Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Binance.US Promises to Restore US Dollar Services in 2025
Binance.US has announced plans to resume US dollar services, according to a statement by the company's interim CEO, Norman Reed. The firm had previously suspended direct US dollar withdrawals due to regulatory actions initiated by the US Securities and Exchange Commission (SEC).
Over the past year, Binance.US faced legal challenges with the SEC and state-level regulatory authorities, which disrupted its operations. However, the company is now optimistic about achieving a full recovery by 2025.
Binance.US is working to enhance its platform's value proposition by maintaining low fees, offering zero-fee Bitcoin trading, and expanding support for staking assets.
In his statement, Reed addressed the anticipated return of USD services, saying, "Many of you have been asking when USD will return. While I can't provide a definitive launch date yet, let me be clear: It is not a matter of if, but when. As I'm writing this, we are closer than ever to restoring USD services, and our plan is to achieve this important milestone in early 2025."
Despite the ongoing challenges, Reed remains confident in the growing role of digital assets in both the US and global financial ecosystems. He also expressed optimism about the nomination of Paul Atkins as the next SEC Chair, hoping for a more balanced and constructive regulatory framework.
The Daily: El Salvador to limit bitcoin activities in $1.4 billion IMF deal, Ark offloads Coinbase shares amid price slump and more
El Salvador to Limit Bitcoin Activities in $1.4 Billion IMF DealEl Salvador has agreed to curtail its bitcoin-related activities as part of a $1.4 billion loan agreement with the International Monetary Fund (IMF). The loan aims to promote fiscal and external stability in the country.
The IMF indicated that additional financial support from the World Bank, the Inter-American Development Bank, and other regional institutions could bring the total financing package to over $3.5 billion.
In June 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender, a move championed by President Nayib Bukele to enhance financial inclusion. However, under the new agreement, private-sector bitcoin adoption will now be voluntary, a departure from the 2021 Bitcoin Law mandating acceptance.
Sui Foundation names Christian Thompson as its new managing director
The Sui Foundation has announced the appointment of Christian Thompson as its new managing director.
"Mainstream adoption of decentralized technology has never been more obtainable," stated Sui Foundation Board Member and Real Vision CEO Raoul Pal on Thursday. "I believe Sui will be the entry point for the next billion crypto users. As managing director of the Sui Foundation, Christian will be instrumental in bringing that vision to life."
Thompson previously held roles at Mysten Labs and Meta, where he was an early member of the tech giant’s now-defunct blockchain project, Diem. Mysten Labs, the primary developer behind the Sui network, was co-founded by Evan Cheng, another former Meta executive.
Thompson succeeds Greg Siourounis, who served as the Foundation’s managing director since its establishment in 2023.
"In less than two years, Sui’s scalable and user-friendly design has made it a leading platform for millions of crypto users," said Thompson. "We are now at a pivotal moment where billions more can experience the benefits of web3. I am eager to engage developers, grow the community, and position Sui as the gateway to the digital future."
Sui is a proof-of-stake Layer 1 blockchain designed as an alternative to major platforms like Ethereum and Solana, offering scalability and accessibility for decentralized applications.
wBTC Delisting Stands: BiT Global’s Legal Challenge Fails
A federal judge in California has rejected BiT Global Digital Ltd.'s request for a temporary restraining order (TRO) to prevent Coinbase from delisting wrapped Bitcoin (wBTC) from its platform.
In her ruling on Wednesday, U.S. District Judge Araceli Martínez-Olguín determined that BiT Global failed to provide sufficient evidence of “imminent irreparable harm” that would result from the delisting. The judge also criticized the speculative nature of BiT Global’s arguments and noted the company’s delay in filing its complaint after Coinbase announced the delisting decision.
wBTC, a token pegged to Bitcoin’s value, is widely used in decentralized finance (DeFi) activities on blockchain networks such as Ethereum. Coinbase, which has supported wBTC trading since 2020, decided to remove the token from its platform due to concerns over its connections to Justin Sun, the founder of the Tron cryptocurrency.
In March 2023, Sun was charged with fraud and securities violations by the U.S. Securities and Exchange Commission (SEC). Coinbase argued in its legal filing that the association with Sun posed an “unacceptable risk.” BiT Global, which manages wBTC, did not address these concerns in its complaint or TRO request. The ruling represents a setback for BiT Global in its efforts to maintain wBTC’s presence on Coinbase’s trading platform. The court’s decision clears the way for Coinbase to proceed with the delisting.
BIS consultative group proposes retail CBDC architecture
The consultative group of the Bank for International Settlements (BIS) has recommended a retail central bank digital currency (CBDC) architecture based on a hybrid model. Under this framework, a nation’s central bank would oversee the issuance and governance of the CBDC, while commercial banks would handle consumer-facing services.
The BIS highlighted that the proposed CBDC framework adopts a modular design approach, emphasizing a token-based model to ensure enhanced privacy for users.
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