On December 11, the U.S. SEC issued a No-Action Letter for DTCC’s Depository Trust Company, approving a three-year pilot to tokenize certain U.S. securities on selected blockchains. Under the program, scheduled to begin in the second half of 2026, DTC may mint and burn blockchain tokens representing security entitlements it already holds, using registered wallets and a permissioned setup. The initiative covers eligible assets such as leading index-tracking ETFs, U.S. Treasuries and Russell 1000 constituents, while requiring DTCC to file quarterly reports on participants, tokenized values and operational issues.

YouTube now allows US creators to receive payouts in PayPal's PYUSD stablecoin. The feature is live for US-based users, with PayPal converting earnings into PYUSD for those who opt in. Google confirmed support for PYUSD payouts, while PayPal handles the crypto settlement end-to-end.

YouTube has introduced PayPal USD (PYUSD) as a payout method for eligible US creators, allowing them to receive channel earnings directly in the stablecoin. The move, confirmed by PayPal executive May Zabaneh and a Google spokesperson, is aimed at speeding up payouts and broadening payment flexibility for creators.

Acting CFTC Chair Caroline Pham said on Thursday, December 11, the agency will withdraw its 2020 guidance on the "actual delivery" of digital assets. The move coincides with the launch of a CEO Innovation Council at the CFTC. It also follows recent clearances, including Gemini’s approval on Wednesday, December 10, to offer classic binary event contracts.

On December 12, Senator Tim Scott said he had made progress on a cryptocurrency bill after meeting with senior bank leaders, including Bank of America CEO Brian Moynihan. The initiative aims to clarify digital asset market rules, expand SEC and CFTC oversight, and curb stablecoin incentive distortions linked to loopholes in the GENIUS Act, according to Scott.

The CFTC issued no-action letters to Polymarket, PredictIt, Gemini, and LedgerX/MIAX, providing flexibility around certain swap reporting and clearing requirements. The relief allows these U.S.-focused prediction and crypto-derivatives venues to use third-party clearing members under defined collateral and post-trade transparency conditions. The changes could reduce infrastructure costs and improve market efficiency.

On December 12 2025, Pakistan's Minister of State for Crypto and Blockchain Bilal Bin Saqib reiterated that Bitcoin and digital assets should form the foundation of a new national financial system for the country's 240 million citizens. Speaking at the Bitcoin MENA Conference, he described digital assets and blockchain as critical infrastructure as Pakistan works to build a regulated crypto ecosystem, prepare a strategic Bitcoin reserve, and allocate 2,000 megawatts of power for mining and AI data centers. Under new federal rules, Pakistan is also inviting international firms to apply for licenses in its emerging digital asset framework, according to his remarks.

US lawmakers are pushing toward federal crypto rules, but negotiators say the treatment of stablecoin yield is the main sticking point. The debate escalated in mid-August after the Bank Policy Institute warned that permissive designs could shift up to $6.6 trillion of deposits into stablecoins. The House has advanced the Digital Asset Market Clarity Act as the Senate crafts a parallel package.