Recapping the Week in DeFi

Stay informed about the latest developments and trends in the DeFi and crypto space with our weekly recap.

Consensys Faces Setback as Court Dismisses Lawsuit Against SEC

A Texas court dismissed Consensys’ lawsuit against the SEC on September 19, 2024. The case challenged the SEC’s classification of Ethereum as a security. Consensys filed the suit in April after receiving a Wells notice regarding potential enforcement actions tied to its Ethereum wallet, MetaMask. The company argued that the SEC’s scrutiny of Ethereum was regulatory overreach and that Ether should not be classified as a security.

Binance Demands Release of Executive Before Meeting Nigerian Crypto Regulations

Binance has announced it will not comply with Nigeria’s new digital asset regulations until its detained executive, Tigran Gambaryan, is released. This follows Nigeria’s Securities and Exchange Commission (SEC) introducing the Accelerated Regulatory Incubation Programme (ARIP), which requires virtual asset providers to establish offices in Nigeria and adhere to specific rules.

Circle Expands USDC Access in Brazil and Mexico via PIX and SPEI Real-Time Payment Systems

Circle has integrated its stablecoin, USD Coin (USDC), with Brazil’s PIX and Mexico’s SPEI payment systems. This allows businesses in Brazil and Mexico to convert local currencies (BRL and MXN) directly into USDC, bypassing international wire transfers. The move aims to enhance transaction efficiency, cut costs, and speed up cross-border payments and remittances.

Bitget Becomes LaLiga’s Official Cryptocurrency Partner in $10M+ Deal

Cryptocurrency exchange Bitget has teamed up with Spain’s top football league, LaLiga, as its official crypto partner for Eastern, Southeast Asia, and Latin America. The partnership, announced at the Token2049 event in Singapore, is valued at over $10 million and will span two to three years. Bitget aims to promote Web3 adoption and boost its global presence, especially in key crypto markets like Asia and Latin America.

Solana’s New Web3 Smartphone “Seeker”: What You Need to Know

Solana Mobile, a subsidiary of Solana Labs, has introduced its second web3 smartphone, Seeker, with over 140,000 pre-orders from 57 countries. Following the success of the Solana Saga, Seeker aims to enhance web3 integration for mobile users. Set to launch in 2025, the device will be priced between $450 and $500, offering exclusive rewards for early buyers.