Crypto Headlines of The Week: Bitcoin ETF, Binance US, AI Sparks Optimism

So much has happened in the crypto ecosystem during the course of the past week, from talks about the much-anticipated launch of spot Bitcoin ETF to SBI Holdings’ deal with USDC issuer Circle and many more events. 

Here’s a recap of some of the top news for the week;

USDC Expands to Japan

SBI Holdings signed a Memorandum of Understanding (MoU) with Circle at the beginning of last week with plans to circulate USDC in Japan.

The intention for the strategic alliance is to expand the adoption and integration of the United States dollar-pegged stablecoin as well as the use of Circle’s Web3 Services in the Asian nation, especially after Japan introduced its stablecoin regulation. 

To facilitate their mission, SBI is seeking registration as an electronic payment instruments service, to be able to circulate USDC stablecoins in Japan.

AI Regulation Takes Center Stage

Around the same time, the United States, the United Kingdom, Germany, France and fourteen other nations introduced guidelines to improve the security of Artificial Intelligence (AI) solutions. There are currently some security concerns challenging the nascent AI ecosystem. Therefore, the bloc is emphatically pushing to facilitate a “secure by default” approach to AI that prioritises users’ security. 

The movement was spearheaded by the UK’s National Cyber Security Centre (NCSC) and the US’s Cybersecurity and Infrastructure Security Agency (CISA).

Binance Leadership Saga and Bitcoin ETF Trend

In other news, Binance founder Changpeng ‘CZ’ Zhao stepped down from his position as Chairman of the U.S arm of the popular crypto exchange, Binance US. 

This happened after the exchange’s $4.3 billion settlement with the United States Department of Justice (DOJ) the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC). 

CZ also transferred his voting shares through a proxy arrangement, as such, the crypto entrepreneur will no longer be involved in the company’s governance. 

Meanwhile, the wait for a decision from the SEC over more than a dozen spot Bitcoin ETF filings is intensifying. James Seyffart, Bloomberg ETF analyst, highlighted on the X app during the week that SEC has a narrow approval window between January 5 and 8 to either approve or disapprove the spot ETF applications.

Notably, members of the crypto community are very optimistic that the approval for the launch of a spot Bitcoin ETF is a matter of “when” and not “if”.