What Happened in Crypto This Week?
Top Crypto News Highlights
Hey Crypto Champs!!
This week’s crypto news is a GAME-CHANGER! From explosive DeFi launches to groundbreaking legal victories, you won’t believe what’s happening. Don’t miss these jaw-dropping updates!
What an exciting week for crypto!
1. Trump Jr. Launches Ambitious DeFi Platform
What Happened: Donald Trump Jr. unveiled his new decentralized finance (DeFi) platform through a Telegram channel.
Key Statement: He emphasized that this project is not just another memecoin, but a serious effort to target the banking sector.
Channel Details: The platform, called The DeFiant Ones, is positioned as a game-changer in finance. Trump Jr. warned users to beware of scams and only follow the official channel.
2. Crypto Democrats Push for Policy Change
New Initiative: A group of prominent crypto supporters, including Mark Cuban and Anthony Scaramucci, has formed Crypto4Harris.
Goal: They aim to influence Kamala Harris and push for a reset in the Democratic Party’s approach to digital assets.
Action Plan: Crypto4Harris held a virtual meeting to advocate for ending the Biden administration’s crypto crackdown. They also plan to support Harris through grassroots fundraisers.
Senate Support: Senate Majority Leader Chuck Schumer is backing the effort, calling for bipartisan legislation to ensure a balanced regulatory approach.
3. MetaMask and Mastercard Team Up for New Crypto Card
Partnership News: MetaMask, along with Mastercard and Baanx Group, has launched a new crypto card.
Functionality: The card allows users to make everyday purchases directly from their crypto wallets.
Availability: Initially, it will be available in the EU and UK. This card supports various popular cryptocurrencies and aims to simplify crypto spending.
4. Schumer Advocates for Balanced Crypto Regulation
Senator's Stance: Chuck Schumer expressed strong support for Kamala Harris and emphasized the need for sensible crypto regulation.
Legislative Goal: He aims to pass bipartisan legislation by the end of the year that balances innovation with necessary safeguards.
Importance: Schumer highlighted that about 20% of Americans use cryptocurrencies, making a balanced regulatory approach crucial.
5. Dubai Court Approves Crypto Salary Payments
Court Decision: The Dubai Court of First Instance has recognized cryptocurrency payments as valid for salaries.
Case Details: An employee’s contract included both fiat and EcoWatt tokens. After a delay in payments, the court ruled in favor of paying the salary in crypto as specified, without converting it to fiat.
Significance: This ruling marks a progressive step in integrating digital currencies into UAE law.
6. US Marshal Service and Coinbase Agreement
Recent Activity: The US government has recently moved 10,000 Silk Road Bitcoins to Coinbase Prime. This follows a pattern of transferring a total of 40,000 Bitcoins seized from the Silk Road.
Market Impact: Some speculate that these transfers are part of a sale, despite initial assumptions that they might not be for selling purposes.
Political Context: The transfers occurred around the time of the Crypto for Harris meeting, aimed at discussing a crypto policy reset, which critics view as a missed opportunity.
Key Information: Attorney Scott Johnsson confirmed that the US Marshal Service (USMS) has a sale agreement with Coinbase.
Details: According to Johnsson, this agreement was established in June and indicates that the Bitcoin transfers to Coinbase Prime suggest an imminent sale.
Official Confirmation: The final confirmation of these transactions is expected in the Department of Justice’s Asset Forfeiture Program FY2024 report, due in January.
7. Binance Goes Live in India
New Milestone: Binance has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND).
Significance: This registration marks Binance’s 19th regulatory milestone globally.
Service Availability: Indian users now have full access to Binance’s platform, including all services offered by the exchange.
Previous Fines: Binance faced a $2.25 million fine from the FIU-IND for non-compliance with anti-money laundering regulations.
GST Bill: The exchange also received an $87 million GST bill in August for non-compliance with India’s tax regulations.
This week’s crypto news is electric! From Trump Jr.’s DeFi launch to Dubai’s salary ruling and Binance’s India debut, these game-changing updates promise to reshape the future of cryptocurrency.
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