Weekly Market Highlights: Pro-Crypto Moves in the USA

U.S. Treasury May Convert Gold Holdings into Bitcoin

In a bold proposal, Senator Cynthia Lummis advocates for the U.S. Treasury to convert a portion of its gold holdings into Bitcoin. This strategic reserve could potentially enhance the country's financial resilience and modernize its asset portfolio.

BlackRock and the Push for a U.S. Strategic Bitcoin Reserve

BlackRock has voiced its support for establishing a U.S. Strategic Bitcoin Reserve. This move comes amid growing efforts by several states and the Trump administration to institutionalize Bitcoin as a recognized asset, emphasizing its potential role in the future of finance.

Russia's Cryptocurrency Tax Policy

In recent developments, Russia has approved a 15% tax on crypto mining and transactions. This classification of digital currencies as property creates new financial obligations for miners and traders, marking a significant step in the regulation of the cryptocurrency landscape.

SEC Leadership Changes

SEC Chair Gary Gensler has announced his retirement, effective January 20. The anticipated successor is Teresa Goody Guillén, a partner at BakerHostetler and co-lead of its blockchain practice, signaling a potential shift in regulatory approaches towards cryptocurrencies.

MicroStrategy's Bitcoin Acquisition Plans

MicroStrategy has successfully completed a $3 billion offering of 0% convertible senior notes, with plans to utilize the funds to purchase more Bitcoin. This move demonstrates the company's unwavering commitment to expanding its Bitcoin reserves.

Bitwise Files for Solana ETF

Bitwise Asset Management has filed for a Solana (SOL) ETF as the cryptocurrency approaches a new all-time high, highlighting the growing interest in institutional investment in Solana and its underlying technology.

WisdomTree Launches Physical XRP ETP

WisdomTree has introduced its latest cryptocurrency exchange-traded product (ETP), the WisdomTree Physical XRP (XRPW). This ETP is now available on exchanges in Paris and Amsterdam, expanding investment options for European investors.

StarkWare's Optimistic Predictions

The CEO of StarkWare has forecasted that Starknet's transaction speed will quadruple within the next three months, with transaction fees anticipated to drop fivefold. This positions Starknet as a strong competitor in the blockchain space alongside Solana.

Sui Blockchain Outage

On November 21, Sui, a decentralized layer-1 blockchain, encountered a significant outage, halting block production for over an hour. This incident raises concerns about the reliability of decentralized platforms.

Legal Implications for Lido DAO

A California court has classified Lido DAO as a general partnership, resulting in legal accountability for its members regarding its actions. This ruling could have far-reaching implications for decentralized governance structures in the DeFi sector.

Securitize and Elixir's Liquid Staking Token Launch

Securitize and Elixir are set to launch a liquid staking token (LST) for tokenized securities, which will include BlackRock’s on-chain money fund, BUIDL. This innovative product aims to enhance liquidity in the tokenized asset market.

Monkey Tilt Secures Funding

Monkey Tilt, a project that combines casino entertainment with social and lifestyle benefits, has secured $30 million in Series A funding led by Pantera Capital, indicating strong investor interest in hybrid entertainment ventures.

FTX's Chapter 11 Reorganization Plan

FTX and its affiliates are working towards implementing a Chapter 11 Reorganization Plan by January 2025. The plan outlines the distribution timelines for creditors and customers, aiming to restore trust and integrity to the platform's operations.

Binance Research Publications

Conclusion

As the cryptocurrency landscape continues to evolve, these developments highlight the increasing intersection of traditional finance and digital assets. Staying informed about these trends is essential for investors and stakeholders in the crypto ecosystem.