Weekly Outlook: We Support But Not That Much

The Democrats’ failure to include cryptocurrencies in their election manifesto was a bit of a disappointment after extensive meetings with the private sector. Unlike the Republicans, the Democrats have not yet given a clear green light. Although there have been statements from Harris’ team about not continuing Biden’s hostile policies, no serious steps have been seen in practice yet.

A senior Democrat gave a political answer to a question about cryptocurrencies by saying that Harris wants to support emerging technologies. The fact that they do not want to get into a specific cryptocurrency discussion may indicate that they have not made a clear decision within themselves. Perhaps they are calculating how much of the votes they can get back for Trump by being pro-cryptocurrency and how much of the votes they will keep by being anti-cryptocurrency.

It has been decided to discuss the lawsuit filed by the SEC against Kraken for conducting unregistered securities trading. There is nothing unusual about the accusation. However, since many cryptocurrencies have already been discussed in similar cases, it is wondered which coins will be accused in the Kraken case. With the conclusion of the case, some coins will gain the identity of securities, while others will be relieved of these charges.

It is estimated that Mt. Gox, which sent another $75 million worth of Bitcoin to the Bitstamp exchange on Sunday, may have completed its refunds. It is rumored that Mt. Gox, which still has 46,000 Bitcoin in its wallet, will transfer this amount to users who want full payment later. When the payment plan was presented, it was said that those who wanted to receive payments immediately would be paid in return for a certain commission. The amount transferred so far represented the portion sent to those who wanted early payment. There is no clear timetable for when the remaining amount will be sent to those who want full payment.

The United Arab Emirates recently introduced a legal regulation for stablecoins representing their own dirhams, paving the way for their integration into the existing financial infrastructure. Last week, Tether announced that it would be issuing a stablecoin representing the UAE dirham in collaboration with the Phoenix Group in the UAE. The infrastructure offered by the UAE is of great importance as the stablecoin has the potential to be integrated into everyday life.

PayPal continues to take steps to increase interest in its stablecoin. It was announced last week that users who hold PYUSD on Anchorage Digital will be able to earn interest. It was stated that the company will distribute the income it earns from assets such as treasury bonds and other assets held as collateral for PYUSD as interest income.

Wyoming Governor Mark Gordon announced that the state wants to issue a stablecoin collateralized by bonds and repos, and that efforts will be made to list this stablecoin on exchanges in the first quarter of 2025. It is not known whether the attempt to issue a stablecoin directly by a public authority will be successful, but it is certain to cause many interesting discussions.

Babylon’s mainnet, which allows nodes to be on PoS networks via Bitcoin staking, has been launched. The system, the first phase of which has been implemented, is not fully operational yet. It was announced that the network will be fully operational in the second phase by activating the consensus mechanism. Then, by staking Bitcoin, it will be possible to be a validator on more than one PoS network and earn passive income from many networks.

Babylon announced that it would only accept an investment of 1000 Bitcoin for the first phase, and this amount was provided in 3.5 hours. While the network has just started operating, there have already been application attempts on it. The Bitcoin retaking initiative called Satlayer received an investment of $8 million.

Neal Stephenson, author of the novel Snow Crash, which coined the term metaverse, announced that he will be establishing his own metaverse platform, Artefact. It was announced that it will be established as a joint venture with Weta, which made special effects for LOTR and Avatar movies, in addition to his own company Lamina1. Magic Eden announced its own cryptocurrency ME. Grayscale established a new fund for Avax. Aave has launched on the zkSync Era network.

LEGAL WARNING

Investment information, comments and recommendations on this site are not within the scope of investment consultancy. Investment consultancy services are provided by authorized institutions on a personalized basis, taking into account the risk and return preferences of individuals. All information and analyses, including verbal, written and graphical, on this site or within the scope of our e-bulletins; do not constitute any guarantee or warranty in terms of forming the basis for any decision and are shared only for informational purposes. Coindesk Turkey may change or delete the information in question without any prior approval, notice or warning in any way. Therefore, making an investment decision based solely on the information here may not produce results that meet your expectations. Coindesk Turkey and its employees are not responsible for any damages that may arise from comments on this site, missing information and/or not being up to date.