There have been several developments around the crypto space over the past seven days. This article takes a look at the stories that have made headlines within said timeframe. Stick around!
US SEC Crypto Task Force Members Meet Industry Players
According to the US Securities and Exchange Commission (SEC) website, the agency’s crypto task force members met with numerous industry gurus last Wednesday to discuss issues related to regulation. Among those present were officers from the Blockchain Association, who urged the SEC to prioritize formulating clear regulatory guidelines in an effort to promote crypto innovation in the United States.
Furthermore, data from the SEC’s website shows that players in the decentralized finance (DeFi) sector want the regulator to refrain from classifying staking as a security.
Crypto-Hating Senator Calls Elon Musk a ‘Bank Robber’ After Abolishing CFPB
On Thursday, well-known crypto critic and US Senator Elizabeth Warren called X owner Elon Musk a bank robber following his decision to abolish the Consumer Financial Protection Bureau (CFPB), created in 2007 with her help.
This American agency, which has been focusing on protecting consumers, was forced to send home nearly 100 employees last week shortly after the head of the Office of Budget, Russell Vought, blocked all the funding channels following a directive from the Department of Government Efficiency (DOGE), headed by Musk.
Warren argues that Congress created the CFPB and that no other entity has the power to dismantle the agency except policymakers.
US SEC Acknowledges DOGE and XRP ETF Filings From Grayscale
Last Thursday, the SEC acknowledged new ETF applications from Grayscale. The documents showed that the asset manager wants to issue Dogecoin- and XRP-based exchange-traded funds.
The acknowledgment marked the start of the 240-day window period where the SEC reviews and decides on the filings. The agency is expected to announce its decision on these ETF proposals in October.
10% of Global GBP Will be in Cryptocurrency by 2030, Coinbase CEO Predicts
Meanwhile, Coinbase boss Brian Armstrong made a bold prediction on Friday that 10% of the world’s GDP (Gross Domestic Product) will be in crypto in the next five years. He claimed that his prediction could become a reality because several companies globally are rushing to integrate crypto into their systems.
If his prediction is correct, then at least $10 trillion of the current world’s GDP of $100 trillion will be onchain by 2030.
Changpeng Zhao’s Dog Sparks Meme Coin Frenzy
Last Thursday, Binance ex-CEO Changpeng Zhao, popularly known as CZ, revealed the name of his dog, Broccoli, leading to the creation of hundreds of meme coins inspired by the dog’s name. That day, over 490 Broccoli-themed tokens were launched on Solana via PumpFun, and 312 coins were deployed on BNB Smart Chain.
While most of them died within minutes, one Broccoli-inspired meme coin on Solana saw its market cap reach $1.5 billion, generating massive returns for early investors.
Cathie Wood Predicts Bitcoin Rally to $1.5 Million Despite Increased ETF Outflows
According to data from CoinShares, crypto ETFs have processed $487 million in outflows since last Wednesday. Despite investors pulling funds from these investment products as concerns over inflation rise, Cathie Wood, the CEO of ARK Invest, remains optimistic that Bitcoin will rally. She predicts that the largest coin by market cap will likely hit $1.5 million within the next years. Cathie argues that increased institutional adoption and a favorable regulatory environment will be the primary drivers of the massive price rally.
Winners and Losers
Bitcoin fell briefly below $94,000 on Tuesday but has recovered to $96,321 as of this writing. It is up 0.2% in the past seven days. Ethereum, on the other hand, has risen 3.6% to $2,718.
Regarding the top gainers, Litecoin leads the way after surging 16.4%. Mantra (15.7%) and Bitget Token (15.2%) are other notable gainers. Meanwhile, ONDO and Jupiter have seen the most losses this week, dropping by 12% and 11.3%, respectively.
