1. Trump nominates crypto supporter Paul Atkins as chairman of the U.S. SEC, current chairman Gary Gensler will resign on Trump's inauguration day.
2. South Korea announces a state of emergency, leading to trading interruptions at exchanges like Upbit and causing market turmoil, with a large influx of USDT into Upbit.
PANews reported on December 3 that, according to Lookonchain monitoring, the cryptocurrency market plummeted after South Korea announced a "state of emergency." Many whales transferred large amounts of USDT to Upbit, possibly to buy the dip. Within one hour of the "state of emergency" announcement, over 163 million USDT flowed into Upbit. -Original
3. Virgin Voyages becomes the first cruise line to accept Bitcoin payments, attracting attention from the crypto market.
4. Grayscale Investments and the NYSE submitted a 19b-4 filing for a Solana ETF, showing continued interest in Solana.
According to the NYSE's official website, Grayscale Investments and the New York Stock Exchange (NYSE) submitted a 19b-4 filing for a Solana ETF to the U.S. Securities and Exchange Commission (SEC). -Original
5. Celsius founder Alex Mashinsky pleads guilty to fraud charges, increasing legal pressure on the crypto industry.
Alex Mashinsky, founder and former CEO of the crypto lending platform Celsius Network, pleaded guilty to two counts of fraud on Tuesday. The 59-year-old Mashinsky was indicted on July 13, 2023, on seven counts of fraud, conspiracy, and market manipulation. Federal prosecutors in Manhattan stated that he misled Celsius customers, enticing them to invest, and artificially inflated the value of the company's proprietary crypto token. He initially pleaded not guilty to these charges. During Tuesday's hearing, Mashinsky admitted guilt to two of the seven charges he was originally accused of: commodity fraud and a fraudulent scheme to manipulate the price of CEL (Celsius token). In court, Mashinsky acknowledged that in a 2021 interview, he provided "false comfort" to Celsius customers, claiming that Celsius had received regulatory approval for its "Earn" program, which had not actually been approved. The program promised to use customers' crypto assets to generate investment returns. -Original
6. The South Korean government states it will provide unlimited liquidity to the market if necessary to address recent instability.
The South Korean government announced that it will provide unlimited liquidity to the market if necessary. Brad Bechtel, global head of foreign exchange at Jefferies, noted that South Korean leadership has previously used this practice during significant political turmoil or power transitions, but it remains concerning. He believes the Korean won will remain volatile for the time being, largely depending on overseas investors' reactions to the South Korean stock market. If they begin to sell off significantly, the USD/KRW could rise to 1450. -Original
7. MicroStrategy founder Michael Saylor claims that Microsoft's investment in Bitcoin will significantly boost its market value.
8. XRP Ledger reduces the basic reserve requirement to 1 XRP, aiming to lower the adoption threshold for users.
Blockchain data shows that the XRP Ledger has reduced the basic reserve requirement from 10 XRP to just 1 XRP as of December 3. This allows new users to fund their wallets with less cryptocurrency, potentially lowering the adoption threshold. It also enables users to spend part of the XRP they would have had to hold as a reserve. The reserve change occurred at 6:45 AM Beijing time today. This news was announced by an XRP validator operator using the pseudonym Vet on platform X. Additionally, the owner reserve has been reduced from 2 XRP to 0.2 XRP, meaning users only need to hold 0.2 XRP for each object in their account. According to XRP Ledger documentation, objects can include NFTs, trust lines, signer lists, or owner directories. Some oracles also count as objects and require owner reserves. -Original
9. South Korea's virtual asset service providers will pay regulatory fees starting next year to strengthen oversight of the crypto market.
10. CryptoQuant report shows Bitcoin exchange reserves have fallen to multi-year lows, affecting market supply and demand dynamics.
A report from CryptoQuant indicates that Bitcoin exchange reserves have dropped to their lowest levels in years. This reduces the amount of assets available for immediate sale, impacting the supply and demand dynamics of the Bitcoin market. -Original
11. A South Korean official sentenced to five years in prison for embezzling $427,800 to invest in cryptocurrency, highlighting the legal risks of crypto investments.
The Cheongju District Court in South Korea sentenced a public official from the Cheongju city government to five years in prison for embezzling public funds. Over a seven-year period starting in January 2017, he embezzled 600 million won ($427,800) to invest in cryptocurrencies and stocks and to pay off personal debts. He reportedly forged official documents in the scheme. -Original
12. Pantera Capital raises $20 million, plans to increase investment in TON.
According to documents submitted to the U.S. Securities and Exchange Commission on Monday, one of the largest hedge funds and venture capital firms in the cryptocurrency space, Pantera Capital, has raised $20 million to invest in the cryptocurrency Toncoin of TON. The documents indicate that the venture capital firm raised funds from at least 29 investors through two separate funds. The initial formal sales of these two funds took place in July. -Original
13. Major South Korean exchanges Upbit and Bithumb experience trading delays due to high traffic, increasing market trading activity.
Starting next year, South Korea's virtual asset service providers, including Dunamu (Upbit), Bithumb, and Coinone, will be required to pay regulatory fees. This decision was made after the State Council approved the amendment to the Financial Services Commission (FSC) establishment law on December 3. Regulatory fees are calculated based on operating income and are paid by financial institutions such as banks, investment companies, and insurance companies to cover the FSC's inspection and supervision services. -Original
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