The probability of the primary memecoin-based exchange-traded funds (ETFs) is rising underneath new management on the US securities regulator, business watchers advised Cointelegraph.
Regardless of the growing ETF probability paired with the large rally following the launch of President Donald Trump’s Official Trump (TRUMP) memecoin, ARK Make investments’s Cathie Wooden stated she wouldn’t be investing within the token, together with her focus remaining on the three largest cryptocurrencies.
TRUMP, DOGE, BONK ETF approvals “extra seemingly” underneath new SEC management
The primary wave of memecoin-based ETFs is gaining traction, partly attributable to new management on the US Securities and Change Fee.
The crypto business has seen an uptick in memecoin ETF filings following the launch of the Trump household’s memecoins, which have attracted important retail consideration.
The SEC received its first filings for TRUMP, Dogecoin (DOGE) and Bonk (BONK) ETFs, Cointelegraph reported on Jan. 21.
The approval of memecoin-based ETFs is extra seemingly underneath new SEC acting Chair Mark Uyeda, based on Dmitrij Radin, the founding father of Zekret and chief know-how officer of Fideum crypto regulatory and infrastructure agency.
“The approval of TRUMP, BONK, and DOGE ETFs is extra seemingly now with Trump’s new crypto-friendly SEC picks,” he advised Cointelegraph. “It’s a daring transfer, doubtlessly bringing extra liquidity and mainstream acceptance to memecoins.”
Cathie Wooden gained’t put money into Trump coin, will follow the “huge three”
Wooden, CEO and chief funding officer of ARK Make investments, stated Trump is ushering within the subsequent section of the crypto revolution.
In a Jan. 22 interview with Bloomberg, Wooden mentioned Trump’s token, launched simply earlier than his inauguration because the forty seventh president of the USA:
“[TRUMP] Isn’t going to have any utility […] there’s hypothesis that […] you’ll get to satisfy President Trump as one of many utilities of proudly owning this coin. I don’t know if that’s the case or not, however thus far, we don’t know of a lot utility for this coin, besides that it’s a memecoin of President Trump himself.”
She in contrast the present memecoin wave to the 2017 preliminary coin providing motion.
Trump household might construct “large companies” on Ethereum — Lubin
The Trump household might broaden its involvement within the cryptocurrency business by launching an Ethereum-based enterprise.
This hypothesis adopted the discharge of a number of Trump-branded memecoins and Donald Trump’s inauguration as the 47th US president on Jan. 20.
Joseph Lubin, co-founder of Ethereum and founding father of Consensys, hinted at this growth in a Jan. 21 post on X.
“Based mostly on what I’m conscious of, the Trump household will construct a number of large companies on Ethereum,” Lubin wrote. “The Trump administration will do what is sweet for the USA, and that can contain ETH.”
US courtroom overturns Twister Money sanctions in pivotal case for crypto
A US courtroom overturned the sanctions in opposition to the Twister Money cryptocurrency mixing protocol in a choice that would sign a major shift towards extra innovation-friendly rules for privacy-preserving applied sciences.
The US Treasury’s Workplace of Overseas Property Management (OFAC) initially sanctioned Tornado Cash in August 2022, accusing it of facilitating cash laundering by the North Korean Lazarus Group. The group allegedly laundered over $455 million in stolen digital property by the protocol.
The sanctions led to the arrest of Twister Money developer Alexey Pertsev, who was found guilty of cash laundering by Dutch judges on the s-Hertogenbosch Court docket of Enchantment on Could 14, 2024. Pertsev was sentenced to 5 years and 4 months in jail for laundering $1.2 billion in illicit property by the platform.
In a major growth, the US District Court docket for the Western District of Texas has reversed the OFAC sanctions, based on a Jan. 21 courtroom filing. The courtroom dominated:
“It’s ordered and adjudged that the judgment of the district courtroom is reversed, and the trigger is remanded to the district courtroom for additional proceedings in accordance with the opinion of this courtroom.”
Phemex halts withdrawals amid $29 million of “suspicious” outflows
Phemex crypto alternate halted withdrawals after being alerted to almost $30 million price of suspicious outflows that raised alarms amongst blockchain safety corporations.
Phemex noticed over $29 million price of crypto transfers throughout a number of blockchains, together with BNB (BNB), Polygon (MATIC), Arbitrum (ARB) and Base (BASE), based on onchain safety agency Cyvers.
The outflows pointed to “suspicious transactions” involving Phemex scorching wallets, Cyvers acknowledged in a Jan. 23 X post:
“Over $29 million price of digital property have been transferred by suspicious addresses. These addresses have already begun swapping property to $ETH.”
DeFi market overview
In keeping with knowledge from Cointelegraph Markets Pro and TradingView, a lot of the 100 largest cryptocurrencies by market capitalization ended the week within the inexperienced.
Of the highest 100, the Official Trump (TRUMP) token rose over 429% because the week’s greatest gainer, adopted by the Raydium (RAY) token, up over 38% on the weekly chart.
Complete worth locked in DeFi. Supply: DefiLlama
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing area.
Source link