The crypto space has been abuzz with several significant developments this week. Among the most prominent stories are rumors of a presidential pardon for FTX’s Sam Bankman-Fried, the delisting of Tether’s USDT by EU exchanges, and Ripple’s $5 million donation to Trump’s Inauguration.
The rumor mill has been churning with talks of a potential presidential pardon for Sam Bankman-Fried (SBF), the infamous founder of FTX, who is infamous for one of the largest financial collapses in the crypto industry. SBF, who was the second-largest individual donor for the Democratic party in 2020 before his legal troubles began, has been at the center of speculations after Tesla CEO Elon Musk claimed he would be “shocked” if SBF does not receive a pardon. However, opinions vary, with some arguing that the new pro-industry SDNY Attorney’s promise to curtail crypto prosecutions might not extend to SBF’s appeal.
Meanwhile, European exchanges are delisting Tether’s USDT stablecoin due to impending Markets in Crypto Assets (MiCA) regulations in the EU. This move has sparked concerns among industry experts about its potential impact on European crypto development, especially as the US market continues to surge. Tether, however, appears to be preparing for the storm, rolling back EU crypto operations while investing in MiCA-compliant stablecoins.
In a surprising turn of events, Ripple has committed to donate $5 million worth of XRP tokens to President-elect Donald Trump’s Inauguration Day. This record-breaking donation is part of a larger pool of crypto firms’ contributions that total around $8 million. Ripple’s donation, the largest single contribution, comes with exclusive perks, including access to a private dinner with Trump and his Cabinet members.
Singapore-based cryptocurrency exchange, Crypto.com, has announced its expansion into the US market with the launch of its Custody Trust Company, offering new services including trading, exchanges, an NFT marketplace, and crypto payments. This significant step in the company’s product roadmap reflects its confidence in the North America market, according to Kris Marszalek, co-founder and CEO of Crypto.com.
Singapore continues to lead in Southeast Asia as a cryptocurrency hub, issuing more licenses to crypto-related businesses than any other country in the region. This includes Hong Kong, which has been striving to position itself as a regional leader.
These significant developments highlight the dynamic and ever-evolving nature of the crypto space, with implications for stakeholders ranging from individual investors to regulatory bodies and governments. As we move forward, it will be interesting to see how these narratives unfold and shape the future of the industry.
