🔴 Bad News Hits Defi Market

A U.S. presidential candidate proposes to back the dollar with Bitcoin, crypto memes could soon be regulated in the UK, and are American lawmakers trying to kill decentralized finance? These stories and more, this week in crypto.

Bitcoin Resilient While Altcoins Drop

As Bitcoin continued to linger around the $30,000 mark, altcoin prices dropped with the news of a revised digital assets oversight bill introduced in the US House, that would exclude a range of traditional securities from the definition of digital assets. House Republicans introduced the proposal, that aims to establish a regulatory framework, raising worries for the DeFi space.

RFK Jr.: Back the US Dollar With BTC

Democratic presidential candidate, Robert F. Kennedy,  pledges to back 1% of T-bills with Bitcoin and precious metals if elected. Kennedy explained that such potential backing could strengthen the value of short-term securities and the US dollar. As an avid bitcoin advocate, Kennedy positions the digital asset at the core of his campaign.

Bitcoin Spot ETFs Under SEC Review

The SEC has already accepted applications for spot bitcoin ETFs in the United States from six companies for review. These proposals are still at the first stage in the agency’s approval process, for what would be the first such product in the country. Acknowledged applicants include BlackRock, Bitwise, VanEck, WisdomTree, Fidelity and Invesco.

France’s First Crypto Licence

French bank Societe Generale has become the first company in France to obtain a license for crypto services. SocGen’s crypto unit, Forge, is licensed to offer crypto custody, trading and sales. While dozens of crypto firms, including the world’s largest cryptocurrency exchange, Binance, are registered with France’s AMF, SocGen is the first to receive such a license.

Coindesk Close to $125 Million Sale

An investment syndicate led by Tally Capital and Capital6 is near closing a $125 million deal to buy CoinDesk, one the world’s largest crypto media platforms. The Wall Street Journal added that CoinDesk’s parent company Digital Currency Group, has been hit by the downturn in the crypto industry and is expected to maintain a share in the company.

FTX Trading Sues SBF

FTX Trading is suing founder Sam Bankman-Fried and former executives of the exchange, seeking to claim more than $1 billion they allegedly misappropriated before FTX’s bankruptcy. The complaint filed in a Delaware court names the defendants as Caroline Ellison, head of Bankman-Fried’s Alameda hedge fund; former technology chief “Gary” Wang; and former engineering director, Nishad Singh.

North Korean Hackers Attack US Tech Company

A government-backed North Korean hacker group has penetrated American IT firm JumpCloud,  using their access as a springboard to target its cryptocurrency based clients. JumpCloud – whose products are used to help manage networks and computers, did not identify the customers affected.

Meme Coins to be Regulated in the UK?

UK authorities may change their rules around crypto meme tokens. The Financial Conduct Authority wants to modernize its regulations for online financial product promotions, which currently don’t include crypto. The FCA has now opened a consultation as to whether to bring those tokens under the remit of those official UK rules.

That’s what’s happened this week in crypto, see you next week.

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