Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

On December 10, Decrypt reported that former SEC Chairman Paul Atkins told attendees at the Blockchain Association’s Annual Policy Summit that various ICOs should be classified as non-securities transactions, falling outside the SEC’s regulatory scope. Atkins cited his Token Classification Framework—rolled out last month—which splits the crypto industry into four main token categories. Network tokens, digital collectibles, and digital commodities are not securities, he said, so their associated ICOs are non-securities transactions. He emphasized the SEC should only regulate one ICO category: security token offerings (STOs)—tokenized versions of securities already under SEC oversight that are traded on blockchain.

On December 10, NFT marketplace Magic Eden announced the public mint launch of its Doopies NFT series. The collection has a total public supply of 20,000 tokens, priced at 1 SOL per mint, with current mint progress sitting at 36.5%. Doopies is the official Web3 companion series from Doodles, featuring 25,000 hand-drawn NFTs on Solana. Each Doopie belongs to one of 54 unique species, blending Doodles’ signature soft-hued aesthetic with thousands of distinct trait combinations.

On December 10, Musk announced that Grok 4.20 will launch in roughly three weeks, while Grok 5 is set to roll out in a few months. Grok 4.20 is a major update to xAI’s fourth-generation Grok AI model. It first surfaced on test platforms like Alpha Arena under the guise of a “mystery model,” delivering strong performance in stock trading simulations—with an average return rate of 12.11% (peaking at 47%). The update also shows notable improvements in real-time data analysis, financial reasoning, and complex problem-solving. Grok 5 is xAI’s next flagship AI model, designed to drive breakthroughs toward Artificial General Intelligence (AGI). It features 6 trillion parameters—double the count of Grok 4. Musk estimates the probability of achieving AGI is 10% and rising, and the model will have “instant learning” capabilities, quickly adapting to new tasks via dynamic reinforcement learning.

**December 10, Washington D.C.** — At the Blockchain Association Policy Summit, New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis discussed Congress’s push for comprehensive cryptocurrency industry regulation. Lummis stated the goal is to release a draft of the CLARITY (Market Structure) Act by this weekend, followed by a hearing next week for amendments and a vote. Both parties are in ongoing bipartisan talks—their first meeting last week went very smoothly. “Nothing is holding this bill up,” she noted. Congress has long sought to advance broader cryptocurrency market structure legislation, but progress has lagged. This July, the House passed its version of the Digital Asset Market Structure and Investor Protection Act, providing new momentum. Since then, the Senate has moved forward with a comparable bill: the Senate Banking Committee’s draft explicitly defines regulatory jurisdiction between the SEC (Securities and Exchange Commission

**December 10th (Bloomberg) —** U.S. President Donald Trump said this week will kick off the final round of interviews for the next Federal Reserve chair, with multiple candidates under consideration. Speaking to reporters aboard Air Force One on Tuesday, Trump noted: “We’ll look at several different candidates, but I know exactly who I want.” White House National Economic Council Director Kevin Hassett remains the front-runner to succeed Jerome Powell as Fed chief, though his selection is not a certainty. Trump recently stated he will soon pick a new Fed chair but could hold off on the announcement until early 2026. On Wednesday, Trump and U.S. Treasury Secretary Benet will interview former Fed Governor Kevin Wash. The pair are expected to hold at least one more interview next week.

On December 10, TRUMP Meme Token officially announced that its TRUMP mobile game is coming soon—built exclusively for diehard Trump supporters. The waitlist is now open, and participants will have the chance to split $1 million worth of TRUMP tokens as rewards for joining and playing the game once it launches.