Hong Kong's stablecoin regulatory framework permits only fiat-collateralized stablecoins, with applicants required to hold minimum capital of HK$25 million, Raymond Lui, member of the Stablecoin Review Tribunal and Web3 Development Group, said on Nov. 21, Aastocks reports. Issuers must invest reserve fiat funds in highly liquid, low-risk assets to ensure reliable backing of stablecoin value. The framework also mandates independent audits and compliance documentation submitted to regulatory authorities to demonstrate adherence to operational and risk management standards.

Kevin Hassett, White House National Economic Council Director and a potential Fed Chair candidate named by Trump, said on Nov. 21 that pausing rate cuts in December would be 'very poor timing' for the central bank, Jin10 reports. Hassett projected the government shutdown would reduce fourth-quarter GDP by 1.5 percentage points, while noting September CPI data showed inflation performing better than expected. JPMorgan withdrew its forecast for a 25-basis-point Fed rate cut in December on Thursday evening, following Morgan Stanley, with both banks now anticipating the next cuts in January and April.

Japanese Prime Minister Sanae Takaichi's cabinet approved a ¥21.3 trillion economic stimulus package on November 21, with ¥17.7 trillion (approximately $112 billion) in general account spending representing the largest supplementary budget since the pandemic, the Cabinet Office said. Over half of the funds are dedicated to price relief measures, responding to inflation that has remained at or above the Bank of Japan's 2% target for 43 consecutive months through October, the longest streak since 1992. The stimulus has contributed to the yen falling to a 10-month low and super-long-term government bond yields rising to record highs. The cabinet plans to approve the supplementary budget as early as November 28 and aims for parliamentary passage by year-end.

JPMorgan Chase no longer expects a Federal Reserve interest rate cut in December, Jin10 reports. The bank previously forecast a 25 basis point reduction for the month. The revised outlook reflects the institution's reassessment of year-end monetary policy expectations.

An Argentine congressional investigative committee released a report on Nov. 21 alleging President Milei provided "critical cooperation" in the LIBRA token collapse and recommending Congress assess potential malfeasance charges. The committee said Milei promoted LIBRA on his personal social media accounts, after which eight wallets linked to the LIBRA team cashed out $107 million, resulting in losses for 114,410 investor wallets. The investigation also found Milei promoted another cryptocurrency called KIP Protocol, which experienced liquidity pool drainage after its December 2024 launch. Milei and other founders including U.S. entrepreneur Hayden Davis face judicial investigation in Argentina and a class action lawsuit filed by New York's Burwick Law firm; Milei has denied wrongdoing and dissolved a special investigative task force his office established in May.

Multiple Federal Reserve officials on Nov. 21 raised financial stability concerns, including potential sharp asset price declines, as a factor in rate cut timing, BlockBeats reports. Fed Governor Lisa Cook identified vulnerabilities including the rapidly expanding private credit market, hedge fund activity in Treasury markets, and generative AI use in algorithmic trading, while noting she would not be surprised by a collapse in elevated asset prices. Cleveland Fed President Beth Hammack reiterated opposition to further rate cuts due to persistent inflation and loose financial conditions, while Fed Governor Michael Barr said Thursday the central bank needs to proceed cautiously on rate reductions. Chicago Fed President Austan Goolsbee expressed concern about another December cut, stating inflation progress "seems to have stalled and, if anything, we've gotten warnings of it going in the wrong direction."

The Federal Reserve faces a 39.6% probability of cutting rates by 25 basis points in December, with a 60.4% chance of holding rates steady, CME FedWatch data show as of November 21. For the cumulative period through January, the tool shows a 50.2% probability of a 25bps cut, a 29.7% chance rates remain unchanged, and a 20.2% probability of a cumulative 50bps reduction.

Morgan Stanley analyst Michael Gapen revised the firm's Federal Reserve policy outlook on Nov. 20, removing expectations for a December rate cut and projecting three reductions in January, April, and June 2025, Jin10 reports. The analyst cited strong employment data as lowering unemployment risks. The forecast maintains a terminal rate target of 3% to 3.25%.