Crypto Weekly Roundup: Trump Is “Crypto President,” Tether Eyes AI, & More

This week, Republican presidential candidate Donald Trump backed digital assets, calling himself the “crypto president.” Tether also announced plans to invest up to $1 billion in AI, Financial Infrastructure, and Biotech. StarkWare also announced plans to expand its scaling technology to the Bitcoin network.

Bitcoin

StarkWare, the entity behind Starknet, will expand its scaling technology to the Bitcoin network. It added that bringing its scaling technology to the Bitcoin network will not lead to Starknet being forked or the creation of a new token. The company also clarified that its primary focus remains on Ethereum scaling through ZK Proofs and validity rollups.

Wednesday morning saw the announcement of better-than-expected inflation data, leading to a jump in the price of Bitcoin. However, Fed Chair Jerome Powell took a hawkish stance and dampened spirits, stating that the inflation data was only slightly better than expected.

The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), has praised Bitcoin and Ethereum, calling them “digital gold” and “digital oil.” ICBC said Ethereum had established itself as “digital oil,” capable of powering applications across the Web3 ecosystem.

Republican presidential candidate Donald Trump wants all the remaining Bitcoin to be mined in the United States. The comments were made during a meeting with Bitcoin miners, with Trump adding that it would help make the US become energy-dominant. He also added that Bitcoin mining could be the last line of defense against a central bank digital currency (CBDC).

US Congressman Thomas Massie has revealed that The Bitcoin Standard, a Bitcoin-focused book, inspired the reintroduction of a bill to abolish the Federal Reserve. The bill has support from the Bitcoin community and several Republican co-sponsors.

Business

Tether has announced plans to invest up to $1 billion in technologies, including AI, Biotech, and Financial Infrastructure. The USDT issuer has already spent $2 billion through its VC arm on several technologies.

Binance, the world’s largest cryptocurrency exchange by trading volume, announced that the platform had reached 200 million users, representing over a third of all crypto holders worldwide. The exchange also revealed it has over $100 billion in assets under custody.

Security

UwU Lend has announced a $5 million bounty to anyone who can help the protocol’s attacker after it was exploited for a second time. UwU Lend has lost over $24 million in the two attacks, leading many to question the safety of the funds with the protocol.

The hacker behind the Orbit Chain exploit has moved $48 million of the stolen funds to cryptocurrency mixer Tornado Cash after five months of inactivity. Orbit Chain was hacked on New Year’s Eve in one of the biggest hacks of the year, with the platform losing $82 million during the exploit.

Regulation

A United States Judge has signed off on a $4.5 billion settlement between Terraform Labs, Do Kwon, and the United States Securities and Exchange Commission. Under the settlement terms, Terraform Labs and Do Kwon are banned from the crypto industry and must pay $4.5 billion in disgorgement, prejudgment interest, and civil penalties.

Republican presidential candidate Donald Trump has called himself the “crypto president” as he attempts to portray himself as a crypto-friendly president. Trump made the comments during a fundraiser and slammed efforts by the SEC and the Democrats to regulate the industry.

With the MiCA regulations coming into force at the end of the year, Tether (USDT) may not be allowed to operate in Europe. Tether’s USDT is the largest and most popular stablecoin in the world. What would a ban in Europe mean for the stablecoin and the European market?

The government of Zimbabwe is seeking feedback on digital asset regulation as it looks to create a comprehensive crypto framework while grappling with high inflation. The country has already established a committee to engage with crypto companies in its jurisdiction.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.