Crypto & Web3 — 2026年11月9日 週次レポート
Crypto & Web3のニュース＆アップデート — すべての記述に一次ソースのリンク付き。
重要な発見
エグゼクティブサマリー（5件）
- •The week's dominant through-line is the divergence between two parallel tracks: the Binance hack's ongoing market damage — DeFi TVL down another 5% to $81B, $1.1B in liquidations, continued laundering — running simultaneously with Wall Street's accelerating tokenized securities buildout via NYSE-Broadridge, CFTC perpetuals clearance, and Standard Chartered's Hong Kong tokenized deposits. The security crisis and the institutional adoption narrative are advancing in parallel, not sequentially.
- •Ethereum's second Glamsterdam postponement — now due to EIP-8037/8038 gas pricing vulnerabilities found by Chainsecurity — is a competitive inflection point: the upgrade's path to mainnet is now measured in months, not weeks, and each delay widens the window for purpose-built financial chains like Arc (with BlackRock, DTCC, Visa as validators) to establish institutional relationships that Ethereum's general-purpose architecture cannot match on speed.
- •The U.S. Democratic midterm sweep and Greece's enacted crypto tax framework represent the week's two most consequential regulatory developments: the former puts the CLARITY Act at risk and shifts the U.S. legislative environment toward a more restrictive posture, while the latter establishes the EU's first explicit DeFi income tax at 15% — a template that other member states may follow under MiCA's framework.
- •The OKX-ICE tokenized stock venue's accumulation of corporate rejections — now including Apple, Meta, Amazon, Tesla, SpaceX, Nvidia, Costco, and Nike — versus the NYSE-Broadridge model's continued infrastructure assembly illustrates a structural principle: tokenized equity adoption requires issuer alignment, and synthetic exposure models without issuer consent face an insurmountable coordination problem regardless of technical merit.
- •Kraken/Payward's AAVE token purchase signals a strategic pivot by major centralized exchanges from competing with DeFi to investing in and aligning with leading DeFi protocols — a pattern that, if it continues, could blur the CEX/DeFi boundary and create new hybrid business models combining exchange distribution with DeFi protocol governance.
今回の要点（14件）
- 1.DeFi TVL fell from $85.25B to $80.98B over the week, with a single-day 5% drop on November 6 accompanied by $1.1 billion in leveraged long liquidations across approximately 211,000 traders [12].
- 2.The Binance hack's laundering operation continued, with the FBI confirming North Korea's TraderTraitor role and asking DeFi operators to block hundreds of addresses; Chainalysis noted attackers used novel automated laundering mechanisms and thousands of addresses [6].
- 3.Binance detailed that the hack began with a fake job interview campaign built over many months, exploiting Ethereum's EIP-7702 mechanism [5].
- 4.The NYSE tapped Broadridge Financial Solutions to provide shareholder voting and digital transfer agency services for its planned tokenized stock platform; Broadridge's Distributed Ledger Repo network processes more than $360 billion in transactions daily [7].
- 5.The CFTC cleared perpetual futures on stocks, bringing the crypto trading model to Wall Street [5].
- 6.Greece's parliament approved a 10% tax on crypto capital gains above 500 euros per year and a 15% levy on DeFi staking and liquidity income, effective January 1, 2027 [11].
- 7.The U.S. Democratic midterm sweep raised uncertainty over the CLARITY Act's prospects, with analysts noting the outcome could be 'the final nail in the Clarity Act's coffin' [5].
- 8.Ethereum's Glamsterdam Hoodi activation was delayed a second time after Chainsecurity found EIP-8037 and EIP-8038 would break invariants relied upon by projects in production; no new activation date has been set [4].
- 9.Payward (Kraken's parent) and its clients acquired AAVE tokens on the secondary market, with Aave having approximately $33 billion in net deposits and $11 billion in active loans [10].
- 10.Arc network launched mainnet with USDC as the gas token and founding validators including BlackRock, DTCC, Mastercard, and Visa; Dune Analytics added Arc data from the first block [15].
- 11.Total stablecoin market cap fell from $296.16B to $290.17B over the week, with USDT at $176.76B and USDC at $70.66B [13].
- 12.The U.S. Treasury moved to cut off crypto exchange MEXC over $16 billion in alleged illicit flows; Hong Kong passed a law requiring crypto exchanges to report customer transactions to tax authorities [5].
- 13.Bitcoin traded between approximately $75,600 (midterm election dip) and $80,457 (November 4 high), with ETFs shedding $430 million in a single day during the AI-led selloff [5].
- 14.Apple and Meta rejected OKX-ICE tokenized stock plans, joining Amazon, Tesla, SpaceX, Nvidia, Costco, and Nike in opposing the venue [5].
市場動向
Binance Hack Fallout Drives Sustained DeFi TVL Contraction
The $6.3 billion Binance hack's aftershocks continued to compress DeFi TVL throughout the week, with total TVL declining from $85.25B on November 1 to $80.98B by November 8 — a further 5% contraction on top of the prior week's 4.6% drop [12]. A single-day 5% TVL drop on November 6 was accompanied by $1.1 billion in leveraged long liquidations across approximately 211,000 traders [12]. The hack's laundering operation continued to evolve: the FBI confirmed North Korea's TraderTraitor role and aske…
Tokenized Securities Infrastructure Accelerates Across Wall Street
Multiple Wall Street institutions advanced tokenized securities infrastructure simultaneously this week. The NYSE tapped Broadridge Financial Solutions to provide shareholder voting and transfer agency services for its planned tokenized stock platform, with Broadridge's Distributed Ledger Repo network processing more than $360 billion in transactions daily [7]. Standard Chartered debuted tokenized deposits in Hong Kong for corporate clients [5]. The CFTC cleared perpetual futures on stocks, brin…
Stablecoin Supply Contraction Deepens; Political Uncertainty Clouds U.S. Legislation
Total stablecoin market cap fell from $296.16B on November 1 to $290.17B by November 8, a further 2.01% weekly decline, with USDT dropping to $176.76B and USDC to $70.66B [13]. The U.S. Democratic sweep in midterm elections raised uncertainty over the CLARITY Act's prospects, with CoinDesk reporting the Democratic win could be 'the final nail in the Clarity Act's coffin' [5]. Greece approved a 10% tax on crypto capital gains and a 15% levy on DeFi income effective January 2027 [11]. The combinat…
Bitcoin Volatility Driven by Election Outcome and AI Sector Selloff
Bitcoin experienced sharp intraweek swings, rising to approximately $80,457 on November 4 following midterm election results before falling to $75,637 by November 7 as an AI-sector selloff dragged broader markets lower [8]. The Democratic congressional sweep initially caused a dip to around $75,600 before a V-shaped recovery, with DeFi tokens leading gains and Trump-linked tokens falling [8]. Bitcoin ETFs shed $430 million in a single day during the AI-led selloff [5]. The week's price action il…
RWA Onchain AUM Stabilizes Near $30B; Ethereum Continues to Lose Share
Total RWA active AUM tracked by DeFi Llama held near $30.2B through the week, with Ethereum losing $1.7B (-12%) over 30 days while Stellar gained $945.3M (+32.6%) and X Layer gained $172.1M (+89.3%) [14]. Franklin Templeton's RWA AUM grew 15.29% over 7 days to $3.0B, while Securitize fell 9.41% to $3.48B [14]. The Arc network — an EVM-compatible L1 built for payments and capital markets settlement with USDC as the gas token and founding validators including BlackRock, DTCC, Mastercard, and Visa …
競合動向
Ethereum Glamsterdam Delayed Again; EIP-8037/8038 Gas Issues Identified
On November 6, Chainsecurity found that EIP-8037 and EIP-8038 — which rework gas charging for certain operations and state — would break invariants relied upon by several projects currently in production. The All Core Devs (ACD) decided to delay the hardfork process and not fork Hoodi until the issues are resolved [4]. This is the second postponement of the Glamsterdam Hoodi activation, following the October 22 delay. Work on the next upgrade, Hegotá, continues in parallel and is unaffected [4].…
Kraken/Payward Expands into DeFi Asset Management via AAVE Token Purchase
Payward, the parent company of crypto exchange Kraken, and its clients acquired an undisclosed amount of AAVE tokens on the secondary market through Digital Asset Special Investments I, LP, with Payward stating it may make further purchases [10]. The deal evolved from earlier talks that included a proposed 250,000 AAVE tokens and a 15% equity stake in Aave Group at a $385 million valuation; Thursday's announcement covers only token purchases [10]. Aave has approximately $33 billion in net deposi…
NYSE-Broadridge Tokenized Equity Infrastructure vs. OKX-ICE Corporate Resistance
The NYSE's tokenized stock platform continued to assemble infrastructure: Broadridge will supply onchain governance and digital transfer agency services, joining Securitize and tZERO as transfer agents, while Broadridge's CEO described the firm as 'building the governance layer for tokenized equities' [7]. In contrast, the competing OKX-ICE tokenized stock venue faced growing corporate resistance: Nvidia, Costco, and Nike joined the pushback, followed by Amazon, Tesla, and SpaceX, and ultimately…
Arc Network Mainnet Launch Brings Institutional-Grade L1 to Financial Markets
Arc, an EVM-compatible Layer 1 built for payments, FX, lending, treasury management, and capital markets settlement, launched mainnet with USDC as the gas token, sub-second finality, and a founding validator cohort including BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa [15] (company announcement — may reflect promotional framing). EURC and USYC deploy natively alongside USDC at genesis. Dune Analytics added Ar…
Polygon Agglayer Positions as ZK-Proven Cross-Chain Settlement Layer
Polygon published detailed documentation of its Agglayer cross-chain settlement infrastructure, which uses ZK proofs (the 'pessimistic proof') to verify that no chain can withdraw more than it deposited, settling on Ethereum [17] (company announcement — may reflect promotional framing). Agglayer charges no protocol fees, requires no architecture changes, and is open to chains built on any stack. The pessimistic proof creates containment: if one connected chain is compromised, funds on other conn…
制度・規制動向
Greece Enacts Crypto Tax Framework; DeFi Income Taxed at 15%
Greece's parliament approved a new tax framework for cryptocurrencies effective January 1, 2027, introducing a 10% tax on individual capital gains above 500 euros per year and a separate 15% levy on income from staking, crypto lending, and DeFi liquidity provision [11]. Investors can carry forward qualifying losses for five years, and a 12-month window allows declaration of past gains without late-filing penalties. The Finance Ministry stated that swapping one cryptocurrency for another will not…
U.S. Democratic Sweep Raises CLARITY Act Uncertainty; Crypto Legislation at Risk
The U.S. midterm elections resulted in a Democratic congressional sweep, with CoinDesk reporting that the outcome could be 'the final nail in the Clarity Act's coffin' [5]. Crypto PACs made a major Republican push in the final weeks before the November 3 election [5]. The Democratic sweep also raised questions about broader crypto market structure legislation, with analysts noting that tokenization and stablecoins may weather the political shift better than broader crypto rules [5]. The politica…
Multi-Jurisdictional Exchange Enforcement Intensifies Post-Hack
Following the Binance hack, multiple jurisdictions took enforcement actions against crypto exchanges. The U.S. Treasury moved to cut off crypto exchange MEXC over $16 billion in alleged illicit flows [5]. Hong Kong passed a law requiring crypto exchanges to report customer transactions to tax authorities [5]. Thailand moved to block Bitget as its local acquisition faced uncertainty [5]. Binance users in some European countries were told to pull crypto before fees kick in, with accounts reportedl…
BIS Publishes Scenarios for Future Banking; AI Financial Stability Risks Flagged
The BIS published Working Paper No. 1391 on November 4 examining scenarios for future banking, including implications for profitability, liquidity, and solvency as AI and new entrants reshape who performs banking's core functions [19]. BIS Chief Representative Alexandre Tombini delivered a speech on November 3 stating that AI can strengthen the economy and financial system but its rapid build-out calls for monitoring and sound governance [19]. The FSB's consultation on regulatory and supervisory…
ソース活動
先週からの変化
Glamsterdam Delayed Again — EIP-8037/8038 Gas Issues Found by Chainsecurity
On November 6, Chainsecurity identified that EIP-8037 and EIP-8038 would break invariants relied upon by projects currently in production. ACD decided to delay the Hoodi fork until the issues are resolved; no new activation date has been set [4]. This is the second postponement of the Glamsterdam Hoodi activation, following the October 22 delay. Work on Hegotá continues unaffected.
NYSE-Broadridge Tokenized Equity Governance Layer Announced
Broadridge Financial Solutions will provide shareholder voting and digital transfer agency services for the NYSE's planned tokenized stock platform, joining Securitize and tZERO as transfer agents. Broadridge's Distributed Ledger Repo network processes more than $360 billion in transactions daily [7]. The NYSE and Nasdaq are both developing tokenized stock offerings as Wall Street explores blockchain-based trading.
Greece Crypto Tax Framework Enacted; Effective January 2027
Greece's parliament approved a 10% tax on crypto capital gains above 500 euros per year and a 15% levy on DeFi staking and liquidity income, effective January 1, 2027. A 12-month amnesty window allows declaration of past gains without penalties [11]. Questions remain over whether crypto-to-crypto swaps will be taxable.
Binance Hack Laundering Continues; DeFi TVL Falls Further to $81B
The Binance hack's laundering operation continued through the week, with THORChain's RUNE jumping 10% as North Korean hackers resumed laundering Binance loot [5]. DeFi TVL fell from $85.25B to $80.98B over the week, with a single-day 5% drop on November 6 accompanied by $1.1 billion in liquidations [12]. Binance said the hack began with a fake job interview campaign built over many months, exploiting Ethereum's EIP-7702 mechanism [5].
Arc Network Mainnet Launch with BlackRock, DTCC, Visa as Founding Validators
Arc, an EVM-compatible L1 for financial markets with USDC as the gas token, launched mainnet with founding validators including BlackRock, DTCC, Galaxy, ICE, Mastercard, MoneyGram, Standard Chartered, and Visa. EURC and USYC deploy natively at genesis. Dune Analytics added Arc data from the first block [15]. Arc positions as institutional-grade financial market infrastructure competing with Canton Network and private Besu deployments.
ウォッチリスト — 今後の締切
DeFi Llama yields API migrates to new endpoints — integrations must update before this date
ソース: DeFi LlamaFSB consultation on regulatory and supervisory modernisation principles closes
ソース: Financial Stability Board示唆・見るべき論点（9件）
- 1.The Binance hack's attack vector — a fake job interview campaign built over many months exploiting EIP-7702 — demonstrates that state-sponsored actors are now conducting multi-month social engineering operations targeting exchange employees, not just exploiting smart contract vulnerabilities. This shifts the security threat model for centralized exchanges from technical to human [5].
- 2.Chainsecurity's discovery of EIP-8037/8038 vulnerabilities during Glamsterdam testnet — affecting projects that rely on current gas invariants — illustrates the compounding risk of Ethereum's upgrade process: each new EIP can break existing production deployments, and the more complex the upgrade, the longer the discovery period before mainnet safety can be established [4].
- 3.The NYSE-Broadridge partnership's key design insight is that Broadridge already serves over 10,000 public companies and settles over $15 trillion in securities trades daily — by bringing Broadridge's existing relationships onto blockchain rails rather than building new ones, the NYSE avoids the issuer consent problem that is blocking OKX-ICE [7].
- 4.Greece's explicit 15% tax on DeFi liquidity provision income — treated as interest income rather than capital gains — is the first EU member state to classify DeFi yield as a distinct taxable category. This classification, if adopted by other EU states, would create a compliance burden for DeFi protocols serving European users that could accelerate geographic fragmentation of DeFi liquidity [11].
- 5.Arc's founding validator cohort — BlackRock, DTCC, Galaxy, ICE, Mastercard, MoneyGram, Standard Chartered, Sumitomo, and Visa — represents the most concentrated assembly of traditional financial infrastructure on a single blockchain network to date. The permissioned PoA model trades decentralization for institutional trust, positioning Arc as a direct competitor to private blockchain networks rather than public chains [15].
- 6.Payward's AAVE token purchase, combined with its prior acquisitions of Bitnomial (derivatives) and Reap (stablecoin payments), reveals a strategy of assembling a full-stack financial services firm spanning trading, DeFi governance, derivatives, and payments — a model that mirrors traditional financial conglomerates rather than pure-play crypto exchanges [10].
- 7.The DeFi Llama yields API migration to new endpoints on November 13, 2026 creates an operational deadline for integrations that have not yet updated — a minor but concrete coordination risk for the dozens of protocols and data vendors relying on DeFi Llama yield data [12a].
- 8.The BIS Working Paper No. 1391 on scenarios for future banking — examining who will perform banking's core functions a decade from now — published the same week as Arc's mainnet launch and the NYSE-Broadridge announcement, provides the analytical framework that central banks will use to assess whether tokenized securities and DeFi protocols constitute systemic banking substitutes requiring prudential oversight [19].
- 9.Trump Media's transfer of 4,259 BTC (approximately $342 million) to Crypto.com from wallets labeled as convertible note collateral, coinciding with a November 30 cash-repurchase provision that could require roughly $1 billion in repayments, illustrates the liquidity risks of corporate bitcoin treasury strategies when debt obligations come due in a volatile market [9].
信頼度サマリー
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参照ソース一覧
SEC adopted amendments to update definitions of small entities for investment companies and investment advisers on November 4; Chairman Atkins enforcement focus on fraud and real investor harm; upcoming events include machine-understandable data and SI event November 9 and national compliance seminar November 19
Background on SEC Crypto Task Force, FinHub, and enforcement actions; no new changes detected this week; last reviewed November 19, 2025
Background on ESMA MiCA oversight, DLT monitoring, and digital finance activities; no new changes detected this week
November 6: EIP-8037/8038 Glamsterdam vulnerabilities found by Chainsecurity; ACD decided to delay Hoodi fork; no new activation date set. November 3: Ethereum for digital public infrastructure website launched. October 22: Glamsterdam on Hoodi postponed from October 26 activation.
Primary source for Binance hack laundering continuation, NYSE-Broadridge tokenized equity announcement, CFTC perpetuals clearance, Greece crypto tax, U.S. Democratic sweep and CLARITY Act uncertainty, Payward AAVE purchase, Trump Media BTC transfer, OKX-ICE corporate rejections, MEXC Treasury action, Hong Kong exchange reporting law, bitcoin price action, and DeFi liquidations
FBI confirmed North Korea's TraderTraitor behind Binance hack; listed over 600 Ethereum addresses, under 20 Bitcoin addresses, one Solana address; asked DeFi community to block transactions; Chainalysis said thousands of addresses already used, expects tens of thousands; hackers converting stolen funds mainly into ether
NYSE tapped Broadridge to handle shareholder voting and transfer agency services for planned tokenized stock platform; Broadridge serves over 10,000 public companies and settles over $15 trillion in securities trades daily; Distributed Ledger Repo network processes more than $360 billion in transactions daily
Bitcoin recovered from dip to $75,600 as Democrats won Congress; DeFi tokens led gains; Trump-linked tokens fell; CoinMarketCap fear and greed index at 37; DeFi Select Index rose around 5%; liquidations rose 22% to $469 million
Trump Media transferred 4,259 BTC worth approximately $342 million to Crypto.com from wallets labeled as convertible note collateral; company faces November 30 cash-repurchase provision potentially requiring roughly $1 billion in repayments; transfer does not establish a sale
Payward and clients acquired undisclosed AAVE tokens on secondary market; Aave has $33 billion in net deposits and $11 billion in active loans; deal evolved from earlier talks involving 250,000 AAVE tokens and 15% equity stake at $385 million valuation; Payward previously acquired Bitnomial for up to $550 million and Reap for up to $600 million
Greece approved 10% tax on crypto capital gains above 500 euros per year and 15% levy on DeFi staking and liquidity income effective January 1, 2027; 12-month amnesty window for past gains; questions remain over crypto-to-crypto swap taxation
DeFi TVL at $80.98B as of November 8, down from $85.25B on November 1; single-day 5% drop on November 6 with $1.1B in liquidations; Aave at $16.98B, Lido at $21.73B; Keplr paused Google and Apple logins after unauthorized transactions; yields API migrating to new endpoints November 13, 2026
Total stablecoin market cap at $290.17B as of November 8, down 2.01% on the week; USDT at $176.76B with 60.92% dominance; USDC at $70.66B; USDS fell 12.63% on the week; USDe rose 9.43% on the week
Total RWA active AUM at $30.21B as of November 8; Ethereum lost $1.8B (-12.6%) over 30 days; Stellar gained $927.7M (+31.8%) over 30 days; Franklin Templeton AUM at $3.0B; Morpho Blue largest DeFi RWA protocol at $831.3M
Arc EVM-compatible L1 launched mainnet with USDC as gas token, sub-second finality, and founding validators including BlackRock, DTCC, Galaxy, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo, and Visa; EURC and USYC deploy natively at genesis; Dune added Arc data from first block
Dune obtained SOC 2 Type II attestation with no remarks on November 5; midterms effect on stocks read through onchain positioning published November 6; megacap earnings on Hyperliquid and Polymarket research published November 5
Polygon Agglayer cross-chain settlement layer uses ZK pessimistic proof to verify no chain withdraws more than deposited; settles on Ethereum; no protocol fees; open to all blockchain stacks; cited $2.8 billion lost to bridge hacks as problem addressed
LF Decentralized Trust Institutional Adoption Report 2026 featured; ThunderID agent-native quantum-safe IAM stack joined LFDT; TSP 1.0 trust layer for AI agents approved; DTCC open source and Besu financial market infrastructure noted
BIS Working Paper No. 1391 on scenarios for future banking published November 4; Alexandre Tombini speech on financial stability in the age of AI delivered November 3; BIS Working Paper No. 1392 on global database of currencies 1850-2026 published November 6; Basel Committee consolidated guidelines consequential amendments published November 5
FSB consultation on regulatory and supervisory modernization principles open with feedback due January 8, 2027; October 12 G20 note on global stablecoin cross-border vulnerabilities active; FSB AI sound practices finalized October 15; FSB Regional Consultative Group for Europe met in Bern November 3
SEC adopted amendments to update definitions of small entities for investment companies, investment advisers, and business development companies; increases asset-based thresholds; provides for inflation adjustments every 10 years; Chairman Atkins noted thresholds had not been updated in nearly 30 years
Coin Center featured report on software as speech and why regulators cannot invent missing middlemen; Treasury and Federal Reserve withdrew another 2020 financial surveillance proposal; focus on consumer protection, financial surveillance, innovation policy, and privacy
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