This week, the crypto landscape has seen significant developments across multiple fronts. Tether’s USD₮ has been officially recognized as an accepted virtual asset in the Abu Dhabi Global Market (ADGM), further solidifying its role in the global crypto ecosystem. Meanwhile, Ethereum’s lead developer, Max Resnick, made waves by announcing his move to the Solana blockchain, citing his “disappointment” with Ethereum’s progress. Ripple has also gained a major win, securing approval from the New York State Department of Financial Services to launch its RLUSD stablecoin. In the U.S., Texas lawmakers introduced a bill to establish a strategic Bitcoin reserve, while the first criminal crypto tax evader was sentenced to two years in prison, signaling increasing regulatory scrutiny in the sector.
Review of the past week:
| December 10, 2024 |
Tether’s USD₮ Recognized as Accepted Virtual Asset in ADGM. This announcement comes amid the rising adoption of digital currencies in the United Arab Emirates (UAE), reflecting the nation’s proactive approach to integrating traditional and digital finance. Read more |
| December 10, 2024 |
The lead developer of Ethereum, Max Resnick, announced the transition to the Solana blockchain, citing his “disappointment” in Ethereum. However, in fact, it is now Solana that is taking steps to become more like Ethereum, and not the other way around. Read more |
| December 10, 2024 |
Ripple has received final approval from the New York State Department of Financial Services to launch its own RLUSD stablecoin. Initially, RLUSD will be released on the XRP Ledger and Ethereum blockchains. Read more |
| December 12, 2024 |
Texas House introduces bill to establish a strategic bitcoin reserve. Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a proving ground for the U.S. Treasury. Read more |
| December 13, 2024 |
First criminal crypto tax evader in US sentenced to two years in prison. An Austin, Texas, man received a two-year sentence for falsely underreporting capital gains earned from selling $3.7 million in bitcoin. Read more |
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FYBIT team
