UK aims to regulate crypto like financial products by 2027

Ethereum co-founder Vitalik Buterin has called for major social media platforms to be more transparent about their content algorithms, saying users deserve to know how posts are filtered and ranked. 

His comments come as concerns grow over how large tech platforms control online conversations. He believes these steps can help protect free speech and rebuild trust in platforms like X.

Vitalik Wants Algorithm Transparency on Free Speech Platforms

In a recent tweet post, Ethereum Foundation AI lead Davide Crapis said that platforms claiming to support free speech should clearly explain how their algorithms work. 

He argued that users deserve to know what these systems are designed to promote and that such settings should be easy to understand and adjustable.

Vitalik Buterin responded by pushing the idea much further. He suggested that every major algorithmic decision should be verified using zero-knowledge proofs. This would allow platforms to prove their systems are acting fairly without exposing private user data. 

He also proposed recording content and engagement timestamps on-chain, making it impossible for platforms to quietly censor posts or manipulate timelines.

Vitalik’s Proposal Includes Delayed Release of Algorithm Code

To improve accountability, Vitalik proposed that social media companies publish their full algorithm code after a delay of 1 to 2 years.

This approach, he said, would balance transparency with security, allowing the public to review how decisions were made while protecting platforms from immediate exploitation.

With platforms like X handling hundreds of millions of posts daily, Vitalik believes delayed transparency could help users and researchers better understand how content decisions were made over time.

Warning of Future Backlash Against Free Speech

Vitalik also shared concerns about the direction of free speech on large social media platforms. Quoting Elon Musk’s vision of X as a global free speech space, he warned that turning platforms into tools for organized harassment could have serious consequences.

He said such behavior may lead to strong public backlash in the future and could end up harming the very idea of free speech itself.

Concerns Over Coordinated Online Hate

Beyond algorithms, Vitalik also spoke about growing online hate, especially targeting Europe. He said some discussions have moved from fair criticism to extreme and hostile attacks that do not match his personal experience.

While he agreed Europe has real problems, he warned that exaggerated stories are being used to attack entire regions. 

According to Vitalik, the broader crypto and blockchain community believes that transparency, clear rules, and verifiable systems are essential to rebuilding trust in online platforms and protecting open conversation.

By Najat Kantouar and Adria Calatayud

The holding company of Italy's Agnelli family rejected an offer from cryptocurrency issuer Tether for its majority stake in Juventus Football Club, in the latest attempt by a financial group to push into European soccer.

Tether, operator of world's largest stablecoin, on Friday said it submitted a binding all-cash proposal to Exor, the Agnellis' holding company, for its 65.4% stake in Juventus and that it intended to make a public offer for the remaining shares. The price wasn't disclosed, but Tether said it was prepared to invest 1 billion euros ($1.17 billion) to support the Turin-based club if the deal went ahead.

In response, Exor said Saturday that its board unanimously rejected Tether's unsolicited proposal. While majority owned by the Agnelli family's company, Juventus is publicly listed and had a market value of 832 million euros as of Friday's close, according to FactSet.

European soccer clubs have drawn interest from the financial world lately, as private-equity groups and other financial backers seek to juice lucrative media rights and player transfers.

Private-equity group Apollo Global Management last month agreed to acquire a majority stake in Spanish soccer club Atletico de Madrid. The ownership of two other top Italian clubs, Juventus's historic Milan rivals, changed hands in recent years as U.S. buyout group RedBird Capital took over AC Milan for some $1.2 billion in 2022 and U.S. investor Oaktree Capital seized control of FC Inter Milan last year.

Tether said its bid aimed to support Juventus in a rapidly changing global sports and media landscape with stable capital and a long horizon from a position of strong financial health. The proposal reflected a belief in Juventus as more than a soccer club, Tether said.

But Exor said it had no intention of selling any of its shares in Juventus to El Salvador-based Tether or any other third party.

"Juventus is a storied and successful club, of which Exor and the Agnelli family are the stable and proud shareholders for over a century, and they remain fully committed to the club," Exor said.

Write to Najat Kantouar at najat.kantouar@wsj.com and to Adria Calatayud at adria.calatayud@wsj.com

0811 GMT - Bitcoin rises slightly but remains below the key $90,000 level as it struggles to recover meaningfully after hitting a near two-week low overnight. The cryptocurrency has been hit by a rotation away from artificial intelligence-related stocks after results from Oracle and Broadcom last week failed to meet lofty expectations. Waning appetite for tech stocks offset the positive impact of expectations for further interest-rate cuts after the Federal Reserve's rate reduction last week. Earnings from Micron Technology on Wednesday will be key for tech stocks and bitcoin. Bitcoin rises 1.4% to $89,682 after reaching a low of $87,621, LSEG data show.(renae.dyer@wsj.com)

0805 GMT - The Thai baht strengthens to more than a four-year high against the dollar and could add pressure on the Bank of Thailand to curb the rally ahead of its interest-rate decision Wednesday. The baht has gained about 8% so far in 2025. However, it is unclear what factors are driving the currency's recent outperformance, Maybank analysts write in a note. "We do take note of elevated gold prices and seasonal tourism inflows," they say. The baht also seems to be more influenced by external factors, particularly a softer dollar, OCBC's Christopher Wong says in a recent report. USD/THB falls 0.4% to 31.45, LSEG data show. (amanda.lee@wsj.com)

0750 GMT - The dollar stays weak as expectations for further U.S. interest-rate cuts weigh. The Federal Reserve cut interest rates Wednesday and sounded less cautious about further cuts than anticipated. On Friday, President Trump told the WSJ he was considering former Fed governor Kevin Warsh to become the next Fed Chair along with his advisor Kevin Hassett. He said the next Fed Chair should consult him on monetary policy and thinks rates should be cut to 1% or lower, fuelling concerns about Fed independence risks. The DXY dollar index falls 0.1% to 98.361. It reached a nearly eight-week low of 98.134 on Thursday. (renae.dyer@wsj.com)

0748 GMT - China's latest economic data adds downside risks to 4Q GDP, according to Goldman Sachs economists. China's November activity data broadly missed market expectations, especially for retail sales, the economists say. The weak sales reflect slowing auto sales growth and the negative distortion from an earlier-than-usual start of the "Double 11" online shopping festival, which had pulled forward some demand to October from November. "Incorporating October-November activity data, our GDP tracking model based on the production approach points to a small downside risk to our 4Q real GDP growth forecast of 4.5% year-on-year," they note. (tracy.qu@wsj.com)

0738 GMT - Eurozone government bond yields fall in early trade, tracking U.S. Treasury yields and kicking off a week full of key data and the European Central Bank's policy meeting. "This week's intense line-up of data, events and decisions promises a volatile finish to the year and could set the tone for the start of the new year," Commerzbank Research's Rainer Guntermann says in a note. The ECB meeting will be the highlight for eurozone government bond yields, curves and spreads. "We remain constructive for duration with chances for underlying inflation at or below target over the next few years," the rates strategist says. The two-year Bund yield falls 1.3 basis points to 2.847%, while 10-year bond yields of most other sovereigns fall 1-3 basis points, according to Tradeweb. (emese.bartha@wsj.com)

0735 GMT - China's economy softened in the final stretch of the year, with nearly all key indicators disappointing. This shows that policymakers have a lot of work to do if they want domestic demand to drive growth in 2026, says ING's Lynn Song. China should still hit its 2025 targets but the weak prints push risks for ING's 5.0% forecast to the downside. A question mark lies ahead for 2026 and beyond, Song writes. The most pressing issue: downbeat confidence that could become entrenched. The property slump remains a major drag, overshadowing an equity-market recovery. Widespread cost cutting has led to sluggish wage growth and layoffs. That feeds into a deflationary environment, weighing on consumption. Restoring confidence is easier said than done but it has to be achieved if demand is to drive growth. (fabiana.negrinochoa@wsj.com)

0709 GMT - Most Asian currencies including Thai baht strengthen against the dollar in the afternoon Asian session amid falling Treasury yields that typically diminish the appeal of U.S. fixed-income assets. "Our baseline view has been expecting the broad USD to be on a softer footing into the end of this year and persisting in 2026," HSBC's Paul Mackel says in an email. With major U.S. labor-market data due out Tuesday, it would likely take very strong numbers for the U.S. overnight index swap curve to price out Fed cuts for 2026 and push the greenback sharply higher, says the global head of forex research. USD/THB falls 0.4% to 31.44, USD/JPY drops 0.5% to 155.13, and USD/SGD is 0.1% lower at 1.2903, FactSet data show. (ronnie.harui@wsj.com)

0703 GMT - The unanimous reappointment of 11 of the Federal Reserve's regional presidents to new five-year terms is a positive move, reassuring investor concerns over the Fed's independence, analysts at First Abu Dhabi Bank say in a note. They resolve, for now, a key question surrounding the future composition of the central bank's policymaking committee, the analysts say. "The move will help to assuage recent concerns that President Trump was attempting to interfere with the independence of the Fed by parachuting allies onto the Fed board, so as to influence central bank policy with his own mandate and dovish persuasions," the analysts say. (emese.bartha@wsj.com)

0649 GMT - U.S. Treasury yields decline in Asian afternoon trading, with coming key U.S. economic data expected to show further weakness in the labor market. In particular, employment figures are due Tuesday, followed by CPI data on Thursday, with labor-market data likely leaving the door open for Federal Reserve rate cuts next year. "In our view, the FOMC has room to deliver the 50 basis points of easing priced in by Fed funds futures over the next 12 months," Brown Brothers Harriman's Elias Haddad says in a note. The two-year Treasury yield falls 2.1 basis points to 3.509%; the 10-year yields falls 2.4 basis points to 4.171% and the 30-year yield is down 1.7 basis points at 4.840%, according to Tradeweb. (emese.bartha@wsj.com)

0649 GMT - The Federal Reserve's interest-rate cutting cycle looks to prove relatively shallow and to be nearing its end, explaining the current level of U.S. Treasury yields, Capital Economics' Jonas Goltermann says in a note. The 10-year Treasury yield is a touch higher now than it was when the FOMC resumed rate cuts three months ago, the deputy chief markets economist says. The current easing cycle hasn't been driven by a global recession, and most major economies, in particular in the U.S., have held up well over the past couple of years, he says. "Accordingly, the bond market is shifting towards pricing out further rate cuts and, in some cases, starting to consider hikes as the most likely next move, thereby putting upward pressure on yields across the curve." (emese.bartha@wsj.com)

0628 GMT - ​Societe Generale no longer expects an interest-rate cut by the European Central Bank in March 2026, given the resilient data and lower downside risk to inflation expectations, ECB watcher Anatoli Annenkov says in a note. "However, near-term downside inflation risks remain," they say. In particular, compressed profit margins due to the U.S. tariffs, easing labor market conditions and lower energy prices could lead to subdued wage growth and inflation expectations next year, potentially prompting ECB action, he says. In line with the market, Societe Generale also expects the ECB to keep interest rates on hold at this week's meeting. (emese.bartha@wsj.com)

0622 GMT - The U.S. Treasury curve is expected to steepen, driven by the short end, Citi rates strategists say in a note. In 'bull steepening' short-end rates fall faster than longer-dated ones. "We hold a bull steepening bias into 2026 due to growing risks for the unemployment rate to move higher either due to increased layoffs or a continued bounce back in the labor force participation rate," the strategists say in a note. Accordingly, Citi strategists think that the market should price in more interest-rate cuts by the Federal Reserve for the second half of the year, which will keep the 'belly'--or middle segment of the curve--anchored. "The curve should steepen further with the strong economic backdrop, combined with a dovish Fed and increasing concerns around supply." (emese.bartha@wsj.com)

Talk of quantum computers destroying Bitcoin is making the rounds again, but leading voices in crypto say the panic is getting far ahead of reality. While dramatic claims suggest Bitcoin could be wiped out overnight, experts argue these fears ignore how the network actually works and how far quantum technology still has to go.

At the same time, the Bitcoin price has shown mild weakness. On December 15, BTC traded around $89,608, down 0.62% in 24 hours. The drop briefly pushed Bitcoin as low as $87,996 before it bounced back near $89,900. The broader crypto market followed suit, losing more than $130 billion in value and bringing total market capitalization down to $2.98 trillion.

How the Quantum Fear Started

The renewed concern began after writer Josh Otten claimed future quantum computers could unlock Bitcoin’s earliest wallets. According to him, advanced machines could break the keys protecting Satoshi Nakamoto’s coins, shake investor confidence, and send Bitcoin’s price crashing. While the idea sounds serious, many experts say it skips over crucial details and exaggerates what quantum computers can actually do today.

Bitcoin Security Is Often Misunderstood

Blockstream CEO Adam Back stepped in to correct what he calls a basic misunderstanding. Bitcoin does not protect coins by locking data behind traditional encryption. Instead, it uses digital signatures to prove ownership.

In simple terms, Bitcoin users prove they own their coins without ever revealing their private keys. This system works very differently from files that can be unlocked or decrypted, making the threat far less direct than critics suggest.

Why Early Wallets Are Not Easy Targets

Another key point is how Bitcoin addresses behave. Public keys only become visible when coins are spent. Many early wallets, including those linked to Bitcoin’s creator, have never moved their funds.

Because of this, there is often no exposed public key for an attacker to target. Without that information, even a powerful quantum system would have nothing to crack.

Experts Disagree on the Timeline

Some leaders believe quantum computing deserves attention. Ethereum co-founder Vitalik Buterin has said the risk is real but measurable. Solana’s Anatoly Yakovenko estimates powerful systems could arrive within the next decade.

However, Back takes a much calmer view. He believes meaningful quantum threats are likely 20 to 40 years away, if they ever arrive at all. Current machines still lack the stability needed to cause real damage.

Bitcoin Can Adjust Over Time

Bitcoin is not frozen in place. Quantum-resistant cryptography already exists, and the network can evolve long before any serious threat appears.

Bitcoin analyst Willy Woo echoed this view, saying even a worst-case event would not destroy the network. He believes sharp dips would attract strong buying from long-term holders. In his view, the result would be a long adjustment period, not the end of Bitcoin.

For now, most experts agree that the quantum panic makes headlines, but reality remains far less dramatic.

FAQs

Quantum computing uses quantum bits to solve complex problems faster than traditional computers, but large-scale machines are still decades away.

No, quantum computing is a type of computer technology, not artificial intelligence, though it can accelerate AI tasks.

No, Bitcoin’s security relies on digital signatures, not traditional encryption, making quantum threats far from immediate.

No, market dips may occur, but long-term holders and network resilience make a sudden collapse highly unlikely.

Bitcoin, which is already struggling to regain its strength around $100K, is facing immense pressure as the Bank of Japan (BOJ) prepares for a key interest rate decision.

In the past, whenever the BOJ hiked its rate, BTC price fell by 25%, and with another hike expected, top crypto experts are warning BTC could fall toward $70,000, a decline of nearly 28%.

Here’s what is coming. 

Japan To Hike Interest Rate By 25bps

On Dec 19, the Bank of Japan is holding a key policy meeting and is widely expected to raise interest rates by 25 basis points. Even prediction platform Polymarket currently shows a 98% chance of a rate hike on December 19.

Some experts believe the move could be even stronger, with expectations that the BOJ may hike rates by up to 75 basis points.

The United Kingdom plans to bring the crypto industry fully under its financial regulatory framework, with oversight transferring to the Financial Conduct Authority (FCA) beginning in 2027, according to the UK Treasury. The policy aims to regulate digital assets in a manner similar to traditional financial products while preserving space for innovation, signaling the government’s intent to strengthen consumer protection and maintain the UK’s position as a global financial hub as crypto adoption continues to rise.

This move signals that the UK wants to stay competitive as a global financial hub, even as crypto adoption continues to grow among everyday users.

FCA to Oversee Exchanges, Wallets, and More

Once the new framework is in place, crypto firms such as exchanges, brokers, and digital wallet providers will be supervised by the FCA. This means they will need to meet the same standards as other financial services, including transparency, consumer protection, and operational safeguards. UK officials believe this approach will give businesses clear rules to follow, helping serious players plan for the long term while pushing out bad actors. 

With around 12% of UK adults now owning crypto, regulators see this as a necessary step rather than an optional one.

Consumer Protection Takes Center Stage

A key reason behind the regulatory push is rising concern over scams and fraud. Recent data shows that losses linked to crypto investment scams in the UK jumped sharply over the past year. By bringing crypto into the regulatory perimeter, the government hopes to reduce these risks and improve trust in the sector. Chancellor Rachel Reeves said the rules are meant to create clarity and protect consumers, while also supporting responsible innovation.

More Rules Coming Before 2027

Alongside regulation, the UK has taken steps to formally recognize crypto assets as legal property. Under new legislation, digital assets like Bitcoin can be owned, inherited, and legally recovered. This gives crypto holders stronger legal standing and adds another layer of legitimacy to the asset class.

The FCA and the Bank of England are not waiting until 2027 to act. Both institutions are working on detailed rules covering crypto trading, custody, issuance, and market abuse. The Bank of England has also proposed a framework for stablecoin regulation. Regulators aim to finalize most of these rules by the end of 2026, giving firms time to prepare.

Global Coordination and Political Concerns

The UK is also looking beyond its borders. Officials plan to work closely with the US through a “Transatlantic Taskforce” to align crypto regulation and support innovation. At the same time, lawmakers are considering banning crypto political donations due to concerns over transparency and ownership.

Overall, the UK’s approach reflects a balancing act between control and growth, setting the stage for a more mature crypto market in the years ahead.

FAQs

Stronger supervision may lead to clearer disclosures about fees, risks, and how customer assets are handled, making it easier for users to compare platforms. Over time, this could reduce sudden service shutdowns or loss of access to funds, which have been common concerns in unregulated markets.

Firms targeting UK customers may need to establish a stronger local presence, invest in compliance teams, or rethink their business models. Some smaller or lightly regulated providers could exit the UK market if they cannot meet regulatory expectations, reducing choice but potentially improving overall quality.

Consultation papers and draft rules from the FCA and Bank of England will signal which activities are likely to be regulated first and how strict requirements may be. Monitoring these updates will help users understand future protections and give firms early insight into licensing, capital, and reporting obligations.