Weekly Recap in DeFi: Key News and Developments

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by Giorgi Kostiuk

2 years ago

This week has been eventful in the world of DeFi and cryptocurrencies. Below are the most important happenings that could influence the market and technology advancements.

U.S. Crypto Subcommittee Launch

The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish the first subcommittee focused on cryptocurrencies, Fox Business reports. The subcommittee aims to regulate digital assets, including Bitcoin, financial technologies, and AI in finance, balancing consumer protection with innovation.

Backpack Exchange Acquires FTX EU

Backpack Exchange has acquired FTX EU, the European arm of the collapsed FTX Exchange. Approved by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC), this acquisition positions Backpack to lead Europe's regulated crypto trading market, offering perpetual futures and crypto derivatives.

PHPX Launch and Other Developments

Leading Filipino banks, including UnionBank and Rizal Commercial Banking, plan to launch PHPX, a peso-backed stablecoin, by 2025 on the Hedera DLT network. PHPX aims to streamline cross-border remittances for Filipinos abroad, providing direct transfers to bank accounts and digital wallets.

These developments highlight important shifts in the DeFi and crypto space that could have long-term implications for the financial industry and global markets.

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Other news

Justin Sun Prize Launched to Transform Scientific Research

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The Justin Sun Prize has been established to redefine scientific rewards in the AI era, offering up to $1 million for breakthroughs in fundamental disciplines and machine formal verification.

user avatarKenji Takahashi

bdautomated Releases Verified AI Agent Statistics for 2026

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bdautomated releases a comprehensive dataset on AI agent statistics for 2026, tracing 75 widely quoted figures back to their original sources.

user avatarMaria Fernandez

Korea Blockchain Week 2026 Announces Key Sponsors and Speakers

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Korea Blockchain Week 2026 has unveiled its partner lineup, featuring major players in the digital asset industry, including Upbit, 0G, BRV, Stable, Tria, and BitGo. The event will take place in Seoul from September 29 to October 1, 2026, and will host key speakers discussing significant shifts in the digital asset industry.

user avatarGustavo Mendoza

Morgan Stanley's Bitcoin Accumulation Boosts Market Confidence

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Morgan Stanley has been actively accumulating Bitcoin through the ETF route, amassing approximately 622 million worth of the cryptocurrency this month.

user avatarRajesh Kumar

Microsoft Opens Public Feedback for AI Code of Conduct

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Microsoft is inviting public feedback on its draft Code of Conduct for AI models until late October, aiming to refine guidelines before finalizing them for 2027.

user avatarLuis Flores

Microsoft AI Releases Draft Code of Conduct for AI Models

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Microsoft AI has published a draft Code of Conduct outlining the expected behavior and limitations of its AI models, inviting public feedback for six weeks.

user avatarMiguel Rodriguez

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