{"id":14354,"date":"2025-10-26T15:03:20","date_gmt":"2025-10-26T15:03:20","guid":{"rendered":"https:\/\/bitunikey.com\/news\/trump-names-cftc-chief-spacex-moves-133m-in-bitcoin-weekly-recap\/"},"modified":"2025-10-26T15:03:27","modified_gmt":"2025-10-26T15:03:27","slug":"trump-names-cftc-chief-spacex-moves-133m-in-bitcoin-weekly-recap","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/trump-names-cftc-chief-spacex-moves-133m-in-bitcoin-weekly-recap\/","title":{"rendered":"Trump names CFTC chief, SpaceX moves $133m in Bitcoin | Weekly Recap"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Global crypto markets saw a flurry of political and corporate developments last week, underscoring how digital assets continue to intertwine with state policy, finance, and tech. <\/p>\n<p class=\"is-style-default\">Peruse this week\u2019s edition of the weekly recap for crypto.news\u2019 coverage of who President Trump picked to be the next Commodity Futures Trading Commission\u2019s chair; Kyrgyzstan\u2019s unveiling of a national stablecoin backed by its local currency; SpaceX and Strategy adding to Bitcoin exposure; and Kraken\u2019s aggressive expansion.<\/p>\n<p class=\"is-style-default\">Lastly, WazirX and Bunni marked opposite ends of crypto\u2019s risk spectrum \u2014 one rebounding from a historic hack, the other shuttering after an exploit.<\/p>\n<div id=\"cn-block-summary-block_3a562b4636bf5057798a56ef74951240\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Kyrgyzstan launched the KGST stablecoin after talks with Binance founder CZ.<\/li>\n<li>Trump nominated SEC lawyer Mike Selig to lead the Commodity Futures regulator.<\/li>\n<li>Coinbase\u2019s $375M Echo deal and Kraken\u2019s IPO progress highlighted key headlines.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<h3 class=\"wp-block-heading\">Trump selects SEC lawyer for CFTC leadership<\/h3>\n<ul class=\"wp-block-list\">\n<li>President Donald Trump formally <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/davidsacks47\/status\/1982009725110600145\" target=\"_blank\" rel=\"nofollow\">nominated<\/a> Securities and Exchange Commission lawyer Mike Selig to lead the Commodity Futures Trading Commission, replacing initial pick Brian Quintenz.<\/li>\n<li>White House Crypto Czar David Sacks confirmed the selection early Saturday and validated long-rumored reports that Selig was the administration\u2019s preferred candidate.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Kyrgyzstan debuts national currency stablecoin<\/h3>\n<ul class=\"wp-block-list\">\n<li>President Sadyr Japarov <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/sadyrzhaparovkg\/status\/1907785987234869274\" target=\"_blank\" rel=\"nofollow\">announced<\/a> the rollout of KGST, a stablecoin pegged 1:1 to the som following discussions including Binance founder Changpeng Zhao.<\/li>\n<li>This launch follows an April agreement between Zhao and Kyrgyzstan\u2019s National Investment Agency, which pledged cooperation on cryptocurrency and blockchain development.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">SpaceX executes major Bitcoin transfers<\/h3>\n<ul class=\"wp-block-list\">\n<li>Elon Musk\u2019s space exploration company moved over $133 million in Bitcoin (BTC) and transferred 1,215 BTC to separate addresses, according to Arkham Intelligence.<\/li>\n<li>The transactions included movements of 300 BTC ($33 million) and 915 BTC ($100.7 million) to new wallets.<\/li>\n<\/ul>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h3 class=\"wp-block-heading\">Tether projects $15 billion annual profit<\/h3>\n<ul class=\"wp-block-list\">\n<li>The stablecoin issuer <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-24\/stablecoin-leader-tether-expects-profit-to-increase-to-15-billion-this-year\" target=\"_blank\" rel=\"nofollow\">anticipates<\/a> net profits approaching $15 billion in 2025.<\/li>\n<li>CEO Paolo Ardoino shared this outlook during an October 24 interview at the Plan B Forum in Lugano, Switzerland.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">JPMorgan enables crypto collateral lending<\/h3>\n<ul class=\"wp-block-list\">\n<li>The banking giant plans to permit institutional clients to pledge Bitcoin and Ethereum holdings as loan collateral by year\u2019s end.<\/li>\n<li>The global program will reportedly use third-party custodians to safeguard pledged assets.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Canada imposes record crypto platform fine<\/h3>\n<ul class=\"wp-block-list\">\n<li>Financial intelligence authorities levied a $126 million ($176.9 million Canadian) penalty against Cryptomus for multiple anti-money laundering violations linked to child exploitation, ransomware, and sanctions evasion.<\/li>\n<li>Vancouver-based Xeltox Enterprises Ltd., operating as Cryptomus, failed to file over 1,000 suspicious transaction reports and more than 1,500 large-value crypto transaction reports in July 2024 alone.<\/li>\n<\/ul>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h3 class=\"wp-block-heading\">Trump pardons former Binance CEO<\/h3>\n<ul class=\"wp-block-list\">\n<li>Trump pardoned Binance founder Changpeng Zhao, the richest man in crypto, who admitted to money-laundering violations that allowed terrorists and other criminals to move money on his platform.<\/li>\n<li>White House spokeswoman Karoline Leavitt stated the pardon showed Trump\u2019s exercise of constitutional authority after prosecution by \u201cthe Biden administration in their war on cryptocurrency.\u201d<\/li>\n<li>According <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/10\/23\/technology\/trump-pardons-cz-binance.html\" target=\"_blank\" rel=\"nofollow\">to<\/a> the New York Times, lawyers and lobbyists connected to the Trump administration advised Zhao. Meanwhile, Binance has business dealings with World Liberty Financial, the Trump family\u2019s crypto firm.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">WazirX resumes operations after major hack<\/h3>\n<ul class=\"wp-block-list\">\n<li>The Indian cryptocurrency exchange will restart trading Oct. 24 with zero fees across all markets.<\/li>\n<li>This is nearly one year after hackers stole $234 million in one of crypto\u2019s largest cyberattacks.<\/li>\n<li>Singapore court approval of the restructuring plan, backed by 95.7% of creditors, allowed reopening for 6.6 million users locked out since the July 2024 North Korea-linked attack.<\/li>\n<\/ul>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h3 class=\"wp-block-heading\">Bunni shuts down following exploit<\/h3>\n<ul class=\"wp-block-list\">\n<li>The decentralized exchange announced Wednesday that it is ceasing operations due to financial constraints, following an $8.4 million security breach.<\/li>\n<li>Platform developers stated insufficient resources exist for secure relaunch, with necessary audit and monitoring expenses requiring six to seven figures in capital they lack.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Kraken revenue doubles ahead of IPO<\/h3>\n<ul class=\"wp-block-list\">\n<li>The cryptocurrency exchange generated $648 million in third-quarter revenue and represents 114% growth from the previous year\u2019s corresponding period.<\/li>\n<li>This revenue calculation shows gross income under GAAP accounting minus trading costs as the company prepares for an anticipated 2026 public listing.<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Coinbase acquires fundraising platform<\/h3>\n<ul class=\"wp-block-list\">\n<li>The exchange purchased Echo, an on-chain fundraising platform, for approximately $375 million.<\/li>\n<li>Coinbase stated the deal addresses challenges where \u201cfounders often struggle to raise capital and individual investors don\u2019t have the opportunity to invest in private token sales.\u201d<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Strategy continues Bitcoin accumulation<\/h3>\n<ul class=\"wp-block-list\">\n<li>The corporate Bitcoin holder <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/saylor\/status\/1980243404937474444\" target=\"_blank\" rel=\"nofollow\">purchased<\/a> 168 BTC at an average price of $112,051, bringing total holdings to 640,418 BTC valued at $71 billion.<\/li>\n<li>The company\u2019s overall average acquisition price stands at approximately $74,010 per Bitcoin across all purchases.<\/li>\n<\/ul>\n<p>    <!-- .cn-block-related-link --><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global crypto markets saw a flurry of political and corporate developments last week, underscoring how digital assets continue to intertwine with state policy, finance, and tech. Peruse this week\u2019s edition&hellip;<\/p>\n","protected":false},"author":1,"featured_media":9150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-14354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=14354"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14354\/revisions"}],"predecessor-version":[{"id":14355,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14354\/revisions\/14355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/9150"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=14354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=14354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=14354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}