Tennessee Issues Cease-and-Desist to Prediction Platforms; BNY Launches Tokenized Deposits; OKX Restructures Institutional Team

Tennessee Issues Cease-and-Desist to Prediction Platforms; BNY Launches Tokenized Deposits; OKX Restructures Institutional Team | Weekly Recap

In this week's recap, we examine significant developments in the cryptocurrency space, including Tennessee's actions against unlicensed prediction market platforms, BNY's initiative to launch tokenized deposits, and OKX's restructuring of its institutional team.

Key Takeaways

Tennessee has ordered major prediction market platforms to stop operations due to alleged unlicensed sports betting.
BNY is moving forward with its new tokenized deposit platform, aiming for enhanced blockchain integration in banking.
OKX is reorganizing its institutional team to better serve the market.
Notable events include support for a convicted developer, regulatory advances for Ripple in the UK, and security breaches impacting Truebit and Ledger.

Tennessee targets prediction markets, BNY launches tokenized deposits: recap

Tennessee Takes Action Against Prediction Market Platforms

This week, Tennessee officials issued cease-and-desist orders to prominent prediction market platforms, citing operations related to unlicensed sports wagering. This regulatory move underscores the ongoing scrutiny of gaming activities within the crypto landscape.

BNY Launches Blockchain Deposit Settlement

BNY is advancing its financial services by launching a tokenized deposit platform. This initiative aims to enhance efficiency in deposit settlements using blockchain technology, potentially transforming traditional banking practices.

OKX Restructures Its Institutional Business

In a significant organizational change, OKX has restructured its institutional business team. This move is part of a strategy to better cater to the needs of institutional investors in the ever-evolving cryptocurrency market.

Support for Tornado Cash Developer

Vitalik Buterin, a leading figure in the crypto community, has publicly backed a developer convicted in connection with Tornado Cash. This support highlights the ongoing debate around privacy and regulation in the crypto space.

Ripple Receives UK Regulatory Approval

Ripple has successfully obtained regulatory approval in the UK, a key milestone for the company as it aims to expand its presence in the European market.

Security Breach Affects Truebit

Truebit has reported a significant security breach, resulting in losses estimated at $26.6 million. This incident raises concerns about cybersecurity vulnerabilities in the crypto industry.

Trump Dismisses Pardon for Bankman-Fried

Former President Donald Trump has declined the possibility of pardoning Sam Bankman-Fried, the crypto mogul embattled in legal issues, further complicating the discussions around his case.

Florida Proposes Bitcoin Reserve Legislation

In a forward-looking move, Florida lawmakers have proposed new legislation to establish a state Bitcoin reserve, signaling interest in integrating cryptocurrency into state finances.

Optimism Foundation Proposes Token Buyback

The Optimism Foundation is considering a token buyback program as part of its efforts to strengthen the community and incentivize participation within its network.

Indian Authorities Challenge Crypto Enforcement

Indian tax authorities are stepping up efforts to challenge existing regulations and enforcement mechanisms within the cryptocurrency sector, signaling a more aggressive stance on compliance.

Rumble Integrates Non-Custodial Crypto Wallet

Rumble has announced the integration of a non-custodial crypto wallet, enabling users to hold and manage their digital assets directly, enhancing user control and security.

Ledger Partner Experiences Data Breach

A partner of Ledger has suffered a data breach, raising alarms about the security of user information among crypto wallet providers. This incident illustrates the ongoing challenges related to data privacy in the cryptocurrency ecosystem.