Crypto Daily Roundup,02 Dec: Jerome Powell: The Santa Claus for Crypto

Top-performing cryptocurrencies in the last 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• Fed Chair Jerome Powell stated that the risks of slowing the economy too much are now balanced with those of not controlling inflation. With inflation near the 2% target and the policy rate in restrictive territory, Powell expressed optimism about the Fed's progress. While prepared to tighten policy if needed, he hinted at confidence in the current rate. Stocks rose as Powell's remarks signaled the Fed may be finished with rate hikes. The "soft landing" scenario seems to be unfolding, with strong job growth and slowing spending. Powell emphasized the need for caution amid elevated economic uncertainty.

• Coinbase CEO Brian Armstrong stated that the exchange has no plans to introduce a token for its Layer-2 platform Base, contradicting an earlier suggestion by Coinbase's Chief Legal Officer. Armstrong emphasized Base's progress, positioning it beyond Coinbase, and outlined plans to make layer-2 the default option for most transactions on the platform.

• Legal proceedings intensify between the SEC and Terraform Labs co-founder Do Kwon over alleged fraud with the LUNA token. The SEC claims fraud using sealed evidence from a whistleblower, while Kwon's legal team accuses misrepresentation. The case, scheduled for January 2024, involves criminal charges against Kwon, who faces potential extradition to the U.S. or South Korea.

• The KyberSwap hacker, responsible for a $46-million exploit, demands full control of Kyber company in exchange for returning stolen funds. The conditions include ownership of KyberDAO, company assets, and documents. The hacker pledges fair buyout of executives, doubled salaries, and promises a transformation for Kyber. The ultimatum is set for December 10, with warnings of consequences.

• The U.S. SEC faces criticism from a Utah federal judge over mishandling a crypto company's assets, marking a series of setbacks in the past year, including the XRP lawsuit. In the Debt Box case, the judge accuses the SEC of making false representations, potentially leading to sanctions. Previous criticisms highlight a troubling pattern of inconsistency in the SEC's legal actions.

• Binance announces the complete discontinuation of support for its BUSD trading pairs by December 15, transitioning users' holdings to FDUSD. The accelerated timeline aligns with regulatory concerns, possibly influenced by Paxos facing SEC action. Paxos strongly contests SEC's classification of BUSD as a security, asserting its 1:1 peg to the USD.

• The ProShares Bitcoin Strategy ETF (BITO) hits an all-time high for assets under management at $1.47 billion as Bitcoin surpasses $38,000 in November. BITO's strong performance includes $470.9 million in net flows year-to-date, marking one of its best months since its October 2021 inception. Analysts debate the impact of a potential Bitcoin spot ETF.

• Grayscale appoints John Hoffman, former Invesco Head of Americas, to lead its distribution and partnerships team. Hoffman, an ETF veteran with 17 years of experience, joins as Managing Director amid key departures at Invesco. His arrival precedes the SEC's decision on Grayscale's proposal to launch a spot Bitcoin ETF.

• KuCoin announces a strategic partnership with the TON Foundation, committing funding to support the growth of the TON ecosystem. The collaboration aims to empower mini-applications, focusing on payments, GameFi platforms, research and development, community-building, marketing, and incubation programs. The effort aligns with TON's vision for a decentralized digital future.

Also read - 24 Crypto Update, 01 Dec: Fed Boost Ignites Crypto Market Rally!