Crypto Trends Weekly – Dec. 10–16

Breaking crypto news from the last week (Dec. 10–16, 2022):

Dec. 12: The Royal Bahamas Police Force arrested FTX founder Sam Bankman-Fried, following the US authorities filed criminal charges against him. The Bahamas intends to extradite Bankman-Fried after US officials request it. Meanwhile, the “surprising” arrest comes just a day before a scheduled hearing before the US House Financial Services Committee hearing on the FTX collapse, “disappointing” Committee’s chair Maxine Waters.

The algorithmic stablecoin USDD, backed by Tron’s founder Justin Sun and managed by Tron’s DAO, fell to $0.9695 on Dec. 12, the lowest since June 22. The algorithmic decentralized stablecoin lost its dollar peg last month as the collapse of FTX shook investor confidence in crypto assets.

Dec. 13: Global financial watchdogs are set to lay out a firm framework to regulate the crypto industry in early 2023 and implement it quickly. The secretary-general of the Financial Stability Board (FSB), Dietrich Domanski, told The FT there is ‘strong agreement’ on a framework for digital asset rules.

Dec. 14: Payments firm PayPal announced its plans to integrate its buy, sell, and hold crypto services with MetaMask Wallet on Dec. 14, aiming to broaden users’ options to transfer digital assets from their platforms. Users will be able to buy and transfer Ether from PayPal to MetaMask soon.

Dec. 15: Microsoft updated its policy terms to specify it will not allow cryptocurrency mining on its online services without prior written approval. The updated rule came into effect back on Dec. 1 and applies to all Microsoft’s users, including paid customers.

Dec. 16: Solana has been tangled in FUD since the Solana ecosystem was affected by the FTX collapse, and this has drastically lowered the price of the SOL token. However, this did not deter the Solana team from working on new developments for the network.