On Wednesday, the SEC's Trading and Markets Division detailed how broker-dealers can custody tokenized stocks and bonds under Rule 15c3-3, requiring exclusive control of private keys and defined operational, security and governance measures. Commissioner Hester Peirce separately raised trading-venue questions as Nasdaq (Nov. 30), Securitize (Tuesday) and Coinbase (Thursday) advance tokenized equity initiatives.

India's competition regulator approved Coinbase's plan to take a minority stake in DCX Global, the parent of CoinDCX, on Wednesday. Coinbase resumed Indian user sign-ups last week after a two-year pause, and its latest funding disclosure was made in mid-October. CoinDCX previously reported a $44.2 million wallet-related breach in July with no customer funds affected.

On 17 December 2025, the SEC's Division of Trading and Markets issued staff guidance explaining how broker-dealers can treat crypto asset securities as being in their physical possession when they hold and control the associated private keys. The statement details operational conditions for crypto custody under Rule 15c3-3, distinguishes "physical possession" from "control," and updates prior 2019 guidance on non-custodial models.

In early October, MSCI proposed excluding listed companies whose digital asset holdings represent at least 50% of total assets when their main activity is classified as digital-asset treasury, potentially forcing $10–15 billion in outflows. A preliminary list names 39 firms, including Strategy, Sharplink Gaming, Riot Platforms and Marathon Digital Holdings, with critics warning the rule would reclassify operating companies based on balance sheet exposure rather than business operations. MSCI is taking feedback until December 31 and plans to publish its final decision on January 15, with any index changes to be implemented in the February 2026 Index Review.

MSCI is considering excluding companies with large crypto treasuries from its equity indexes, with a final decision expected by Jan. 15 and possible implementation in February 2026. Analysts estimate that passive funds could be forced to sell between $10 billion and $15 billion of crypto-linked exposure, with Strategy accounting for roughly three-quarters of the affected float-adjusted market capitalisation. JPMorgan projects Strategy alone might face $2.8 billion in outflows if removed, potentially adding pressure to already weakening crypto markets.

Binance is weighing an ownership reshuffle and potential U.S. partnerships as it looks for a path back into the American market. Talks are described as early, and speculation intensified after an Oct. 23, 2025 pardon for co‑founder CZ, which drew political criticism and renewed debate over the exchange’s U.S. ambitions.

On Tuesday, the Competition Commission of India cleared Coinbase Global Inc.'s planned purchase of a minority stake in local crypto exchange CoinDCX. The deal, whose size remains undisclosed, implies a $2.45 billion valuation for CoinDCX and follows a period marked by a $44 million hack and Coinbase’s renewed push into the Indian market.

During its year-end conference, Coinbase announced the launch of stock trading and prediction markets in partnership with Kalshi as part of a shift toward a multi-asset platform. The exchange also plans to introduce 24/7 perpetual contracts with leverage up to 50x early next year, while its shares recently closed down over 3.3% before rebounding in after-hours trading to $247.85.