Bitcoin’s price regained ground in the early hours of Monday after pulling back on Friday, following a WSJ report that U.S. regulators are investigating Tether, the issuer of the largest stablecoin. Meanwhile, Kraken announced plans to launch its own Layer 2 solution by 2025, and Robinhood debuted presidential election betting.

Bitcoin gained more than 5% last week despite Tesla moving $765 million of its BTC holdings to an unknown wallet. Meanwhile, DeFi protocol Radiant Capital halted lending after $50mn exploit, Singapore’s largest bank introduced tokenized banking services, and Robinhood announced it will launch BTC and ETH futures trading.

Last week saw significant regulatory developments in the cryptocurrency space. The U.S. Securities and Exchange Commission (SEC) charged Cumberland, one of the oldest liquidity providers in crypto, with operating as an unregistered broker-dealer. In a separate case, the SEC, in conjunction with the Department of Justice (DOJ), took action against several companies and individuals allegedly involved in wash trading.

Altcoins joined the rally last week after China announced its largest stimulus package since the pandemic, boosting risk-on demand. In other news, BNY Mellon has received approval from the US SEC to offer crypto custody.

Bitcoin neared $64K in the early hours on Monday after strong jobs data in the US dispelled recession fears. Meanwhile, Bitwise filed for a spot XRP ETF, while the U.S. SEC appealed the $125mn fine in its four-year legal battle with XRP’s issuer. Elsewhere, Kraken launched a derivatives platform in Bermuda.

Altcoins joined the rally last week after China announced its largest stimulus package since the pandemic, boosting risk-on demand. In other news, BNY Mellon has received approval from the US SEC to offer crypto custody.

Bitcoin rose by more than 8% last week after the Fed kick-started its easing cycle with a surprise 50 basis points rate cut. The US SEC approved the listing and trading of options for BlackRock’s BTC ETF, and US Presidential candidate Kamala Harris stated that she would “encourage innovative technologies” such as digital assets.

Bitcoin closed the week higher amid rising hopes for a jumbo rate cut at this week’s Fed meeting. Meanwhile, Donald Trump announced the launch of a DeFi platform today. Grayscale revealed the creation of its first closed-end XRP trust in the US, and trading platform eToro reached a $1.5 million SEC settlement.