As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Trump's Executive Order to Prioritize Crypto
According to a Bloomberg report, President-elect Donald Trump is set to designate cryptocurrency as a national priority through an executive order on January 20. The order will establish a crypto advisory council, integrating industry insights into policy-making. It also directs regulators to collaborate more closely with the crypto sector, with the council comprising executives from leading firms to strengthen government-industry communication.
Phantom Wallet Raises $150M in Funding
Phantom Wallet has raised $150 million in a Series C funding round co-led by Sequoia Capital and Paradigm, with support from a16z crypto and Variant. The cryptocurrency wallet's valuation surged to $3 billion, up from $1.2 billion in January 2022. The funds will drive crypto adoption and strengthen Phantom’s role in decentralized finance as it aims to become the world’s leading consumer finance platform.
SEC Lawsuit Against Elon Musk
The SEC has filed a lawsuit against Tesla CEO Elon Musk, alleging a delay in disclosing his 2022 Twitter (now X Corp.) stake, violating federal securities laws. Musk reportedly missed the 10-day deadline for reporting his 5% stake, waiting 11 days beyond the March 2022 cut-off.
This week's events underscore the dynamic nature of the DeFi sector with significant developments including national crypto initiatives, substantial wallet funding, and key legal cases, highlighting the growth and significance of this field.
