South Korea is set to require stablecoin issuers to be consortiums with at least 51% bank ownership, News1 reported on Dec. 3. The proposal, part of the government and National Assembly's second-phase Digital Asset Basic Act, has gained backing from the Democratic Party's digital asset task force. The framework reflects a compromise between the Bank of Korea's preference for bank-only issuance and lawmakers' calls to include fintech and blockchain firms, with the government draft due Dec. 10 and legislative completion targeted for January.

President Donald Trump said Kevin Hassett could be his choice for Federal Reserve Chair, telling a Cabinet meeting on Dec. 2 he may announce the decision in early 2025 after reviewing 10 candidates, BlockBeats reports. Treasury Secretary Bessent does not seek the role, Trump noted. Trump renewed criticism of Chair Jerome Powell, citing JPMorgan Chase CEO Jamie Dimon's view that the Fed should lower interest rates.

Deutsche Bank analyst Antje Praefcke said on Dec. 2 that the U.S. dollar could face downward pressure if the next Federal Reserve chair cuts rates in response to President Trump's calls amid elevated inflation, Jin10 reports. Praefcke noted that Kevin Hassett, expected to be nominated as Director of the White House National Economic Council and viewed as a close Trump ally, increases the likelihood of Fed rate cuts. She stated that while this scenario has not materialized, "market expectations alone that the Fed might adopt a more dovish stance on inflation are sufficient to pressure the dollar."

The U.S. Securities and Exchange Commission will introduce a crypto 'innovation exemption' in January, SEC Chair Paul Atkins said on Dec. 2. Atkins said the commission plans to modify rules to reduce litigation and support initial public offerings. The announcement signals a potential shift in the SEC's regulatory approach toward digital assets under the new leadership.

Federal Reserve policymakers show the widest divergence in long-term interest rate projections since the central bank began publishing such estimates in 2012, Bloomberg reports. The split has emerged after rate cuts exceeding one percentage point, with officials now publicly debating whether to cut rates again next week and the path forward.

The Organisation for Economic Co-operation and Development projects the Federal Reserve will gradually reduce its key interest rate to 3.25%-3.5% by the end of 2026, according to a Dec. 2 report. The OECD raised its U.S. growth forecast to 2% for 2025 (from 1.8%) and to 1.7% for 2026 (from 1.5%). The organization warned that potential U.S. tariff increases could slow global growth in 2026 and described the nation's fiscal policy trajectory as unsustainable, while noting upside potential if AI investment expands further.

Russia's Central Bank is prepared to relax regulatory definitions that currently restrict cryptocurrency trading to highly qualified investors, Deputy Finance Minister Ivan Chebeskov said on Dec. 2. The central bank and Finance Ministry are discussing loosening crypto trading restrictions within the sanctioned nation. The policy shift comes as Russian financial authorities face pressure from international sanctions.

Federal Reserve Governor Michelle Bowman told House lawmakers on Dec. 2 she will work to establish new rules for banks and stablecoin issuers to ensure healthy competition among Wall Street institutions, fintech firms, and crypto companies, Bloomberg reports. In prepared testimony for the House Financial Services Committee hearing, Bowman said her regulatory responsibility includes encouraging responsible innovation while enhancing supervisory capabilities to address safety and soundness risks from technological advances. She indicated she will collaborate with other agencies to develop capital and diversification requirements for stablecoin issuers under the GENIUS Act, which mandates formal registration and equivalent dollar reserves for such entities.