The Wall Street Journal published a report on Binance, stating that the Justice Department's investigation has the potential to escalate into criminal charges against Binance and its CEO, Changpeng Zhao. The article explains that Binance is vulnerable, as, "Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling."

US District Judge George B. Daniels sentenced Pablo Renato Rodriguez to 12 years in prison for his role in co-founding the $100 million Airbit Club cryptocurrency scam.

US Bankruptcy Judge Michael B. Kaplan approved BlockFi Inc.’s Chapter 11 plan, overruling opposition from the US Trustee. Separately, US Bankruptcy Judge Brendan L. Shannon approved Bittrex’s Chapter 11 disclosure statement after the company resolved a formal objection from the Justice Department over information about customers in sanctioned countries.

Peter Marton, head of the virtual currency unit at the New York Department of Financial Services (DFS), is leaving the agency at the end of the month. Marton reportedly plans to move to the private sector to work at an entity not regulated by the NYDFS.

The FTC told a New York federal judge that the co-founders of Celsius should not be allowed to escape the agency’s claims that they misused customer information. The FTC's suit is one of several enforcement actions against Celsius and its leadership team after it filed for bankruptcy. In the suit, the FTC alleges that Celsius and its founders violated the Federal Trade Commission Act when they mispresented the business practices and safety measure of the platform.

The SEC again delayed making a decision on whether to approve a BTC ETF, according to documents posted on the agency’s website. The agency now has until January 10 to make a final decision on the ARK 21Shares product.

Reps. Mike Flood (R-NE), Wiley Nickel (D-NC), Tom Emmer (R-MN), and Ritchie Torres (D-NY) wrote a letter to SEC Chair Gary Gensler, pressing him on inconsistent digital asset regulation, and pushing him to quickly approve BTC ETF applications. The lawmakers cite the court decision in the SEC's case against Grayscale, and argue that "Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress."

Bitwise filed an amendment to its BTC spot exchange-traded fund (ETF) application to push back on the SEC’s rationale for rejecting the product.

The SEC said it has concerns with Celsius Network’s Chapter 11 plan, specifically the proposal to engage Coinbase as the distribution agent for international customers. However, the plan was reportedly approved by creditors, despite SEC concerns as well as opposition from the US Trustee and creditors over provisions giving them equity in a new company.