Headline
▌US Senators Introduce New Bill to Transfer Crypto Regulatory Authority to CFTC
On November 11, US Senators John Boozman and Cory Booker introduced a bipartisan bill aimed at transferring cryptocurrency regulatory authority from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). The bill would authorize the CFTC to define and regulate digital commodities, establish a registration system for crypto trading venues, enforce new disclosure rules, and levy fees on certain transactions. CFTC Acting Chair Caroline Pham stated her commitment to "making the US the world's cryptocurrency capital," planning to promote spot crypto trading by the end of the year and release stablecoin guidelines in early 2026. This move is part of a shift in the US government's attitude towards the $3.6 trillion digital asset industry, following SEC Chairman Paul Atkins's declaration that "the crypto era has arrived" and the launch of the "Crypto Project" for deregulation.
Tether is hiring two of the world's most senior precious metals traders from HSBC Holdings as the stablecoin giant leverages its vast financial resources to build massive gold reserves and challenge established players in the gold and silver markets. According to sources familiar with the matter, Vincent Domien, HSBC's global head of metals trading, will join the cryptocurrency company in the coming months, along with Mathew O’Neill, head of precious metals issuance for Europe, the Middle East, and Africa. In recent years, Tether has aggressively expanded its presence in the precious metals sector, accumulating one of the world's largest gold reserves outside of banks and nations as part of its more than $180 billion in reserve assets. HSBC is a mainstay in the precious metals sector, widely considered the second-largest player after JPMorgan Chase, with operations spanning futures trading, vault custody, and global gold bar transportation. As of press time, according to CoinGecko data: BTC price is $103,111, a 24-hour change of -2.9%; ETH price is $3,429.94, a 24-hour change of -4.0%; BNB price is $963.08, a 24-hour change of -3.2%. SOL price is $155.95, a 24-hour change of -7.1%; DOGE price is $0.1726, a 24-hour change of -5.3%; XRP price is $2.40, a 24-hour change of -5.2%; TRX price is $0.2978, a 24-hour change of +0.7%. WLFI price is $0.1528, a 24-hour change of -0.9%; HYPE price is $38.83, a 24-hour change of -7.4%. Policy: The US government is considering ending the shutdown, and the SEC and CFTC may accelerate crypto regulation and product development. A bipartisan agreement has been reached in the US Senate, potentially ending the 41-day government shutdown this week, with the SEC and CFTC resuming normal operations. The SEC may prioritize issuing "exemptive relief" to support tokenization and crypto businesses, and continue its investigation of digital asset treasury companies. Crypto ETFs such as SOL, Litecoin, and HBAR, which were launched under the unified listing standards during the shutdown, may automatically take effect, require supplementary inquiries, or be suspended once the SEC resumes operations. CFTC Acting Chair Caroline Pham stated that the CFTC will push for "spot crypto trading and tokenized collateral" this year and is discussing with regulated exchanges the launch of leveraged spot trading as early as next month. The Senate Banking Committee and Agriculture Committee are respectively advancing legislation to allocate SEC/CFTC powers and define "auxiliary assets," ultimately needing to be coordinated into a single version for the President's signature.
▌The Central Bank of Brazil Releases Crypto Regulatory Rules, Setting a Maximum Capital Threshold of US$7 Million
The Central Bank of Brazil has officially announced its regulatory framework for the crypto industry, requiring all Virtual Asset Service Providers (VASPs) to obtain a license from the central bank and hold at least 10.8 million to 37.2 million reais (approximately US$2 million to US$7 million) in capital, depending on the type of business. The new regulations bring crypto activities under the scope of foreign exchange and capital market regulation, requiring companies to regularly report cross-border transaction data and setting restrictions on transactions involving stablecoins, self-custodied wallets, and crypto-to-fiat currency exchanges.
▌Bank of England Deputy Governor Briden: Weakening Stablecoin Regulation Poses Risks
Bank of England Deputy Governor Briden stated that more work needs to be done to guide consumers in identifying insecure tokens issued in El Salvador. Previous withdrawal incidents involving Silicon Valley Bank and Circle have provided guidance for the latest stablecoin proposals.
Bank of England Deputy Governor Briden stated that more work needs to be done to guide consumers in identifying insecure tokens issued in El Salvador. Previous withdrawal incidents involving Silicon Valley Bank and Circle have provided guidance for the latest stablecoin proposals.
▌Qian Zhimin, the ringleader in a 60,000 BTC money laundering case, sentenced to 11 years and 8 months in prison
Qian Zhimin, the ringleader in a 60,000 BTC money laundering case, was sentenced to 11 years and 8 months in prison on Tuesday at the Southwark Crown Court in the UK. Qian Zhimin also used the name "Zhang Yadi." In September, she pleaded guilty to fraud and money laundering charges related to her company, Blue Sky Green, which promised to generate wealth through high-tech health products and cryptocurrency mining projects. Also tried alongside her was her Malaysian accomplice, Seng Hok Ling, who was sentenced to 4 years and 11 months in prison for acting as her middleman and financial agent in the case.
Blockchain Applications
▌Coinbase Cancels $2 Billion Acquisition of Stablecoin Startup BVNK
Coinbase has abandoned its plans to acquire UK stablecoin infrastructure company BVNK, ending previously progressing on a potential $2 billion acquisition. A Coinbase spokesperson stated, "After discussing the possibility of acquiring BVNK, both parties agreed not to pursue the matter further."
▌DBS Partners with JPMorgan Chase to Develop Tokenized Deposit Interoperability Framework
According to The Block, Singapore-based DBS Bank and JPMorgan Chase's Kinexys are developing an interoperability framework aimed at enabling tokenized deposit transfers between the two institutions' blockchain ecosystems.
This framework will allow customers to conduct 24/7 real-time transactions between public and permissioned blockchain networks, breaking down traditional barriers caused by limited interoperability and security risks. Customers using JPM deposit tokens built on Ethereum Layer 2 base will reportedly be able to interact with DBS token services running on permissioned blockchains. This collaboration is part of a global trend towards tokenization among financial institutions, with BNY Mellon and major UK banks including Barclays, Lloyds, and HSBC recently announcing similar projects. Square Launches Bitcoin Payment Functionality, Supporting Lightning Network and Fiat Currency Settlement Square, the payment platform owned by Block Inc., now allows merchants to receive Bitcoin or traditional fiat currency payments through its point-of-sale (POS) system. This new feature provides sellers with the flexibility to choose how customers settle their transactions. Square's Bitcoin payment functionality uses the Lightning Network for near real-time settlement, enabling merchants to process cryptocurrency, credit card, and digital wallet payments simultaneously. This integration allows sellers to choose to receive payments in cryptocurrency or convert them to fiat currency when accepting Bitcoin payments. Cryptocurrency trading protocol Lighter raises $68 million in funding, led by Founders Fund, with participation from Haun Ventures and Robinhood, valuing the company at $1.5 billion. YZi Labs announces investment in regenerative medicine company Renewal Bio, its first biotech investment since expanding its investment scope in early 2025. Renewal Bio focuses on addressing the global organ shortage crisis by leveraging its proprietary Stembroid™ platform to generate DNA-perfectly matched human cells and tissues from patients' own cells. This funding round will accelerate the preclinical development of Stembroid-derived hematopoietic stem cells for the treatment of leukemia and immune diseases, and support the expansion of its laboratory infrastructure. Cryptocurrency SoFi Re-enters the Crypto Market, Offering Trading in Bitcoin, Ethereum, and More Publicly listed financial services company SoFi launched SoFi Crypto, allowing users to trade Bitcoin, Ethereum, Solana, and other crypto assets, while also accessing the company's other banking services. This launch marks the company's first return to the cryptocurrency space since 2023, after it discontinued its cryptocurrency service following "careful consideration."
▌DAT Fund Inflows Plunge 95%, Corporate Purchasing Power Significantly Declines
According to beincrypto, since Bitcoin's decline from its peak, corporate purchasing power has plummeted. DeFiLlama data shows that weekly inflows into the digital asset treasury (DAT) peaked at approximately $5.57 billion in July 2025, but by November had fallen to $259 million, a drop of over 95%, indicating a general decline in institutional purchasing power and confidence. Latest data shows that the sell-off in DAT-related stocks far exceeds the decline in its underlying asset. According to Artemis statistics, Bitcoin has fallen by about 10% in the past three months, while DAT-related stocks have fallen by as much as 40% to 90% during the same period.
▌Arthur Hayes Buys UNI Again After Three Years
According to Lookonchain monitoring, after three years, Arthur Hayes has purchased 28,670 UNI tokens (approximately $244,000).
▌Bitwise Chainlink ETF Listed on DTCC Website with Code CLNK
According to market news, the Bitwise Chainlink ETF has appeared on the website of the American Depository Trust and Clearing Corporation (DTCC) with the code CLNK.
▌ZCash's privacy pool share rises to 23%, network usage surges
Data shows that ZCash's privacy pool now accounts for 23% of the total supply, a significant increase from 18% in October, indicating a continued growth in the adoption of network privacy features.
▌IP Strategy discloses IP token holdings of 52.5 million, worth over $230 million
Nasdaq-listed IP Strategy disclosed that its IP token holdings have reached 52.5 million (an increase of approximately 9 million from the previous month), worth over $230 million. The company also announced a partnership with Crypto.com, which will provide execution, custody, OTC trading, and staking services for its digital asset treasury.
▌Polymarket predicts a 95% chance of the US government reopening before the end of this week
According to Polymarket forecasting data, the US government has a 95% chance of reopening before the end of this week.
▌The probability of the Fed cutting rates by 25 basis points in December is 67.6%
According to CME's "FedWatch": the probability of the Fed cutting rates by 25 basis points in December is 67.6%, and the probability of keeping rates unchanged is 32.4%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 53.2%, the probability of keeping rates unchanged is 19.2%, and the probability of cumulatively cutting rates by 50 basis points is 27.7%.
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, 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), formal documents used to propose changes or improvements to the Bitcoin network. OP_Vault was proposed in 2023 by Bitcoin developer and researcher James O’Beirne, aiming to create a structured method for securely storing Bitcoin using a vault.
OP_Vault is a proposal that aims to create a structured method for securely storing Bitcoin using a vault.
Features like OP_CHECKTEMPLATEVERIFY (CTV) enable the use of vaults 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.
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