Strategy CEO Phong Le says the company’s newly built $1.44 billion cash reserve is designed to quiet investor anxiety over its ability to withstand a sharp downturn in Bitcoin.

Speaking on CNBC’s Power Lunch, Le said the move followed weeks of speculation about whether the firm could continue meeting its dividend and debt commitments if market conditions worsened.

“We’re very much a part of the crypto ecosystem and Bitcoin ecosystem,” Le said. “Which is why we decided a couple of weeks ago to start raising capital and putting US dollars on our balance sheet to get rid of this FUD.”

Strategy Builds Cash Buffer to Avoid Selling Bitcoin in Market Slump

The reserve, announced Monday and funded via a stock sale, is intended to secure at least 12 months of dividend payments, with plans to stretch that buffer to 24 months.

The company emphasized that the stock-funded buildup gives Strategy breathing room without having to sell any Bitcoin during a turbulent period for the market.

Concerns over Strategy’s dividend stability had grown louder in recent weeks as Bitcoin retreated from its highs.

Le acknowledged the market chatter but dismissed it as exaggerated. “We weren’t going to have an issue paying dividends, and we weren’t likely going to have to tap into selling our Bitcoin,” he said.

“But there was FUD that was put out there that we wouldn’t be able to meet our dividend obligations, which causes people to pile into a short Bitcoin bet.”

The CEO said raising $1.44 billion in just eight and a half days was intended as a direct response, showing the firm can still attract capital even in a downcycle.

“We did it to address the FUD, and to show people we’re still able to raise money when Bitcoin is under pressure.”

Last week, Le said Strategy would only consider selling Bitcoin if the stock dropped below net asset value and the company lost the ability to raise additional funds.

Strategy has also introduced a new “BTC Credit” dashboard, which it says shows the company holds enough assets to service dividends for more than 70 years.

Strategy Adopts Dual-Reserve Model as BTC Buying Slows

As reported, Strategy has shifted from its long-standing “buy Bitcoin at all costs” approach to a dual-reserve treasury model that pairs long-term BTC holdings with a growing dollar buffer.

The move follows a dramatic slowdown in the firm’s accumulation pace, from 134,000 BTC per month at its 2024 peak to just 9,100 BTC in November, signaling preparation for a potentially prolonged bear market.

Despite the slowdown, the company remains one of the world’s largest Bitcoin holders, with roughly 650,000 BTC on its balance sheet.

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Strive, a Nasdaq-listed firm and the 14th-largest public holder of Bitcoin, is pushing back against MSCI’s plan to remove companies with significant digital-asset exposure from its global indexes.

In a letter addressed to MSCI chairman and CEO Henry Fernandez, the company warned that the proposal, which would exclude firms whose crypto holdings exceed 50% of total assets, risks shutting passive investors out of fast-growing corners of the market.

JPMorgan Warns Strategy Could Lose $2.8B Under MSCI Proposal

JPMorgan analysts recently cautioned that Strategy, a prominent Bitcoin treasury company included in the MSCI World Index, could face as much as $2.8 billion in losses if the exclusion moves forward.

Strategy’s chair, Michael Saylor, has confirmed that discussions with MSCI are ongoing as the company attempts to head off the decision.

Strive CEO Matt Cole argued that the proposal misunderstands the role large Bitcoin-focused firms play in emerging industries, particularly artificial intelligence.

He noted that miners such as MARA Holdings, Riot Platforms, and Hut 8, all potential exclusion targets, are rapidly expanding into AI infrastructure by retooling data centers for high-intensity compute workloads.

“Many analysts argue that the AI race is increasingly limited by access to power, not semiconductors,” Cole wrote, adding that miners are uniquely positioned to meet those needs.

Even as AI revenue increases, he said, companies will continue holding sizable Bitcoin reserves, meaning MSCI’s exclusion would permanently wall off a sector positioned at the intersection of digital assets and next-generation computing.

Cole also pointed to the rising demand for Bitcoin-linked financial products. Firms such as Strategy and Metaplanet function similarly to banks offering structured BTC notes, providing equity-based access to Bitcoin performance without requiring investors to hold the asset directly.

Excluding these treasury companies, he argued, would give traditional financial institutions, including JPMorgan, Morgan Stanley, and Goldman Sachs, an uneven playing field, as index-linked capital would become biased against firms whose business models center on Bitcoin exposure.

Strive Says MSCI’s 50% Rule Would Cause Index “Whiplash”

Strive further challenged the practicality of MSCI’s 50% threshold, noting that tying index eligibility to a volatile asset would cause companies to drift in and out of benchmarks, increasing tracking errors for funds that follow them.

Cole highlighted Trump Media & Technology Group as an example. Despite holding one of the largest public Bitcoin treasuries, it narrowly avoided MSCI’s preliminary exclusion list because its BTC exposure currently sits just under the cutoff.

Instead of a blanket rule, Strive proposed a parallel “ex-digital asset treasury” version of MSCI’s indexes.

This would allow asset managers who wish to avoid crypto-heavy companies to do so, while others could maintain exposure to the full investable universe.

MSCI has not yet indicated whether it will revise its proposal, but industry pressure is mounting as treasury-heavy firms await a final decision.

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BlackRock’s iShares Bitcoin Trust has logged its longest stretch of weekly withdrawals since the fund launched in January 2024, marking a sharp turn in institutional sentiment toward Bitcoin even as prices steady.

Investors pulled more than $2.7 billion from the fund over the five weeks ending Nov. 28, according to data from SoSoValue.

Redemptions continued on Thursday with an additional $113 million, putting the ETF on track for a sixth consecutive week of outflows.

IBIT Faces Reversal as Crypto Wipeout Ends Months of Steady Inflows

IBIT, which manages more than $71 billion in assets, has been the flagship vehicle for traditional investors seeking regulated exposure to Bitcoin.

However, flows have reversed direction since early October, when a violent liquidation across crypto markets triggered a sell-off that erased more than $1 trillion in digital-asset value.

The shift stands in contrast to the steady inflows that helped propel Bitcoin higher earlier in the year.

Last week, speaking in São Paulo, BlackRock business development director Cristiano Castro said the company’s Bitcoin ETFs had become one of its strongest revenue engines, calling their rapid ascent “a big surprise” as investor allocations surged throughout the year.

Castro also downplayed outflow concerns, noting that “ETFs are very liquid and powerful instruments.”

“What we’ve been seeing is perfectly normal; any asset that starts to experience compression usually has this effect, especially in an instrument that is heavily controlled by retail investors,” he added.

Bitcoin has clawed back some losses this week, but analysts say ETF flows paint a clearer picture of institutional caution.

In a recent report, Glassnode wrote that the outflow streak “marks a clear reversal from the persistent inflow regime that supported price earlier in the year, and reflects a cooling of new capital allocation into the asset.”

The firm noted that investor positioning has become more defensive as volatility and funding pressure remain elevated.

Despite the turbulence, Bitcoin traded around $92,000 in London on Friday morning, still down 27% from its October peak.

Spot Chainlink ETF Pulls $41M on First Day

As reported, Grayscale’s first US spot exchange-traded fund tied to Chainlink opened with solid demand, adding another data point to the debate over whether appetite for altcoins can survive a cooling crypto market.

The product ended its debut session with $41 million in net inflows and about $13 million in trading volume.

The figures placed Chainlink among the stronger ETF launches this year and suggested that, at least for some investors, regulated vehicles remain the preferred route into higher-risk digital assets.

The new Chainlink ETF comes amid the rollout of a wave of new altcoin ETFs.

Over the past month, issuers have launched products tied to Solana, XRP, and Dogecoin, with more XRP and Dogecoin funds set to list next week.

The Canary Capital XRP ETF (XRPC) debuted with $58 million in net inflows, the highest opening-day haul for any ETF this year, edging out the Bitwise Solana Staking ETF (BSOL), which launched with $57 million.

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HashKey Holdings, one of Asia’s most prominent cryptocurrency-exchange operators, is preparing to open its order books next week for a Hong Kong initial public offering that aims to raise at least $200 million.

The listing could take place before the end of the month, though final details, including deal size and timing, remain subject to change, Bloomberg reported, citing people familiar with the matter.

HashKey’s Ethereum-Era Roots Propel It Into Global Crypto Expansion

Founded in 2018, HashKey grew out of chairman Xiao Feng’s early involvement in Ethereum through Wanxiang Group, where he was among the protocol’s first corporate investors.

The firm has since expanded into trading, venture investments and digital-asset management, operating across Hong Kong, Singapore, Bermuda, Japan, the UAE and Ireland.

Earlier this year, Gaorong Ventures, known for backing Chinese tech groups such as Meituan and PDD, invested $30 million at a valuation exceeding $1 billion, sources said.

Despite its regional footprint, HashKey has faced financial pressures. The company posted a HK$506 million ($65 million) loss in the first half of 2025, though the deficit narrowed from a year earlier.

Revenue dropped 26% to HK$384 million, according to its listing documents.

Even so, trading activity on the platform has been substantial, with HK$1.3 trillion in cumulative spot-market volume recorded by September.

The planned IPO represents a significant test for Hong Kong’s push to cement itself as a digital-asset hub. Authorities rolled out a new licensing regime last year and are preparing additional measures to encourage broader participation after crypto activity lagged behind expectations.

The city’s positioning has drawn interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on crypto trading.

Last week, HashKey cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

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Woori Bank has begun displaying Bitcoin prices inside its main trading room in Seoul, placing the cryptocurrency alongside core financial indicators such as the won–dollar exchange rate and stock market data.

The move marks the first time a commercial bank in South Korea has integrated a crypto price feed directly into its frontline dealing environment, the space where traders handle foreign exchange, bonds and derivatives.

Bitcoin Now Seen as Market Signal, Says Woori Bank Official

A Woori Bank official said the decision reflects the growing weight of digital assets in global finance, noting that Bitcoin has increasingly become a signal for broader market sentiment.

“As digital assets continue to grow in prominence and influence in global financial markets, we determined that they should be monitored as a key indicator to better read overall market trends,” the official said.

The update comes as Korean banks step deeper into digital asset infrastructure.

Hana Financial Group this week signed a partnership with Dunamu, operator of the Upbit exchange, to incorporate blockchain tools into services ranging from overseas remittances to financial data systems.

While Woori has yet to announce a formal partnership with a crypto exchange, senior executives have repeatedly indicated that the bank intends to expand into digital asset services.

CEO Jung Jin-wan said in October that payments and digital asset ecosystems are “increasingly interconnected,” suggesting the sector could open new revenue avenues for banks.

Regulators are also shaping a clearer path. The government and ruling Democratic Party are examining a proposal that would restrict issuance of won-based stablecoins to bank-led consortia with majority bank ownership.

If enacted, the framework could position major lenders like Woori as central players in future stablecoin markets.

As reported, South Korean investors turned the Chuseok holiday into a high-risk trading week, pouring $1.24 billion into US tech and crypto-linked assets while local markets were closed between October 3 and 9.

The frenzy was led by leveraged ETFs and high-growth stocks, as traders sought to ride Wall Street’s momentum amid optimism surrounding US tech resilience and domestic stimulus hopes.

South Korea to Extend Crypto Travel Rule to Sub-$700 Transactions

Last week, South Korea revealed that it is preparing one of its most aggressive crackdowns on cryptocurrency-related financial crime by expanding its travel rule requirements.

The new threshold covers transactions under 1 million won ($680), which until now allowed users to bypass identity checks by breaking transfers into smaller amounts

The Financial Intelligence Unit (FIU) will also introduce pre-emptive account-freezing powers in serious cases, allowing investigators to lock suspicious accounts before funds can be moved beyond recovery.

Officials said legislative amendments are expected to be submitted to the National Assembly in the first half of 2026, with South Korea also expanding coordination with global regulators such as the Financial Action Task Force to align with international standards.

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Meta is scaling back its metaverse spending and redirecting resources toward AI-powered glasses and wearable devices, marking one of the company’s most significant strategic pivots in years.

The shift comes as investor skepticism grows over the long-term commercial viability of virtual worlds and VR headsets, the BBC reported on Friday, citing a company spokesperson.

Meta’s Metaverse Bet Falters as User Growth Stalls

The company has spent more than a decade pouring billions into the metaverse, an initiative that was central to CEO Mark Zuckerberg’s vision for the future of computing.

That ambition also led Facebook to rebrand as Meta in 2021, signaling a company-wide commitment to building immersive digital spaces.

However, momentum has stalled. Meta’s flagship VR platform, Horizon Worlds, has struggled to retain users, while sales of the company’s headsets have failed to justify the scale of investment.

Bloomberg reported Thursday that Meta plans to cut metaverse spending by up to 30%, sending shares up more than 3% as markets reacted positively to a potential recalibration.

A spokesperson said the company is not planning “broader changes,” declining to comment on whether the shift could include layoffs across metaverse-focused teams.

Instead, Meta sees a faster path forward in wearable AI devices, particularly its new line of smart glasses, launched in September to stronger-than-expected demand.

The latest models feature an on-lens display capable of describing real-world surroundings, identifying objects, and translating text.

Analysts view the glasses as one of the first products to successfully blend AI assistance with hardware in a consumer-friendly form, a direction Meta now hopes to accelerate.

The move reflects wider industry trends. Companies across the US and China are racing to bring AI-enabled glasses and compact wearables to market, betting that users will gravitate toward lightweight, always-on assistance rather than immersive VR environments.

Meta Shareholders Reject Call to Add Bitcoin to Company Treasury

In June, Meta investors overwhelmingly shot down a proposal urging the company to explore adding Bitcoin to its balance sheet, according to a May 28 filing.

The measure received just 3.92 million votes in favor, roughly 0.08% of all shares, while nearly 5 billion voted against it.

With CEO Mark Zuckerberg controlling 61% of voting power, the outcome was effectively predetermined.

The proposal came from Bitcoin advocate Ethan Peck, who argued Meta should allocate part of its $72 billion cash pile into BTC as a hedge against inflation and diminishing real returns on cash and bonds.

Peck cited BlackRock’s guidance supporting a small Bitcoin allocation and submitted the proposal on behalf of his family’s Meta holdings.

He serves as Bitcoin director at Strive and has pushed similar campaigns at other tech giants.

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Former leaders of the shuttered crypto-friendly Signature Bank have returned with a new venture built around always-on settlement.

Their new institution, N3XT, is a state-chartered, blockchain-based bank designed to move money at any hour, with near-instant finality.

N3XT Unveils 24/7 Payments Platform Built on Private Blockchain

Announced on Thursday, N3XT says it will operate on a private blockchain that allows transactions to clear around the clock.

The platform supports programmable payments through smart contracts and is built to work alongside stablecoins, utility tokens and other digital assets.

The institution will run under Wyoming’s Special Purpose Depository Institution framework, a charter that allows fully reserved, non-lending banks designed to custody digital assets.

The effort is led by Signature Bank founder Scott Shay, whose former institution was one of three crypto-linked banks that collapsed during the 2023 banking turmoil.

Signature, alongside Silicon Valley Bank and Silvergate, fell after deposit outflows accelerated and market confidence evaporated.

The Federal Deposit Insurance Corporation seized Signature in March 2023, citing liquidity pressure, concentration risks and a rapid run by large uninsured depositors.

N3XT’s leadership includes another Signature veteran, Jeffrey Wallis, previously the bank’s director of digital asset and Web3 strategy. Wallis will serve as CEO and president. He said the new institution is built around the idea that financial transfers should be as frictionless as sending digital information.

“We’re applying crypto innovations to banking to deliver instant, programmable payments for institutional clients,” Wallis said.

To avoid the vulnerabilities that contributed to Signature’s downfall, N3XT will not offer lending. The bank says all deposits will be backed one-to-one by cash or short-term U.S. Treasurys, with daily disclosures of reserve holdings.

That structure mirrors elements of stablecoin issuers, while keeping the institution within the contours of a regulated bank charter.

The firm is currently onboarding businesses from several industries, including crypto, foreign exchange, shipping, logistics and other sectors that depend on continuous settlement.

N3XT has drawn notable support from the venture community. The company completed three funding rounds with backing from Winklevoss Capital, Paradigm, and HACK VC.

HACK co-founder Alexander Pack wrote on X that the firm is backing N3XT as it emerges from stealth, praising its founders for returning to the industry after Signature’s closure.

European Banking Giants Unite to Launch Euro Stablecoin

As reported, ten of Europe’s largest banks have formed a consortium to issue a euro-backed stablecoin by mid-2026, marking the region’s strongest attempt yet to push back against U.S. dollar dominance in digital finance.

The group, which includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank and others, has created an Amsterdam-based entity, Qivalis, to develop a MiCA-compliant digital payment instrument.

Euro-denominated stablecoins remain negligible today, representing just $649 million compared to a market almost entirely controlled by dollar-pegged tokens.

Qivalis has put together a heavyweight leadership team as it moves through regulatory approvals. Former Coinbase Germany chief Jan-Oliver Sell will serve as CEO, with ING veteran Floris Lugt as CFO.

The group has already applied for an electronic money institution license with the Dutch Central Bank, and says more European lenders may still join the initiative.

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Grayscale’s first US spot exchange-traded fund tied to Chainlink opened with solid demand, adding another data point to the debate over whether appetite for altcoins can survive a cooling crypto market.

Despite a pullback across major tokens in recent weeks, the new fund attracted sizable capital on its first trading day.

Chainlink ETF Debut Draws $41M, Signaling Demand for Regulated Altcoins

According to Bloomberg ETF analyst Eric Balchunas, the product ended its debut session with $41 million in net inflows and about $13 million in trading volume.

The figures placed Chainlink among the stronger ETF launches this year and suggested that, at least for some investors, regulated vehicles remain the preferred route into higher-risk digital assets.

The showing stands well above the opening day for the Solana ETF, which recorded just $8.2 million in volume based on data from Farside Investors.

Still, the XRP ETF remains the category’s heavyweight, registering $243 million in first-day inflows, according to SosoValue.

Even so, analysts urged restraint. James Seyffart said the launch was not a “blockbuster,” though he noted that the fund quickly reached about $64 million in assets under management, including an $18 million seed allocation.

“Chainlink shows that less liquid products can still attract attention in an ETF wrapper,” he wrote, pointing to the role exchange-traded funds can play in widening market access.

For Chainlink itself, the debut offered little immediate relief. The LINK token is up nearly 10% over the past week but remains down more than 39% over the past year, according to price data cited by Cointelegraph.

Chainlink’s appeal lies in its infrastructure role. The network supplies on-chain applications with external data, enabling price feeds, cross-chain transfers and tokenized assets to function reliably.

As demand for decentralized finance and real-world asset tokenization grows, investors appear willing to give even second-tier tokens a closer look.

New Altcoin ETFs Steal Spotlight as Bitcoin Funds Struggle

The new Chainlink ETF comes amid the rollout of a wave of new altcoin ETFs.

Over the past month, issuers have launched products tied to Solana, XRP, and Dogecoin, with more XRP and Dogecoin funds set to list next week.

The Canary Capital XRP ETF (XRPC) debuted with $58 million in net inflows, the highest opening-day haul for any ETF this year, edging out the Bitwise Solana Staking ETF (BSOL), which launched with $57 million.

BSOL has quickly become one of the early success stories of 2025, accumulating over $660 million in assets within three weeks and avoiding a single day of outflows.

As reported, the New York Stock Exchange has approved the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, clearing both products to begin trading on Monday.

NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.

Bitwise Asset Management has also unveiled the Bitwise Dogecoin ETF as investor appetite for altcoin exposure continues to increase.

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BitMine, the Ethereum-focused treasury firm led by Tom Lee, has added another $150 million worth of Ether to its balance sheet, according to on-chain data shared Wednesday by Arkham.

The data shows the company received 18,345 ETH via BitGo and a further 30,278 ETH through Kraken, pointing to one of the largest single inflows into a corporate Ethereum treasury this year.

BitMine has not yet issued a formal confirmation of the transfers, though the wallet movements align with its recent buying pattern.

BitMine Builds 3% Stake in Ethereum as It Targets 5% Supply

The firm has steadily built its Ether position throughout 2025, even during November’s market pullback.

In the final week of last month alone, BitMine snapped up 96,798 ETH, lifting its holdings to more than 3% of Ethereum’s circulating supply.

Management has previously said it aims to ultimately control around 5% of all ETH, framing Ether not just as a store of value but as core infrastructure for financial markets.

The aggressive strategy stands out at a time when other digital asset treasuries are easing off.

Figures from Bitwise show companies bought about 370,000 ETH in November, an 81% drop from August’s peak of 1.97 million ETH.

Lee said in a Dec. 1 disclosure that several near-term developments are shaping his outlook, including Ethereum’s Fusaka upgrade and expectations that the Federal Reserve will bring its balance-sheet reduction program to an end.

Last month, Lee said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.

Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.

Lee noted that his firm first recommended Bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000.

Since then, Bitcoin suffered several drawdowns of up to 75%, yet still surged more than 100-fold from that initial call.

“We believe ETH is embarking on that same Supercycle,” he wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.

BitMine Names New CEO Amid Leadership Shakeup

BitMine has also appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.

Last month, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect immediately.

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.

Alongside the leadership change, BitMine appointed three new independent board members.

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Crypto mining should be treated as a form of export in Russia’s official trade accounts, according to senior Kremlin official Maxim Oreshkin, who argued that large volumes of mined digital assets effectively flow abroad even if they never cross a physical border.

Speaking at the Russia Calling! investment forum, Oreshkin said the industry generates “enormous sums” that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments.

Russia Moves to Classify Crypto Mining as a New Export

Russia legalized cryptocurrency mining on November 1, 2024, and Oreshkin described the sector as a “new export item” that the country “doesn’t value very well.”

Because crypto can be used to pay for imports through alternative channels, he said, those transactions should be counted when the state measures trade flows and currency dynamics.

Industry figures say the scale is already material. Oleg Ogienko, chief executive of Via Numeri Group, estimates that Russia’s output of proof-of-work assets this year could equal “tens of thousands” of Bitcoins.

Sergey Bezdelov, head of the Industrial Mining Association, put production at about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, citing the network’s halving as a drag on miner rewards.

The revenue impact is also significant. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimates daily mining income across the country at around 1 billion rubles, a figure he links to Russia’s share of global computing power and Bitcoin’s price.

Because mined coins can be used directly to settle import bills, Brezhnev says the case for recording those flows in official statistics is straightforward.

Regulators, meanwhile, are tightening oversight. Legal entities and sole proprietors must register with the Federal Tax Service to mine, and hosting providers are listed in a separate registry.

Household miners are exempt from registration only if they consume less than 6,000 kWh a month, though all income must be reported.

Corporate mining is taxed at 25%, while individuals face progressive rates of 13–22%; non-residents pay 30%.

Illegal Crypto Mining Drains Russia’s Power Grid and Tax Base

As reported, a recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars each year through stolen electricity and unpaid taxes.

Broadcaster Ren TV reports that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry into the shadows and creating billion-ruble losses for the state budget.

Although Russia now permits industrial crypto mining and offers legal status to registered operators, smaller miners are reportedly refusing to comply.

While major firms such as BitRiver and Intelion work within the system, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers.

As a result, households and legitimate businesses are said to be absorbing the cost of stolen electricity.

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Bitcoin staged a sharp rebound this week, climbing nearly 8% in a single day as analysts pointed to signs that a local bottom may already be in.

In a note released Tuesday, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

“The combination of extreme deleveraging, capitulation among short-term holders, and early signs of seller exhaustion has created the conditions for a stabilisation phase and a relief bounce,” the firm wrote.

Bitcoin Jumps Toward $94K After $19B Leverage Flush, Bitfinex Says

The comment preceded a rally on Wednesday that briefly carried Bitcoin toward $94,000. At the time of publication, the asset was trading near $91,440, according to CoinMarketCap.

Bitfinex also argued the market is now operating on a “leaner leverage base,” reducing the risk of sweeping liquidations.

That shift follows a violent correction in October, when roughly $19 billion was flushed out of what traders had widely described as an overleveraged setup.

The rout triggered a broader downturn that pushed Bitcoin to lows around $82,000 in late November.

With excess risk wrung out, the exchange said the remaining leverage appears more contained, easing pressure on prices and improving the odds of a steadier consolidation phase.

The late-year bounce is also feeding debate over whether Bitcoin’s well-known four-year cycle is losing relevance.

Under older models, the cycle’s top might already have passed in October, when prices printed record highs near $125,100.

However, the recent rebound has complicated that narrative, with some market watchers arguing the structure of this cycle looks different from its predecessors.

Seasonal patterns offer little clarity. December has historically been one of Bitcoin’s quieter months, delivering an average gain of 4.69% since 2013, figures from CoinGlass show.

Notably this year has already broken with tradition. November, typically the strongest month, closed with a steep loss of more than 17%.

Several analysts remain constructive. Market commentator PlanC wrote on X that “this Bitcoin cycle is NOT like past cycles,” while trader Quinten Francois said the asset is now “closer to the bottom than to the top.”

Cathie Wood Calls Liquidity Rebound for Crypto

As reported, ARK Invest CEO Cathie Wood has forecasted that the liquidity squeeze hitting crypto and AI markets will reverse within weeks, driven by three Federal Reserve policy shifts expected before year-end.

Her firm continues aggressively buying crypto equities during the downturn, deploying over $93 million in a single day this week across beaten-down digital asset stocks.

Speaking during ARK’s November market webinar, she identified three temporary liquidity constraints she expects to ease rapidly through Federal Reserve action and reopened government spending.

Wood expects the Federal Reserve to end quantitative tightening at its December 10 meeting, immediately easing one pressure point.

The government shutdown that caused the Treasury General Account cash buildup has concluded, returning funds to circulation.

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A critical hardware flaw has been discovered in a smartphone chip used by the Solana Seeker and other devices, potentially exposing crypto holders to complete device takeover and private key theft, according to a new report from Ledger.

In findings published Wednesday, researchers at the hardware wallet maker said they successfully compromised the MediaTek Dimensity 7300, bypassing built-in protections and gaining what they described as “full and absolute control” of an affected handset.

The vulnerability, they warned, allows attackers with physical access to extract sensitive data, including cryptographic keys used to secure digital assets.

Solana Seeker Chip Exposed by Boot-Phase Attack, Ledger Finds

The chip powers a range of smartphones, including the crypto-centric Solana Seeker, which markets itself as a mobile gateway for decentralized applications.

Ledger security engineers Charles Christen and Léo Benito said the exploit hinges on electromagnetic fault injection during the chip’s earliest boot phase.

By carefully disrupting that process, the team was able to circumvent memory protections and overwrite security controls inside the system-on-chip.

“The result is total compromise,” the researchers said, adding that once the attack is successful, there is no technical barrier left to prevent access to data stored on the device.

Most importantly for crypto users, the vulnerability cannot be resolved through updates or software patches.

The weakness is embedded in the silicon itself, making it permanent for all devices built on the affected chipset. “Users remain exposed even after disclosure,” the researchers wrote.

While the chance of success in a single attempt is relatively low, estimated between 0.1% and 1%, the attack can be executed repeatedly in quick succession.

Ledger estimates that with enough attempts, compromise can occur in a matter of minutes.

MediaTek told Ledger the issue lies outside the design scope of the Dimensity 7300.

In a statement, the company said the chip was developed for consumer smartphones, not for environments requiring secure enclaves comparable to financial infrastructure or hardware security modules.

“For products handling sensitive cryptographic material, manufacturers should implement specific protections against physical attacks,” MediaTek said.

Ledger disclosed the flaw to MediaTek in early May after beginning tests in February. The chipmaker subsequently notified device vendors believed to be affected.

Solana Mobile to Launch SKR Governance Token in 2026

Solana Mobile plans to launch SKR, a native token tied to its Seeker phone, at the start of 2026, positioning it as the governance token for its mobile ecosystem.

The token will have a total supply of 10 billion, with 30% earmarked for airdrops and 25% set aside for growth and partnerships.

The remaining allocation includes 10% for liquidity, 10% for a community treasury, 15% for Solana Mobile, and 10% for Solana Labs.

The company says SKR is meant to give Seeker owners “actual ownership in the platform” and will feature linear inflation to reward early stakers.

More details are expected to be revealed at Solana Breakpoint Conference from Dec. 11–13.

The post Solana Seeker’s Core Chip Found to Have Unfixable Security Hole, Ledger Reports appeared first on Cryptonews.

Taiwan could roll out its first domestically issued stablecoin by the second half of 2026 as lawmakers move forward with legislation to regulate digital assets, though key design choices, including which currency the token will track, remain unresolved.

According to local media, Financial Supervisory Commission chair Peng Jin-long told lawmakers this week that the draft Virtual Assets Service Act has cleared initial cabinet reviews and could pass its third reading in the next legislative session.

Rules specific to stablecoins would follow within six months of approval, pointing to a possible late-2026 release at the earliest.

Taiwan to Let Banks Lead Stablecoin Rollout as Regulators Tighten Controls

The draft law does not confine issuance to banks, but Peng said financial institutions will take the lead in the early stages, reflecting a cautious approach as regulators open the door to domestic digital tokens.

The FSC is coordinating policy development with the Central Bank of the Republic of China (Taiwan), which has long enforced strict controls to keep the Taiwan dollar from circulating overseas.

That constraint is shaping the stablecoin debate. A token pegged to the Taiwan dollar would collide with existing foreign-exchange rules, as the currency is not allowed to circulate offshore.

A US dollar-backed stablecoin, by contrast, would avoid the thorniest regulatory issues and align more closely with global settlement use cases tied to cross-border payments.

Stablecoins, by design, move value across borders with speed and low cost, features that could undercut decades of policy aimed at keeping the local currency onshore and preventing unofficial offshore pricing.

Regulators are now drafting guardrails requiring full reserve backing, strict segregation of client assets and domestic custody to limit risk at launch.

What remains undecided is the anchor currency itself. Peng said the final choice will depend on market demand, with no commitment yet to either the US dollar or the Taiwan dollar.

Taiwan Weighs Adding Bitcoin to National Reserves

As reported, Taiwan’s government is moving closer to integrating Bitcoin into its national reserve strategy, with the island’s Executive Yuan and Central Bank agreeing to evaluate Bitcoin as a potential strategic asset and explore pilot holdings using seized BTC currently awaiting auction.

In August, Taiwanese prosecutors indicted 14 individuals in the nation’s largest crypto money-laundering case, exposing a NT$2.3 billion ($75 million) fraud that deceived over 1,500 victims through fake crypto exchange franchises.

The operation, led by Shi Qiren, ran more than 40 storefronts under names like “CoinW” and “BiXiang Technology,” posing as licensed exchanges while secretly funneling investor funds into overseas crypto accounts.

Authorities seized cash, crypto, and luxury assets worth over NT$100 million, while Shi faces up to 25 years in prison for fraud, money laundering, and organized crime.

The group’s success hinged on exploiting regulatory blind spots in Taiwan’s crypto oversight. By claiming false approval from the Financial Supervisory Commission, the network built investor trust, collected hefty franchise fees, and used “deposit machines” to mimic legitimate exchange operations.

Prosecutors described the scheme as “systematic fraud” that leveraged Taiwan’s crypto curiosity and weak enforcement.

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Shares of American Bitcoin, the mining and accumulation firm co-founded by Eric Trump and Donald Trump Jr., tumbled sharply on Tuesday after a portion of the company’s stock was released from its lockup period.

Data from Google Finance showed ABTC plunged nearly 50% within the first hour of trading, falling to as low as $1.80 from a prior close of $3.58.

The stock recovered modestly through the session but still ended the day down 38.83% at $2.19, highlighting the impact of newly unlocked shares hitting the market.

Eric Trump Shrugs Off ABTC Selloff After Lockup Ends

In a post on X, Eric Trump said the selloff was expected, noting that pre-merger private placement shares had just unlocked.

He added that the company’s business remains strong and that he has no plans to sell his own holdings. American Bitcoin listed on Nasdaq in September after completing its merger with Gryphon Digital Mining.

The sharp drop came despite solid financial results last quarter. In October, the company reported third-quarter revenue of $64.2 million, up from $11.6 million a year earlier, while net income swung to a $3.5 million profit from a $0.6 million loss.

Chief executive Michael Ho said at the time the firm had more than doubled its mining capacity and improved margins, citing a seven-point increase quarter over quarter.

American Bitcoin has also been building its treasury. As of Nov. 13, the company said it held about 4,090 BTC, including coins kept in custody or pledged toward new mining equipment.

Management has framed the strategy as a push to increase direct exposure to Bitcoin while also growing production volume.

Even so, the recovery attempt failed to reverse a broader decline in the stock since its September peak of $9.31.

Shares are now down roughly 76.5% from that high, reflecting investor caution around supply unlocks and volatility tied to early backers exiting positions.

The selloff mirrors a wider slump in crypto-linked equities. Shares of Coinbase have fallen about 20% over the past month, while USDC issuer Circle is down 39%. Exchange operator Gemini has dropped 47% in the same period.

Democrats Accuse Trump of Using Presidency to Enrich Family

As reported, Democrats on the House Judiciary Committee released a report accusing the Trump administration of using presidential authority to benefit the Trump family’s crypto businesses, claiming roughly $800 million was generated from token sales in early 2025.

The report alleges the president blurred the line between public office and private profit, and estimates that Trump family crypto holdings could reach $11.6 billion, though exact values are difficult to verify.

The findings raise concerns about foreign influence, focusing on investments in World Liberty Financial’s $WLFI token.

Lawmakers highlight a reported $75 million investment by crypto figure Justin Sun while he faced regulatory scrutiny, and a separate $100 million purchase by an entity called Aqua 1 Foundation, which investigators say lacks clear corporate records.

The fund’s leadership is also alleged to include figures tied to legal and geopolitical controversies.

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Prediction markets platform Kalshi has secured a major media breakthrough after signing a partnership with CNN, making the company the network’s official prediction markets partner while closing a $1 billion funding round at an $11 billion valuation.

Under the agreement, Kalshi’s real-time market data will be used inside CNN’s newsroom to support reporting on politics, economics, and major cultural events.

CNN staff will have access to Kalshi’s probability data, which reflects how users price future outcomes based on trading activity.

CNN to Launch Kalshi-Powered Live Prediction Ticker

The network will also introduce a live, Kalshi-powered ticker during coverage segments that use market data.

The integration will be overseen by CNN Chief Data Analyst Harry Enten, whose work focuses on applying data-driven insights to political and social reporting.

Kalshi said the partnership is designed to provide viewers with clearer signals on emerging trends by showing how markets are reacting in real time.

The announcement comes as Kalshi confirms a $1 billion Series E funding round led by crypto-focused investment firm Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, and ARK Invest.

The round more than doubles Kalshi’s previous $5 billion valuation from an October raise.

Kalshi chief executive Tarek Mansour said markets are becoming a new way to measure public expectations.

“Kalshi is replacing debate and opinion with markets and accuracy,” he said, adding that users increasingly want information reflected through price action rather than speculation.

Kalshi Hits Record $4.5B Monthly Volume

The funding follows a surge in activity across prediction platforms. According to Token Terminal data cited by the company, Kalshi posted record trading volume of $4.54 billion in November, beating October’s $4.49 billion.

Kalshi said weekly volumes are now exceeding $1 billion, representing growth of more than 1,000% since 2024.

Its closest competitor, Polymarket, also recorded a strong November, hitting a monthly total of $3.76 billion after crossing $3 billion in October.

Polymarket CEO Shayne Coplan recently said prediction markets are among the most reliable indicators for forecasting real-world outcomes.

As reported, Mike Novogratz’s Galaxy Digital is in talks with Polymarket and Kalshi about becoming a liquidity provider, as on-chain betting on real-world events draws more attention from both retail traders and Wall Street.

Galaxy, which has built its brand around providing crypto infrastructure and services to institutional clients, would act as a market-maker on the platforms, posting regular bids and offers to deepen trading.

Meanwhile, Kalshi is currently facing a nationwide class action lawsuit alleging the platform operates like an unlicensed sportsbook and misrepresents pricing advantages versus traditional betting markets. The company has not admitted wrongdoing.

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The United Kingdom has moved a step closer to giving crypto holders the same legal footing as owners of traditional assets after Parliament approved a new law that formally treats cryptocurrencies and stablecoins as property.

The Property (Digital Assets etc) Bill was granted royal assent this week, confirming it as law, after being announced in the House of Lords by John McFall.

With the approval of King Charles, digital assets will now be protected under property law rather than being left in a gray area shaped mostly by court rulings.

Industry Hails UK Crypto Property Law as ‘Massive Step Forward’

Industry groups welcomed the decision as a long-awaited breakthrough.

Bitcoin Policy UK called the law “a massive step forward” for Bitcoin and other digital assets, while trade body CryptoUK said Parliament has now written into statute what judges had already been applying through individual cases.

Until now, common law had often treated digital tokens as property, but only through scattered judgments.

The new law follows advice issued in 2024 by the Law Commission of England and Wales, which urged lawmakers to classify crypto as a distinct form of personal property to avoid uncertainty around ownership disputes.

Under UK law, personal property traditionally falls into two categories: physical objects, known as “things in possession,” and contractual rights, referred to as “things in action.”

The problem, legal experts noted, was that crypto did not easily fit into either group.

The new legislation resolves that ambiguity by confirming that “a thing that is digital or electronic in nature” can still be treated as personal property, even if it does not meet older definitions.

CryptoUK said this change makes it easier for courts to settle disagreements involving stolen funds, inheritance cases or company failures involving digital holdings.

“This gives digital assets a much clearer legal footing, especially for proving ownership or recovering tokens after fraud,” the group said in a statement.

The government also views the change as part of a broader effort to make Britain a hub for digital finance.

Data from the financial regulator shows around 12% of UK adults hold some form of cryptocurrency, a figure that has risen steadily in recent years.

UK Weighs Ban on Crypto Donations

As reported, the UK government is considering a ban on cryptocurrency donations to political parties, a move that could directly affect Reform UK, which recently became the first party in the country to accept digital assets.

The proposal is under review as part of the upcoming Elections Bill, according to people familiar with internal discussions, though officials have yet to formally confirm the plan.

The debate follows Reform UK’s push to present itself as Britain’s most crypto-friendly party under the leadership of Nigel Farage.

Furthermore, the UK government has moved a step closer to overhauling how decentralized finance activity is taxed, backing a new framework that would spare users from triggering capital gains each time they deposit tokens into lending protocols or liquidity pools.

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Crypto venture capital showed a split personality in November 2025: deal activity slowed, but the money flowing into the sector ballooned.

Data from RootData shows 57 disclosed crypto VC deals, down 28% from October and 41% from a year earlier.

However, total funding leapt to $14.54 billion, a 219% jump month over month, dominated by a single blockbuster transaction.

Naver’s $10.3B Buy of Dunamu Becomes Crypto’s Biggest Deal

That outlier was Naver’s $10.3 billion all-stock acquisition of Dunamu, the operator of Upbit.

The deal, the largest financing event the crypto industry has seen, values Dunamu at about KRW 15.1 trillion and signals renewed appetite for scale through consolidation.

Dunamu reported revenue of KRW 1.19 trillion for the first nine months of the year, with Upbit accounting for nearly all of it, underscoring how trading platforms continue to anchor cash flows even as the market matures.

Strip away the Naver-Dunamu mega-deal and November looks more cautious. Capital clustered around fewer, larger checks while early-stage activity cooled.

By sector, DeFi (30.4%) and CeFi (12.5%) led deal counts, followed by AI (7.1%), RWA/DePIN (7.1%), and Tooling/Wallets (5.4%), suggesting investors are prioritizing infrastructure and finance-native use cases over consumer experiments.

Prediction-market operator Kalshi closed a $1 billion round led by Sequoia and CapitalG, vaulting to an $11 billion valuation, while talks swirled that rival Polymarket could seek a double-digit-billion price tag.

Payments heavyweight Ripple secured $500 million, lifting its valuation to $40 billion, with backing tied to Fortress and Citadel Securities alongside marquee crypto funds.

Kraken added $200 million at a $20 billion valuation after a $600 million raise earlier in the fall.

Market-infrastructure specialist Tharimmune lined up a $540 million private placement to hold Canton tokens for institutional workflows, while Bitcoin lender Lava raised $200 million to expand BTC-based instruments.

On the ecosystem side, L1 aspirant Monad pulled in $188 million via a public sale, wallet firm Exodus Movement struck a $175 million cash-and-BTC-financed acquisition for payments group W3C, and Lloyds agreed to buy Curve for roughly $158 million.

Custodian Paxos Trust Company capped the month by acquiring Fordefi in a deal topping $100 million.

Crypto VC Rebounds to $4.65B in Q3

As reported, crypto venture funding rebounded sharply in the third quarter, reaching $4.65 billion, the second-strongest quarter since the FTX collapse in late 2022.

The total marked a 290% jump from Q2 and came close to Q1’s $4.8 billion, according to data from Galaxy Digital.

Funding was heavily concentrated, with just seven deals accounting for half of all capital invested across 414 transactions.

The biggest raises went to established players, led by $1 billion for Revolut, $500 million for Kraken, and $250 million for Erebor, a US-based crypto bank.

Capital clustered around stablecoins, AI-linked crypto tools, infrastructure, and trading technology, while early-stage fundraising remained muted after nearly two years of cautious dealmaking.

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Poland’s president has blocked a sweeping set of rules for the country’s crypto sector, dealing a blow to the government’s push for tighter oversight.

Karol Nawrocki vetoed the Crypto-Asset Market Act on Monday, arguing that its provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state,” according to a statement from the presidential office.

The move immediately split opinion in Warsaw, with crypto supporters applauding the decision and senior officials accusing the president of opening the door to disorder.

Government Pushes Tough Oversight for Poland’s Crypto Market

Introduced in June, the bill sought to place Poland’s digital-asset industry under strict supervisory control.

Supporters inside government said the measures were needed to protect consumers from fraud and abusive practices.

However, critics, including opposition lawmaker Tomasz Mentzen, had predicted that the president would refuse to sign it after it cleared parliament, describing the draft as a blunt instrument that punished legitimate firms alongside bad actors.

The president’s office highlighted several flashpoints. One was a clause that would give authorities wide powers to block websites linked to crypto activity.

“Domain-blocking laws are opaque and can lead to abuse,” the statement said, warning that such tools risk being used beyond their original purpose.

Nawrocki added that the legislation was so dense that it undermined transparency, particularly when set against leaner frameworks in neighboring Czechia, Slovakia and Hungary.

Overly tight rules, he added, would simply drive companies, and tax revenues, to more welcoming jurisdictions such as Lithuania and Malta.

The president also pointed to high oversight fees baked into the bill, arguing they would deter startups while favoring large foreign firms and banks.

“This is a reversal of logic, killing off a competitive market and a serious threat to innovation,” he said.

Polish Ministers Slam President’s Crypto Veto

Meanwhile, members of the government moved quickly to condemn the veto.

Finance Minister Andrzej Domański accused the president of having “chosen chaos,” while Foreign Minister Radosław Sikorski warned that the absence of new controls would leave savers exposed if markets turn.

Crypto advocates pushed back, saying the blame for scams and losses rests with enforcement failures, not with the rejection of a single statute.

Economist Krzysztof Piech argued that Poland is not operating in a regulatory vacuum, noting that the EU’s Markets in Crypto-Assets law will bring union-wide investor safeguards from July 2026.

In October, Sławomir Cenckiewicz, head of Poland’s National Security Bureau, said Russia is using cryptocurrencies to pay saboteurs carrying out hybrid attacks across the European Union.

The method, he said, allows Moscow to conceal financial flows and evade detection by Western intelligence services.

Cenckiewicz said the FT that Russia’s military intelligence agency, the GRU, has been using crypto to finance operations ranging from sabotage to cyberattacks on critical infrastructure.

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Goldman Sachs has agreed to acquire Innovator Capital Management for about $2 billion, bringing a provider of defined-outcome exchange-traded funds, including a Bitcoin-linked product, into the bank’s asset-management unit.

The deal, expected to close in the second quarter of 2026, is set to add roughly $28 billion in assets under supervision to Goldman’s asset-management arm.

That division reported $3.45 trillion in supervised assets at the end of the third quarter.

Goldman to Expand Defined-Outcome ETFs With Options Strategy Push

Goldman said the purchase would expand its lineup of active and defined-outcome ETFs, products that rely on options strategies to cap losses and preset how much of an asset’s upside investors can capture over a set period.

Innovator has drawn attention in crypto circles through its structured Bitcoin exposure. Launched in February, the firm’s QBF ETF uses FLEX options tied to Bitcoin ETFs or the Cboe Bitcoin US ETF Index to track part of Bitcoin’s performance while limiting quarterly losses to 20%.

The current design allows investors to capture 71% of any positive price move over a quarter. As of Friday, QBF held about $19.3 million in market value, according to Innovator.

The acquisition highlights how quickly Goldman’s stance on digital assets has shifted. In 2020, the bank publicly warned clients away from cryptocurrencies.

Since then, it has steadily ramped up its activity across the sector. Between 2020 and 2024, Goldman participated in 18 investments in blockchain firms, ranking it among the most active global backers of early-stage crypto companies.

Its exposure via ETFs has grown as well. In the second quarter of 2024, the bank bought around $419 million in Bitcoin ETF shares, according to CoinShares’ analysis of regulatory filings.

By the fourth quarter, disclosures showed nearly $1.28 billion in the iShares Bitcoin Trust and $288 million in Fidelity’s Wise Origin Bitcoin Fund. The bank also lifted its Ethereum ETF holdings to $476 million.

In July, Goldman Sachs and Bank of New York Mellon launched a system allowing institutional clients to access tokenized money market funds.

The offering targets the $7.1 trillion market, uses Goldman’s blockchain platform to record fund ownership, and is integrated with BNY’s custody services.

Vanguard Opens Platform to Crypto-Linked ETFs

As reported, Vanguard has opened its US brokerage platform to crypto-focused ETFs and mutual funds, ending years of resistance to digital assets.

Clients can now trade third-party funds holding Bitcoin, Ether, XRP and Solana, provided the products meet regulatory standards, according to Bloomberg.

The shift matters because of Vanguard’s scale. With about $11 trillion under management and more than 50 million clients, millions of investors who previously could not buy spot Bitcoin ETFs through their Vanguard accounts now have a direct route into crypto-linked products.

The firm will treat these funds similarly to other “non-core” assets such as gold.

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The Federal Deposit Insurance Corporation is preparing to roll out a formal rule framework for US stablecoins later this month, according to acting chair Travis Hill.

In prepared testimony for a House Financial Services Committee hearing, Hill said the agency has begun drafting rules to implement the law and expects to publish a proposal outlining how stablecoin issuers will apply for approval.

He added that a separate proposal setting out prudential standards for issuers overseen by the FDIC is planned for early next year.

GENIUS Act Puts FDIC in Charge of Bank-Issued Stablecoins

The GENIUS Act, signed into law in July by President Donald Trump, created a multi-agency oversight structure for dollar-backed stablecoins.

Under the legislation, the FDIC will supervise the stablecoin-issuing subsidiaries of the banks and firms it already regulates, while other agencies take responsibility for different corners of the market.

Hill said the FDIC’s job will go well beyond paperwork. The agency is tasked with defining capital requirements, liquidity rules and diversification standards for reserve assets, measures aimed at ensuring that issuers can meet redemptions even during market stress.

Like other federal regulators, the FDIC will publish its proposal for public comment before finalizing it, a process that often takes months as agencies sift through industry feedback and, if necessary, revise their approach.

The Treasury Department has already moved ahead on its side of the law.

Officials began their own GENIUS Act implementation work in August and recently closed a second public consultation on how non-bank issuers will be supervised, creating a parallel track of rulemaking that will shape the entire US stablecoin landscape.

Hill also revealed that the agency is working on guidance covering tokenized deposits, echoing recommendations published in July by the President’s Working Group on Digital Asset Markets.

The report urged regulators to clarify which blockchain-based activities are permissible for banks, including the issuance of digital representations of deposits.

The FDIC, he said, is preparing guidance to spell out how tokenized deposits should be treated under existing banking rules, an area that has drawn growing interest from lenders experimenting with blockchain infrastructure for payments and settlement.

Federal Reserve Joins the Effort

The Federal Reserve is also coordinating with other regulators on the stablecoin rulebook.

In separate remarks prepared for the same hearing, vice supervision chair Michelle Bowman said the central bank is working with peers to design capital and liquidity standards meant to anchor the sector to the traditional financial system.

Bowman emphasized the need for regulatory clarity not only on what banks are allowed to do with digital assets but also on how supervisors respond to new use cases as they emerge.

Alongside the FDIC and the Federal Reserve, representatives from the Office of the Comptroller of the Currency and the National Credit Union Administration are also due to testify, underlining how widely the new rules will reshape oversight of digital dollars in the US.

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