Trump’s Crypto Dreams Look to be Over as Democrats Take Congress
So crypto Twitter on Tuesday night was giving the same vibes as that scene in Game of Thrones where Robb Stark was busy consolidating power, and suddenly, out of nowhere, the whole board flips, and the red wedding happens… The 2026 midterms handed Democrats both chambers of Congress, and you probably felt it in your chest if you held any token that’s kinda linked to Trump. I mean, we saw TRUMP coin crater over 20%, briefly hitting a record low of $1.22. This is definitely not a great look for a sitting president whose crypto strategy is now staring down a hostile legislature.
But then again, crypto is neither Republican nor Democrat. Has never been one to take sides, I mean, Bitcoin literally survived Mt. Gox, the China ban (three times), Sam Bankman-Fried in handcuffs, and a thousand “crypto is dead” headlines. A midterm result isn’t even a twist in the plot at this point. But while Washington has to figure out their next move, the rest of the world is moving on anyway, and Moscow is setting a launch date. Hong Kong is tightening its tax net as there seem to be many catches out there nowadays. And Coinbase, by the way, has just quietly cemented crypto’s place inside the very financial system it once swore to replace.
It’s a lot. But that’s why you’re here. Here are the highlights: 👇
- Trump and His Bitcoin Strategy Face Midterm Risks as Democrats Take Congress
- Moscow Exchange sets December 1 to launch Bitcoin and Ethereum trading
- Hong Kong passes law requiring crypto exchanges to report customer transactions to tax authorities.
- Coinbase gets full U.S. trust charter from federal banking regulator
Trump and His Bitcoin Strategy Face Midterm Risks as Democrats Take Congress
Trump and his Bitcoin strategy face a new political challenge after Democrats won control of both chambers of Congress in the 2026 midterm elections. The result could complicate President Donald Trump’s crypto agenda and bring renewed scrutiny to his family’s digital asset businesses. The political shift arrived as Trump-linked crypto assets suffered sharp losses. Official Trump (TRUMP) plunged more than 20% on November 4, briefly touching a record low near $1.22. Meanwhile, Bitcoin recovered from its election-night decline, showing its resilience. In other news, Trump Media & Technology Group also moved 4,259 Bitcoin, worth $342 million, to Crypto.com, according to Arkham.
Moscow Exchange sets December 1 to launch Bitcoin and Ethereum trading
The Bank of Russia has finalized the list of assets that investors without qualified status can buy, allowing exchanges to list Bitcoin, Ethereum, and USDT for public trading from Nov. 17. In its Nov. 6 announcement, the central bank said non-qualified investors can buy through brokers, asset managers, or crypto exchangers, on exchanges, or over the counter. Purchases will be limited to 300,000 rubles annually through each intermediary, and investors must undergo testing before a transaction. The directive defines the calculation as the ruble sum of acquisition costs for digital currencies already bought and being bought through that broker during the calendar year.
Hong Kong passes law requiring crypto exchanges to report customer transactions to tax authorities.
Hong Kong has passed a law requiring crypto exchanges and other covered service providers to collect customer and transaction data for tax purposes from 2027, with the information to be automatically shared with overseas tax authorities from 2028. The government said the rules will take effect in 2027 and that the first exchanges of information between tax authorities will begin in 2028. The law adopts the Organization for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF), released in October 2022 and designed to help governments identify crypto transactions that may otherwise go unreported for tax purposes.
Coinbase gets full U.S. trust charter from federal banking regulator
The biggest U.S. crypto exchange, Coinbase (COIN), will now be operating a fully chartered trust bank, according to the company, which said the U.S. Office of the Comptroller of the Currency elevated its previously conditional status. The Coinbase National Trust had received its provisional approval in April, allowing the company to offer federally regulated custodial and payments services, though not acting as a full-service bank that would take deposits and extend loans. After several months of building out compliance systems, hiring necessary personnel and undergoing regulatory scrutiny, Coinbase said the agency signed off on its full charter.
Other Highlights Worth Mentioning
Greece Passes Crypto Tax Law With 10% Gains Levy, 15% on Staking and DeFi — Decrypt
Senate Probe Puts Binance, Tether and Trump-Linked Crypto Firms on Notice — Be in Crypto
Binance cuts off trading platform SignalPlus after hackers break in with a fake Teams invite — Cryptoslate
Ukraine Central Bank Refuses to Back Crypto Bill Cleared for Second Reading — Bitcoin Magazine
COINIGY FACT OF THE DAY
On this day in 2022, Binance officially abandoned its proposed acquisition of struggling crypto exchange FTX, triggering one of the most dramatic sell-offs in cryptocurrency history.
Less than 48 hours after Binance CEO Changpeng Zhao announced plans to rescue the exchange, the company withdrew from the deal following its due diligence review, citing concerns over mishandled customer funds and regulatory investigations. Bitcoin plunged approximately 14% in a single day, hitting $15,625, its lowest level in two years, while FTX's native FTT token continued its collapse. The failed rescue exposed the severity of FTX's financial troubles and accelerated a crisis that would eventually lead to its bankruptcy, shaking confidence in centralized crypto exchanges worldwide.
COINIGY MEME OF THE WEEK
