Weekly News Roundup
- Consensys vs. SEC: Consensys has taken legal action against the SEC, claiming the agency is overreaching in its attempts to regulate cryptocurrencies, specifically Ethereum. The move, supported by industry leaders like Coinbase and Uniswap, seeks to clarify Ethereum’s status, not as a security, which could influence the regulatory landscape for cryptocurrencies.
- DOJ Targets Tornado Cash: The Department of Justice contends that Tornado Cash was not merely a service for blockchain privacy but a profit-driven enterprise that facilitated money laundering. The allegations are part of a broader legal battle involving Tornado Cash’s co-founder, Roman Semenov, over the service’s operations and compliance issues.
- DTCC’s Crypto Collateral Policy: The DTCC announced a significant policy change that will affect Bitcoin ETFs by implementing a 100% haircut on cryptocurrencies used as collateral in financial transactions. This decision reflects growing concerns about the volatility and risk associated with crypto assets in traditional financial operations.
- Market Movements: Despite disappointing inflation data suggesting persistently high prices, U.S. stocks experienced a rebound driven by strong earnings from big tech companies. Meanwhile, the cryptocurrency market showed little movement, underscoring the sector’s unpredictability.
- Tether Expands on TON Network: Tether aims to enhance its presence on the TON network by promoting USDT and XAUT tokens for peer-to-peer payments among Telegram’s vast user base. This move is part of a broader effort to integrate cryptocurrencies with mainstream applications like messaging platforms.
- Franklin Templeton’s Ethereum ETF Moves Forward: Franklin Templeton has made preliminary steps to launch an Ethereum spot ETF, although the SEC’s approval remains uncertain. The fund’s appearance on DTCC’s list is a critical step, though the regulatory outlook remains cautious amid ongoing legal and market challenges.
- Surge in Meme Coin Valuation: The meme coin, Dog Go To The Moon (DOG), saw a significant rise, surpassing a $500 million market cap. The increase followed an airdrop to users holding a specific Bitcoin Ordinal, highlighting the ongoing interest in niche crypto assets.
- Google Cloud’s Web3 Initiative: Google Cloud launched a new Web3 portal aimed at providing resources and tools for blockchain developers. The initiative has received mixed reactions from the crypto community, with some praising the effort and others criticizing the lack of support for key cryptocurrencies like Bitcoin.
