Weekly Article Recap: 11/04-11/08

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.

What Donald Trump's Victory Means for Crypto Policy, His Legal Battles, and Ross Ulbricht's Future

Donald Trump’s 2024 election victory may mark a pivotal shift in cryptocurrency regulation, promising pro-crypto policies and a push to establish the U.S. as a Bitcoin leader. His return also reignites discussions about clemency for Silk Road founder Ross Ulbricht, who received a lengthy prison sentence. Trump’s potential shake-up of the DOJ and his pledge to fire the SEC Chair signal significant regulatory changes that could strengthen crypto growth.

U.S. House Gets Pro-Crypto Majority, 261 Representatives Elected with Industry Support

The U.S. crypto industry secured a major political win as 261 pro-crypto candidates were elected to the House, along with 17 pro-crypto senators. Backed by over $200 million in political contributions, key victories include Bernie Moreno’s Senate win in Ohio and Jim Justice’s governorship in West Virginia. 

OpenSea Unveils Major Upgrade to NFT Marketplace, Set to Launch in December

NFT marketplace OpenSea announced a major upgrade set to launch in December, aiming to revitalize its platform amid a market slowdown. While details are limited, OpenSea has opened a waitlist, requiring users to connect their crypto wallets. Speculation within the NFT community suggests potential new features, including account abstraction, shared NFT ownership, and enhanced blockchain integration.

Robinhood, Kraken, and Other Crypto Firms Launch Global Stablecoin Network

A new coalition of top finance and crypto firms, including Robinhood, Galaxy Digital, Kraken, and Paxos, has launched the Global Dollar Network to promote stablecoin adoption globally. This open framework, supported by an advisory committee of partner organizations, is centered on the Global Dollar (USDG), a stablecoin backed 1:1 by U.S. dollar assets, offering secure, redeemable digital currency. 

UK Pension Fund Embraces Bitcoin with 3% Fund Allocation

A UK pension fund has made a landmark move by investing 3% of its assets in Bitcoin, marking the first known cryptocurrency investment by a British defined benefit pension scheme. The fund’s trustees, advised by consultancy Cartwright, undertook extensive due diligence, focusing on ESG factors, security, and Bitcoin's investment potential.