moving from narratives and Twitter sentiment to term sheets, collateral haircuts, and policy language.

🔍 Quick Overview

• CZ Pardon: President Trump pardoned CZ, declared the “war on crypto” over, BNB jumped, critics seethed.

• JPMorgan's Crypto Embrace: JPMorgan will accept Bitcoin and Ethereum as loan collateral, pulling crypto deeper into Wall Street.

• Bitcoin's Sideways Shuffle: Bitcoin hovers near $110K despite soft CPI, eyeing a Fed cut to break the range.

• AI's Crypto Conquest: Chinese AI models are beating U.S. rivals in crypto trading, AI-linked coins look primed for a run.

• DeFi Perps Break Records: Decentralized perps topped $1T in October, led by Hyperliquid, DeFi proved it can handle size and speed.

Trending News

🏛️🚀 JPMorgan Allows Bitcoin, Ether as Loan Collateral

JPMorgan Chase is launching a program allowing institutional clients to use Bitcoin and Ether as collateral for loans, marking a significant shift from its previous skepticism. This global rollout reflects growing client demand and improving regulatory clarity, integrating digital assets into traditional finance.

📈⚠️ Bitcoin Jumps on Lower Inflation; Caution Remains

Bitcoin briefly touched the low to mid-$111,000s after the US CPI reported a 3.0% year-over-year rise, slightly below expectations, boosting Fed rate cut hopes. However, market fragilities like record options open interest and persistent selling by long-term holders suggest caution remains.

💡🌍 Stripe Targets $350 B Market With AI, Crypto Push

Fintech giant Stripe is strategically positioning itself at the intersection of AI and digital finance, aiming to capture a market exceeding $350 B by 2030. The company is building infrastructure for "agentic commerce" and expanding into digital assets with acquisitions and its Tempo Layer-1 blockchain.

🌐💳 Zelle Explores Stablecoins for Global Payments

Zelle, the major US domestic payment app, plans international expansion utilizing stablecoin technology to simplify cross-border transactions. Early Warning Services is considering issuing its own stablecoin, potentially introducing millions of new users to the technology.

This tiny pause brought to you by “please let this help pay the bills” 👀

Beyond the Noise

President Trump issued a full pardon for CZ, casting it as closure to a “war on crypto.” The immediate market reaction was measured: BNB popped a few points, vol sellers leaned in, and basis tightened. The bigger move was psychological and political. A prior guilty plea and multi-billion corporate fine are now reframed, signaling that executive power can reset reputational overhangs in one stroke. Whatever your view of the merits, the takeaway for risk committees is blunt: headline risk can swing positive just as fast as it went negative.

On Wall Street, JPMorgan is finalizing a framework to accept Bitcoin and Ethereum as loan collateral via third-party custody. That last clause is the tell. Banks want credit exposure, not hot-wallet operational risk. Expect structures with tri-party agreements, programmatic margin triggers, and real-time price oracles feeding into intraday risk engines. Haircuts will start conservative, then compress as data accumulates. This is the institutional embrace in its neatest form: tap crypto’s liquidity while ring-fencing custody and settlement risk.

The pipes are being bought and built. Crypto and fintech M&A has surged, with tradfi, cloud, and payments giants racing to own the rails, custody, tokenization stacks, KYC/AML middleware, market data, and event-driven intelligence. The playbook: acquire distribution, integrate compliance primitives, and monetize flows across ETFs, lending, and structured notes. In Europe, private banks are piloting Bitcoin-backed credit lines; in Switzerland, specialized lenders are templating collateral agreements for 24/7 assets that demand weekend margin logic.

Price remains subdued. BTC tested $112K before settling back near $110K despite a soft CPI that powered U.S. equities to fresh highs. ETF primary flows are sluggish; secondary liquidity is fine, but without steady creations, upside impulses stall. Dealers report muted retail participation and more systematic, rules-based flow, risk-on in equities, risk-neutral in crypto pending the Fed. A likely rate cut next week is the near-term swing factor for risk premia and dollar liquidity.

Meanwhile, the real-asset bid is alive. Gold north of $4,100 and policy shifts toward critical-minerals stockpiles show a world re-pricing physical scarcity. Governments are subsidizing extraction, streamlining permits, and nudging capital into strategic metals. For allocators, that backdrop supports the “barbell” of provably scarce physical assets and digitally scarce assets, different custody, similar thesis.

DeFi’s throughput tells the same story. Decentralized perpetuals cleared $1T in October, with Hyperliquid alone handling north of $300B. The differentiators are now industrial: matching-engine design, latency control, risk modules, and cross-margining that doesn’t crumble under stress. Liquidity is following performance, listings, market-maker programs, and sophisticated wallets are routing to venues with uptime, depth, and sane liquidation logic. This is DeFi wearing a blazer: permissionless at the edges, professional at the core.

Regulatory posture is thawing unevenly but decisively. Banks are exploring crypto collateral with third-party custody; asset managers are standardizing ETF in-kind processes; payment firms are building tokenized cash rails with robust attestations. At the same time, supervisors are sharpening expectations on market integrity, disclosures, and operational resilience. The net of it: clearer lanes for compliant product, lower headline risk for boardrooms, higher standards for infra.

Under the hood, desk reality is shifting, too. Risk teams are rewriting playbooks for 24/7 collateral, weekend margin frameworks, automated top-ups, and pre-agreed liquidation waterfalls. Treasury desks are modeling crypto’s basis and funding premiums alongside FX swaps and equity futures. Data teams are folding on-chain metrics into traditional dashboards, flows, holder cohorts, realized caps, because the line between “crypto data” and “market data” is quietly disappearing.

Looking Ahead

Top-down, crypto is being sanitized and integrated, pardons, collateral programs, and bank pipes will draw new capital, compress risk premia, and dull some of the market’s sharpest edges. Bottom-up, permissionless systems and AI agents are compounding, faster rails, smarter liquidity, and venues built to survive spikes rather than melt in them. The next leg is the collision and convergence of these forces.

Near term, watch three levers: 1) the Fed cut and follow-through commentary on balance-sheet runoff; 2) ETF primary flows and any pickup in in-kind creations; 3) bank pilot programs for crypto-backed credit and their initial haircut matrices. Medium term, the leadership question looms: does institutional credit tap crypto’s balance sheet at scale, or do autonomous agents become the marginal buyer of blockspace and liquidity?

The rules are changing, and the pen is moving in many hands, politicians, bank risk officers, protocol engineers, and, increasingly, machines. Price will catch up to plumbing. For now, the calm you feel is the sound of systems being rewired.

Until Monday,
- Dr.P