White House reviews foreign crypto tax policy; CBOE launches BTC and ETH continuous futures.

Headline

▌White House Reviewing Tax Policy on Overseas Crypto Assets; Cross-Border Regulatory Framework May Be Adjusted

The Trump administration recently advanced a regulatory proposal aimed at authorizing the IRS to obtain key information on citizens' overseas crypto accounts and impose taxes. According to a government website announcement, the Treasury Department's proposal regarding the U.S. joining the international crypto tax reporting framework was submitted to the White House on Friday, and the president's advisory team will review it.

▌CBOE to Launch Bitcoin and Ethereum Continuous Futures Contracts on December 15

The Chicago Board Options Exchange (CBOE) will launch Bitcoin and Ethereum continuous futures contracts on December 15.

As of press time, according to CoinGecko data: BTC price is $91,841.37, a 24-hour change of -2.4%; ETH price is $3,018.01, a 24-hour change of -2.3%; BNB price is $904.95, a 24-hour change of -2.6%. The price of SOL is $130.50, a 24-hour change of -5.0%; the price of DOGE is $0.1516, a 24-hour change of -4.6%; the price of XRP is $2.15, a 24-hour change of -3.0%; and the price of TRX is $0.291, a 24-hour change of -0.4%. WLFI price is $0.1367, a 24-hour change of -4.1%; HYPE price is $38.58, a 24-hour change of -0.1%. Policy Agriculture Committee Chairman John Buzman (Republican, Arkansas) stated his commitment to achieving this timeline, noting that the government shutdown delayed his planned review of the bill this week. House Banking Committee Chairman Tim Scott (Republican, South Carolina) had planned to complete his review of the banking bill by the end of September, but he has not yet specified when his committee's portion of the draft will be submitted to a vote. The draft text, which became a bipartisan outcome after last month's Capitol Hill roundtable, has also remained unreleased, and it is unclear whether it will be available before the Thanksgiving holiday. The draft leaves several key gaps, including how to regulate decentralized finance (DeFi), and some wording in parentheses has not yet been approved by lawmakers. If the committees complete their respective reviews next month, the two bill texts will be merged into a single piece of legislation and submitted to the full Senate for a vote. However, with the holidays and year-end approaching, many expect the voting process and the final passage of the market structure bill to be postponed until next year's session, with the focus in the second half of next year primarily on the midterm elections.

▌Federal Reserve's Jefferson: No Intervention in Cryptocurrency Adoption, Such Innovation Will Not Affect the Fed's Monetary Policy Capability

Federal Reserve Vice Chairman Jefferson stated that financial innovation has always been a feature of the U.S. financial system, and the rise of digital assets is part of that. The Fed's regulations neither encourage nor prohibit the use of cryptocurrencies; that depends on the private sector. The Fed's role is to ensure that the banking industry remains safe and sound while the public embraces new technologies. As long as the Fed's policies remain in sync with the needs of businesses and households, one should not assume that cryptocurrencies and other innovations will affect the Fed's monetary policy capability.

▌TD Cowen: SEC Enters Key 12-Month Regulatory Period, Atkins Chairman to Lead Crypto Rulemaking

Investment bank TD Cowen analysts point out that with the federal government resuming operations, the U.S. Securities and Exchange Commission (SEC) will enter a critical 12-month period, as the agency is working on developing regulatory rules for the cryptocurrency industry.

A report from the TD Cowen Washington research team, led by Jaret Seiberg, stated that after the longest government shutdown, market focus has shifted to SEC Chairman Paul Atkins' policy agenda. "With the government reopening, the SEC will enter the most important 12 months of Chairman Atkins' tenure, and his deregulation agenda will enter a substantial phase," Seiberg said on Monday.

▌Federal Reserve Vice Chairman Jefferson: The impact of artificial intelligence on productivity will have a significant impact on monetary policy

Federal Reserve Vice Chairman Jefferson: The impact of artificial intelligence on productivity will have a significant impact on monetary policy.

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Blockchain Applications

▌Vitalik Buterin Releases Kohaku, a Privacy-Preserving Crypto Tool for Ethereum

Vitalik Buterin released Kohaku, a suite of privacy-preserving crypto tools designed to enhance the privacy and security of the Ethereum ecosystem, spearheaded by the Ethereum Foundation. In recent months, Vitalik and the Ethereum Foundation have more explicitly stated that privacy is a fundamental right and goal for blockchain developers.

▌Aave to Launch App Offering High-Yield Returns on Apple App Store

According to Fortune magazine, Aave Labs announced on Monday plans to launch an app on the Apple App Store and opened a waiting list for interested users. Aave's new product is similar to a savings account but with higher returns. Users can earn a minimum of 5% interest on their assets and can deposit funds through bank accounts or debit cards.

The product uses stablecoins and the Aave protocol.

▌Gemini Announces Zero-Fee Trading of Tokenized Stocks for EU Clients Starting Today

Cryptocurrency trading platform Gemini announced that EU clients can now trade tokenized stocks with zero fees.

▌Trump Organization Plans to Build Tokenized Resort in Maldives

The Trump Organization is planning to build a luxury resort in the Maldives with its Saudi Arabian partners and plans to tokenize the hotel development project. The two companies said in a joint statement on Monday that the Trump International Hotel Maldives project will include 80 ultra-luxury beach villas and overwater villas, jointly developed by the Trump Organization and Dar Global Plc. Dar Global is a London-listed subsidiary of the Saudi developer. The Maldives resort is scheduled to open by the end of 2028, just a 25-minute speedboat ride from the capital, Malé.

▌95% of Bitcoin's total supply has been mined

According to Bitcoin Magazine, 95% of Bitcoin's total supply has been mined.

▌Total cryptocurrency market capitalization falls to $3.21 trillion, a 24-hour drop of 2.2%

According to Coingecko data, the total cryptocurrency market capitalization fell to $3.21 trillion, a 24-hour drop of 2.2%, with a 24-hour trading volume of $214.53 billion.

▌BNB Treasury Company Applied DNA Renamed BNB Plus, Holdings Exceed 15,000 BNB

Nasdaq-listed BNB treasury company Applied DNA announced its renaming to BNB Plus and updating its stock ticker to "BNBX". It also appointed OnChain Alpha founder Josh Kruger as Chairman of the Board to advance its BNB treasury strategy. The company disclosed that its current BNB holdings have reached 15,524.68 BNB.

▌$851 Million in Liquidations in the Past 24 Hours

Data shows that $851 million in liquidations occurred in the past 24 hours, including $510 million in long positions and $341 million in short positions. Of these, $405 million was in BTC and $181 million in ETH.

▌SOL Treasury Company Forward Industries Deposit 1.443 Million SOL into Coinbase Prime

According to Onchain Lens monitoring, three hours ago, a Forward Industries address deposited 1,443,507 SOL, worth $201.34 million, into Coinbase Prime. It is unclear whether this was a sale. Forward Industries (NASDAQ: FWDI, formerly FORD) is currently the world's largest SOL (Solana's native token) treasury company. According to its latest treasury update on November 15, 2025, the company holds approximately 6.91 million SOL, representing over 1.25% of Solana's total circulating supply.

▌Hyperion DeFi Signs Agreement with Cantor Fitzgerald and Others to Raise $500 Million Through Stock Sale

Nasdaq-listed Hyperion DeFi announced that it has signed a sales agreement with Cantor Fitzgerald & Co. and Chardan Capital Markets, LLC to issue and sell its common stock through these two sales agents to raise $500 million. The new funds will support its further expansion and operations, as well as for increasing its holdings of HYPE tokens.

▌Coinbase Monad (MON) Token Public Sale Officially Launched

According to official news, the public sale of Monad (MON) tokens on the Coinbase platform officially launched at 22:00 Beijing time today.

It is reported that this public sale will offer 7.5% of the total MON tokens at a price of 0.025 USDC, with a FDV of $2.5 billion, and will close on Sunday, November 23rd at 10:00 AM. Coinbase will add support for Toncoin (TON) on The Open Network. If liquidity conditions are met, the TON-USD trading pair will be available in supported trading regions. **Important Economic Developments** Federal Reserve Governor Waller: Supports Risk-Management Rate Cut in December Federal Reserve Governor Waller stated that he supports another rate cut at the December meeting because he is increasingly concerned about a sharp slowdown in the labor market and employment. Waller said, “I’m not worried about accelerating inflation or a significant rise in inflation expectations. My focus is on the labor market, and after several months of weakness, the September jobs report later this week or any other data in the coming weeks is unlikely to change my view that another rate cut is necessary.” Waller specifically noted that he favors another 25 basis point rate cut. Waller stated, “I am concerned that restrictive monetary policy is putting pressure on the economy, especially its impact on low- and middle-income consumers. A rate cut in December would provide additional protection against a faster weakening of the labor market and move policy in a more neutral direction.” At the same time, he stated that price data suggests that tariffs will not have a long-term impact on inflation. Another rate cut would be a risk management approach. Nick Timiraos, a vocal critic of the Federal Reserve, points out in an article that Fed officials face the challenge of resolving disagreements on interest rates. He cites two camps within the Fed: one more concerned about inflation, a group that has recently expanded and includes four regional Fed presidents with voting rights this year, as well as Fed Governor Barr; the other more concerned about the labor market, including all three Trump-appointed Fed governors, who worry that their colleagues will overemphasize the dangers of persistently high inflation, leading to an unnecessary recession, and that high inflation is still a long way off. Nick states that, regardless, at least three people are likely to disagree at the December meeting: three Trump-appointed officials will oppose maintaining the current rate; and if the Fed cuts rates by 25 basis points, at least three votes will be against it. According to CME's "FedWatch," the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 42.9%, while the probability of keeping rates unchanged is 57.1%. The probability of the Fed cutting rates by a cumulative 25 basis points by January next year is 48.2%, the probability of keeping rates unchanged is 35.6%, and the probability of a cumulative 50 basis point cut is 16.1%. RISC-V, pronounced "risk five," is a modern open-source instruction set architecture (ISA) based on the principles of Reduced Instruction Set Computer (RISC). In simple terms, it's like a blueprint defining a set of instructions that a processor can execute. RISC-V is designed to be highly modular, efficient, and flexible. Originally developed by the University of California in 2010, this open-source framework allows developers the flexibility to customize its functionality and use cases, and offers cost savings compared to proprietary ISAs like ARM or x86. RISC-V has a wide range of applications, from supercomputers to smartphones, and now blockchains like Ethereum. On April 20th, Ethereum co-founder Vitalik Buterin announced a "radical" new scaling solution that would replace the Ethereum Virtual Machine (EVM) with the RISC-V instruction set architecture, aiming to improve the speed and efficiency of the network execution layer. The idea is that RISC-V is the best solution to address the scalability limitations of blockchains. Adding RISC-V to Ethereum is currently only a proposal being discussed by the community and network governance. Buterin outlined several ways to implement the proposal, including running two virtual machines (VMs) or switching entirely to RISC-V. The primary idea behind supporting virtual machines is to allow contracts to be written and executed in the existing EVM model or RISC-V. Another, more radical approach is to modify the protocol to transform existing EVM contracts. A major challenge with such a significant change is avoiding breaking existing decentralized applications (DApps) and smart contracts. Ethereum cannot risk breaking existing contracts written in its current EVM code. A transitional solution might involve using an interpreter—essentially a translation layer between different computational languages. This would allow developers to begin building using RISC-V while ensuring that traditional EVM contracts continue to function without disruption.