The DeFi and crypto sectors continue to advance rapidly. This weekly recap highlights key developments and changes in the industry.
Trump's Executive Crypto Order
On January 23, U.S. President Donald Trump signed an executive order aimed at strengthening U.S. leadership in blockchain and digital assets. The directive emphasizes regulatory clarity, financial independence, and privacy but bans the development or promotion of Central Bank Digital Currencies (CBDCs) in the U.S.
SEC Withdraws SAB 121, Introduces SAB 122
The U.S. Securities and Exchange Commission (SEC) has withdrawn its controversial Staff Accounting Bulletin 121 and introduced a new Bulletin 122. The new bulletin offers a more flexible approach for financial institutions managing digital assets. While SAB 121 required cryptocurrency assets to be recorded as liabilities, SAB 122 allows custody of digital assets without labeling them as liabilities, while still mandating risk and obligation disclosures.
Bitwise Files for Dogecoin ETF
Bitwise Asset Management filed for a Dogecoin (DOGE) exchange-traded fund (ETF) with the SEC. This indicates their 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 for clear governance and tax benefits.
These events highlight significant changes and initiatives in the DeFi and crypto space, reflecting growing interest and focus on these technologies.
