Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed 

about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

U.S. Senate Banking Committee to Launch First Cryptocurrency Subcommittee

The U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first cryptocurrency-focused subcommittee, Fox Business reports. The subcommittee aims to regulate digital assets, including Bitcoin, financial technologies, and AI in finance. Following a 2023 House initiative, it seeks to balance consumer protection with innovation, ensuring U.S. competitiveness in the digital economy.

Find details. 

Backpack Exchange Acquires FTX EU, Sets Sights on European Crypto Market Dominance

Backpack Exchange has acquired FTX EU, the European arm of the collapsed FTX Exchange, in a move approved by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC). The acquisition positions Backpack to dominate Europe's regulated crypto trading market, filling the gap left by unregulated offshore exchanges. The new Backpack EU plans to offer perpetual futures and crypto derivatives, targeting an underserved market.

Read the full story. 

Vivek Ramaswamy’s Strive Asset Management Files to Launch “Bitcoin Bond” ETF

Strive Asset Management, co-founded by Vivek Ramaswamy, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the Strive Bitcoin Bond ETF. The actively managed fund will invest in bonds issued by companies intending to use proceeds for Bitcoin purchases, as well as derivatives like swaps and options for indirect Bitcoin exposure. Once approved, the ETF will list on the New York Stock Exchange (NYSE) and comply with U.S. regulatory standards.

Learn more in the article. 

Filipino Banks to Launch PHPX Peso Stablecoin on Hedera Network

Several leading Filipino banks, including UnionBank and Rizal Commercial Banking, are set to launch PHPX, a peso-backed stablecoin, in 2025. Built on the Hedera DLT network, PHPX aims to streamline cross-border remittances for Filipinos abroad, enabling direct transfers to bank accounts, digital wallets, or payments for expenses like tuition.

Details here.

Oklahoma Senator Proposes Bill to Allow Employees to Receive Wages in Bitcoin

Senator Dusty Deevers has introduced the Bitcoin Freedom Act (SB325), a bill allowing Oklahoma residents to receive wages and make payments in Bitcoin. The proposed legislation ensures voluntary participation for both employers and employees. The bill is set for review during Oklahoma’s 60th legislative session starting February 3, 2025.

Find more information here.