The Daily Crypto Brief!
Hello readers! Cryptocappy brings you the latest tea from the crypto world. Let’s dive in!
Peter Thiel and Tech Titans Unite to Launch Bank Backing Crypto & AI Startups
PayPal co-founder Peter Thiel, Palmer Luckey, and other tech heavyweights are building a new bank called Erebor—designed to support startups in AI, defense, crypto, and more. It’s being set up to fill the gap left by Silicon Valley Bank (SVB), which collapsed in March 2023 after risky investments and a major bank run. Erebor aims to back companies that traditional banks now avoid.
SEC Puts Brakes on Grayscale’s Crypto ETF Plans for XRP, Solana & Cardano
The SEC has hit pause on a decision that would allow Grayscale to trade a new crypto ETF with Solana, XRP, and Cardano—alongside Bitcoin and Ethereum. Interestingly, the same day, it moved quickly to approve a different Grayscale fund (GDLC) with similar altcoins for ETF conversion.
Experts think the SEC may be holding off until it sets clear rules for crypto ETFs across the board.
Fake Trump-Vance Insider Dupes Victim Out of $250K in Crypto
A Nigerian national allegedly tricked a crypto donor by pretending to be a top official from the Trump-Vance Inaugural Committee. The scammer used a fake email address that looked almost identical to the real one—just one letter was changed. This small detail fooled the victim into sending $250,300 in Ethereum-based USDT, a type of stablecoin, on December 26, 2024.
The scammer moved the funds quickly across different wallets to cover their tracks. Thankfully, the FBI used blockchain analysis to trace the transactions and recover about $40,300, with help from Tether, the company behind USDT.
IMF Blocks Pakistan’s Plan to Offer Cheap Power for Crypto Mining
The IMF has rejected Pakistan’s proposal to give cheap electricity to crypto miners—just two months after the country announced plans for a national Bitcoin reserve. The IMF warned that such subsidies could mess up the already stressed power sector, which is dealing with over $4.5 billion in circular debt. The plan is still being reviewed by the World Bank and others.
Bahrain Rolls Out First-Ever Rules for Stablecoin Issuance and Offerings
The Central Bank of Bahrain has introduced its first official rules for stablecoins—digital currencies tied to real money like the Bahraini Dinar or U.S. Dollar. Only fully fiat-backed stablecoins are allowed (no crypto-backed or algorithmic ones). Companies must get a license before offering or managing stablecoins in or from Bahrain. Activities like issuing, burning, or storing stablecoins are now regulated. Issuers must keep a 1:1 reserve in safe, liquid assets to match every coin they issue.
This move makes Bahrain one of the few Gulf countries with clear, enforceable stablecoin rules.
That’s all for today. Catch you tomorrow with fresh updates on crypto. Have a great day!
