The Bank for International Settlements (BIS) published a paper examining key legal issues that may need to be addressed by any jurisdiction considering issuing a retail CBDC. The paper focused on four areas: 1) the legal classification of retail CBDC, 2) the obligations and liabilities of participants in the retail CBDC ecosystem, 3) privacy and financial crime, and 4) cross-border issues.

The UK Financial Conduct Authority (FCA) announced its plan to publish a finalized set of rules for regulating the crypto industry in 2026. The FCA issued two press releases—one detailing a series of roundtables held this year to gather information to shape crypto regulation, and another outlining how crypto ownership has continued to rise in the UK. The FCA stated that a series of discussion papers and consultations will begin as soon as this quarter to develop rules regarding market abuse, trading platforms, lending, and stablecoins, among other areas.

Manhattan US Attorney Damian Williams announced that he will resign on December 13, clearing the way for President-elect Trump’s nominee, former SEC Chair Jay Clayton, to run the US Attorney’s Office for the Southern District of New York next year. Deputy US Attorney for the SDNY Edward Kim will become acting US attorney upon Williams' resignation. Trump will take office January 20 and his nominees, including Clayton, would be installed pending confirmation in the Senate.

House Majority Whip Tom Emmer (R-MN) tweeted that President-elect Trump “will be the first pro-crypto President.” He also posted a video of Trump at Bitcoin 2024 in Nashville over the summer.

Sen. Ted Cruz (R-TX) discussed crypto in an interview with Fox Business, stating that he wants Texas to be an “oasis” for BTC and crypto in general, adding that Texas needs " to see miners and crypto innovators coming to the Lone Star State" in order to create jobs. He also stated that he wants crypto out of government control and criticized Sen. Elizabeth Warren's (D-MA) stance on digital assets.

The UK Treasury published a transcript of Economic Secretary to the Treasury Tulip Siddiq’s speech outlining the government’s crypto strategy, including upcoming regulations for stablecoins. Siddiq stated in her speech that "it is clear that cryptoassets are here to stay. The number of people that own crypto is rising year-on-year in the UK and globally."

The Federal Reserve Board announced that Shan Hanes, the former CEO of now-shuttered Heartland Tri-State Bank, has been banned from being a part of the banking industry after stealing $47.1 million from the bank to give to crypto scammers, leading his bank to fail. The Federal Reserve Board described Hanes' conduct as "an unauthorized and improper use of the bank's assets in an attempt to secure a personal financial benefit."

The SEC announced its enforcement results for FY 2024, including 583 total enforcement actions and $8.2 billion in financial remedies. The agency highlighted several enforcement actions related to crypto, including actions against HyperFund, NanoBit, Silvergate Capital, and Terraform Labs, among others. Other topics of focus included AI and cybersecurity.

SEC Commissioner Jaime Lizarraga announced that he plans to step down from the agency on January 17, leaving Commissioner Caroline Crenshaw as the sole Democratic commissioner upon President-elect Trump’s inauguration. Lizarraga’s term was set to expire in 2027. Lizarraga said in a statement that his wife has been battling breast cancer, and the two decided "it is in the best interests of our family to close this chapter in my 34-year public service journey."