XRP saw a 1,694,200% liquidation imbalance after a 1.43% price drop, with long positions accounting for nearly all losses, data show. Ethereum experienced a network disruption affecting approximately 23% of nodes due to a Prysm client bug on December 5. More than 2,000 BTC, worth $185.16 million, were withdrawn from Binance in two transactions.

Indiana lawmakers have introduced House Bill 1042, legislation authorizing public pension funds and retirement plans to invest in cryptocurrency exchange-traded funds. The bill requires certain public retirement programs, including the state's 529 education savings plan, to offer crypto ETF options to participants. These funds would gain authorization to invest on a voluntary basis.

Negotiations on U.S. Senate crypto market structure legislation have stalled over three unresolved disputes, Variant Fund Chief Legal Officer Jake Chervinsky said Thursday. The issues involve stablecoin yield restrictions, presidential family conflicts of interest, and protections for decentralized finance developers. Chervinsky said he does not expect committee markup sessions before year-end.

Italy's securities regulator CONSOB has set December 30, 2025 as the final deadline for crypto platforms to transition from domestic registration to the EU's Markets in Crypto-Assets regime. Firms that file for MiCA authorization before the cutoff may continue serving Italian clients provisionally until approval or until June 30, 2026. Platforms that do not seek authorization must cease operations, notify users, and return all funds by the deadline.

HashKey Holdings Ltd. plans to begin accepting investor orders for its Hong Kong initial public offering as early as next week. The cryptocurrency exchange operator aims to raise at least $200 million, according to Bloomberg. The company may list shares before the end of December, though the offering size and timing remain subject to market conditions.

The Commodity Futures Trading Commission has authorized spot cryptocurrency products to trade on federally regulated U.S. futures exchanges for the first time. Acting Chairman Caroline Pham said the decision aims to provide American investors with secure, regulated domestic trading options rather than relying on offshore platforms. The authorization follows Congressional reforms enacted fifteen years ago to strengthen U.S. markets after the financial crisis.

Italian authorities have set December 30, 2025 as the final deadline for virtual asset service providers to submit authorization applications under the Markets in Crypto-Assets Regulation framework. Operators that fail to file by this date must cease operations and terminate client relationships. Law Decree 95/2025 extended the original June 30 cutoff by six months to allow firms additional preparation time.

Italy's financial regulator Consob has mandated that Virtual Asset Service Providers obtain Crypto-Asset Service Provider authorization under the EU's Markets in Crypto-Assets Regulation or cease operations by December 30, 2025. Operators that fail to secure certification by the deadline will be prohibited from serving Italian customers and must return user assets. Providers submitting applications before December 30 may continue services during review, with full compliance required by June 30, 2026.