Weekly Article Recap: 10/28-11/01

Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed 

about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Visa and FV Bank Debut New Debit and Expense Cards, Bridging Crypto and Fiat Global Payments

FV Bank and Visa have launched new debit and corporate expense cards, enabling users to spend both USD and cryptocurrencies like Bitcoin and Ethereum at Visa-supported locations worldwide. Announced at Money 20/20 in Las Vegas, these cards allow seamless spending at stores, online, and ATMs, with real-time access to funds through linked FV Bank accounts.

Immutable Responds to SEC Wells Notice, Asserts IMX Token is Not a Security

Blockchain gaming platform Immutable faces potential SEC enforcement for alleged securities violations involving its IMX token sales in 2021. Immutable plans to contest the SEC's claims, which have drawn criticism from industry voices, including SEC Commissioner Hester Peirce. She argues that the SEC’s approach, lacking clear crypto guidelines, leaves companies like Coinbase and Ripple uncertain about compliance.

Reddit Sells Majority of Crypto Portfolio, Offloading Bitcoin and Ethereum

Reddit Inc. revealed in a recent SEC filing that it sold most of its cryptocurrency holdings, primarily Bitcoin and Ethereum, netting nearly $6.9 million in Q3 2024. Reddit stated that the sale aimed to bolster financial reserves, with the asset value deemed "immaterial." This move comes as Reddit prepares for a public listing, following its IPO filing in February 2024.

FTX's Nishad Singh Avoids Prison: Cooperation Earns Leniency Amid Crypto Collapse Fallout

Former FTX engineering director Nishad Singh avoided prison time due to his extensive cooperation in the high-profile FTX fraud case. Instead, Singh, 29, received time served and three years of supervised release. His testimony was instrumental in securing convictions against his former colleagues involved in siphoning billions from the exchange. District Judge Lewis Kaplan, overseeing multiple FTX-related trials, praised Singh’s “exemplary” assistance to prosecutors.

Kraken Tightens Up: Layoffs, New Co-CEO, and a Strategy Shift Amid a Crypto Industry Reset

Kraken, the sixth-largest crypto exchange, announced layoffs and appointed board member Arjun Sethi as co-CEO alongside David Ripley. The moves aim to streamline operations and enhance agility amid growing industry competition.