Several big stories and developments have occurred in the crypto space this week, including rumors of a presidential pardon for FTX’s Sam Bankman-Fried, EU exchanges delisting Tether’s USDT, and Ripple donating $5 million to Trump’s Inauguration.
Centralized exchange Crypto.com also expanded US operations, as Singapore and Hong Kong have become major regional industry hubs.
Rumored Pardon for FTX’s Sam Bankman-Fried
Rumors have been circulating that Sam Bankman-Fried (SBF), the infamous founder of FTX, who caused one of the largest financial collapses in the industry, might receive a Presidential pardon. Tesla CEO Elon Musk claimed he would be “shocked” if SBF does not receive a pardon.
These rumors are based on the fact that SBF was the second-largest individual donor for the Democratic party in 2020 before his arrest.
“Sam Bankman-Fried used over $100 million in stolen customer funds to donate to political campaigns. Watch him get pardoned. 100% Biden,” wrote Jason Williams.
Not everyone agrees with this analysis. For example, the US government has been signaling a new friendliness to crypto, and the new pro-industry SDNY Attorney claimed that his office would curtail crypto prosecutions. However, this would only happen after he finishes dismissing SBF’s appeal. In other words, there is a strong motivation to keep him locked up.
Yet, this strong motivation may not amount to much. Joe Biden is currently in a lame-duck period; his party lost the election, but he remains in power.
Last week, Biden extended clemency to the infamous “kids for cash” judge, who received bribes to incarcerate hundreds of children. In other words, the President is willing to sign monstrously unpopular pardons.
EU Exchanges Delist Tether’s UDST
Due to the impending Markets in Crypto Assets (MiCA) regulations in the EU, European exchanges have begun delisting Tether’s USDT stablecoin.
However, industry commentators worry that this move will severely hinder European crypto development, especially while the US market is booming. Recently, the EU sector has been lagging behind in crypto adoption compared to past years.
The company, for its part, has been preparing for the storm. Tether has been rolling back EU crypto operations while investing in MiCA-compliant stablecoins.
Additionally, the firm has noticeably profited from a few US investments and partnerships, even winning some political favors. In other words, MiCA may hurt European crypto more than Tether.
Ripple to Donate $5 Million to Trump’s Inauguration
Ripple pledged to donate $5 million worth of XRP tokens to President-elect Donald Trump’s Inauguration Day. It is the largest donor, but other crypto firms like Kraken and Binance have also donated, amounting to around $8 million total.
These donations come with several exclusive perks, such as access to a private dinner with Trump and his Cabinet members.
“Ripple Makes Record-Breaking Donation To Trump. Ripple just donated $5M in XRP to fuel Trump’s $200M inauguration stash. This is the biggest crypto donation ever made. Crypto’s not just an alternative investment vehicle anymore, we’re seeing it reshape the world of politics in real-time,” Mario Nawfal wrote on X (Formerly Twitter).
In the previous election cycle, Ripple was a major donor to pro-crypto candidates in both parties. However, critically, this behavior has only continued now that the elections are over.
Last month, the firm donated $25 million to prepare for midterm elections, which will take place in two years. Clearly, the firm’s political contributions show no sign of stopping.
Crypto.com, a Singapore-based cryptocurrency exchange, just launched its Custody Trust Company, which is dedicated to offering new services in the US. Some of these new services include trading, exchanges, an NFT marketplace, and crypto payments.
“Launching a US trust company is our latest significant step in our product roadmap to building our business and presence in two of the most important and active crypto markets in the world – the US and Canada. This step reflects our confidence in the North America market, and we look forward to continuing to enhance and innovate the market for our customers in the market,” said Kris Marszalek, co-founder and CEO of Crypto.com.
The firm has been increasing its US President recently, as Marszalek met with Trump at Mar-a-Lago this month. After their private meeting, Crypto.com dropped its lawsuit against the SEC.
Representatives of the exchange claimed this move signals a new willingness to cooperate with the incoming administration and construct new, friendlier policies.
Singapore Leads Asia in Crypto Licenses
Singapore is also leading in Southeast Asia as a cryptocurrency hub, issuing more licenses to crypto-related businesses than any other country in the region. This also includes Hong Kong, which has been trying to present itself as a regional leader in recent months.
Additionally, Independent Reserve became the first Singaporean exchange to list Ripple’s new stablecoin, RLUSD.
“Independent Reserve is proud to be the first regulated exchange in Singapore to offer secure and reliable access to RLUSD, staying true to our mission of leveraging crypto and blockchain technology to transform financial services,” said Lasanka Perera, CEO of Independent Reserve Singapore, in a press release.
Nonetheless, Singapore and Hong Kong have been substantial pioneers in the crypto industry this year. Relative to their population, they significantly outperform in several crucial metrics, such as blockchain patents, industry jobs, and operating exchanges.
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