On December 21, 2025, Binance Futures launched USDS-margined perpetual contracts for ZKPUSDT, GUAUSDT and IRUSDT with leverage of up to 40x. The new instruments expand Binance's derivatives lineup and may affect trading strategies and liquidity for the underlying tokens as traders access higher-risk, leveraged exposure.

A draft crypto tax framework in the US House of Representatives, led by Rep. Max Miller and supported by Rep. Steven Horsford, proposes a bipartisan overhaul of how digital assets are taxed. The plan includes a de minimis exemption for regulated stablecoin payments under $200, clearer rules for tax treatment of crypto lending, and up to five years of deferral on income from mining and staking rewards. If formally introduced and passed, it could mark a major shift in how Americans use and report digital assets for tax purposes.

On December 21 2025, Elon Musk’s wealth climbed to $769 billion after Delaware’s Supreme Court reinstated his disputed $56 billion Tesla compensation plan. At the same time, SpaceX is reportedly preparing an insider share sale valuing the firm at $800 billion and exploring a potential IPO, while investor Bill Ackman floated a SPARC-based listing structure that would offer Tesla shareholders special acquisition rights. Tesla’s share price has rallied, supported by growing market expectations around SpaceX and its possible public debut.

Industrial metals tracked gold’s strength in 2025, with year‑to‑date gains of more than 34% for copper, 27% for steel, 14% for aluminum, and 30% for lithium. A July 50% tariff on steel and aluminum, plus copper‑intensive goods, sparked inventory moves and price spikes, while mine outages and energy constraints tightened supply.

Reports indicate that U.S. Representatives Max Miller and Steven Horsford are allegedly working on a Digital Asset PARITY Act that would adjust cryptocurrency tax rules, including stablecoin transaction relief and deferred taxation of blockchain rewards. However, the bill and its provisions remain unconfirmed, and observers note similarities with earlier proposals from Senator Cynthia Lummis as questions persist about the measure’s authenticity and potential impact.

Santiment founder Maksim Balashevich said in a YouTube video on Friday that social media sentiment shows traders are still too optimistic to confirm a market bottom for Bitcoin, which trades near $88,350. He warned that BTC could still fall toward $75,000, while other indicators such as the Crypto Fear & Greed Index have been stuck in "Extreme Fear" since Dec. 14 and the Altcoin Season Index shows a strong "Bitcoin Season" reading.

Euro-denominated stablecoins have exceeded $1 billion in combined value this year, with Circle's EURC leading and holders above 150,000. USDC's footprint widened as XDC supply crossed $200 million after a December jump, and quarterly CCTP transfers hit an all-time high in Q4 2025, pushing total volumes past $30 billion.

On December 20, 2025, Momento Research's Ash Liew reported tracking 118 token generation events this year, with 84.7% (100/118) now below launch valuation and the median down 71%. Only 18 tokens, or 15%, remain above water. Syndicate leads losses at −93.64%, while Animecoin, Berachain, and Bio Protocol have each fallen over 93%.