Weekly Outlook: Choices and Results

Recently, the friction between Coinbase and the SEC has been on the agenda again, while the FED’s attitude towards Customers Bancorp has also been interpreted as an anti-crypto move.

Coinbase quickly objected to the SEC’s request to expand the definition of ‘exchange’ to include DEXs. It was argued that the SEC had not conducted an economic analysis on how US users would be affected by this change, and that there was no clear explanation as to what problem this change would solve.

In the FED – Customers Bancorp dispute, the previously much-talked-about Operation Chokepoint 2.0 rumors have increased again. Chokepoint, which refers to the US government’s unofficial policy of blocking crypto, was put forward by the Winklewoss brothers, the owners of the Gemini exchange. The reason is that Customers Bancorp did not meet the money laundering standards and received an ultimatum from the FED to raise its standards within 90 days. The bank says there has been no change in its operating standards. Therefore, rumors have begun to come to mind that the bank was penalized for its crypto-friendly policies. Although the Winklewoss brothers brought Operation Chokepoint back to the agenda, it is debatable how objective their assessment is, as they openly support Trump.

The latest partnership between BitGo, which assumes the custody role of WBTC, has caused turmoil in the market. BiT Global, which also includes Justin Sun, will hold some of WBTC’s collateral. Although it is said that there will be no changes in the operating system and that a more secure structure will be achieved by keeping the assets in Hong Kong in addition to Singapore and South Korea, the name Justin Sun has created anxiety.

While there is talk of an incentive for users to switch to tBTC on Threshold in Aave, MakerDAO quickly stopped borrowing and lending from the WBTC pool. Coinbase is preparing to launch a WBTC-like product, the cbBTC token, with good timing. Although BitGo has made this growth move, perhaps due to a need for funds or perhaps as a purely strategic decision, the current reactions are quite negative.

Popular wallet app MetaMask has launched several thousand credit cards in the EU and the UK, along with Mastercard. This move, which is being done for testing purposes, allows users to spend cryptocurrencies in their daily lives. It is said that if the trials are successful, the operation will be expanded. With the development of the legal infrastructure, it is seen that MetaMask is accelerating its efforts.

Users’ USDC – USDT – WETH assets on the Linea blockchain can be spent.

Binance paid a $2.25 million fine to India and resumed its operations in the country. It turned out that the development that Trump’s sons recently announced was related to digital real estate. We may see a business model related to real estate tokenization. Aavegotchi announced that it will launch a layer-3 network called Geist. It was announced that games will be stored on this network, everyone can play the games, but only members can win prizes. It is necessary to have an Aavegotchi for membership.

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