EU expands regulation of stock and cryptocurrency exchanges; Fourier hard fork launched.

Headline

▌EU to Expand Regulation of Stock and Cryptocurrency Exchanges

The European Commission is developing plans to expand central regulation of key financial market infrastructure, targeting stock exchanges and crypto asset servicers. Under the plan, the European Securities and Markets Authority (Esma) will have its powers expanded to cover "the most important cross-border entities." This move is part of the EU's "Capital Markets Union" initiative, aimed at eliminating regulatory fragmentation and enhancing EU competitiveness. The relevant proposals are expected to be presented in December as part of a "market integration scheme."

▌BNB Chain: opBNB Testnet Fourier Hard Fork Coming Soon

According to a post on the X platform by BNB Chain, the Fourier hard fork of the opBNB testnet is about to launch.

This upgrade reduces the network block generation time from 500 milliseconds to 250 milliseconds, doubling the transaction processing speed while improving transaction efficiency and network performance, injecting stronger momentum into the ecosystem. As of press time, according to CoinGecko data: BTC price is $110,416, a 24-hour change of +0.4%; ETH price is $3,893.74, a 24-hour change of +0.5%; BNB price is $1,083.94, a 24-hour change of -1.0%. SOL price is $186.73, a 24-hour change of +0.3%; DOGE price is $0.1857, a 24-hour change of -0.8%; XRP price is $2.52, a 24-hour change of +0.6%; TRX price is $0.2975, a 24-hour change of +0.1%. WLFI price is $0.1349, 24-hour change -2.9%; HYPE price is $42.30, 24-hour change -2.4%. Policy: ▌US regulators are accelerating approvals of bank mergers, with the average time shortened to just four months. According to the Financial Times, under the Trump administration, US regulators are approving bank mergers at the fastest pace in over three decades, with the average time to complete a transaction reduced to just four months.

▌SEC Extends Compliance Deadline for Regulation NMS to 2026, Providing Exchanges with More Implementation Buffer

According to CryptoSlate, a “waiver order” issued by the U.S. Securities and Exchange Commission (SEC) on October 31, 2025, extends the compliance deadline for Regulation NMS (National Market System Regulations) to 2026, providing exchanges with more implementation buffer. This move is seen by the industry as providing crypto platforms with a “legitimate litigation weapon”: when regulatory rules are unclear and compliance standards are not yet finalized, platforms can invoke “fair notice” and due-process defenses, arguing, “You didn’t tell me how to comply, yet you’re punishing me.” In short, for the defendant crypto exchanges such as Coinbase, Kraken, and Binance, this SEC action not only alleviates regulatory pressure but may also become an important basis for litigation defenses in the next two years.

It is understood that Regulation NMS (National Market System Regulation) is a core regulatory framework established by the U.S. Securities and Exchange Commission (SEC) in 2005 to regulate electronic trading and price competition mechanisms in the stock market. It is one of the underlying rules governing the operation of the U.S. stock market and is binding on all exchanges (NYSE, NASDAQ, etc.) and brokers.

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Blockchain Applications

▌MetaMask: Rewards Points Program and Future TGE are Two Different Things, But They Will Be Interrelated

MetaMask clarified that the MetaMask Rewards Program and the future MetaMask TGE are two different things. The Rewards Points Program is a loyalty program that rewards users based on their actions; the first season's rewards included over $30 million worth of LINEA tokens.

▌Analysts: The Blockchain Market in Sports Will Grow to $10 Billion by 2035

Blockchain's role in sports has shifted from marketing and sponsorship to critical infrastructure, widely used for ticketing, anti-counterfeiting, identity, and copyright management. Sports leagues and venues are incorporating blockchain systems into their daily operations to improve efficiency and prevent ticket fraud. Analysts predict that the blockchain market in sports will grow from approximately $2.05 billion in 2024 to $10 billion in 2035, indicating that blockchain applications in sports are entering a practical stage.

▌CryptoQuant: Bitcoin's Recovery Lacks Sustained Inflows from Bitcoin ETFs and Treasury Strategies

In the past week, Bitcoin's actual market capitalization increased by more than $8 billion, surpassing $1.1 trillion, while its actual price also rose above $110,000, indicating strong on-chain funding inflows. CryptoQuant stated that although Bitcoin's actual market capitalization increased by $8 billion, its recovery lacks sustained inflows from ETFs and Michael Saylor's strategies, which are the main demand drivers.

▌Michael Saylor Releases Bitcoin Tracker Information Again

Strategy founder Michael Saylor has once again released information related to Bitcoin Trackers, stating, "Orange is the color of November." Based on past patterns, Strategy always discloses information about increasing its Bitcoin holdings the day after the relevant news is released.

▌Macro Analyst: Bitcoin's Sideways Movement This Year Marks Its Maturity

Wall Street veteran and macro analyst Jordi Visser likened Bitcoin's sideways movement this year to a silent IPO. This marks Bitcoin's entry into a maturity phase, with early whales taking profits after more than a decade of venture capital investment, while institutional investors quietly increased their holdings.

▌Strategy Founder Predicts Bitcoin Will Reach $150,000 by Year-End

According to BitcoinNews, Strategy founder Michael Saylor predicts that Bitcoin's price will reach $150,000 by the end of the year, a 36% increase from the current price.

▌Solana Blockchain TVL Drops to Around $11.1 Billion

According to the latest data from CoinGecko, the current total value locked (TVL) of the Solana blockchain is $11,172,172,617, a decrease of 0.7% in the last 24 hours; the 24-hour trading volume is $7,609,176,756, an increase of 0.6%.

▌CZ: BNB Bought 8 Years Ago and Still Held

Binance founder CZ stated, "I bought some BNB in ​​the first month of BNB TGE 8 years ago and have held it ever since (except for some expenses)."

▌CZ: Bought Some ASTER with My Own Money Today

Binance founder CZ stated, "I just bought some ASTER on Binance today with my own money. I'm not a trader; I buy and hold."

▌“100% Win Rate Whale” Newly Traded $2.45 Million in SOL, Bringing the Value of its SOL Holdings to $110 Million

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Golden Encyclopedia

▌Understanding Ripple Labs' RLUSD Stablecoin

RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equal to 1 US dollar. Each RLUSD maintains a 1:1 peg. These collateralized assets are either US dollar deposits or cash equivalents. On December 10, 2024, RLUSD received regulatory approval. A week later, on December 17, RLUSD was officially launched and listed on cryptocurrency exchanges.