Tensions ran high in the crypto landscape this week.
Here are the top headlines you may have missed.
Crypto-Linked Kevin Hassett Leads Trump’s Fed Chair Search
Kevin Hassett has emerged in Trump’s search for a Fed chairman, as the president pushes for a leader more open to faster rate cuts. Finance Minister Scott Bessent says a decision could come before Christmas. Hassett’s deep crypto ties, including a more than $1 million stake in Coinbase, are fueling the debate as markets wonder how a shift at the Fed could reshape regulation and liquidity.
Upbit hack deepens as North Korea link emerges
Upbit is in turmoil after a major breach cost nearly $37 million worth of more than 20 tokens, with authorities now eyeing North Korea’s Lazarus Group. The exchange froze operations, moved assets to cold storage and reimbursed users entirely from its own reserves. Police and regulators are investigating the hack as Upbit races to complete security checks.
New Report Claims Trump Family Profited Billions from Crypto
A new conference 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 investigations into friendly companies. The report outlines foreign influence, pardons for allies and sweeping regulatory dismantling that critics say served Trump’s financial interests over national security.
China repeats crypto ban as PBOC warns of rising risks
China has renewed his tough stance on crypto following a top-level meeting on November 28. The PBOC warned that virtual assets and stablecoins have no legal status and remain banned nationwide. Officials say speculation is on the rise again, fueling fraud, cross-border transfers and illegal fundraising. Regulators plan stricter supervision and continued strict enforcement to prevent financial risks.
US Senate prepares important vote on crypto market rules
The US Senate is preparing for a December vote on a major crypto market structure bill that could finally provide clear rules for digital assets. The plan is in line with President Trump’s aim to make America the global crypto leader. If passed, it would define the roles of the SEC and CFTC, increase industry confidence and open the door to greater Bitcoin investments.
JPMorgan Unveils IBIT-Based Bitcoin Note for Next Cycle
JPMorgan has launched a leveraged structured bond tied to BlackRock’s IBIT, marking a sharp shift after weeks of anti-crypto criticism. The product follows Bitcoin’s halving cycle, offering 1.5x upside and partial protection by 2028 unless IBIT falls by more than 30%. This move signals Wall Street’s positioning for Bitcoin’s next big run despite a volatile market.
UK starts Stablecoin test program with live market access
The British FCA has one new Stablecoins cohortallowing companies to test live stablecoin products in a regulated sandbox while shaping future UK rules. Participants will work with FCA officials, gain public visibility and help determine how stablecoins are issued and supported. Now that applications are open, Britain is looking to strengthen its role as a global digital financial hub.
21Shares’ XRP ETF debuts on December 1 as inflows rise
21Shares will launch its US spot XRP ETF on December 1 under the ticker TOXR, marking the fifth XRP fund to hit the market. XRP ETFs have already attracted $666.61 million in inflows, driving a 12% weekly increase in XRP. With reserves thinning and demand rising, analysts say the rally could push XRP into the $3 zone.
Binance filed new lawsuit over terror funds
Binance is under renewed scrutiny as American victims of the October 7 attacks sue the exchange, accusing it of transferring more than $1 billion to Hamas and Hezbollah. The case comes weeks after Trump pardoned CZ, claiming Binance allowed illicit funds to flow unchecked even after the $4 billion settlement. The families are seeking damages in a federal jury trial.
Shiba Inu is pushing two major upgrades
Shiba Inu introduces two major Shibarium upgrades: a complete privacy overhaul using Zama’s FHE technology and a new AI gaming deal with TokenPlay. The changes bring encrypted smart contracts, private transactions and new play-to-ear tools. Developer activity is increasing and SHIB rose 5.4% after the unveiling as demand expectations increase.
Tether’s weak score raises new fears about USDT’s security
S&P has given Tether a ‘Weak’ rating and warned that Bitcoin is now taking more of its reserves than the buffer meant to absorb losses. Risky investments are on the rise, gaps in transparency remain, and past research continues to overshadow USDT. Tether has shrugged off the rating downgrade, but with $100 billion in daily flows, the market will decide what happens next.
MSCI wants to drop MicroStrategy, says the 107-year-old bank
TD Cowen says MSCI is likely to drop MicroStrategy from all its indices, with a formal decision expected in mid-January. The move follows JPMorgan’s warning about the company’s massive exposure to Bitcoin. Strategy, led by Michael Saylor, owns 649,870 BTC, but Saylor insists it remains a software company, not a crypto fund.
Weekly crypto market outlook
This week concludes with a crypto split between political shocks, regulatory tensions, and new security risks. Sentiment is cautious as the Upbit hack, China’s renewed ban and a new lawsuit against Binance add to the pressure. Traders are watching how the search for a Fed chairman and upcoming Senate vote could boost December flows.
If Bitcoin remains stable despite the noise and the macro signals remain calm, the market could find room to stabilize.
Stay tuned with Coinpedia as we head into the latter part of the year.