U.S. Congressman Warren Davidson introduced the Bitcoin for America Act on November 20, proposing to allow federal tax payments in Bitcoin. The legislation would eliminate capital gains tax on Bitcoin used for such payments and establish a Strategic Bitcoin Reserve funded by these collections.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, permitting national banks to hold cryptocurrency on their balance sheets to cover blockchain network fees. The ruling enables banks to maintain native tokens like ETH for operational gas costs without relying on third-party providers, removing a key barrier for institutions running on-chain custody and stablecoin services. Banks may hold these assets as principal where they have a reasonably foreseeable operational need, the OCC stated.

A wallet holding Hyperliquid's second-largest losing position closed leveraged Bitcoin and Ethereum longs, realizing losses exceeding $10 million before opening a 6x leveraged ETH short. Another trader exited positions with a $6.2 million loss and initiated a 2x leveraged short on Ethereum worth approximately $60.4 million. The moves signal bearish positioning amid heightened market volatility.

Cryptocurrency markets experienced liquidations exceeding $180 million in a single hour as Bitcoin dropped to $88,000 and Ethereum fell below $2,900, data show. Long positions accounted for $176 million of the liquidations. Total 24-hour liquidations reached $750 million, affecting nearly 220,000 traders.

Kraken submitted a confidential S-1 filing for an initial public offering on November 19. The San Francisco-based exchange had closed an $800 million funding round at a $20 billion valuation less than a week earlier, with participants including Citadel Securities, Jane Street, DRW Venture Capital, and Oppenheimer. The move positions Kraken among a wave of crypto firms pursuing public listings, with Circle, BitGo, Gemini, Bullish, and Grayscale also in the pipeline—a group that could collectively represent nearly $100 billion in market capitalization.

GANA Payment, a BNB Smart Chain project, lost $3.1 million after attackers gained unauthorized contract control and manipulated staking rewards. The attacker laundered 1,140 BNB ($1.04 million) and 346.8 ETH ($1.05 million) through Tornado Cash, with approximately $1 million remaining on Ethereum. Blockchain security firm HashDit identified the vulnerability as malicious transfer of contract ownership, enabling extraction of excess GANA tokens.

Cryptocurrency exchange Kraken has submitted a confidential Form S-1 to the US Securities and Exchange Commission for an initial public offering. The Wyoming-based platform secured $800 million in funding through two separate investment rounds, valuing the company at $20 billion.

Crypto-collateralized lending reached an all-time high of $73.59 billion in the third quarter of 2025, marking a $20.46 billion increase from the previous quarter, according to Galaxy Research. On-chain lending now accounts for 66.9% of all crypto-collateralized debt. The growth was driven by DeFi protocols and collateralized debt positions, with lending applications capturing over 80% of the on-chain market.