Tension ran high across the crypto landscape this week.
Here are the top headlines you might have missed.
Kevin Hassett has surged to the front of Trump’s Fed chair search as the president pushes for a leader more open to faster rate cuts. Treasury Secretary Scott Bessent says a decision could land before Christmas. Hassett’s deep crypto ties, including a $1m+ Coinbase stake, are fueling debate as markets weigh how a shift at the Fed could reshape regulation and liquidity.
Upbit is scrambling after a major breach drained nearly $37 million across more than 20 tokens, with authorities now eyeing North Korea’s Lazarus Group. The exchange froze activity, moved assets to cold storage, and fully reimbursed users from its own reserves. Police and regulators are probing the hack as Upbit races to complete security checks.
A new congressional report accuses President Trump of turning the presidency into a crypto-powered money machine, adding billions to his family’s wealth while rolling back safeguards and halting probes into friendly firms. The report outlines foreign influence, pardons for allies, and sweeping regulatory dismantling that critics say served Trump’s financial interests over national security.
China has renewed its hardline stance on crypto after a top-level meeting on November 28. The PBOC warned that virtual assets and stablecoins hold no legal status and remain banned nationwide. Officials say speculation is rising again, fueling fraud, cross-border transfers, and illegal fundraising. Regulators plan tighter monitoring and ongoing strict enforcement to prevent financial risks.
The U.S. Senate is preparing a December vote on a major crypto market structure bill that could finally deliver clear rules for digital assets. The plan aligns with President Trump’s push to make America the global crypto leader. If passed, it would define SEC and CFTC roles, boost industry confidence, and open the door for bigger Bitcoin investment.
JPMorgan has launched a leveraged structured note tied to BlackRock’s IBIT, marking a sharp shift after weeks of anti-crypto criticism. The product tracks Bitcoin’s halving cycle, offering 1.5x upside by 2028 and partial protection unless IBIT drops over 30%. The move signals Wall Street positioning for Bitcoin’s next major run despite a volatile market.
The UK FCA has opened a new Stablecoins Cohort, letting firms test live stablecoin products in a regulated sandbox while shaping future UK rules. Participants work with FCA officers, gain public visibility, and help steer how stablecoins are issued and backed. With applications now open, the UK pushes to cement its role as a global digital-finance hub.
21Shares will launch its U.S. spot XRP ETF on December 1 under the ticker TOXR, marking the fifth XRP fund to hit the market. XRP ETFs have already pulled in $666.61 million in inflows, driving a 12% weekly jump in XRP. With reserves thinning and demand climbing, analysts say the rally could push XRP toward the $3 range.
Binance is back under heavy scrutiny as US victims of the 7 October attacks sue the exchange, accusing it of helping move over $1B to Hamas and Hezbollah. The case lands weeks after Trump pardoned CZ and claims Binance let illicit funds flow unchecked even after its $4B settlement. The families seek damages in a federal jury trial.
Shiba Inu is rolling out two major Shibarium upgrades: a full privacy overhaul using Zama’s FHE tech and a new AI gaming deal with TokenPlay. The changes bring encrypted smart contracts, private transactions, and fresh play-to-earn utility. Developer activity is rising, and SHIB jumped 5.4% after the reveal as demand expectations increase.
S&P hit Tether with a “Weak” rating, warning that Bitcoin now makes up more of its reserves than the buffer meant to absorb losses. Risky assets are rising, transparency gaps remain, and past probes still shadow USDT. Tether brushed off the downgrade, but with $100B in daily flows, the market will decide what happens next.
TD Cowen says MSCI is likely to drop MicroStrategy from all its indices, with a formal decision expected by mid-January. The move follows JPMorgan’s warning over the company’s massive Bitcoin exposure. Strategy, led by Michael Saylor, holds 649,870 BTC, but Saylor insists it remains a software business, not a crypto fund.
This week closes with crypto split between political shocks, regulatory tension, and fresh security risks. Sentiment is cautious as the Upbit hack, China’s renewed ban, and a new lawsuit against Binance add pressure. Traders are watching how the Fed chair search and the Senate’s upcoming vote could drive December flows.
If Bitcoin holds steady through the noise and macro signals stay calm, the market could find room to stabilize.
Stay updated with Coinpedia as we head into the final stretch of the year.
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