Crypto Monday: Weekly market prep
1. All eyes are on Trump's first 100 days and his cryptocurrency commitments
Investors are closely watching whether President Trump will deliver on his crypto-related promises within the first 100 days of his term. These include clarifying the regulatory framework for classifying digital assets as securities or commodities, creating a strategic Bitcoin reserve in the US to strengthen the Bitcoin market and inspire global sovereign interest, revisiting the SAB121 bill, and potential Federal Reserve rate cuts. Notably, at least 13 US states are drafting legislation on "strategic Bitcoin reserves."
3. FLock.io launches mainnet and token generation event on Base
Decentralized AI training platform FLock.io has launched its mainnet on the Base blockchain, coinciding with its native token FLOCK's Token Generation Event (TGE). FLOCK is designed to incentivize community participation and act as a utility token within the FLock ecosystem. The total supply of FLOCK tokens is one billion, with 5% allocated to early users and the community through airdrops.
4. Plume Network forms a strategic partnership with Ondo Finance
Plume Network, an L1 network focused on real-world assets (RWAfi), has partnered strategically with Ondo Finance. This collaboration will expand the use of RWAfi by launching tokenized US Treasury products on the Plume Network, including Ondo Finance's yield-stablecoin USDY backed by US Treasuries.
5. Binance Labs and Dragonfly set priorities for 2025
Binance Labs is set to rebrand with a strategic focus on cryptocurrency, AI, and biotechnology by 2025, reflecting the integration of these advancing sectors. Concurrently, Dragonfly Capital expresses a positive outlook on decentralized finance (DeFi), centralized finance (CeFi), and stablecoin markets due to expected improvements in the US regulatory climate and increasing token valuations. Both firms emphasize investment in areas with robust product-market fit and foresee increased venture capital inflow into these technologies.
6. a16z expresses support for lawsuit against US IRS over "DeFi Broker" rules
Michele Korver, the head of regulation at a16z Crypto, expressed support for the lawsuit initiated by the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council against the US IRS and Treasury Department. The lawsuit challenges the new broker reporting rules, which they argue overreach governmental authority, violating the Administrative Procedure Act (APA) and the Constitution. These rules extend the definition of "broker" to include certain DeFi platforms, protocol developers, liquidity providers, and even some DAOs, requiring them to collect and report users' personal information and transaction activities, which a16z Crypto believes threatens the future of DeFi innovation in the US.
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