UK-listed Falcon Edge purchased additional Bitcoin (BTC). On the 11th (Korean time), Falcon Edge said via X (formerly Twitter), "As part of its digital asset treasury strategy, it purchased 4.11 bitcoins." Falcon Edge currently holds 19.28 bitcoins.
The U.S. Commodity Futures Trading Commission (CFTC)'s influence related to virtual assets (cryptocurrencies) may be strengthened. A bill to transfer supervisory authority over the virtual asset market from the Securities and Exchange Commission (SEC) to the CFTC was introduced in the Senate. On the 11th (local time), DL News reported that Senate Agriculture Committee Chairman John Boozman and Senator Cory Booker released a draft bill that defines digital assets as 'commodities (digital commodities)' and gives the CFTC the authority to regulate them. The bill grants the CFTC powers such as introducing an exchange registration system, strengthening disclosure requirements, and imposing fees on certain transactions. Senator Boozman said, "The appropriate regulator for trading digital commodities is the CFTC, and consumers must be protected through clear rules." The CFTC has gained the trust of the virtual asset industry in recent years and has emerged as a key regulatory agency even during the Trump administration. Acting CFTC Chair Caroline Pham said, "We will make the United States the world's cryptocurrency capital," and "We are pursuing measures to bring overseas exchanges onshore and to allow stablecoins to be used as collateral." The draft bill also includes provisions such as expanding CFTC staffing and establishing bipartisan balance.
Stablecoin (a virtual asset whose value is linked to fiat currency) infrastructure company Transak has successfully obtained licenses to expand its services in the United States. On the 11th (Korean time), virtual asset (cryptocurrency) specialist outlet Cointelegraph reported that Transak has secured a money transmitter license (MTL) in Iowa, Kansas, Michigan, South Carolina, Vermont, and Pennsylvania. With this approval, Transak can operate in 11 states, including Arkansas and Delaware. Brian Kin, Transak's head of regulation, said, "Every time we secure a new license, we get closer to a future where users can move fiat currency and digital assets smoothly and legally."
As the leading altcoin Ethereum (ETH) continues to trade sideways, an analysis said that recovering the 3700 dollars level is important for Ethereum to break above 4000 dollars again. On the 11th (Korean time), well-known crypto analyst Ted Pillows said on X (formerly Twitter), "Ethereum is falling after failing to recover 3700 dollars. The current support is 3400 dollars," and "If Ethereum can recover the 3700 dollars level, it could challenge 4000~4100 dollars," he predicted. As of 9:03 p.m. that day, Ethereum was trading at 3575 dollars, down 0.85% from the previous day.
As positioning in the crypto (virtual asset) market has been readjusted, investor sentiment has eased, but analysis says that without leading gains in major tokens, a strong showing by altcoins is unlikely. On the 11th (Korean time), crypto market maker Wintermute said via X (formerly Twitter), "Since the sharp drop in October, positions have been cleared and market sentiment is improving. Also, U.S. President Donald Trump's stimulus measures are stimulating investor sentiment," it analyzed. Wintermute added, "Bitcoin (BTC) was trading in the 105,000~107,000 dollar range, and Ethereum (ETH) was trading around 3,700 dollars, maintaining a steady trend despite exchange-traded fund (ETF) outflows." However, Wintermute explained that this rebound may be temporary. The report said, "The market rise was concentrated in some assets such as Filecoin (FIL)," and "it appears to be relying on narrative-based short-term momentum." It went on, "The closer Bitcoin gets to its all-time high, the more altcoin returns tend to rise together," and emphasized, "Currently Bitcoin is in a 16% decline from its peak, so the possibility of an altcoin season starting is low."
Virtual asset (cryptocurrency) exchange Gemini posted a loss that fell short of expectations in its first quarterly results since its IPO. According to CoinDesk on the 11th (local time), Gemini recorded a net loss of 6.67 dollars per share in the third quarter, more than twice the market forecast (a loss of 3.24 dollars per share). The net loss amounted to 159.5 million dollars, and the share price was trading at 15.38 dollars, down 8.67% in pre-market trading. The loss was due to a surge in marketing expenses and IPO-related costs. However, revenue more than doubled year-on-year to 50.6 million dollars, surpassing Coinbase's 55% growth rate over the same period. Revenue growth was driven by non-trading segments, including increased trading volume, rewards credit cards, and staking services. Dan Chen (Chief Financial Officer, CFO) said, "We have sufficient liquidity and financing sources to continuously support the growth of our major product lines." Gemini began trading at 28 dollars per share at its September listing and is currently pursuing development of a 'Super App' that would include a variety of financial products beyond crypto trading. It plans to introduce real-time prediction market services for sports and political events, subject to future regulatory approval.
The world's largest investment bank JPMorgan and Singapore's DBS Bank are undertaking the construction of a blockchain-based cross-border tokenized deposit payment framework. On the 11th (local time), according to CoinDesk, the two are developing an interoperability system that connects JPMorgan's blockchain payments project 'Kinexys' and DBS's 'Token Services'. The purpose is to enable institutional clients to perform real-time deposit token transfers between public and private blockchains. Naveen Mallela, global co-head of JPMorgan's Kinexys, said, "The collaboration with DBS is an example of financial institutions enhancing the benefits of deposit tokens while ensuring currency uniformity and interoperability across markets."
A Chinese state agency has alleged that the United States illegally seized bitcoins (BTC) stolen in a large-scale virtual asset (cryptocurrency) hacking incident. On the 11th (Korea time), according to CoinDesk, the China National Computer Virus Emergency Response Center (CVERC) announced that the U.S. Department of Justice 'illegally occupied' 127,000 bitcoins (worth approximately $13 billion) that were stolen in a 2020 hack of the Chinese LuBian mining pool. CVERC asserted that the hack was carried out by a "state-level hacking organization" and that the U.S. seizure appears to have been conducted as an extension of the same organization's operations. According to the report, the stolen coins were traced to an account linked to Chen Zhi, chairman of Cambodia's Prince Group, who was later indicted in the United States on charges of large-scale virtual asset fraud. The assets remained frozen without movement for about four years, but were moved to a new wallet in mid-2024, and blockchain analysis firm Arkham identified it as a 'U.S. government-owned wallet.' China argued that "the United States used the pretext of seizing criminal proceeds, but in reality it was part of a complex operation involving the same attack actor." The U.S. government, meanwhile, said the seizure was a legitimate law enforcement action.
The Financial Services Commission said it will comprehensively review overseas cases and the impact on the soundness of financial companies regarding the easing of the separation between finance and virtual assets. According to industry sources on the 11th, Kim Seong-jin, head of the Virtual Assets Division at the Financial Services Commission, said at the "2026 Economic and Financial Outlook Seminar" held at the Banks Association Hall in Jung-gu, Seoul, "The easing of the separation between finance and virtual assets will be examined taking into account global cases and the impact on the soundness of financial companies." The separation between finance and virtual assets refers to measures that prohibit financial companies from holding virtual assets or participating in related businesses. It has been in effect since 2017. As discussions on easing the separation between finance and industrial capital continue, the need for financial institutions to participate in the virtual asset market has been raised. Kim said, "Some administrative guidance was gradually relaxed earlier this year through a corporate roadmap for participation in the virtual asset market," and added, "Since custody entry by financial firms is active in major countries such as the United States, we will consider institutional improvements by referring to those cases." Regarding the direction for institutionalizing digital assets, he said, "We are pursuing legislation that encompasses businesses and market infrastructure, moving away from user-protection-centered regulation," and said, "Policy focus is on nurturing the blockchain industry and establishing a smooth token economy." The Financial Services Commission is currently preparing the second-stage legislation for the Basic Digital Asset Act. Kim emphasized, "We are reviewing ways to foster custody (custodial) infrastructure and integrate it with existing financial business models, and establishing a legal basis for issuing won-based stablecoins (virtual assets whose value is linked to fiat currency) and creating a regulatory system for the circulation of dollar stablecoins are also key tasks."
Bitcoin (BTC) miner CleanSpark is expanding the size of its convertible bond issuance to $1.15 billion. According to CoinDesk on the 11th (Korean time), CleanSpark is pursuing funding through the issuance of convertible bonds maturing in 2032 with a 0% interest rate. This increase was an adjustment reflecting rising investor demand, and Cantor Fitzgerald and BTIG served as joint managers. About $460 million of the proceeds will be used for share repurchases at $15.03 per share, and the remainder will be投入 into power and site portfolio expansion, new data center construction, and repayment of Bitcoin-collateralized loans. The conversion premium was set at 27.5%, and up to $150 million could be issued additionally upon exercise of the option. The move is in line with a recent trend of Bitcoin miners and artificial intelligence (AI) data infrastructure companies raising funds through large convertible bond issuances. CoinDesk analyzed, "Investor demand for exposure to both Bitcoin and computing infrastructure is surging." CleanSpark's stock was trading at $14.36 in the pre-market, down 4.46% from the previous day.
BORA, a project in the KAIA ecosystem, is experiencing an intraday surge. As of 6:18 PM on the 11th (Korean time), BORA was trading at 0.06622 dollars, up 20.11% from the previous day according to CoinMarketCap.
Japanese blockchain company Startale announced on the 11th that it unveiled a super app for Sony's Ethereum(ETH) layer-2 blockchain 'Soneium'. Startale and Sony Block Solution Labs announced the integrated application 'Startale App(Startale App)'. The app is the main entry point of the Soneium ecosystem and is designed to allow token generation events (TGE), airdrops, reward programs, etc., to be accessed in one place. Specifically, the Startale App applies account abstraction(account abstraction) technology to eliminate seed phrases, supports gasless(gasless) transactions and easy wallet management. It also allows developers to build services in Mini App(Mini App) form without a separate website. It is currently in closed beta and the official release schedule is undecided. Sota Watanabe Startale Group CEO said, "The final barrier to the spread of Web3 was the fragmented user experience," and added, "Through long-term cooperation with Sony and Soneium, we have created a platform that allows anyone to easily perform on-chain activities like mainstream apps."
The U.S. Solana (SOL) spot exchange-traded fund (ETF) recorded net inflows for 10 consecutive trading days, continuing the inflow of institutional funds. On the 11th (Korea Standard Time), The Block reported, citing SosoValue data, that the Solana spot ETF recorded total net inflows of $6.78 million the previous day, marking 10 consecutive trading days of net inflows. By product, $5.92 million flowed into Bitwise's 'BSOL', and $854,480 flowed into Grayscale's 'GSOL'. Since their launch on October 28, the two products have recorded net inflows on all but two occasions. Cumulative net inflows total $342.48 million. Nick Luck, director of LVRG Research, said, "The net inflows into Solana ETFs exceeded expectations despite regulatory risks and concerns about technical uncertainty," and analyzed that "investors view Solana ETFs as a 'high-beta (risk-taking)' complement to Bitcoin (BTC) and Ethereum (ETH) ETFs." He added, "Such continued inflows constrain supply, supporting Solana's downside and accelerating institutional capital inflows." As of 5:56 p.m. that day, Solana was trading at $164.15, down 1.50% from the previous day on CoinMarketCap.
Asset manager Franklin Templeton said it expects the synchronization between the virtual asset (cryptocurrency) market and traditional finance to accelerate from next year. On the 11th (Korean time), according to Binance, Christopher Jensen, Franklin Templeton research director, said in an interview, "Institutional entry into the crypto asset market has actually begun," and "2025 was a turning point when traditional finance and decentralized finance (DeFi) began to intersect in earnest." Director Jensen emphasized, "This time institutions are actually coming in," and "institutions that had remained at the pilot stage for years are now starting actual investments, including pension funds, sovereign wealth funds, and university endowments." He added, "Previously, exchange-traded funds (ETFs) and exchange-traded products (ETPs) were the only entry points, but now interest is expanding to on-chain assets, stablecoin liquidity pools, and tokenized credit products." He particularly evaluated stablecoins positively. Director Jensen said, "Stablecoins are the first killer app of virtual assets," and "the emergence of a digital dollar that crosses borders with sub-1-second, sub-1-cent fees is a paradigm shift, and stablecoins are the base currency of all tokenized finance, the link between DeFi and real-asset finance." He then said, "In the future, an individual's digital wallet will contain stablecoins, government bonds, real estate, and NFTs together," and "2026 will be a time when blockchain and Wall Street converge into a single digital economy."
A whale investor deposited a large amount of Bitcoin (BTC) to an exchange. On the 11th (Korean time), according to OnChainLens, a whale investor deposited 500 Bitcoin they held into Gate.io. The whale purchased Bitcoin four months ago, and would incur an approximately $6.85 million loss if they sold Bitcoin now.
Com2uS Holdings said on the 11th that its subsidiary Com2uS Platform is stepping up the global expansion of the game backend service 'Hive'. On that day, Com2uS Holdings announced its Q3 2025 results and disclosed the status of Com2uS Platform's overseas business expansion. Com2uS Platform raised Hive's awareness by participating in major overseas game conferences such as Gamescom in Germany and CEDEC in Japan. Currently, Hive is applied to 137 domestic and international games beyond Com2uS affiliates, continuing its expansion in the global market. In particular, Com2uS Platform recently announced plans to rebrand the blockchain mainnet formerly known as XLPA to CONX to strengthen its role as fintech infrastructure. Through a technical partnership with Artue, an AI-based global art trading platform, and STO (security token offering) technology, it plans to build a platform that links various RWA (real-world asset tokenization) projects, including K-content. Meanwhile, Com2uS Holdings recorded revenue of 19.6 billion won and an operating loss of 3.9 billion won for the same period, and plans to continue improving profitability by strengthening its new title lineup and expanding its platform and blockchain businesses.
Attention is being paid to whether the decentralized finance (DeFi) sector could emerge in the virtual asset (cryptocurrency) market. As large amounts of stablecoins (virtual assets pegged to fiat currencies) have flowed into the Ethereum (ETH) network, there are forecasts that a DeFi cycle could arrive in 2026. On the 11th (KST), 10x Research analyzed on X (formerly Twitter) that "as regulatory clarity in the U.S. is being secured, billions of dollars of stablecoins are moving to Ethereum." They said this movement is a sign of a precursor to a full-scale cycle. 10x Research explained, "Although prices in the DeFi sector have not yet reacted, this stage is one of capital 'accumulation' rather than 'trading'," and added, "It's not a bad start." Positive signals were also captured in on-chain data. 10x Research said, "Structural indicators such as user-based transaction volume and TVL (total value locked) evaluation models are showing clearer upward signals than price," and stated, "The market looks stagnant, but the data suggests it has entered 'setting mode'."
There are outlooks that the U.S. federal government's longest-ever shutdown (temporary work stoppage) is likely to be concluded this week. On the 11th (local time), Polymarket's 'When will the shutdown end' betting showed a 95% probability of the government resuming between November 12 and 15. A similar trend continues on another decentralized prediction market, Kalshi. The U.S. Senate passed a budget bill the previous day, with 60 votes in favor and 40 against, to resume government operations through January 30. However, no compromise was reached on extending 'Obamacare' (Affordable Care Act·ACA) subsidies.
The Argentine court has decided to fully freeze funds related to the meme coin 'LIBRA'. LIBRA is a meme coin that Argentine President Javier Milei personally promoted. On the 11th (Korean time), according to crypto-focused outlet CoinDesk, Marcelo Jorge, an Argentine federal judge, issued an indefinite 'do not alter' order on the assets held by three individuals linked to the LIBRA coin, including Hayden Davis. The measure was made at the request of Argentina's prosecutors and is a temporary freeze to prevent concealment of criminal proceeds. The LIBRA coin is a meme coin issued last January. At the time, it drew significant attention after President Milei posted a photo he had taken with Hayden Davis on social media (SNS). However, a 'rug pull' occurred as investors poured into the LIBRA coin, causing the price to plummet and many investors to suffer losses. At the time, the filing of an impeachment motion against President Milei was even discussed in Argentina. Prosecutors' investigation found that Hayden Davis transferred 75,500,000 dollars through crypto exchange Bitget just 42 minutes after posting the photo with President Milei on social media. According to the prosecutors' report, hundreds of investors were harmed in the LIBRA fraud case, and the damage is estimated at 100 million to 120 million dollars.
Recently, the leading crypto asset Bitcoin (BTC) staged a rebound, but opinions have been raised that a large amount of Bitcoin remains exposed to volatility. On the 11th (Korean time), according to crypto specialist CoinDesk, Markus Thielen, founder of 10x Research, said in a report, "Bitcoin has been range-bound near $100,000 since last June," and "about 5.9 million Bitcoin ($588 billion) were traded during that period." This exceeds Ethereum (ETH)'s market capitalization of $428 billion. Thielen said, "A significant amount of Bitcoin in these large on-chain movements flowed to risk-sensitive investors or institutions," and "if the price falls further, they may start selling." He added, "So many bitcoins are effectively under risk pressure." Thielen particularly saw the $101,000 level as a potential watershed. He said, "About 347,000 Bitcoin (about $36.4 billion) were traded around $101,000," and emphasized, "If Bitcoin falls below $100,000, investors who bought in this zone may step in to buy. If selling intensifies, a liquidity gap could cause a sharp drop to $93,000." Thielen also pointed to $90,000, the average purchase price of spot Bitcoin ETFs, as an important price level. As of 3:51 p.m. that day, Bitcoin was trading at $104,958, down 1.21% from the previous day according to CoinMarketCap.
Blockchain infrastructure company A41 directly refuted reports that it has entered business termination procedures. On the 11th (Korean time), an A41 representative told BloomingBit, "(The report that A41 is ending its business) is closer to something that was released incorrectly without verification. It is groundless." Earlier that day, a media outlet reported that A41 was shutting down its business due to intensified competition in the validator market and delays entering the regulatory framework. The representative explained, "A41 is not shutting down its business but is in the process of scaling back new business expansion," and said, "The core validator business will continue to be maintained." He added, "The businesses A41 is winding down are custody (custodial), marketing, and agency businesses, not the validator business."
Recently, the leading virtual asset (cryptocurrency) Bitcoin (BTC) has managed a partial rebound. As a result, claims are emerging in the market that Bitcoin has laid the groundwork for a 'Santa rally (December strength).' On the 11th (Korea time), crypto-focused outlet CoinDesk reported that industry experts forecast that a combination of the U.S. Federal Reserve (Fed)'s easing of tightening and accumulation by long-term holders is creating momentum for Bitcoin. December is a month in which Bitcoin has historically shown strength. According to CoinGlass, Bitcoin closed higher in December in 6 of the past 8 years. Nick Luck, director at LVRG Research, said, "Investors are shifting from panic selling to strategic accumulation," adding, "The Fed's rate cuts and increased institutional participation could drive a strong Santa rally." U.S. President Donald Trump's stimulus measures also add strength to December's rally. Earlier, President Trump announced via Truth Social that he plans to use tariff revenues to pay a dividend of 2,000 dollars per person to all citizens excluding high-income earners. Augustin Pan, head of SignalPlus Insights, projected, "(This dividend) is a cash payment similar to the COVID-19 era stimulus measures and could have a positive impact across risk assets." Meanwhile, as of 3:21 p.m. that day, Bitcoin was trading at 105,209 dollars, down 0.93% from the previous day, according to CoinMarketCap.
The price of Bitcoin (BTC) has surpassed 100,000 dollars, and it was claimed that large investors are cashing out significant amounts of Bitcoin they held. On the 11th (Korean time), Ki Young Ju, CEO of CryptoQuant, said on X (formerly Twitter), "Bitcoin whales are selling tens of billions of dollars worth of assets after 100,000 dollars." He added, "I thought the rally had already ended earlier this year, but inflows from strategies and exchange-traded funds (ETF) prevented a bear market," while also forecasting, "If these factors disappear, selling pressure will dominate the market again." However, Ki Young Ju emphasized that macroeconomic factors could be a variable. He explained, "Selling pressure is still strong now, but if the macroeconomic outlook is positive, now could be a buying opportunity."
World Liberty Financial (WLFI) is showing a sharp intraday rise. As of 1:55 PM on the 10th (Korean time), World Liberty Financial was trading at 0.1622 dollars, up 34.13% from the previous day on CoinMarketCap. World Liberty Financial is a representative political-themed virtual asset (cryptocurrency). This is because U.S. President Donald Trump and his family are directly involved in the project. That day, the vote in the U.S. Senate to end the federal government shutdown (temporary suspension of operations) passed, which is interpreted as restoring investor sentiment. Earlier, the Senate passed a temporary budget bill to fund the government through January next year with 60 votes in favor and 40 against.
Donald Trump, the U.S. president, leads Trump Media and Technology Group (Trump Media and Technology Group·TMTG), which recorded a large loss in the third quarter. On the 9th (local time), Cointelegraph, citing Trump Media's Q3 earnings report, reported that Trump Media posted a $54.8 million loss in Q3, about three times the loss in the same period last year ($19.3 million). Revenue was $972,900, slightly down year-on-year. The large loss was reportedly due to increased expenses. Meanwhile, Trump Media's Bitcoin (BTC) holdings were estimated at $1.3 billion. Going forward, Trump Media plans to accumulate various virtual assets (cryptocurrencies). Devin Nunes, CEO of Trump Media, said, "The third quarter was a decisive period in expansion plans," and added, "We secured the financial future with large Bitcoin holdings and expanded the platform." Meanwhile, in August, Trump Media, in cooperation with crypto exchange Crypto.com and Yorkville Acquisition, is pursuing the purchase of up to $1 billion (about 6.3 trillion units) of Cronos (CRO). Trump Media's total assets increased from $274 million immediately after listing in March to $3.1 billion at the end of September, but the stock closed this year down 61% at $13.10.
On the 9th (local time), according to WatcherGuru, the U.S. Senate passed a bill to end the shutdown. An agreement was reached on a temporary budget measure, the bill's first stage, that provides funding to the government through January next year. The vote passed with 60 in favor and 40 against. Once all Senate votes are completed, a vote in the House on the bill is expected to take place. Meanwhile, as of 1:03 p.m. on the 10th (Korea time), Bitcoin is trading at 106,115 dollars, up 4.39% from the previous day.
Among the top 10 Bitcoin mining companies, 70% are generating revenue from artificial intelligence (AI) or high-performance computing (HPC) businesses, helping them weather the bear market. On the 10th (Korea time), CryptoSlate reported that TerraWulf signed a 10-year AI hosting agreement with FluidStack, partially backed by Google, for a total of 200 megawatts (MW). The contract is estimated to generate about $1.85 million in revenue per MW per year. Another miner, Core Scientific, expanded its 12-year contract with CoreWeave to add 70 MW of HPC capacity. In addition, Bitdeer and Iris Energy are operating commercial AI cloud services using NVIDIA DGX and H100·H200 GPUs, respectively. Marathon Digital Holdings, CleanSpark and others are also reportedly pursuing the construction of AI data centers. As Bitcoin prices have weakened recently, miners' revenues have at times failed to cover expenses, leading these companies to turn to AI computation and data center businesses. According to McKinsey, U.S. data center power consumption is expected to reach 606 TWh by 2030, and increasing grid demand is causing a reevaluation of the value of sites and infrastructure held by miners. The industry expects a 'hybrid' model in which GPU hosting and mining coexist to become a new survival strategy for mining companies.
Hong Kong's government is pursuing the issuance of a third digital bond, accelerating its push to become a digital asset hub. On the 10th (Korean time), Bloomberg reported that the Hong Kong government is preparing to issue a digital green bond denominated in multiple currencies including U.S. dollars, Hong Kong dollars, euros, and offshore renminbi. The pricing could be set as early as Monday, and if successful it would be the third digital bond issuance since 2023. The bond will be recorded and settled through a distributed ledger technology (DLT) platform provided by HSBC. The product received an AA+ rating from credit rating agency Standard & Poor's (S&P). Digital bonds are bonds issued, traded, and settled using blockchain technology; HSBC Holdings and Goldman Sachs operate their own DLT platforms, and issuance based on public blockchains such as Ethereum (ETH) is also possible. Since 2023, Hong Kong has continued government-led digital bond experiments, and private companies have issued digital bonds six times in total, including four this year, raising about $1 billion. Recently, Chinese state-owned companies Shenzhen Futian Investment Holdings and Shandong Hiway Holdings have issued such bonds in Hong Kong. Bloomberg said, "As Asian countries expand adoption of digital assets in step with U.S. President Donald Trump's pro-crypto policy stance, Hong Kong appears to be aiming to strengthen its position as a global digital asset hub through this issuance."
The Bank of Korea appears to have cited the Joe Biden administration's policy in the recently published 'Stablecoin (virtual asset pegged to fiat currency) White Paper.' On the 10th (Korean time), industry sources said that in the white paper the Bank of Korea released on the 27th of last month, it listed 'bank-centered adoption' as a consideration for the desirable introduction of stablecoins. The problem was the footnote. In the white paper, the Bank of Korea explained, "The U.S. PWG, in its November 2021 report, recommended limiting stablecoin issuers to insured depository institutions in order to apply supervision, prudential regulation, and the financial safety net to stablecoins." PWG is the U.S. President's Working Group on Financial Markets. The PWG report was published during former President Joe Biden's administration, and its stance differs from that of the PWG under the current President Donald Trump administration. A report published in July by the PWG of the Trump administration (President's Working Group on Digital Asset Markets) labeled the previous administration's conservative approach a policy mistake and recommended an innovative mindset to realize the vision of transforming the United States into the 'world capital of digital assets (cryptocurrencies).' Furthermore, the report published by the PWG under the Trump administration did not argue that stablecoins must be issued by banks. Rather, it stated that issuance should also be allowed for non-banks, provided they are required to obtain licenses at the state level.