Fed Liquidity Moves, Market Weakness, and Global Integrity Risks | The Integrity Ledger

Welcome to The Integrity Ledger — as markets wobble, regulators tighten, and global tensions simmer, today’s briefing follows the money, the power, and the pressure shaping 2026.

The Federal Reserve restarted securities purchases in December 2025, expanding its balance sheet by $33.3 billion since late November. U.S. commercial banks hold nearly $3 trillion in excess reserves, maintaining substantial liquidity despite prior quantitative tightening.

The large stock of excess reserves underpins financial system stability and supports gradual growth in the money supply. This liquidity cushion allows the Fed to manage policy normalization without disrupting banking operations or credit conditions.

Seeking Alpha

U.S. stocks edged lower Wednesday morning with the Dow Jones falling 0.09% to 48,322.35, the NASDAQ slipping 0.01% to 23,417.48, and the S&P 500 down 0.04% to 6,893.58. Initial jobless claims dropped by 16,000 to 199,000 for the week ending December 27, well below market expectations of 220,000. Technology shares rose 0.2%, while real estate stocks declined 0.3%.

The decline in initial jobless claims suggests continued strength in the labor market, supporting economic resilience despite equity softness. Gains in technology offset losses in real estate, highlighting sector rotation amid modest market declines. Investors should monitor labor data for clues on Federal Reserve policy direction and market volatility.

Benzinga

Galantas Gold Corporation has finalized its acquisition of RDL Mining Corp. by issuing approximately 132 million Galantas shares to RDL shareholders, representing about 30% ownership post-transaction. Concurrently, Galantas closed brokered and non-brokered financings totaling $15.525 million, including a $625,000 debt settlement with Ocean Partners UK Limited. The company also announced an updated NI 43-101 mineral resource estimate for its Indiana gold-copper project in Chile, reporting 4.93 million tonnes at 2.24 g/t gold and 1.31% copper, containing 355,516 ounces of gold and 64,690 tonnes of copper in inferred resources.

The acquisition advances Galantas’ strategic control over the Indiana Project with a secured commercial off-take agreement supporting future copper-gold concentrate sales. The $15.5 million capital raise provides critical funding for exploration and development, including mine design and a Preliminary Economic Assessment. These milestones position Galantas to enhance project value through continued drilling and engineering studies, targeting potential expansion of mineral resources.

Financial Post

Russia is intensifying its crackdown on unregistered cryptocurrency mining by proposing draft amendments to the Criminal Code that reclassify illegal mining from an administrative offense to a criminal one. Under the new proposal, individuals mining without registration could face fines up to 1.5 million rubles or forced labor for up to two years, with harsher penalties including prison for large-scale operations generating significant income. Despite legalizing crypto mining in 2024, officials say only 30% of miners are registered, while illegal activity strains local power grids.

The move signals stricter enforcement in Russia’s cryptocurrency sector, pressuring miners to comply with registration and taxation requirements or face severe legal consequences. Investors and operators should anticipate heightened regulatory risks and potential operational disruptions, especially for large-scale or unregistered mining farms.

Bitcoin Ethereum News

PayPal Holdings (PYPL) receives a cautious buy rating due to its attractive 11x earnings valuation and growth prospects in BNPL and Venmo services. While the core business faces commoditization and competitive pressure, ongoing ecosystem reinvention aims to sustain modest revenue and EPS growth over the next few years.

Investors should weigh PayPal’s fair valuation against industry challenges and slower revenue growth. Continued execution on value-added services and feature expansion will be critical to driving sustainable high single-digit to double-digit earnings growth.

Seeking Alpha

By mid-2025, the FDA had approved over 1,250 AI-powered medical devices, with companies like GE HealthCare, Boston Scientific, and Intuitive Surgical leading innovation in imaging, cardiac care, and robotic surgery. New FDA guidelines introduced a lifecycle management approach to AI regulation, enabling adaptive algorithm updates and emphasizing cybersecurity. Clinical studies demonstrate AI-enabled devices reduce operation times by 25%, lower complications by 30%, and enhance surgical precision by 40%.

Investors should focus on companies combining strong regulatory compliance, validated clinical benefits, and scalable business models to capitalize on medtech AI growth. Healthcare providers face upfront costs and training challenges, but AI’s ability to improve patient outcomes and streamline procedures promises long-term efficiency gains. Continued regulatory evolution will be critical as AI technologies mature.

Benzinga

Ryan Clifford Goldberg and Kevin Tyler Martin, former cybersecurity professionals, pleaded guilty to extorting $1.2 million from a medical device company using ALPHV (BlackCat) ransomware in 2023. They also admitted to unsuccessful extortion attempts targeting four additional US firms, facing federal charges with possible sentences up to 20 years. Sentencing is scheduled for March 12, 2026.

This case highlights the evolving insider threat where cybersecurity expertise is weaponized for criminal gains, underscoring risks to organizations even from former trusted professionals. Financial institutions and firms should strengthen controls around access and monitor for misuse of cybersecurity knowledge to prevent similar breaches going forward.

Tech Radar

Qvantel has completed its acquisition of Optiva, creating a global leader in AI-driven telecom monetization and digital operations. The combined company now supports over 70 operators in more than 40 countries with a workforce exceeding 1,000 specialists. Within three months, the unified entity secured four new operator contracts across APAC, the Americas, and Europe, powered by Qvantel Flex and the Optiva Charging Engine.

This acquisition expands the product suite with low/no-code, AI-first solutions enabling operators and MVNOs to accelerate growth and reduce operational costs. Telecom companies can now launch digital services faster and increase agility through enhanced cloud-native platforms, positioning Qvantel and Optiva as key players in the evolving telecom landscape.

Benzinga

The Central Investigation Bureau (CIB) has collected extensive evidence in a bribery case implicating former deputy national police chief Surachate Hakparn involving 246 baht of gold bars allegedly delivered to a National Anti-Corruption Commission (NACC) member. Investigators possess CCTV footage, audio recordings, financial documents, and witness testimonies, with senior officers preparing a media briefing on January 5.

The investigation’s breadth and inclusion of intimidation claims signal rigorous scrutiny of police corruption at senior levels. With legal proceedings poised to involve independent inquiry panels and no officer spared protection regardless of rank, the case marks a critical step toward enhancing transparency and public trust in Thailand’s justice system.

Bangkok Post

The Enforcement Directorate has provisionally attached a Rs 150 crore property near Buckingham Palace in London linked to a bank loan fraud and money laundering case involving S Kumars Nationwide Ltd and ex-CMD Nitin Kasliwal. Kasliwal allegedly defrauded Indian banks of Rs 1,400 crore and diverted funds abroad through complex offshore trusts and companies. The ED’s investigation uncovered a network of entities in tax havens such as the British Virgin Islands and Jersey used to conceal assets.

This attachment highlights the ED's increasing focus on tracing and seizing high-value overseas assets in major financial frauds. For lenders and regulators, it underscores the risks of complex offshore structures facilitating fund diversion. The case may prompt stricter scrutiny of cross-border investments and enhanced cooperation among international enforcement agencies.

The Economic Times

In 2026, global conflicts persist with hotspots in Ukraine, Sudan, and Gaza, where fighting and instability continue despite cease-fire attempts. U.S. President Donald Trump's unorthodox diplomacy has brought some temporary respite but no lasting peace, amid increasing regional tensions and geopolitical rivalries. The administration’s approach risks normalizing force in international disputes, complicating conflict resolution.

Foreign Policy

The US Trump administration froze Minnesota childcare payments over alleged fraud, particularly targeting individuals of Somali origin, and demanded a thorough audit of daycare centers amid accusations of mishandling government funds by Governor Walz. This reflects heightened scrutiny on government funding and immigrant communities in the state.

Money Control

The Nitish-led NDA government in Bihar, after a significant electoral win in 2025, faces high expectations to advance development, curb migration, and boost employment through industrialization and education reforms. Despite infrastructural progress since 2005, Bihar remains last in HDI, with a large fiscal deficit and increased public debt warning of economic risks. The government aims to create 10 million jobs and attract ₹50 lakh crore in private investment over five years, but managing corruption and implementing election promises will be crucial.

Hindustan Times

Taiwan remains on high alert after China conducted massive military drills named “Justice Mission 2025,” involving over 90 naval and coast guard vessels and dozens of rockets fired near the island. China’s forces began pulling back by Tuesday night, but Taiwan continues to maintain emergency response centers amid ongoing tensions. The exercises were seen as a stern warning against Taiwan independence and external interference.

New York Post

Stay sharp, stay ethical, and keep following the money.
— The Integrity Ledger Team