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Quick Take Germany’s financial regulator BaFin halted Ethena GmbH, an Ethena Labs subsidiary based in Frankfurt, from offering the firm’s USD-pegged stablecoin USDe. “Ethena GmbH took advantage of a transitional arrangement under the European MiCAR regulation to enter the German market,” BaFin stated. Ethena Labs stated that no assets have been frozen and that Ethena GmbH’s application won’t be approved within the EU’s crypto regulatory framework, MiCA.

Quick Take The move comes after an appeals court ruled that the Office of Foreign Assets Control exceeded its authority by sanctioning Tornado Cash in November 2024. Additionally, a U.S. District Court in Texas ordered Tornado Cash’s sanctions to be reversed in January. OFAC sanctioned Tornado Cash in 2022 after claiming North Korean cyber hackers used the platform to launder illicitly obtained cryptocurrency.

Quick Take The U.S. Treasury Department has lifted sanctions on crypto mixer Tornado Cash after an appeals court ruled that its Office of Foreign Assets Control (OFAC) exceeded its authority in November 2024. Japanese investment firm Metaplanet has appointed the U.S. President’s second son, Eric Trump, to its Strategic Board of Advisors.

Quick Take Former DOJ prosecutor Katie Haun’s venture firm is raising $1 billion in fresh capital to invest in early and late-stage blockchain startups. The firm previously raised $1.5 billion, which it deployed slowly following the crypto market downturn in 2022.

Quick Take The SEC’s approach to crypto wasn’t working, said a16z crypto General Counsel Miles Jennings at the roundtable. The SEC has a new beginning and a “restart of the Commission’s approach to crypto regulation,” Commissioner Hester Peirce said on Friday.

Quick Take Decentralized social media protocol Farcaster has launched the mainnet for its “blockchain-like” data layer called Snapchain. The launch coincided with the debut of Farcaster’s “Airdrop Offers” program, which rewards active use of the decentralized social media platform.