Every Major Firm now Finally Allows Bitcoin, yet an "Invisible" Compliance Layer is Quietly Blocking Your Access

Cryptocurrency

Summary:

Risk-tier gates, robo defaults and product menus keep mainstream money at arm’s length from Bitcoin ETFs.

Adding a Bitcoin ETF subaccount requires the insurance company to negotiate fees with the ETF issuer, clear internal compliance, and decide that offering crypto exposure serves policyholders’ interests and won’t trigger regulatory blowback.

Most insurers haven’t made that call yet, so the menu defaults to the same equity and bond subaccounts that have been available for decades.

The cultural and compliance layer

Finally, there’s the cultural and compliance layer. Even with the DOL’s reversal, benefits lawyers and consultants are still telling plan fiduciaries that crypto in 401(k)s is legally high-risk and should be approached with extreme caution.

Barron’s and MarketWatch both note that many advisors still view Bitcoin as speculative and suggest allocations of only 1% to 3%, even where ETFs are available, which effectively serves as a de facto soft cap.

Some platforms remain structurally biased toward indirect exposure: Schwab’s crypto education emphasizes ETPs and thematic stocks, not direct coins, steering conservative clients toward “picks and shovels” or diversified funds rather than owning BTC itself.

This is the layer that doesn’t show up in product availability grids but determines what actually happens in practice.

A fiduciary can add a Bitcoin ETF to a 401(k) menu, but if the benefits consultant tells the board that doing so will invite scrutiny and increase litigation risk, the board will choose not to.

An adviser can recommend a 5% Bitcoin allocation, but if the compliance desk flags it as outside the client’s risk tolerance band, the allocation is trimmed to 1% or removed entirely.

The end state is a market where Bitcoin is technically available everywhere but practically available only to clients who know to ask for it, have the risk tolerance to clear compliance gates, and are using platforms that treat crypto as a core asset class rather than a speculative add-on.

The big outright bans are gone. What’s left is a soft infrastructure of defaults, gates, and nudges that keeps most US retirement money in the same equity-and-bond allocations it’s always had.

Source: Cryptoslate

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Manuel

Commodity

The U.S. Defense Logistics Agency still intends to purchase cobalt for the National Defense Stockpile but is reassessing its strategy and has no target date for reissuing the tender, a DLA spokesperson told ‌Reuters on Thursday.

Any purchases of cobalt are likely to cost the agency a lot more as prices have ‌already risen 50% since the original tender was launched in August.

This is the DLA's first cobalt stockpiling effort in more than three decades. The United States needs cobalt to safeguard national security and industrial resilience as competition for strategic minerals intensifies around the world.

The U.S. is also ⁠aiming to reduce reliance on ‌China, which dominates processing of the metal used to make missiles, aerospace parts, magnets for communication and radar and guidance systems.

"DLA is currently reevaluating ‍its acquisition strategy for cobalt. The requirement is still valid, and DLA still intends to purchase the material for the National Defense Stockpile," the DLA spokesperson said. "At this time, the agency does not have a target date for reissuance of the solicitation."

The tender originally announced on August 19 ‌with offers due by August 29 went through several amendments before it was cancelled in October.

Cobalt prices are currently trading around $24 a lb or $52,910 a metric ton, compared with $16 a lb or $35,275 a ton in August. They have been climbing since hitting a nine-year low around $10 a lb in February after top producer Democratic Republic of Congo banned exports.

Congo has ⁠since imposed quotas, but producers are still waiting for government approval to resume exports.

In the original offer, the agency detailed plans to purchase 16.49 million lbs or 7,480 metric tons of cobalt metal over a five-year period for the National Defense Stockpile.

It ‍was initially looking for ⁠offers from only three companies - Vale's Port Colborne and Long Harbour plants in Canada, Japan's Sumitomo Metal Mining and Glencore's Nikkelverk operation in Norway.

Cobalt industry sources say part ⁠of the problem with the tender was the DLA wanting companies to commit to fixed prices for the entire ‌five-year period which doesn't account for price swings that could leave producers facing ‌losses.

Source: Reuters

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Justin

Economic

This year has been the worst for layoffs since the start of the pandemic, a new report shows — and those newly unemployed workers are entering a tough job market.

While a job loss can leave workers scrambling to keep up with bills like their mortgage or children's college tuition, there is one thing it's important to do before you reassess your expenses or talk to lenders, experts say: Apply for unemployment benefits.

It can take weeks for the benefits to reach you, and minimizing that wait can help you shore up your financial situation.

"After a layoff, workers should apply for unemployment benefits immediately to help cover essential expenses and preserve their savings for true emergencies," said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York. Boneparth is also a member of the CNBC Financial Advisor Council.

U.S. employers have cut 1.17 million jobs through November of this year, with corporate restructuring, artificial intelligence and tariffs to blame, consulting firm Challenger, Gray & Christmas reported Thursday. That number is the highest level since 2020, during the Covid pandemic.

Payroll processing firm ADP also found this week that the labor market slowdown intensified in November, with private companies cutting 32,000 workers.

If you live in one state and work in another, you'll want to apply for the aid in the state where you worked, experts say.

On a DOL-sponsored website, you can find the contact information for state unemployment agencies.

State agencies should pay benefits within three weeks of your application, but delays have become more common since the pandemic, Evermore said.

"It's probably going to get worse as layoffs increase," she added.

Maximum benefits vary by state

Maximum unemployment benefit amounts vary by state. For example, California's maximum weekly benefit is $450; in Florida, the cap is $275, Evermore said. Recently, the maximum weekly benefit in New York rose to $869.

Standard benefit timeline is 26 weeks, but not always

In most states, claimants can get unemployment benefits for 26 weeks, Evermore said — although it's less in some states. In Florida, for example, the benefits last for just 12 weeks.

Unemployment benefits are subject to taxes

Unemployment benefits are subject to federal taxes, and many states tax them, too. When you start to receive the payments, your state will typically give you the option to have taxes withheld, Evermore said.

It's a good idea to take that option to avoid a potentially hefty tax bill later, she said.

Source: CNBC

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Justin

Economic

U.S. Treasury yields rose on Thursday, snapping a three-day decline, as investors stepped back from bond purchases and consolidated positions ahead of next week's Federal Reserve meeting, where the central bank is widely expected to deliver a third consecutive rate cut.

In the bond market, yields rise when prices fall.

In late morning trading, the benchmark 10-year yield rose 3.4 basis points to 4.092%, while the 30-year yield climbed 2.7 bps to 4.752% (US30YT=RR).

On the front end of the curve, the two-year yield, which reflects interest rate moves by the Fed, advanced 3.3 bps at 3.519% (US2YT=RR).

"We've had a little bit of a streak of lower yields since Monday and with the focus on monetary policy, it feels like rate cuts just kept getting more and more momentum," said Jim Barnes, director of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania.

"Today you just have a little bit of a giveback. The jobless claims data probably helped with that a little bit. But the market was already trading off earlier, even before the claims data even came out."

ECONOMY LOST 9,000 JOBS IN NOVEMBER: REPORT

U.S. yields, however, pared their increase after data from Revelio Labs, which develops monthly employment estimates from online employment profiles and other information, showed that the economy lost 9,000 jobs in November, a second month of decline after a drop of 9,100 estimated for October.

The report overshadowed weekly U.S. jobless claims numbers that fell to their lowest in more than three years, although analysts said the data could have been skewed lower by the Thanksgiving holiday.

Initial claims for state unemployment benefits fell 27,000 to a seasonally adjusted 191,000 for the week ended November 29, the lowest level since September 2022. Economists polled by Reuters had forecast 220,000 claims for the latest week.

The initial claims number was also consistent with a report showing fewer job cuts in the first 11 months of 2025.

Global outplacement firm Challenger, Gray & Christmas said planned job cuts declined 53% to 71,321 last month from October. They were, however, 24% higher compared to the same period last year, and November's tally was the largest for the month since 2022.

"Initial jobless claims look better than the alternate data sources on layoffs ... (but) the latest week for claims data included the Thanksgiving holiday, and holidays often distort claims data, so this release should be taken with a big grain of salt," wrote Bill Adams, chief economist at Comerica Bank in Dallas.

"Even so, the recent trend looks good, with initial claims averaging a low 215,000 in the last four weeks."

On Thursday, U.S. rate futures have priced in an 87% chance of a 25-bps cut next week, down from 90% on Wednesday, CME FedWatch showed.

Fed funds futures have factored in more than 90 bps of easing next year, with two rate declines in the first half amid expectations the new Fed chair will push steeper rate cuts in line with what President Donald Trump wants.

Source: TradingView

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Olivia Brooks

Stocks

Economic

Forex

Global shares edged up on Thursday, powered by expectations that a U.S. rate cut will support the world's largest economy after data showed employment is slowing, while the dollar was lower and poised for its 10th straight day of losses against a basket of major currencies.

U.S. stocks were losing ground in early trade after two consecutive sessions of gains, with the benchmark S&P 500 (.SPX), flat. Healthcare, consumer discretionary and materials stocks were suffering the most losses, while real estate, financials and utilities were advancing.

The Dow Jones Industrial Average (.DJI), fell 0.09%, the S&P 500 (.SPX), edged down 0.06% and the Nasdaq Composite (.IXIC), lost 0.14%.

In Europe, the STOXX 600 (.STOXX), was up 0.42% and still headed for a modest weekly gain. London's FTSE 100 index (.FTSE), was up 0.16% while Germany's DAX (DAX.O), gained 0.45%. MSCI's gauge of stocks across the globe (.MIWD00000PUS), rose 0.18%.

Japanese stocks rallied sharply after an auction of government bonds drew strong demand from investors, which helped set the tone for the broader equity market. The Nikkei (.N225), rose 2.33%.

"After a 5% pullback in late November, stocks have rebounded and are now trading at the pre-pullback levels and near all-time highs," Michael Farr, chief executive of investment advisory firm Farr, Miller & Washington in Washington.

US PRIVATE PAYROLLS DATA POST BIG DROP

The gains came after U.S. private payrolls data posted their biggest drop in more than two-and-a-half years, and following a survey of the services sector that showed activity held steady in November while hiring slowed.

"If they cut rates by a quarter of a point and then take a pause - which every Fed speaker has indicated, markets might be disappointed in the messaging. If they don't cut and say we're going to wait until the next meeting, markets will be disappointed there too," Farr said.

Fed funds futures are pricing a near 90% chance of a quarter-point cut at the end of the Fed's next meeting on December 10, compared with an 83.4% chance a week ago, according to the CME Group's FedWatch tool.

The dollar index , which tracks the U.S. currency's performance against six others, was last down 0.08% on the day, heading for a 10th straight daily decline, making this its longest stretch of losses since at least 1971, according to LSEG data.

US 10-YEAR TREASURY BOND YIELD UP 3.4 BASIS POINTS

The yield on the U.S. 10-year Treasury bond was last up 3.4 basis points at 4.092%. The Financial Times reported on Wednesday that bond investors had expressed concerns to the U.S. Treasury that Kevin Hassett, a candidate to replace Jerome Powell as Fed chair next year, could aggressively cut interest rates to align with President Donald Trump's preferences.

"I think there's purposeful timing by the Trump administration to announce the president's selection of a new Fed chairman that will be seen - correctly or not - as being more dovish around this meeting to appear as an antidote to the messaging," Farr said.

In Japan, the government's debt sale drew the strongest demand in more than six years, which helped soothe investor nerves about the country's long-term finances that have stoked similar worries about other economies.

The dollar was last down 0.28% at 154.8 against the yen , which is heading for its largest weekly gain against the U.S. currency in over two months.

The yen got another boost from a Reuters report that the Bank of Japan (BOJ) is likely to raise interest rates in December with the government expected to tolerate such a decision, citing three government sources familiar with the deliberations.

Meanwhile, the yuan softened a touch, leaving the dollar up 0.18% at 7.070 yuan in offshore trading in Hong Kong . The Chinese currency hit its strongest level against the dollar in more than a year on Wednesday.

Precious metals cooled after a recent hot streak. Gold was last down 0.28% at $4,195 an ounce, while silver fell 2.4% to $57.03 an ounce, after hitting a record high of $58.98 on Tuesday.

Brent crude was last up 0.06% at $62.71 a barrel.

Reporting by Chibuike Oguh in New York and Gregor Stuart Hunter; Editing by Lincoln Feast, Sonali Paul, Andrew Heavens, Chizu Nomiyama and Ed Osmond

Source: Kitco

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Adam

Economic

Global markets are increasingly positioning for a US interest-rate cut at the December 9–10 policy meeting of the Federal Reserve, with investors concluding that current monetary settings no longer align with an economy losing momentum.

The case for easing has strengthened decisively as growth indicators soften and inflation risks continue to retreat. The data points to further rate cuts. Labor demand is weakening, consumer spending pressure is emerging, and the inflation backdrop has become far less threatening. Policy no longer needs to remain this restrictive.

Labor market dynamics remain central to expectations for next week’s meeting.

While headline job growth persists, underlying signals indicate cooling demand for workers. Job openings have fallen sharply from their peak, hiring intentions have eased, and wage growth is moderating across sectors. Businesses are adjusting to softer conditions rather than competing aggressively for staff.

Forward-looking labor data matters more than backward headlines. Monetary policy has long lags. Central banks that wait for visible stress tend to respond too late.

Consumer behaviour reinforces the argument for action. Household spending has supported US growth for much of the past two years, but signs of strain are increasing.

Credit reliance is rising, delinquency rates are edging higher, and excess savings accumulated during the pandemic have largely faded. Consumers are becoming more cautious and more selective, particularly around discretionary purchases.

The consumer engine is still running, but it’s no longer accelerating. This change shifts the risk toward overtightening rather than overheating.

At the same time, inflation conditions have altered meaningfully. Goods prices remain contained, services inflation is easing alongside slower wage growth and supply-side pressures have normalized.

While inflation remains above target, the trajectory and risk profile have changed. The probability of renewed upside inflation shocks has diminished substantially. Rates were set for an economy running hot, and that environment has passed. Keeping monetary policy unchanged for too long creates unnecessary downside risk.

For financial markets, a rate cut next week would validate a transition already underway rather than trigger disruption.

Equities have responded to easing expectations, with sentiment improving and participation broadening beyond defensive sectors. A policy move would reinforce confidence that the tightening cycle has ended and that growth risks are being addressed.

Bond markets would also respond to confirmation that peak rates are behind us. Yields are likely to continue drifting lower as investors adjust duration exposure and reprice future policy paths.

Lower yields would ease financial conditions and improve the outlook for fixed income after years of contraction.

The US dollar would feel the effects indirectly. A shift toward easier policy would reduce yield support, encouraging modest US dollar weakness over time as global capital flows diversify.

A lower-rate US environment changes the global equation. It eases pressure on international markets, improves conditions for emerging economies, and supports broader risk appetite.

Globally, a Fed move would ripple well beyond US borders. Other central banks would gain greater flexibility, financial conditions would loosen worldwide, and cross-border investment could regain momentum following an extended period of tight liquidity.

Next week’s meeting leaves policymakers with narrowing room for delay. Markets are responding to the current available data. When policy follows that reality, confidence strengthens. Hesitation carries its own risks.

With expectations firming ahead of the December 9–10 meeting, the economic case for a rate cut is clear, investors are positioning for it, and global markets are preparing for the next phase of the monetary cycle.

Source: investing

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Devin

Economic

The Trump administration is signaling that it could withdraw entirely and renegotiate large parts of an existing trade accord with the Canada and Mexico next year, underscoring its volatile approach even among trusted trade partners.

In an interview with Politico, U.S. Trade Ambassador Jamieson Greer floated the possibility of the U.S. exiting the U.S.-Canada-Mexico trade agreement that Trump negotiated in his first term. The three countries are set to enter fresh talks in July to update the agreement, if necessary.

Trump, though, might take a wrecking ball to the entire trade deal in pursuit of something he perceives as fairer.

"The president's view is he only wants deals that are a good deal," Greer said. "The reason why we built a review period into USMCA was in case we needed to revise it, review it or exit it."

Greer added that the Trump administration might simply split the agreement in two and negotiate with Mexico and Canada separately.

Trump blew up trade talks with Canada in October over a Canadian TV ad that borrowed from President Ronald Reagan to criticize his signature tariffs. Those discussions have been paused ever since, and Canadian Prime Minister Mark Carney has expressed no rush on his end to revive the talks.

"Our relationship with the Canadian economy is totally different than our relationship with the Mexican economy," Greer told Politico. "I mean, the labor situation is different. The stuff that's being made is different. The export and import profile is different. It actually doesn't make a ton of economic sense why we would marry those three together."

The USMCA represents the biggest trade achievement for Trump in his first term. In 2020, it replaced the North American Free Trade Agreement that he relentlessly attacked first as a 2016 presidential candidate and later on as president.

It enabled $1.8 trillion in cross-border, tariff-free trade from the U.S. to Mexico and Canada in 2022, according to government data. Much of U.S. exports to both countries consisted of services exports including professional and financial services.

The U.S. has kept 50% tariffs on Canadian steel and aluminum in tandem with a 25% tariff on Canadian imports. By comparison, Mexico has largely been spared from Trump's tariffs, with the bulk of its goods still entering the U.S. duty-free since they comply with U.S. origin rules under the USMCA agreement.