Bitcoin Price: US$ 98,668.02 (+2.90%)
Ethereum Price: US$ 3,785.20 (-1.37%)
The SEC has defended its amended lawsuit against Binance, Binance.US, and former CEO Changpeng Zhao, accusing them of operating an unregistered securities exchange through the sale of ten cryptocurrencies linked to Binance’s BNB coin while reinforcing the application of the Howey test and addressing secondary market sales. Simultaneously, Bitcoin’s price dropped sharply to $93,000 on Dec. 5, wiping out $303 million in long positions before rebounding to $96,410. Analysts speculate the drop could mark the end of market leverage clearing or the start of a consolidation phase, following Bitcoin’s recent milestone of surpassing $100,000. Amid this volatility, the Financial Times’ Alphaville issued a sarcastic “apology” to Bitcoiners, revisiting its past criticisms of Bitcoin’s inefficiency and lack of utility. However, the crypto community largely dismissed the op-ed as disingenuous, given the publication’s history of scepticism despite Bitcoin’s consistent growth and broader acceptance.
Circle’s USDC has become the first stablecoin to meet Canada’s new listing rules under the Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset regime, ensuring its listing on regulated platforms beyond 2025. Circle plans to enhance cross-border payments and financial settlements in Canada while expanding compliance in Europe and Singapore. USDC now holds over $40 billion in market cap as the stablecoin market grows. Meanwhile, Australia’s financial intelligence agency, AUSTRAC, is ramping up scrutiny of crypto ATM providers, forming a task force to enforce anti-money laundering laws and curb criminal activity. Violators face severe penalties as Australia ranks third globally in crypto ATM numbers. On the investment front, spot Ether ETFs in the US saw a record-breaking $431.5 million in single-day inflows on Dec. 5, with total net inflows exceeding $1 billion in the past fortnight. This reflects investor confidence as Ether hits an eight-month high and its ETH/BTC ratio strengthens, signalling potential outperformance in the coming months.
Former U.S. Treasury Secretary Lawrence Summers criticised President-elect Donald Trump’s proposal for a national Bitcoin reserve, calling it “crazy” and accusing Trump of attempting to appease crypto campaign donors. While Summers acknowledged the need for financial innovation, he argued that holding Bitcoin is impractical for addressing issues like national debt, a concern raised by proponents such as Senator Cynthia Lummis. Meanwhile, Sky, formerly MakerDAO, is facing scrutiny over its use of an externally owned account (EOA) to manage $756 million in USD Coin reserves, with concerns about potential security vulnerabilities and governance transparency despite co-founder Rune Christensen’s assurances that private keys were destroyed during setup. On the regulatory front, the SEC is expected to reject several applications for spot Solana exchange-traded funds (ETFs) under the current administration, delaying efforts by firms like VanEck and Bitwise. However, the nomination of a crypto-friendly SEC chair under Donald Trump’s presidency has sparked optimism for future approvals, alongside growing interest in other crypto-based financial products.
Source: https://cointelegraph.com
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