The DeFi and crypto space continues to evolve rapidly, bringing forth new trends and initiatives. This week, several significant events have come to the forefront.
U.S. Senate's New Cryptocurrency Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first cryptocurrency-focused subcommittee. This subcommittee aims to regulate digital assets, including Bitcoin and financial technologies, in a bid to balance consumer protection with innovation in the U.S. digital economy.
Backpack Exchange's Acquisition of FTX EU
Backpack Exchange has acquired the European arm of the collapsed FTX Exchange, with approval from the FTX bankruptcy court and Cyprus Securities and Exchange Commission. This acquisition positions Backpack to lead the regulated crypto trading market in Europe.
Strive Asset Management's Bitcoin Bond ETF Initiative
Strive Asset Management, co-founded by Vivek Ramaswamy, has filed with the U.S. SEC to launch the Strive Bitcoin Bond ETF. The fund will invest in bonds from companies intending to use funds for Bitcoin purchases, as well as derivatives for indirect Bitcoin exposure.
These events highlight the rapid development and innovation occurring in DeFi and cryptocurrencies, alongside efforts to establish regulatory frameworks and new financial products.
