As the DeFi and crypto space continues to evolve rapidly, staying informed about the latest developments and trends is crucial. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in this sphere.
U.S. Senate Crypto Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee focused on cryptocurrencies. This subcommittee aims to regulate digital assets, including Bitcoin, financial technologies, and AI in finance.
Filipino Banks Launch PHPX on Hedera
Several leading Filipino banks, including UnionBank and Rizal Commercial Banking, plan to launch PHPX, a peso-backed stablecoin, in 2025. Built on the Hedera network, PHPX aims to streamline cross-border remittances for Filipinos abroad.
Oklahoma Bitcoin Wage Bill
Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), a bill that allows Oklahoma residents to receive wages and make payments in Bitcoin. The proposal will be reviewed during Oklahoma's 60th legislative session.
These events and initiatives underscore the dynamic and critical nature of DeFi and the crypto space, both on national and global levels.
