The DeFi and crypto industry continues to evolve rapidly. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends, keeping you informed of all happenings.
Donald Trump's Crypto Executive Order
On January 23, President Donald Trump issued an executive order to strengthen U.S. leadership in blockchain and digital assets. The directive emphasizes regulatory clarity, financial independence, and privacy. Notably, it bans federal efforts to develop or promote Central Bank Digital Currencies (CBDCs) in the United States.
SEC Rescinds Controversial SAB 121
The U.S. SEC has rescinded its controversial Staff Accounting Bulletin (SAB 121) and introduced SAB 122, offering a more flexible approach for financial institutions managing digital assets. Implemented in 2022, SAB 121 required cryptocurrency assets to be recorded as liabilities, causing concerns. SAB 122 allows institutions to hold digital assets without labeling them as liabilities but mandates risk disclosure.
Bitwise Files for DOGE ETF
Bitwise Asset Management filed for a Dogecoin (DOGE) exchange-traded fund (ETF) with the U.S. SEC on January 23, signaling its intent to launch a DOGE-focused investment product. The filing, confirmed by Chief Investment Officer Matt Hougan, is a preliminary step towards a full SEC proposal and includes a Delaware statutory trust to ensure clear governance and tax benefits.
Each of these events highlights the importance of adaptation and active participation in the rapidly changing world of DeFi and cryptocurrencies.
