GM. Bitcoin just turned 17, as Satoshi’s 2008 whitepaper stands in stark contrast to a trillion-dollar asset now steered by Wall Street, ETFs, and national reserves.

Meanwhile, Romania banned Polymarket for unlicensed gambling, SBF claimed FTX was solvent before bankruptcy, and dYdX is preparing a US launch by year-end.

Here’s the lowdown on the latest in crypto, policy, and power. 👇

Bitcoin Whitepaper Turns 17 as Its Original Vision Cracks

Seventeen years ago, on October 31, 2008, the pseudonymous Satoshi Nakamoto released Bitcoin: A Peer-to-Peer Electronic Cash System. The nine-page document, born from the ruins of the financial crisis, introduced a decentralized monetary architecture built on cryptographic proof instead of institutional trust.

Since then, Bitcoin has transcended cypherpunk subculture to become a trillion-dollar macro asset, institutionalized through ETFs and corporate treasuries worldwide. US spot Bitcoin ETFs now hold over $150 billion in assets, with cumulative inflows exceeding $62 billion according to Datawallet data.

Once a pariah to policymakers, Bitcoin now commands attention inside the White House, as former skeptics reverse course with newfound zeal. Donald Trump, who derided it as a “scam,” has since established a national Bitcoin reserve, while BlackRock’s Larry Fink hails it as monetary innovation.

Yet Bitcoin’s canon remains contested as early adopters decry Wall Street’s dominance and fading decentralization ideals. Internal schisms over Ordinals, developer control, and quantum-era cryptography point to a deeper tension; whether the rebellion can survive its absorption by the system it defied.

Romania Bans Polymarket for Unlicensed Gambling Activity

Romania’s National Office for Gambling blacklisted Polymarket, calling its prediction markets unlicensed gambling that must be regulated locally. The regulator said the platform’s event contracts fit the definition of counterparty betting under national gaming law. Officials cited surging trading activity around upcoming Romanian elections, with volumes exceeding millions of dollars on key political markets.

President Vlad-Cristian Soare said cryptocurrency payments do not exempt operators from gambling compliance obligations under Romanian law. The decision follows similar scrutiny from France and past enforcement actions against Polymarket in the US. The company’s rapid growth and partnerships with global investors have drawn increased attention from regulators monitoring crypto wagering platforms.

Bankman-Fried Claims FTX Was Solvent Before Bankruptcy

Convicted FTX founder Sam Bankman-Fried released a document asserting the exchange held sufficient assets before its 2022 collapse. The 15-page statement accused bankruptcy administrators of forcing insolvency proceedings that destroyed billions in remaining value. Bankman-Fried alleged the estate sold assets below market price and exaggerated liabilities to justify prolonged court intervention.

He claimed bankruptcy lawyers earned nearly one billion dollars in fees while mismanaging FTX’s recovery and disregarding accurate balance sheets. The filing contends FTX and Alameda Research could have repaid all customers had control not been seized. Bankman-Fried, serving a 25-year sentence, is seeking a presidential pardon while maintaining his conviction was politically motivated.

dYdX DEX to Launch US Platform by Year-End

Decentralized trading protocol dYdX plans to open a US platform offering spot crypto markets by late 2025. President Eddie Zhang said the expansion is key to aligning the company’s roadmap with regulatory expectations for domestic trading activity. The exchange will lower trading fees and focus on compliance as part of its phased US rollout strategy.

Although perpetual futures will remain unavailable, dYdX expects future regulatory clarity following discussions between the SEC and CFTC. The exchange has processed over $1.5 trillion in global trading volume since 2019, reflecting growing institutional interest. Officials said US entry marks a milestone toward establishing a transparent, regulated DeFi ecosystem under the Trump administration’s blockchain agenda.

Data of the day

Stablecoin providers captured up to 75% of total crypto protocol revenue across major blockchain ecosystems this quarter. Data from The Block showed the sector outperformed lending, DeFi, and exchange categories, highlighting its profitability and structural dominance. Tether’s projected fifteen billion dollars in annual profit underscores how yield from reserve assets drives exceptional operating margins.

Analysts said competition among issuers is increasing as projects experiment with yield models and synthetic dollar mechanisms. Coinbase and USDe have begun exploring reward-based structures to attract users without violating payment stablecoin restrictions. Market observers expect further innovation as regulatory clarity improves and capital efficiency becomes the next differentiating factor among major issuers.

More breaking news

• Ethereum developers confirmed December 3 as the mainnet date for the Fusaka upgrade, introducing PeerDAS, higher gas limits, and major Layer 2 scalability improvements.

• Zcash surged to an eight-year high at $388, overtaking Monero with a $6.2 billion market cap amid revived investor appetite for privacy-focused crypto coins.

• Binance founder CZ triggered a 20% rally in ASTER after buying 2 million tokens, boosting speculation and momentum around the rebranded DEX platform.

• Europol warned crypto-related crime is becoming increasingly sophisticated, urging stronger cross-border coordination, unbiased training, and standardized blockchain forensics practices.

• Thodex CEX founder Faruk Fatih Ozer was found dead in a Turkish prison while serving an 11,196-year sentence for one of crypto’s largest-ever frauds.

• MEXC admitted fault and returned $3 million to influencer The White Whale, pledging structural reforms and new transparency measures after public backlash.

• Australian police cracked a coded wallet holding $5.9 million in crypto, recovering funds using a complex numeric decryption technique developed by AFP scientists.

• Bitcoin miner Riot reported $104.5 million in Q3 profit as hash rate costs soared, underscoring resilience despite a near 5% stock decline.

• The European Central Bank will accelerate its digital euro plans, targeting a 2027 pilot phase and full European rollout by 2029 amid pressure.

• Unichain added DOGE, XRP, and Zcash support via Universal’s uAssets protocol, expanding Uniswap’s multichain reach beyond Ethereum into non-EVM ecosystems.

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