Bitcoin Price: US$ 98,393.04 (+4.22%)
Ethereum Price: US$ 3,355.81 (+9.31%)
Binance has strengthened its compliance team by 34%, increasing the workforce to 645 full-time employees and over 1,000 contractors. The exchange has also recruited experienced professionals from traditional finance and government agencies to enhance regulatory adherence and sustainable growth. These changes come under CEO Richard Teng, following founder Changpeng Zhao’s resignation after a $4.3 billion settlement with U.S. regulators. Meanwhile, Sui has partnered with Franklin Templeton to expand blockchain applications within its layer-1 network. This collaboration builds on Franklin Templeton’s tokenised money market initiatives on Aptos and Base as Sui establishes itself as a low-latency decentralised blockchain with significant investments and stablecoin integrations. Ethena is also gaining traction, with its synthetic dollar USDe being adopted as rewarding margin collateral by Deribit. This adoption unlocks structured product opportunities for both traditional and crypto-native traders. Ethena’s ENA token surged 13% amid growing adoption, while the project continues to innovate with stablecoin solutions like UStb through partnerships with BlackRock and Securitize.
CFTC Commissioner Summer Mersinger has called for U.S. crypto policy reforms, urging a shift from “regulation by enforcement” to standardised notice-and-comment rulemaking. She also advocated for new laws to protect crypto firms from wrongful litigation and emphasised the importance of collaboration with the new administration to expedite regulatory progress. Rick Wurster, the incoming CEO of Charles Schwab, expressed regret over the company’s delayed entry into crypto but confirmed plans to offer spot crypto trading once U.S. regulations become clearer. Highlighting growing client interest in crypto through ETFs and futures, Wurster noted Schwab’s optimism about regulatory improvements and its exploration of AI technologies to enhance wealth management. In Texas, lawmakers are considering legislation to establish a strategic Bitcoin reserve. Backed by the Satoshi Action Fund, this proposal aims to hedge against inflation, protect U.S. Bitcoin mining, and reduce foreign influence. The idea is gaining traction, mirroring similar efforts in other states and at the national level.
Solana reached a new all-time high of $264.31 on Coinbase on Nov. 22, marking a 160% gain in 2024. This growth was driven by the expansion of decentralised finance on its network and filings for spot Solana exchange-traded funds (ETFs) by major asset managers. Analysts are projecting a potential price target of $400. A day earlier, Bitwise, VanEck, 21Shares, and Canary Capital filed to launch spot Solana ETFs, following SEC Chair Gary Gensler’s resignation. These filings reflect industry optimism for a more favourable regulatory landscape under the incoming administration, which could redefine Solana’s token classification and pave the way for additional crypto ETFs. Meanwhile, a U.S. District Court ruled against the SEC’s proposed broker-dealer rule, which sought to include liquidity providers and market makers with over $50 million in capital under its definition of “dealer.” The ruling, celebrated as a win for the crypto industry, leaves the SEC with the option to appeal. Additionally, MicroStrategy completed a $3 billion convertible senior note offering to expand its Bitcoin holdings as part of its ambitious “21/21” plan to raise $42 billion over three years. Despite a 25% drop in its stock price due to market concerns, MicroStrategy remains a top performer in 2024, contributing to record trading volumes as Bitcoin nears $100,000.
Source: https://cointelegraph.com
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