US lawmakers propose to establish Bitcoin reserves by accepting Bitcoin taxes

Texas announced the purchase of 10 million bitcoins to establish strategic reserves. （Bitcoin Archive）

[White House Economic Council Director Hassett Seen as a Leading Candidate for Federal Reserve Chair] November 26 news: The selection process for the new Federal Reserve Chair has entered its final stage, with Kevin Hassett, Director of the White House National Economic Council, being regarded as a leading candidate by President Trump's advisors and allies. Sources indicate that Trump is known for unexpected personnel and policy decisions, and the nomination result remains uncertain until officially announced. The choice of Federal Reserve Chair is a key way for the president to influence monetary policy. During Trump's first term, he nominated current Chair Jerome Powell but expressed dissatisfaction with Powell's pace of rate cuts. Hassett aligns closely with Trump's economic views, advocates for rate cuts, and stated on November 20 that if he were to serve as Federal Reserve Chair, he would 'cut rates immediately,' as 'the data supports this decision.'

[JPMorgan Expects Dollar Weakness by 2026, but Rate Hike Bets Could Be a Variable] JPMorgan predicts that the United States' loose monetary and fiscal policies will lead to a weaker dollar next year, forecasting a decline of about 3% in the dollar by mid-2026 before stabilizing. The drop against high-yielding currencies such as the Australian dollar and Norwegian krone could be even greater. However, JPMorgan warns that accelerated market bets on future rate hikes could challenge this forecast. JPMorgan's currency strategy team turned bearish on the dollar in March and has maintained this stance, citing factors such as upcoming rate cuts in the coming months, increased government spending, tax cuts under the 'Big and Beautiful' Act, and concerns over government intervention in Federal Reserve decisions as supporting their view.

[South Korean Man Operating Fake Securities Platform Launders $2.9 Million, Sentenced to 8 Years in Prison] On November 26, the Gwangju District Court in South Korea sentenced a man to 8 years in prison for operating a fake securities trading platform and laundering $4.2 million in illegal proceeds through cryptocurrency. The court stated that the platform defrauded 116 victims, and the man's accomplices used company accounts and private wallets to repeatedly convert $2.9 million from investors into cryptocurrency to complete the money laundering.

[Bitcoin Spot ETF November Outflows Hit Record $3.7 Billion] In November, U.S.-listed Bitcoin spot ETFs saw outflows of $3.7 billion, setting a new monthly record, surpassing February's $3.6 billion. Bitcoin's price has dropped over 35% from its October peak of $126,000, hitting a low of $80,000 on November 21, the lowest since April. Ethereum-related ETFs saw outflows of over $1.6 billion during the same period. The total global crypto asset market value fell below $3 trillion last week, marking the first time since April.