Bitcoin-expanded integrations continued to push further within the DeFi space, cementing its industry lead. Regulatory oversight took a (temporary) back seat as politicians on both sides showed their cryptocurrency affinities.
The headlines:
- Pennsylvnia’s House of Representatives passed a pro-crypto bill;
- Tether is (allegedly) under federal investigation (they have a different version of events);
- Microsoft’s board is against bringing Bitcoin to its balance sheet;
- Consenys wrote a letter to the future President;
- Plus, Circle says its IPO will still take place (more on that later);
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $68k
Last week’s bull run is facing some cooling, with Bitcoin prices hitting a $69,214.54 high from a $65,188.04 low. Bitcoin is currently at $68,894.28 (as of 10/28/24).
The altcoins are mixed. Ethereum (ETH) is at $2,522.09, Solana (SOL) is at $175.04, Avalanche (AVAX) is at $25.93, Chainlink (LINK) is at $11.03, and Polkadot (DOT) is at $4.14.
The Pennsylvania House of Representatives Passed a Crypto Bill
The industry got another plus with a crypto clarity bill passed by the Pennsylvania House of Representatives. House Bill 2481 cleared the voting process by 176–26 votes.
The legislation covers critical areas, including self-custody rights, payments, and Bitcoin taxation.
Tether May be Under Federal Scrutiny
According to an October 25 Wall Street Journal report, Tether is allegedly under investigation for sanctions violations and breaking money laundering laws. The Manhattan U.S. attorney’s office is reportedly examining actions by third parties who may have potentially used Tether for illegal actions.
In response, Tether CEO Paolo Ardoino revealed that the firm is not under investigation and that the WSJ report is old news.
At a PlanB event in Lugano, Switzerland, Arduino sought to allay fears about Tether’s reserves. Ardoino revealed $100 billion in U.S. Treasuries, 48 tons of gold, and $5.5 billion of bitcoins.
Microsoft’s Board Made an Anti Bitcoin Recommendation
Interestingly, Microsoft’s board is against adding Bitcoin to its balance sheet. Ahead of a December 10 vote that could see the inclusion of several assets, a board recommendation advises shareholders against adding Bitcoin as a hedge.
Consensys Wrote a Letter to the Future American President
Blockchain software firm Consensys remained ahead of the curve and the November elections. The firm wrote a letter to the incoming U.S. President.
ConseSys called for regulatory clarity and a massive reduction in bureaucratic red tape per industry rules. Additionally, the letter iterated that proper education helps to reduce the proliferation of illicit activities and minimizes the threats posed by bad actors.
Chainlink Integrated Price Feeds to Spiderchain
Deploying Chainlink’s data feeds boosted the Bitcoin finance (BTCFi) industry. Botanix Labs, the firm behind Spiderchain, also joined Chainlink Scale, a grant initiative that pays for Oracle-related blockchain gas expenses in the early stages of network operations.
In addition, Spiderchain also deployed the Chainlink cross-chain interoperability protocol (CCIP), which enables efficient token transfers across several blockchains.
Similarly, Chainlink launched twin institution-focused solutions. In an October 21 post, the blockchain introduced Blockchain Privacy Manager, an offering that allows the deployment of private blockchains. CCIP Private Transactions enables institutions to onboard several private blockchains via the CCIP public network.
Uniswap Deployed Permissionless Bridging Across Nine Networks
DeFi ecosystem Uniswap took things up a notch with the launch of permissionless transfers via its user interface and wallet. Cross-chain-focused Across Protocol powers the multichain capabilities.
Consequently, supported networks include World Chain, Polygon, Ethereum, Polygon, Arbitrum, Blast, Base, Zora, and ZKSync.
Base Network Introduced Permissionless Fault Proofs
Similarly, the Coinbase-backed Base network revealed plans to launch a permissionless fault-proof offering on October 30. The advancement will improve network security and reduce decentralization.
A Minneapolis Fed Paper Made Several Bold Bitcoin Proposals
According to a recent Federal Reserve Bank of Minneapolis research paper, governments should tax or ban Bitcoin and other digital assets to sustain deficits and impede imbalances. Researchers referred to Bitcoin as a private security without resource backing.
Circle’s CEO Affirmed its IPO Plans
In an October 25 Bloomberg interview, Circle CEO Jeremy Allaire maintained the stablecoin issuer’s ongoing IPO plans. Allaire (also) indicated that the firm doesn’t require extra funding.
Fireblocks and Paxos Revealed a $1 Million PYUSD-Focused Adoption Grant Program
Still on stablecoins, premier crypto firms Fireblocks and Paxos revealed a $1 million grant to spur the adoption of PayPal’s PYUSD. Eligible businesses can receive up to $60,000 (worth) of grants to develop solutions within the Fireblocks ecosystem.
The SEC’s Crypto Scrutiny Will Increase in 2025
Just as the crypto community thought things would ease up, the SEC revealed that its focus on digital assets will likely increase next year. According to a recently published “Examination Priorities” for the regulator’s Division of Examinations, crypto-related activities will likely remain under the magnifying glass.
Furthermore, digital asset sales, advisory, and trading activities will be on the SEC’s radar.
A Misspelled Search Engine Soneium Query Unveiled a Sponsored Ad Phishing Link
Alarmingly, Web3 security firm Scam Sniffer revealed a clever tactic criminals deployed to direct Google users to a phishing website. Users who misspelled “Someium” instead of “Soneium” had access to a top sponsored listing linked to a phishing website.
Moreover, the linked domain has a different extension from the Soneium official link.
