What Happened in Crypto Today: Update on ETH ETF, Mt Gox, & More

What Happened in Crypto Today: Stay Updated With Latest Crypto News

Ripple Delays RLUSD Stablecoin Launch: Why? 

Ripple's RLUSD stablecoin, a hot topic in the crypto community, has faced delays. Despite rumors of a December 4 launch, Ripple clarified that regulatory approval from the New York Department of Financial Services (NYDFS) is still pending. This careful approach underlines Ripple’s commitment to regulatory compliance, aiming to meet the highest standards before introducing RLUSD to the mainnet.

David Sacks Appointed as AI and Crypto Advisor

In significant political news, David Sacks, former PayPal COO, has been named the AI and crypto advisor to President-elect Donald Trump. Announced via Trump's post on Truth Social, Sacks will lead initiatives on crypto and AI, focusing on regulatory clarity and competitiveness. Sacks’ influence in the crypto space is anticipated to bring substantial changes, particularly in creating a legal framework that supports industry growth.

SEC Crackdown on Binance: Implications for Investors 

The SEC has intensified its regulatory efforts, targeting Binance with an 81-page document accusing the exchange of offering 11 tokens as unregistered securities. Tokens like Binance Coin (BNB), Solana (SOL), and Cardano (ADA) are under scrutiny. This move, while excluding Bitcoin (BTC) and Ethereum (ETH), could reshape crypto trading in the US. The ongoing legal battle highlights the need for clearer regulations as the SEC continues its crackdown under Chair Gary Gensler, whose tenure ends in January 2025.

Roaring Kitty X Post Surges GameStop Stock and Memecoins 

Keith Gill, known as Roaring Kitty, stirred the market again with a cryptic post on X, sparking significant gains in GameStop and AMC stocks, as well as related memecoins. GameStop stocks surged over 16%, peaking at $30.87, while AMC rose 12%. The GameStop (GME) memecoin saw a 54.21% increase, and GameStop Coin (GME) jumped by 109.38%. This incident underscores Roaring Kitty’s continued influence on both traditional and crypto markets.

Record-Breaking Inflows for Ethereum Spot ETFs

On December 5, Ethereum spot ETFs recorded an unprecedented net inflow of $428 million, signaling strong investor confidence. Leading the inflows was the BlackRock ETF ETHA, followed by Fidelity’s FETH. The cumulative total net inflow for Ethereum spot ETFs reached $1.33 billion. Bitcoin ETFs also maintained positive momentum with a $767 million net inflow, driven by BlackRock’s Bitcoin ETF IBIT. These trends indicate a bullish sentiment in the crypto market, with both Ethereum and Bitcoin ETFs showing robust performance and growing acceptance among investors.

Conclusion 

Today's crypto market highlights include Ripple's delay of RLUSD for regulatory compliance, David Sacks' appointment as Trump's advisor, the SEC's actions against Binance, Roaring Kitty's impact on stocks and memecoins, and record-breaking inflows in Ethereum and Bitcoin ETFs, signaling strong investor confidence and a potentially bullish future for cryptocurrencies.