Welcome to our 195th issue of State of the Market, where we provide an overview of crypto market activity from October 24 – October 30, 2024.
This week in crypto markets:
- Tether, the world’s largest stablecoin, is under federal investigation for potential sanctions violations and anti-money laundering rule breaches, with the Treasury considering direct sanctions.
- Kraken announced plans to launch its own Ethereum layer-2 network, Ink, joining the competitive layer-2 scaling landscape led by Coinbase’s Base.
- The SEC approved options trading for 10 Bitcoin ETFs, signaling growing institutional adoption of crypto-based financial products.
- The FBI arrested an individual in Alabama for compromising the SEC’s systems and posting a fake Bitcoin ETF approval announcement, highlighting ongoing market integrity concerns.
- The city of Buenos Aires is partnering to launch a blockchain-based digital identity platform, QuarkID, for citizens to access public services.
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