Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
EU Securities and Markets Authority publishes final guidance for MiCA
The European Securities and Markets Authority (ESMA) has published its final guidance report for member states transitioning to the Markets in Crypto-Assets (MiCA) regulation.
The MiCA regulations began to take effect in June 2024, with full implementation scheduled for December 30, 2024. This latest and final guidance from ESMA aims to assist member states that are still seeking regulatory clarity as they finalize their implementation ahead of the deadline.
As reported by Cointelegraph, the stablecoin market has experienced significant growth under the MiCA framework. However, as of December 10, at least six EU member states—Belgium, Italy, Poland, Portugal, Luxembourg, and Romania—have reported challenges in meeting the year-end deadline. These difficulties are attributed to uncertainty and a lack of regulatory clarity in the initial MiCA documents.
During the commentary period, member states and industry stakeholders actively provided feedback, with participation from numerous entities. This feedback led to ESMA addressing 12 distinct concerns, most of which focused on clarifying the classification of specific assets and their legal uses.
A primary concern among stakeholders was the potential for varying interpretations of MiCA laws by different member states due to insufficient explanations in the initial regulations.
US lawmakers cancel session to consider Caroline Crenshaw’s nomination
U.S. lawmakers on the Senate Banking Committee have canceled a scheduled markup session to consider the nomination of Caroline Crenshaw for a second term at the Securities and Exchange Commission (SEC).
According to a December 17 update, the committee will no longer meet on December 18 to vote on Crenshaw’s nomination to the SEC or Gordon Ito’s nomination to the Financial Stability Oversight Council. The cancellation of this session makes it increasingly unlikely that Democratic senators will confirm Crenshaw’s nomination before Republicans assume majority control of the chamber in January.
Crenshaw, who has served as an SEC commissioner under both President Donald Trump and President Joe Biden, has a term set to expire in June 2024. However, she is allowed to remain in her position at the SEC for up to 18 months after her term ends.
Crypto advocacy groups opposing Crenshaw’s nomination have urged lawmakers to vote against her, arguing that she is “more anti-crypto” than SEC Chair Gary Gensler.
In contrast, over 40 organizations have called on senators to support her nomination, suggesting that former President Trump was unlikely to appoint any Democratic SEC commissioners during his tenure.
‘Praise the Lord’: Sen. Tim Scott reacts as SEC Commissioner Caroline Crenshaw’s renomination vote is scrapped
Praise the Lord," remarked future Senate Banking Committee Chair Tim Scott (R-S.C.) upon learning that a vote to renominate Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw had been postponed for the second time. The news, initially reported by Punchbowl News, was confirmed by Scott during his attendance at the Blockchain Association Policy Summit.
When asked about the development by The Block on Tuesday, Scott commented, "It’s common sense. Let the Trump administration make their choices and, most importantly, listen to the voters."
A source familiar with Crenshaw’s nomination subsequently corroborated the news in a statement shared with The Block. The vote, originally scheduled for 9:30 a.m. ET on December 18, was described by the source as being “deader than disco.”
Scott emphasized the importance of prioritizing innovation over regulation, criticizing the SEC's approach under Chair Gary Gensler and Commissioner Crenshaw. "What we saw from the SEC, including Gensler and Crenshaw, was exactly the opposite," he added.
The Senate Banking Committee, chaired by Senator Sherrod Brown (D-Ohio), held a hearing last week to consider the nominations of Democratic Commissioner Caroline Crenshaw for the SEC and Gordon Ito for the Financial Stability Oversight Council. However, the process was disrupted after Brown stated that Republican members objected to convening the vote.
Parody trader account receives memecoin gift that grew to nearly $1 million
Richard E. Ptardio, a parody trader account, received a substantial supply of a memecoin bearing his name, which surged in value to nearly $1 million.
On-chain data reveals that on December 17, an individual transferred 700 million tokens of the memecoin PTARDIO—believed to have originated from the memecoin launchpad Pump.fun—to Ptardio. He shared screenshots showing the value of his holdings increasing from $54,000 to approximately $995,000 as the token's price climbed. The price of PTARDIO peaked at $0.0068 before subsequently declining.
It is not uncommon for memecoin creators to send significant portions of their token supplies to individuals either directly associated with the meme or prominent figures within the cryptocurrency community.
For instance, in October, Ethereum co-founder Vitalik Buterin received a batch of the memecoin MOODENG, inspired by the viral pygmy hippo of the same name. At the time, the tokens were valued at $182,000. Buterin promptly swapped the MOODENG tokens for ETH and donated the proceeds to a charity focused on combating airborne illnesses. He advised that such tokens be donated directly to charities, as previously reported by The Block. Notably, Buterin has taken similar actions with other memecoins in the past.
BVNK raises $50M to expand into US stablecoin market
Stablecoin infrastructure company BVNK has successfully closed a $50 million Series B funding round, led by Haun Ventures, as it prepares to expand its operations into the United States.
The funding round included participation from notable investors such as Coinbase Ventures, Scribble Ventures, DRW VC, and existing backers Avenir and Tiger Global. According to the announcement made on December 17, the newly secured capital will facilitate BVNK's expansion into San Francisco and New York City, where it will focus on developing local banking infrastructure and obtaining operational licenses to serve U.S.-based businesses better.
Headquartered in London, BVNK is now valued at approximately $750 million. This recent investment follows a $43.2 million funding round in 2022, led by Tiger Global and saw the company valued at around $327 million at the time.
BVNK specializes in providing white-label infrastructure for businesses to manage stablecoin payments internally. The company claims to have processed over $10 billion in annual payment volumes, achieving a 200% year-on-year growth rate. Additionally, BVNK is recognized as a partner of major global stablecoin providers, including PayPal, Circle, and First Digital.
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