In this week’s digest, we explore key developments shaping the digital asset landscape. The Trump administration is reportedly considering giving the Commodity Futures Trading Commission (CFTC) a leading role in regulating digital assets, signaling a potential shift in oversight. Meanwhile, Tether’s CEO projects that the company’s commodities liquidity pool could reach $5 billion by 2026, highlighting growing interest in decentralized finance. In Hong Kong, new crypto tax exemptions are being proposed to enhance the region’s competitiveness against Singapore as a financial hub, signaling a battle for dominance in the global crypto sector. November also saw a historic surge in inflows into American Bitcoin ETFs, with a record $6.2 billion invested in a single month. Lastly, Brazil is considering a controversial move to ban stablecoin withdrawals to self-custodial wallets, which could significantly impact the local crypto market. Stay tuned as we delve deeper into these major developments.
Review of the past week:
| November 26, 2024 |
Trump admin eyes CFTC to lead digital asset regulation. The incoming Trump administration wants to expand the power of the Commodity Futures Trading Commission by granting it oversight of a significant portion of the $3 trillion digital asset market Read more |
| November 27, 2024 |
Tether’s commodities liquidity pool could hit $5 billion by 2026. With billions of dollars of profit rolling in for the issuer of the popular stablecoin, USDT, Tether broadened its horizons by creating a separate investment arm committed to supporting the world of traditional finance. Read more |
| November 28, 2024 |
Hong Kong proposes crypto tax exemptions to rival Singapore as financial hub. Hong Kong is moving to solidify its status as a financial and crypto hub by proposing tax exemptions for hedge funds, private equity funds, and high-net-worth family offices. |
| November 29, 2024 |
In November, net inflows into American Bitcoin ETFs amounted to $6.2 billion, which is a new monthly record. A group of one dozen US Bitcoin exchange-traded funds is on the cusp of a record monthly net inflow. Read more |
| December 2, 2024 |
Brazil Proposes Ban on Stablecoin Withdrawals to Self-Custodial Wallets. Banco Central do Brasil (BCB) has released a draft of a proposed rule to ban the transfer of stablecoins into self-custodial wallets, such as MetaMask. This may reshape Brazil’s stance on cryptocurrencies as Brazil’s real is falling drastically. Read more |
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FYBIT team
