As the DeFi space rapidly evolves, new events emerge daily. This weekly recap covers the most notable developments in decentralized finance and cryptocurrency.

Chris Larsen Donates $1 Million in XRP to Kamala Harris' Campaign

Ripple co-founder Chris Larsen has donated $1 million in XRP to Vice President Kamala Harris' presidential campaign through the Future Forward PAC. This donation marks the first crypto contribution to her campaign. However, the donation has received backlash from the community, as many believe the Biden-Harris administration and SEC Chair Gary Gensler have unfairly targeted the crypto industry, especially Ripple Labs.

UAE Exempts Crypto Transfers from VAT

The UAE's Federal Tax Authority has introduced a VAT exemption for cryptocurrency transfers and conversions, effective November 15, 2024. Under Cabinet Decision No. 100 of 2024, this change applies retroactively from January 1, 2018. Businesses dealing with cryptocurrencies may need to reassess and correct past VAT filings. This exemption aligns with the UAE's strategy to promote a favorable environment for crypto businesses.

Uniswap Labs Launches Unichain to Enhance Scalability

Uniswap Labs has launched its own Ethereum Layer-2 network called Unichain to address scalability, transaction speed, and fee issues in decentralized finance. Unichain aims to offer a more streamlined experience for DeFi users. Users will be able to stake UNI tokens to validate blocks.

This week brought many intriguing developments in the DeFi world, from significant donations and tax policies to technological innovations. Staying updated with the latest news in cryptocurrency is becoming increasingly important as the industry continues to grow.