Key Developments in Crypto Today

In today’s crypto landscape, notable events include:

1. Trump’s Meeting with Xi Jinping: President Donald Trump disclosed on Sunday his plan to meet with Xi Jinping, China’s President, during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea on October 31. This comes after a previous indication that he might skip the meeting. The president stated:

   “[Xi Jinping] is a very strong leader, a very amazing man. You can look at what he’s done, where he is in his life. It is an amazing story. It’s a story for a great movie. I think we’re gonna be fine with China, but we have to have a fair deal. It’s going to be fair.”

   This news led to a positive reaction in crypto markets, reflecting investor confidence as geopolitical tensions appear to ease.

2. Japan’s Financial Services Agency Considers Crypto Regulations: Japan’s Financial Services Agency (FSA) is working on potential regulations that could allow banks to hold cryptocurrencies including Bitcoin. This represents a significant shift in policy as previous guidelines ban banks from holding such volatile assets. Discussions on this reform are set for an upcoming Financial Services Council meeting.

3. Roman Storm’s Warning: Roman Storm, a developer at Tornado Cash, cautioned open-source developers, especially in the decentralized finance (DeFi) sector, regarding the possibility of retroactive prosecution by the U.S. Department of Justice (DOJ). He raised concerns about the legal risks developers face for creating non-custodial protocols, highlighting the ongoing uncertainties in legal protections for open-source software.

Crypto Market Surge The crypto market reacted positively to Trump’s comments indicating an easing of trade tensions.