Let's take a look at what's going on in the news this morning.

The U.S. Senate's crypto market structure bill is hitting a major wall.

Negotiations are getting messy, with the White House shutting down recent proposals

and Democrats issuing demands regarding financial stability, market integrity, ethics, and more.

Despite GOP claims that the bill is ready, senior Democrats are blocking a markup next week.

The clock is ticking, though. The 2025 Senate calendar ends next week.

If this spills into January, lawmakers face the pressure of midterm elections and a looming government shutdown deadline on January 30th.

A government shutdown may further delay any progress as 2025's record-breaking shutdown did.

Our second story today, major players in crypto are getting a seat at the regulatory table.

CEOs from firms like Gemini, Polymarket, and Bullish, the parent company

of Coin Desk, have joined the CFTC's Innovation Council to help steer future market developments.

It is a parting move from acting chair Caroline Pham. In her final days leading the agency,

she says she is grateful for the executive's vision as the commission works to, quote,

hit the ground running to prepare for the future and beyond.

The timing is critical. The agency is expected to get its permanent leadership very soon with the Senate set to vote on President Trump's nominee, Mike Sealing.

And our last story today, Bhutan is bringing the gold standard to the blockchain.

The kingdom has debuted T-E-R or TIR as a token built on

Solana and fully backed by physical gold. Issued through Bhutan's new Guilifu Mindfulness City Special

Zone, the token is designed to give global investors on-chain transparency for a traditional

asset.

This follows a similar launch by Kyrgyzstan, highlighting a growing trend

where smaller nations are using crypto to modernize their economies and attract foreign capital.

...