The U.S. Office of the Comptroller of the Currency has released preliminary findings from a sweeping review into debanking practices at the country’s nine largest national banks, revealing that all of them imposed “inappropriate” restrictions on lawful businesses, including firms operating in the digital-asset sector.

The review, ordered under President Donald Trump’s Executive Order on “Guaranteeing Fair Banking for All Americans,” examined practices at JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank and BMO.

According to the regulator, these banks maintained internal policies between 2020 and 2023 that treated customers differently based on the nature of their legal business activities.

The OCC found that several institutions required escalated approvals or imposed blanket restrictions on entire sectors viewed as conflicting with the banks’ “values.”

The list of affected industries stretched from oil and gas to firearms, private prisons, tobacco, and adult entertainment. Digital asset companies were included among the businesses facing barriers.

Regulator Says Banks Used Charter Powers Improperly as Crypto Debanking Spread

Comptroller of the Currency Jonathan Gould said the agency’s early findings show that these policies were not isolated cases but widespread across the institutions reviewed.

He described the practices as harmful to lawful enterprises and an inappropriate use of a national bank charter.

While the banks have insisted that they did not engage in discriminatory account closures, the OCC said many of the policies were visible publicly, and its investigations will continue until a full accounting is completed.

The agency’s work builds on a review launched in September 2025 and covers thousands of complaints, including claims of political and religious debanking.

According to the regulator, those findings will be released later. Debanking typically occurs when banks decide it is safer to sever ties with certain customers rather than risk regulatory scrutiny.

In the case of crypto businesses, the pressure has often come indirectly through warnings, consultations, or guidance that banks interpret as cautionary notes from their regulators.

One example referenced in the broader debate occurred when the FDIC encouraged banks to “pause” crypto-related activities without issuing a direct prohibition.

That kind of communication, combined with compliance fears, made the sector a high-risk area for banks to service and left crypto firms struggling to maintain basic operational accounts.

Crypto Debanking Sparks Political Clash Amid New Fair-Access Push

The issue has grown into a political flashpoint. President Trump signed an executive order in August intended to stop the practice of debanking customers solely for involvement in crypto or other legal industries.

Lawmakers in states such as Florida, Idaho, Tennessee, and others have pushed their own “fair access” laws designed to block banks from using ideological or non-financial criteria when assessing customers.

Earlier this month, JPMorgan Chase CEO Jamie Dimon recently rejected claims that the bank closes accounts based on political considerations.

His comments followed accusations from crypto executives and conservative groups who say they were cut off without clear explanations.

The controversy deepened last month when Strike CEO Jack Mallers said his accounts were abruptly closed under vague references to “concerning activity,” fueling renewed allegations of a modern “Operation Chokepoint.”

Regulators consistently deny any coordinated effort to cut off crypto access, arguing that decisions stem from anti-money-laundering obligations. Federal law requires banks to monitor and report suspicious activity, and institutions face steep penalties when they fail to comply.

The tensions extend beyond bank account closures. Former U.S. Solicitor General Donald Verrilli has argued in court filings that crypto-focused Custodia Bank was denied a Federal Reserve master account because regulators treated the digital asset sector as inherently unsafe.

Several former officials and lawmakers have filed briefs supporting the claim. The case remains on appeal and could take on greater significance after a recent Supreme Court opinion curbed deference to federal agencies’ interpretations of the law.

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Ark Invest CEO Cathie Wood says Bitcoin’s well-known four-year cycle may no longer define the asset’s long-term behavior, arguing that institutional adoption is reshaping everything from volatility to how deep future drawdowns might be.

Speaking with Fox Business on Tuesday, Wood said Bitcoin’s sharp crashes, often 75% to 90% in earlier years, are becoming less common as large financial players accumulate the asset.

“The volatility’s going down,” she said, adding that institutions “are going to prevent much more of a decline.” Wood suggested that “we may have seen the low a couple of weeks ago.”

Her view challenges more than a decade of market expectations. Bitcoin’s cycle has traditionally followed its halving events, block reward reductions that occur roughly every four years.

The most recent halving on April 20, 2024, cut the mining reward to 3.125 BTC, historically a trigger for supply squeezes and strong rallies.

However, Wood argues that the market’s behavior has shifted, as Bitcoin trades more like a risk-on asset, moving in line with equities and real estate rather than acting as a hedge.

“Now, gold is more of a risk-off asset,” she said, noting that investors use it to protect against geopolitical shocks.

Ark has continued adding crypto exposure, recently buying more shares of Coinbase, Circle, and its own Ark 21Shares Bitcoin ETF (ARKB).

A Growing Debate: Is the Four-Year Cycle Finished?

Wood’s comments land in the middle of a wider industry debate. Analysts across major institutions say Bitcoin no longer responds to halving cycles the way it once did.

Earlier this week, Standard Chartered said ETF buying has reduced the halving’s influence as a price driver.

Analyst Geoffrey Kendrick wrote that the pattern of prices peaking 18 months after each halving is “no longer valid,” lowering the bank’s 2025 price target from $200,000 to $100,000.

On social media, the debate has been intense since late July.

Bitwise CIO Matt Hougan and CryptoQuant founder Ki Young Ju both said institutional inflows have effectively erased the traditional cycle. “The cycle is dead,” Ju wrote.

For years, Bitcoin followed a rhythm: accumulation, a rally tied to halving effects, a peak, then a multi-year downturn.

But this time, after hitting $122,000 in July, analysts say Bitcoin’s behavior looks different, slower, steadier, and less tied to retail speculation.

Sentora executive Patrick Heusser pointed to the Bitcoin Power Law model, which views price growth as part of a long-term curve influenced by time rather than strict four-year windows.

Halvings still matter, he said, but only as interruptions within a broader trend.

“Daily supply reduced by only 450 BTC,” he noted, calling it marginal compared to Bitcoin’s trillions in market value and the billions flowing into spot ETFs.

Institutional accumulation, from ETFs, corporate treasuries, and new regulated products, is widely seen as the biggest driver reshaping the market. These buyers rarely exit positions quickly, locking up supply in a way that smooths out volatility.

Bitcoin’s Market Structure Still Mirrors Past Cycles, Glassnode Argues

Still, some firms say the cycle remains intact. In August, Glassnode published data showing that the current cycle’s structure mirrors earlier ones, including long-term holder behavior and late-cycle demand softening.

Despite institutional involvement, Glassnode argued that Bitcoin’s timing still aligns closely with past multi-year peaks.

As experts debate whether the cycle is broken or simply evolving, most agree that investors should expect a market defined by longer trends instead of dramatic, fast swings.

Analysts say crashes may be shallower, closer to 30% to 50% instead of the deep drawdowns of past years, but rallies may also stretch over longer periods.

Strategies built around precise halving timing may no longer work with the same accuracy.

Macro analyst Lyn Alden recently said Bitcoin’s current market conditions lack the euphoria needed for a major collapse, adding that broader economic forces now dictate the asset’s movement.

She expects Bitcoin to reclaim $100,000 by 2026, but warned that the path there will be uneven.

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Japan is preparing its most sweeping overhaul of crypto oversight in almost a decade, setting the stage for a system that would treat digital assets far more like traditional investment products.

The move follows months of government deliberations and a series of regulatory proposals that have emerged steadily across 2024 and 2025.

Together, they show a decisive shift in how the country intends to manage trading activity, exchange operations, and investor protection.

FSA Pushes for Stricter Token Disclosure to Address Speculation and Risk

The latest step came this week after the Financial Services Agency released a detailed report from the Financial System Council’s Working Group.

The document lays out a plan to move crypto regulation away from the Payment Services Act, which has governed the sector since 2016, and into the Financial Instruments and Exchange Act.

This change would place cryptocurrencies under the same legal umbrella used for securities trading, disclosures, and market conduct rules. Regulators said the shift reflects how the market has changed, noting that most users now engage with crypto as an investment.

Government data shows more than 86% of domestic users trade with an expectation of long-term price gains, while deposits across registered platforms have surpassed five trillion yen.

The Working Group concluded that the current framework no longer matches the risks posed by a sector dominated by speculative trading, large investor inflows, and complex token issuance schemes.

By placing crypto inside the securities rulebook, authorities intend to impose stricter disclosure requirements, particularly for token sales conducted by exchanges.

The report singles out initial exchange offerings, stressing the need for pre-sale information, independent code audits, and clearer descriptions of who controls a project.

Even fully decentralized assets would come under closer scrutiny, with exchanges responsible for giving users neutral risk assessments based on verifiable data.

The recommendations also call for explicit insider-trading rules covering events such as token listings, major system breaches, and large-scale sales by issuers.

These provisions would apply to exchange employees, token developers, and other related parties who may access undisclosed information.

The approach mirrors ongoing reforms in Europe and South Korea, where authorities have already introduced insider-trading standards for the digital asset sector.

Japan Opens Door for Financial Giants’ Subsidiaries Under the New Rule

Exchanges operating in Japan would face standards similar to brokers dealing in securities. They would be required to assess users’ risk tolerance before permitting complex or highly volatile trading.

The plan also introduces investment limits for token offerings that have not completed financial audits, an effort to prevent retail users from being exposed to sudden selling pressure once trading begins.

Traditional financial institutions are expected to play a greater role as well. While banks and insurers will remain barred from running exchanges directly, regulators intend to let their subsidiaries offer crypto trading through highly supervised channels.

The planned transition comes alongside a series of related policies that have unfolded over recent months.

In November, the FSA proposed a registration system for custody providers and outsourced trading software firms after last year’s DMM Bitcoin breach exposed weaknesses in third-party systems.

Days before that, officials confirmed support for a joint stablecoin pilot involving Japan’s three largest banks, an effort that would create a shared framework for issuing yen-backed digital tokens.

Other proposals under review include allowing banking groups to register as exchange operators, expanding access for retail investors, and bringing crypto management closer to the structure used for stocks and government bonds.

Tax reform is also advancing. The government is preparing to replace the current progressive tax rate, which can rise to 55%, with a flat 20% levy on crypto gains beginning in 2026.

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Talks over how the United States should tax digital assets are moving into a new phase, as Rep. Max Miller, a member of the House Ways and Means Committee, told attendees at the Blockchain Association’s policy summit on Tuesday that he believes the bill can move before the August 2026 recess.

He said the draft has already been circulated among several committee members and that he hopes to announce a lead Democratic co-sponsor soon.

Miller’s timeline marks the most concrete sign yet that Congress is preparing to revisit an issue that has lingered for nearly a decade, dating back to the IRS’s 2014 declaration that cryptocurrencies are taxed as property.

The decision created a system where every sale, swap, or payment counts as a taxable event.

Congress Moves Toward Long-Awaited Update to Crypto Tax Code

Miller and his Democratic counterpart, Rep. Steven Horsford of Nevada, say they are working on language to simplify reporting and give taxpayers clearer rules.

Miller said the 43-day government shutdown earlier in the fall wiped out nearly two months of legislative time, making it impossible to push the proposal before year-end.

He added that the Ways and Means and Senate Finance committees, which held hearings in July and October, will use the first half of 2026 to firm up the framework.

A Republican on the Finance Committee, Sen. Steve Daines, echoed the timeline, noting that a draft should be ready by next August.

He also warned that ongoing uncertainty in the tax code is slowing down U.S. competitiveness, as digital-asset firms are hesitant to expand without statutory clarity.

Push for Small-Transaction Crypto Tax Relief Intensifies

Lawmakers are debating whether crypto should remain fully classified as property or if small everyday transactions could be treated more like currency.

Industry groups have long advocated for a de minimis rule, which would let people use crypto for small purchases without calculating capital gains.

A bill introduced earlier this year by Sen. Cynthia Lummis proposed a $300 exemption with a $5,000 annual cap.

Other technical issues under review include how exchanges should report cost basis, how foreign platforms should share data with the IRS, and whether staking rewards should be taxed when received or when sold.

The IRS currently treats staking rewards as ordinary income upon receipt, but the industry wants taxation deferred until disposition.

Stablecoin payments, business receipts over $10,000, and new international reporting standards under the Crypto-Asset Reporting Framework (CARF) are also part of the negotiations.

IRS Ramps Up Crypto Scrutiny as New Rules Near

Between May and June, crypto tax platforms and lawyers reported a sharp rise in IRS warning letters sent to U.S. investors.

The surge resembles earlier crackdowns in 2020 and 2021, when the agency secured transaction records from major exchanges.

With new third-party reporting requirements taking effect on January 1, 2026, centralized exchanges will issue 1099-DA forms for the first time, giving the government the clearest view yet of trading activity.

Congress is also juggling broader crypto policy efforts. Negotiations over a separate market-structure bill have slowed in recent weeks, with Sen. Bernie Moreno describing talks as “frustrating” and saying he will not support a weak compromise.

Lawmakers are still debating how to divide oversight between the SEC and CFTC, how to define non-security tokens, and how to regulate decentralized finance.

Several senators have warned that if progress stalls into February, the election season could freeze the agenda.

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Singapore has taken the top position in Bybit’s World Crypto Rankings 2025, strengthening its status as one of the most active and structured digital-asset markets.

The new index, produced in conjunction with DL Research, evaluates countries across user activity, institutional readiness, and cultural engagement.

It positions Singapore ahead of the United States and Lithuania, two countries that continue to shape the direction of global crypto markets in distinct ways.

Report Reveals Two Distinct Global Crypto Adoption Models

The report shows how Singapore reached a score of 7.5 out of 10, driven by high user penetration and strong cultural engagement around digital assets.

Its licensing regime, high digital literacy, and active institutional sector have helped create one of the strongest pipelines between retail users and regulated financial entities.

The United States follows closely with a score of 7.3. Its ranking is supported by trading volumes, custody activity, and a growing base of tokenization projects involving major banks and asset managers.

Lithuania, which secured third place with a score of 6.3, continues to be a preferred regulatory base for fintech and exchange firms.

The top ten also includes Switzerland, the United Arab Emirates, Ireland, Canada, the Netherlands, Vietnam, and Hong Kong.

The data shows two clear adoption models. Countries such as Singapore, the U.S., Switzerland, Lithuania, and the UAE reflect an institution-driven pattern shaped by regulation and financial infrastructure.

In contrast, Vietnam, Nigeria, Ukraine, and the Philippines rely on crypto for everyday functions such as remittances, payments, and savings during currency pressure or banking restrictions.

This pattern is consistent with earlier studies from Chainalysis and TRM Labs, which also found high adoption in markets facing economic constraints.

Ukraine, Moldova, and Georgia continue to lead when measured against population size.

Global RWA Market Climbs 63% as Institutions Accelerate Adoption

The report also highlights how quickly real-world asset tokenization has expanded. The market for tokenized RWAs, excluding stablecoins, has risen more than 63% since January 2024, reaching $25.7 billion in early 2025.

Notably, private credit and U.S. Treasuries dominate the sector, holding 15.6 billion and 6.7 billion dollars, respectively.

The United States maintains the strongest institutional readiness with a perfect score, supported by regulatory clarity and deep Wall Street engagement.

BlackRock’s BUIDL fund remains one of the fastest-expanding tokenized portfolios, reaching between 1.8 billion and 2.28 billion dollars across several blockchains.

Major banks like JPMorgan, Citi, and Goldman Sachs have expanded tokenized settlement and internal trading programs.

Canada now ranks second in institutional readiness with a score of 0.93, supported by new rules for banks and insurers that will take effect in 2026.

The Philippines is also gaining momentum, becoming a regional example for Southeast Asia as it sets guidelines designed for remittance-heavy markets.

Global Data Shows Surging Stablecoin Use as Singapore Leads Tokenization Push

Singapore’s broader role in tokenized finance has grown as well. In November, the Monetary Authority of Singapore confirmed plans to pilot tokenized MAS bills settled using a central bank digital currency.

Local banks have already tested interbank lending using a wholesale CBDC, reinforcing the shift from experimentation to real operational use.

MAS officials say asset-backed tokens have clearly moved beyond the laboratory stage.

The report also pointed out that stablecoins remain the most consistent asset type across all income groups.

Ukraine records the highest stablecoin flow relative to GDP at 3.6%, followed by Nigeria, Georgia, Vietnam, and Armenia.

These flows underline how digital dollars have become a financial tool in both developed and emerging regions.

Separate research in March showed strong momentum in the Gulf region. The UAE recorded a 210% surge in adoption, the highest of any country in 2025, supported by high ownership levels and strong search activity.

Singapore and the United States followed, with adoption growth of 150% and 220%, respectively.

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The American Federation of Teachers is urging Senate leaders to halt work on the chamber’s crypto market structure bill, warning that the proposal could expose public-sector pensions to unsafe assets and strip protections that have long governed traditional securities.

In a letter sent Monday to Senate Banking Committee Chair Tim Scott and Ranking Member Elizabeth Warren, AFT President Randi Weingarten said the Responsible Financial Innovation Act would replace existing safeguards with a framework that leaves retirement plans more vulnerable than they are today.

AFT said Crypto Market Bill Endangers Working Families’ Pensions

Weingarten wrote that the bill “poses profound risks to the pensions of working families,” arguing it would not provide the regulation or “commonsense guardrails” needed around crypto assets and stablecoins.

She said most pension systems do not hold crypto because of its volatility and unclear legal status and warned that the legislation treats digital assets as if they were established and stable financial products when they are not.

The union represents more than 1.8 million workers in education, healthcare, and public services, including many whose retirement income depends on state and local pension plans.

Its letter warned that the bill would allow companies with no connection to crypto to place their stock on a blockchain and avoid the registration, reporting, and oversight requirements that apply today.

According to the union, the shift would let issuers bypass registration rules and remove oversight of intermediaries that move assets between buyers and sellers.

Weingarten said such a move would leave state and federal regulators with fewer tools to hold bad actors accountable, warning that pensions and 401(k) plans could end up holding assets that appear traditional but are not subject to the same standards.

Senate Rekindles Push to Define Crypto Regulatory Boundaries

The Responsible Financial Innovation Act is the Senate’s main effort to define which crypto assets fall under the jurisdiction of the CFTC and which belong under the SEC. It also aims to set federal rules for exchanges, brokers, custodians, and token issuers.

Supporters say the bill is needed to clarify a growing patchwork of crypto oversight, while critics argue it could break apart existing securities protections without replacing them with something equal in strength.

The debate comes as policymakers attempt to determine whether tokenized versions of traditional instruments can be traded under a revised federal structure and what that means for investors who rely on the security of established markets.

Work on the Senate bill had slowed in the months following the longest government shutdown in U.S. history, which created a backlog across financial regulatory agencies.

Senate Staff Races to Finalize Draft as Holiday Deadline Nears

Several senators have said a new version could emerge before the year ends, though the timeline remains uncertain.

The political environment surrounding the bill has become increasingly tense. Senator Cory Booker warned this week that the legislation’s prospects were weakened after signs that the Supreme Court may soon allow President Trump to fire SEC and CFTC commissioners at will.

With no Democrats currently seated at either agency, and none expected until at least January, Booker said the absence of minority commissioners complicates any bill that depends on those regulators to implement its framework.

The CFTC is currently led by Acting Chair Caroline Pham, who has held the position since January after Rostin Behnam stepped down.

President Trump has nominated Michael Selig, a senior SEC attorney focused on cryptocurrency policy, to serve as the permanent chairman, though his confirmation remains pending before the Senate.

Despite the uncertainty, Senator Cynthia Lummis said she wants the Senate Banking Committee to move ahead with a markup of the market structure bill as early as next week.

She described staff across both parties as “exhausted” after multiple rounds of revisions and said she hopes to circulate a final draft before Congress leaves for the holidays.

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Senator Cynthia Lummis said she wants the Senate Banking Committee to move ahead with a markup of the long-delayed crypto market structure bill as early as next week, showing that negotiations in Washington have reached another pressure point.

Speaking at the Blockchain Association Policy Summit on Tuesday, Lummis said she hoped the Responsible Financial Innovation Act, the committee’s version of market structure legislation, would be ready for a formal markup before Congress leaves for the holidays.

Lummis said the industry had begun to worry about the pace of progress, noting that bipartisan drafts had been rewritten repeatedly in recent weeks.

She described a process that has strained both Republican and Democratic staff members, adding that the constant revisions were no longer sustainable.

“Our staffs are exhausted,” she said, explaining that she and Senator Kirsten Gillibrand wanted to present a draft by the end of this week, circulate it to industry and lawmakers, and then bring the bill to a markup next week.

A markup hearing would allow senators to amend the legislation before sending it to the full Senate. Also, Lummis said in September that she expected the bill to be signed into law by 2026.

Crypto Bill Stalls in Senate as Lawmakers Restart Negotiations

Her push comes after the House passed its own bill, the Digital Asset Market Clarity Act of 2025, in July. Since then, it has been waiting in the Senate for the next round of action.

The House legislation, formally introduced in May by Chairman French Hill, gives the Commodity Futures Trading Commission primary oversight of digital commodities while preserving the Securities and Exchange Commission’s authority over fundraising and token issuance.

The Senate Banking Committee has been developing its own version of a market structure framework, but progress stalled after the record-setting government shutdown and disagreements over how decentralized finance should be regulated.

Although senators released a discussion draft in July, the shutdown and the backlog that followed pushed talks deeper into the fall.

A report from Politico on Monday indicated that bipartisan negotiations had picked up again, with plans to hold a markup in December. That aligns with Senator Cynthia Lummis’ push to keep the timeline on track.

However, not everyone is pleased with how slow things have been moving. At the same policy event on Monday, Senator Bernie Moreno said the process had become “decently frustrating,” adding that he would rather see no bill at all than one that leaves major regulatory gaps untouched.

He plans to meet with Democratic lawmakers this week in an effort to break the stalemate.

Lawmakers Race Clock as Crypto Bill Risks Election-Year Freeze

Earlier this year, Congress managed to push a stablecoin bill through with support from both parties, but the broader market structure package has been a far tougher lift.

One point of tension lies in how the House and Senate drafts define which tokens should not be regulated as securities.

The Senate version uses the term “ancillary assets,” while the Agriculture Committee’s proposal expands the CFTC’s authority instead. Both drafts still need markups, revisions, and formal votes before they can move forward.

There was a brief moment of optimism last week when Banking Committee Chair Tim Scott said a markup could take place on December 17 or 18.

But Senator Mark Warner suggested that wrapping everything up before the holiday recess would be difficult, noting that the White House still hadn’t provided final language on quorum and ethics rules.

The pressure to move faster is rising. Senator Thom Tillis warned that if negotiations drift into February, the bill could get stuck for the rest of the year once the election cycle takes over.

That sense of urgency has only increased since the 43-day shutdown ended on November 13, leaving several crypto-focused bills, including the CLARITY Act, waiting for attention.

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Malaysia’s Crown Prince has formally stepped into the digital-asset sector with a new state-backed stablecoin initiative and a large crypto-treasury plan, even as concerns grow over whether the global digital-asset treasury boom has already entered a fragile phase.

Bullish Aim Sdn. Bhd., chaired and owned by His Royal Highness Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor, announced the launch of RMJDT, a ringgit-backed stablecoin issued on Zetrix, the Layer-1 blockchain that powers Malaysia’s national Malaysia Blockchain Infrastructure.

The rollout took place under the supervision of the country’s regulated sandbox, which is overseen by both the Securities Commission and Bank Negara Malaysia, to test financial innovations ranging from stablecoins to programmable payment systems.

Crown Prince Drives RMJDT Rollout With $121M Digital Asset Reserve

RMJDT is intended to strengthen the ringgit’s profile in cross-border settlements and attract foreign direct investment, echoing Malaysia’s broader push into tokenization and digital-asset modernization.

The Crown Prince said the initiative is part of Johor’s effort to align with the country’s Digital Asset National Policy, which encourages real-world asset tokenization and experiments in supply-chain finance.

Alongside the stablecoin launch, Bullish Aim confirmed plans to establish a Digital Asset Treasury Company with an initial allocation of 500 million ringgit, roughly $121 million, in Zetrix tokens.

The firm intends to expand the treasury to one billion ringgit over time. The treasury will be used to stabilize gas fees for RMJDT transactions and to support up to 10% of validator nodes within the national blockchain infrastructure.

The move draws inspiration from high-profile corporate treasury strategies such as those employed by Strategy, which has accumulated more than 660,000 Bitcoin since 2020.

Additionally, Ismail’s reported $2.7 billion bid for a land deal in Singapore back in August shows how some well-capitalized players are still willing to take major swings, even as worries grow about others mimicking the same strategies.

The Regent of Johor said the Zetrix reserve was necessary to ensure predictable operations and tighter alignment with the national blockchain.

The launch comes at a time when Zetrix trades around $12.60, well below its peak above $20 recorded roughly a year earlier, according to CoinGecko data.

Malaysia Ramps Up Crypto Treasuries Even as Global Inflows Slow

The timing also places Johor’s initiative inside a broader regional shift. In recent months, Malaysia has seen a series of digital-asset treasury announcements.

On November 12, VCI Global said it would acquire $100 million worth of OOB tokens in a deal that will make Tether the company’s largest shareholder.

VCI Global plans to fold the token into its AI and fintech platforms and establish its own digital treasury division.

The firm had already purchased $50 million worth of tokens through a restricted share issuance and intends to buy another $50 million on the secondary market after Oobit completes its migration from Ethereum to Solana.

These developments are unfolding as Malaysia’s regulators accelerate reforms to support a more active digital-asset ecosystem.

The Securities Commission has proposed an overhaul of exchange rules after trading volumes more than doubled in 2024 to nearly 14 billion ringgit.

The new framework would allow certain tokens to be listed without prior approval, provided they meet strict criteria, while requiring operators to adopt tighter governance and risk controls.

But the broader digital-asset treasury sector is showing signs of fatigue. Data from DefiLlama shows corporate crypto treasuries recorded their slowest month of the year in November, with inflows dropping to $1.32 billion, down sharply from September’s peak.

Galaxy Research described the market as entering a “Darwinian phase,” with leverage unraveling and several treasury-backed stocks trading at deep discounts.

Even major players like Strategy, despite adding nearly $1 billion in Bitcoin last week, have seen their equity fall more than 35% over the past month.

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Australia’s securities regulator has introduced a sweeping set of exemptions aimed at easing the path for digital asset businesses while making clear that the reprieve is temporary and tied to a broader overhaul of the country’s crypto framework.

The Australian Securities and Investments Commission (ASIC) on Tuesday finalized class relief for intermediaries handling the secondary distribution of certain stablecoins and wrapped tokens.

The decision allows exchanges and other service providers to operate without holding separate Australian financial services, market, or clearing and settlement licenses when dealing with eligible products.

ASIC said the move is intended to support innovation as the government works on a permanent regime for digital asset platforms and payment systems.

ASIC Confirms Omnibus Custody Relief After Industry Feedback

The relief also extends to custody, as providers will be permitted to hold tokenized financial products in omnibus accounts, a structure commonly used in traditional markets but long restricted in crypto.

ASIC said the exemption will only apply if firms maintain proper records and reconciliation procedures. The regulator initially signaled this shift in October when it published the latest update to its key digital-asset guidance, INFO 225.

Tuesday’s announcement marks the end point of a consultation that began on 29 October, when ASIC released Simple Consultation 32 outlining proposed exemptions for stablecoins and wrapped assets.

The regulator received five non-confidential submissions, with industry groups largely supporting the plan but requesting clearer definitions and wider eligibility.

ASIC responded by expanding the scope to include tokens issued by entities that have applied for licenses.

The changes sit on top of a broader framework that ASIC has been assembling throughout the year.

The regulator’s updated INFO 225 guidance, published in late October, confirmed its long-held view that many stablecoins, wrapped tokens, tokenized securities, and even digital asset wallets fall under existing financial product rules.

Stablecoin Issuers Get Temporary Breather Under ASIC’s Transition Plan

That interpretation requires most service providers to hold AFS licenses and comply with investor-protection laws already in force.

To ease the transition, ASIC has adopted a sector-wide no-action stance until June 30, 2026.

Companies will have time to review the new guidance, lodge license applications, or adjust their operations.

The temporary relief is expected to remain in place until mid-2028, by which time the government aims to replace it with legislation covering tokenized payments and custody structures.

ASIC has indicated it may add more issuers after several firms said existing licensing hurdles threatened the commercial viability of launching Australian-regulated stablecoins.

Intermediaries must still provide retail investors with Product Disclosure Statements, a condition ASIC argues balances flexibility with consumer safeguards.

Regulators Tighten Grip as Australia Races to Catch Up in Digital Assets

The exemptions land at a moment when policymakers say Australia risks slipping behind global competitors.

ASIC Chair Joe Longo warned last month that tokenization is reshaping capital markets and urged the country to modernize quickly or face what he called a “missed opportunity.”

Government proposals released in September would require exchanges to obtain AFS licenses and impose penalties of up to 10% of annual turnover for rule breaches. Smaller platforms meeting low-threshold criteria would be exempt.

The push for tighter supervision has not stopped enforcement actions. In October, ASIC obtained a temporary travel ban against Blockchain Global director Ryan Xu as it investigates the collapse of the ACX Exchange, which left creditors owed more than A$58 million.

The case remains before the Federal Court.

Australia’s digital-asset sector has grown rapidly, with adoption climbing to 31% in 2025. Self-managed superannuation funds have increased their crypto exposure sevenfold since 2021, reaching A$1.7 billion.

Large exchanges have begun targeting this market, with Coinbase preparing a dedicated service for retirement accounts.

The post ASIC Unveils Major Stablecoin Relief and Omnibus Rights — But There’s a Catch appeared first on Cryptonews.

US District Judge Paul Engelmayer has asked prosecutors and defense lawyers for detailed clarification on a series of unresolved issues ahead of Terraform Labs co-founder Do Kwon’s sentencing.

This includes the possibility of the crypto entrepreneur facing an additional 40-year prison term in South Korea after serving time in the United States.

The judge issued the order on December 8, laying out multiple questions that he wants answered before the December 11 hearing.

The filing shows that the court is weighing how Kwon’s foreign legal exposure, previous detention, and the mechanics of international prisoner transfer programs may affect the punishment imposed in New York.

Court Seeks Clarity on Kwon’s Potential 40-Year Korean Prison Term

The judge’s first set of questions focuses on South Korea’s ongoing criminal case against Kwon.

He asked both parties whether they have any reliable information about the likely outcome of the charges he faces there, whether any agreements have been made with Korean authorities, and what sentencing ranges apply if he is convicted.

South Korean prosecutors previously said they would seek up to 40 years in prison for the same conduct that forms the basis of the US case.

The court also asked whether a Korean sentence could run concurrently or consecutively with a US sentence, a detail that could influence the final terms.

The order also seeks clarification on how to treat the nearly two years Kwon spent in custody in Montenegro. He was arrested in March 2023 while traveling under a false passport and remained detained until extradition.

The judge wants to know whether the Bureau of Prisons will credit any portion of that 21-month period toward his US term and whether the government’s recommendation of a 12-year sentence was based on the assumption that none of that time will count.

Federal prosecutors have already urged the court to impose the full 12 years permitted under Kwon’s plea agreement.

Defense Pushes Back as Prosecutors Call TerraUSD Collapse “Colossal”

They described the TerraUSD collapse as “colossal in scope,” citing the broader market chain reaction that contributed to the downfall of major firms, including Sam Bankman-Fried’s FTX.

Kwon pleaded guilty in August to conspiracy and wire fraud, admitting that he made false statements about TerraUSD’s stability mechanisms and concealed Jump Trading’s role in supporting the stablecoin during a 2021 depeg event.

Kwon’s lawyers have asked for a five-year term instead, arguing that the time he spent in Montenegro was served in “brutal conditions” and should weigh heavily in the court’s decision.

They also point to the likelihood that he will be extradited to South Korea after completing his US sentence, where he faces a much longer potential punishment.

The defense says that imposing the full recommended term would result in an excessively long combined period of imprisonment.

Judge Seeks DOJ Clarification on Victim Compensation and Asset Forfeiture

The judge’s order shows he is taking that possibility seriously. He asked both sides to explain whether supervised release would even matter if Kwon is likely to be removed from the United States.

He also questioned what guarantees the U.S. would have that another country would enforce the rest of Kwon’s sentence if he is transferred overseas.

Prosecutors have already said they will support a transfer request once Kwon serves half of his sentence.

But the judge noted that these transfers usually require detailed recommendations to the Bureau of Prisons before they can move forward.

The filing also points to several administrative problems tied to forfeiture and victim payments.

The judge asked the Justice Department to clarify how its remission process would decide which victims qualify for compensation from the seized assets.

This question is especially important because the losses span multiple countries, and no restitution order was requested in the case.

The post Do Kwon Sentencing: Judge Demands Clarity on Looming 40-Year South Korea Prison Term appeared first on Cryptonews.

Talks on the United States’ long-awaited crypto market structure bill have entered another tense stretch, with Sen. Bernie Moreno saying negotiations have become “decently frustrating” as lawmakers struggle to align on the next major step for digital-asset regulation.

Speaking Monday at the Blockchain Association Policy Summit in Washington, D.C., Moreno said he does not want Congress to advance a weak bill simply to show progress, adding that “no deal is better than a bad deal.”

He is scheduled to meet with Democrats on Tuesday to determine whether the two sides can break the recent deadlock.

Progress Slows on Crypto Oversight Bill Despite Earlier Bipartisan Momentum

Earlier this year, Lawmakers to pass a stablecoin law marking a rare moment of bipartisan agreement.

However, the broader market structure bill, intended to decide which federal agency has jurisdiction over different types of crypto assets and how consumer protections should be applied, has been difficult to finalize.

Both the House and Senate have their own versions, and lawmakers will need to resolve these differences before the bill can move toward.

The House passed its version, the Digital Asset Market Clarity Act, in July. The bill gives the Commodity Futures Trading Commission primary authority over digital commodities and preserves the Securities and Exchange Commission’s power over fundraising and token issuances.

The Senate Banking Committee, where Moreno sits, has its own draft that introduces the term “ancillary assets” in an effort to define which tokens should not be treated as securities.

That committee must also coordinate with the Senate Agriculture Committee, which released a separate draft last month expanding CFTC authority. Both proposals would still require markup hearings, revisions, and a formal vote before advancing.

There was brief optimism last week when Senate Banking Committee Chair Tim Scott told attendees at a “Crypto Christmas” event that there was a realistic path to hold a markup hearing on December 17 or 18.

But other members are less confident. Sen. Mark Warner said on Monday that completing a markup before the holidays would be difficult, in part because lawmakers are still waiting for the White House’s language on quorum and ethics provisions.

Industry lawyers have also raised concerns about unresolved issues in the bill, including how stablecoin yield products should be treated and how decentralized finance should be regulated.

Congress Faces Tightening Window as Political Friction Slows U.S. Crypto Rulemaking Efforts

Political complications continue to cloud the process. Several Democrats have voiced concerns about President Donald Trump’s financial ties to crypto ventures, which Bloomberg estimated at $620 million in July.

His family’s involvement in a stablecoin project and a mining firm has fueled questions about potential conflicts of interest. The debate has added another layer of tension as Congress attempts to write rules that would shape the industry for years.

The negotiations are unfolding at a time when the U.S. is trying to put a more permanent structure around the digital-asset market.

Earlier this year, the GENIUS Act became law, marking the country’s first attempt at a federal framework for stablecoins. The law requires stablecoin issuers to hold full reserves, undergo monthly audits, and follow strict anti-money-laundering rules.

A key point in the legislation is the clarification that stablecoins are not to be treated as securities. With that clarification in place, agencies now have until July 2026 to finish writing the rules that will put the law into practice.

Officials from the FDIC, OCC, Federal Reserve, and NCUA told members of Congress last week that they have already begun the work and expect to roll out the new rules in two phases starting next year.

Even with that, lawmakers say time is running short. Sen. Thom Tillis warned that Congress has only a small window to move forward. He said that if discussions continue into February, the election season could bring everything to a stop.

The post Sen. Moreno Warns “No Deal is Better Than a Bad Deal” as Crypto Bill Talks Stall appeared first on Cryptonews.

JPMorgan Chase CEO Jamie Dimon has rejected claims that the bank engages in politically motivated “debanking,” saying the firm does not target customers based on their political views and only acts under strict legal and regulatory obligations.

His remarks come as fresh accusations from political and crypto figures keep the debate over bank account closures at the center of U.S. financial and political scrutiny.

Operation Chokepoint 2.0 Debate Flares as Dimon Defends JPMorgan

Dimon addressed the issue during an appearance on Fox News’ “Sunday Morning Futures,” where host Maria Bartiromo asked him about allegations from Devin Nunes, the CEO of Trump Media Group.

Nunes previously claimed that Trump Media’s bank records were subpoenaed during the federal investigation into President Donald Trump’s efforts to overturn the 2020 election results and suggested the company was effectively debanked.

Dimon rejected the political framing of the claim, saying JPMorgan follows government subpoenas when required but does not close accounts based on political affiliation.

He emphasized that the bank’s actions are guided by federal law and regulatory expectations, not ideology.

The comments arrive against the backdrop of wider political tension over access to banking services, especially for crypto firms, conservative figures, and controversial industries.

The debate intensified in November after Strike CEO Jack Mallers said JPMorgan abruptly closed his personal accounts without explanation.

Mallers said the bank cited “concerning activity” under the Bank Secrecy Act while refusing to provide specific details.

Mallers’ disclosure reignited concern over what the crypto industry calls “Operation Chokepoint 2.0,” an alleged extension of the Obama-era initiative that discouraged banks from serving high-risk sectors.

Crypto executives and Republican lawmakers argue that the modern version has been used to quietly restrict crypto firms’ access to the U.S. banking system.

Democrats and regulators have repeatedly denied that such a coordinated campaign exists, saying enforcement actions are driven by anti-money-laundering and fraud risks.

Trump Allies, Lawmakers Clash With Banks as Debanking Probes Continue

The issue took on new political weight after President Donald Trump signed an executive order in August intended to prevent financial institutions from denying services solely on the basis of crypto-related activity.

After Mallers went public, Bo Hines, a former adviser to Trump’s digital assets council and now a strategic adviser to Tether, publicly criticized JPMorgan, suggesting that the end of Operation Chokepoint had not translated into meaningful change on the ground.

Trump has previously said he was personally affected by debanking due to his politics, while his son Eric Trump has also claimed that several major banks cut ties with the family at the end of Trump’s first term.

Other conservative figures, including MyPillow CEO Mike Lindell and several religious and nonprofit groups, have made similar claims.

At the same time, Democratic lawmakers have raised concerns that some account closures disproportionately affect Muslim Americans and minority communities due to broad “de-risking” policies.

Regulators and banks continue to maintain that these decisions are based on compliance demands.

Under U.S. law, banks are required to monitor customer activity, report suspicious transactions, and comply with subpoenas under frameworks such as the Bank Secrecy Act and anti-money-laundering rules.

Banks argue that failure to do so exposes them to severe penalties.

Dimon, during the same Fox News appearance, also addressed broader economic and national security issues, including JPMorgan’s newly launched $1.5 trillion security and resiliency investment initiative and the bank’s cautious approach to China-related business.

However, his comments on debanking drew the most immediate political attention. The controversy continues as congressional investigations remain active.

Republican lawmakers on the House Financial Services Committee previously released a report alleging that dozens of crypto firms and individuals lost banking access under regulatory pressure.

Federal agencies have pushed back, saying supervision is risk-based, not political.

The post JPMorgan CEO Drops Debanking Bombshell: “We Cut Republicans and Democrats” – No One’s Safe appeared first on Cryptonews.

Tensions between blockchain platform Mantra and the crypto exchange OKX escalated sharply this week after Mantra CEO John Patrick Mullin accused the exchange of publishing “incorrect and misleading” information about the project’s upcoming token migration.

In a strongly worded statement posted on X, Mullin urged OM holders on the exchange to withdraw their tokens immediately and complete migration independently through official Mantra channels.

Mantra Accuses OKX of Publishing “False” OM Migration Dates

The conflict surfaced on Monday after OKX released an announcement outlining its support for the OM migration, including a detailed schedule that placed the conversion window between December 22 and December 25, 2025.

The exchange said it planned to delist OM spot pairs, halt deposits and withdrawals, conduct an account snapshot, and process the conversion at a 1:4 ratio in line with what it described as Mantra’s Proposal 17 and Proposal 26.

OKX also said it would suspend futures, margin trading, and related services ahead of the migration.

Mullin disputed nearly every part of OKX’s timeline. He said the exchange had published dates that were “technically impossible.

He added that official governance documents state the migration can only begin after the ERC-20 OM token is fully deprecated on January 15, 2026.

According to him, this makes any December 2025 migration window unworkable.

He also argued that the exchange had rearranged the intended process by placing the token split ahead of deprecation, reversing the sequence outlined in Proposal 26.

He described the exchange’s timeline as “arbitrary,” noting that no final launch date has been announced because it depends on a pending technical review.

The CEO said the publication of what he called “demonstrably false information” raises concerns about negligence or possible malicious intent.

He added that OKX has not communicated with Mantra since April 13, the date of OM’s extreme market collapse that saw the token fall more than 90% in a single day.

He argued that the communication breakdown has now resulted in market confusion during a period in which other exchanges have coordinated closely with Mantra on migration details.

After $6B Collapse, OM Holders Face New Uncertainty Amid Exchange Frictions

The April collapse, which erased more than $6 billion from OM’s market capitalization within 24 hours, continues to cast a long shadow over the project.

Some traders described the crash as a rug pull, though Mantra denied wrongdoing and blamed the event on sudden liquidations during low-liquidity weekend trading.

A later post-mortem attributed the crash partly to aggressive leverage policies on centralized exchanges and said the incident exposed wider structural risks in the industry.

In its response at the time, the project pledged more transparency, reduced internal validator control, and a 150 million OM token burn by Mullin himself.

Since then, several exchanges have taken action around the token. INDODAX delisted OM during the initial shift away from ERC-20.

Meanwhile, Binance temporarily suspended OM deposits and withdrawals during network upgrades before relisting the redenominated MANTRA token.

Other platforms paused trading as part of broader migration adjustments.

In the same period, OKX removed multiple unrelated assets, such as BAL, PERP, FLM, PSTAKE, CLV, and RACA, because of low activity or listing-criteria issues, a trend that has raised wider questions about the exchange’s handling of assets undergoing structural changes.

The current dispute has left many OM holders trying to determine the safest migration path.

Mullin called on users to avoid depending on OKX during this phase and to maintain direct custody to ensure they do not act on incorrect timelines.

He said Mantra will continue coordinating with all other major exchanges and will support retail holders through the transition.

OKX, for its part, has indicated that its schedule may face delays due to coordination requirements, but it has not publicly addressed Mullin’s accusations or clarified its interpretation of the governance proposals.

The post Mantra CEO Issues Urgent Warning: “Withdraw Your OM From OKX Now” – Migration Crisis Escalates appeared first on Cryptonews.

Tokyo-listed Metaplanet is preparing to roll out a new preferred-share structure modeled on Strategy’s widely watched Bitcoin funding vehicle, as the company doubles down on its push to expand its corporate Bitcoin treasury.

The plan was confirmed this week by Metaplanet CEO Simon Gerovich during remarks at the Bitcoin for Corporations Symposium, where he appeared alongside Strategy Chairman Michael Saylor.

Gerovich told attendees that shareholders will vote later this month on launching a new capital instrument called MARS, short for MetaPlanet Acquisition and Reserve Strategy.

He described it as the company’s version of Strategy’s STRC preferred stock, specifically designed to raise capital dedicated to buying more Bitcoin.

Metaplanet Details Structure of ‘Mars’ Bitcoin-Backed Preferred Equity

Metaplanet formally outlined the structure earlier in November when its board approved two new classes of preferred equity known internally as Mars and Mercury.

The Mars shares are structured as senior, non-dilutive Class A preferred stock. They sit above both Mercury shares and common equity in Metaplanet’s capital stack, carry no conversion rights, and provide holders with a senior claim on dividends and assets.

Proceeds from these shares are intended to be directed toward Bitcoin accumulation as part of Metaplanet’s long-term treasury strategy.

Mars shares are also designed to pay adjustable monthly dividends.

The dividend rate is structured to rise when the stock trades below par and fall when it trades above that level.

This mechanism is intended to reduce price volatility while offering steady income to investors seeking Bitcoin-linked exposure without direct equity risk.

STRC Delivers 10% Returns as Metaplanet look to mirror it

The structure mirrors Strategy’s STRC stock, a variable-rate perpetual preferred share launched in July 2025.

STRC currently trades near $98 and pays an annualized dividend of about 10.75%, with an effective yield close to 11%.

The dividend is adjusted monthly to keep STRC trading near its $100 target price.

Strategy uses proceeds from STRC and other preferred programs to fund Bitcoin purchases.

Since launch, STRC has returned just over 10%, while remaining far less volatile than Strategy’s common stock or Bitcoin itself.

Strategy’s approach has driven an aggressive expansion of its Bitcoin treasury. By late 2025, the company held 650,000 BTC after adding tens of thousands of coins throughout the year.

About 21,000 BTC were purchased using STRC IPO proceeds alone.

Additional purchases in October and November lifted total holdings beyond 641,000 BTC at the time, funded through various preferred offerings and at-the-market share sales.

Metaplanet Turns to Buybacks as Japan’s Bitcoin Treasury Trade Cools

Metaplanet appears to be adapting that same funding blueprint to Japan’s market conditions.

The company has already issued Mercury Class B preferred shares, which combine quarterly fixed dividends with the option to convert into common stock.

On Nov. 20, Metaplanet approved the issuance of 23.61 million Mercury shares through a third-party allocation, raising about ¥21.25 billion, or roughly $135 million.

The conversion price was set well above the company’s market price, limiting immediate dilution.

At the same time, Metaplanet has relied heavily on debt secured by its Bitcoin holdings.

In late November, the company disclosed a new $130 million loan backed entirely by BTC under a previously announced $500 million credit facility.

As of its latest treasury update, Metaplanet holds 30,823 BTC valued near $2.7 billion, with an average acquisition cost of $108,070 per coin.

With Bitcoin trading below that level, unrealized losses stood at roughly $636 million.

The timing of the Mars announcement comes during a slowdown across corporate Bitcoin treasuries. DefiLlama data shows that digital asset treasury inflows dropped to $1.32 billion in November, the lowest monthly total of 2025.

Notably, In November alone, Strategy shares fell more than 35%, while Metaplanet’s stock dropped over 20% as Bitcoin slid nearly 25% from October highs.

The post MetaPlanet CEO Reveals Strategy-Style ‘MARS’ Plan to Supercharge Bitcoin Buying appeared first on Cryptonews.

The U.S. Securities and Exchange Commission has formally closed its multi-year investigation into Ondo Finance without filing any charges, marking another high-profile reversal of a crypto enforcement action that began under the Biden administration.

Ondo disclosed the decision in a blog announcement, confirming that the probe examined whether its tokenized real-world asset products complied with federal securities laws and whether its ONDO token itself qualified as a security.

Ondo Joins Coinbase, Kraken, and Co. as SEC Closes Key Crypto Investigations

The investigation began in 2024 during a period of heightened scrutiny of digital-asset firms and remained confidential until its resolution. The company said it fully cooperated throughout the process.

At the time the inquiry was opened, Ondo was emerging as one of the earliest and largest platforms for tokenized U.S. Treasuries and one of the few firms working toward large-scale tokenized access to publicly listed equities.

The company was also seeing rapid adoption from international investors, placing it squarely within the SEC’s enforcement focus during a period shaped by exchange bankruptcies, retail speculation, and regulatory uncertainty.

The closure of the Ondo investigation comes as Washington indicates a broader recalibration of its crypto policy posture following the appointment of Paul Atkins as SEC chair.

Since his takeover, the agency has moved to unwind several of the most aggressive crypto cases launched during the Biden years.

The SEC’s landmark lawsuit against Coinbase, filed in 2023 over allegations that the exchange operated as an unregistered securities platform, was dismissed with prejudice in February 2025.

A similar enforcement case against Kraken, also alleging unregistered exchange and broker activities, was closed a month later with no fines, no admissions of wrongdoing, and no required business changes.

Also, in February, the SEC shut down its investigation into Robinhood’s crypto unit without taking enforcement action, and scrutiny of Uniswap Labs was quietly dropped as well.

Not all Biden-era crypto cases have disappeared. Criminal proceedings brought by the U.S. Department of Justice remain active in the Tornado Cash case.

Co-founder Roman Storm was convicted in August for conspiring to operate an unlicensed money-transmitting business and now faces a potential prison sentence, while fellow co-founder Roman Semenov remains at large.

Although Treasury sanctions against the Tornado Cash protocol itself were lifted earlier this year following an appellate ruling, the individual prosecutions continue.

Ondo Brings Tokenized U.S. Stocks to Over 500 Million Investors Worldwide

Ondo’s regulatory clearance also comes as tokenization moves deeper into regulated financial markets.

In September, the company launched Ondo Global Markets, a platform offering tokenized access to more than 100 U.S. stocks and ETFs for eligible non-U.S. investors across Asia-Pacific, Africa, and Latin America.

The service runs on Ethereum and is expanding to BNB Chain, Solana, and its own Ondo Chain, with tokenized securities backed one-to-one by underlying assets held at U.S.-registered broker-dealers.

That international expansion accelerated in November when Liechtenstein’s Financial Market Authority granted Ondo approval to offer tokenized stocks and ETFs across the European Economic Area under the MiCA regulatory framework.

The approval positions the company to serve more than 500 million retail investors across 30 European countries through passported authorization.

At the infrastructure level, Ondo has also expanded its tokenized treasury-backed yield product, USDY, to the Stellar blockchain.

The integration, announced in September at the Stellar Meridian conference in Rio de Janeiro, allows Stellar users to access on-chain yield tied to U.S. government debt through a global payments-focused network.

Meanwhile, the SEC itself has begun publicly examining how tokenization could modernize traditional securities markets.

The agency’s Investor Advisory Committee is now studying how digital issuance, trading, and settlement could reshape equity infrastructure, a marked shift from the enforcement-first approach that dominated earlier policy.

The post SEC Closes Ondo Finance Probe Without Charges – End of Biden-Era Crypto Crackdown? appeared first on Cryptonews.

Canada’s tax authority has widened its crypto enforcement net, targeting 2,500 users of Vancouver-based NFT firm Dapper Labs in a probe tied to an estimated C$72 million ($54 million) in suspected unpaid taxes.

The probe sits within a larger Canada Revenue Agency (CRA) campaign that has already generated more than C$100 million in recovered taxes through crypto audits over the past three years, according to a report by The Canadian Press

Yet despite the growing sums involved, authorities confirm that no criminal charges have been laid in any crypto tax case since 2020, showing the gap between civil enforcement and criminal prosecution in Canada’s digital asset sector.

CRA Secures Rare ‘Unnamed Persons’ Order in Dapper Labs Tax Probe

The report stated that the CRA sought and received approval in September to compel Dapper Labs to disclose information tied to thousands of users under what is known as an “unnamed persons requirement.”

The legal tool allows tax authorities to obtain records on an identifiable group of taxpayers without accusing the company itself of wrongdoing.

Dapper, which operates one of the most prominent non-fungible token platforms and runs its own blockchain and digital wallets, did not oppose the application.

The report shows the CRA initially sought information on roughly 18,000 Dapper users, but following negotiations, the scope was narrowed to 2,500 accounts.

It marks only the second time Canadian courts have granted such an order against a domestic crypto firm, the first being issued against Coinsquare in 2020.

In an affidavit supporting the application, CRA project lead Predrag Mizdrak said crypto markets are deeply embedded in the underground economy and present “significant non-compliance” risks.

Internal agency figures show that about 15% of Canadian crypto users fail to file taxes on time or at all, while 30% of those who do file are classified as high risk for non-compliance.

The agency estimates that up to 40% of taxpayers using crypto platforms fall into non-filing or high-risk categories.

The CRA currently employs 35 dedicated cryptoasset auditors working across more than 230 files.

Since 2020, five criminal investigations involving digital assets have been launched, with four still ongoing as of March.

The agency says the cases are complex and often hinge on cross-border evidence and cooperation, contributing to long timelines and the absence of charges to date.

Canada Prepares New Crypto Reporting Rules as Federal Crackdown Widens

The crackdown on Dapper users comes as Canada tightens its wider crypto oversight. Under long-standing CRA policy, cryptocurrencies are treated as commodities rather than currencies.

Casual investors generally face capital gains tax, with only 50% of profits taxable at marginal rates, while frequent traders, miners, and crypto businesses are taxed on full business income.

Most crypto transactions, including sales, swaps, and crypto-based purchases, are treated as taxable dispositions under existing rules.

New reporting rules are also on the way as Canada is preparing to implement the OECD-backed Crypto-Asset Reporting Framework starting in 2026. The framework will require exchanges, brokers, and crypto ATM operators to report transaction data and customer information directly to the CRA.

The 2024 federal budget set aside more than C$50 million over five years to support that effort.

At the same time, Ottawa plans to establish a national financial crimes agency by 2026 to focus on sophisticated money laundering and online financial fraud.

Finance officials describe it as the country’s first unit focused exclusively on sophisticated financial crime.

Beyond taxes, enforcement has intensified on the anti-money-laundering front. FINTRAC recently issued a record C$19.6 million fine against KuCoin for failing to register and report large transactions.

Meanwhile, another firm, Xeltox Enterprises, was hit with penalties totaling nearly C$177 million.

In September, the Royal Canadian Mounted Police shut down TradeOgre and seized more than C$56 million in assets, marking Canada’s first full crypto exchange takedown.

The post Canada’s $72M Crypto Tax Crackdown Targets 2,500 Dapper Labs Users — But No Charges Yet appeared first on Cryptonews.

A newly introduced bill in Indiana would require public retirement programs to offer Bitcoin-related investment options and would also limit how much power local governments have to restrict the use of digital assets.

The proposal was filed on Thursday by State Representative Kyle Pierce, a Republican from Anderson. Known as House Bill 1042, the legislation was presented during a meeting of the House Financial Institutions Committee.

It focuses on giving public workers access to cryptocurrency investments while setting clear legal boundaries around digital asset use, custody, payments, and mining.

Indiana Targets First-in-the-Nation Mandate for Bitcoin in Public Pensions

Under the bill, administrators of several state-run retirement and savings plans would be required to include cryptocurrency exchange-traded funds as standard investment choices.

It would also permit certain public pension funds to invest directly in crypto-linked ETFs and give the state treasurer authority to place funds from specific accounts into stablecoin-based ETFs.

Pierce said the bill is designed to give Indiana residents more financial flexibility as digital assets become a larger part of the broader economy.

He added that the legislation is intended to balance investment choice with regulatory guardrails while allowing the state to explore potential government use of blockchain technology through pilot programs.

The legislation goes beyond retirement investing and takes aim at local regulation. Cities and counties would be prohibited from passing rules that place “unreasonable” limits on digital assets if similar rules do not apply to traditional financial activity.

That protection would extend to crypto payments, private ownership of digital wallets, and mining operations.

The bill adds clear safeguards for self-custody. It states that private digital asset keys could only be demanded through a court order and only when no other legal method of access is available.

It would also prevent local governments from zoning out mining facilities from industrial zones and would protect properly zoned residential mining activity.

If enacted, Indiana would become the first state in the country to require publicly managed retirement programs to provide Bitcoin exposure as a standard option.

While some states permit limited crypto investment flexibility, none currently mandate it.

U.S. States Expand Crypto Access in Pensions, Payments, and Property Laws

Other states have taken related but narrower steps. Oklahoma passed a law in 2024 protecting residents’ right to hold crypto in self-custody wallets and blocking special taxes on Bitcoin transactions.

In 2025, Kentucky followed by formally recognizing self-custody as a protected property right. Wyoming has also approved laws that allow public pension funds to invest in digital assets.

Elsewhere, Arizona introduced legislation that would allow Bitcoin ETFs in retirement accounts, while Florida outlined legal pathways for holding digital assets through ETFs in certain state funds.

Indiana’s proposal stands apart by making crypto ETF access a requirement rather than a choice.

Momentum around crypto-linked retirement exposure continues to build nationwide. In August, Michigan’s state retirement system tripled its Bitcoin ETF holdings to 300,000 shares, valued at about $11.4 million, according to regulatory filings.

The fund also holds roughly $13.6 million in Ethereum through the Grayscale Ethereum Trust. Wisconsin’s state investment board has also disclosed more than $387 million in Bitcoin ETF exposure.

States are also widening their use of digital assets outside of investing. In September, Ohio finalized plans to accept Bitcoin and other cryptocurrencies for official state payments.

In October, California updated its Unclaimed Property Law to ensure dormant crypto is not automatically converted into cash when

transferred to state custody.

New York City has taken its own steps by setting up a municipal Office of Digital Assets and Blockchain.

The move followed an executive order from Mayor Eric Adams aimed at coordinating crypto policy and encouraging blockchain development.

At the federal level, broader regulatory efforts are also underway. Lawmakers are preparing new frameworks that could shape how states approach crypto policy, including updated guidance on 401(k) crypto exposure expected in 2026.

The post Indiana Bill Would Mandate Bitcoin in Pensions and Shield Self-Custody Rights appeared first on Cryptonews.

Poland’s efforts to align its crypto market with the European Union’s Markets in Crypto-Assets framework have hit a major political roadblock after lawmakers failed to override a presidential veto on a sweeping digital-asset bill.

This leaves the country as the last EU member without a national MiCA-style regime.

According to a Bloomberg report, the vote was held in the lower house of parliament on Friday, falling short of the three-fifths majority required to overturn President Karol Nawrocki’s decision to reject the legislation.

The outcome halts Prime Minister Donald Tusk’s push to place Poland’s crypto sector under tight regulatory control and forces the government to restart the legislative process from scratch.

Tusk Flags Crypto as National Security Threat Amid Russia Sabotage Claims

Tusk had framed the bill as a national security measure in the days leading up to the vote.

Addressing parliament, he said the unregulated crypto market had become a conduit for money laundering and foreign interference, including activity linked to Russia and Belarus.

He told lawmakers that Polish authorities had identified “several hundred” foreign entities operating in the domestic crypto market and warned that Russian intelligence and organized crime groups were exploiting digital assets for covert financing.

Government officials have tied those concerns to recent security incidents.

Last month, Warsaw blamed Russia for a blast on a key railway route used for supply traffic to Ukraine, an allegation Moscow dismissed.

Polish security services have also cited cases of underground groups allegedly paid in cryptocurrencies to carry out sabotage activities inside the country.

The veto has deepened an already sharp political confrontation between Nawrocki, a nationalist conservative, and Tusk’s pro-European coalition.

The president rejected the bill earlier this month, arguing that it went far beyond EU requirements and threatened civil liberties, property rights, and the stability of the state.

The blocked law would have implemented MiCA-style rules in Poland, introducing licensing for crypto-asset service providers, investor protection standards, stablecoin reserve requirements, market abuse bans, and strict anti-money laundering controls.

It also proposed granting authorities the power to block crypto-related websites through administrative orders, a provision the president described as opaque and vulnerable to abuse.

Political Tensions Rise After Poland Blocks Sweeping Crypto Oversight Bill

Nawrocki also criticized the scale of the bill, which exceeded 100 pages, contrasting it with far shorter implementing laws in neighboring Czechia and Slovakia.

He warned that heavy supervisory fees and added domestic restrictions would drive Polish crypto firms to register in other EU countries, costing Poland tax revenue and talent.

His chief of staff, Zbigniew Bogucki, said on Friday that the president is open to regulation as long as future proposals are not excessively restrictive.

The failure to override the veto leaves crypto companies operating in Poland without a clear national legal framework ahead of the EU’s July 1, 2026, MiCA compliance deadline.

The political dispute has increasingly drawn in industry players.

Nawrocki has portrayed himself as a defender of the crypto sector and was endorsed before his election by Kristi Noem, a senior U.S. official, at a conference in southeast Poland sponsored by trading platform Zondacrypto.

The exchange later stated that it accepts no Russian clients and fully complies with anti-money laundering rules.

Foreign Minister Radosław Sikorski added another dimension to the dispute on Friday, saying on radio RMF FM that the crypto industry sponsors figures across the right wing of Polish politics, explaining the sharp resistance to tighter oversight.

The veto follows months of turbulence around crypto regulation in Poland. In September, lawmakers had initially passed the bill, triggering strong backlash from industry leaders who warned that Poland’s version of MiCA amounted to overregulation.

Zondacrypto’s chief executive at the time described it as a “step backwards” that risked criminalizing core blockchain development activity.

The post Poland Stalls MiCA-Style Crypto Rules as Lawmakers Fail to Override Presidential Veto appeared first on Cryptonews.

A chaotic token launch on Solana has placed decentralized finance platform HumidiFi and Jupiter Exchange under intense scrutiny after blockchain investigators linked a single actor to the mass botting of the $WET public presale, capturing the majority of the allocation within seconds.

According to a detailed on-chain investigation published by Bubblemaps, one entity operating under the alias “Ramarxyz” used more than 1,000 wallets to claim roughly 70% of the $WET public presale allocation.

The sale, which took place through Jupiter’s Decentralized Token Formation (DTF) launchpad, sold out in just two seconds before most retail participants could interact.

HumidiFi Confirms Bot Attack as Blockchain Data Traces Sale to One Actor

HumidiFi later confirmed that a large bot farm had overwhelmed the public sale. Bubblemaps found that at least 1,100 of the 1,530 participating addresses were controlled by the same actor.

The wallets followed a repetitive funding pattern, with each receiving exactly 1,000 USDC from centralized exchanges shortly before the sale.

One wallet allegedly broke the pattern by receiving funds from a private address that could be traced to the Twitter handle @ramarxyz through previous public blockchain activity.

Rather than acknowledging the activity, the individual later publicly suggested that HumidiFi should refund the sniper’s allocation, despite being linked to the exploit.

Shortly afterward, HumidiFi confirmed that all suspected bot allocations had been canceled and that legitimate presale participants would instead receive a prorated airdrop.

A separate on-chain analysis by trader Gautam Mgg showed that 4% of the public allocation went to just 10 wallets, with four wallets alone committing 40% of the entire public sale supply using bots.

The wallets were publicly listed using Solana explorers. Gautam also blamed Jupiter Exchange for failing to introduce basic bot protection measures, such as CAPTCHA or last-minute address rotation.

Jupiter had earlier announced that the $WET token sale was fully completed, raising $5.57 million across its Wetlist, JUP stakers, and public sale phases.

The public phase offered 30 million tokens at $0.069 per token, capped at $1,000 USDC per wallet. The token is scheduled to become claimable on December 9 alongside the launch of liquidity pools.

HumidiFi to Reissue Token After Aborting Disrupted $WET Launch

Following the incident, HumidiFi announced it would abandon the compromised launch and create a new token instead.

The protocol said all legitimate Wetlist and JUP staker participants would receive a pro-rata airdrop under a newly deployed contract that has been audited. A new public sale is now scheduled.

HumidiFi launched in mid-2025 and has grown into one of Solana’s most active decentralized exchanges, processing over $1 billion in daily trading volume and often accounting for more than one-third of all spot trading on the network.

According to DefiLlama, its Dex volume currently sits close to $30 billion over 30 days, while its cumulative volume sits at over $122 billion.

The $WET token was introduced as the protocol’s staking and fee-rebate asset and was promoted as a community-driven distribution using Jupiter’s DTF platform.

The incident has revived broader concerns over token distribution fairness across launchpads.

In September, Bubblemaps also flagged a separate Sybil attack linked to the MYX token airdrop, where roughly 100 newly created wallets claimed nearly $170 million in tokens after being funded simultaneously from OKX.

That case similarly raised questions about identity controls and launch design weaknesses.

Jupiter DTF was introduced as a transparent, trust-minimized alternative to traditional token launches, combining curation and on-chain verification. The $WET sale was its first live deployment, making the failure a major test for the model.

Neither Jupiter Exchange nor the individuals accused have issued a detailed technical breakdown of what failed at the infrastructure level.

The post Exposed: “Ramarxyz” Sniped 70% of $WET Presale With 1,000+ Wallets – Then Demanded Refund appeared first on Cryptonews.

A suspected British hacker linked to one of the largest single Bitcoin thefts ever recorded may have been detained in Dubai, according to claims made Friday by on-chain investigator ZachXBT.

In a post shared on his Telegram channel on December 5, ZachXBT said a man known online as “Danny” or “Meech,” identified as Danish Zulfiqar, appears to have been taken into custody by authorities, with a portion of the stolen crypto allegedly seized.

He pointed to roughly $18.58 million in digital assets now held in a single Ethereum wallet that he says is connected to the suspect.

ZachXBT noted that several wallets previously tied to the alleged hacker had funneled funds into the same address in a pattern commonly seen during law enforcement seizures.

He also claimed Zulfiqar was last known to be in Dubai, where a villa was reportedly raided.

Authorities Silent as Reports Surface of Possible Arrest in $243M Bitcoin Hack

According to the investigator, others linked to the suspect have also gone silent in recent days.

So far, there has been no official confirmation from Dubai Police or UAE authorities regarding any arrest, asset seizure, or raid connected to the case.

Local media outlets in the region have also not verified the claims.

The possible arrest follows months of investigation into the August 19, 2024, theft of 4,064 Bitcoin, worth about $243 million at the time. The funds were taken from a single Genesis creditor who accessed assets through Gemini.

ZachXBT made the case public in September, alleging the theft was carried out through a coordinated social engineering attack.

According to his findings, the attackers posed as Google support staff and convinced the victim to reset two-factor authentication.

They then used remote access software to take control of the account. After extracting the private keys, the attackers drained the wallet and moved the Bitcoin through a web of exchanges and swap services in an attempt to launder the funds.

ZachXBT initially tied the attack to three online aliases, “Greavys,” “Wiz,” and “Box”, later naming Malone Lam, Veer Chetal, and Jeandiel Serrano as the people behind those accounts.

He said his findings were shared with law enforcement authorities.

U.S. Charges, UK Guilty Plea, Thailand Arrest Mark New Phase of Crypto Crime Probes

U.S. prosecutors later filed criminal cases connected to related activity. In September 2024, the Department of Justice charged two suspects in a $230 million crypto fraud scheme.

Broader racketeering charges later described an operation totaling more than $263 million, including the Genesis-linked Bitcoin theft. Court documents outlined a mix of SIM swaps, social engineering tactics, and even physical burglaries.

Prosecutors said the stolen funds were spent on high-end cars, travel, and nightlife. One of the defendants, Veer Chetal, was later accused of carrying out another $2 million crypto theft while out on bond.

ZachXBT has also connected Zulfiqar to the August 2023 Kroll SIM swap incident, which exposed the personal data of creditors tied to BlockFi, Genesis, and FTX.

That breach later played a role in more than $300 million worth of crypto thefts through follow-up phishing and impersonation schemes.

The reported Dubai development comes as crypto-related law enforcement activity continues to pick up worldwide.

In October, Thai authorities arrested Liang Ai-Bing in Bangkok over an alleged $31 million crypto Ponzi scheme that ZachXBT had previously exposed.

In the UK, authorities recently secured a guilty plea from Zhimin Qian in a case tied to what officials described as the largest crypto seizure in history, involving more than $6.7 billion in Bitcoin.

Outside of investigations, ZachXBT has also remained active in public disputes.

In November, he clashed with UFC fighter Conor McGregor over comments about Khabib Nurmagomedov’s NFT project, redirecting attention to McGregor’s own failed meme coin venture earlier this year.

The post ZachXBT: British Hacker Linked to $243M Genesis Theft Likely Nabbed in Dubai appeared first on Cryptonews.