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According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) is set to hold a roundtable discussion on December 15, focusing on cryptocurrency, financial monitoring, and privacy. Participants will include notable figures such as Zcash founder Zooko Wilcox. Analysts suggest that the SEC may use this meeting to assess the regulatory emphasis it can place on crypto privacy projects during its rule-making process. If a consensus is reached that zero-knowledge proofs can fulfill compliance obligations, this flexibility could be integrated into the rules for digital asset brokers, alternative trading systems, and custodians. However, if the meeting divides into camps viewing privacy as either a right or a facilitator of crime, the SEC might continue with its current monitoring-focused framework, potentially leading privacy advocates to pursue legal action.

According to Cointelegraph, the European Commission's recent proposal to enhance the authority of the European Securities and Markets Authority (ESMA) is sparking debate over potential centralization within the European Union's licensing framework. The proposal, unveiled on Thursday, aims to grant ESMA direct supervisory control over key market infrastructures, including crypto-asset service providers (CASPs), trading venues, and central counterparties. The proposed expansion of ESMA's jurisdiction to include both supervision and licensing of European crypto and fintech firms has raised concerns about possible delays in the licensing process and the impact on startup growth. Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho, expressed apprehension about ESMA's dual role in authorization and supervision, suggesting it could hinder the development of innovative firms. The proposal is currently under negotiation and requires approval from the European Parliament and the Council. If implemented, ESMA's oversight of EU capital markets would align more closely with the centralized model of the U.S. Securities and Exchange Commission, an idea initially suggested by European Central Bank President Christine Lagarde in 2023. The centralization of regulatory oversight aims to address disparities in national supervisory practices and licensing regimes across the EU. However, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, warned that without sufficient resources, the mandate could become unmanageable, leading to delays or overly cautious assessments that might disproportionately affect smaller or innovative firms. The broader legislative package seeks to enhance wealth creation for EU citizens by making the bloc's capital markets more competitive with those of the United States. Currently, the U.S. stock market holds a value of approximately $62 trillion, accounting for 48% of the global equity market, while the EU's stock market is valued at around $11 trillion, representing 9% of the global share. The effectiveness of the proposed reform will largely depend on ESMA's operational capacity, independence, and its ability to cooperate with member states.

According to PANews, a recent article from Caixin highlights the resurgence of speculative activities in virtual currencies. The piece emphasizes the need for a robust regulatory framework to safeguard public finances. This involves coordinated efforts across various departments, enhancing regulatory standards, improving technical monitoring capabilities, and protecting legitimate economic activities. Data reveals that in 2024, authorities prosecuted 3,032 individuals for using virtual currencies to launder criminal proceeds. Many of these individuals were drawn into illegal activities due to a lack of legal awareness. An academic analysis of 283 court rulings on virtual currency-related money laundering cases shows that criminal groups often exploit marginalized young people with lower educational backgrounds, predominantly from high school or below, as tools for their operations. These activities are notably concentrated in specific regions.

According to Odaily, the European Commission has proposed transferring regulatory authority over cryptocurrency companies to the European Union's market regulatory body as part of a comprehensive financial market integration initiative. The Commission believes that incorporating cryptocurrency regulation into the European Securities and Markets Authority (ESMA) will enhance regulatory efficiency and facilitate cross-border activities. This move aims to address the fragmentation caused by differing regulatory approaches among the 27 member states. Previously, individual national regulators, including France's AMF, Austria's FMA, and Italy's Consob, expressed concerns about the implementation of the Markets in Crypto-Assets (MiCA) framework and called for ESMA to strengthen its oversight. The proposal is subject to negotiation and approval by the European Parliament and the European Council.

According to PANews, Anatoly Aksakov, Chairman of the Financial Markets Committee of Russia's State Duma, has announced that cryptocurrency and stablecoin regulation will be a legislative priority for Russia next year. As the country moves to regulate its crypto sector, establishing a legal framework for digital finance is deemed essential. Aksakov noted that the Russian Central Bank plans to implement comprehensive cryptocurrency regulations by 2026. Historically, Russian regulators have opposed unrestricted cryptocurrency trading within the national economy. However, this week, they signaled a willingness to ease restrictions on crypto circulation. Currently, crypto assets and derivatives can only be traded within a highly limited "experimental legal regime" by a select group of privileged market participants, including foreign trade enterprises, financial companies, and "highly qualified" investors. Russian monetary authorities are in discussions with the Ministry of Finance to broaden investor access and regulate transactions outside the "experimental legal regime." Previously, authorities indicated that banks would be permitted to engage in digital currency-related activities and that funds could invest in crypto-based derivatives.

According to PANews, the Italian securities market regulator, Consob, has issued a notice regarding the European Union's Markets in Crypto-Assets Regulation (MiCAR). Virtual Asset Service Providers (VASPs) currently registered with Italy's OAM must apply to become regulated Crypto Asset Service Providers (CASPs) by December 30, 2025, to continue operations. Failure to comply will result in the cessation of services by June 30, 2026. Consob advises investors to verify whether their current VASP intends to apply for a CASP license and to check if the service provider is listed in the registries of the European Securities and Markets Authority (ESMA) or OAM. If a service provider is unauthorized, investors have the right to request the return of their assets. The regulator also urges VASPs that do not apply for CASP authorization to cease operations by December 30, close all contracts, and return user funds. VASPs must clearly disclose their future operational plans or exit strategies to users. This announcement is part of efforts to ensure a smooth and orderly transition as MiCAR is fully implemented across the EU.

According to ChainCatcher, the U.S. Commodity Futures Trading Commission (CFTC) has announced that spot cryptocurrencies can now be traded on exchanges registered with the CFTC.

According to Foresight News, Web3 security firm CertiK has released the '2025 Skynet U.S. Digital Asset Policy Report,' which outlines the trajectory of digital asset regulation in the United States by 2025. The report indicates that the U.S. has established a relatively clear and systematic regulatory framework for digital assets, focusing on key areas such as issuance, trading, and custody. Federal legislative and administrative reforms are converging, transitioning the market from an 'exploration phase' to a 'systematic stage.' As regulatory directions for centralized functions become increasingly defined, digital assets are steadily integrating into the U.S. financial system. Financial institutions are shifting their strategic focus towards licensed digital assets, with code auditing becoming a crucial method for ensuring institutional security and compliance. This trend is driving the ongoing development of the industry.

According to ChainCatcher, Washington state regulators have ordered Bitcoin ATM operator Coinme to halt its operations and return over $8 million in unclaimed funds to customers. The company is accused of treating unredeemed vouchers as revenue, violating money transmission regulations. The Washington State Department of Financial Institutions (DFI) issued a temporary cease-and-desist order and statement of charges, stating that Coinme's cryptocurrency purchase voucher system breached the state's Uniform Money Services Act. Between January 2023 and December 2024, Coinme allegedly accounted for $8.37 million in unredeemed customer vouchers as company revenue. Regulators are seeking to revoke Coinme's money transmission license, impose a $300,000 fine plus a $375 investigation fee, and ban the company and its CEO, Neil Bergquist, from participating in any money transmission business for ten years. Coinme has 20 days to request a hearing, or the temporary order will become permanent.

According to PANews, the European Union's executive body has unveiled a proposal to transfer more regulatory and enforcement authority to its market oversight agency, sparking a debate among national regulators about ceding power to Brussels. The proposal, announced on Thursday, suggests granting the Paris-based European Securities and Markets Authority (ESMA) new powers over significant clearinghouses, central securities depositories, and trading venues. Less than a year after introducing a national regulatory framework for cryptocurrency companies, these entities and pan-European market operators are now included under ESMA's jurisdiction. The centralization of most market regulatory powers within the EU requires approval from both the European Parliament and the Council of Member States, with some member countries strongly opposing the move. The proposal aims to bolster ESMA's authority and resources, establishing a board of five independent members with terms of up to five years. The EU budget will cover preparatory costs, while trading venues, central securities depositories, and crypto asset service providers will bear ongoing expenses. To streamline European market operations, the European Commission plans to amend legislation, limiting member states from imposing additional requirements on securities issuers, simplifying licensing processes to enhance cross-border central securities depository services, and integrating distributed ledger technology into the regulatory framework. Negotiations on this comprehensive plan are set to begin in January, with Cyprus assuming the rotating presidency of the EU Council at that time.

According to Cointelegraph, Citadel Securities has called on the Securities and Exchange Commission (SEC) to impose stricter regulations on decentralized finance (DeFi) concerning tokenized stocks. This recommendation has sparked significant backlash from the cryptocurrency community. In a letter to the SEC, Citadel Securities argued that developers of DeFi platforms, smart-contract coders, and self-custody wallet providers should not receive broad exemptions when offering trading of tokenized U.S. equities. The firm contended that DeFi trading platforms likely meet the criteria of an 'exchange' or 'broker-dealer' and should therefore be regulated under existing securities laws if they offer tokenized stocks. Citadel emphasized that granting broad exemptions would create two separate regulatory frameworks for the same security, contradicting the 'technology-neutral' approach of the Exchange Act. The letter was submitted in response to the SEC's request for feedback on regulating tokenized stocks, drawing criticism from the crypto community and blockchain innovation advocates. Jake Chervinsky, a lawyer and board member of the Blockchain Association, expressed skepticism about Citadel's stance, suggesting that the firm opposes innovation that eliminates intermediaries from the financial system. Uniswap founder Hayden Adams also criticized Citadel, implying that traditional financial market makers are resistant to open-source, peer-to-peer technology that lowers liquidity barriers. Summer Mersinger, CEO of the Blockchain Association, warned that regulating software developers as financial intermediaries could undermine U.S. competitiveness and stifle innovation without enhancing investor protection. She urged the SEC to focus on actual intermediaries rather than software developers. In July, Citadel addressed the SEC's Crypto Task Force, asserting that tokenized securities should succeed through genuine innovation and market efficiency rather than regulatory loopholes. The Securities Industry and Financial Markets Association (SIFMA), an industry trade group, echoed Citadel's sentiments, advocating for the same investor protections for tokenized securities as traditional financial instruments. SIFMA highlighted recent crypto market disruptions, such as the October flash crash, as reminders of the importance of established securities regulations. The World Federation of Exchanges also urged the SEC to reconsider its plan to grant an 'innovation exemption' to crypto companies offering tokenized stocks, aligning with the stance taken by SIFMA in July.

According to ChainCatcher, the U.S. Senate is moving forward with confirmation votes for two key financial regulatory nominees proposed by U.S. President Donald Trump. Mike Selig is set to become the Chairman of the Commodity Futures Trading Commission (CFTC), while Travis Hill is expected to officially assume the role of Chairman of the Federal Deposit Insurance Corporation (FDIC). Both nominees are considered to be crypto-friendly and are anticipated to play significant roles in the regulation of the U.S. cryptocurrency market. Upon taking office, Selig will be the sole commissioner of the CFTC and will lead the execution of crypto regulatory legislation. Hill, on the other hand, has emphasized the need to lift previous government restrictions on banks engaging in crypto-related activities and to address the issue of 'de-banking.'

According to Odaily, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins stated in an interview with Fox News that the Cryptocurrency Market Structure Bill is on the verge of being passed. If approved, the bill is expected to provide much-needed regulatory clarity for the cryptocurrency industry.

According to Cointelegraph, the United Kingdom has officially passed legislation that categorizes digital assets, including cryptocurrencies and stablecoins, as property. This move is seen as a significant step towards enhancing protection for crypto users. The announcement was made by Lord Speaker John McFall in the House of Lords, confirming that the Property (Digital Assets etc) Bill received royal assent, with King Charles approving its transformation into an Act of Parliament. Freddie New, policy chief at Bitcoin Policy UK, expressed on X that the bill's enactment marks a major advancement for Bitcoin and its users in the UK. Previously, UK common law, based on judicial decisions, recognized digital assets as property. However, the new legislation aims to codify a recommendation from the Law Commission of England and Wales in 2024, suggesting that cryptocurrencies be classified as a distinct form of personal property for greater clarity. The advocacy group CryptoUK highlighted that UK courts have historically treated digital assets as property through individual case judgments. The new law solidifies this principle, providing digital assets with a clearer legal foundation, particularly in matters such as proving ownership, recovering stolen assets, and managing them in insolvency or estate cases. CryptoUK emphasized that the bill confirms digital or electronic 'things' can be objects of personal property rights. UK law traditionally categorizes personal property into two types: 'things in possession,' which are tangible items like cars, and 'things in action,' which are intangible rights such as contract enforcement. The bill clarifies that digital or electronic items are not excluded from personal property rights simply because they do not fit neatly into these categories. The Law Commission's 2024 report argued that digital assets could possess both qualities, and their ambiguous status in property rights laws could hinder dispute resolutions in court. CryptoUK further stated that the law provides greater clarity and protection for consumers and investors, offering crypto holders the same confidence and certainty expected with other forms of property. Digital assets can now be clearly owned, recovered in cases of theft or fraud, and included within insolvency and estate processes. The UK now has a clear legal basis for the ownership and transfer of crypto, positioning the country to support the growth of new financial products, tokenized real-world assets, and more secure digital markets. The UK's finance authority reported late last year that approximately 12% of UK adults own cryptocurrency, an increase from 10% in previous findings. Additionally, the UK unveiled plans for a crypto regulatory regime in April, aiming to bring crypto businesses under similar regulations as other financial companies, with the goal of establishing the country as a global hub for crypto while ensuring consumer protections.

According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) has issued a series of warning letters to several prolific leveraged exchange-traded fund (ETF) providers in the country. This action effectively halts the launch of products designed to offer double or triple daily returns on stocks and commodities. On Tuesday, the SEC released nine nearly identical letters to companies including Direxion, ProShares, and Tidal. The letters informed these firms that the SEC will not proceed with reviewing their proposed product issuances until key issues are resolved. The primary concern of the regulatory body is that the risk exposure of these funds may exceed the SEC's limits on the risk that funds can assume relative to their assets. The letters instruct fund managers to either modify their investment strategies or formally withdraw their applications.

According to BlockBeats, the South Korean government and National Assembly are advancing the second phase of digital asset legislation, focusing on the Basic Act on Digital Assets. A key proposal under discussion is to limit stablecoin issuance to consortiums where banks hold a 51% stake. This approach is gaining traction within the ruling Democratic Party's special task force on digital assets. Previously, the Bank of Korea advocated for banks to lead and restrict stablecoin issuance to the banking system. However, some lawmakers suggested opening this to fintech and blockchain companies. The government aims to submit its version of the bill by December 10, with discussions to commence by the end of the year and legislation to be completed by January.

According to Cointelegraph, U.S. Representative Stephen Lynch questioned Federal Reserve Vice Chair Michelle Bowman during a Tuesday oversight hearing regarding her previous comments on digital assets. Lynch expressed concern over Bowman's encouragement for banks to fully engage with digital assets, probing the Federal Reserve's involvement in developing crypto frameworks. The inquiry highlighted Lynch's confusion over the definition of stablecoins. During the hearing, Lynch referenced Bowman's remarks from the Santander International Banking Conference in November, where she advocated for banks to engage with digital assets. However, Bowman clarified that her comments were directed towards digital assets broadly, not specifically cryptocurrencies. Lynch's questioning led to a discussion on the differences between digital assets and stablecoins. Bowman explained that Congress, through the GENIUS Act, had authorized the Federal Reserve to explore a regulatory framework for digital assets. She stated, "The GENIUS Act requires us to promulgate regulations to allow these types of activities." The hearing also addressed the stability of stablecoins, which are typically pegged to fiat currencies like the US dollar. While stablecoins are generally stable, there have been instances of depegging, such as the Terra algorithmic stablecoin crash in 2022. Despite these occurrences, most stablecoins maintain their peg with minimal fluctuation. Bowman had previously suggested that Federal Reserve staff should be allowed to hold small amounts of crypto or digital assets to better understand the technology. Travis Hill, acting chair of the Federal Deposit Insurance Corporation (FDIC), also testified at the hearing. The FDIC is among the agencies tasked with implementing the GENIUS Act, signed into law by U.S. President Donald Trump in July. Hill announced that the FDIC plans to propose a stablecoin framework later this month, which will outline requirements for supervising issuers. This development is part of a broader effort to establish regulatory clarity in the digital asset space.

According to Odaily, in an interview with CNBC, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the United States has resisted cryptocurrency for "too long."

According to Cointelegraph, Paul Atkins, the chair of the U.S. Securities and Exchange Commission (SEC), expressed confidence in advancing digital asset regulation without the need for new legislation from Congress. In a recent interview with CNBC, Atkins highlighted the SEC's role in providing technical assistance as Congress deliberates on digital asset regulation, particularly the market structure bill currently under consideration in the U.S. Senate. Despite the challenges posed by the longest government shutdown in U.S. history, Atkins emphasized the agency's ongoing efforts to develop rules aimed at supporting the crypto sector. Atkins stated, "We have enough authority to drive forward," and expressed optimism about introducing an innovation exemption in the near future. His remarks came during a public appearance before the New York Stock Exchange opening bell, where he outlined his vision for the SEC's future initiatives. Atkins, who was confirmed as SEC chair in April following his nomination by U.S. President Donald Trump, has been proactive in reducing enforcement actions against crypto companies, including issuing no-action letters for decentralized physical infrastructure networks. His approach aligns with several policy directives from the Trump administration, which has issued executive orders related to crypto and blockchain. Meanwhile, U.S. regulators are closely monitoring the progress of a market structure bill that aims to define the regulatory authority of agencies like the SEC and the Commodity Futures Trading Commission over cryptocurrencies. The Senate Agriculture Committee and the Senate Banking Committee are actively working on advancing this legislation. Senate Banking Chair Tim Scott announced plans to have the bill ready for markup by December, signaling a significant step forward in establishing a comprehensive regulatory framework for digital assets.

According to PANews, market sources have revealed that the U.S. Securities and Exchange Commission (SEC) Chairman Atkins announced that the innovation exemption for cryptocurrency companies will take effect in January.