The cold of winter did little to dampen the burning enthusiasm and innovation the industry is known for. Regulators want to give the crypto sector a listening ear, with guard rails in place.
Bitcoin rules the United States already!
The headlines:
- Bitcoin reserve bills continued making headlines;
- There’s a new hybrid Bitwise ETF;
- Tether will soon be available within the Bitcoin ecosystem;
- Circle’s USDC is on the Aptos blockchain;
- Plus, SBF’s parents want a presidential pardon (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $95k (as of 2/3/24)
Crypto prices continued to move sideways, with Bitcoin hitting a $91,242.89 low from a $106,418.76 high. Bitcoin is currently at $95,160.69.
The altcoins are also slipping.
Ethereum (ETH) is at $2, 583.53, Solana (SOL) at $198.46, Chainlink (LINK) at $18.90, Avalanche (AVAX) at $25.28, Polkadot (DOT) at $4.69, and Uniswap (UNI) at $9.13.
The Bitcoin Conversation Exploded Across the States
Surprisingly, Bitcoin continued to dominate the issues across America. Illinois State Representative John Cabello proposedproposed HB1844, legislation to establish a Bitcoin reserve with a five-year holding period.
In the Lone Star State, Texas, Lt. Gov. Dan Patrick indicated that a state Bitcoin reserve is part of his top 40 legislative priorities for 2025. Already, Senate Bill 21 is a step in that direction.
Similarly, prominent pro-crypto officials in the Beehive State, including Utah State Rep. Jordan Teuscher, Sen. Cullimore, and Treasurer Marlo Oaks, introduced a strategic Bitcoin Reserve Bill.
Meanwhile, in the Big Sky State, Montana State Rep. Gayle Lammers and Rep. Curtis Schomer co-sponsored a bill at the Capitol that seeks to enable up to $50 million worth of investments in digital assets, Bitcoins, stablecoins, or precious metals.
In the Mount Rushmore State, South Dakota Rep. Logan Manhart, unveiled
HB 1202. The measure empowers the state to apportion up to 10% of its funds for Bitcoin-based investments.
The SEC Approved a Combined Bitwise ETF
Things started getting into play in Washington, D.C., with the SEC approving a Bitwise Bitcoin/Ethereum ETF. The regulator approved an NYSE 19b-4 filing to list and trade Bitwise’s joint Bitcoin-Ethereum ETF.
Furthermore, the regulator indicated that the ETF aligns with extant securities laws.
Grayscale Unveiled a Dogecoin Trust
Premier crypto asset manager Grayscale expanded the Dogecoin conversation by introducing an offering that exposes investors to the memecoin. The new instrument enables exposure via shares for the Litecoin-forked digital asset.
Additionally, Grayscale iterated that DOGE has transitioned from a Shiba Inu-themed memecoin to a tool for financial inclusion.
Tether is Coming Soon to Bitcoin-Paolo Ardoino
Popular stablecoin Tether will (expectedly) feature within the Bitcoin ecosystem. On January 30, at a Bitcoin conference in El Salvador, Tether CEO Paolo Ardoino revealed that the stablecoin will soon be available on both the Bitcoin Lightning network and the Bitcoin core ecosystem.
Furthermore, Lightning Labs CEO Elizabeth Stark highlighted Bitcoin’s importance in the crypto sector, indicating that “It all comes back to Bitcoin.” According to a January 31 Bloomberg report, Tether’s profits hit $13 billion in 2024.
The Arkansas Senate Rebuffed Crypto Military Mining Restriction Plans
Crypto miners in the Wonder State can heave a sigh of relief. The Arkansas State Senate’s City, County, and Local Affairs Committee rejected a bill to check crypto mining activities close to military bases.
The crypto miners won with a wide 6-1 vote margin.
SBF’s Parents Want a Presidential Pardon for Their Son
A Presidential pardon may (allegedly) be in the works for Sam Bankman-Fried if Professors Joseph Bankman and Barbara Fried (reportedly) have their way. According to a January 30 Bloomberg report, the parents of the former FTX founder are in talks with figures near President Trump.
In addition, the report cited similar overtures by former FTX exec Ryan Salame.
In related news, the interoperability ecosystem LayerZero settled with the FTX estate. LayerZero CEO Bryan Pellegrino revealed the settlement of the FTX estate and its associated entities in a Twitter/X post.
Kraken Resurrected Institutional Staking Two Years Later
Premier crypto exchange Kraken relaunched a crypto staking program after its two-year hiatus and the SEC’s enforcement actions. The offering is available in 37 states and two U.S. territories.
Consequently, customers can stake 17 on-chain assets.
Circle Launched the USDC on the Aptos Blockchain
Stablecoin issuer Circle pushed its boundaries further by introducing the USDC token to the Aptos network. Because of the USDC’s native availability, the Layer-1 Aptos mainnet deployment eliminates the need for bridging infrastructure.
Moreover, the integration improves use cases and provides options for the local developer community.
Ondo Finance Enabled Tokenized Treasuries on the XRP Ledger
Boutique DeFi protocol Ondo Finance continued to innovate with the introduction of tokenized Treasuries on the XRP Ledger. The move enables investor access to Ondo Short-Term U.S. Government Treasuries (OUSG).
Furthermore, BlackRock’s BUIDL backs Ondo’s OUSG offering.Redemptions and settlements are also available via Ripple’s RLUSD stablecoin.
KuCoin Reached a $300 Million Settlement with the Feds
Global crypto exchange KuCoin settled with the regulators. KuCoin pled guilty in Court following the Department of Justice’s (DoJ) legal actions last year.
According to a January 27 Bloomberg report, the crypto exchange also acquired the ability to run an unlicensed money transmitter business and will pay $300 million in fines.
The CFTC Will Launch Crypto Roundtables
Digital assets and other emerging technologies are in the CFTC’s sights. According to a January 27 press release, the regulator’s acting Chairman, Caroline D. Pham, unveiled several public interactions on digital assets, prediction markets, and market structure.
In addition, the CFTC will engage with critical players, improving public policy input and engagement.
