The Shib Crypto Recap: Friday

Recent developments in the cryptocurrency space include increased institutional and mainstream adoption, signaling a shift in investor sentiment. In the same breath, news of SEC leadership changes and a surge in phishing attacks are gaining traction.

Meanwhile, a surge in Shibarium’s total value locked (TVL) highlights the strong performance of its key DeFi protocols.

Institutional Adoption of Cryptocurrency and SEC Leadership Talks

Charles Schwab Corp. is preparing to join the spot cryptocurrency market, highlighting the asset class’s rising legitimacy. Incoming CEO Rick Wurster shared his personal perspective, admitting he hasn’t purchased crypto and now feels “silly,” during a Bloomberg Radio interview. The announcement generated excitement in the cryptocurrency community, which reflects a notable shift in mainstream finance.

More institutional investment plans are on the horizon. The SEC is in discussions with issuers regarding a potential spot Solana ETF, starting to review S-1 applications from firms like VanEck and 21Shares. Bitwise Asset Management has also announced plans to file an S-1 for a Solana ETF. Issuers are feeling optimistic about approval, citing positive interactions with SEC staff and an expected shift toward a more crypto-friendly administration in 2025.

Speaking of the SEC, in response to the announcement of Gary Gensler’s upcoming exit from the SEC, potential replacement Teresa Goody Guillén emphasized the need for the agency to rebuild trust and shift away from regulation by enforcement. She advocates for investor protection and enhancing the country’s role in the global financial market. Guillén’s possible leadership could lead to a more cooperative regulatory environment for cryptocurrency, benefiting the industry and attracting institutional capital.

Scattered Spider Exposed and TruthFi Trademark Application

Five individuals associated with the hacking group “Scattered Spider” have been charged by U.S. federal prosecutors for stealing $11 million in cryptocurrency and sensitive data. They employed phishing scams and SIM-swapping to target at least 29 victims, with one victim losing over $6.3 million. The defendants face federal grand jury charges including conspiracy, wire fraud, and aggravated identity theft.

Continuing The Shib Daily’s coverage of President-elect Trump’s approach to crypto, Trump Media & Technology Group has filed for a trademark for “TruthFi,” which is intended to offer cryptocurrency payment solutions, including payment processing and asset trading. This move suggests a potential expansion into the crypto space, as confirmed by trademark attorney Josh Gerben.

Shibarium’s Record-Breaking TVL

Shibarium has reached a record-high TVL of $8.12 million, driven largely by K9 Finance DAO with $3.57 million. WoofSwap, a single-chain DEX, contributes $887,662, while ChewySwap, a two-chain DEX, adds $508,262. The platform saw significant growth in user activity and transaction volume between November 1 and 21.

For real-time updates, tune in to The Shib and Tell Podcast. Subscribe to our YouTube channel and engage with us on social media for up-to-date coverage and expert insights.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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