The world of decentralized finance and cryptocurrencies is rapidly evolving, and it's important to stay informed of the latest news and trends. Our weekly recap provides a concise and comprehensive overview of the most significant events.
U.S. Senate to Establish Cryptocurrency Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first cryptocurrency-focused subcommittee. The subcommittee will regulate digital assets, including Bitcoin, financial technologies, and AI in finance. Initiated by the House in 2023, the initiative 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 was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). This purchase positions Backpack to lead 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 an underserved market.
Strive Asset Management Seeks to Launch 'Bitcoin Bond' ETF
Strive Asset Management, co-founded by Vivek Ramaswamy, 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, as well as 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 events showcase the dynamic development of decentralized finance and cryptocurrencies. From new legislative initiatives to strategic acquisitions, the world of cryptocurrencies continues its rapid evolution.
