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SEC Approves Crypto Wallet Maker Exodus to List on NYSE American After Denying It in May

Exodus will list under its current ticker on NYSE American at the open of trading on Dec. 18

Crypto wallet company Exodus Movement (EXOD) has been approved to list on the NYSE American, the New York Stock Exchange’s sibling market.

Exodus, which will be listed under its current ticker at the open of trading on Dec. 18, was originally meant to be listed on NYSE American in May, but the U.S. Securities and Exchange Commission (SEC) said it was still reviewing the company’s registration.

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The approval of Exodus’ uplist may be a sign of a change in the regulatory sentiment toward cryptocurrency following President-elect Trump’s victory in November’s election with the promise of running a pro-crypto administration.

“We expect this uplisting will raise Exodus’ corporate profile, while also enhancing liquidity for our current and future shareholders,” CEO of Exodus JP Richardson said.

Exodus stock, currently listed on the OTC Markets (OTCQX), rose as much as 10.5% before pairing all of thegains.

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Ripple’s RLUSD Stablecoin Attracts Frenzy Bids for 800 XRP Ahead of Release

While RLUSD’s price will always be redeemable for $1, some onchain “collectors” are likely bidding to be the first to hold the much-awaited Ripple stablecoin.

Ripple’s upcoming RLUSD stablecoin is attracting bids upto 836 XRP on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.

These bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each XRP exchanges hands for just under $2.5, data shows.

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“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the “honor” of buying the first bit of RLUSD on the DEX.”

“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” Schwartz added.

Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.

As such, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.

British Columbia Maintains Bitcoin Mining Ban Despite Vancouver’s ‘BTC-Friendly City’ Motion

The Province home to Vancouver – which is exploring becoming a bitcoin-friendly city – maintains a ban on mining to preserve power for clean energy initiatives/

While Vancouver’s City Council has passed a motion to explore becoming a ‘bitcoin-friendly city’, British Columbia still has a province-wide ban on mining BTC until December 2025.

B.C.’s bitcoin mining ban began in December 2022 to address energy concerns, and it faced a legal challenge from Conifex Timber, which the B.C. Supreme Court upheld in early 2024, citing the policy’s reasonableness and alignment with public utility regulations.

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BC Hydro, the largest electricity utility in the province, relies heavily on hydroelectric power, which generates over 90% of its electricity.

Vancouver’s motion – introduced to the council by Mayor Ken Sim – focuses on bitcoin’s financial benefits and mentions the benefits of bitcoin mining, but it can’t influence mining because of electricity regulation and BC Hydro’s operations fall under provincial jurisdiction.

“The Province still has a ban on cryptocurrency mining and is continuing its work towards a permanent cryptocurrency mining policy,” a spokesperson for BC Hydro said.

Earlier this year, B.C.’s legislature passed an updated version of the Energy Statutes Amendment Act, which was first drafted following B.C. Hydro’s temporary suspension of bitcoin mining connections to the provincial grid.

The updated Act specifically enables the provincial government to bypass the BC Utilities Commission, the Provincial electricity regulator, giving it direct authority to regulate electricity service specifically for crypto.

Conifex Timber, which had bitcoin mining farms in the province scheduled for connection to the grid, argued in court that these conditions were “unduly discriminatory and unreasonable,” but ultimately, a Provincial judge disagreed.

“One question arising out of the move towards regulating electricity with respect to crypto-mining projects is whether the Province could begin to regulate the availability of electricity for other industries in a similar manner,” lawyers at McCarthy Tetrault, a Canadian law firm, wrote in a May 2024 post.

During the debate over the updated Act, lawyers from McCarthy Tetrault noted that the leader of the provincial Green Party argued in the legislature that Liquified Natural Gas and emerging technologies like AI should face similar energy regulations as bitcoin mining due to, what the party views as their high energy use and limited economic benefits.

Local bitcoin mining bans are not unique. New York State has a moratorium, with an exception for renewable energy. However, some states, like Arkansas and Montana, have bills that protect bitcoin miners from what they call “discrimination.”

Pennsylvania recently scrapped its mining ban to advance other energy conservation bills.

Bitcoin Traders No Longer Chasing Record Price Rally Like Before, Options Data Show

The way options are currently priced indicates a more measured bullish sentiment compared to what we’ve witnessed recently.

While bitcoin (BTC) continues to reach new lifetime highs, the latest options market trend indicates that traders aren’t chasing the uptrend with the same zeal as before.

On Monday, BTC’s price rose above $107,000, surpassing the previous peak on Dec. 5 and taking the cumulative post-U.S.-election gain to over 50%, CoinDesk data show.

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The rally follows President-elect Donald Trump’s assurance that the U.S. will build a bitcoin strategic reserve similar to its strategic oil reserve. Analysts expect the winning streak to continue next year, with prices ranging between $150K to $200K by the end of the following year.

However, the current pricing of options trading on Deribit indicates that traders aren’t chasing the rally like they used to, signaling a more cautious outlook for the short term.

At press time, the 25-delta risk reversal for options expiring on Friday was negative, indicating the relative richness of put options that provide protection against price drops. Puts expiring on Dec. 27 were trading at a slight premium to calls, while the risk reversals extending to the end of March end expiry demonstrated a call bias of less than three volatility points.

That starkly contrasts the trend we’ve observed over the past few weeks, where traders aggressively chased new price peaks, driving short-term and long-term call biases to over four or five volatility points. In fact, short-term risk reversals frequently displayed a stronger call bias than their longer-term counterparts.

The latest block trades coming through on Deribit, as tracked by Amberdata, also show a bearish lean. The top trade so far today has been a short position in the Dec. 27 expiry call at the $108,000 strike followed by long positions in the $100,000 strike puts expiring on Dec. 27 and Jan. 3.

The cautious sentiment could be due to concerns that on Wednesday the Federal Reserve will signal fewer or slower rate hikes for 2025 while delivering the widely expected 25 basis points rate cut. Such an outcome could accelerate hardening of the bond yields, strengthening the dollar and denting the case for investing in riskier assets. Perhaps, sophisticated BTC traders are positioning for a correction.

MicroStrategy’s Addition to Nasdaq-100 May Pave Way for S&P 500 Inclusion: Benchmark

The software company’s potential addition to the S&P 500 index could be an even larger opportunity in the medium-term, the report said.

MicroStrategy’s (MSTR) addition to the Nasdaq-100 index is a big deal, but its potential inclusion in the U.S’s S&P 500 index could be an even bigger opportunity in the medium-term, broker Benchmark said in a report Monday.

The index provider announced on Friday that MicroStrategy would be added to the Nasdaq-100 on December 23.

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The company founded by Michael Saylor easily meets S&P 500 inclusion criteria in terms of market cap and trading volume, but currently does not meet two other requirements, the report said.

The company needs to report positive earnings for the most recent quarter and “total positive earnings for the sum of its trailing four consecutive quarters,” analyst Mark Palmer wrote.

Still, MicroStrategy has said that it plans to adopt new Financial Accounting Standards Board (FASB) guidance for the accounting treatment of bitcoin held on its balance sheet in the first quarter 2025, Benchmark said, and this “would position it to immediately begin reporting positive earnings.”

MicroStrategy became the first bitcoin company to enter the Nasdaq-100, and will be the 40th largest firm in the index, with a 0.47% weighting, broker Bernstein said in a report on Monday.

How big is the impact?

MicroStrategy entering the Nasdaq-100 is a big milestone for the stock as the fifth largest ETF by assets under management (AUM), the Invesco QQQ Trust Series ETF, will add to the company to its index along with many others.

According to VettaFi data, the three largest ETFs by AUM are all comprised of the S&P 500. These are the SPDR S&P 500 (SPY), Vanguard S&P 500 (VOO) and iShares Core S&P 500 (IVV). Collectively these three ETFs hold over $1.8 trillion in AUM.

The enormous impact of entering the S&P 500 could be seen with Tesla (TSLA) which saw its stock surge following its inclusion in the index on Dec. 21 2020. The stock doubled in the space of a year from $200 to $400 a share. The lion’s share of the gains came before inclusion to the S&P 500, which saw the stock run up 10-fold from December 2019. This could suggest a large portion of MicroStrategy gains could come before it joins the benchmark index.

OpenSea Cayman Islands Registration Sparks Airdrop Speculation

OpenSea recently announced its platform would be revamped in December.

Non-fungible token (NFT) exchange OpenSea sparked speculation it is preparing a potential token airdrop after it registered an entity in the Cayman Islands.

X user Waleswoosh, a pseudonymous researcher at Azuki, posted a screenshot of the OpenSea registration. The registration was present on the Cayman Island’s general registry and was also confirmed to CoinDesk by OpenSea.

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The post led to speculation over whether the move was a step toward releasing a token in a more crypto-friendly jurisdiction than the U.S. A dashboard created on Dune lets OpenSea users check their historical activity to estimate how much a potential airdrop might be worth.

OpenSea declined to comment on whether it would be introducing an native token.

The company is headquartered in New York and was the primary venue for the NFT bull cycle in 2022, racking up a record $2.7 billion of trading volume on a single day in May that year. The emergence of rival platform Blur coupled with a wider market decline resulted in a loss of market share. Trading volume over the past 24 hours hit $21 million, less than 1% of the record.

The company was valued at $13 billion after it raised $300 million during the height of the 2022 cycle. The market has now shifted, with focus on memecoins like dogwifhat (WIF) and bonk (BONK) rather than non-fungible token projects like Bored Ape Yacht Club and CryptoPunks.

OpenSea plans to turn the tide back in its favor this month as it rolls out OpenSea 2.0. More than 1 million unique wallets have registered for the waitlist.

The new platform features a “retro” section, which rewards users for historical activity in the form of “points.” Points leaderboards have been a common way of airdropping tokens to users this year by incentivizing ongoing activity and loyalty. There’s no indication that OpenSea plans to follow that path, however.

ESMA Publishes Final Guidance on MiCA Implementation Days Before Deadline

The regulator is releasing final guidance to help member states get ready for MiCA which is set to take effect imminently, as some nations are trailing behind.

The European Securities and Markets Authority (ESMA) has released its final guidance on Tuesday to help member states implement the impending rules.

ESMA published its final report on reverse solicitation, systems, what crypto may constitute as a financial instrument and draft technical standards on market abuse prevention.

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The European Union’s Markets in Crypto Asset (MiCA) rules – bespoke rules for the crypto sector – are meant to come into force by December 30 across the bloc of 27 nations. But some countries are yet to put in place legislation to implement MiCA.

Portugal’s central bank even told CoinDesk on Monday that it is yet to figure out which national competent authority will be responsible for the rules since legislation has not passed.

A part of what caused delays for national competent authorities was the short period between ESMA releasing its final technical standards in October and the implementation date, industry trade associations told CoinDesk.

“Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all [National Competent Authorities] NCAs to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions,” Verena Ross, ESMA Chair, said.

Tether Invests in MiCA-Compliant Stablecoin Issuer StablR

The crypto company behind USDT, the largest stablecoin, decided to shutter its own euro-pegged stablecoin and back smaller issuers that comply with the EU’s MiCA regulations.

Tether, the crypto company behind the $140 billion USDT cryptocurrency, said on Tuesday it has invested in European stablecoin company StablR.

StablR issues euro and U.S. dollar stablecoins EURR and USDR and obtained an electronic money institution (EMI) license in Malta in July, a necessary step to comply with EU-wide regulations.

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Tether will also support StablR’s operations with its recently unveiled tokenization platform Hadron, providing tools for compliance, know-your-customer (KYC) and anti-money-laundering (AML) checks, risk management and secondary market monitoring.

The firms did not disclose the size of the investment nor the valuation. A Tether spokesperson told CoinDesk that Tether now has a “significant equity position” in StablR.

The investment is the latest example of Tether’s strategy to keep a foothold in the EU by backing smaller issuers and providing services through its tokenization platform Hadron as the bloc’s MiCA regulation enters into force by the end of this year. The firm decided to shutter its own euro-pegged stablecoin last month, while invested in Netherlands-regulated payments firm and stablecoin issuer Quantoz.

“The European stablecoin market is at a turning point, with regulation finally catching up to innovation,” Tether CEO Paolo Ardoino told CoinDesk. “The company sees the evolving regulatory landscape as a positive step forward but is concerned about the systemic risks it introduces, particularly within the already vulnerable European banking sector.” Tether has been a vocal critic of the MiCA rules that require major stablecoin issuers to hold a large part of the backing assets in bank deposits. The company holds over 83% of USDT reserves in U.S. government bonds, repo agreements and money market funds.

Stablecoins, or cryptocurrencies with steady prices pegged to fiat currencies, are a $200 billion and quickly growing class of digital assets. They are popular as liquidity for crypto trading and are getting increasingly used for everyday payments and remittances due to cheaper and faster settlements using blockchains instead of traditional banking rails. U.S. dollar stablecoins dominate the market with a nearly 99% share, while their euro counterparts lagged in adoption sitting at just about $400 million in market value.

Pudgy Penguins PENGU Token Debuts at $312M Market Cap

$90 million worth of PENGU has traded in its first hour of release.

PENGU, the native token of non-fungible token (NFT) project Pudgy Penguins, has debuted at a $312 million market cap after the token was distributed to NFT holders via an airdrop.

The Solana-based token has a total supply of 88.88 billion and has racked up around $90 million in trading volume in the first hour since release, CoinMarketCap shows.

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23.5% of PENGU’s supply was allocated to the airdrop while a further 22% has been set aside from Solana and Ethereum communities. An additional 12.3% of supply will also be used as liquidity on decentralized exchanges.

The floor price of the Pudgy Penguin NFTs has risen alongside the release of PENGU, with the cheapest NFT now trading at 34.1 ETH ($136,000) to mark a 2.6% increase. It is now the second most expensive collection after CryptoPunks.

It has outperformed the wider NFT market which remains in a multi-year slump following the emergence of meme coins this cycle. NFTs were the plat du jour in 2022 amongst the more speculative crypto investors, but as hype and liquidity withered away so did asset prices. Trading volume on NFT exchange OpenSea topped $2.7 billion in a single day in 2022, whilst this month it has struggled to top $30 million.

Nigeria Arrests Almost 800 Over Crypto Scams: Reuters

Nigeria has been clamping down on illegal activity regarding crypto in the country.

Nigeria arrested 792 people following a raid at a building where people allegedly committed crypto-related scams, Reuters reported on Monday.

The suspects would lure victims, typically from America and Europe, with romantic offers before asking them to hand over money for fake crypto investments, the report said.

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The people, who included Chinese and Filipino nationals, were detained last week at a seven-floor building in Lagos, Economic and Financial Crimes Commission spokesperson Wilson Uwujaren told Reuters.

“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims,” he said.

Nigeria has been clamping down on illegal activity related to crypto. At one point it was reported that the country had blocked several exchanges from operating within its borders. More recently the country has been in an almost year-long legal dispute with Binance and its executives over alleged money laundering and tax evasion charges.

CoinDesk reached out to Nigeria’s Economic Financial Crimes Commission for a comment.