Andreessen Horowitz, the Uniswap Foundation, the DeFi Education Fund and The Digital Chamber opposed Citadel Securities' request that the SEC treat DeFi venues handling tokenized equities as regulated exchanges or broker-dealers. According to a Friday letter to the SEC, the coalition said Citadel's analysis is flawed and argued that thoughtfully designed onchain markets can protect investors without traditional registration.

On 13 December 2025, Prime Minister Donald Tusk's government resubmitted Poland's digital‑asset bill to President Karol Nawrocki, citing national‑security risks. Days earlier, Nawrocki vetoed the proposal, arguing it is overly restrictive. Lawmakers reintroduced the text without changes amid EU MiCA alignment concerns.

Pakistan signed an MoU with Binance to explore tokenizing up to $2 billion in sovereign bonds, treasury bills and commodity reserves. The plan aims to improve liquidity and market access, while final approval remains pending, the finance ministry said. Separately, Pakistan’s regulator granted initial clearance for Binance and HTX to register locally and begin applying for full exchange licenses.

On December 13, Citadel Securities called for the SEC to regulate DeFi protocols that handle tokenized U.S. equity securities as financial intermediaries. Industry groups and DeFi developers pushed back, warning that such an approach could harm innovation and encourage projects to relocate to more permissive jurisdictions.

On December 13, Poland reintroduced its Crypto-Asset Markets Law after a prior veto by President Karol Nawrocki, keeping the text unchanged to align with the EU's MiCA framework. The proposal centers on national security concerns linked to Russia and assigns oversight and licensing duties to the Financial Supervision Authority (KNF), including requirements related to stablecoin reserves.

On Friday, several crypto industry groups sent a letter to the SEC opposing Citadel Securities' push to expand oversight of DeFi intermediaries tied to tokenized securities. The coalition argued the proposal misapplies securities law and risks sweeping in autonomous software and infrastructure providers. Earlier that day, the SEC granted DTC a no-action letter to tokenize select U.S. assets.

Kalshi and Crypto.com unveiled the Coalition for Prediction Markets, bringing in Coinbase, Robinhood and Underdog to press for federal oversight. The group seeks nationwide integrity standards and to counter state-level restrictions, as a Connecticut judge granted Kalshi a temporary stay pending hearings in early 2026. Executives say momentum and billions in market activity warrant a unified voice.

On December 12, 2025, the Office of the Comptroller of the Currency issued conditional approvals for five national trust bank charters involving Ripple, Circle, BitGo, Paxos and Fidelity Digital Assets. The decision would add them to roughly 60 OCC-supervised national trust banks and permit federally regulated custody and stablecoin services, with Fidelity's coin allegedly still in testing.