The cryptocurrency sector is navigating a week of pivotal regulatory and security developments. Kevin Hassett, with deep crypto ties including a over $1 million stake in Coinbase, has emerged as the leading candidate for Federal Reserve chair under President Trump, potentially accelerating rate cuts and reshaping crypto regulation. Treasury Secretary Scott Bessent indicated a decision could come before Christmas.
In a significant regulatory move, the SEC issued a no-action letter to Solana-based DePIN project Fuse on November 19, confirming it would not recommend enforcement action for the FUSE token if it remains utility-focused and not speculative. This marks the second such DePIN-related relief recently, highlighting the SEC's openness to tightly scoped utility tokens.
Security concerns intensified with the Upbit hack, where nearly $37 million was stolen across more than 20 tokens, with authorities suspecting involvement by North Korea's Lazarus Group. Upbit froze activity, moved assets to cold storage, and fully reimbursed users from its reserves. Meanwhile, the U.S. Senate is preparing a December vote on a major crypto market structure bill to define SEC and CFTC roles, boosting industry confidence.
Other key events include JPMorgan launching a leveraged Bitcoin note tied to BlackRock's IBIT, offering 1.5x upside by 2028; 21Shares' XRP ETF debuting December 1 with $666.61 million in inflows driving a 12% weekly price jump; and Shiba Inu rolling out two major Shibarium upgrades for privacy and AI gaming, sparking a 5.4% price increase. Tether faced a Weak S&P rating over reserve concerns, and China reiterated its crypto ban, warning of rising risks.
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