Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
21Shares Files For Polkadot ETF With SEC
Following the influx of new crypto-based exchange-traded funds in the US, 21Shares has submitted paperwork to launch a Polkadot spot ETF.
The proposed 21Shares Polkadot Trust would be listed on the Cboe BZX Exchange, tracking DOT’s price in US dollars, with Coinbase expected to act as the custodian.
This filing comes as the SEC undergoes a shakeup, with pro-crypto Acting Chair Mark Uyeda replacing Gary Gensler, fueling industry hopes for approval under the Trump administration.
India Government Thinking About Changing Its Stance On Crypto
India’s government is currently mulling a shift in its regulatory approach to cryptocurrencies, which could shift the rate of adoption in the country, which has ranked highly on crypto adoption metrics in recent years.
Ajay Seth, the secretary of economic affairs, said many nations had modified their stance on digital assets, and India was re-evaluating its position.
“More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again,” he added.
Coinbase Gains UK FCA Approval As Crypto Service Provider
Coinbase has secured approval from the UK’s Financial Conduct Authority (FCA) to operate as a registered crypto service provider.
This approval allows the exchange to offer cryptocurrency services to UK consumers, strengthening its position in the European market and enhancing consumer confidence in its services.
The move is part of Coinbase’s ongoing global expansion efforts amid evolving crypto regulations.
Kraken Secures EU MiFID License, Enabling Launch Of Regulated Derivatives Offering
Crypto exchange Kraken achieved a more assertive European market position by obtaining the Markets in Financial Instruments Directive (MiFID) license.
The new regulatory permit allows Kraken to provide its advanced trader clients with regulated crypto derivatives trading services in specific European markets.
The company received this milestone after acquiring an investment firm from the Cyprus Securities and Exchange Commission (CySEC).
Cboe Announces Plans To Launch 24×5 US Equities Trading
Cboe Global Markets announced that it plans to launch 24-hour trading for US equities listed on its Cboe EDGX Equities Exchange to meet the rising global demand for access to American markets.
The exchange operator said it would seek approval from the Securities and Exchange Commission (SEC) to move forward with all-hours extended trading five days a week.
Currently, Chicago-based Cboe offers extended trading hours for US equities from 4 AM to 8 PM ET Monday through Friday.
Trump Names Treasury Secretary Scott Bessent Acting Director Of CFPB
President Donald Trump has appointed crypto-friendly Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau (CFPB), Bessent announced on Monday in a CFPB statement. Bessent will be replacing Rohit Chopra, who was fired on Saturday.
The staff was also instructed to immediately cease much of the bureau’s work, including issuing or approving proposed or final rules or guidance and suspending the effective dates of all final rules that have been issued but have not yet become effective.
Eric Trump Recommends Buying Ethereum As WLFi Buys More Of The Token
Eric Trump tweeted about Ethereum, stating, “In my opinion, it’s a great time to add $ETH.”
The president’s son later modified the tweet to remove the phrase “You can thank me later.”
Notably, World Liberty Finance has recently accumulated 86,000 ETH, bringing their total holdings to $421 million, comprising 65% of their portfolio.
The activity coincides with the Trump family’s recent involvement in the crypto sector, including their connection to World Liberty Financial, a DeFi venture, and their launch of several meme coins.
Senator Bill Hagerty Introduces ‘GENIUS’ Stablecoin Bill
US Senator Bill Hagerty of Tennessee is introducing legislation to establish clarity on the regulation of stablecoins.
Called the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the bill will create “a safe and growth-friendly regulatory framework to unleash innovation,” and advance President Trump’s commitment to make the US “the cryptocurrency capital of the world.”
The move also seeks to unlock stablecoins’ full potential, enhancing payment systems and driving demand for US Treasuries.
Crypto Czar David Sacks Says “Golden Age” For Digital Assets Is Coming
President Donald Trump’s newly appointed crypto and AI czar, David Sacks, addressed Capitol Hill reporters, declaring that the “Golden Age” of cryptocurrencies is on the horizon.
During the press conference, Sacks unveiled plans to establish a new working group of financial regulators to set guidelines for digital assets and their issuers.
However, many in the crypto community were left underwhelmed, as Sacks took a cautious approach, offering general statements and vague reassurances instead of delivering the decisive regulatory framework that many had hoped for.
US SEC Reshaping Crypto Regulation, Scaling Back Enforcement
The US Securities and Exchange Commission (SEC) is cutting back its crypto enforcement unit, making a significant shift in regulatory policy under President Donald Trump. The agency’s crypto unit, which had over 50 lawyers and staff, is being downsized, and some other members are being reassigned to other departments.
After Trump took office, he appointed Mark Uyeda as acting SEC Chair. Uyeda quickly launched a team led by crypto-friendly SEC Commissioner Hester Peirce to reassess the agency’s enforcement-driven approach to crypto regulation.
MicroStrategy Rebrands To Strategy
MicroStrategy Incorporated, known for its business intelligence solutions, has officially rebranded to Strategy™ and shifted its corporate focus towards Bitcoin, reflecting its new identity as a Bitcoin Treasury Company. The rebrand includes a new logo with a stylized ‘B’ and an orange color scheme, symbolizing the company’s commitment to Bitcoin.
Michael Saylor, the Founder and Executive Chairman of Strategy, expressed that the new brand represents the company’s pursuit of perfection and its focus on the essential strategic core. Phong Le, President and CEO, highlighted Strategy’s innovation in bitcoin and artificial intelligence, emphasizing the global appeal and value the company brings to its stakeholders.
Strategy also issued its Q4 2024 quarterly earnings data. The software maker reported ($3.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($3.07). MicroStrategy had a negative net margin of 87.05% and a negative return on equity of 17.31%.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
