Dear PointPay Family,

A whole week has passed, bringing with it a wave of news and events in the crypto world. To make sure you don't miss out on the most important topics, we've put together a top 5 for you. Read the article and stay up-to-date with everything that has happened over the past seven days.

El Salvador’s congress has officially revoked Bitcoin’s status as legal tender, marking the end of President Nayib Bukele’s ambitious crypto experiment. The move comes as part of a deal with the International Monetary Fund (IMF) to secure a much-needed financial bailout. Businesses are no longer required to accept Bitcoin, and tax payments in BTC have been discontinued. Meanwhile, the fate of the government-backed Chivo Wallet remains uncertain, with speculation that it could either be privatized or shut down entirely. Despite this policy shift, other Bitcoin-related projects in the country, such as mining and tourism initiatives, may continue.

UK Considers Bitcoin Sell-Off to Address Fiscal Deficit

The UK government may liquidate its $6.27 billion Bitcoin holdings, largely seized from criminal activities, to alleviate fiscal pressures. Chancellor of the Exchequer Rachel Reeves has been urged to seek expert advice on the optimal timing for the sale, aiming to maximize returns for taxpayers. Legal experts confirm that proceeds from such asset forfeitures would be funneled into the Treasury’s Consolidated Fund, effectively supporting public spending. With Germany having already sold off a substantial Bitcoin reserve in a similar move, the UK now faces a strategic decision on how to leverage its digital asset holdings.

US Senator Proposes National Bitcoin Reserve

Senator Cynthia Lummis has introduced a bold proposal for the US to accumulate 200,000 BTC annually over five years and hold it for at least two decades. The objective? To significantly reduce the national debt within 20 years. If implemented, this initiative could mark a major shift in America’s financial strategy, positioning Bitcoin as a key asset in the country’s long-term economic planning.

SEC Removes Ripple Lawsuit Mentions, Raising Speculation

The US Securities and Exchange Commission (SEC) has unexpectedly removed all references to its lawsuit against Ripple from its official website, fueling speculation about a potential case resolution. The legal battle, which has lasted over four years, has significantly impacted the price of XRP. Some believe this development signals a shift in regulatory stance, particularly following Donald Trump’s presidential victory. However, the SEC’s recent appeal against Ripple suggests that the case may not be entirely over. If confirmed, this could mark a major turning point for both Ripple and the broader crypto industry.

TON Blockchain Surges with 100M Users and Billion-Dollar Investments

The Open Network (TON) has reached a major milestone in 2024, surpassing 100 million Toncoin holders and seeing its active wallets grow 55-fold to 36.2 million. This explosive growth has been fueled by key developments, including the launch of USDt on the platform, a booming DeFi ecosystem, and the rising popularity of social gaming. High-profile airdrops like Notcoin’s $2.2 billion giveaway have further propelled adoption. Investors are taking notice, with major firms like Pantera Capital and Bybit pouring millions into the ecosystem. Looking ahead, deeper Telegram integration, the launch of the TON Teleport Bitcoin bridge, and expansion into the US market signal an ambitious roadmap for the blockchain’s future.

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