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Крипторынок демонстрирует сигналы, указывающие на осторожный оптимизм трейдеров и инвесторов, сообщили Bits.media аналитики биржи Bybit и компании Block Scholes.

Bitcoin’s price is gradually picking up pace following a broader market recovery, allowing the largest cryptocurrency asset to revisit the $92,000 mark on Wednesday. Even though the price is showing strength, key investors are currently moving in the opposite direction of the trend, raising questions about the stability of the recent bounce.

Whales Slams The Brakes On Bullish Bitcoin Bets

Just as the price of Bitcoin staged a slight recovery, the derivatives market has shifted once again as investors make a sudden strategic retreat. On-chain metrics indicate that large BTC holders, also known as whale investors, are stepping back from their bullish positions, a clear sign of growing bearish sentiment.

After navigating the key Bitcoin whale vs. Retail Delta metric, Joao Wedson, an author and founder of the Alphractal analytics platform, disclosed that whales have closed their longs. This strategic pullback or shift in sentiment comes after a heavy positioning to the long side by the cohort.

While the retreat marks a notable change in market sentiment, it also suggests that large investors may be locking in profits or preparing for a potential deeper decline in BTC’s price. Wedson highlighted that while large players are currently starting to take some short positions again, retail investors are moving against them, indicating a clear disparity in sentiment between the two groups. 

Given that whale behavior has historically served as a leading indication for broader price action, this abrupt reversal raises further concerns about Bitcoin’s short-term trajectory. Following an exuberant surge, there are also concerns about whether the market is getting ready for a cooling phase.

The expert stated that the pattern of this metric against price actions looks somewhat similar to what was observed in February and April 2025. In other words, the price of BTC moving sideways longer than what most traders are anticipating is highly likely at this point.

Traders Calling For A BTC Rally

Overall, market sentiment appears to have recovered as Bitcoin traders become greedy, calling for more upward moves. According to a post from Santiment, a leading on-chain data analytics platform, BTC experienced a much-needed rebound back to the $94,600 price mark on Wednesday, which reinvigorated traders.

Interestingly, the brief bounce caused investors to Fear Of Missing Out (FOMO) back in and look forward to the price of BTC going higher. Santiment’s social data, harvesting X, Reddit, Telegram, and other data, shows that calls for higher and above have increased dramatically.

High bars with blue shades indicate calls for lower or below, which is indicative of Fear Uncertainty and Doubt (FUD). It is worth noting that prices often rise as retailers offload their holdings. 

Meanwhile, high bars with red shades represent calls for higher or above, signaling FOMO. When calls for higher moves increase, prices usually correct as retailers attempt to acquire more BTC on the way up. During these kinds of occasions, it is crucial to know that markets move in the opposite direction to the behavior of small traders.

Основанием для блокировки доступа к сайтам иностранных криптобирж OKX, Bitget, BingX, Bybit, Weex и Gate в Беларуси стало решение Минского горисполкома. Столичные власти нашли на сайтах бирж «ненадлежащую рекламу», сообщило Министерство информации Беларуси.

Управление по финансовому надзору Великобритании (FCA) сообщило, что в 2026 году собирается разрешить местным компаниям экспериментировать с платежами в стейблкоинах.

MSCI has launched a consultation on whether companies with significant cryptocurrency or Bitcoin holdings should be excluded from some of its main indices, sending waves through markets that track those indexes.

According to reports, the consultation targets firms whose balance sheets are more than 50% invested in digital assets. Phong Le, CEO of Strategy, argued in interviews that the move is “like penalizing Chevron for oil,” saying that holding an asset should not disqualify an operating company from broad market indices.

Impact Estimates Suggest Billions Could Move

Based on reports from banks and analysts, the potential impact could be large. JPMorgan estimates show that MSCI-only adjustments might trigger forced selling of about $2.8 billion, while the figure could climb to $8.8 billion if other index providers follow suit.

Stocks of companies holding Bitcoin have already felt pressure. Strategy (ticker MSTR), the largest corporate Bitcoin holder, has been in direct talks with MSCI, seeking to clarify its position and prevent removal from key indexes.

Phong Le joined @SchwabNetwork to discuss the $60T digital credit opportunity and response to MSCI. Restricting passive index investment in bitcoin today would be like restricting investment in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and… pic.twitter.com/3VcYnF5nE4

— Strategy (@Strategy) December 10, 2025

Who Could Be Affected And Why

The review focuses on so-called “digital-asset treasury” firms — companies that might behave more like investment vehicles if a large portion of their assets sits in cryptocurrency.

According to circulated consultation documents, the 50% threshold defines the most extreme cases. Some analysts warn the cutoff is blunt and could misclassify companies that run genuine businesses while using crypto as a treasury reserve.

Industry Groups Mobilize

A coalition of bitcoin-focused companies and trade associations has publicly opposed the move. They argue that excluding these firms would force passive funds tied to MSCI indexes to sell holdings mechanically, even when they are part of operational businesses.

Reports have disclosed letters, interviews, and lobbying efforts aimed at influencing MSCI’s final decision. Market participants say the pushback highlights the tension between traditional index rules and companies with unconventional asset allocations.

Decision Timeline Could Trigger Market Moves

The consultation window is expected to close around Dec. 31, 2025, with some reports suggesting MSCI could announce a decision by mid-Jan 2026.

If the exclusions are enforced, passive funds tracking MSCI indexes may need to rebalance, which could create mechanical selling pressures for affected stocks. However, feedback during the consultation could still alter the outcome before any final rules are adopted.

Bitcoin Investors Face Key Questions

Beyond short-term market moves, investors now face questions about which listed firms cross the 50% threshold, how indices should treat non-traditional assets, and whether other index providers will adopt similar rules.

The choices MSCI makes could affect billions of dollars in flows and reshape how publicly traded companies approach holding cryptocurrency.

Featured image from Unsplash, chart from TradingView

On Wednesday, the Office of the Comptroller of the Currency (OCC) released findings that have raised alarm bells regarding crypto debanking, reigniting fears of what some are dubbing “Operation Chokepoint 2.0” within the financial sector. 

This supervisory review focused on nine of the largest national banks under OCC supervision, including JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.

‘Harmful Debanking Policies’

The preliminary findings from the OCC reveal troubling trends: between 2020 and 2023, these banks appeared to make unwarranted distinctions among customers based on their legal business activities. 

Specifically, many of these institutions maintained policies that either restricted access to financial services or required heightened scrutiny and approvals for certain clients. 

The OCC identified examples where at least one bank imposed limitations on various sectors, including crypto, due to their engagement in activities considered “contrary to [the bank’s] values,” even though those activities were not illegal.

Sectors affected by these policies included oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarettes, adult entertainment, and notably, digital assets. 

The findings indicated that many banks placed strict limitations on crypto-related activities as well, which often stemmed from concerns about financial crime.

These practices, the OCC confirmed, were prevalent at each of the banks examined in the review. Comptroller Jonathan V. Gould expressed frustration regarding the situation, stating: 

It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. 

Gould noted that while many of these policies were publicly announced, some banks have maintained that they did not participate in debanking.

In his comments, Comptroller Gould emphasized the OCC’s commitment to eliminating practices that would “weaponize finance,” whether instigated by regulators or the banks themselves. 

National Banks To Facilitate Crypto Transactions

The agency disclosed that it is still evaluating “thousands of complaints” related to allegations of political and religious debanking, with plans to report on these findings “in due course.” The OCC aims to hold banks accountable for these actions and ensure that unlawful debanking practices do not persist. 

This follows Tuesday’s letter from the banking regulator that allows national banks to participate in “riskless principal transactions” involving cryptocurrencies. This permits national banks to buy and sell cryptocurrencies for their customers’ accounts. 

This new structure allows users to transact in crypto-assets through established national banks, resulting in a more regulated environment than exchanges that operate outside of strict oversight regulation. 

Featured image from DALL-E, chart from TradingView.com 

Dogecoin снова в центре внимания розничных трейдеров. После волатильной осени и серии резких рывков мем‑сегмент снова оживился, а $DOGE вернулся в топ обсуждений наряду с Bitcoin и Ethereum. Инвесторы задаются прямым вопросом: может ли легендарный мем‑токен в 2026 году наконец дойти до отметки $1.

Текущая картина по $DOGE сочетает устойчивый интерес рынка и осторожный оптимизм аналитиков. Цена актива в последние недели колеблется вокруг ключевых уровней, формируя базу после резких движений вверх и вниз. Объемы на спотовых и деривативных площадках остаются значительными, что говорит о продолжающейся спекулятивной активности и готовности трейдеров агрессивно отыгрывать новости.

Главный драйвер для $DOGE по‑прежнему — сочетание мем‑нарратива, поддержки со стороны известных предпринимателей и фаз связанного с Bitcoin цикла. На фоне ожиданий продолжения бычьего рынка, восстановления аппетита к риску и перетока ликвидности в более спекулятивные активы базовый сценарий остается явно позитивным. При благоприятной конъюнктуре рынок вполне способен вновь разогнать $DOGE к историческим зонам и попытаться закрепиться вблизи $1.

Однако путь к такой оценке не будет линейным. Для этого монете нужно удержать важные уровни поддержки, подтвердить интерес к деривативам без перегрева финансирования и получить свежий импульс мем‑историй. Именно поэтому часть трейдеров комбинирует ставку на «ветерана» $DOGE с агрессивными пресейлами, включая новые мем‑проекты вроде Maxi Doge, чтобы усилить потенциальную доходность портфеля в случае продолжения ралли.

КУПИТЬ MAXI DOGE

Dogecoin на пути к $1: ключевые уровни и сценарии

Техническая картина $DOGE остается типичной для зрелого мем‑актива: длительные фазы консолидации сменяются взрывными импульсами на фоне новостей и роста интереса в социальных сетях. На дневном графике важным рубежом выступают области недавних максимумов и зон, где ранее фиксировалась крупная прибыль. Сохранение выше этих уровней подтверждает бычий настрой и формирует платформу для нового захода вверх.

С точки зрения индикаторов стоит следить за индексом относительной силы (RSI) и объемами. Когда RSI поднимается в зону перекупленности при растущих объемах, это часто предвещает агрессивные пампы, но также повышает риск краткосрочных откатов на десятки процентов. Более устойчивым выглядит сценарий, при котором RSI держится в умеренной «бычьей» зоне, а объемы стабильно выше средних значений, показывая здоровый интерес без явной эйфории.

Фундаментальная история $DOGE опирается не только на мем‑культуру. Важную роль играет статус «старейшего» мем‑токена с широкой узнаваемостью и относительно глубокой ликвидностью на крупных CEX и DEX. Это облегчает вход и выход крупных игроков, снижает проскальзывание и делает крупные спекулятивные волны более реалистичными. На фоне вероятного продолжения цикла роста крипторынка это создает для Dogecoin прочную позицию для очередной попытки штурма психологических уровней.

Сценарно можно выделить три траектории. Бычий вариант предполагает удержание ключевых поддержек, рост интереса к мем‑активам и новый виток хайпа, при котором $DOGE может протестировать $1 и потенциально превысить прежний максимум. Базовый сценарий — длительный диапазон с колебаниями в пределах нескольких десятков процентов вокруг текущих уровней, когда рынок переваривает прошлые движения. Медвежий вариант срабатывает при пробое важной поддержки вниз и ухудшении общего настроения, что может вернуть цену значительно ниже локальных максимумов и отложить достижение $1 на неопределенный срок.

В ближайшие месяцы ключевым ориентиром для трейдеров останется реакция цены на важные уровни и динамика настроений в мем‑сегменте. Если поддержка устоит, а интерес к риску усилится, шансы увидеть $DOGE ближе к $1 в рамках текущего цикла останутся весомыми. Имеет смысл внимательно наблюдать за тем, как цена ведет себя при тесте этих зон, а также за активностью деривативов и социальных показателей.

Maxi Doge как ставка на Dogecoin

На фоне оживления интереса к Dogecoin часть розничных трейдеров обращает внимание на более агрессивные мем‑токены. Один из таких проектов — Maxi Doge ($MAXI) с культурой максимального плеча и соревновательным трейдингом. Идея проста: дать мелким участникам рынка инструмент и сообщество, нацеленные на гипердоходные стратегии в бычьем цикле.

Максимальным спросом у таких проектов традиционно пользуются ранние раунды. По данным команды, на этапе предварительной продажи уже собрано около $4,3 млн, а цена токена составляет $0,0002725. Для розничных инвесторов это создает ощущение «доступного входа» с потенциалом крупного многократного роста, если мем‑нарратив и торговая активность продолжат усиливаться.

Отдельно стоит отметить интерес крупных участников. Два адреса приобрели токены на общую сумму около $503 тыс., причем крупнейшая сделка достигла $252 тыс. Такая концентрация капитала на раннем этапе обычно рассматривается сторонниками проекта как сигнал доверия к его потенциалу в предстоящем бычьем рынке.

С точки зрения функционала Maxi Doge делает ставку на культуру высоких плеч и постоянного «прокачивания» результата. Токен $MAXI работает в сети Ethereum как стандартный ERC‑20, а смарт‑контракт управляет предложением и распределением, включая фонд Maxi Fund для ликвидности и партнерств. Для держателей предусмотрены стейкинг‑вознаграждения с динамическим APY за счет отдельного пула распределения на срок до одного года, а также турниры по доходности с таблицами лидеров и призами. Все это нацелено на создание «тренажерного зала» для агрессивных трейдеров в рамках одного сообщества.

Однако такой подход означает и повышенные риски. Любой пресейл‑токен несет в себе неопределенность регуляторной среды, возможную волатильность в первые недели листинга и зависимость от активности сообщества. В отличие от Dogecoin, уже доказавшего устойчивость к нескольким рыночным циклам, $MAXI остается спекулятивной ставкой ранней стадии. Поэтому разумный подход для агрессивных инвесторов — рассматривать Maxi Doge как высокорискованную добавку к портфелю, а не замену более ликвидным активам вроде $DOGE. Перед участием важно самостоятельно изучить проект, его токеномику и смарт‑контракт.

Финальный взгляд на связку Dogecoin и Maxi Doge выглядит так: $DOGE остается флагманом мем‑сегмента с реальными шансами вновь приблизиться к $1, если бычий цикл продолжится. На его фоне Maxi Doge выступает как потенциальный ускоритель для тех, кто готов принять больший риск ради сверхдоходности. Такой подход — сочетание проверенного актива и спекулятивного пресейла — и выбирают многие участники рынка в ожидании следующей волны роста.

Компания Paxful Holdings, оператор P2P-платформы Paxful, согласилась выплатить Министерству юстиции США штраф $4 млн и административный штраф $3,5 млн, наложенный Сетью по борьбе с финансовыми преступлениями США (FinCEN).

В ближайшее время Центральный банк Норвегии (Norges Bank) не собирается выпускать собственную цифровую валюту, сообщила управляющая ЦБ Ида Вольден Бахе (Ida Wolden Bache).

Биткоин может преодолеть $112 000 в ближайшие один–три месяца, для этого Федеральной резервной системе США (ФРС) необходимо продолжать снижать проценты по кредитам, заявили аналитики ончейн-платформы CryptoQuant.

Сбер очень надеется на разрешение властей работать со стейблкоинами внутри страны, в первую очередь со стейблкоинами, привязанными к рублю, сообщил глава крупнейшего российского госбанка Герман Греф.

Почти 83% россиян знакомы с понятием «криптовалюта» и не менее 43% из них хотели бы иметь криптокошелек, сообщил зампредседателя правления Сбербанка Анатолий Попов, ссылаясь на исследование «Сбераналитики».

Банк России обсуждает вариант выделения криптовалютных обменников в отдельную категорию, а также возможность их лицензирования, заявил первый заместитель председателя ЦБ Владимир Чистюхин.

Cardano founder Charles Hoskinson has hailed the launch of Midnight and its native token NIGHT as the strongest in the network’s history, arguing that it proves Cardano can now host and distribute multi-billion-dollar assets at scale.

NIGHT Token Plunges After Midnight Launch

In his December 10 livestream “Midnight Launch AAR,” Hoskinson opened with the volatile price action that dominated social media. NIGHT initially spiked to what he called an “insane” level: “It launched at almost a $150, which is just insane […] it just went way, way, way up.” Once trading opened on Binance Alpha, the move reversed violently. “As soon as it got on Binance Alpha – oh god, why, why, oh why – all the way down to two cents. They dumped on us. That’s what they do. That’s what the DGENs over in that market do.”

He framed this as typical exchange-distribution dynamics, not a structural failure: recipients with no real connection to the ecosystem “regardless of the price, they just dump the token. They probably didn’t even know what NIGHT was.”

According to Hoskinson, such launches usually endure 48–72 hours of “high volatility” before a stable range emerges. He reiterated that he had expected NIGHT to trade in a “5 cents to 15 cents” band and said it was sitting around 6–6.5 cents with a fully diluted valuation of roughly $1.5 billion and around $150 million in trading volume. For a brand-new Cardano-native asset in current conditions, he called that “a really solid launch.”

What made the debut historically significant in his view was the combination of tier-one listings and on-chain metrics. “This is the first time in history that Cardano right out the gate can launch a $1.5 billion product, be listed on Binance Alpha and Kraken and OKX and everybody else at the start,” he said, stressing that much of the required infrastructure “wasn’t there” and had to be built during the run-up.

Cardano’s Best Launch Ever

On Cardano itself, he highlighted that Midnight immediately became the dominant token by trading activity. Citing TapTools, he said NIGHT was “sitting [at] an overwhelming level of volume, and it’s actually greater than the volume of every other Cardano native token combined,” adding that its FDV is “worth more than all the other CNTs combined as well.”

For the first time, he argued, DEXs such as Minswap and SundaeSwap carried a “meaningful percentage of trading volume […] with respect to large exchanges,” helping “prime the pump on Cardano DEXes” and pull more stablecoins into the ecosystem.

Distribution was another focal point. Hoskinson praised the Glacier Drop mechanism and its gradual “thawing,” saying it creates “a nice steady emission and a nice steady flow for the system as opposed to a jagged thing where the insiders all dump.”

He contrasted Midnight’s retail-heavy, exchange-plus-airdrop distribution with VC-led launches elsewhere: “This is the first time since Bitcoin that a launch has been done the way that Midnight did it. It was complete retail, completely fair, and none of those damn VCs got their grubby hands on it. Instead, it went right to you, the people.”

He tied that to a broader “return to first principles,” arguing that 2026 should reward projects with fair launches and fixed-supply, deflationary monetary policies: “There’s a fixed supply NIGHT, by the way […] it’s going to be a good year for everybody who’s betting on you, the consumer, and not betting on the banks.”

Looking forward, Hoskinson positioned Midnight as Cardano’s first “partner chain” and the “tip of the spear” for a hybrid DApp model spanning multiple ecosystems: “You talk about Midnight Cardano, Midnight Ethereum, Midnight Solana, Midnight Avalanche, Midnight Binance.” He said that after the first four phases of the roadmap, “every two months a new ecosystem gets activated,” with recurring feature drops “every six to eight weeks.”

He also cast Midnight as a competitive wedge for Cardano DApps. With tier-one integrations and privacy-preserving capabilities, he argued, “we have privacy before [Ethereum and Solana] do,” giving Cardano–Midnight hybrid apps a differentiator that can help grow TVL, MAU and transaction volume.

Hoskinson insisted that the launch pressure-tested and validated the base protocol: “Cardano network handled it. The exchanges handled it. And Midnight is here to stay.” The ambition from here is explicit. “We’re going to march Midnight up as an ecosystem to that $10 billion mark. That’s the goal. Let’s keep going. Let’s get her done,” he said, adding that “these are the best numbers we’ve ever seen in the history of Cardano” – and, in his view, only the beginning.

At press time, ADA traded at $0.4325.

Банк России в новом «Обзоре рисков финансовых рынков» назвал биткоин самым убыточным активом за ноябрь, но сохранил за ним статус одного из самых выгодных за последние три года.

Для выхода из медвежьего тренда первой криптовалюте необходимо закрепиться выше отметки $95 000. Без этого условия актив останется чрезмерно уязвимым к макроэкономическим событиям, заявили аналитики Glassnode.

Data shows Bitcoin treasury companies have seen an explosive growth trajectory since 2023, gaining relevance as an important pillar of the market.

Public & Private Companies Now Hold More Than A Million Bitcoin

In a new post on X, on-chain analytics firm Glassnode has talked about the trend in the Bitcoin treasuries held by public and private companies. Below is the chart shared by Glassnode that shows changes in both the holdings of the various companies as well as their combined balance.

As is visible in the graph, Bitcoin treasuries held by companies saw slow, but steady growth during 2023 and most of 2024, but in late 2024, the growth became much more rapid.

This sharp trajectory continued into 2025 and so far, with the year’s end approaching, the uptrend hasn’t faded. This would suggest that corporates have been accumulating BTC at a significant pace for a year now.

In January 2023, the size of the Bitcoin holdings that private and public firms held stood at 197,000 BTC. Today, that figure has grown to 1.08 million BTC, implying a massive jump of about 448%.

Today, there are about 19.96 million tokens in circulation, so more than 5.4% of the cryptocurrency’s supply is sitting in the treasuries of public and private companies. “Corporate balance sheets are becoming an increasingly significant pillar of demand for BTC,” noted the analytics firm.

A major force behind the increase in Bitcoin corporate holdings is naturally Strategy (formerly MicroStrategy). The Michael Saylor-led firm has been a regular presence in the market for some time now, participating in buying almost every week and making no sales since December 2022.

Strategy currently owns about 660,624 BTC, which means that the treasury company alone accounts for over 61% of all BTC holdings attached to public and private firms.

While Strategy has been a big factor behind the surge in corporate holdings, it hasn’t been the only one. 2025 has seen the rise of treasuries like Metaplanet, which have also contributed to growth in BTC treasuries.

The year has also witnessed a treasury movement related to altcoins, with both Ethereum and Solana seeing a significant amount of accumulation. ETH treasuries went through some sharp growth in mid-2025, but during the recent phase of price decline, buying has slowed down.

That said, it hasn’t hit a complete pause, as institutional DeFi solutions provider Sentora has pointed out in an X post that Ethereum treasuries added a significant amount during November.

As displayed in the above chart, Ethereum treasuries added 309,000 ETH during November, and so far in December, they have accumulated another 100,000 ETH.

BTC Price

Bitcoin surged to $94,500 on Tuesday, but the cryptocurrency has since faced a drawdown as it’s now back at $92,200.

South Korea’s government has reportedly missed the deadline to submit its highly anticipated stablecoin legislation, risking a delay of the second phase of the country’s regulatory efforts to align with global standards and foster innovation.

FSC Misses Key Deadline Amid BOK Disagreement

On Wednesday, local media outlets affirmed that the South Korean government failed to submit the long-awaited bill for the Second Phase of the Virtual Asset User Protection Act, which is expected to address the issuance and distribution of won-denominated stablecoins.

Chosun Biz reported that the Financial Services Commission (FSC) did not meet the National Assembly’s submission deadline for the government’s legislation. On December 1, authorities set December 10 as the deadline to submit the bill to the National Policy Committee.

According to political circles cited by the report, the government bill was delayed because the FSC and the Bank of Korea (BOK) failed to resolve their differences over the issuance of won-pegged stablecoins.

As reported by Bitcoinist, local outlets stated in late November that South Korea’s stablecoin legislation risked being delayed due to a disagreement between financial authorities and the central bank over the extent of banks’ role.

The BOK and FSC seemingly agreed that the financial institutions must be involved in the issuance of won-pegged tokens. However, the central bank has been pushing for a consortium of banks owning at least 51% of any stablecoin issuer seeking regulatory approval in the country.

Meanwhile, the FSC was willing to involve diverse players in the process, expressing concern that giving a majority stake to banks could reduce participation from tech firms and limit the market’s innovation.

The November report noted that the regulatory standoff appeared to leave the market in limbo, with some tech companies actively preparing to get approval and others taking a cautious approach due to the unclear regulatory direction.

Stablecoin Legislation Risks ‘Prolonged Deliberation Process’

Chosun Biz noted that the Democratic Party of Korea (DPK) initially intended to advance the second phase of its virtual asset bill by reviewing the government bill. Nonetheless, if the government draft continues to be delayed, the bills previously introduced by lawmakers could be reviewed first.

Since June, multiple bills related to the issuance and distribution of won-pegged stablecoins have been introduced in the National Assembly. Min Byung-deok, a member of the National Assembly’s Government Committee, introduced the “Digital Assets Basic Act, proposing enabling the issuance of won-pegged stablecoins and establishing a Digital Asset Committee under the direct authority of the president.

In July, South Korea’s ruling and opposition parties proposed rival bills to establish the highly anticipated regulatory framework. Notably, Ahn Do-gil, a member of the Planning and Finance Committee from the Democratic Party, introduced the “Act on the Issuance and Distribution of Value-Stable Digital Assets.”

Similarly, Kim Eun-hye, a member of the Land, Infrastructure, and Transport Committee from the People Power Party (PPP), proposed the “Act on Payment Innovation Using Value-Fixed Digital Assets.”

The two bills shared similarities, like the assignment of stablecoin oversight to the FSC. However, they differed over the issue of interest payments, with the PPP’s bill allowing interest payments and the DPK’s bill completely banning them to prevent market disruption.

It’s worth noting that the FSC chairman, Lee Eun-won, recently affirmed that the regulatory agency will “fundamentally prohibit the payment of interest on stablecoins as a principle,” adopting the same principle as the US framework, the GENIUS Act, which prohibits interest payments on the holding or use of payment-purpose stablecoins.

Following the Wednesday delay, a member of the National Policy Committee from the Democratic Party affirmed that, “for now, it looks difficult to narrow the differences between the FSC and the BOK.”

“If the government bill continues not to be submitted, the deliberation process could be prolonged, so we should at least review the bills introduced by lawmakers first,” they concluded.

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The American Federation of Teachers (AFT) has formally added its voice to the growing opposition against the proposed crypto market structure bill, urging the Senate Banking Committee to reconsider the legislation. 

In a letter obtained by CNBC, AFT President Randi Weingarten described the bill as “as irresponsible as it is reckless,” citing the alleged dangers it poses to working families’ pensions and the overall economy.

AFT Calls Out Loopholes In Crypto Legislation

In her correspondence with Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, who is known for her consistent skepticism toward digital assets, Weingarten expressed significant concern about the implications of the proposed legislation. 

She stated that the current draft gives the AFT “deep concern” over the risks posed to retirement plans, including the union’s own pensions. Weingarten argued that advancing the crypto legislation could open the door to “widespread fraud” and “unethical practices” within retirement schemes.

Weingarten alleged that the bill “misleadingly” portrays cryptocurrencies as stable and mainstream, despite their volatility. She argued that rather than providing necessary safeguards. “If passed, it will undercut the safety of many assets and cause problems across retirement investments,” she noted.

Among the specific concerns raised by the AFT was a provision allowing non-crypto companies to issue their stock on the blockchain, thus evading existing regulatory frameworks for securities. 

Weingarten warned that this loophole and the corresponding erosion of traditional securities laws could have “disastrous outcomes.” She noted that pensions and 401(k) plans may end up invested in unsafe assets, even when they are nominally traditional securities. 

Additionally, she criticized the legislation for inadequately addressing the fraud and illegal activities that Weingarten believes remain prevalent in crypto markets, labeling it “irresponsible” and “reckless.”

Delays And Heightened Concerns

In the letter, Weingarten also stressed that if the bill were to become law, it could potentially set the stage for the next financial crisis. The AFT’s stance aligns with concerns previously expressed by the AFL-CIO, the nation’s largest labor union, which also opposed a draft of the crypto bill in October.

In line with Weingarten’s opposition, Democratic senators, including Warren, have raised concerns regarding the balance of regulatory oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). 

Massachusetts Secretary of State William Galvin reiterated these concerns in a letter, highlighting that the proposed legislation could exclude significant portions of the financial industry from state oversight, creating risks for millions of savers.

Progress on the Senate’s version of the crypto market structure bill has faced delays, partly attributed to the recent lengthiest government shutdown in US history. 

Senator Lummis recently provided insight into potential timelines, indicating that her goal is to share a new draft by the end of the week. She plans to allow both the crypto industry and lawmakers from both parties to review the draft before moving forward with markup next week.

Featured image from DALL-E, chart from TradingView.com