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Crypto oversight in US tightens as CFTC and FDIC leadership near confirmation

  • Mike Selig is positioned to replace Acting Chair Caroline Pham at the CFTC if confirmed.
  • The CFTC has already expanded crypto oversight through collateral approvals and spot trading permissions.
  • Travis Hill’s confirmation would formalise his interim role at the FDIC and continue crypto-friendly banking policies.

Crypto regulation in the United States is entering a more defined phase as Senate procedures bring key financial watchdog appointments closer to completion.

Two agencies with direct influence over digital assets, the Commodity Futures Trading Commission and the Federal Deposit Insurance Corp., are on the verge of formal leadership changes, as per a CoinDesk report.

President Donald Trump’s nominees to chair both regulators have advanced through the Senate confirmation process, signalling a potential shift in how crypto markets and crypto-linked banking are supervised.

While the final votes have not yet taken place, recent developments suggest that decisions are approaching, narrowing uncertainty around regulatory direction.

Senate clears path for final votes

The Senate moved the process forward on Thursday by approving a resolution that clears the way for final confirmation votes.

The measure passed by a 52–47 margin and applies to a large group of nominees being considered together, reports CoinDesk.

Mike Selig, nominated to lead the CFTC, and Travis Hill, nominated to become chairman of the FDIC, are among the names included.

A spokeswoman for Senate Majority Whip John Barrasso said on X that the final vote is likely early next week, though the chamber remains days away from formally confirming the candidates.

Republicans in the Senate have adopted a strategy of voting on dozens of nominations in batches rather than individually. In this round, lawmakers are deciding on 97 confirmation questions at the same time.

Selig and Hill represent only two of those positions, but both roles carry outsized importance for the crypto sector.

The approach has helped accelerate confirmations but has also compressed scrutiny of individual nominees.

CFTC positions itself as crypto regulator

Selig currently serves as a senior official at the Securities and Exchange Commission, where he has been working on crypto-related issues.

If confirmed, he would replace Acting Chair Caroline Pham, who has guided the CFTC through a series of initiatives seen as supportive of digital asset markets.

Under Pham’s leadership, the CFTC has positioned itself as an active player in crypto supervision, even as Congress continues to debate broader market structure legislation.

The agency is widely expected to take a leading role in crypto oversight if lawmakers eventually pass a bill that formally assigns authority.

Even without new legislation, the CFTC has already expanded its reach.

It has created a CEO council to advise on policy matters, approved the use of Bitcoin BTC $92,157.53, Ether ETH $3,237.28, and USDC, along with other payment stablecoins as collateral, and allowed registered firms to offer spot crypto trading services.

These steps have embedded crypto more deeply into regulated financial activity.

FDIC banking stance comes into focus

At the FDIC, Hill has already been serving as interim chief, meaning his confirmation would formalise an existing role rather than introduce new leadership, notes CoinDesk.

During his interim tenure, Hill has pursued policies that indicate a more accommodating stance toward crypto banking.

This includes engagement with banks that provide services to digital asset firms, an area that has previously faced uncertainty due to regulatory caution.

Oversight framework begins to align

Together, the pending confirmations point toward a more coordinated regulatory environment for crypto in the US.

With leadership at both the CFTC and FDIC close to being finalised, oversight of crypto markets and crypto-related banking may soon operate under clearer and more consistent supervision.

The post Crypto oversight in US tightens as CFTC and FDIC leadership near confirmation appeared first on CoinJournal.

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PI could dip below $0.20 amid a strong bearish sentiment

Key takeaways

  • PI is down 1% in the last 24 hours and is now trading below $0.21.
  • The coin could drop lower as the bearish sentiment grows stronger.

Pi core team transfers 2 million tokens

PI is down 1% in the last 24 hours despite the broader crypto market recovering from its recent slump. The negative performance comes after an outflow of 2 million PI tokens from the Pi core team’s liquidity reserve wallet. 

Usually, such transfers are a strategic movement of supply for rewards of operations. This is usually followed by a bearish movement in the price action of the cryptocurrencies.

A similar transfer of 50 million PI tokens to a different wallet two months ago saw multiple deposits to the OKX cryptocurrency exchange. At the moment, this wallet holds less than 48 million tokens after transferring over 3 million PI tokens to OKX. 

This movement could suggest that the core team is consolidating its holdings, increasing the bearish sentiment surrounding PI. 

PI could retest the $0.19 support level

The PI/USD 4-hour chart is bearish and efficient as the coin has been in the red over the past seven days. The technical indicators are also bearish, suggesting that sellers are currently in control of the market. 

The bearish performance comes after PI failed to defend the $0.2200 support level, with the bears likely to push it lower towards the $0.1919 support area. 

PI/USD 4H Chart

Failure to defend this critical level could expose PI to the October 10 low at $0.1533, which could serve as its all-time low support.

The RSI of 37 is below the neutral 50, indicating that the bears are currently in control of the market. The MACD lines are also within the negative territory, suggesting a bearish momentum. 

However, if the bulls recover the momentum, PI could rally and test the 50-day Exponential Moving Average at $0.2364. The bullish trend will resume once PI crosses the $2.500 psychological level.

The post PI could dip below $0.20 amid a strong bearish sentiment appeared first on CoinJournal.

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Crypto overview: Markets calm as $4.3B in BTC and ETH options expire

  • Over $4.3 billion in Bitcoin and Ethereum options will expire today, December 12.
  • BTC trades above $92,300, with a maximum pain level at around $90,000.
  • Data shows balanced calls and puts, signaling a cautious stance among traders.

Cryptocurrencies remained elevated on Friday as Bitcoin recovered from post-FOMC retracements.

While most tokens trade below their key resistance zones, today’s gains brightened the mood across majors as uncertainty dominates even after the highly anticipated December 10 rate cut.

Amidst the optimism, the primary story remained the over $4.3 billion in Bitcoin and Ethereum options expiring today, on December 12.

With BTC price pinned above $92,300, analysts believe the event could shape the broader market’s trajectory as we close 2025.

Markets steady amid balanced expiry

Deribit revealed a curiously balanced options board, with 18,974 call contracts and 20,852 put contracts, for a combined open interest of 39,826.

Most importantly, a 1.10 put-call ratio confirms balance, with neither side dominating the market.

Clearly, there are no aggressive actions or euphoric calls that generally herald parabolic moves.

Rather, traders have positioned themselves to keep price fluctuations predictable and tight.

And that seems to work, as Bitcoin and Ethereum traded calmly as billions in notional value near a deadline.

Deribit analysts stated:

BTC positioning is tightly centered around the $90K level. Call and put interest sit in near balance, suggesting traders expect a contained expiry after the recent range-bound tape.

$90,000 as the magnet

The crypto community’s attention remained on the max pain region of $90,000 – where options bulls stand to suffer.

Generally, whales or market movers drive prices toward max pain.

Meanwhile, Derbit’s chart shows puts stacked massively between $75,000 and $85,000, with call interest heavy at $95,000 – $100,000.

Thus, Bitcoin is hovering at the most balanced region of around $90,000 – $92,000.

That indicates a calm market with no dramatic moves.

On the other hand, Ethereum is trading at $3,250, above its $3,100 max pain level, with open interest of 237,879 comprising 130,579 put contracts and 107,282 call contracts.

That leads to a 1.22 put-call ratio and approximately $770 notional value.

Indeed, Bitcoin is displaying restraint despite the massive notion value (nearly $3.7 billion is linked to BTC options only).

There’s no such thing as sudden liquidations, panicked shakeouts, or forced price gains.

That level of calmness during high-stakes events like options expiry seems rare, leaving most market players alert.

A market that ignores imminent pressure often waits for the next catalyst.

What’s next?

Options expiry weighs on crypto prices, and digital tokens often set clear directions after the event.

The options will expire at 8 pm UTC, and traders will closely watch post-performance.

Clearing $93,000 – $94,000 can trigger near-term recovery, with fresh calls toward the $100,000 psychological mark.

However, losing $90,000 could mean a continued near-term struggle for Bitcoin.

Meanwhile, traders and investors will watch signs of thin liquidity amid holiday sessions, which often intensifies moves, and year-end institutional repositioning through key indicators like ETFs.

The post Crypto overview: Markets calm as $4.3B in BTC and ETH options expire appeared first on CoinJournal.

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Binance under scrutiny over response to South Korean police request in Upbit breach case

  • South Korean police asked Binance to freeze Solana tokens linked to the Upbit breach on Nov. 27.
  • Binance reportedly froze about $55,000 after a delay of roughly 15 hours.
  • The Upbit breach involved unauthorised Solana-based withdrawals worth about $36 million.

South Korean authorities are examining how overseas crypto platforms respond to urgent law enforcement requests after new details emerged about Binance’s handling of a police freeze request linked to a security breach at Upbit.

The case has become a reference point for how quickly stolen digital assets can be contained once they leave domestic exchanges and move across borders.

While cooperation between exchanges and regulators is often described as routine, the Upbit incident shows how verification processes and response times can shape the outcome of active investigations.

The situation has also renewed attention on whether existing cross-border coordination mechanisms are sufficient when hacks involve large sums and fast-moving assets.

Freeze request and delayed action

According to South Korean broadcaster KBS, police investigating the Upbit breach asked Binance to freeze Solana tokens worth about 470 million Korean won, or roughly $370,000, on Nov. 27.

Investigators believed the funds were linked to wallets connected to the incident at Upbit, one of the country’s largest cryptocurrency exchanges.

KBS reported that Binance ultimately froze around $55,000, equivalent to about 17% of the amount requested.

The freeze came after a delay of approximately 15 hours.

Binance reportedly told authorities that additional verification was required before it could act on the full request.

The gap between the amount requested and the amount frozen has become central to questions about enforcement speed.

Impact of the Upbit breach

The police request followed unauthorised withdrawals of Solana-based assets from Upbit valued at roughly $36 million.

The scale of the breach prompted a formal police probe and a broader effort by the exchange to trace and recover funds across multiple platforms.

As part of the response, Upbit has been tracking wallet movements and alerting major global exchanges to assets suspected of being linked to the breach.

The case illustrates how quickly stolen crypto can be distributed, making early intervention critical once an incident is detected.

Broader enforcement challenges

The incident has drawn attention to structural issues in global crypto enforcement.

KBS cited commentary highlighting that rapid initial freezes can limit losses in hacking cases, while delays can allow assets to be moved or laundered further.

Concerns have also been raised about exchanges citing legal or litigation risks when responding cautiously to foreign law enforcement requests.

The discussion has included proposals for tighter coordination, such as direct emergency communication channels between major exchanges with the authority to enact temporary freezes while verification is completed.

These ideas reflect ongoing debates about balancing due process with the need for swift containment.

The post Binance under scrutiny over response to South Korean police request in Upbit breach case appeared first on CoinJournal.