White House Restructuring and Ripple’s Acquisition of Rail

This week saw notable developments in the cryptocurrency landscape, including political changes, regulatory adjustments, corporate ventures, and a rise in market acceptance.

In addition to Bo Hines stepping down from the Council of Advisors for Digital Assets, significant legal actions against the founder of Tornado Cash and Binance CEO Changpeng Zhao advanced.

Moreover, leading firms such as Coinbase and Animoca Brands introduced exciting new projects, universities made considerable Bitcoin investments, and President Trump endorsed cryptocurrency for retirement funds.

Below is a roundup of the key stories currently shaping the digital asset world.

Leadership transitions in Presidential crypto council

• Bo Hines has opted to resign from the Presidential Council of Advisors for Digital Assets.
• He plans to transition into the private sector following his appointment by Trump in December 2024.
• Deputy Patrick Witt is expected to succeed Hines as head of the “crypto council” after his exit.

Ripple-SEC legal battle comes to a conclusion

• The SEC’s lawsuit against Ripple Labs concluded on Thursday.
• Both parties informed the Second Circuit Court of Appeals that they would jointly withdraw their appeals.
• Each entity will bear its own legal expenses from the proceedings, as stated in the court documents.

Ripple acquires Rail for $200 million

• The blockchain payments firm announced it has acquired the Toronto-based stablecoin payments platform for $200 million.
• The transaction is expected to close in the fourth quarter, according to the official announcement.

World Liberty Financial targets major fundraising

• Backed by the Trump family, the initiative aims to raise $1.5 billion to establish a public company structure holding WLFI tokens.
• Reports suggest the company has reached out to cryptocurrency and tech investors to support a treasury model.

Harvard and Brown venture into Bitcoin

• SEC 13F filings indicate that Harvard Management Company invested $116 million in BlackRock’s iShares Bitcoin Trust.
• Brown University also disclosed its Bitcoin holdings through similar regulatory filings.

Coinbase enhances decentralized exchange capabilities

• The cryptocurrency exchange announced plans to integrate DEX features, granting users access to “millions” of previously inaccessible digital assets.

Animoca Brands initiates stablecoin joint venture

• The Web3 investor has teamed up with Standard Chartered’s Hong Kong branch and Hong Kong Telecom to launch Anchorpoint, a licensed stablecoin issuance venture.
• The joint venture aims to create business models for regulated stablecoin operations in Hong Kong.

Trump supports cryptocurrency for retirement accounts

• Trump has signed an executive order facilitating crypto investments within 401(k) retirement plans.
• This policy change may prompt wealth managers, who traditionally eschewed cryptocurrency investments, to reconsider their approaches.

Paxos settles New York charges for $26.5 million

• The stablecoin issuer has reached a settlement with the New York State Department of Financial Services regarding charges tied to its prior collaboration with Binance.

Roman Storm convicted in Tornado Cash case

• A jury in Manhattan found Roman Storm, the creator of Tornado Cash, guilty of conspiring to run an unauthorized money transmission service.
• Sentencing is yet to be set, and it remains unclear if prosecutors will retry Storm on any outstanding charges.

Zhao challenges FTX bankruptcy lawsuit

• Changpeng Zhao, former CEO of Binance, has filed a motion seeking the dismissal of a $1.76 billion lawsuit from the FTX bankruptcy estate.
• His legal representatives argue that he was not properly served with the lawsuit and contend that U.S. courts lack jurisdiction over him.