As the DeFi and crypto space continues to evolve at a rapid pace, staying informed about the latest developments and trends is essential. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.

Consensys and SEC Legal Battle

On September 19, 2024, a Texas court dismissed Consensys’ lawsuit against the SEC. The case challenged the SEC’s classification of Ethereum as a security. Consensys filed the suit in April after receiving a Wells notice regarding potential enforcement actions tied to its Ethereum wallet, MetaMask. The company argued that the SEC's scrutiny of Ethereum was regulatory overreach and that Ether should not be classified as a security.

Binance Faces Nigerian Regulatory Conflicts

Binance has announced it will not comply with Nigeria's new digital asset regulations until its detained executive, Tigran Gambaryan, is released. This follows Nigeria's Securities and Exchange Commission (SEC) introducing the Accelerated Regulatory Incubation Programme (ARIP), which requires virtual asset providers to establish offices in Nigeria and adhere to specific rules.

Circle Expands USDC in Brazil and Mexico

Circle has integrated its stablecoin, USD Coin (USDC), with Brazil’s PIX and Mexico’s SPEI payment systems. This allows businesses in Brazil and Mexico to convert local currencies (BRL and MXN) directly into USDC, bypassing international wire transfers.

These developments highlight the ongoing changes and advancements in the DeFi and crypto space, providing new challenges and opportunities for market participants.