The crypto industry continues to evolve rapidly, making it crucial for participants to stay updated. This week's recap helps you navigate the key news and trends in the DeFi and crypto space.
US President Trump's Crypto Executive Order
On January 23, US President Donald Trump signed an executive order aimed at strengthening the country's leadership in blockchain and digital assets. The directive emphasizes regulatory clarity, financial independence, and privacy, and notably bans federal efforts to develop or promote Central Bank Digital Currencies (CBDCs) in the United States.
SEC Rescinds SAB 121, Introduces SAB 122
The US SEC has withdrawn its controversial Staff Accounting Bulletin (SAB 121) and introduced a new, more flexible framework with SAB 122. Previously, SAB 121 required cryptocurrency assets held for users to be recorded as liabilities, raising concerns in the financial and crypto sectors. SAB 122 allows institutions to custody digital assets without labeling them as liabilities but mandates the disclosure of related risks and obligations.
Bitwise Files for Dogecoin ETF
Bitwise Asset Management filed for a Dogecoin (DOGE) exchange-traded fund (ETF) with the US SEC on January 23, indicating its 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 to ensure clear governance and tax benefits.
The past week has showcased significant regulatory shifts in the crypto and DeFi sectors. From new US policy steps to changes in SEC standards and innovative initiatives from companies like Bitwise Asset Management, the industry continues to evolve and becomes more structured.
