1. SEC Files Court Brief Backing CFTC Perpetual Stock Futures Ruling link
The U.S. Securities and Exchange Commission (SEC) filed an amicus brief with the court in support of the Commodity Futures Trading Commission (CFTC)’s decision to approve the trading of U.S. single-stock perpetual futures. Earlier, the Capital Markets Alliance (CMA), an industry association including Cboe and Citadel Securities, filed a lawsuit arguing that such products should be regulated by the SEC and that the CFTC’s approval violated the Administrative Procedure Act, asking the court to vacate the relevant approval. The SEC rejected the allegation that the CFTC had exceeded its authority, emphasizing that the CFTC’s rule changes are also subject to SEC review and that the two agencies cooperate on regulating single-stock perpetual derivatives. Crypto industry firms including Coinbase, Kalshi, and Payward, the parent company of Kraken, jointly filed briefs supporting the CFTC. The U.S. single-stock perpetual futures applications submitted by these three firms were deemed approved on November 2.
2. Senators Urge Binance, Tether, Trump Crypto Firm to Cooperate by Jan 4 link
According to a statement on U.S. Senator Richard Blumenthal’s official website, as the Ranking Minority Member of the Senate Permanent Subcommittee on Investigations (PSI), Blumenthal has sent letters to subjects under investigation including Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, requiring them to submit requested records and information by January 4, 2027. Otherwise, the subcommittee will pursue other means to secure their cooperation. The investigations into Binance and Tether concern the unlawful use of cryptocurrencies and communications between the Trump administration and crypto enterprises. The probes into World Liberty Financial and Fight Fight Fight LLC involve potential conflicts of interest related to the Trump family’s crypto businesses. No final conclusions have been reached in the investigations so far.
3. IRS Mass-Mails Tax Reminders to Crypto Users link
The Internal Revenue Service (IRS) has recently significantly increased the volume of Letter 6174 tax reminders sent to cryptocurrency investors, urging recipients to verify whether their past crypto asset transactions have been properly reported. Donnelly estimates that the IRS sends out approximately 10,000 such letters monthly, though this figure has not been officially confirmed. Notably, David Schwartz, former CTO of Ripple, also stated that he recently received this letter but viewed it merely as a reminder for taxpayers to comply with the law and discarded it directly. According to IRS official materials, Letter 6174 is a voluntary compliance reminder in use since 2019. It does not constitute a formal tax audit or a finding of violation, and a direct response is generally not required, yet recipients should still review their tax filings.
4. Canada to Bar Federal Lenders From Stablecoin Issuance in 2027 link
The Canadian government proposed in the 2026 federal budget to amend the Bank Act, the Trust and Loan Companies Act and the Insurance Companies Act, prohibiting federally regulated financial institutions from issuing stablecoins directly and requiring them to conduct issuance through non-financial institution subsidiaries regulated under the Stablecoin Act. Meanwhile, Canada plans to bring foreign financial institutions not subject to domestic prudential supervision within the scope of stablecoin regulation and explore enhanced consumer protection measures in the event of the insolvency of stablecoin issuers or custodians. Canada’s Stablecoin Act received Royal Assent in March this year, and its implementing rules are still open for public consultation, with an expected official entry into force in 2027.
5. Goldman, Citi Back $270M Joint USD Stablecoin link
Citing people familiar with the matter, Bloomberg reported that financial institutions including Goldman Sachs, Citigroup, Santander Bank and Deutsche Bank have committed approximately 270 million US dollars to the joint stablecoin project Project Faro to support the new entity’s operations over the next five years. The project involves 21 financial institutions, which plan to set up a stablecoin issuer in the United States, launch a US dollar stablecoin in the first half of 2027, and later expand to other currencies such as the euro. The project is still searching for a chief executive, and the final corporate name has not been determined. Participating institutions also include Wells Fargo, Fidelity Investments, UBS and Lloyds Banking Group. The project aims to compete with existing stablecoin issuers such as Tether and Circle by integrating the banks’ resources and client networks. Currently, USDT and USDC together account for roughly 85% of the global stablecoin market.
6. Ethereum Proposes Accelerating Quantum-Resistant Upgrade to 2027 link
Ethlabs, an Ethereum research organization, has proposed the “pqai27” roadmap on the Ethereum Magicians forum, advocating that Ethereum establish foundational capabilities to resist quantum computing and AI-driven security threats in 2027, bringing forward the earlier target of 2028. Ethlabs argues that with the rapid advancement of quantum computing and AI capabilities, Ethereum should re-prioritize protocol upgrades and place security ahead of performance optimization. To this end, the team has decided to withdraw its support for the Quick Slots proposal, which shortens block intervals, under the Hegotá upgrade, reallocating relevant resources to post-quantum development and aiming to achieve shorter block intervals in 2028.
7. Coinbase Trust Bank Wins Final OCC Approval link
Coinbase, the largest cryptocurrency exchange in the United States, announced that its application for a national trust bank charter received final approval from the Office of the Comptroller of the Currency (OCC) last week. The charter will enable Coinbase to expand its crypto asset custody and payment businesses, and may allow it to issue its own stablecoin as well as provide stablecoin issuance and administration services for other crypto firms. The OCC had granted conditional approval to Coinbase in April this year. A national trust bank charter differs from a full banking charter; charter holders are not permitted to accept general deposits or make loans like traditional commercial banks. With this approval, Coinbase joins the ranks of crypto firms including Circle and Ripple that have obtained final OCC clearance.
8. OKX-ICE JV Opens Tokenized Securities Venue Nov 23 With 70 Assets link
OKXICE, the joint venture between OKX and Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, announced plans to launch a tokenized securities trading venue on November 23 under a five-year SEC innovation exemption. Seventy assets have been confirmed, including issuers such as Coinbase, Circle and Robinhood, as well as 59 exchange-traded funds (ETFs). The service is available to US customers who hold a CeDeFi Wallet and complete account opening procedures. As of November 5, 67 companies have opted out, including Meta, Tesla and Netflix.
9. USDT Market Cap Loses $6.6B in 60 Days as Liquidity Tightens link
CryptoQuant stated in its November 10 report that the market capitalization of USDT has dropped by 6.6 billion US dollars over the past 60 days, exceeding the redemption wave after the FTX collapse in December 2022, reflecting continued tightening of liquidity in the crypto market. CryptoQuant believes stablecoin supply serves as a key metric for measuring potential purchasing power in the crypto market, and a sustained decline in supply means less capital available to buy Bitcoin. Meanwhile, the apparent demand for Bitcoin has contracted by 284,000 coins over the past 30 days, marking the largest drop since March 2025. The Coinbase premium index has remained negative for 30 consecutive days, indicating persistent weak spot demand in the US market. The report notes that similar demand contractions previously occurred around periodic Bitcoin bottoms, yet stablecoin liquidity is still shrinking and US spot buying has not recovered, leaving Bitcoin exposed to further downside risks.
10. 14 Listed Firms Sell 108,200 BTC Worth $8.08B Year-to-Date link
Since 2026, fourteen listed companies have sold a total of approximately 108,247 BTC, valued at roughly $8.08 billion. MARA ranked first with 40,581 BTC sold, followed by Riot Platforms with 20,264 BTC; the two firms together account for about 56.2% of the total volume. Bitdeer, Cango and CleanSpark recorded sales of 10,553 BTC, 7,001 BTC and 5,715 BTC respectively. The statistics include partially estimated fund flows and option-related settlements.
Fundraising
Kalshi is negotiating a new funding round targeting a valuation of 65 billion US dollars. link
Real estate tokenization firm Index Industries has closed a $50 million seed round and plans to launch tokenized products tied to US home price indices. link
Financial blockchain startup Alta has secured $47.5 million in Series A funding and will partner with Airwallex to expand payment services. link
Securitize announced the acquisition of River One to grow its asset-backed financing business, with third-quarter revenue rising 13% year-on-year. link
Kalshi is negotiating a new funding round targeting a valuation of 65 billion US dollars. link
Real estate tokenization firm Index Industries has closed a $50 million seed round and plans to launch tokenized products tied to US home price indices. link
Financial blockchain startup Alta has secured $47.5 million in Series A funding and will partner with Airwallex to expand payment services. link
Securitize announced the acquisition of River One to grow its asset-backed financing business, with third-quarter revenue rising 13% year-on-year. link
Learn more, check out crypto-fundraising.info.
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