Crypto Daily Recap: September 17, 2024

The crypto world is buzzing with activity Tuesday, with major developments impacting institutional adoption, political spending, exchange security, and regulatory enforcement. Here’s your daily recap of the most significant crypto news shaping the landscape:

DBS Bank Embraces Crypto Options, MicroStrategy Doubles Down on Bitcoin

DBS Bank, a leading financial institution in Asia, announced plans to launch over-the-counter (OTC) crypto options trading and structured notes for its institutional clients. This move signals a growing acceptance of crypto among traditional financial institutions and could pave the way for wider adoption of digital assets in mainstream finance.

Adding to the institutional momentum, MicroStrategy, the business intelligence firm renowned for its substantial Bitcoin holdings, revealed a plan to raise $700 million through a convertible note offering. This move suggests that MicroStrategy, led by Bitcoin advocate Michael Saylor, intends to further bolster its already massive Bitcoin treasury, potentially impacting the cryptocurrency’s market price.

Crypto Political Rise: $1 Billion Milestone and Trump’s New Venture

Cryptocurrency has officially crossed the $1 billion milestone in 2024 U.S. election spending, demonstrating its growing influence in the political arena. This surge in crypto contributions highlights the increasing acceptance of digital assets as a legitimate form of political funding and is likely to attract further scrutiny from regulators.

Adding fuel to the fire, former U.S. President Donald Trump announced the launch of his new financial initiative, World Liberty Financial, with cryptocurrency positioned as a key component. This move could further politicize crypto, potentially boosting its adoption among conservative groups and bringing digital assets into the mainstream political discourse.

Join us live from Mar-A-Lago on September 16 at 8pm EST with Donald J. Trump! Tune in to hear our vision for making finance great again. 🇺🇸 https://t.co/2H0rJcawBJ
— WLFI (@worldlibertyfi) September 12, 2024

Binance Denies WazirX Hack Responsibility, Ellison Faces Sentencing

The fallout from the WazirX hack continues to reverberate, with Binance, the world’s largest cryptocurrency exchange, vehemently denying any responsibility for the security breach that drained users of nearly $235 million. Binance claims it never controlled WazirX’s operations, despite a previously signed agreement, and accuses the exchange’s leadership of misleading customers to avoid accountability.

Meanwhile, Caroline Ellison, former CEO of Alameda Research and a key figure in the FTX collapse, awaits sentencing on September 24. A presentence report recommends three years of supervised release and no fine for Ellison, citing her “extraordinary cooperation” with the government. However, Ellison’s legal team is seeking even greater leniency, portraying her as a victim of manipulation by Sam Bankman-Fried.

SEC Fines FlyFish Club, Sparking Debate on NFT Regulation

The SEC fined the exclusive NFT-based dining club, FlyFish Club, for selling unregistered securities in the form of NFTs. The agency argued that the NFTs offered membership benefits and profit-sharing opportunities, constituting securities under U.S. law. However, SEC Commissioners Hester Peirce and Mark Uyeda dissented, criticizing the decision as regulatory overreach and expressing concerns about its potential chilling effect on innovation in the NFT space.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication 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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