Headline
▌US SEC Chairman Announces "Token Taxonomy" Plan to Clearly Distinguish Between Cryptocurrencies and Securities
US Securities and Exchange Commission (SEC) Chairman Paul Atkins outlined his proposed cryptocurrency "token taxonomy" to clearly distinguish which cryptocurrencies are securities, while the SEC is advancing digital asset regulation in a new way. Atkins stated that the taxonomy will be based on the Howey Test. The Howey Test originates from a 1946 US Supreme Court ruling, and the SEC frequently cites this test to determine whether an asset constitutes an investment contract, thus further classifying it as a security. Atkins added that cryptocurrencies can be part of an investment contract, but this does not mean they will always be.
Sui has announced the launch of its native stablecoin, USDsui, issued by Bridge, a Stripe subsidiary. USDsui will launch this year and will be available on all Sui-based wallets, DeFi protocols, and applications. Furthermore, USDsui will interoperate with other Bridge-based stablecoins on major platforms such as Phantom, Hyperliquid, and MetaMask. As of press time, according to CoinGecko data: BTC price is $101,883, a 24-hour change of -0.9%; ETH price is $3,413.33, a 24-hour change of -0.1%; BNB price is $954.67, a 24-hour change of -0.6%. The price of SOL is $153.46, a 24-hour change of -1.5%; the price of DOGE is $0.1704, a 24-hour change of -1.2%; the price of XRP is $2.39, a 24-hour change of -0.3%; and the price of TRX is $0.2949, a 24-hour change of -0.8%. WLFI price is $0.1464, a 24-hour change of -4.2%; HYPE price is $38.37, a 24-hour change of -1.0%. Policy: The European Securities and Markets Authority (ESMA) is preparing to strengthen and centralize the regulation of the EU's crypto-asset market, further unifying the implementation of the MiCA (Crypto-Asset Market Regulation). Regulators from several countries, including the French Financial Supervisory Authority (AMF), have called for explicit stipulations within the MiCA framework that trading and execution activities (including local order books) must be based in the EU and subject to local regulation. This move by ESMA may mean prohibiting EU crypto platforms from sharing order books with non-EU, non-MiCA-regulated exchanges to ensure regulatory consistency. The Dubai court froze $456 million related to Justin Sun's bailout of TrueUSD issuer Techteryx, citing allegations that reserves were improperly transferred to Dubai company Aria Commodities, with the court finding "signs of a trust default."
Blockchain Applications
▌Polymarket Becomes Exclusive Prediction Market Partner of Yahoo Finance
Polymarket announced that it has become the exclusive prediction market partner of Yahoo Finance.
▌Coinbase Announces Exit from Delaware and Re-registration in Texas
Coinbase (COIN.O): Leaving Delaware and re-registering in Texas. Delaware left us no choice.
Blockchain Applications
▌Coinbase Announces Exit from Delaware and Re-registration in Texas
Coinbase (COIN.O): Leaving Delaware and re-registering in Texas. Delaware left us no choice.
Circle Internet Group, Inc. (NYSE: CRCL) today released its Q3 2025 financial results. The circulating supply of USDC reached $73.7 billion, a 108% year-over-year increase. Total revenue and reserve income amounted to $740 million, a 66% year-over-year increase; net income reached $214 million, a 202% year-over-year increase. Circle also announced the successful launch of its Arc testnet, attracting over 100 financial and technology companies, and is exploring the possibility of launching a native Arc network token. The company also raised its fiscal 2025 other revenue forecast to $90 million to $100 million.
▌BNB Chain Multisignature Wallet to be Discontinued Soon, Users Need to Migrate to Safe Global
The BNB Chain developer team announced on November 12 that the current BNB Chain multisignature wallet will be discontinued soon, and users need to migrate to Safe Global to ensure asset security.
▌JPMorgan Chase Launches Deposit Token JPM Coin for Institutional Clients
According to Bloomberg, JPMorgan Chase has begun launching a deposit token called JPM Coin to institutional clients, the latest move by the financial institution to continuously expand its digital asset business. The token represents dollar deposits held by the world's largest bank and allows users to send and receive funds through the Base blockchain, which is linked to Coinbase.
▌Strategy's share in corporate Bitcoin reserves drops to 60%Michael Saylor's Strategy, the largest holder of corporate Bitcoin, saw its share of corporate Bitcoin reserves drop to 60% in October, a significant decline from 75% at the beginning of the year. As of October 31, Strategy held 640,800 Bitcoins. Corporate crypto asset reserves continue to expand, with 14,447 Bitcoins added to corporate treasuries in October, the smallest monthly increase in 2025.
▌Strategy's mNav has fallen below 1, with BTC holdings value exceeding the company's market capitalizationData shows that Strategy (MSTR)'s mNav has fallen below 1, currently trading at 0.993 (meaning the company's market capitalization is lower than its BTC holding value). The market capitalization is currently $64.9 billion, and the BTC holding value is currently $65.32 billion.
▌Canary XRP ETF has completed its listing certification on Nasdaq and will begin trading when the market opens
According to crypto journalist Eleanor Terrett, as of 5:30 PM Eastern Time, the Canary XRP ETF officially became effective after completing its listing certification on Nasdaq, and XRPC has been approved to begin trading at the market opening tomorrow.
▌Solana Active Addresses Drop to 12-Month Low
The Block data shows that as the meme craze subsides, the number of active addresses on Solana has dropped to 3.3 million, a 12-month low, a significant decline compared to the peak of over 9 million active addresses in January. Despite the decline in active addresses, Solana continues to expand its product infrastructure. The network is building new decentralized exchanges, prediction markets, and real-world asset protocols, while the total value locked in DeFi has reached $10 billion, with protocols such as Jupiter, Kamino, and Jito performing particularly well.
According to data from fees.pump.fun, Pump.fun spent 9,214.98 SOL (approximately $1.544 million) to repurchase 339.3 million PUMP tokens. Since starting its PUMP buyback on July 15, Leap Therapeutics has cumulatively repurchased approximately $173.7 million worth of PUMP tokens, reducing the total circulating supply by 10.928%. Nasdaq-listed Leap Therapeutics announced the purchase of 203,775.27 ZEC tokens at an average price of $245 per token and announced its transformation into a ZEC treasury company, now renamed Cypherpunk Technologies Inc. The company also announced a $58.88 million private funding round led by Winklevoss Capital. Coinbase to List Nomina (NOM) Coinbase announced it will list Nomina (NOM) spot trading. The NOM-USD trading pair will begin trading later today, provided liquidity conditions are met and the supported trading regions meet the requirements. Important Economic Developments Bessant: $2,000 Tax Refund to Target Those with Annual Income Below $100,000, But Not Yet Confirmed US Treasury Secretary Bessant: Tariff benefits are under discussion and no decision has been made. He reiterated that large-scale tax refunds will arrive in early 2026. The $2,000 tax refund will target those with annual income below $100,000, but this is not yet confirmed. Hassett: Willing to Serve as Fed Chair, Advocates for Larger Rate Cuts White House National Economic Council Director Hassett said he has told Trump that he would accept the nomination to succeed Powell as Federal Reserve Chair. Hassett added that he hopes to implement larger rate cuts at the December policy meeting. Hassett is one of Trump's nominated candidates. He said he was surprised that Powell did not take more aggressive rate cuts against the backdrop of a prolonged government shutdown and better-than-expected inflation data. "I think the president feels that rates can be lower, and I agree with that," Hassett said. He noted that he believes there is reason for a 50-basis-point rate cut, but expects the Fed to cut rates by only 25 basis points. Hassett believes that every week the government shutdown lasts reduces US GDP by about $15 billion, and pointed to the lower-than-expected inflation data in September.
▌Federal Reserve Governor Milan Says Current Policy Is Too Tight, Reiterates Call for Rate Cuts
Federal Reserve Governor Milan reiterated on Wednesday that he expects inflation to fall and reiterated his call for lower interest rates. Milan said, "I think we have to get monetary policy in place—get it off the overly tight state, thereby eliminating some of the downside risks to the economy." Milan expects to return to his position as a White House economic advisor after his term as a Federal Reserve governor ends in January. He voted against a 50-basis-point rate cut at the Fed's two most recent interest rate decision meetings, instead of the 25-basis-point cut ultimately implemented by the Fed. Milan also warned against interpreting inflation data "on the surface."
▌Federal Reserve's Bostic: Greater Inflation Risks, Fed Should Not Adjust Rates
Federal Reserve Governor Bostic said on Wednesday that he prefers to keep interest rates unchanged until there is "clear evidence" that inflation is returning to the 2% target level.
Bostic made these remarks just over two hours after unexpectedly announcing his plans to retire at the end of February. He noted that in assessing the risks to the Fed's "dual mandate"—namely, price stability and a strong labor market—he believed that "the clearer and more pressing risk remains price stability." Bostic stated, "I think the signals from the labor market are vague and difficult to interpret. They are not sufficient to justify an aggressive monetary policy response to the more immediate risk of persistent inflationary pressures." With his retirement approaching, Bostic will no longer participate in voting on U.S. interest rate policy. His comments indicate that he aligns with a group of hawkish policymakers among the Fed's regional bank presidents.
▌Most regional Fed voting members are not enthusiastic about a December rate cut
Fed officials have recently been speaking out intensively about monetary policy.
Nick Timiraos, a vocal advocate for the Federal Reserve, stated that four regional Fed presidents with voting rights (Collins of the Boston Fed, Musalaim of the St. Louis Fed, Goolsby of the Chicago Fed, and Schmid of the Kansas City Fed, who voted against the October rate cut) have not actively pushed for another rate cut in December. Note: The Fed rotates four regional Fed presidents as FOMC voting members annually; starting next year, the aforementioned four officials will lose their voting rights on the FOMC. The New York Fed holds a special position with permanent voting rights. According to CME's FedWatch Tool, the probability of a 25 basis point rate cut by the Fed in December is 59.4%, while the probability of maintaining the current rate is 40.6%. The probability of the Federal Reserve cutting interest rates by a cumulative 25 basis points by January next year is 51.5%, the probability of keeping rates unchanged is 23.5%, and the probability of a cumulative 50 basis point cut is 25%.
Golden Encyclopedia
▌How does OP_VAULT enhance Bitcoin security?
OP_VAULT is a feature that adds extra security to Bitcoin, helping to prevent it from being stolen or accessed without authorization. Bitcoin's decentralized nature has revolutionized the digital economy. Nevertheless, as its use grows, the need for enhanced security also grows. This is where OP_VAULT comes in; it's an innovative feature that introduces a mechanism called "contracts" to provide greater security and flexibility. OP_VAULT is part of a broader trend in Bitcoin that introduces more advanced features through Bitcoin Improvement Proposals (BIPs), which are formal documents used to propose changes or improvements to the Bitcoin network.
In 2023, Bitcoin developer and researcher James O’Beirne proposed OP_Vault, a proposal aimed at creating a structured method for securely storing Bitcoin using a vault. Features such as OP_CHECKTEMPLATEVERIFY (CTV) make it possible to use a vault without complex setups, such as storing pre-signed transactions or managing temporary keys. An OP_Vault setup has three basic elements: a recovery path, a cancellation vault key, and a withdrawal destination. OP_Vault improves Bitcoin security by simplifying key storage and enabling bulk recovery management, although it limits the flexibility of fixed destinations and lacks bulk cancellation storage functionality. The OP_Vault approach offers several advantages for Bitcoin security: no need for complex key storage, efficient fund management, and protection against 51% attacks. The implementation timeline for OP_VAULT depends on the progress of related BIPs, particularly BIP-119. OP_VAULT is still in the proposal stage and there is no official release date yet. Bitcoin's development process is conservative; changes undergo rigorous testing, peer review, and community consensus.
Weatherly
Catherine
Anais
Kikyo