Web3đFriday Buzz: Trumpâs Crypto Task Force, SEC Rule Changes, and Binance Labsâ New Chapter
1ď¸âŁ Trump forms crypto task force; 'Crypto Czar' reacts đ
2ď¸âŁ SEC ditches SAB 121, easing crypto rules for banks đ
3ď¸âŁ Binance Labs rebrands to YZi Labs, adds AI & biotech đ
4ď¸âŁ Elizabeth Warren calls for a probe into Trump meme coins đ
Dive deeper for more insight! đ
The Web3 world is buzzing with fresh updates! From Trumpâs crypto task force taking shape to the SEC easing rules for crypto custody, and Binance Labs rebranding with a focus on AI and biotechâthereâs no shortage of action. Meanwhile, Senator Elizabeth Warren calls for investigations into Trump meme coins, stirring up debate. These developments signal major shifts in crypto regulation, innovation, and industry focus. Ready to dive into the details? Letâs break down the biggest headlines shaping the future of Web3. Stay ahead of the curve with the latest in blockchain, AI, and digital finance!
1. Trump forms crypto task force; 'Crypto Czar' reacts
President Trump has signed an executive order to establish a working group on cryptocurrencies, led by "Crypto Czar" David Sacks. The group aims to boost the US's position as a global leader in crypto by creating clear regulations, fostering innovation, and addressing restrictive policies from previous administrations. The directive focuses on supporting digital assets, blockchain technology, and economic liberty while prohibiting central bank digital currencies. Sacks emphasized that the initiative seeks to keep crypto innovation onshore and provide much-needed regulatory clarity. This move marks a bold step towards making the US the world capital of digital financial technology. #CryptoLeadership
Moneycontrol News
2. SEC ditches SAB 121, easing crypto rules for banks
The SEC has rescinded SAB 121 with the new SAB 122, offering banks more flexibility in reporting liabilities tied to digital asset custody. This shift simplifies the accounting burden for firms, particularly regulated banks, considering crypto custody services. SAB 121 previously required companies holding crypto for customers to record it as liabilities, making it costly for banks to offer such services. With SAB 122, institutions can treat potential losses from crypto custody as contingent liabilities, improving feasibility and compliance. This change aims to expand crypto services in the banking sector while reducing regulatory barriers.
Vivian Nguyen
3. Binance Labs rebrands to YZi Labs, adds AI & biotech
Binance Labs has officially rebranded to YZi Labs, expanding its investment focus to include artificial intelligence (AI) and biotechnology alongside Web3. The firm aims to drive innovation by supporting projects with strong fundamentals across these transformative sectors. YZi Labs, led by co-founder Ella Zhang, will continue its mission of nurturing groundbreaking ventures, including through a revamped incubation program. Changpeng 'CZ' Zhao, former Binance CEO, will take a more active role in mentoring founders, contributing to the companyâs expanded vision. The move signals a broader focus on emerging technologies while staying true to its Web3 roots.
Oluwapelumi Adejumo
4. Crypto-Critic Elizabeth Warren Urges Regulators to Probe Trump Meme Coins
Senator Elizabeth Warren and Representative Jake Auchincloss have called for an investigation into the Trump and Melania meme coins launched on the Solana blockchain. In a letter to federal regulators, they raised concerns over potential conflicts of interest, consumer risks, and national security implications. The lawmakers noted that Trumpâs family holds 80% of the TRUMP coin, potentially benefiting from price volatility while leaving other investors at risk. They also expressed worries about foreign influence and the possibility of a "rug pull," where Trump could profit significantly while crashing the coinâs value. They requested responses by February 4, 2025.
Jason Nelson
The world of Web3 is moving fast, blending innovation, regulation, and unexpected twists. From Binance Labsâ rebranding to Trumpâs crypto task force, these stories highlight how the landscape is evolving in real-time. As AI, biotech, and crypto converge, and as policymakers shape new rules, staying informed is more important than ever. Ready to keep up with the latest in Web3?
