Busy Week in the Crypto Market
- Singapore blocks Polymarket
- Tether relocating to El Salvador
- Judge orders SEC to explain lack of crypto regulations
- BitMEX hit with additional penalty
- Oklahoma to introduce Bitcoin strategic reserve
- Nasdaq files for Canary Litecoin ETF
- Trump to prioritize crypto with executive order
Singapore Blocks Polymarket
Singapore’s gambling regulator blocked prediction marketplace Polymarket, defining it as an “illegal gambling site.”
The Gaming Regulatory Authority issued a warning to users about the legal implications of using Polymarket.
Tether to Relocate to El Salvador
Tether is set to establish its headquarters in El Salvador, following the acquisition of a Digital Asset Service Provider registration in the country.
CEO Paolo Ardoino expressed excitement about the move to El Salvador.
Judge Orders SEC to Explain Lack of Regulations
The US Court of Appeals has ordered the SEC to clarify its decision not to set clear crypto regulations when requested by Coinbase.
The SEC’s case against Coinbase began in March 2023 for violating securities regulations.
BitMEX Faces Additional Penalty
BitMEX’s operator has been fined $100 million for violating the US Bank Secrecy Act, with the exchange also placed on unsupervised probation.
The charges stem from BitMEX’s lack of a meaningful Anti-Money Laundering program.
Oklahoma Introduces Bitcoin Strategic Reserve
Oklahoma proposes the Strategic Bitcoin Reserve Act to diversify the state’s savings into digital assets, joining other US states with Bitcoin reserves.
Representative Cody Maynard believes Bitcoin represents financial freedom and sound money principles.
Nasdaq Files for Canary Litecoin ETF
Nasdaq files for a proposed ‘Canary Litecoin ETF,’ signaling the start of the review process with the SEC.
The ETF will be administered by US Bancorp Fund Services and managed by US Bank N.A., with Coinbase Custody Trust Company handling the custody of Litecoin.
Trump to Prioritize Crypto with Executive Order
President-elect Trump plans to sign an executive order prioritizing crypto, creating a crypto advisory council and focusing on de-banking and crypto accounting policies.
Since winning the US election, the crypto market has rallied, with Bitcoin reaching new all-time highs.