David Blumenfeld
@serdave-eth
It’s Sunday which means it’s Crypto weekly 🧵 time with me and @maaria: Crypto was not immune from the market wide sell-off of risk assets caused by Trump's numerous tariff announcements this week. Bitcoin fell as low as $77k and Ethereum fell below $1800 for the first time since 2023. Gold on the other hand reached an all time high of $3000/oz. Here are my favorite stories: -The Senate Banking Committee is pushing forward stablecoin legislation with the GENIUS Act. The draft legislation creates a framework for regulating privately-issued stablecoins – states would have oversight over stablecoin issuers with a market capitalization under $10 billion, while larger issuers would be regulated by the Federal Reserve and banking regulator the OCC. -US residents reportedly missed out on between $1.8 - $5 billion of cryptocurrency from airdrops due to geoblocking restrictions, costing federal and state governments between $284 million to $1.1 billion in tax revenue.
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David Blumenfeld
@serdave-eth
-The tokenized treasury market has quadrupled over the past year, reaching $4 billion. - Ethereum's major Pectra upgrade – which increases validator staking limits from 32 to 2,048 ETH and adds the ability to convert externally owned accounts to smart contract accounts – will be delayed beyond March 2025. - Russia and South Korea both announced plans to expand allowed crypto activities in their respective countries, with Russia's central bank proposing regulations for wealthy investors to trade during a three-year test period despite a 2022 ban, while South Korea plans to issue guidelines by Q3 2025 to allow institutional investment for the first time in its large retail market where over 30% of the population trades digital assets. Get all the headlines in your inbox every Sunday by subscribing to Crypto Weekly. You can read this week's post here: https://thisweekincrypto.substack.com/p/crypto-weekly-31625
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