TLDR CryptoNovember 12, 2025

TLDR CRYPTO 2025-11-12

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01MARKETS & BUSINESS

BANK OF ENGLAND CONFIRMS PLANS FOR STABLECOIN HOLDING LIMITS

The Bank of England confirmed plans to introduce "temporary" stablecoin holding limits of £20,000 per coin for individuals and £10 million for businesses, with exemptions for exchanges and large merchants, inviting industry criticism that the rules exceed US and EU restrictions. Deputy Governor Sarah Breeden defended the caps as necessary to protect the commercial banking sector that underpins mortgages, while the BOE proposed issuers back stablecoins with 60% short-term UK government debt and 40% Bank of England accounts. The framework applies only to sterling-denominated systemic stablecoins used for retail payments and wholesale settlement. Consultation will run until February before final rules are published later next year.

coindesk.com5 min read

SENATE AG RELEASES DRAFT OF CRYPTO MARKET STRUCTURE LEGISLATION

The Senate Agriculture Committee released a draft crypto market structure bill that defines CFTC oversight of spot markets, though bracketed sections show lawmakers haven't finalized key provisions, including DeFi developer protections and CFTC commissioner requirements. The legislation must be combined with the Senate Banking Committee's version before advancing, a process complicated by internal Republican disagreements and Senator Elizabeth Warren's objections over industry risks and Trump's crypto stake. The bill directs CFTC and SEC to jointly develop rules on portfolio margining and intermediary oversight while defining blockchain-related terms under the Commodity Exchange Act. Senate floor passage may slip to Q1 2026 despite Trump's original August deadline as committees work through amendments and stakeholder negotiations.

coindesk.com6 min read

02INNOVATION & LAUNCHES

COINBASE LAUNCHES PLATFORM FOR DIGITAL TOKEN OFFERINGS

Coinbase launched a token sales platform that offers retail investors access to digital assets before exchange listing, marking the first US public token offerings since the 2018 ICO crash that led to regulatory crackdowns and billions in losses. The platform will host monthly sales with algorithmic allocation during one-week windows, featuring anti-dumping mechanisms including reduced allocations for immediate sellers and six-month lockups for issuers and affiliates. Monad will debut next week as the first project. Coinbase has committed to list all tokens sold through the platform as part of its strategy to diversify beyond trading fees and build an "everything exchange" for blockchain-based financial services.

links.tldrnewsletter.com5 min read

SQUARE BITCOIN PAYMENTS GO LIVE

Square activated Bitcoin payments for 4 million US merchants with zero processing fees through 2027, enabling Lightning Network transactions that convert instantly to USD or remain in BTC at merchant discretion. The platform allows businesses to automatically convert up to 50% of daily sales into Bitcoin for treasury holdings. Internal surveys show 29% of businesses exploring conversions and 89% of interested merchants planning long-term BTC accumulation.

threadreaderapp.com4 min read

03GUIDES & TUTORIALS

DEBUNKING AERODROME FUD: EMISSIONS ≠ INFLATION

Token emissions don't automatically cause hyperinflation. Nearly half of all AERO is locked, removing it from circulation and keeping real inflation around 5.6%, comparable to gold. Emissions aren't cash burn, they're equity distribution. Aerodrome generates $185M annualized revenue with zero dollar outflow while veAERO holders earn all protocol income plus rebases. With 49% of supply locked, 60% Base DEX market share, and partners like Coinbase and Circle, Aerodrome is following the blitzscaling playbook used by Amazon and Google to dominate markets.

threadreaderapp.com3 min read

UNISWAP TOKEN INCREASE AFTER FEE SWITCH PROPOSAL

Uniswap's UNI token increased 41.5% in 24 hours and 83% over the week following the "UNIfication" proposal that activates protocol fees to fund a perpetual token burn, including a one-time retroactive burn of roughly 100 million tokens from the treasury. The DEX generates $650 million in daily volume and over $2 billion in annualized fees, but has lacked a mechanism to return value to token holders until now. The overhaul introduces MEV discount auctions, eliminates front-end interface fees, and deploys v4 "aggregator hooks" to turn Uniswap into an onchain aggregator that collects fees on external liquidity while deepening its competitive moat against centralized exchanges.

decrypt.co5 min read

04MISCELLANEOUS

COINBASE ICO PLATFORM SIGNALS A NEW ERA FOR US CRYPTO REGULATION

Coinbase's upcoming ICO platform is the clearest signal yet that the CLARITY Act, legislation redefining token launches as legal capital formation tools, is on track to pass. What was once considered a criminal offense in the US is transforming into a regulated framework for startups to raise capital, distribute ownership, and return profits through buybacks or dividends. This shift could mark a turning point for the global crypto industry, enabling open, compliant tokenized capital markets accessible to builders and investors worldwide.

threadreaderapp.com2 min read

USDC FACES REGULATORY SPLIT BETWEEN US AND EU FRAMEWORKS

Circle has just 12 months to address a fundamental regulatory conflict. USDC cannot comply with both the EU's MiCA framework and the US GENIUS Act under a single token structure. MiCA mandates 30% of reserves be held in EU banks, while GENIUS requires 100% backing in US Treasuries, making dual compliance impossible. This could force Circle to issue two separate tokens (USDC-US and USDC-EU), splitting $35B in liquidity. This would fragment DeFi liquidity pools, regional redemption limits, and likely cause price divergence between the two versions, marking a major challenge for stablecoin interoperability across regulatory borders.