RLUSD Is Finally Out, and BTC Hits New Record High - December 17, 2024

Also, FTX sets date for customer repayments, and Aave proposes exiting Polygon.

TL;DR: Crypto Insights in Seconds

• BTC: Hits new record high reaching $107K.

• SEC: Lawmakers are seeking to confirm Caroline Crenshaw for another term as SEC commissioner.

• Kraken: Faces $5.1 million fine in Australia.

• UK: Crypto regulation might come in 2026.

• RLUSD: Ripple’s stablecoin is now live and available for trading.

• FTX: Repayments for costumers start in January.

• Aave: Proposes exiting Polygon due to risk concerns.

Price Update

Bitcoin Hits New Record High as Analysts Predict Further Gains

Bitcoin surged to a new all-time high above $107,700 yesterday, fueled by strong buying activity and increasing spot volumes. The price push was driven by notable inflows, including $2.17 billion into spot Bitcoin ETFs during the week ending Dec. 12, bringing total assets to nearly $115 billion. Analysts also highlighted $3 billion in daily network inflows over the last month, and some predict Bitcoin’s price could soon hit $115,000, supported by ETF-driven demand.

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Regulatory and Legal News

Critical SEC Nomination Vote Before Senate Power Shift

United States Senate lawmakers are racing to confirm Caroline Crenshaw for another term as SEC commissioner before Republicans take control in January. Crenshaw, seen as stricter on crypto than Gary Gensler, could become the sole Democratic SEC member if not confirmed. If Trump takes office, he may nominate former SEC Commissioner Paul Atkins, a figure favored by many in the crypto industry.

Kraken Fined $5.1M in Australia for Regulatory Breaches

Australia's Federal Court has fined Kraken's local operator, Bit Trade, 8 million Australian dollars ($5.1 million) for non-compliance with financial regulations, including offering leveraged trading products without the required target market determinations. Kraken acknowledged the court’s decision but emphasized the need for clearer crypto-specific legislation to support industry growth and protect investors.

UK Moves Closer to Crypto Regulation

The Financial Conduct Authority (FCA) has released a discussion paper outlining potential crypto regulations in the United Kingdom, aiming for implementation by 2026. The FCA’s expanded authority would include overseeing crypto asset trading, stablecoins, and related services, in addition to its existing anti-money laundering duties.

Don’t Miss Anything

Ripple’s RLUSD Stablecoin Set to Begin Global Trading Today

Ripple announced the global debut of its RLUSD stablecoin, set to begin trading today, following regulatory approval from the NYDFS. Backed 1:1 by U.S. dollars and short-term Treasurys, RLUSD will initially be available on platforms like Uphold and MoonPay, with more exchanges joining soon. Anticipation for the launch made the self-custodial wallet Xaman experience a 250% increase in weekly active users.

FTX Sets January Date for Initial Customer Repayments

FTX debtors have announced that a reorganization plan to repay customers will take effect on January 3, 2025. According to the notice, the first group of claim holders can expect repayments within 60 days of this date, provided they meet certain conditions. FTX CEO John J. Ray III urged users to complete the required steps to ensure timely payments. Crypto platforms BitGo and Kraken will facilitate the distribution of funds.

Aave Proposes Exiting Polygon Due To Concerns Over Bridged Asset Risks

The Aave community is considering pausing its operations on Polygon due to concerns over the risk profiles of bridged assets. A recent proposal suggests measures like setting loan-to-value (LTV) ratios to 0%, freezing bridged assets, and adjusting reserve factors to mitigate potential vulnerabilities from bridge exploits. With $461 million locked on Polygon, Aave wants to heighten ecosystem security and encourage user migration to other networks.

BTC is reaching new highs and all seems to indicate that the token is ready to cross the next barrier. On the other hand, critical regulatory moves indicate continuous scrutiny of the industry and highlights the need for a clearer framework. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.