Goodbye BUSD + Robinhood Buys Back from SBF + Meme of the Week

Hello there!

Welcome to another crypto news roundup from Coinigy (how’s your portfolio doing, by the way?).

So, our favorite song for last week was it’s been a loooong day, without you my friend.

Of course, no one in the crypto space (that we’re aware of) passed… but we did get some sad news.

First, Binance is now winding down support for BUSD. It’s long overdue anyway, especially after a US court ordered Paxos to stop minting new BUSDs.

Given the current state of crypto, we thought it necessary to include a Meme of the Week section—to, you know, lighten up the mood while we wait for the next bull run.

• Binance to ‘Gradually’ end support for BUSD products
• Elon Musk’s X has licenses in multiple U.S. states to process payments, including crypto
• Grayscale wins SEC lawsuit for Bitcoin ETF review
• Robinhood Completes $606 Million Buyback of Seized Shares from Sam Bankman-Fried

Binance to ‘Gradually’ end support for BUSD products

A decision to end support for BUSD has been expected since stablecoin issuer Paxos was ordered to stop minting the coin in February. Binance CEO Changpeng Zhao said at the time that “BUSD will slowly wind down over time,” although the timing of the phasing out was unclear. The decision to stop BUSD loans with a weeks’ notice suggests those timelines have been pushed forward.

Read the complete story

Elon Musk’s X has licenses in multiple U.S. states to process payments, including crypto

As it stands, Elon Musk’s X can now conduct crypto transactions and process them in seven states in the US which include Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and now Rhode Island.

Here’s the full story.

Grayscale wins SEC lawsuit for Bitcoin ETF review

For the past few years, Grayscale has been in an ongoing legal battle with the SEC over converting its Grayscale Bitcoin Trust product into a spot Bitcoin ETF.

Grayscale won its lawsuit unanimously. The court declared that the SEC’s treatment of futures versus spot bitcoin products was essentially arbitrary and unfair.

While a lot of details are still being hashed out, including the timeline and process for approval, this is certainly a huge milestone for spot bitcoin ETFs.

Here’s the full story.

Robinhood Completes $606 Million Buyback of Seized Shares from Sam Bankman-Fried

Robinhood has successfully completed a $606 million buyback of shares that were seized from FTX founder Sam Bankman-Fried, as reported in an SEC filing following a recent court approval. The U.S. Justice Department (DOJ) seized these shares in January, with an initial value of $450 million.

Here’s the full story.

Other highlights worth mentioning

• Half of the People in Turkey Now Own Crypto – Decrypt
• SEC delays decision on 6 spot Bitcoin ETF applications – Cointelegraph
• Defining Depegs: A New Metric for Stablecoin Stability – Kaito
• Bitcoin and Ethereum Unmoved in Slow Market Week – Decrypt

Meme of the Week

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• Source: https://insights.coinigy.com/goodbye-busd-robinhood-buys-back-from-sbf-meme-of-the-week/