Donald Trump’s incoming administration is reportedly considering a significant shift in how cryptocurrency is regulated in the US. The Commodity Futures Trading Commission (CFTC) is being positioned to take over from the Securities and Exchange Commission (SEC) as the primary authority overseeing the digital asset sector. The move, if approved by Congress, would empower the CFTC to regulate crypto assets, exchanges, and emerging products like Bitcoin and Ethereum spot ETFs.
The SEC has faced criticism during Joe Biden’s presidency for its strict enforcement actions against crypto firms. In 2022 alone, the commission filed 46 lawsuits against crypto-related entities, a 53% increase from the previous year. Major exchanges like Binance and Coinbase were among the SEC’s primary targets, accused of operating unregistered platforms and breaching securities laws.
Trump’s plan is seen as an effort to create a more innovative and supportive environment for the cryptocurrency industry, which he views as a growing financial market with 50 million traders globally. By shifting oversight to the CFTC, the administration aims to promote development while ensuring proper regulation for the sector’s $3 trillion market size.
This proposed change marks a turning point in US crypto regulation, as the CFTC’s approach could redefine how digital assets are managed and potentially foster a more collaborative relationship with the industry.
The Bank of England is expediting its efforts to develop a central bank digital currency (CBDC), with Governor Andrew Bailey highlighting the urgency of creating a secure, accessible form of digital money for the UK. This move follows growing concerns that private fintech firms are outpacing traditional financial institutions in digital innovation, raising risks to financial stability, security and consumer privacy.
Bailey’s comments reflect a global challenge: central banks must modernise to keep pace with the rapid advancements in blockchain and Web3 technologies. Private sector firms, often operating with fewer regulatory constraints, are achieving breakthroughs that leave traditional systems struggling to adapt. However, their unchecked progress could deepen vulnerabilities in the global financial landscape.
The push for a digital pound is seen as essential not just for competitiveness but also for aligning with society’s shifting expectations. As consumers increasingly demand transparent, on-demand financial services, central banks face a crucial decision. They must either embrace partnerships with fintech firms and reform outdated frameworks or risk falling behind in the race for digital innovation. A CBDC, if implemented correctly, could pave the way for greater financial inclusivity and economic stability.
Morocco is preparing to regulate cryptocurrencies with a draft law currently in the process of adoption, according to central bank governor Abdellatif Jouahri. Despite a ban on cryptocurrencies since 2017, underground usage has persisted among the public, prompting Bank Al Maghrib to take steps toward formal oversight.
At an international conference in Rabat, Jouahri highlighted the bank’s dual focus on regulating crypto assets and exploring a central bank digital currency (CBDC). Unlike decentralised cryptocurrencies, a CBDC would be centrally managed, potentially supporting public policy goals such as financial inclusion.
This move reflects a global trend as countries assess how digital currencies can align with regulatory frameworks while fostering innovation. The initiative aims to address the risks of unregulated crypto use while leveraging its potential benefits for Morocco’s financial system.
Brazil has unveiled a proposal to create a sovereign Bitcoin reserve, aiming to integrate digital assets into its financial system. Congressman Eros Biondini introduced the bill on 25 November, calling for a Sovereign Strategic Bitcoin Reserve, known as RESBit, to safeguard the country’s economy from currency volatility and geopolitical risks. The reserve would also serve as collateral for Brazil’s forthcoming central bank digital currency, Real Digital.
The proposal suggests allocating up to 5% of Brazil’s $355 billion reserves to Bitcoin through phased purchases, with the central bank overseeing its management using blockchain and artificial intelligence technologies. Drawing inspiration from El Salvador, which adopted Bitcoin as legal tender in 2021, the bill highlights how Bitcoin has helped diversify economies and foster financial inclusion. El Salvador now holds nearly 6,000 BTC, valued at $542 million.
The draft law includes penalties for mismanagement of the RESBit reserve and is currently under review by the Speaker of Brazil’s House of Representatives. If approved, it will proceed to committees for further debate. Brazil continues to advance its digital asset policies, having established a legal framework in June 2023 to regulate virtual asset providers and securities tokens under its central bank and securities commission.
Crypto.com is set to host a groundbreaking golf tournament in Las Vegas on 17 December, offering a prize purse paid entirely in cryptocurrency. The Crypto.com Showdown will see PGA Tour stars Rory McIlroy and Scottie Scheffler face off against LIV Golf rivals Bryson DeChambeau and Brooks Koepka.
The prize, denominated in CRO, marks the first time a major sports event has awarded winnings exclusively in cryptocurrency. Crypto.com CEO Kris Marzalek highlighted the tournament as a step towards reshaping the sports and entertainment industries through digital assets.
Organised by BZ Entertainment and EverWonder Studio, the event aims to unify professional golf while showcasing the potential of cryptocurrency. With over 100 million users and partnerships spanning Formula 1, UFC, and FIFA, Crypto.com continues solidifying its influence in global sports.
Justin Sun, founder of the blockchain network Tron, has committed $30 million to World Liberty Financial (WLF), a project linked to US president-elect Donald Trump. In a social media post, Sun expressed his excitement about the partnership, calling it an important step for integrating blockchain technology with traditional financial services. While details on the project’s products remain scarce, its association with Trump has drawn significant attention.
WLF is in the process of launching its governance token, WLFI, with the Know Your Customer (KYC) verification open for accredited investors in the US and non-US persons. Trump had previously announced the opening of this verification process in October.
This investment comes amid Sun’s ongoing legal battle with the US Securities and Exchange Commission (SEC), which has filed a lawsuit accusing him of fraud, market manipulation, and unregistered securities sales. Despite the legal challenges, Sun continues to make high-profile moves in the business world, including his recent purchase of Maurizio Cattelan’s controversial artwork “Comedian” for $6.24 million.
The Australian Securities Exchange (ASX) faces rising expenses as the second phase of its software upgrade is now expected to cost up to A$320 million. Completion of this stage is projected for 2029, with the first phase, focused on clearing services, set to finish by 2026 at an increased cost of up to A$125 million.
Investors reacted negatively to the announcement, sending ASX shares down 4.7% to A$65.87, the steepest fall since mid-June. Citi analysts noted the escalating costs are driving capital expenditure towards the higher end of earlier guidance. The news comes amid heightened scrutiny of the bourse operator’s project timelines and expenditure.
ASX initially hired Tata Consultancy Services to revamp its CHESS system after abandoning a blockchain-based upgrade that led to a A$250 million write-down. Regulators and shareholders criticised the failed project, prompting a lawsuit from the Australian Securities and Investments Commission for allegedly misleading investors.
CEO Helen Lofthouse defended the new approach, citing enhanced reliability with a phased implementation. The TCS software, already operational in markets like New Zealand and South Africa, is intended to restore confidence. However, analysts suggest the company’s focus remains on meeting regulatory demands, leaving investors waiting for returns.
Singapore Gulf Bank is reportedly raising at least $50 million to purchase a stablecoin payments company by early 2025, according to inside sources. While the specific firm remains unnamed, the funds will support the bank’s product development, payment network expansion, and workforce growth.
The startup bank, launched in February 2024 by Singapore’s Whampoa Group and licensed in Bahrain, integrates traditional finance with cryptocurrency. Backed by Bahrain Mumtalakat Holding Co and the Whampoa Group, the bank aims to serve customers by the end of 2024. Discussions are ongoing with a Middle Eastern sovereign wealth fund and other investors to sell an equity stake of under 10% by the first quarter of next year.
Stablecoins, valued for their reliability due to being pegged to fiat currencies like the US dollar, are gaining traction globally. Singapore’s recent regulatory framework for stablecoins sets rigorous standards for issuers to achieve MAS-regulated status, reflecting the city-state’s drive to lead in crypto innovation.
The Epoch Times, a US-based media outlet critical of the Chinese Communist Party (CCP), has declared China’s digital yuan project a failure. The publication links this claim to the downfall of Yao Qian, the former head of the Digital Currency Research Institute, who was recently expelled from the CCP over corruption allegations. Yao’s dismissal, coupled with slowing developments, has raised doubts about the future of the central bank digital currency (CBDC).
Since its launch in 2014, the digital yuan has been heavily promoted by President Xi Jinping as a transformative payment tool. However, public adoption has reportedly been slow, with surveys suggesting 90% of respondents have never encountered the digital currency. Recent CCP messaging has downplayed its role, rebranding the digital yuan as a supplementary payment method rather than a revolutionary system, which critics have interpreted as an admission of failure.
Despite these challenges, some regions, such as Shanghai, are continuing efforts to promote the currency’s use. On the international stage, the BRICS bloc may offer new opportunities for the digital yuan. Recent discussions in Kazan highlighted plans for a shared CBDC system to facilitate cross-border payments, potentially linking the digital yuan with Russia’s upcoming digital rouble and other BRICS currencies.
China’s efforts to internationalise the digital yuan through initiatives like the Belt and Road Initiative and the Regional Comprehensive Economic Partnership suggest the project is far from abandoned. However, its future success may hinge on overcoming domestic scepticism and finding stronger global partnerships.
Phantom, a leading crypto wallet, has expanded its multi-chain functionality by introducing support for Base, Coinbase’s Ethereum-based Layer 2 blockchain. The integration, now fully released after its beta phase, allows users to seamlessly access Base’s ecosystem. Phantom wallet users can now purchase ether and USDC on Base, as well as swap tokens across Base, Ethereum, Solana, and Polygon.
Initially developed as a Solana-exclusive wallet, Phantom transitioned into a multi-chain platform in May 2023 by adding support for Ethereum and Polygon. Co-founder and CEO Brandon Millman has stated that cross-chain interoperability is essential to the future of digital asset management. The company remains committed to providing its users with streamlined tools for navigating and transacting across multiple blockchain networks.
Base has emerged as the largest Layer 2 blockchain in terms of total value locked (TVL), currently holding $3.4 billion. It surpasses competitors such as Arbitrum, which has a TVL of $3 billion. Despite trailing major Layer 1 blockchains like Ethereum, Solana, and Bitcoin, Base ranks sixth overall in the blockchain network hierarchy. Its inclusion in Phantom’s portfolio further cements the wallet’s position as a versatile platform in the crypto space.
