Bitcoin Holdings of Trump & El Salvador’s Rejection of the IMF: Crypto’s Weekly Rundown

## Bitcoin Holdings of Trump & El Salvador’s Rejection of the IMF: Crypto’s Weekly Rundown

A fast summary of the key happenings in the crypto sphere this week: Trump’s proposal for a national Bitcoin cache is causing a stir, while El Salvador persists in its independent path, disregarding the IMF’s cautions.

### Trump’s Directive: A Bitcoin Collection for the USA?

* Ex-President Donald Trump issued a directive with the objective of establishing a US digital asset reserve, including a strategic Bitcoin (BTC) store.
* As per White House crypto head David Sacks, the reserve would be financed via seized Bitcoin from federal criminal and civil asset confiscation – implying “no citizen funds” would be utilized.
* The directive emerged just prior to a White House crypto conference, with attendance from notable individuals in the crypto sector.

### Solana’s Creator’s Doubts

* Anatoly Yakovenko, co-founder of Solana (SOL), expressed his skepticism regarding the concept of a US crypto reserve. He favors a “reserve-free” strategy, warning that governmental involvement could undermine decentralization.

### Positive Outcomes for Kraken, Yuga Labs, and Cumberland

* It was a favorable week for certain crypto firms under regulatory examination.
* The SEC is withdrawing its legal action against crypto exchange Kraken. The San Francisco-based firm is purportedly contemplating an IPO.
* A three-year inquiry into NFT firm Yuga Labs ended with the conclusion that “NFTs are not securities.”
* Cumberland DRW, the crypto trading division of Chicago-based DRW, also evaded SEC accusations that alleged the company operated as an unregistered securities dealer.

### El Salvador Remains Steadfast, Ignoring the IMF

Heres a swift summary of the recent occurrences in the digital currency sphere:

* **El Salvador Persisting TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America Bitcoin:** Regardless of the IMF’s worries connected to their $3.5 billion credit, President Bukele is intensifying his Bitcoin endeavors. El Salvador intends to continue procuring during price drops!
* **Ethereum’s Pectra Enhancement Postponed:** The Ethereum developers have decelerated the Pectra enhancement. Following certain hitches in experimentation, they are deciding on more experimentation. This enhancement holds great importance for enhancing Ethereum’s velocity and user-friendliness.
* **Tether Suspends $28M USDT on Garantex:** Stablecoin provider Tether has suspended $28 million in USDT possessed on Garantex, a Russian digital currency exchange. Garantex has undergone sanctions by the EU due to supposed connections with the Russian governing body and illicit groups. Garantex has ceased functions.
* **Mt. Gox Relocates $1B+ in Bitcoin:** The insolvent digital currency exchange Mt. Gox has relocated approximately 11,834 BTC (valued at about $1.07 billion) from its “1PuQB” digital wallet to an unidentified location. This constitutes the initial substantial Bitcoin relocation from Mt. Gox since late January, probably associated with continuous creditor reimbursements.
* **Aptos ETF Approaching?** A digital currency asset administration enterprise has submitted a request with the SEC for a spot Aptos (APT) exchange-traded fund.
* **IMF Rejects Public Bitcoin Stockpiling:** The International Monetary Fund asserts that they have disallowed “public sector discretionary accumulation of Bitcoin” as a component of the financing arrangement.

**Texas Contemplates Bitcoin Ventures:** Texas is advancing with statutes that would permit the state to allocate funds in Bitcoin.

Heres a summary of the current events in the digital currency space:

* **Texas Embraces Digital Currency:** Texas is becoming increasingly interested in virtual currencies! The state legislative body recently sanctioned a measure that would permit government funds to be allocated to assets such as Bitcoin.
* **Sui ETF Approaching?** A “Canary Sui ETF” has been documented in Delaware, which frequently implies the firm is preparing to submit documentation with the SEC to introduce the ETF. Canary is also examining ETFs for other digital currencies such as Hedera, Litecoin, Ripple, and Solana.
* **Gemini Considers Initial Public Offering:** Digital currency exchange Gemini has privately applied for an initial public offering and is collaborating with Goldman Sachs and Citigroup. Nevertheless, the Winklevoss siblings haven’t reached a definitive conclusion regarding going public yet.
* **XRP ETFs Approaching:** Volatility Shares intends to introduce three XRP ETFs: a standard one, a leveraged one (2x), and an inverse one (-1x).
* **XRP Robbery Associated with Password Disclosure:** The substantial XRP embezzlement from Chris Larsen’s profile in January might be associated with the LastPass password administrator violation from 2022.
* **FIFA Digital Currency?** FIFA is contemplating developing its own cryptocurrency token.

Leading digital currency enterprises, such as Gate.io, Binance, along with ApeCoin, happen to be backing Formula One squads.