U.S. Securities and Exchange Commission (SEC) has indeed escalated its oversight of leveraged exchange-traded funds (ETFs), issuing warning letters on December 2, 2025, to nine major providers including Direxion, ProShares, Tidal Financial Group, GraniteShares, and Volatility Shares.

This action effectively halts the approval process for new ETFs seeking to deliver 3x to 5x daily exposure to volatile assets like individual stocks like Tesla, Nvidia, commodities, or cryptocurrencies such as  Bitcoin, Ethereum.

The SEC’s primary concern is that these products could exceed the 200% leverage limit under Rule 18f-4 of the Investment Company Act of 1940, which caps a fund’s risk exposure relative to its assets. In response, ProShares withdrew its applications for 3x leveraged Bitcoin, Ethereum, Solana, and XRP ETFs the following day.

This move comes amid heightened market volatility, where leveraged ETFs have already caused significant investor losses in 2025. For instance, funds tracking Strategy Inc. formerly MicroStrategy with 2x leverage on its Bitcoin-heavy portfolio have plummeted over 85%, wiping out $1.5 billion in assets from peaks of $2.3 billion.

Broader leveraged ETF assets have swelled to $162 billion since the pandemic, but critics argue they lure retail investors into opaque, high-risk products prone to “volatility decay”—where daily rebalancing erodes value even in sideways markets.

No 3x or 5x single-stock or crypto ETFs currently exist in the U.S., and this pause reinforces the 2x ceiling, prioritizing investor protection over speculative innovation. On X, traders are calling it a “leverage kill,” with some viewing it as overdue regulation after “billion-dollar collapses.”

Grayscale’s Chainlink ETF: Strong Debut InflowsIn a contrasting bright spot for crypto ETFs, Grayscale’s Chainlink Trust ETF (ticker: GLNK)—the first U.S.-listed spot ETF providing direct exposure to Chainlink’s (LINK) oracle network—launched on NYSE Arca on December 2, 2025, and posted robust day-one net inflows of approximately $41 million.

This figure aligns with reports from Grayscale’s CEO Peter Mintzberg and data trackers like SoSoValue, bringing the fund’s total assets under management to around $64-67.5 million including seed capital. Trading volume hit $13 million on debut, signaling solid institutional and retail interest in Chainlink’s role in tokenization and cross-chain infrastructure.

The inflows propelled LINK’s price up over 7% in the 24 hours following launch, reaching $14.40-$14.50 and breaking out of a descending channel pattern. Whale activity amplified the momentum, with 9.94 million LINK tokens $188 million worth moved from Binance, alongside tightening supply from locked reserves.

Grayscale’s Head of Research highlighted Chainlink’s centrality to the “tokenization revolution,” projecting a multi-trillion-dollar market in 5-20 years. Cumulative inflows since launch stand at $40.9-41.5 million, outpacing some expectations for an altcoin ETF amid broader market caution.

On X, the buzz is positive, with posts hailing it as a “clear signal of broader market demand” and a step toward mainstream adoption. These developments highlight a bifurcated regulatory landscape.

The SEC is tightening the reins on amplified-risk products to shield retail traders from wipeouts, while greenlighting or at least not blocking straightforward spot crypto ETFs like GLNK, which now joins Grayscale’s lineup for BTC, ETH, SOL, and DOGE.

For investors, this could steer capital toward unleveraged exposure in assets like LINK, potentially stabilizing altcoin narratives around utility rather than hype. LINK’s surge suggests ETF access is a tailwind, but watch for whale profit-taking near $16.60 resistance.

Overall, it’s a reminder that in crypto’s maturing ecosystem, regulated inflows may trump unregulated leverage for sustainable growth.

Franklin Templeton, the $1.6 trillion asset manager, officially launched the Franklin Solana ETF (ticker: SOEZ) on NYSE Arca.

This exchange-traded product (ETP) provides investors with regulated exposure to Solana’s native token (SOL), including staking rewards for up to 100% of the fund’s holdings.

The ETF tracks SOL’s price using the CME CF Solana-Dollar Reference Rate and aims to capture both price appreciation and staking yields, minus fees. Coinbase Custody handles SOL storage, while BNY Mellon serves as administrator, transfer agent, and cash custodian.

This joins Franklin’s growing crypto lineup, including Bitcoin (EZBC), Ethereum (EZET), XRP (XRPZ), and a broader Crypto Index ETF (EZPZ) that now includes SOL alongside assets like Dogecoin and Chainlink. It’s Franklin’s latest move in a wave of Solana ETFs approved under a more crypto-friendly SEC environment post-2024 elections.

Solana ETFs overall now hold over $933 million in assets, with inflows surging recently. The launch coincides with SOL trading around $140–$142, up from recent lows, as institutional interest grows in Solana’s high-speed blockchain for DeFi, payments, and tokenization.

The ticker “SOEZ” (pronounced “so easy”) has gone viral for its meme-friendly vibe, aligning with Solana’s community culture—Franklin even joked about it on X. This positions SOEZ as a seamless bridge for traditional investors into Solana, potentially accelerating mainstream adoption.

Revolut Now Supports Solana Payments

Revolut—the UK-based neobank with 65 million users and 15 million crypto accounts—rolled out native Solana (SOL) integration for payments, transfers, and staking directly in its app.

Previously limited to SOL trading and investments, users can now send/receive SOL, USDT, and USDC on Solana for peer-to-peer (P2P) transactions, withdrawals, and even staking rewards. Leverage Solana’s low fees and high speed up to 30,000 TPS for cross-border sends in seconds—far faster than traditional banks or even some rivals like Ethereum.

Users can stake SOL in-app to earn yields, boosting network participation without needing external wallets. This turns Revolut into a major “on-ramp” for Solana, exposing its massive European user base and beyond to the ecosystem. It builds on existing support for BTC, ETH, XRP, and stablecoins like USDC/USDT.

The timing aligns with rising Solana network activity and SOL’s push toward $146 resistance. Revolut’s move underscores Solana’s edge in real-world payments, following integrations by apps like Cash App and Stripe, and ahead of Solana’s Breakpoint 2025 conference.

These back-to-back announcements signal accelerating institutional and retail momentum for Solana. ETFs like SOEZ could drive billions in inflows, while Revolut’s 65M users open doors for everyday SOL spending—potentially fueling price upside as SOL eyes $150+.

The debut of SOEZ represents a watershed moment for Solana’s integration into traditional finance, validating its status as a “real-world” asset class beyond Bitcoin and Ethereum.

As a $1.69 trillion asset manager, Franklin Templeton’s entry signals strong confidence in Solana’s scalability and utility in DeFi, NFTs, and tokenization. This could accelerate inflows into Solana ETFs, which already hold over $933 million in assets and saw $621 million poured in since recent launches.

Analysts project SOEZ’s fee waiver 0% on the first $5B AUM until May 2026 could capture significant market share from competitors like Bitwise’s BSOL, potentially driving billions in new capital and boosting SOL’s liquidity buffers.

By packaging SOL exposure in a familiar ETF wrapper—with staking rewards up to 100% of holdings—SOEZ lowers barriers for everyday investors wary of wallets, keys, or volatility. This “democratization” could draw in automated allocators and retail flows, especially with the meme-friendly “SOEZ” ticker resonating in Solana’s community-driven culture.

Early data shows altcoin ETFs outperforming BTC/ETH peers, suggesting broader portfolio diversification. Launching amid a post-2024 SEC thaw via Grayscale conversions, SOEZ underscores evolving standards for altcoins, treating them as legitimate infrastructure rather than speculation.

It enhances Solana’s network security via institutional staking, while joining Franklin’s suite including XRPZ and EZPZ to form a diversified crypto index. However, challenges like recent $13.5M sector outflows highlight ongoing volatility risks tied to scalability or governance.

With SOL rebounding to ~$141 up 10% daily, SOEZ could catalyze a push toward $146–$200 resistance, fueled by ETF demand. This aligns with Solana’s on-chain surge, positioning it as a high-throughput alternative for real-world apps.

Implications of Revolut’s Solana Payments Support

Revolut’s integration, announced the same day, transforms its 65 million users including 15 million crypto accounts into a massive on-ramp for Solana, shifting it from trading-only to full utility. This fintech pivot amplifies Solana’s payment narrative.

Users can now handle P2P transfers, withdrawals, and staking with SOL, USDT, or USDC on Solana—all in-app, leveraging ~30,000 TPS for near-instant, low-fee sub-cent settlements. This is a game-changer for cross-border remittances, outpacing legacy systems like SWIFT by days and costs.

It effectively turns Revolut into Europe’s Solana gateway, exposing millions to DeFi and dApps without external wallets. Following integrations by Cash App, Stripe, and Venmo, Revolut’s move cements Solana’s edge in high-volume payments, especially for stablecoins. It validates Solana’s “payment velocity” thesis, channeling liquidity to validators for better economic security.

With Breakpoint 2025 looming, this could spark developer pilots for mobile-first tools, further embedding SOL in daily finance. Compared to Revolut’s prior conservative chains (BTC, ETH, XRP), SOL’s addition highlights its appeal for scalable apps.

It could drive staking participation, enhancing network stability, while positioning Solana against Ethereum’s higher fees. Risks include user errors, but overall, it lowers crypto’s learning curve for fiat users. Amid rising network activity, this fuels SOL’s technical breakout potential toward $146, with $133 as key support.

Liquidations and volume spikes suggest bullish momentum if adoption sustains. These tandem developments—SOEZ for investment, Revolut for utility—create a flywheel: institutional capital meets retail spending, potentially exploding SOL’s TVL, TPS, and adoption.

Solana could see $1B+ ETF AUM growth and millions in daily payments, solidifying its role in tokenized finance. Price-wise, SOL eyes $150+ short-term, but volatility persists. Long-term, this duo accelerates crypto’s mainstream shift, pressuring rivals and regulators to adapt.

Both highlight Solana’s strengths in scalability and utility, amid a crypto market rebound. If you’re holding or eyeing SOL, this could be a catalyst worth watching.

Charles Schwab has confirmed plans to launch spot trading for Bitcoin (BTC) and Ethereum (ETH) in the first half of 2026, representing a significant entry into direct retail cryptocurrency services for the brokerage giant managing over $10 trillion in client assets.

CEO Rick Wurster shared the update on December 3, 2025, at the Reuters Next conference in New York. The service will start with internal employee testing in early 2026, followed by a limited pilot for select clients, before expanding to full platform access.

This phased approach aims to ensure stability and address any issues upfront. It will enable direct spot trading of BTC and ETH within Schwab accounts, leveraging the firm’s existing brokerage infrastructure. No other cryptocurrencies were mentioned at launch.

Wurster highlighted surging client interest, including a 400% increase in traffic to Schwab’s crypto education resources. The move aligns with broader Wall Street trends, such as recent approvals for crypto ETFs by firms like Vanguard and portfolio allocation advice from Bank of America suggesting up to 4% in crypto.

Regulatory shifts in 2025, including eased rules from the OCC and FDIC, have cleared paths for such integrations without prior approvals. Details on fees remain unclear, but analysts speculate low or zero-cost trading similar to Schwab’s stock and ETF offerings could disrupt exchanges like Coinbase.

Wurster also expressed openness to crypto acquisitions if valuations align. The news broke amid a post-rebound cooldown in crypto prices, with BTC trading around $93,300 and ETH following suit.

Social media buzz on X, ties it to a wave of institutional adoption signals following a recent market dip, with users noting the timing alongside moves from other financial heavyweights. This could accelerate mainstream crypto integration, potentially boosting demand as Schwab’s 35+ million clients gain seamless access.

Fidelity Investments, a major brokerage with over $13 trillion in assets under administration, has been a pioneer in integrating cryptocurrency into traditional finance since 2018, when it launched Fidelity Digital Assets for institutional custody and trading.

As of December 2025, Fidelity offers retail clients direct spot trading of select cryptocurrencies alongside stocks and ETFs in a unified app and website experience. This positions them ahead of peers like Charles Schwab, which plans a similar launch in early 2026.

Fidelity Crypto® enables U.S. retail investors in eligible states to buy, sell, and hold cryptocurrencies directly through brokerage-linked accounts. Key features include trading Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Solana (SOL).

Zero-commission trades, 24/7 access via the Fidelity app or website, with settlement in USD. Crypto is custodied by Fidelity Digital Assets, but users cannot currently transfer assets out withdrawals are via cash sales only.

Trade crypto in standard brokerage accounts; no dedicated crypto wallet required. Emphasizes high volatility, illiquidity risks, and lack of FDIC/SIPC insurance—suitable only for high-risk-tolerant investors.

Additionally, Fidelity offers indirect exposure through exchange-traded products (ETPs):Spot Crypto ETPs: Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Ethereum Fund (FETH), with a 0.25% expense ratio (effective January 1, 2025). These trade like ETFs during market hours and can be held in brokerage or retirement accounts.

Crypto IRAs launched on April 2, 2025, the Fidelity Crypto IRA allows direct investments in BTC, ETH, and LTC within traditional, Roth, or rollover IRAs. This no-fee structure addresses client demand for tax-deferred crypto exposure, with assets custodied securely. It’s a game-changer for retirement savers, as prior options were limited to ETPs.

Annual contribution limits apply $7,000–$8,000 for 2025, depending on age. Fidelity continues to expand amid regulatory tailwinds, including the GENIUS Act for stablecoin guidelines and eased OCC/FDIC rules.

In September 2025, Fidelity announced Fidelity Trader+, a new trading platform set to roll out in 2026 with built-in crypto features, enhancing tools like real-time charting and multi-asset portfolios.

Fidelity’s moves align with surging demand: Their crypto education traffic rose 300% in 2025, and BTC/ETH ETPs saw $675M+ inflows in October alone. Amid a bull market BTC ~$93K as of December 4, analysts forecast more TradFi crypto products in 2026, potentially including active funds.

However, volatility persists—Q2 2025 outlooks warn of a maturing bull phase. For Fidelity clients, start by opening a Fidelity Crypto® account online requires risk acknowledgment. This positions 2026 as a pivotal year for crypto in traditional finance.

The US Department of the Treasury executed a historic debt buyback operation, repurchasing $12.5 billion in older Treasury securities. This marks the largest single-day buyback in US history, surpassing the previous record of $10 billion set on June 3, 2025.

The operation accepted offers totaling $12.5 billion across 23 issues, out of $34.6 billion in bids submitted by market participants, with settlement completed the following day. The Treasury targeted off-the-run (older, less liquid) nominal coupon securities and Treasury Inflation-Protected Securities (TIPS). It does not typically buy back bills, floating rate notes, or STRIPS.

Conducted through the Federal Reserve Bank of New York’s FedTrade system, the buyback involved primary dealers and other approved institutions. The Treasury paid for the securities at accepted prices, effectively retiring older, lower-yield debt.

The US last ran large-scale buybacks from 2000–2002 totaling about $67.5 billion across multiple operations during budget surpluses. After a hiatus until 2014, buybacks resumed on a smaller scale for cash management and liquidity support.

The Treasury formalized a “regular buyback” program in 2024 to improve market functioning amid rising debt levels now over $36 trillion. By removing older bonds from circulation, the Treasury injects fresh cash into the banking system, easing short-term funding pressures and tightening bid-ask spreads in the Treasury market.

It allows the government to retire low-interest debt early and reissue new securities at current rates, optimizing the maturity structure of the $36+ trillion national debt. This proactive move addresses potential strains from high interest rates, global investor sentiment, and upcoming auctions (e.g., a $39 billion 10-year note auction shortly after the June buyback).

It’s not quantitative easing that’s the Fed’s tool but complements it by reducing supply ahead of new issuance. A Treasury spokesperson emphasized commitment to “short-term flexibility and long-term sustainability” in managing finances.

The buyback boosts systemic liquidity, which historically supports risk assets. Bond yields may dip slightly due to reduced supply, while banks gain balance-sheet relief. Coming amid rate cuts, the end of quantitative tightening (QT), and ongoing repo operations, this adds to a “massive wave of fresh liquidity.”

Analysts see it as a bullish macro signal, potentially lowering yields and spurring year-end rallies. Increased liquidity often flows into high-beta assets like Bitcoin and Ethereum. Experts like Ash Crypto called it a “bullish move” for Q1–Q2 2026, with potential temporary boosts amid 2019-like conditions.

No major controversy emerged, though some Reddit discussions speculated on timing ahead of CPI data, viewing it as preemptive auction support.This operation underscores the Treasury’s evolving toolkit in a high-debt environment, with eyes now on the next quarterly refunding announcement typically early February 2026.

On June 3, 2025, the US Department of the Treasury conducted its largest debt buyback operation to date at the time, repurchasing $10 billion in older Treasury securities.

This marked a significant escalation in the Treasury’s regular buyback program, which had been formalized in 2024 to enhance market liquidity and optimize debt management amid a national debt exceeding $35 trillion.

The operation accepted bids totaling $10 billion out of $22.87 billion submitted, across 22 issues from 40 eligible securities, with settlement completed on June 4, 2025. This surpassed prior small-scale test buybacks typically under $5 billion and set the stage for even larger operations later in the year.

The buyback targeted off-the-run nominal coupon securities and Treasury Inflation-Protected Securities (TIPS) with maturities ranging from July 15, 2025, to May 31, 2027. It excluded bills, floating rate notes, and STRIPS. The operation was executed via the Federal Reserve Bank of New York’s FedTrade system, involving primary dealers and approved institutions.

Bids were submitted competitively, with the Treasury accepting offers at weighted average prices to retire lower-yield, less liquid debt. Results, including par amounts accepted per security and average prices, were published on TreasuryDirect in an updated XML format starting with this operation—improving transparency with detailed breakdowns.

Buybacks were last used extensively from 2000–2002 totaling ~$67.5 billion during surpluses. and resumed modestly in 2014 for cash management. The June 2025 event was part of a quarterly refunding strategy, with plans to resume cash management buybacks around the June tax due date.

It was followed by a second $10 billion buyback on June 10 settling June 11, bringing the two-week total to $20 billion, under a weekly program capped at $10 billion per operation potentially scaling to $30 billion quarterly.

Removing older securities injected cash into the financial system, narrowing bid-ask spreads and supporting smoother auctions amid high interest rates and debt limit pressures extraordinary measures were in use since January 2025.

Debt optimization enabled refinancing at current yields, reducing long-term interest costs and smoothing maturity profiles to avoid peaks in upcoming redemptions.

A Treasury official noted the move promoted “short-term flexibility” in a high-debt environment, with no intent to influence yields directly given the modest scale relative to total debt.

The buyback eased funding strains, slightly compressing yields 10-year notes dipped ~2 basis points post-announcement and bolstering bank reserves. It signaled proactive management, boosting confidence ahead of summer volatility.

As part of a “wave of liquidity” with Fed repo operations, it was viewed as bullish for risk assets, echoing 2019 dynamics. Analysts projected lower volatility in Q3 2025 auctions and potential flows into equities and crypto.

At $10 billion, it was ~0.03% of outstanding debt—significant operationally but not transformative, per bond observers.

No notable controversies arose, though some speculated on political timing near debt ceiling talks. This June operation paved the way for the December 2025 record, underscoring the Treasury’s expanding toolkit.