Daily Brief: Democrats Secure US Senate Majority, Shifting Crypto Policy

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Democrats Secure Senate Majority, Shifting Policy Outlook

Democrats secured a 51-seat US Senate majority after Josh Turek won the Iowa race. The CLARITY Act faces a January reset if unapproved before the new Congress, shifting oversight of digital assets to Democratic…

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South Korea Ruling Party Proposes Crypto Tax Delay

The Democratic Party formally proposed deferring a 22% virtual asset income tax scheduled for Jan. 1, 2027. Party chief Kim Min-seok said foundational digital asset regulations must be enacted before $BTC gains are…

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THORChain Restores Swaps Despite Laundering Warnings

Node operators reactivated $BTC, $ETH, and Tron routes on Nov. 3 following an Oct. 31 outage. Pangolin Intelligence warned that restarting nodes knowingly assists North Korea in laundering billions in stolen assets.

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First Digital Trust Prepares $250M Public Listing

First Digital Trust signed a merger agreement to list publicly next year at a $250 million valuation. A Binance affiliate holds warrants convertible to a 25% stake, despite $FDUSD issuer revenue dropping from $87…

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France Rejects Crypto Exit Taxes as Budget Vote Delays

The National Assembly postponed its 2027 budget revenue vote to debate remaining amendments. Lawmakers rejected proposals that would have applied exit taxes on unrealized digital asset gains for residents moving abroad.

The numbers

Bitcoin trades at $78,484, up 2.0% over 24 hours, while the total crypto market capitalization gained 1.6% to reach $2.63 trillion.

What to watch

• The expiration of the current congressional session in January, which resets pending legislation like the CLARITY Act.
• A formal legislative amendment to South Korea's Income Tax Act by the National Assembly before Jan. 1, 2027.
• Closing of First Digital Trust's business combination transaction next year.

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