Brazil's approval of its first spot XRP ETF marks a major turning point for Latin American cryptocurrency. The Hashdex Nasdaq XRP Index Fund was approved by Brazil's securities regulator (CVM) and will be available for trading on the B3 exchange in the near future. Hashdex already has a number of crypto ETFs, including Bitcoin, Ethereum, and Solana, according to CoinTelegraph.
At the same time, Brazil's Braza Group is introducing a real-pegged stablecoin, BBRL, secured by Braza Bank. The stablecoin was first created for institutional purposes, but the company expects to increase its use in the future. Braza Group is also involved in DREX, the Brazilian central bank blockchain initiative. The news comes as Brazil increasingly uses cryptocurrency in the face of tighter regulations worldwide.
Advertisement
Nigeria Sues Binance Over $81.5 Billion Tax Evasion and Currency Manipulation
Nigeria is suing Binance for record $81.5 billion on charges that the cryptocurrency exchange avoided paying $2 billion in taxes and weakened the naira, inflicting economic damage of $79 billion. The lawsuit follows the arrest this year of two Binance executives on tax fraud and money laundering charges.
Binance halted naira trading in March 2024 at the behest of regulators, but Nigeria is heading to court. The government claims that Binance trading had destabilized the naira, and the country is thus imposing stricter controls on crypto exchanges trading in the country. This instance is a demonstration of Nigeria's forceful strategy towards the impact of crypto on its economy, CoinTelegraph reported.
Advertisement
SEC Drops Appeal on Crypto Broker-Dealer Rule After Legal Battle
The U.S. Securities and Exchange Commission (SEC) abandoned its appeal of the controversial rule for crypto broker-dealers. The rule which would have forced certain crypto companies to register as dealers, was invalidated by a Texas court in 2024. Crypto industry organizations such as the Blockchain Association were against the rule, claiming that the SEC had overstepped its authority.
Now that Gary Gensler is no longer the head of the SEC, the agency's crypto policy seems to be shifting. To develop more transparent regulations, Mark Uyeda, the agency's new acting SEC Chair and Commissioner Hester Peirce formed a Crypto Task Force. The move raises the possibility of a more impartial crypto regulatory approach from the SEC in the future, as reported by cointelegraph.
