Last Week, The UK’s Financial Conduct Authority (FCA) warned that Solana-Based Memecoin Generator Platform Pump.fun is unauthorized to operate in the country - the Warning marks the first instance that memecoins have encountered regulatory scrutiny in a major global economy. The FCA’s warning explains that Pump.fun ‘may be providing or promoting financial services or products without our permission’ and that UK residents should ‘avoid dealing with this firm and beware of scams.’ In response, Pump.fun has blocked UK residents from accessing the platform. Users accessing the site from the UK are now given a warning: ‘In accordance with the laws and regulations of the United Kingdom, this site is currently unavailable to users in the United Kingdom.’ While memecoins have existed as a sub-group within crypto for years (the original memecoin, DOGE, was launched in 2013), the phenomenon of users launching their own tokens at scale is new to 2024. Across numerous networks, platforms like Pump.fun have trivialized the launching of memecoins. Solana, due to its cheap and fast transactions, has emerged as the blockchain of choice for launching new tokens. The platform has emerged as a unique combination of gambling and social media and has seen controversy over the nature of some of the coins gaining traction. Additionally, the platform’s now suspended live stream video feature also saw numerous controversies over the content it was hosting. According to a statement from the platform, the livestreaming feature’s removal in November was to ‘ensure the absolute safety of our users.’ According to data from Dune, Pump.fun accounted for 62% of decentralized exchange volume on Solana in November. The platform generated a record USD 93.88M in fees in November, according to data from DeFiLlama.

• El Salvador is set to finalize a loan agreement with the IMF for USD 1.3B, necessitating amendments in its BTC policy and deficit cuts, according to sources cited by FT. Awaiting approval from the IMF board, the agreement could enable El Salvador to access an extra USD 2B from the World Bank and the Inter-American Development Bank. As part of the deal, it would become voluntary for merchants in El Salvador to accept BTC, and the country plans to cut its budget deficit by 3.5% of its GDP over three years. - link - @FT
• MARA Holdings (NASDAQ: MARA) acquired 11,774 BTC for USD 1.1B, at an average cost of USD ~96,000 per coin. The firm now holds 40,435 BTC, and says it has achieved a BTC yield of 12.3% this quarter, and 47.6% YTD. - link - @MARA
• Russia is considering establishing a BTC reserve to combat economic sanctions and increase financial stability, according to local news cited by Bitcoin Magazine. The recommendation came from State Duma Deputy Anton Tkachev, who urged the Finance Minister to explore the viability of adding BTC to national reserves. - link - @BitcoinMagazine
• Crypto custodian BitGo has integrated BTC staking in partnership with Core DAO. This partnership allows institutional clients to access dual staking options, enabling them to earn scalable BTC yields. Core DAO's staking solutions offer full custody of assets, aiming to reduce counterparty risks. - link - @CoreDAO
• JPMorgan research analysts upgraded BTC miners Cipher Mining (NASDAQ: CIFR) and CleanSpark (NASDAQ: CLSK) from neutral to overweight, and re-rated MARA Holdings (NASDAQ: MARA) from underweight to neutral. In recent reports, the bank revised price targets for the miners upwards, and downgraded IREN Ltd (NASDAQ: IREN) from overweight to neutral. - link - @CoinDesk
• BTC investing platform Relai secured USD 12M in a Series A funding round. Based in Switzerland, the BTC application will use the investment for expansion in Europe and to pursue licensing under the EU's MICA regulation. The round was led by Ego Death Capital with participation from Plan B Bitcoin Fund, Timechain, and Solit Group. - link - @CoinDesk
• First Abu Dhabi Bank finalized a memorandum of understanding with Libre Capital to adopt blockchain technology in lending. The collaboration will leverage tokenized real-world assets as collateral to secure stablecoin loans. - link - @CoinDesk

• Bloomberg: MicroStrategy Buys More Bitcoin As Funding Draws Scrutiny
• WSJ: Behind Bitcoin’s Rally Is A Simple Fact: Supplies Are Limited

• Trump’s Crypto Bond With The UAE - Politico, December 9, 2024
• Politico discusses the overlay between Trump's embrace of BTC and crypto at the 'Bitcoin MENA' conference in UAE.

• Binance CEO On Trump, Crypto Regulation, Bloomberg, December 6, 2024
• Binance Holdings CEO Richard Teng talks about his outlook on BTC and the broader crypto space.