7:00-12:00 Keywords: Bank of America, Japan, Vitalik 1. Bank of America: Emerging markets may welcome a large inflow of funds early next year; 2. Former U.S. Treasury Secretary: stablecoins will not significantly increase the market's net demand for U.S. bonds; 3. Gemini closed up 14.29% on its first day of listing, and once rose more than 45% at the opening; 4. Japan will reduce the cryptocurrency tax from a maximum of 55% to 20% in fiscal year 2026; 5. Circle executives: About 90% of USDC's anchored asset reserves are managed by BlackRock; 6. FF launches the spin-off of Crypto Flywheel and the new company will be independently funded and operated; 7. Vitalik: It is not recommended to use AI governance, which may easily lead to the proliferation of jailbreak tools and defraud donation funds.