In a significant yet understated assembly, key figures from the crypto industry convened with White House officials for the second time in just over a month. This gathering, attended by high-ranking officials such as U.S. Deputy Secretary of the Treasury Wally Adeyemo, National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and Vice President Kamala Harris’ Director of Legislative Affairs Kristine Lucius, unfolded virtually under the orchestration of Representative Ro Khanna. Among the crypto heavyweights present were Ripple’s Brad Garlinghouse and Chris Larsen, Uniswap’s CEO Hayden Adams, Stellar Development Foundation’s CEO Denelle Dixon, Circle’s Jeremy Allaire, Mark Cuban, Coinbase’s Paul Grewal, and Anthony Scaramucci, among others.

Read more: Crypto Industry Unites in Support of House Bill Approaching Final Vote

The meeting, smaller in scale compared to the previous month’s Washington D.C. session, allowed for a more intimate exchange. Notably, this round included the presence of Brainard and Adeyemo, identified as the highest-level non-regulatory figures overseeing crypto policy within the Biden administration. The dialogue, as described by sources, involved a candid exchange of grievances from the crypto industry, alongside discussions on potential use cases and desired policy outcomes, particularly emphasizing job creation and economic impact. The presence and inquisitive engagement of Brainard and Adeyemo were perceived as a positive step towards advancing the regulatory dialogue.

The intersection of cryptocurrency and politics continues to gain prominence, especially as the upcoming election season approaches. Significant financial contributions from the crypto sector have begun to flow into super PACs, reflecting the industry’s increasing influence. The Republican Party, with Donald Trump at the helm, has already signaled its support for the crypto industry in the 2024 elections, while Kamala Harris’ team has recently started engaging more deeply with the sector.

Solana Developers Address Critical Network Vulnerability

In a display of technical agility, Solana developers, validators, and client teams coordinated to address a critical vulnerability within the network. The Solana Foundation initiated a discreet patch process on Wednesday, contacting network operators through private channels to prevent potential exploitation. This preemptive measure allowed operators to independently verify and apply the patch, leading to the securement of 66.6% of the network’s stake by Thursday. Once 70% of the network had implemented the patch, the vulnerability was publicly disclosed, with Solana Labs issuing an urgent call for remaining operators to update their systems.

Cboe Re-Files for Spot Bitcoin ETF Options, Signaling Potential SEC Engagement

In a move that suggests possible engagement from the Securities and Exchange Commission (SEC), Cboe resubmitted its application to list options on spot Bitcoin ETFs late Thursday. According to Bloomberg Intelligence ETF analysts, the new filing proposes a rule change to permit the exchange to list and trade options on units representing interests in spot Bitcoin ETFs from major players like Fidelity, Ark Invest/21Shares, Invesco, Franklin Templeton, VanEck, WisdomTree, Grayscale, Bitwise, BlackRock, and Valkyrie. This revision follows feedback from the SEC, particularly concerning position limits and market manipulation concerns. Analysts James Seyffart and Eric Balchunas interpret this development as a positive indicator, suggesting that the SEC’s engagement, rather than outright denial, bodes well for the approval prospects.

Tether to Expand Workforce Amidst Record-Breaking Profits

Tether, the issuer of the largest stablecoin USDT, plans to double its workforce by mid-2025, according to CEO Paolo Ardoino. Operating with a streamlined team of just over 100 employees across 50 countries, Tether has recognized the need for expansion following substantial growth, including a record $5.2 billion profit in the first half of 2024. Ardoino stated that the company aims to bolster its development, investment, and compliance teams, with the workforce expected to grow to around 200 employees by mid-next year.

Donald Trump Jr. Distinguishes Crypto Project from Memecoins

During a live-streamed Q&A session, Donald Trump Jr. expressed his fondness for memecoins but clarified that his new crypto initiative, tentatively linked to decentralized finance, represents a more profound endeavor. He emphasized that the recently controversial RTR memecoin, rumored to be connected to his father, is unrelated to the project he and Eric Trump are developing. Trump Jr. hinted that the initiative, possibly named “World Liberty,” is designed to challenge traditional banking structures, appealing to those who have faced difficulties in accessing banking or insurance services. Trademark applications filed in July suggest this project may soon come to light, potentially offering a more substantial alternative within the decentralized finance landscape.