Gate Web3 Top News Selection | December 3: Jupiter Releases HumidiFi ICO Details; SEC Chairman "Clarifies" Cryptocurrency

In the midst of complex and overwhelming market information, what truly matters? “Gate Web3 News Highlights” aims to distill the essence for you. We curate the most important global crypto market news daily, helping you quickly grasp key trends, save time, and gain early insights.

1. Jupiter Releases HumidiFi Token WET ICO Details

According to official sources, dark pool DEX HumidiFi announced that its ICO will launch on Jupiter on December 3, using a first-come, first-served mechanism. The sale is arranged as follows: Phase 1 is for the Wetlist (HumidiFi users and community), with 60 million WET tokens (6% of total supply) at a price of 0.5 USDC each (corresponding FDV: $50 million), running from December 3, 10:00–22:00 (EST).

Phase 2 targets JUP stakers, with 20 million WET tokens (2% of total supply) at 0.50 USDC each (corresponding FDV: $50 million), running from December 3, 22:00 to December 4, 10:00 (EST). Eligibility is based on time-weighted JUP stake amounts since July this year, with purchase quotas ranging from 200–10,000 USDC.

Phase 3 is a public sale, offering 20 million WET tokens (2% of total supply) at 0.69 USDC each (corresponding FDV: $69 million), from December 4, 10:00–22:00 (EST), with a personal purchase limit of 1,000 USDC. All phases are oversubscribed, first-come, first-served, and end when sold out. Token and liquidity will go live shortly after the sale (exact time to be announced). Users can check eligibility on the Jupiter DTF official website.

2. Crypto Mining Firm Backed by Trump Family Sees Shares Halved in 30 Minutes

According to Bloomberg, the recent sharp pullback in Bitcoin over the past month is impacting the speculative segment of the crypto market. The latest victim is American Bitcoin Corp (ABTC). The stock of this crypto mining company, co-founded by Eric Trump (Trump’s second son), plummeted by more than half in less than 30 minutes on Tuesday, despite multiple trading halts due to volatility. The stock fell as much as 51%. As per market data, American Bitcoin is now trading at $2.07, down 42.18%.

3. SEC Chair: US “Resistance” to Crypto Has Gone On “Too Long”

In an interview with CNBC, US Securities and Exchange Commission Chairman Paul Atkins claimed that the US “resistance” to cryptocurrency has gone on “too long.”

4. CME Launches Bitcoin Volatility Index

The Chicago Mercantile Exchange Group (CME) has launched a series of cryptocurrency benchmark indices, including a Bitcoin Volatility Index, aimed at providing institutional investors with standardized price and volatility data. These new benchmarks cover multiple digital assets such as Bitcoin, Ethereum, Solana, and XRP, offering references for options pricing, risk management, and volatility strategies.

5. Bloomberg: Trump Family Crypto Assets Plunge Over 90%, Far Outpacing Market

According to Bloomberg, crypto projects promoted by the Trump family have suffered severe losses, falling far more than mainstream assets like Bitcoin. On Tuesday, American Bitcoin, a mining firm co-founded by Eric Trump, plummeted 50% in a single day, down 75% from its peak.

World Liberty Financial token WLFI, co-founded by President Trump and his son, is down 51% from its early September high; Alt5 Sigma, promoted by Trump’s son, has crashed about 75%; memecoins named after the president and First Lady Melania are each down about 90% and 99% from their January highs. By comparison, Bitcoin has only fallen about 25% over the same period.

Hilary Allen, law professor at American University, pointed out that the Trump family’s crypto projects have rapidly depreciated, failing to bring the expected legitimacy to the industry. The collapse of these projects has shrunk the Trump family’s wealth by over $1 billion and shaken market confidence in both crypto assets and the president himself.

6. Stable Releases Tokenomics, Ecosystem and Community Hold 40% of Total Supply

Stable announced on X that it has launched the STABLE tokenomics model, with a fixed total supply of 100 billion tokens and no use as gas fees. The specific allocation is as follows:

Genesis Distribution: 10% of total supply, supporting initial launch liquidity, community activation, ecosystem activities, and strategic distribution;

Ecosystem and Community: 40% of total supply, allocated to developer grants, liquidity programs, partnerships, community initiatives, and ecosystem development;

Team: 25% of total supply, allocated to founding team, engineers, researchers, and contributors;

Investors and Advisors: 25% of total supply, allocated to strategic investors and advisors supporting network development, infrastructure, and promotion.

7. Kalshi Co-Founder Lopes Lara Becomes World’s Youngest Self-Made Female Billionaire

According to Forbes, 29-year-old Lopes Lara has just become the world’s youngest self-made female billionaire, surpassing 31-year-old Scale AI co-founder Lucy Guo, who took the title from Taylor Swift this April. The report says Lopes Lara and fellow Kalshi co-founder Mansour both grew up in Lebanon and met at MIT. They belonged to the same international student circle and took similar classes, both majoring in computer science. In 2018, both interned at Five Rings Capital in New York, strengthening their relationship. One night, while returning to their Financial District internship apartment, they suddenly came up with the idea to found a prediction market.

Previously, Kalshi completed a $1 billion funding round at an $11 billion valuation. The round was led by Paradigm, with other investors including Sequoia Capital, a16z, and Y Combinator.

8. SEC Halts 3x and 5x Crypto Leveraged ETFs, Requires Issuers to Revise or Withdraw Applications

The US Securities and Exchange Commission (SEC) has recently moved against crypto leveraged ETFs, officially halting several 3x and 5x leveraged product applications and requiring issuers to either greatly revise their strategies or withdraw applications, drawing broad market attention. This move affects not only crypto assets but also leveraged ETFs linked to high-beta stocks.

Bloomberg ETF analyst Eric Balchunas said the SEC pointed out these products attempt to exploit regulatory loopholes to bypass strict VaR (Value at Risk) limits. Under Rule 18f-4, a fund’s risk exposure cannot exceed 200% of the benchmark, meaning leverage is usually capped at 2x. The SEC emphasized that products with more than 2x leverage may cause frequent termination events and sharp market volatility, thus failing to meet current risk management standards.

Named institutions include Direxion, which has submitted leveraged ETF applications linked to crypto assets, tech stocks, and high-volatility equities. Regulators noted that this notice also applies to single-stock leveraged strategies and some sector ETFs.

The SEC’s latest action comes as leveraged ETF application numbers have surged. Since October, VolShares has applied for 5x leveraged crypto ETFs including SOL, ETH, and XRP, and GraniteShares has applied for a 3x leveraged XRP product. During the pandemic lockdown, registrations for high-leverage products soared.

However, the high risk of such products is already evident in the industry. Morningstar analyst Brian Armour pointed out that over half of the leveraged ETFs launched in the past three years have been forced to close, indicating the market’s limited tolerance for high-volatility products. He believes that although the SEC has recently been more open to new strategies, 5x single-stock leveraged ETFs exceed reasonable risk and may prompt further regulatory tightening.

With SEC Chair Paul Atkins announcing new innovative exemption rules in the future, the market is still watching for regulatory trends in crypto financial products. However, this halt clearly signals one thing: high-leverage crypto ETFs will face stricter regulatory scrutiny, and approval in the short term is highly unlikely.

9. MicroStrategy CEO: Considering Bitcoin Lending Business, No Plans to Sell Bitcoin

According to Bloomberg, MicroStrategy CEO Phong Le stated that the company is considering lending out some of its tokens. He said, when traditional financial firms enter this space and we have different counterparties, lending Bitcoin is something we will consider, and I think we will be enthusiastic about it.

10. Glassnode: Bitcoin Down 18% Doesn’t Mean Crypto Winter—Institutions and ETFs Support Market

Over the past three months, Bitcoin has dropped about 18%, sparking fears of a “crypto winter.” Shares of US Bitcoin companies fell around 40% on Tuesday, causing panic among some investors. However, the latest report from Glassnode and Fasanara Digital shows that market structure indicators suggest this downturn is more of a cyclical adjustment than a full-blown decline.

The report notes that since the 2022 cycle low, Bitcoin has attracted over $732 billion in new capital, with realized market cap around $1.1 trillion, and spot price rising from $16,000 to about $126,000. Realized market cap, usually the first metric to shrink during a winter, has not shown a significant decrease. At the same time, 1-year realized volatility has dropped from 84% to about 43%, indicating improved liquidity, active ETF and cash-settled derivatives trading, and dampened price swings.

ETF activity also does not match the traditional winter pattern. Currently, spot ETFs hold about 1.36 million Bitcoin, accounting for 6.9% of circulating supply, with about 5.2% net inflow since launch. In historical winters, ETF flows are usually negative and remain so for a long period, while the current situation is the opposite. The mining segment is also strong, with the CoinShares Bitcoin Mining ETF rising over 35% during the downturn, showing that individual company issues do not represent overall industry weakness.

The report emphasizes that this pullback is more like a normal mid-cycle adjustment seen in 2017, 2020, and 2023, typically occurring during periods of deleveraging or macro tightening and accompanied by short-term deleveraging events. Bitcoin prices are currently closer to the yearly high of $124,000 rather than the low of $76,000, indicating the market has not entered a typical winter range.

Glassnode concludes that record realized volume cap, declining volatility, and sustained ETF demand indicate the market is in a consolidation and healthy phase, not showing early signs of a winter. Institutional capital and ETF support have strengthened Bitcoin’s long-term resilience. (CoinDesk)