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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
12/18/2025

Crypto Today: Fed Opens Door for Banks to Enter Crypto, Acting CFTC Chair Joins MoonPay, HashKey IPO Turns Heads in Hong Kong

Today's crypto market saw a wave of major developments spanning policy, executive moves, and IPO activity — signaling that crypto is entering a more pronounced phase of "normalization" within the global financial system. Fed Withdraws Guidance Restricting Banks from Crypto The U.S. Federal Reserve officially rescinded its 2023 guidance that limited how Fed-supervised banks — including uninsured banks — could engage in crypto-related activities. The Fed cited significant changes in the financial system and its own understanding of innovative products and services as reasons the old guidance was no longer appropriate. Previously, uninsured banks were held to the same requirements as federally insured banks, effectively locking many institutions out of crypto services. Alongside withdrawing the old guidance, the Fed issued a new framework establishing a formal pathway for both insured and uninsured banks to pursue "innovative activities" like crypto, provided they meet risk management requirements. The move is widely seen as a positive signal, opening new space for crypto integration into the U.S. traditional banking system.

Crypto Today: Fed Opens Door for Banks to Enter Crypto, Acting CFTC Chair Joins MoonPay, HashKey IPO Turns Heads in Hong Kong

Today's crypto market saw a wave of major developments spanning policy, executive moves, and IPO activity — signaling that crypto is entering a more pronounced phase of "normalization" within the global financial system.

Fed Withdraws Guidance Restricting Banks from Crypto

The U.S. Federal Reserve officially rescinded its 2023 guidance that limited how Fed-supervised banks — including uninsured banks — could engage in crypto-related activities.

According to the Fed, the old guidance was no longer appropriate given that the financial system and the Fed's own understanding of innovative products and services have evolved significantly. Previously, uninsured banks were held to the same requirements as federally insured banks, effectively locking many institutions out of crypto services.

Alongside withdrawing the old guidance, the Fed issued a new framework establishing a formal pathway for both insured and uninsured banks to pursue "innovative activities" like crypto, provided they meet full risk management requirements. The move is widely seen as a positive signal, opening new space for crypto integration into the U.S. traditional banking system.

Acting CFTC Chair Steps Down to Join MoonPay

Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), is departing the regulator to join crypto payments company MoonPay as Chief Legal and Administrative Officer.

During her tenure as Acting Chair, Pham was the sole remaining Republican Commissioner at the CFTC and led the agency through the presidential transition. She had previously stated she would leave the CFTC once the Senate confirmed her successor, though the nomination process saw multiple delays due to political factors.

Pham's move to MoonPay is the latest example of the "revolving door" between regulators and the crypto industry. Before her, fellow CFTC Commissioner Summer Mersinger also left the agency to become CEO of the Blockchain Association — the leading crypto industry lobbying group in the U.S.

During her acting tenure, Pham pursued a markedly lighter enforcement approach, overseeing only 18 actions with no major lawsuits filed, while championing dialogue initiatives such as the Crypto CEO Forum and the CEO Innovation Council.

HashKey Lists in Hong Kong Following $206M IPO

In Asia, Hong Kong's largest crypto exchange — HashKey — officially listed on the Hong Kong Stock Exchange (HKEX) following an IPO that raised $206 million USD.

HashKey Holdings shares opened at HKD 6.70 (approximately $0.86 USD). The offering drew extraordinary demand, with the Hong Kong retail tranche oversubscribed by nearly 394 times and the international tranche oversubscribed by 5.5 times.

HashKey described itself as the first digital asset company in Asia to list publicly via an IPO in Hong Kong, marking a major milestone in the company's global expansion strategy. The offering attracted prominent institutional investors including UBS Asset Management Singapore, Fidelity, CDH, and Cithara Global, with UBS and Cithara as the two largest investors.

The Bigger Picture: Crypto Moves Closer to Mainstream Finance

From the Fed's policy shift to a top regulator joining a crypto firm, to a major exchange completing a successful IPO, today's developments show that crypto is steadily leaving the periphery and moving deeper into the mainstream financial system.

As regulatory frameworks continue to mature, financial institutions, investors, and crypto companies alike are positioning for a new phase of growth — one where digital assets are no longer experimental, but a structural part of global markets.