This week, significant events in the DeFi and crypto world occurred that could greatly influence the industry's development.
U.S. Senate Banking Committee's First Crypto Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, is set to form the first subcommittee specializing in cryptocurrencies. The subcommittee will focus on regulating digital assets like Bitcoin and will also address financial technologies and AI in finance. This initiative aims to balance consumer protection with innovation, ensuring U.S. competitiveness in the digital economy.
Backpack Exchange Acquires FTX EU
Backpack Exchange has completed the acquisition of FTX EU, the European arm of the bankrupt FTX exchange. This positions Backpack to lead the regulated crypto trading market in Europe, filling the void left by offshore exchanges. Backpack EU plans to offer perpetual futures and crypto derivatives, targeting underserved needs in the market.
Filipino Banks Develop PHPX Stablecoin
Leading Filipino banks, such as UnionBank and Rizal Commercial Banking, have announced the creation of PHPX, a peso-backed stablecoin, which will operate on the Hedera platform. Planned for a 2025 launch, it aims to enhance cross-border remittances for Filipinos abroad, enabling direct transfers to bank accounts, digital wallets, or payments for expenses such as tuition.
As the crypto industry continues to evolve, regulators and market participants are actively adapting their strategies to seize new opportunities and overcome challenges.
