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:
Singapore Bans Polymarket, Classifying It As An ‘Illegal Gambling Site’
Singapore has blocked access to Polymarket as part of a crackdown on unauthorized gambling websites. Subsequently, many Singaporean users have reported being unable to access the website.
Due to this decision, Polymarket is defined as an illegal gambling website in Singapore, and users attempting to access the site will see a warning that they are visiting an unauthorized and unlawful site.
Mango Markets Shuts Down Following SEC Settlement
Mango Markets has decided to close its operations following a settlement with the Securities and Exchange Commission (SEC).
The decision comes after facing regulatory challenges related to its digital asset trading platform. Despite the efforts to comply with regulations, the company has made the difficult choice to cease operations.
Mango Markets was known for its innovative approach to decentralized finance (DeFi) and its efforts to provide users with a secure and transparent trading experience. However, the regulatory environment has posed insurmountable challenges for the company, leading to its closure. The platform has set January 13th, 2025, at 8 PM UTC as the deadline for users to close their positions when the shutdown proposals become executable.
Tether To Relocate To El Salvador After Securing DASP License
Tether is relocating to El Salvador after acquiring a Digital Asset Service Provider (DASP) license, enhancing its focus on Bitcoin adoption and innovation in emerging markets.
Tether CEO Paolo Ardoino said the company would relocate to El Salvador after recently obtaining a digital asset service provider license there. He added that his fellow managers and co-founders of Tether will also move their residences to El Salvador.
El Salvador is positioning itself as a global hub for digital assets, attracting companies with its favorable regulatory environment and supportive policies.
Tether’s move aligns with its mission to empower individuals and businesses through digital currency while fostering financial inclusion in underserved regions.
The relocation signifies Tether’s commitment to collaboration with El Salvador’s government and communities to advance financial technology and innovation.
SEC Ordered To Explain How And When The Federal Securities Laws Apply To Digital Assets
A US court is demanding the Securities and Exchange Commission (SEC) to explain why it denied Coinbase’s request for crypto-specific regulations. The SEC is now under a federal court order to fully explain why the agency refused to offer clear rules for crypto securities.
The demand comes in the final week of Chair Gary Gensler’s tenure, who will step down as SEC Chair next week. In line to replace him is Paul Atkins, a Republican chosen by incoming President Donald Trump.
Atkins is expected to lead a new SEC with much looser restrictions on the crypto industry, opening the door to clearer regulations.
MoonPay Buys Solana-powered Crypto Payment Processor Helio For $175M
MoonPay has acquired Helio, a Solana-based crypto payment processor, for $175 million to enhance its trading and marketplace volume.
The acquisition aims to improve MoonPay’s capabilities in providing secure and scalable solutions for crypto commerce, as stated by CEO Ivan Soto-Wright.
Helio, launched in 2022, has processed over $1.5 billion in transactions and supports over 6,000 merchants, integrating with platforms like Discord, WooCommerce, and Shopify.
This acquisition follows MoonPay’s recent partnership with PayPal, allowing users to buy and sell cryptocurrencies using PayPal and Venmo.
Sony’s Public Blockchain Platform Soneium Launches On Mainnet
Sony has launched the mainnet of its blockchain platform, Soneium, to protect creators’ rights and ensure equitable value distribution between creators and fans.
The Soneium blockchain, developed by Sony Block Solutions Labs, has transitioned from a successful testnet phase, accumulating 15.4 million active wallets and over 50 million transactions.
The platform aims to bridge Web2 and Web3, targeting content creators, fans, and communities with initiatives like an NFT-based Fan Marketing Platform and the Soneium Spark incubation program.
Sony plans to expand Soneium’s capabilities by exploring new frameworks and use cases that enhance digital and physical user experiences, fostering innovation and global fan engagement.
Tom Lee Predicts Bitcoin Could Reach $250,000 By Year-End
Fundstrat strategist Tom Lee has predicted that Bitcoin could reach $250,000 by year-end.
However, he also did not rule out the possibility of further corrections. He predicted, “Bitcoin is forming a strong support line at $70,000 since it started its rally,” and added, “If $70,000 breaks, it could test $50,000.”
Lee is still optimistic about Bitcoin for 2025, highlighting important factors, including a supportive legal climate under President Donald Trump’s government and stock market performance. Targeting a price range of $200,000 to $250,000, he finds Bitcoin one of the most sought-after assets with these elements in play.
SEC Files Lawsuit Against Elon Musk for Securities Law Violation
The Securities and Exchange Commission (SEC) sued Elon Musk for allegedly misleading shareholders when he bought hundreds of millions of dollars worth of Twitter stock in 2022 before acquiring the company.
The SEC alleged that Musk violated federal securities laws when he amassed more than $500 million in shares of Twitter (later renamed X) without properly disclosing his stake in the company, allowing him to purchase the social media company at “artificially low prices,” the lawsuit stated.
TON Blockchain Prepares To Expand To The US After Trump’s Announcement
Telegram-linked blockchain network The Open Network (TON) is preparing to expand its presence in the United States.
TON expects a favorable regulatory environment following President Donald Trump’s statements.
Moreover, Bloomberg reports that the TON Foundation, which backs the blockchain project, recently announced management changes as part of its development strategy in the world’s largest market.
US CPI Inflation Rises To 2.9% In December, Within Expectations
Data: 2.9.% YoY, 0.4% MoM
Forecasted: 2.9% YoY, 0.3% MoM
Last Month: 2.7% YoY, 0.3% MoM
Progress in bringing inflation back to the US central bank’s 2% target hit a snag in the second half of last year.
The consumer price index rose 0.4% last month after climbing 0.3% in November, according to the Labor Department’s Bureau of Labor Statistics. In the 12 months through December, the CPI advanced 2.9% after increasing 2.7% in November.
No rate cut is expected at the Fed’s January 28th-29th policy meeting. While economists see fewer rate cuts this year, they are divided on whether the central bank will reduce borrowing costs again before the second half of the year.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
