BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Robert F. Kennedy Jr., former presidential candidate and current Cabinet nominee, has made headlines again by revealing that he has invested the majority of his wealth in Bitcoin. Describing the digital asset as the “currency of freedom,” Kennedy shared his belief that Bitcoin offers a hedge against inflation and can help preserve wealth. His commitment to Bitcoin is clear, as he stated in a recent post: “I’m a huge supporter of Bitcoin. I went home and put most of my wealth into Bitcoin, so I’m fully committed.”
Kennedy’s enthusiasm for Bitcoin is not new. In 2023, he disclosed that he had bought Bitcoin for each of his seven children. He’s long been a vocal advocate for Bitcoin, arguing that it, alongside gold and silver, could act as a stabilising force for the US dollar, which he believes is at risk of devaluation.
Furthering his Bitcoin commitment, Kennedy has proposed bold ideas, such as placing the entire US fiscal budget on the blockchain for enhanced transparency and accountability. During the Bitcoin 2024 event in Nashville, he also promised to establish a Bitcoin strategic reserve if elected president and pledged to sign an executive order to transfer the US government’s Bitcoin holdings to the Federal Reserve.
Kennedy’s view on Bitcoin’s role in the future of the US dollar is equally strong. He has described Bitcoin as “inevitable” and suggested that the country must move quickly to incorporate Bitcoin as part of its reserve assets to maintain control and stability.
US Senator Cynthia Lummis has proposed the creation of a Bitcoin national strategic reserve, suggesting that the US government could sell some of the Federal Reserve’s gold to fund the purchase of Bitcoin, rather than relying on the federal budget. Lummis, a Republican Senator, pointed out that the government already holds gold certificates that could be converted into Bitcoin, which would then be held for at least two decades. The aim is to use Bitcoin’s potential appreciation to help reduce the national debt, which currently stands at around $36 trillion.
Lummis’ proposal aligns with President-elect Donald Trump’s broader vision for Bitcoin, which includes positioning the US as the global hub for cryptocurrency. Trump had previously pledged to establish a Bitcoin reserve and remove SEC Chairman Gary Gensler, replacing him with someone more supportive of digital assets. While some in the crypto community are sceptical, with a poll showing only a 30% chance of success, the increasing number of pro-crypto legislators in Congress suggests the bill could pass in the future.
The proposal comes at a time when Bitcoin’s price has surged, reaching a new all-time high of $93,477 earlier this month. With a market cap now exceeding $1.7 trillion, Bitcoin’s rising value has increased optimism around its role in reducing the US debt. Lummis and Trump’s plans signal a potential turning point in the US government’s stance on cryptocurrency.
Bitcoin’s consolidation near the $90,000 mark has steadied the broader cryptocurrency market, with trading volumes on centralised exchanges significantly declining. Binance, the largest crypto exchange, reported a 15.2% drop in daily trading volumes, while other major platforms like Bybit and OKX saw declines of 14.6% and 18%, respectively, according to CoinGecko. Activity on decentralised exchanges also dipped by 4% to $9 billion.
The market-wide cooldown comes as leading cryptocurrencies such as Ethereum, BNB, and Toncoin enter overbought territory. Analysts view this consolidation as a normal profit-taking phase, with long-term and short-term investors responding to recent price gains. Meanwhile, total crypto liquidations have dropped sharply from $869 million on 12 November to $231 million, signalling reduced sell-offs across the market.
Despite these trends, investor optimism remains high, with a 1.5% increase in total open interest reaching $104 billion. Market participants anticipate heightened volatility as Bitcoin’s dominance, currently at 56.2%, continues to influence broader market movements. Bitcoin’s next move could determine the trajectory of the entire cryptocurrency sector.
Tether has introduced Hadron, a cutting-edge platform for asset tokenisation aimed at institutions, corporations, fund managers, and governments. The platform, announced on 14 November, enables clients to tokenise a variety of assets, including stocks, bonds, stablecoins, and loyalty points. Tether describes Hadron as a seamless solution for issuing, managing, and investing in tokenised assets within a secure and regulated framework.
CEO Paolo Ardoino highlighted Hadron’s potential to revolutionise the finance sector by offering an inclusive and transparent alternative to traditional closed financial systems. He noted that Tether’s robust infrastructure, already managing $125 billion in assets, ensures that tokenisation is secure, scalable, and accessible. The platform provides advanced compliance tools, such as KYC, AML, and risk management, alongside features for customising token lifecycles.
Hadron supports multiple blockchains, including Bitcoin layer-2 solutions like Blockstream’s Liquid, marking Tether’s continued expansion into diverse financial segments. Recently, Tether’s Trade Finance division funded a $45 million oil deal in the Middle East using USDT, reflecting its growing influence in global finance. With Hadron’s launch, Tether aims to further bridge the gap between traditional finance and blockchain innovation.
Ilya Lichtenstein, a New York tech entrepreneur, was sentenced to five years in prison for laundering stolen cryptocurrency from Bitfinex, one of the world’s largest exchanges. Lichtenstein admitted to hacking Bitfinex in 2016, stealing around 120,000 bitcoin using advanced tools. At the time of the theft, the bitcoin was valued at $71 million but had soared to $4.5 billion by his arrest in 2022.
Lichtenstein and his wife, Heather Morgan, were arrested in February 2022. Morgan, a self-styled rapper known as “Razzlekhan,” also pleaded guilty to conspiracy charges and is set to be sentenced on November 18. US authorities recovered $3.6 billion of the stolen funds in what Deputy Attorney General Lisa Monaco called the largest financial seizure in the Justice Department’s history.
Alongside his prison term, Lichtenstein will serve three years of supervised release, marking a significant milestone in the fight against cryptocurrency-related crimes.
Attorneys General from 18 US states have launched a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler. The coalition, led by states such as Kentucky, Texas, Florida, and Nebraska, accuses the SEC of overstepping its constitutional authority with aggressive actions against the cryptocurrency industry. The lawsuit seeks court intervention to curb what they describe as “unconstitutional persecution” of the sector.
The complaint argues that states have successfully fostered innovation and safeguarded consumers through local regulatory frameworks, enabling blockchain experimentation and adaptation to regional needs. Examples include licensing requirements for digital asset platforms, taxation rules for digital currencies, and procedures for handling unclaimed digital property. The lawsuit claims the SEC has ignored these efforts, instead attempting to impose federal mandates without Parliamentary approval.
The Attorneys General allege that the SEC’s enforcement actions violate the separation of powers, undermining state authority over crypto regulation. With all 18 Attorneys General being Republicans, the lawsuit calls for judicial intervention to reaffirm states’ rights and halt the SEC’s centralised approach.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
Societe Generale-FORGE, a subsidiary of the French banking giant, has announced plans to launch its euro-pegged stablecoin, EURCV, on the XRP Ledger in 2025. This move continues SG-FORGE’s multi-chain strategy, following previous deployments on Ethereum and Solana. By leveraging the XRP Ledger’s low-cost, high-speed infrastructure, the company aims to expand EURCV’s adoption, particularly in cross-border payments.
EURCV is designed to comply with the EU’s MiCA regulatory standards, ensuring transparency, consumer protection, and market integrity. Stablecoins like EURCV, which are tied to traditional assets such as the euro, offer a stable and less risky alternative to volatile cryptocurrencies, making them an ideal solution for institutional finance.
Guillaume Chatain, Chief Revenue Officer at SG-FORGE, emphasised that the XRP Ledger’s speed and cost-efficiency make it a strategic platform for EURCV. Since its inception in 2012, the XRP Ledger has processed over 2.8 billion transactions and supported more than 5 million active wallets, reinforcing its reputation as a reliable blockchain network. SG-FORGE’s efforts to integrate EURCV into the financial ecosystem align with its broader vision for compliant and secure digital assets.
The British government is stepping up efforts to regulate stablecoins and redefine rules around staking, aiming to bolster its appeal as a crypto-friendly destination. Expected by December, these measures follow increased scrutiny of digital assets in the US, prompting firms to seek more welcoming jurisdictions.
Key elements of the proposal include giving the Financial Conduct Authority (FCA) authority to draft stablecoin regulations and revising staking rules to exclude them from traditional investment schemes. Insiders also point to updates on the UK’s digital securities sandbox, a joint blockchain initiative with the Bank of England designed to drive innovation.
In Parliament, recent efforts have centred on recognising digital assets as personal property to improve fraud protection and ownership rights. While the former Conservative government outlined ambitious crypto plans, the Labour government’s stance on digital assets appears more reserved.
