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:
Dubai Officially Approves Bitcoin And Crypto For Salary Payments
The Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency under employment contracts, marking a significant shift in the United Arab Emirates’ (UAE) legal approach to digital currencies.
In a 2024 ruling, case number 1739 diverged from a 2023 decision, in which a similar claim was denied due to the ambiguous valuation of the cryptocurrency in question. The case involved an employee who sued for unpaid wages, including 5,250 EcoWatt tokens owed over six months.
The 2024 decision recognized cryptocurrency as a valid form of payment, underscoring the importance of adhering to clear contractual terms. The court based its decision on Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, reflecting a forward-looking approach that accommodates the evolving financial environment.
This ruling establishes a precedent for broader acceptance of cryptocurrency in employment contracts within the UAE.
Banca Sella, Italy’s Second Oldest Bank, Offers Bitcoin Trading To Over 1.3 Million Customers
Founded in 1886, Banca Sella is one of the better-known banking institutions in Italy. Its mobile banking platform, Hype, also includes a Bitcoin trading service as it operates with over 1.3 million citizens.
The company announced beta testing to “a small group of Hype Plus (premium) customers.” Moreover, they announced that all customers will have access to BTC trading in a few days.
SEC Talks With ETF Issuers Over Concerns Of Solana (SOL) Being A Security
The Securities and Exchange Commission (SEC) has expressed concerns over Solana’s (SOL) potential security status in talks with ETF issuers. After discussions with the securities regulator, The Cboe removed the related 19b-4 filing from its website.
The removal of the 19b-4 forms from the Federal Register relieves pressure on the SEC to make decisions regarding Solana ETFs. However, VanEck’s S-1 registration statement for its Solana ETF still appears on the SEC’s filing system, while 21Shares’ filing no longer appears in the search results.
Kamala Harris Is Considering SEC Chairman Gary Gensler As Treasury Secretary If Elected President
There are growing rumors in Washington that Vice President Kamala Harris may nominate Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), as Treasury Secretary if she wins the upcoming election this November.
Senior Senate staffers have reportedly shared this information with the Washington Reporter. In a prior conversation, Representative Tom Emmer expressed concerns over the potential nomination, warning that it could negatively affect the US economy.
Given his history of strict oversight at the SEC, Gensler’s appointment could lead to more stringent policies and enforcement actions against crypto firms, potentially reshaping the regulatory landscape.
Donald Trump To Give Elon Musk A Cabinet Or Advisory Position If Elected President
Republican presidential candidate Donald Trump said that, if elected, he would tap Elon Musk for a cabinet or advisory role “if he would do it.”
“He is very smart. I had a great talk with him the other day, and as you know, it went on for two and a half hours almost. And perhaps you listened, he is a very smart guy. If he would do it, I certainly would, he is a brilliant guy,” he said.
The Republican nominee also said he would consider eliminating the $7,500 tax credit for certain new electric vehicles. This could affect Tesla’s business, which sells electric vehicles.
Last month, Musk expressed his public support for Trump in the US presidential race.
Mt. Gox Moves Over $700 Million Worth Of Bitcoin (BTC)
According to blockchain analytics firm Arkham Intelligence, Mt. Gox has transferred 12,000 BTC (worth $709.44 million) to an unknown wallet with an address of “1PuQBjp…WhTb.”
In addition to the transfer, Mt. Gox also sent 1264.69 BTC ($74.77 million) to a cold wallet belonging to the exchange.
Similar movements of Bitcoin in the past have preceded repayments from Mt. Gox to its creditors, suggesting that creditor repayments may be nearing completion.
Mt. Gox operated the largest Bitcoin exchange until it suffered a major security breach in 2014, losing at least 850,000 BTC.
Binance And Ex-CEO CZ Sued In New Lawsuit Alleging Money Laundering
The world’s largest crypto exchange by volume and its founder are being named defendants in a new money laundering lawsuit.
According to a new class action, the Binance exchange willfully neglected to register with the proper authorities and failed to maintain adequate anti-money laundering protocols to earn profits from the US markets.
The plaintiffs, Philip Martin, Natalie Tang, and Yatin Khanna, claim that tens of thousands of dollars worth of crypto was stolen from their Coinbase accounts and that $1.5 million worth of crypto was stolen from an unnamed platform. Furthermore, it’s alleged that Binance.US, the US branch of the exchange, was created for no other reason than to distract US regulators.
Bitfarms Acquires Stronghold Digital Mining
Bitfarms Ltd., a Canadian Bitcoin mining company, is planning to buy Stronghold Digital Mining in a $164 million deal. According to the press release, Bitfarms will offer 2.52 of its own shares for each share of Stronghold. The deal also includes taking on Stronghold’s current debt.
The deal, expected to close in the first quarter of 2025, aims to expand Bitfarms’ energy portfolio in the US and integrate power generation capabilities into its operations.
McDonald’s Instagram Hacked To Promote GRIMACE Memecoin
McDonald’s Instagram account was recently compromised to promote a Solana-based memecoin called GRIMACE. According to pump.fun data, the token quickly surged to a market capitalization of around $20 million before plummeting to below $1 million.
McDonald’s was able to recover its Instagram account, and the post promoting GRIMACE has since been deleted.
Prometheum Labels Uniswap (UNI) And Arbitrum (ARB) As Securities In Custody Expansion
Prometheum plans to add Uniswap’s UNI and Arbitrum’s native ARB to its custodial platform, where they will join Ethereum in the third quarter of the year. Prometheum had described the tokens as “digital asset securities.”
Prometheum has been making waves since May 2023, when it became the first company to receive a special-purpose broker-dealer (SPBD) license to custody digital assets. This has caused quite a stir, mainly because Coinbase and Robinhood said they had been trying to secure an SPBD for years.
RFK Jr. Is Reportedly Dropping Out Of The Presidential Race
Robert F. Kennedy Jr. is reportedly dropping out of the presidential campaign amid speculation that the independent and environmental lawyer will support Donald Trump.
The report followed an announcement on his campaign website that he would make a statement on Friday “about the present historical moment and his path forward” in Phoenix that would be live-streamed on X and other social media.
Kamala Harris Signals Interest In Friendlier Stance On Crypto, Bloomberg Reports
According to one of the top campaign officials during a Bloomberg roundtable at the Democratic National Convention (DNC) in Chicago, Democratic presidential candidate Kamala Harris will support policy efforts to encourage the growth of the crypto industry. This comes after heavy backlash following the DNC’s Platform cryptocurrency snub coupled with the Biden administration’s tough stance on the market.
Ahead of the elections, candidates have taken a pro-market approach, courting crypto voters with varying promises. While Kamala Harris’s approach remained reserved, Donald Trump backed the sector recently, promising pro-regulation to foster innovation.
Binance CEO Sees No Need For IPO For Crypto Exchange
In an exclusive interview with CoinDesk, Binance CEO Richard Teng says the crypto exchange is not currently considering an Initial Public Offering (IPO) and is focused on transforming into a business that will “continue to prosper for the next 50 to 100 years.”
Despite recent regulatory challenges, Teng focuses on enhancing transparency and compliance while expanding Binance’s global presence, excluding the US.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
