Crypto weekly is authored by maaria bajwa

PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.37T): -3% / -22%
- BTC ($66,297): -3% / -24%
- ETH ($1,990): -4% / -33%
- SOL ($81): -7% / -35%
- UNI ($3.35): -4% / -40%
- OP ($0.10): -12% / -62%
- COIN ($161): -18% / -29%
- Tether Mkt Cap ($184B): 0% / -2%
- USDC Mkt Cap ($78B): -2% / +2%
- BTC / ETH Dominance: 56% / 10%

THIS WEEK IN CRYPTO
- Bitcoin fell below $65,000 along with risk-assets after another round of negotiations between Iran and the US fell through, pushing oil prices and treasury yields higher and causing a sell-off of risk assets across the board. Link. Link.

- Bitcoin experienced a rare two-block reorganization after Foundry USA Pool overtook AntPool and ViaBTC in the Bitcoin mining race. Link.

- The White House has cleared the review of a Labor Department rule that would open the $10 trillion 401k market to crypto and private equity investments. Link.

- A US court dismissed a crypto developer's lawsuit seeking preemptive legal protection from federal money transmitter laws, as legal uncertainty surrounding non-custodial and open-source software remains unresolved. The judge ruled the developer failed to show "substantial threat of prosecution" and that ongoing DOJ prosecutions related to non-custodial crypto services centered on money laundering operations, rather than the mere operation of a business tool. Link.

- USDC stablecoin issuer Circle saw its shares fall over 22% over a leaked draft of the CLARITY Act, which would ban passive yield on stablecoin balances. 95% of Circle's revenue comes from interest on USDC reserves. Link. Link.

- USDT stablecoin issuer Tether has engaged Big Four accounting firm KPMG to conduct its first full independent financial statement audit. Link.

- NYSE has partnered with Securitize to develop a 24/7 tokenized securities platform that will enable the creation and management of tokenized shares for stocks and exchange-traded funds. Link. Link.

- Mortgage giant Fannie Mae will soon accept crypto-backed mortgages for the first time. Mortgage company Better Home and Coinbase unveiled a new mortgage product that allows home buyers to pledge their crypto holdings when getting a Fannie-backed mortgage, instead of selling the crypto to make a cash down payment. Link. Link.

- Franklin Templeton is partnering with Ondo Finance to offer tokenized versions of its ETFs that can be traded 24/7 through crypto wallets, bypassing traditional brokerage accounts and trading hours. Link.

- Visa has joined the Canton Network as a Super Validator via a DAO governance proposal. Canton is a privacy-enabled Layer-1 blockchain backed by institutional players like BNP Paribas, Citadel, Goldman Sachs, and Circle, among others. Link. Link.

- The US has accused two China-based pharmaceutical firms of using cryptocurrency to sell chemicals necessary for creating fentanyl to Mexican cartels distributing drugs across the US. Link.

- Balancer Labs is shutting down operations after a $128 million exploit in November, leaving the Balancer protocol itself to continue operating via its DAO. Link.

- The UK government has banned all cryptocurrency donations to UK political parties, following an independent review into foreign electoral interference. Link.

- Ethereum treasury firm BitMine launched an institutional staking platform called "Made in America Validator Network" that allows investors to earn rewards by validating transactions on Ethereum's network. Link.

- Crypto advocacy group Stand With Crypto has endorsed six candidates from both parties in key battleground congressional races ahead of November midterm elections. Picks include: Zach Nunn (R-Iowa), Mike Lawler (R-New York), Rob Bresnahan (R-Pennsylvania), Don Davis (D-North Carolina), Susie Lee (D-Nevada), and Greg Landsman (D-Ohio) Link. Link.

- Google has set a 2029 deadline to transition its systems to post-quantum cryptography. The Ethereum Foundation also announced necessary upgrades to make the protocol quantum-resistant by 2029. Link. Link.

- Crypto infrastructure firm BitGo reported a quarterly loss of $50 million, or $1.03 per share, in its first earnings report after going public, despite a 440% surge in revenue to $6.2 billion. Link.

- David Sacks, the White House's crypto and AI czar, is leaving his post to take on a broader role as co-chair of the President's Council of Advisers on Science & Technology (PCAST). Link.

- The CFTC launched a new Innovation Task Force to focus on shaping the regulation of cryptocurrencies, artificial intelligence, and prediction markets, in coordination with other federal agencies like the Securities and Exchange Commission. Link.

- Police have arrested the last suspect involved in the 2025 kidnapping of Ledger co-founder David Balland, who had his finger cut off by a criminal gang demanding a $11.5 million Bitcoin ransom. Link.