This week in the crypto and DeFi world has seen significant events, from presidential endorsement scandals to the first stablecoin registrations as securities.
LIBRA Endorsement by Javier Milei and Implications
Argentine President Javier Milei faced criticism for endorsing LIBRA, a cryptocurrency that crashed shortly after its launch. Experts claim his endorsement was key in a potential fraudulent scheme. A lawsuit accuses him of fraud and illicit association.
Lawsuit Against Binance in Nigeria
Nigeria has filed a lawsuit against Binance for $81.5 billion, accusing the exchange of tax evasion and causing the naira's depreciation. The country's tax service claims Binance owes $2 billion in taxes and demands $79 billion for economic impact.
SEC Approvals and XRP ETF Developments
The SEC has approved YLDS, the first stablecoin registered as a security, paying interest in USD. In Brazil, the Securities and Exchange Commission has approved the world’s first XRP ETF.
This week's events highlight the importance of regulation in the crypto industry and the consequences of public endorsement of cryptocurrencies.
