MegaETH terminated its pre-deposit campaign after multiple technical malfunctions pushed contributions to $500 million, well beyond initial controls. An early execution of a Safe multisig transaction, combined with configuration errors and rate-limiting issues, allowed deposits to proceed uncontrolled. The team froze the raise at $500 million and abandoned plans to expand to $1 billion.

The Commodity Futures Trading Commission is establishing a CEO Innovation Council to develop cryptocurrency regulatory frameworks. Acting Chair Caroline D. Pham announced the initiative on November 25, 2025, with nominations due by December 8. The move aligns with pending legislation that could expand the agency's authority over digital assets.

Japan's Financial Services Agency has mandated that cryptocurrency exchanges maintain liability reserves to protect users from losses due to hacks and fraud. The regulatory amendment follows revisions to the Payment Services Law passed in June 2025. Exchanges must hold a portion of customer assets domestically and establish dedicated buffer funds to ensure rapid reimbursements in the event of security breaches or unauthorized outflows.

Bitcoin miners face shrinking profit margins after the network hashrate reached a record 1.1 zettahashes per second in October 2025. Hashprice dropped to approximately $35 per PH/s by November, the lowest level in over five years. Payback periods for new mining equipment now exceed 1,200 days as competition for block rewards intensifies.

The U.S. Securities and Exchange Commission's Division of Corporation Finance issued a no-action letter to Fuse Crypto Limited on November 25, 2025, stating it will not recommend enforcement action regarding the company's FUSE token distribution. The regulator determined the token does not qualify as a security under the Howey test, as it functions as an incentive mechanism rewarding sustainable energy participation rather than an investment vehicle. The approval marks the SEC's second no-action letter in recent months for tokens with practical infrastructure applications.

FG Nexus Inc. saw its share price drop over 7% following disclosure of a 10,922 ETH sale worth approximately $31 million. The Ethereum treasury company combined sale proceeds with a $10 million loan to repurchase roughly 3.4 million common shares at an average price of $3.45 per share. The buyback represents about 8% of outstanding stock under the firm's $200 million share repurchase program.

The U.S. Securities and Exchange Commission's Crypto Task Force will hold a roundtable on December 15 to examine privacy and financial surveillance issues in the cryptocurrency sector. The discussion follows increased investor attention to privacy concerns, driven by recent legal cases involving developers of privacy-focused tools including Tornado Cash and Samourai Wallet. Industry leaders and SEC officials will participate, though no specific policy recommendations are expected during the session.

Senator Todd Young has urged Treasury Secretary and Acting IRS Commissioner Scott Bessent to revise the 2023 regulations on staking reward taxation. The current framework taxes unrealized gains, creating burdens on cryptocurrency holders. The IRS issued Revenue Procedure 2025-31 on November 10, 2025, allowing institutional crypto trusts and ETFs to stake assets while maintaining tax benefits, but individual holders remain subject to taxation on unsold rewards.

The U.S. Securities and Exchange Commission's Division of Examinations released its fiscal year 2026 priorities on November 17, excluding any dedicated focus on digital assets or cryptocurrencies. The agency will instead prioritize fiduciary duties, cybersecurity, data privacy, and risks related to artificial intelligence and automated investment tools. Digital-asset firms may still face examination based on individual risk profiles, despite crypto's absence as a standalone category.