Last week was more eventful than the previous one, with more significant developments hitting the blockchain realm. The crypto news industry has plenty of stories to unfold this time, beginning from Ethereum’s Fusaka upgrade to the US CFTC’s debut nod for onshore spot crypto trading on regulated exchanges.
However, the crypto market looked a bit uncertain with Bitcoin switching between $88,000 and $92,000 range.
Here are the top crypto news stories that kept the industry looking moderately active.
Ethereum rolls out Fusaka upgrade
Ethereum showcased a pivotal moment in its history after launching the much-awaited Fusaka upgrade. The new upgrade optimizes the efficiency of the blockchain network and improves its interaction with Layer-2 blockchains.
IMF warns of stablecoin risks
In a latest report, the International Monetary Fund (IMF) underscored that stablecoins can cause risks, such as market volatility, a lack of regulatory oversight, and consumer protection, amid their growth and innovation.
Western Union develops prepaid stablecoin card to combat high inflation
Global payment platform Western Union is planning to launch a prepaid crypto card that allows users to store stablecoins, specifically in regions where high inflation exists.
CFTC greenlights crypto spot trading on regulated exchanges
The Commodity Futures Trading Commission (CFTC) formally approved spot crypto trading on federally-regulated exchanges, which is a first-of-its-kind move in the U.S.
Terra founder Do Kwon should get 12 years in prison: DOJ
The US Department of Justice urged a federal judge to imprison Do Kwon, the founder of the collapsed Terraform Labs, for twelve years. In May 2022, $40 billion worth of TerraUSD/LUNA collapsed, and Kwon was arrested later for his role in it.
Mugafi collabs with Avalanche to tokenize entertainment IPs
Mugafi, an entertainment intellectual property (IP) platform based on AI, partnered with the Avalanche blockchain to tokenize its properties, including music, film, anime, and other media creations. This integration will allow media creators to raise money and publicise their projects on Avalanche.
SEC Chair Paul Atkins offers optimistic remarks on blockchain industry
Paul Atkins, the Chairman of the U.S. Securities and Exchange Commission (SEC), proudly stated that all U.S. markets will be on-chain (blockchain) within two years. Atkins also urged modernizing regulations in the crypto industry.
Mashreq introduces multi-asset fund with exposure to Bitcoin
Mashreq Capital, the UAE’s leading financial firm, introduced a multi-asset fund called BITMAC. Besides equities/stocks, the Dubai Financial Service Authority (DFSA)-regulated multi-asset fund now holds Bitcoin. This will allow retail investors to invest in Bitcoin, alongside stock/equities, bonds, gold, and other assets.
The upcoming weeks of crypto may look slightly different as the year is going to end, and market prices may change in response to events. Last week showed us stories related to stablecoin integrations, risks associated with stablecoins, key regulatory approval from CFTC, Ripple’s major platform acquisition for digital infrastructure, 21Shares’ SUI ETF approval, Solana Mobile’s token launch next year, and more.
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