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.

The European Commission has proposed granting the European Securities and Markets Authority direct oversight of all crypto asset service providers in the bloc. The proposal would replace the current passporting system with centralized licensing, similar to the U.S. Securities and Exchange Commission's model. Officials say the shift addresses regulatory fragmentation and inconsistent standards across member states.

The International Monetary Fund published a 56-page departmental paper on December 2, 2025, warning that foreign-currency stablecoins can accelerate currency substitution in economies with weak institutions. Approximately 97% of the $300+ billion stablecoin market references the U.S. dollar, with concentration in USDT and USDC issuance. The fund recommends harmonized legal definitions, strict reserve standards, and cross-border supervisory coordination to prevent jurisdictional arbitrage.