Bankrupt crypto exchange FTX floated an amended proposal to return up to 90% of creditor holdings held at the exchange before it went bust last November. The debtors' group will formally file the plan to a U.S. bankruptcy court for perusal by Dec. 16. The proposal states that customers with a preference settlement of less than $250,000 can accept the settlement without any reduction of claim or payment. Preference settlement is 15% of customer withdrawals on the exchange, nine days before it went under. Creditors would further receive a "Shortfall Claim" against the general pool corresponding to the estimated value of assets missing at their exchange – estimated to be nearly $9 billion for FTX.com and $166 million for FTX.US, the exchange’s U.S. arm. However, recoveries could be marred by various factors, such as taxes, government claims, token price fluctuation, etc.

FTX founder Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Binance has long been the world's largest cryptocurrency exchange by trading volume. Still, on Monday, traders looking to buy and sell bitcoin (BTC) quickly on Binance were at a relative disadvantage to their peers on Kraken and Coinbase (COIN), according to data tracked by Kaiko. The 0.1% ask depth on Binance, a measure of buy-side liquidity, crashed to just 1.2 BTC ($30,000) from 100 BTC as volatility exploded after an erroneous report that BlackRock's (BLK) spot exchange-traded fund (ETF) had been approved circulated on social media. The leading cryptocurrency popped 7.5% to $30,000 in a knee-jerk reaction to the rumor, only to give up gains after BlackRock denied the report.

California Gov. Gavin Newsom signed a crypto licensing bill on Friday to take effect in July 2025. Considered California's answer to New York's "BitLicense," the Digital Financial Assets Law faced heavy industry criticism, but was passed by the state's Assembly in September 2022. The law requires California's Department of Financial Protection and Innovation (DFPI) to create a regulatory framework for crypto. The framework includes a licensing regime and gives the department enforcement and rulemaking authority over the sector. The DFPI also gets an 18-month implementation period to ensure "the adopted regulatory framework can be thoughtfully tailored to address industry trends and mitigate consumer harm," the letter said.

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Bitcoin's (BTC) dominance rate, or share in the overall crypto market, continues to rise, threatening to reverse alternative cryptocurrencies’ (altcoins) BTC-beating rally from early 2021.

The dominance rate rose to 52.45% on Monday, reaching the highest since April 2021, according to data tracked by charting platform TradingView. The ascent is consistent with the bullish breakout seen in June, which marked the end of a prolonged range play between 38% and 48%.

According to technical analysis by Fairlead Strategies, it’s likely to continue in the coming days, reversing the decline to 40% from 60% seen during the hazy crypto bull market days of March-April 2021. Investors then rotated money from the relatively expensive bitcoin into altcoins, leading to a decline in BTC's dominance rate.

- Omkar Godbole

Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk’s inaugural State of Crypto: Policy and Regulation, a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.

The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.

Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register.