Yomiuri: MUFG to Reenter MMF Market Amid Rising Interest Rates in Japan

Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin and other cryptocurrencies on federally registered exchanges for the first time.

According to the Commodity Futures Trading Commission, listed spot crypto products may now be offered on exchanges registered with the agency, a move announced on December 4, 2025.

Regulated Spot Trading Begins

The action comes from a CFTC press release labeled Release No. 9145-25 and that the change allows spot crypto contracts to be listed on futures exchanges that are registered with the CFTC.

The regulator said its rules now permit such listings to trade under the oversight and surveillance standards those exchanges already follow.

Bitnomial Leads The Way

Bitnomial, a Chicago-based derivatives exchange, is set to be the first exchange to list such products, with plans to offer both leveraged and non-leveraged spot trading on its platform.

Market notices and statements show Bitnomial moved quickly to use the new framework, announcing a launch and filings that position it as the first US venue to trade listed spot crypto under CFTC rules. What This Means For Investors

According to market commentators and reporting, the shift brings spot trades under long-standing market protections like clearing, surveillance and execution rules that apply to other listed products.

That can make some institutional players and big funds more willing to trade onshore. At the same time, regulators say this is meant to pull activity away from unregulated offshore venues and improve market oversight.

Acting Chairman Caroline Pham said the move is meant to strengthen the US position in the crypto market while giving traders access to safer and more transparent trading venues. Risks Remain

Reports have disclosed that the change does not remove the underlying risks of crypto: prices can swing widely, and no regulatory move can stop market volatility.

Also, only exchanges that seek and obtain the proper CFTC registration will be able to use this route, so most offshore platforms remain outside US oversight for now.Next Steps

Observers will be watching whether other US exchanges follow Bitnomial, how many retail investors gain access, and how the SEC responds on parallel issues such as token classification and custody rules.

The CFTC had flagged this pathway in August as part of a broader initiative to allow listed spot crypto trading, and agencies have since coordinated on guidance and public engagement.

The CFTC’s Acting Chairman said this brings spot crypto trading into a regulated setting Americans can trust, and that exchanges with the right protections can now list these products.

This development is part of a months-long policy push by the administration to create clearer rules for digital assets.

Featured image from Barron’s, chart from TradingView

Italy's financial watchdog has issued a reminder to crypto operators and investors ahead of a key regulatory deadline, urging close attention to the Dec. 30 cutoff for compliance with the EU's Markets in Crypto-Assets Regulation (MiCA) framework.

Under MiCA's transitional rules, Italy's currently registered virtual asset service providers (VASPs) may continue operating only until Dec. 30, 2025, unless they file an application to become licensed crypto-asset service providers (CASPs) in Italy or another EU member state, according to a Thursday statement released by Consob, the country's financial market regulator.

Firms that submit applications by the deadline may continue operating until their authorization is approved or rejected, but no later than June 30, 2026. Consob also reiterated its expectations for VASPs that do not intend to seek MiCA authorization. Such firms must cease operations in Italy by Dec. 30, terminate existing contracts, and return customer assets.

Italy's present regime requires VASPs merely to register with the OAM, the national agents and brokers body. CASPs, by contrast, must obtain full authorization from supervisory authorities and are subject to ongoing oversight. 

Consob noted that the reminder aligns with a separate statement published Thursday by the European Securities and Markets Authority, which is coordinating the EU-wide transition.

Macroprudential concerns rise

Separately, Italy's Committee for Macroprudential Policies — comprising the Bank of Italy, Consob, IVASS, COVIP and the Treasury — met Thursday in Rome to review financial stability risks, according to a press release. 

While members assessed that the country's economic conditions remain broadly favorable, they warned that vulnerabilities linked to crypto assets could be increasing due to "growing interconnections with the financial system" and uneven global regulation.

The Ministry of Economy and Finance has launched an in-depth review of safeguards for retail investors' direct and indirect exposure to crypto assets, the statement said.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Shiba Inu is trading very similarly to an asset caught in a classic dead cat bounce. There was no significant volume expansion to support the short-lived increase from recent lows, and there was no structural shift on the chart. The market is already beginning to reject it; it was a reactionary bounce within an established downtrend. The evidence is clear-cut. 

SHIB in clear downtrend

The 50-day, 100-day and 200-day major moving averages are all sloping downward, creating a multilayer resistance stack above the price. SHIB has not been able to convincingly break above even the 20-day EMA, and every time it tries to move higher, selling pressure is applied right away.  Chart by TradingView">

When buyers become weary, liquidity pools empty and rallies turn into chances for exits rather than entries. In addition, the price structure shows no indication of a trend reversal, lower highs and lower lows. The recent bounce simply tapped the underside of descending resistance and rolled over again, failing to disrupt the pattern. A dead cat bounce is precisely that — a brief relief rally that crumbles under its own weight because there is not a legitimate bid below it.

SHIB's zero removal chances

In this market structure, it is not possible for SHIB to remove a zero from its price in the near future. SHIB would require consistent upward momentum, a breakout above the 100-day and 200-day MAs and a noticeable change in both volume and sentiment in order to even start challenging those levels. That does not exist. Volume is still thin and distribution is leaning, but momentum indicators like RSI are stuck in neutral and unable to produce bullish divergence. 

Most likely a retest of support close to recent lows or a prolonged grind at the bottom will occur next. Meme assets suffer disproportionately when liquidity declines, so SHIB's decline will only quicken if Bitcoin starts to weaken again. For now, investors should be cautious about their expectations. 

SHIB is having difficulty staying afloat inside a declining channel rather than preparing for a zero-removal breakout. The path of least resistance remains sideways or downward rather than upward until trend volume and overall risk appetite shift.

XRP ETFs are attracting unprecedented institutional attention, with cumulative inflows nearing $1 billion. This surge comes just weeks after the launch of spot XRP ETFs, highlighting growing confidence in Ripple and its regulated RLUSD stablecoin. 

The inflows have already outpaced Bitcoin and Ethereum ETFs, locking up more than 400 million XRP tokens.

Spot XRP ETFs See Strong Early Inflows

Data from SoSoValue shows that XRP spot ETFs recorded a total daily net inflow of $12.84 million on December 4th (ET). Breakdown of inflows:

• Franklin Templeton XRP ETF (XRPZ): $5.70 million
• Bitwise XRP ETF: $3.76 million

Actual daily trading volumes from XRP Insights indicate:

• Bitwise XRP ETF: $10.10M
• Canary ETF: $6.86M
• Franklin Templeton XRP ETF (XRPZ): $5.60M
• REX-Osprey ETF: $3.67M
• Grayscale XRP Fund: $2.57M

Total Daily Volume: $28.80M

These figures say that XRP ETFs aren’t just attracting inflows; they are gaining market share and momentum compared to other crypto ETFs.

Launched in mid-November, spot XRP ETFs have already netted between $874 million and $906 million, reaching $1 billion faster than many early Bitcoin or Ethereum ETF launches. This rapid adoption highlights XRP’s increasing institutional appeal.

Early Issuers Like Canary, Bitwise, and Franklin Templeton Drive XRP ETF Growth

Canary Capital launched the first spot XRP ETF on November 13, recording $59 million in trading volume on its first day. The fund has since attracted $245 million in net inflows, setting the pace for other entrants.

Following Canary, major firms such as Bitwise, Grayscale, and Franklin Templeton introduced their own spot XRP ETFs. Bitwise alone drew over $105 million during its initial trading days, increasing investor access and encouraging broader participation.

However, not all issuers proceeded with XRP ETFs. CoinShares officially withdrew filings for three proposed crypto ETFs, including a spot XRP fund, citing strategic adjustments.

New XRP ETF Approval and Leveraged ETFs Expand Options

21Shares recently got SEC approval to launch its spot XRP ETF under the ticker TOXR on the Cboe BZX Exchange, giving investors another way to access XRP. 

At the same time, REX Shares and Tuttle Capital introduced a 2x leveraged XRP ETF, allowing traders to gain double exposure to daily XRP price movements. 

REX had earlier launched a partial spot XRP product, and the new leveraged version builds on that. Leveraged ETFs offer options for different trading strategies and risk preferences, adding more variety to the XRP ETF market.

Why Investors Are Turning to XRP

Investors are shifting funds from Bitcoin and Ethereum into XRP ETFs, positioning early for institutional adoption. 

Despite strong ETF inflows, XRP is trading around $2.15, down 31% over the past two months, reflecting overall crypto market weakness and cautious sentiment among retail investors. 

According to Boston Consulting Group, U.S. dollar-pegged stablecoin assets could grow to $2.5–$3 trillion by 2030. Ripple’s regulated RLUSD stablecoin is well-positioned for global payments, making XRP attractive to institutional investors seeking compliant, high-liquidity assets. 

Franklin Templeton has also entered the XRP ETF market with its XRPZ ETF, adding XRP as the fourth-largest asset in its multi-coin “Easy Peasy” ETF, which now holds eight digital assets.

Dubai, United Arab Emirates, December 5th, 2025, Chainwire

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, showcases the latest monthly performance update of its Private Wealth Management (PWM) division, with the top-performing fund recording 29.72% APR in November 2025. With wild swings across markets in the past month, Bybit PWM continued to deliver robust returns for high-net-worth clients with a disciplined, multi-strategy, and data-informed approach.

Performance Highlights 

In the latest Bybit PWM newsletter for November 2025, Bybit PWM demonstrated consistent strength across its portfolio:

• USDT-based strategies: Average APR of 9.8%
• BTC-based strategies: Average APR of 18.09%

Fig. Bybit PWM Strategy Return Trend

Italy’s financial markets regulator, Consob, has issued a new warning to investors and crypto operators as the 30 December 2025 deadline for MiCAR compliance approaches. This date marks the end of the transition period for Virtual Asset Service Providers (VASPs) operating under Italy’s current, lighter rules. 

With Europe’s new MiCAR framework coming into effect, operators will face a stricter authorisation process, and investors should be prepared for potential service disruptions.

What Happens After 30 December

Currently, VASPs in Italy only need to be registered with the OAM to operate legally. Under MiCAR, however, all crypto service providers, now called Crypto-Asset Service Providers (CASPs), must obtain full authorisation from regulators and operate under ongoing supervision. Consob emphasizes that 30 December 2025 will be the final day that unapproved VASPs can legally provide services in Italy.

A temporary exception applies to firms that submit a CASP authorisation request by the deadline. These operators may continue serving clients while their application is reviewed, but no later than 30 June 2026. Firms that fail to apply will be required to shut down immediately at the end of December.

This move follows earlier warnings. In April, the Bank of Italy noted that around 75% of firms holding large Bitcoin positions are based in the U.S., limiting the eurozone’s visibility into how these companies manage risk. The central bank cautioned that as crypto becomes more connected with traditional finance, potential vulnerabilities could affect wider markets.

How MiCAR Changes Affect Crypto Users

Consob advises investors to check the status of the crypto platforms they use. Many VASPs may not receive approval under MiCAR, which could leave users unable to access services or funds. Investors should confirm whether their platform has shared a MiCAR transition plan and verify the operator’s status via the official OAM list or ESMA’s register of authorised CASPs.

If a platform is not authorised after the deadline, it must stop operating and return all client funds and crypto-assets. Consob warns that using an unapproved operator after 30 December could expose users to unnecessary risks, especially if the firm delays withdrawals or provides unclear instructions.

Crypto Operators Must Comply or Shut Down Under MiCAR Rules

Consob’s warning is particularly relevant for VASPs that have not yet started the authorisation process. Those that do not transition into CASPs must wind down operations, close customer accounts, return assets and funds, and stop all crypto services, including custody and administration. Regulators stress that operators should communicate their plans clearly through public notices and direct updates to customers to ensure an orderly transition or shutdown.