Japan's government and ruling coalition have endorsed a comprehensive overhaul of cryptocurrency taxation, proposing a uniform 20% rate on digital asset gains. The Financial Services Agency introduced the plan in November and intends to submit legislation to the Diet in early 2026. The reform would align crypto taxation with equities and investment trusts, which currently face the same 20% rate.

Vanguard Group, the world's second-largest asset manager, will allow trading of cryptocurrency-focused ETFs and mutual funds on its platform starting Tuesday. The firm, which previously deemed digital assets highly volatile, now supports funds investing in Bitcoin, Ether, XRP, and Solana. The decision provides more than 50 million brokerage clients managing over $11 trillion in assets with access to regulated crypto investment vehicles.

Bitcoin fell from above $89,000 to nearly $86,000 within one hour at the start of December, while Ethereum declined more than 5% in the same period. Total crypto market capitalization dropped from approximately $1.82 trillion to below $1.72 trillion, reaching its lowest level in recent weeks.

House Republicans released a 51-page report on December 1 detailing banking access challenges faced by at least 30 digital asset entities between 2022 and 2024. The documentation includes FDIC pause letters sent to approximately 24 banks and Federal Reserve guidance requiring pre-approval for crypto activities. The Trump Administration has since reversed these policies through multiple regulatory actions beginning January 2025.

The U.S. House Financial Services Committee released a 53-page report on December 1, 2025, alleging that Biden Administration regulators attempted to exclude cryptocurrency firms from the banking system. Republicans claim the Federal Reserve, FDIC, OCC, and SEC coordinated policies to discourage banks from serving digital asset companies. The report labels these efforts "Operation Choke Point 2.0" and asserts they occurred while Congress worked to establish regulatory clarity for the sector.

First Digital Group, the Hong Kong-based issuer of the FDUSD stablecoin, plans to go public on the New York Stock Exchange through a merger with CSLM Digital Asset Acquisition Corp III. The SPAC raised $230 million in its August IPO on Nasdaq, with merger terms currently under negotiation.

South Korean lawmakers have set a December 10 deadline for regulators to submit a draft stablecoin bill. If the Financial Services Commission fails to deliver, legislators plan to advance independent legislation. The debate centers on whether banks or technology firms should lead issuance of won-pegged stablecoins.

Chicago-based exchange Bitnomial has secured regulatory approval from the Commodity Futures Trading Commission to launch spot cryptocurrency trading. The platform becomes the first U.S. derivatives exchange authorized to offer regulated spot crypto products, with services including retail leveraged trading capabilities. CFTC Acting Chair Caroline Pham indicated new products are expected to commence trading before year-end, with the platform's full launch scheduled for November 2025.