What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
Under the name “For a financially strong, sovereign and responsible Switzerland (Bitcoin Initiative)”, a private committee wants to oblige the Swiss National Bank to invest in Bitcoin. Behind the initiative is a group led by Yves Bennaïm, an internet pioneer and Bitcoin specialist from French-speaking Switzerland. After the signature list submitted on December 5, 2024 has been checked and the text of the initiative has been finalized, the collection period will run from this week until the end of June 2026. Specifically, the proposal would amend the extract of the Federal Constitution that requires the Swiss National Bank to hold a currency reserve in gold. In addition, the SNB will have to hold part of the reserves in Bitcoin.
A national initiative aims to obligate the Swiss National Bank to invest in bitcoin.
Fire sales before Trump takes office?
Overseas, government Bitcoin holdings are also the subject of heated discussion. Over the last decade, the US Department of Justice has seized almost 20 billion US dollars in Bitcoin, which were usually associated with darknet marketplaces. Periodically, authorities sold parts of the holdings. During his election campaign, President-elect Donald Trump promised to stop these sales. All confiscated Bitcoin would be converted into a “permanent national asset”. Nevertheless, a court has now given the Department of Justice the green light to sell the assets. The market reacted negatively. The authorities have less than two weeks before Trump takes office.
A U.S. court has granted the Department of Justice (DoJ) approval to liquidate approximately $6.5 billion worth of confiscated bitcoin.
Unlawful campaign against crypto industry
Over the past year, letters have been issued by institutions such as the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve (Fed) and the Office of the Comptroller of the Currency (OCC), warning banks of regulatory consequences if they engage in cryptocurrency-related activities. This unconstitutional tactic without legal basis was already being used by the Obama administration against other industries deemed “high-risk.” However, “Operation Choke Point 2.0” has come to an end. Starting under the Trump administration on January 20, the FDIC will restructure its personnel, according to a statement.
Documents from a court order reveal proof of a targeted attack on the crypto industry by the FDIC also known as Operation Choke Point 2.0.
Outlook by the editorial team
2024 was a landmark year for the crypto industry: easier access to Bitcoin for institutional investors, stronger blockchain adoption and the pro-crypto stance of the new US president shaped the market. The new year is likely to be driven again by Bitcoin’s march into the mainstream. The cryptocurrency is seen as a robust alternative in a world full of uncertainties and depreciating currencies. As digital gold, Bitcoin offers security and trust through mathematics, cryptography and transparency – exactly what the financial sector needs today. A look at 2025 shows what opportunities the entire crypto industry could offer.
2024 was a pivotal year for the crypto industry: simplified access to bitcoin for institutional…
Decentralized stablecoin gains traction
In addition: Ethena is a decentralized finance (DeFi) protocol on Ethereum that issues the synthetic stablecoin “USDe.” It seeks to maintain a peg to the US dollar through a delta-neutral strategy that uses crypto-collateralized derivatives to hedge against market volatility. Since its public launch in February 2024, the USDe total supply has grown to over $6 billion, making it the third-largest stablecoin by market capitalization. Market data provider Kaiko Research analyzes the latest events.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
