The Office of the Comptroller of the Currency said on Dec. 11 that some of nine large U.S. banks restrict or deny services based on lawful activity such as crypto, rather than financial risk. The review covered JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One Financial, PNC Bank, TD Bank and Bank of Montreal, with at least some imposing special limits or heightened scrutiny. The agency said the Dec. 11 release is only a first phase, with thousands of complaints still under review, and Comptroller Jonathan V. Gould said it aims to end the "weaponization of finance" while planning to hold banks accountable. Last month the OCC confirmed major banks may hold crypto on balance sheets to pay blockchain fees for other permitted activities, and on Dec. 10 it said banks can process "riskless principal transactions" tied to crypto assets.

On December 11, cryptocurrency exchange Gemini announced it had secured approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate as a Designated Contract Market (DCM). This significant regulatory milestone allows Gemini to launch its new prediction market platform, Gemini Titan.Gemini Titan will initially offer classic binary event contracts, structured as straightforward 'yes/no' propositions on future events. The exchange has confirmed its strategic intent to expand the platform's offerings into other CFTC-regulated derivatives markets, including crypto futures, options, and perpetual contracts, marking a crucial step in its broader derivatives strategy.Further details reveal that Gemini originally applied for a DCM license on March 10, 2020. Notably, that initial application did not explicitly outline Gemini's intention to introduce a prediction market platform. A Designated Contract Market (DCM) is a regulatory classification for trading platforms registered and overseen by the CFTC, ensuring adherence to specific operational and compliance standards.

As reported by The Hill on December 11, U.S. senators are in an accelerated push during the year's final working weeks to reconcile significant differences in proposed legislation for the cryptocurrency industry. The objective is to advance this pivotal bill out of committee after months of extensive negotiations. Despite Democratic colleagues still seeking amendments and the imminent holiday recess, Republican lawmakers remain resolute in their commitment to bring the cryptocurrency market structure legislation forward for consideration next week.Sources familiar with the market structure legislative process emphasize the urgency. One insider commented, "Time is of the essence. Realistically, there are only about 48 hours to determine if this bill can advance next week," underscoring the narrow window for progress.Senator Cynthia Lummis (R-Wyoming), a prominent advocate for comprehensive cryptocurrency legislation, confirmed Tuesday her intention to release an updated draft by week's end. Describing it as "our best product yet," she aims to present the bill for consideration and revision next week. Speaking at the Blockchain Association Policy Summit, Lummis articulated the strategic timing: "I think we're at the point now where it's best to put a product out, have it considered next week, and then let everybody take a little bit of a breather for Christmas." This highlights the legislative drive to achieve a milestone before the year-end recess.

The Federal Reserve's December 11 dot plot shows a median projection of 25 basis points in cumulative rate cuts for 2026, BlockBeats reports. Among 19 officials, seven projected no cuts, four saw 25 basis points, four saw 50 basis points, two saw 75 basis points, one saw 100 basis points, and one anticipated 150 basis points.

Japan's Financial Services Agency outlined a plan to move crypto asset regulation from the Payment Services Act to the Financial Instruments and Exchange Act, which governs investment and securities markets, according to a Financial System Council working group report released on Dec. 10. Key changes include stricter disclosure requirements for IEOs such as project core team details, third-party code audits and self-regulatory organization input, as well as mandatory issuer identification and token distribution disclosures regardless of decentralization level. The framework would expand enforcement against unregistered platforms including overseas and DEX-like operators, explicitly prohibit insider trading in line with EU's MiCA and South Korean rules, while Japan's government separately considers a unified 20% tax rate on crypto trading profits and the FSA voiced cautious views on derivatives tied to overseas crypto ETFs, describing the underlying assets as "not ideal."

Andrzej Skiba, Head of U.S. Fixed Income at RBC Global Asset Management, anticipates the Federal Reserve will implement an interest rate cut at its upcoming meeting. However, Skiba cautions that the robust U.S. economic momentum may render further rate cuts unnecessary.RBC's base assumption includes this rate cut, which Skiba describes as potentially a 'hawkish cut,' implying a subsequent pause in monetary policy adjustments. He elaborated, 'In our view, inflation and labor market data should prompt the Federal Reserve to hold steady after this initial rate cut, reassessing the economic situation early next year.'Market participants will closely monitor dissenting Federal Open Market Committee (FOMC) members, particularly those advocating for more aggressive reductions versus those who believe the U.S. economy doesn't warrant any cuts. Skiba further projected, 'Following this rate cut, and with our projection for accelerated U.S. economic growth in 2026, the necessity for further rate reductions may dissipate. For political reasons (such as a potential Federal Reserve leadership change in May), we might see one rate cut, but the economy itself may not require another cut for a foreseeable period.' This analysis was initially reported by financial news outlets.