In the latest crypto developments, Federal Reserve Chair Jerome Powell has become a focal point. Powell expressed optimism about the Fed’s progress, balancing the risks of slowing the economy with controlling inflation. The “soft landing” scenario seems likely, with strong job growth and cautious steps amid economic uncertainty.
In other news, Coinbase CEO Brian Armstrong clarified that there are no plans to introduce a token for its Layer-2 platform Base, contrary to earlier suggestions. Armstrong emphasized Base’s progress and outlined plans to make layer-2 the default option for most transactions on the platform.
Legal battles intensify between the SEC and Terraform Labs co-founder Do Kwon over alleged fraud with the LUNA token. The case, scheduled for January 2024, involves criminal charges, potential extradition, and conflicting claims of fraud and misrepresentation.
The KyberSwap hacker, responsible for a $46-million exploit, demands control of Kyber company in exchange for returning stolen funds. The hacker’s ultimatum, set for December 10, includes ownership of KyberDAO, assets, and documents, with promises of fair buyouts and transformed operations.
A Utah federal judge criticizes the U.S. SEC over mishandling assets in a crypto company case, adding to the agency’s recent setbacks. Binance announces the discontinuation of support for BUSD trading pairs, accelerating the transition to FDUSD, possibly influenced by regulatory concerns.
The ProShares Bitcoin Strategy ETF (BITO) hits an all-time high in assets under management at $1.47 billion, fueled by Bitcoin’s rise. Analysts debate the potential impact of a Bitcoin spot ETF. Grayscale appoints John Hoffman, an ETF veteran, to lead its distribution and partnerships team.
KuCoin announces a strategic partnership with the TON Foundation, committing funding to empower mini-applications and support the growth of the TON ecosystem. The collaboration focuses on payments, GameFi platforms, research and development, community-building, marketing, and incubation programs, aligning with TON’s vision for a decentralized digital future.
