Crypto Weekly Market Wrap November 17th: Key Policy Shifts, ETF Momentum, and Shutdown

The crypto market stayed tense last week as the US government resumed after a historic shutdown. ETFs drew strong attention, while payment innovation gained momentum with regulators re-entering with tighter oversight. 

Despite uncertainty, investors showed renewed confidence across the sector, highlighting a shifting balance between compliance, innovation, and global financial integration. In the section below, we will discuss major developments that made headlines last week.

Shutdown Ends, Agencies Resume Crypto Policy Progress

The U.S. government was reopened following 43 days of shutdown, which allowed key financial watchdogs to resume work. SEC and CFTC staff returned to backlogged duties, such as ETF approvals and hearings. Mike Selig will continue his Nov. 19 confirmation hearing before the CFTC.

President Trump signs bill to OFFICIALLY reopen the government, ending the Democrat Shutdown.

Let's get our country WORKING again. 🇺🇸 pic.twitter.com/QJqX90k9sC

— The White House (@WhiteHouse) November 13, 2025

The Treasury is now in a position to review the response to the GENIUS Act, directed towards the regulation of stablecoins. Surprisingly, the markets remained stable even after the reopening. Such events usually catalyze large crypto rallies in previous years.

21Shares Debuts Crypto Index ETFs Under the 1940 Act

21Shares launched two new index-tracking ETFs in the US, one that does not track Bitcoin. The products are structured under the Investment Company Act of 1940, which provides a regulated alternative to the common crypto funds in the 1933 Act. These ETFs cover assets such as Ethereum, Solana, and Dogecoin.

In collaboration with Teucrium, 21Shares will gain indirect exposure through its European-listed ETPs. The FTSE Crypto 10 Index ETF will have a fee of 0.5%, and the ex-BTC version will have 0.65%. This structure would be attractive to institutional investors who are tax-efficient and compliant.

Visa Introduces Fiat-to-Stablecoin Wallet Payout Pilot

Visa introduced a pilot program in the US that enables fiat-financed business accounts to transfer stablecoins directly to crypto wallets. This move supports real-time USDC payments through Visa Direct and reduces the wait time for digital transfers.

Visa will open its doors to more access in 2026, initially serving workers in the gig category and international businesses. The pilot reflects the increasing need to have faster payments, with more than 57% of gig workers preferring digital payouts.

Stablecoin Growth Could Impact U.S. Interest Rates

Federal Reserve Governor Stephen Miran cautioned that stablecoins would potentially lower long-term U.S. interest rates. At the summit in New York, he explained how the demand for stablecoins is driving up the Treasury purchases, raising loanable funds.

🇺🇸 Fed Governor Stephen Miran says growing stablecoin demand could push down interest rates, predicting the market could hit $3 trillion in the next 5 years. pic.twitter.com/yAtwQ0abKB

— CryptoMutant (@CryptoMutant) November 10, 2025

This shift is similar to the global savings glut of the early 2000s. They may affect the policy of central banks more directly as dollar-backed tokens increase in number. Currently, stablecoins possess significant influence on the monetary debates.

CFTC Moves Toward Approving Leveraged Crypto Trading

CFTC plans to issue authorization of leveraged spot crypto trading on registered U.S. exchanges by next month. The plan was approved by the acting Chair Caroline Pham, which signified a potential change in the U.S. market structure. The approval might cover exchanges such as CME, Cboe, ICE Futures, Coinbase Derivatives, and others. The move is based on the guidance of the President’s working group and might introduce a new wave to the U.S. crypto markets.

SEC Considers New Framework for Token Classification

SEC Chair Paul Atkins revealed plans to establish a token taxonomy that would add clarity to the classification of crypto assets. The new framework will be based on the Howey Test but will be applied to the digital asset space. The aim is to limit the use of enforcement measures. A taxonomy would help to enhance open communication with Congress and market participants while enhancing regulatory certainty.

BNY Mellon Launches GENIUS-Compliant Stablecoin Fund

BNY Mellon launched the BSRXX fund to help stablecoin issuers under the GENIUS Act. The fund will not invest in stablecoins but will keep reserves. The initiative, which focuses on institutional clients, will speed up the use of stablecoins with regulation backing. Market experts project the stablecoin market to hit $1.5 trillion in 2030.

BREAKING: #BNY launches the BNY Dreyfus Stablecoin Reserves Fund, an innovative #MMF designed for U.S. #stablecoin issuers under the GENIUS Act. This product is designed to deliver 24/7 liquidity, stability & regulatory alignment, pioneering new frontiers in digital cash… pic.twitter.com/XuREvWT1C1

— BNY (@BNYglobal) November 13, 2025

China and U.S. Clash Over Seized Bitcoin From 2020 Hack

China accused the U.S. of secretly seizing 127,000 stolen BTC tied to the LuBian pool hack. Beijing claimed that the theft was done by a state-level hacking unit, escalating the tensions between the two nations. The U.S. refuted the allegations, claiming that the Bitcoin had been confiscated legally in a fraud suit. The $13 billion in crypto has now become a spotlight in diplomatic relations.

Canary Capital Files for Meme Coin ETF

Canary Capital filed with the SEC to launch an ETF that tracks MOG Coin, a popular memecoin on Ethereum. The fund might allocate up to 5% to Ether in terms of transaction costs. This move reinforces the increased demand for memecoins in regulated finance. The ETF would be the first of its kind that is dedicated entirely to a meme-driven digital asset.

Czech National Bank Begins Crypto Reserve Experiment

The Central Bank of the Czech Republic bought Bitcoin, stablecoins, and tokenized deposits for testing purposes. The million-dollar portfolio will enable the bank to venture into custody, security, and AML checks in the coming years. Governor Ales Michl stressed the necessity to get ready for emerging financial technologies. These assets, however, do not fall within the official reserves of the country.

Michael Saylor Denies Billion-Dollar Bitcoin Sale

There were speculations that MicroStrategy sold Bitcoin worth $1 billion. However, blockchain tracking company Arkham explained that these wallet movements were related to a custodian change. Saylor confirmed that the company did indeed purchase additional BTC recently, having purchased 487 BTC on November 10. The company is determined to hold its Bitcoin reserves.

There is no truth to this rumor.

— Michael Saylor (@saylor) November 14, 2025

JPMorgan Launches Deposit Token on Coinbase’s Base Chain

JPMorgan officially deployed JPM Coin (JPMD) on Base, which is a Layer 2 network developed by Coinbase. The token allows settlement of institutional payments around the clock. Large-scale clients, such as Mastercard or Coinbase, have already tested JPMD during the pilot stage. JPMorgan plans to launch a version that is backed by the euro under the trademark JPME.

Grayscale Seeks Public Listing on NYSE

Grayscale filed to go public under the ticker GRAY. The company, known for GBTC and ETHE, will have an Up-C structure to gain flexibility. The IPO would expose investors to more than 40 crypto products. Upon listing, Bitcoin and Ethereum ETF investors might get special share allocations.

XRP ETF Leads All 2025 Launches on Day One

Canary Capital’s XRP registered $58 million in trade volume during the initial day. It surpassed the Solana ETF offered by Bitwise, which had $57 million. The other 2025 ETF launches lagged behind. The success of the ETF points to institutional investment beyond Bitcoin and Ether assets.

Looks like $XRPC from @CanaryFunds has the largest day-1 trading volume so far for an ETF launch in 2025. Squeaks by $BSOL's ~$57 mln. Doing it on a down day like today is pretty impressive.

~$58.6 mln and counting for the day. https://t.co/oiHTkkm7YB pic.twitter.com/wlVcXgKCZR

— James Seyffart (@JSeyff) November 13, 2025

SoFi Becomes First U.S. Bank to Offer In-App Crypto Trading

SoFi introduced crypto trading in its mobile application, becoming the first nationally chartered bank in the U.S. to do so. Users are now able to trade crypto through FDIC-insured accounts. The feature facilitates instant purchases and sales of coins such as BTC and SOL. In the future, SoFi plans to launch a stablecoin and other blockchain-centered services.

Alibaba and JPMorgan Partner on Tokenized Trade Payments

Alibaba plans to use the deposit token system at JPMorgan to streamline international B2B payments. The system enables near-instant settlements in USD and EUR for cross-border commerce. The platform is based on JPMorgan’s Kinexys network and will be launched in December. The upgrade is further expected to reduce payment timeframes from 72 hours to only several minutes.

Coinbase Unveils Platform for Early Retail Token Access

Coinbase launched a new platform that enables retail investors across the world to purchase tokens prior to official listing on exchanges. The initial offering will be on Monad, which takes place between Nov. 17 and 22. The platform employs an algorithm that gives preference to small buyers. All projects are required to offer clear tokenomics and be subject to a 6-month lock-up post-launch.

Token launches just got a whole lot better.

→ Early access to your favorite tokens
→ Real supporters are prioritized
→ Sustainable token distribution
→ US users can finally join

Now possible with token sales on Coinbase.

Oh, one more thing: the @monad sale starts Nov 17. pic.twitter.com/ox5VRAqfiH

— Coinbase 🛡️ (@coinbase) November 10, 2025

Brazil Finalizes Crypto Licensing Rules with $7M Cap

The Central Bank of Brazil published its new VASP framework. Cryptocurrency companies are now required to have licenses and minimum capital requirements of up to $7 million. The law, which will take effect in Feb. 2025, also limits self-custody transactions to $100,000. As early as May, monthly transaction reports will be expected.

Uniswap Proposes UNI Burn and New Governance Model

Uniswap Labs and the Uniswap Foundation proposed a fee-sharing and burning mechanism. The aim is to realign in rewards and reduce the token supply. The foundation will merge the majority of operations into Labs and cease existence upon the last grant payment of the remaining $100 million. Key changes will be monitored by the governance.

Singapore Advances Tokenized Bills and Stablecoin Laws

In 2026, tokenized bills will be piloted by the Monetary Authority of Singapore (MAS). It will also release new laws on stablecoin redemption and reserves. Major banks in Singapore recently finished a pilot of CBDC-based lending. MAS also plans to release guidelines on tokenized capital market products.

Singapore to Pilot Tokenized Bills, Introduce New Stablecoin Legislation

Singapore’s central bank will move forward with building a scalable and secure tokenized financial ecosystem, with plans to pilot tokenized MAS bills next year and introduce legislation to regulate… pic.twitter.com/4EKa0d8XOt

— ME (@MetaEraHK) November 13, 2025

Taiwan Considers Bitcoin for Strategic Reserve Pilot

Taiwan is exploring the possibility of adding Bitcoin to its strategic reserves. Authorities are suggesting the utilization of confiscated BTC to fund the pilot. Meanwhile, regulators are preparing more friendly regulations on the use of Bitcoin. These developments demonstrate the growing appeal of crypto on the island as a tool of finance.

Japan May Limit Crypto Holdings of Listed Firms

Japan Exchange Group is considering regulations against excessive crypto holdings in public companies. The aim is to protect investors against volatile strategies. JPX might impose re-audits and strengthen backdoor listing regulations. The decision comes after steep declines in shares of crypto-heavy firms such as Metaplanet.

Justin Sun Faces $456M Freeze in TrueUSD Case

Dubai courts froze $456 million associated with the bailout of stablecoin issuer Techteryx by Justin Sun. The case revolves around the misappropriation of reserve funds in high-risk investments. Sun praised the court, saying the ruling was in favor of transparency. The freeze comes after previous legal actions in Hong Kong for similar allegations.

Kyrgyzstan Launches National Stablecoin Backed by Gold

Kyrgyzstan issued a gold standard stablecoin, USDKG, pegged 1:1 to the U.S. dollar. The first issuance was over $50 million to be used in cross-border trade. The Finance Ministry aims to raise its backing reserves up to $2 billion. At the same time, the government suspended crypto mining because of power shortages.

What happens if a government launches a stablecoin the U.S. doesn't like?

We might find out soon.

Kyrgyzstan (the country) is launching a gold backed stablecoin.

USDKG will be denominated in dollars but backed by gold. Not back by treasuries. Not GENIUS compliant.

Why gold?… pic.twitter.com/psHJjV09tX

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 11, 2025

Bitcoin Depot Begins Expansion in Hong Kong

Bitcoin Depot entered the Asian market with the intention of being a top-five operator of Bitcoin ATMs in Hong Kong. It collaborated with local companies to comply with AML and licensing requirements. The company highlighted that Hong Kong had a robust crypto demand and favorable regulation. As of now, the city has more than 220 operational crypto ATMs.

Coinbase Leaves Delaware, Re-Incorporates in Texas

Coinbase filed to relocate its corporate charter listing from Delaware to Texas. The company cited increasing legal uncertainty in Delaware as the reason. Texas is cheap and has a predictable legal environment. Other major tech companies, like Tesla and SpaceX, have done the same recently.

Wolf Capital CEO Sentenced in $9.4M Crypto Fraud Case

Travis Ford, CEO of Wolf Capital, was sentenced to five years in prison for orchestrating a Ponzi scheme worth $9.4 million. Ford falsely inflated returns and misused investor funds. Earlier this year, he admitted guilt to conspiracy for committing wire fraud. It was confirmed by the investigators that he diverted millions rather than using them to trade as promised.

🇺🇸#Crypto

The U.S. Department of Justice has sentenced Travis Ford, CEO of Wolf Capital Crypto Trading, to five years in prison for orchestrating a $9.4 million cryptocurrency Ponzi scheme. In addition to the prison term, Ford was ordered to forfeit more than $1 million and pay… pic.twitter.com/MYAy9ybY4E

— Land⅃ⓞRD 🦍 (@HooLiFuk) November 15, 2025

Bank of England Eases Stablecoin Rules, Eyes U.S. Alignment

The Bank of England released a draft framework for stablecoin issuers. The framework will enable systemic issuers to possess 60% of short-term government debt. In the case of early-stage or transitioning issuers, the limit is raised to 95%. The proposal also includes temporary holding caps on individuals and businesses to ensure financial stability.

Digital Asset Investment Products Market Overview

Digital asset investment products experienced a massive outflow of $2 billion last week, which was the largest decrease since February. This situation indicated the prevailing uncertainty regarding the monetary policy and the large-scale selling by major crypto holders. The last three weeks witnessed a total outflow of $3.2 billion.

Digital asset ETPs saw US$2bn in outflows last week, driven by monetary policy uncertainty and crypto-native whale selling. Bitcoin and Ethereum led the losses with outflows of US$1.38bn and US$689m, while investors shifted toward multi-asset ETPs (+US$69m) and increased…

— Wu Blockchain (@WuBlockchain) November 17, 2025

Bitcoin was the most affected, with a loss of $1.38 billion, followed by Ethereum with $689 million in outflows. Investors also divested from smaller amounts of Solana and XRP. However, amidst this trend, some investors opted for multi-asset ETPs, and thus, their fund allocation increased by $69 million, while short Bitcoin products earned $18.1 million.

The U.S. was the biggest contributor to this decline, as it accounted for 97% of total outflows. Meanwhile, Germany was in a different situation, and it managed to attract $13.2 million in new inflows while others exited.

Bitcoin Price Performance

Cryptocurrency prices fell sharply last week as traders moved away from unstable assets. The second week of November concluded in red across the board. Leading cryptocurrencies were unable to maintain their gains, which was a sign of the continued doubt in the market, as the recovery was still seen as being a long way off.

The flagship asset, Bitcoin, declined by over 9% over the last week. BTC’s price dropped from highs of $107K to lows of $94K. Currently, Bitcoin has formed a descending channel pattern and has a market cap and trading volume of $1.88 trillion and $62 billion, respectively.

Looking at the weekly chart, BTC has formed a steep correction as red candlesticks rule the chart. The Relative Strength Index (RSI) has dropped steadily below 50 levels, heading to the oversold region. Additionally, the Moving Average Convergence Divergence (MACD) is holding in the negative territory with the MACD line below the signal line, indicating increased selling pressure.