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.
