HashKey Holdings, a Hong Kong virtual asset trading platform, passed its listing hearing at the Hong Kong Stock Exchange on Dec. 1, with JPMorgan serving as joint sponsor, BlockBeats reports. The company holds licenses across multiple jurisdictions and has recorded cumulative spot trading volume exceeding HK$1.3 trillion, with staked assets of approximately HK$29 billion. BiyaPay currently supports USDT-based trading of U.S. stocks, Hong Kong stocks, and futures, and will enable users to trade HashKey shares once the listing is completed.

More than 270 former users of Tokenize Xchange filed a lawsuit against founder Hong Qi Yu and his wife Erin Koo seeking $60.5 million in damages for alleged fraudulent misappropriation of customer assets, techinasia reports. The Singapore-based crypto platform, operated by AmazingTech, ceased operations in July 2025 after the Monetary Authority of Singapore denied it a digital payment token license. Court-appointed interim judicial managers reported AmazingTech owes clients approximately $266.3 million while holding only about $2.6 million in assets, with the lawsuit alleging Hong and Koo are responsible for the funding shortfall.

Societe Generale interest rate strategists project the Federal Reserve will cut rates twice more in 2025 after a December reduction, with the 2-year Treasury yield declining to 3.20% and the 10-year yield to 3.75% by end-2026, Jin10 reports. The bank expects upcoming economic data to show resilient U.S. growth, persistent inflation and modest labor market weakness. The forecast was published in a Dec. 1 report.

Chinese regulators held a coordination meeting on Nov. 28 to address virtual currency trading speculation, reaffirming the 2021 ban on crypto business operations in mainland China and emphasizing crackdowns on money laundering and illegal capital outflows, BlockBeats reported on Dec. 1. Lawyer Xiao Sa said the policy primarily targets illegal foreign exchange conversions using stablecoins such as USDT and USDC, which circumvent China's annual $50,000 FX limit per person. Recent judicial practices show increased prosecutions of over-the-counter traders under charges including illegal business operations, aiding information network crimes, money laundering, and concealing criminal proceeds. Xiao added the mainland policy will not affect Hong Kong's open approach to virtual assets, as the two regions have established distinct regulatory frameworks directing innovation to designated zones.

White House National Economic Council Director Kevin Hassett's odds of becoming the next Federal Reserve Chair reached 78% on Kalshi as of Dec. 1, up from 55% a week earlier, market data show. On Polymarket, Hassett's probability climbed to 71%, significantly ahead of other potential candidates.

The Federal Reserve's balance sheet may not show immediate improvement despite quantitative tightening ending December 1, Into The Cryptoverse CEO Benjamin Cowen said. Cowen cited the 2019 precedent when the Fed's balance sheet continued declining through August despite announcing QT would end August 1, as final Treasury settlements took until mid-month to complete. He projects similar dynamics could delay visible balance sheet changes until early 2026.

Federal Reserve Chair Jerome Powell has a 97% probability of remaining in his position through year-end, Polymarket prediction markets showed on Dec. 1. The forecast comes despite circulating speculation of an emergency meeting scheduled for 7 p.m. ET Monday where Powell would potentially announce his resignation. Market participants have largely discounted the likelihood of a leadership change at the central bank before 2025.

Unverified social media claims circulated on Nov. 30 suggesting Federal Reserve Chairman Jerome Powell would announce his resignation at an emergency meeting on Dec. 1 at 7 p.m. ET, BlockBeats reports. No mainstream media outlets or official channels have corroborated the claims. Powell is scheduled to deliver remarks at a commemorative event on Dec. 2 at 9:00 a.m., with the speech topic undisclosed. President Trump said Dec. 1, "I know who I want as Fed Chair, and I will announce it soon." Kevin Hassett, Director of the White House National Economic Council, has emerged as a prominent candidate for the position; Hassett declined to comment on his candidacy during CBS's "Face the Nation" appearance on Nov. 30, characterizing related Bloomberg reports as "speculation."

Federal Reserve Chair Jerome Powell will speak at a commemorative event on Tuesday at 9:00 a.m., BlockBeats reports. The U.S. November ADP employment report is scheduled for release Wednesday at 9:15 p.m., followed by initial jobless claims for the week ending November 29 on Thursday at 9:30 p.m. Friday at 11:00 p.m. will see the publication of the November core PCE price index annual rate, December one-year inflation expectations preliminary reading, and December University of Michigan consumer sentiment index preliminary value.