This Week in Crypto

As we wrap up the week of March 17-23, 2025, the cryptocurrency landscape has experienced significant events shaping the industry’s future. Here’s a concise overview of the top crypto news from this week:

1. U.S. Embraces Crypto Under New Administration

President Donald Trump has pledged to transform the United States into the leading Bitcoin superpower and global cryptocurrency hub. In a pre-recorded address to the Blockworks Digital Assets Summit in New York, he criticized the previous administration’s restrictive stance on crypto and announced plans to introduce clear regulations for stablecoins and market structures. These initiatives aim to stimulate investment and innovation in the crypto sector, potentially strengthening the U.S. dollar through dollar-backed stablecoins. 

2. SEC Drops Lawsuit Against Ripple

In a landmark decision, the U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple, which had alleged that Ripple’s XRP token was an unregistered security. Ripple’s CEO, Brad Garlinghouse, announced the development, marking a significant shift in the regulatory landscape for cryptocurrencies. This decision resulted in a 13.73% spike in XRP’s price and signals a more favorable regulatory environment for the crypto industry. 

3. SEC’s Crypto Task Force Convenes

The SEC’s Cryptocurrency Task Force held its first public meeting to discuss how securities laws could apply to digital assets. Led by Republican Commissioner Hester Peirce, the roundtable included industry experts who examined whether cryptocurrencies require a separate regulatory framework. This meeting follows President Trump’s executive order to establish a strategic cryptocurrency reserve and a summit with industry leaders, indicating a move towards clearer regulations in the crypto space. 

4. Market Movements: Bitcoin and Altcoins

The crypto market experienced notable fluctuations this week. Bitcoin fell 1.6% to $83,132, marking a 31% decline from its mid-January peak. This downturn is attributed to economic uncertainties and a shift towards safer assets. Other cryptocurrencies also faced declines, with Ethereum dropping 1.5%, XRP down 2.8%, and Dogecoin decreasing by 3.3% to just under 17 cents. 

5. Legal Troubles in the Crypto World

Iris Au, girlfriend of ‘Love Island’ winner Davide Sanclimenti, faces up to three years in federal prison after pleading guilty to a tax charge. She failed to report over $2.6 million in gains connected to her former boyfriend, cryptocurrency fraudster Iza, dubbed ‘The Godfather.’ This case underscores the importance of regulatory compliance in the crypto industry. 

6. OKX Suspends DEX Aggregator Services

Cryptocurrency exchange OKX temporarily disabled its decentralized exchange (DEX) aggregator following inquiries from European Union regulators over its alleged use by North Korean hackers to launder proceeds from the Bybit hack. OKX stated that the suspension allows for implementing additional upgrades to prevent further misuse, highlighting the ongoing challenges of security and compliance in the crypto space. 

7. REX Shares Launches Bitcoin Convertible Bond ETF

REX Shares, an exchange-traded fund provider, has launched a Bitcoin Corporate Convertible Bond (BMAX) ETF. This fund invests in convertible bonds of companies using Bitcoin as a corporate reserve asset, providing investors indirect exposure to Bitcoin through traditional financial instruments. 

8. Bank of Korea Rejects Bitcoin as Foreign Exchange Reserve

The Bank of Korea (BOK) has ruled out incorporating Bitcoin into its foreign exchange reserves, citing the cryptocurrency’s inherent volatility as a primary obstacle. This stance aligns with several other major central banks and highlights the ongoing debate over Bitcoin’s role in traditional financial systems. 

9. Strategy Plans Significant Bitcoin Acquisition

Michael Saylor’s company, Strategy, announced plans to issue Series A preferred stock valued at $21 billion to purchase more Bitcoin. Currently holding 499,096 Bitcoins, this move underscores the company’s commitment to Bitcoin as a strategic asset. 

10. Ripple Gains Regulatory Approval in Dubai

Ripple secured a license from the Dubai Financial Services Authority (DFSA) to offer regulated payment services. This approval enables Ripple to conduct business in the Dubai International Financial Centre (DIFC), further bolstering Dubai’s status as a global hub for digital assets. 

Stay tuned for more updates as the crypto landscape continues to evolve.

Best regards,

Wuki