The Securities and Exchange Commission has formally rejected multiple applications for 3x and 5x leveraged exchange-traded funds, citing violations of the 200% Value-at-Risk limit under Rule 18f-4. The regulator notified issuers on December 2, 2025, requesting they revise their strategies to comply with federal leverage restrictions or withdraw their filings. Rule 18f-4 of the Investment Company Act of 1940 caps leveraged ETF exposure at 2x under standard conditions, effectively barring ultra-leveraged products from registration.

Ethereum's Fusaka upgrade activates on December 3, introducing EIP-7594 (PeerDAS) to enhance rollup data verification and reduce bandwidth requirements. Open Interest stands above $17 billion with slightly positive Funding Rates, though ETH trades near $3,000 following a 43% decline. Network throughput recently hit an all-time high of nearly 33,000 TPS.

American Bitcoin shares fell 38.83% on Tuesday after restrictions lifted on shares issued in a pre-merger private placement. The stock declined nearly 50% in early trading before closing at $2.19. Co-founder Eric Trump said early investors were taking profits and confirmed he would not sell his holdings.

The United Kingdom enacted legislation formally recognizing cryptocurrencies as personal property. The Property Digital Assets Act establishes statutory guidelines for ownership disputes and asset recovery in digital holdings. The framework addresses classification gaps as crypto adoption reaches 12% of UK adults.

Bitcoin climbed 6.98% to $93,099 from $87,019 over 24 hours after Vanguard reversed its policy on cryptocurrency ETFs. The asset manager enabled clients to purchase funds holding Bitcoin, Ethereum, XRP, and Solana on Tuesday. Bloomberg ETF analyst Eric Balchunas linked the rally to what he called the "Vanguard Effect," noting $1 billion in IBIT volume within the first 30 minutes of trading.

XRP drew $289 million in weekly inflows, one of its strongest performances on record, according to CoinShares data. Digital asset exchange-traded products collectively recorded $1.07 billion in net inflows, reversing four consecutive weeks of outflows. The influx signals renewed institutional engagement across major crypto assets.

Strategy (MSTR) holds Bitcoin valued at approximately $60.4 billion as of December 3, while its market capitalization stands at $50.7 billion. The discount means investors can acquire the company's cryptocurrency holdings below market value, with its software operations effectively priced at a negative figure. After adjusting for $8.2 billion in debt, net Bitcoin holdings remain valued at roughly $48.6 billion, according to financial commentary platform The Kobeissi Letter.

Strategy holds approximately $59 billion in Bitcoin and may liquidate portions if its stock price drops below the value of its cryptocurrency assets. CEO Phong Le stated the company raised $1.4 billion in cash reserves to fund dividend and interest payments for up to two years without accessing its Bitcoin holdings. The firm is also exploring Bitcoin lending as an alternative strategy.