Week in Outlook: Inclusive Crypto, Not Destructive

The anarchist structure of the early days of cryptocurrencies was gradually diminished as the market gradually grew, wanted to include institutional investors, and struggled with regulations. Cryptocurrencies, which were first introduced as a destructive effect that would eliminate the banking and monetary system, are now positioned as a transformative and changing innovation. This, of course, enabled the entire sector to grow and develop faster.

While talking about crypto, the lack of anonymity, slowness and expensiveness of money transfer were generally criticized, cryptocurrencies were shown as a solution and SWIFT’s structure was targeted. The current overarching structure has enabled cryptocurrencies to transform SWIFT, not destroy it. Next year, more than 11,500 financial institutions in North America, Europe and Asia will begin testing digital asset transfers directly using the SWIFT infrastructure. The tests, which have been carried out theoretically or in a closed circuit until now, are now being put into practice and carried out together with the participants. We should not forget SWIFT’s recent collaboration with Chainlink and its testing initiatives on Ethereum. In this way, cryptocurrencies do not need to create a new SWIFT to interact with banks. The current system is already choosing the more effective way and turning to providing crypto-based services. As the cryptocurrency community, our duty is to continue this inclusive understanding, but also to stand behind decentralized initiatives.

As the refund date for FTX to the victims approaches, the process of converting the cryptocurrencies in the wallet into dollars continues. Finally, it is planned to sell 22.3 million WLD tokens in FTX’s vault in bulk. After this sale, almost all of the coins remaining in the wallet will be FTT, and since FTT has no value, there is a high probability that it will not be sold. Therefore, we can say that the sales will be completed.

A news that Israel requested Binance to intervene in the accounts of Palestinian users created a serious agenda. Although some time has passed since this news, CEO Teng made a statement to clarify the issue.

He explained that so far they have received requests from Israel about more than 1,500 wallets, but only 220 of them have been detected and blocked for illegal activities. He emphasized that the remaining wallets were not touched, so they made the decision based on whether there was an illegal situation or not, not on who complained.

Kalshi, who managed to get permission from the judge for the election bet, had to remove the bet again because the CFTC objected to the decision. An objection also came from the SEC. After Ripple was found guilty of selling to corporates and left the case with a small penalty, the SEC appealed the decision. Franklin Templeton’s FOBXX token is coming to Aptos. Grayscale established a new fund for Aave.

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