The crypto ecosystem continues to be a landscape of innovations and regulatory challenges. Here’s a summary of last week’s most important news.
💡 Bitcoin: A Solution to the National Debt?
Former President Donald Trump proposed using Bitcoin to tackle the U.S. national debt, which currently stands at $35 trillion. He suggested issuing “crypto checks” to transform the financial system. The proposal received support from figures like Robert F. Kennedy Jr. and Senator Cynthia Lummis, who proposed the Treasury acquire 5% of Bitcoin’s total supply as a strategic reserve.
🔮 Ethereum: Buterin’s Plans for the Future
At EDCON2024, Vitalik Buterin outlined his vision for the next decade of Ethereum, focusing on DeFi, decentralized identities, and wallet security. He proposed using zero-knowledge proofs to link KYC information to wallets, ensuring user privacy.
🇷🇺 Bitcoin Legalized in Russia
Russia has legalized the use of Bitcoin for international payments to bypass economic sanctions. This move aims to modernize Russia’s financial system and explore new opportunities offered by the digital economy.
🌊 Ripple Releases 1 Billion XRP
Ripple has released 1 billion XRP from its escrow accounts. While some are re-locked, these releases can affect market volatility. Ripple’s strategies aim to stabilize the market while ensuring liquidity for operations.
🚫 Bybit Exits France
Bybit is leaving the French market due to regulatory issues with the AMF. French users must close their positions by August 13. Bybit cited regulatory compliance as the reason for its exit, similar to its previous exit from the Canadian market.
