The European Commission is proposing to transfer direct supervisory authority over all cryptocurrency companies in the EU to the European Securities and Markets Authority (ESMA). The move would replace the current Markets in Crypto-Assets (MiCA) framework, which relies on national regulators for authorization and oversight. Industry representatives have warned that reopening MiCA could introduce legal uncertainty and delay the authorization process.

Coinbase has challenged banking associations seeking to broaden the GENIUS Act's interest prohibition to cover merchant discounts and third-party rewards linked to stablecoin payments. Chief Policy Officer Faryar Shirzad said on November 13, 2025, that Congress intended the Act to ban only issuer-paid interest, not benefits from external parties. The American Bankers Association and 52 state groups had urged Treasury on November 4, 2025, to treat any economic benefit tied to stablecoin holdings as prohibited interest.

Cryptocurrency markets posted sharp declines over 24 hours, with Bitcoin falling 5.8% and Ethereum dropping 9.4%. The S&P 500 declined approximately 1.8% during the same period as investors repositioned amid rising interest rate expectations and pressure on technology stocks. Total crypto market capitalization contracted 6%, moving from approximately $3.4 trillion to $3.2 trillion, according to market data.

Grayscale filed its IPO registration with the U.S. Securities and Exchange Commission on November 14, 2024, reporting a net loss of $318.7 million and a 20% revenue decline for the first nine months of 2024. The digital asset manager oversees approximately $35 billion across more than 40 investment products. The company plans to list on the New York Stock Exchange under the ticker GRAY.

The Crypto Fear & Greed Index fell to 15 out of 100 this week, reaching extreme fear levels last seen in February and comparable to sentiment when Bitcoin traded at $18,000 in 2022, according to Santiment. The market intelligence platform suggests this capitulation phase could set up a contrarian rally as retail traders exit positions while long-term holders accumulate. Bitcoin currently trades around $101,700, with Ethereum near $3,400.

The Monetary Authority of Singapore will trial tokenized MAS bills issued to primary dealers and settled using central bank digital currency. Managing Director Chia Der Jiun said tokenization has moved from experimental phases into real-world commercial deployment, though structural obstacles remain before widespread adoption. Detailed trial specifications will be released next year.

Securities and Exchange Commission Chair Paul Atkins announced Wednesday that the agency is developing a formal token taxonomy to classify digital assets under federal securities law. Speaking at the Federal Reserve Bank of Philadelphia's FinTech Conference, Atkins said most crypto tokens do not qualify as securities, differentiating digital commodities, collectibles, and tools from tokenized securities. The taxonomy forms part of the SEC's broader Project Crypto initiative and aims to provide upfront regulatory guidance rather than enforcement-driven policy.

Digital asset markets recovered after last week's decline, but QCP Capital analysts caution the rebound may lack durability. The Singapore-based firm cited ongoing headwinds including government operations disruption, U.S.-China trade tensions, and credit market instability as factors that could cap sustained gains.