In the rapidly evolving sphere of DeFi and cryptocurrency, it is vital to stay informed about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in this sector.
U.S. Senate to Create Cryptocurrency Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, is set to establish its first subcommittee focused on cryptocurrency. The committee will regulate digital assets, including Bitcoin, financial technologies, and the incorporation of artificial intelligence in financial systems. This initiative follows the 2023 House initiative and aims to balance consumer protection with innovation, ensuring U.S. competitiveness in the digital economy.
Backpack Exchange Acquires FTX EU
Backpack Exchange has acquired FTX EU, the European arm of the collapsed FTX Exchange. The acquisition has been approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). This move positions Backpack to dominate Europe's regulated crypto trading market, filling the gap left by unregulated offshore exchanges. The new Backpack EU plans to offer perpetual futures and crypto derivatives, targeting underserved markets.
New ETF by Strive Asset Management
Strive Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) to launch the Strive Bitcoin Bond ETF. The actively managed fund will invest in bonds issued by companies intending to use proceeds for Bitcoin purchases, along with derivatives like swaps and options for indirect Bitcoin exposure. Once approved, the ETF will list on the New York Stock Exchange (NYSE) and comply with U.S. regulatory standards.
These significant developments highlight the growing interest and progress in the DeFi and cryptocurrency sectors. Regulatory and new initiative discussions open fresh opportunities and prospects for market participants.
