Here’s what happened in crypto today

Today, in crypto, the community behind the memecoin Floki has allocated a portion of its funds to provide liquidity for its upcoming Exchange-Traded Product (ETP). Meanwhile, in the United Kingdom, illegal cryptocurrency advertisements continue to thrive despite regulator warnings. Finally, a proposal to oblige the Swiss central bank to hold Bitcoin has been set in motion after being published in the Federal Gazette. Floki DAO approves ETP funding in unanimous voteThe Floki DAO has unanimously voted to allocate part of its community buyback wallet, containing 16.3 billion Floki tokens, as liquidity for the upcoming Floki Exchange-Traded Product (ETP). This ETP, set to launch in Q1 2025, will provide traditional finance investors in Europe with exposure to Floki, a memecoin ranked 66th by market capitalization.According to CoinGecko, memecoins were the second-best-performing crypto narrative of 2024. The sector returned an average of roughly 2,185% to investors during the year — second only to artificial intelligence, which returned an average of approximately 2,939%.Illegal crypto ads prevail in UK despite FCA warningIllegal crypto advertisements continue to target residents of the United Kingdom despite its financial regulator asking crypto projects to remove their advertisements targeting the country. According to a Financial Times report, 54% of the 1,702 alerts issued by the UK’s Financial Conduct Authority (FCA) between October 2023 and October 2024 ended in illegal crypto ads being taken down. The report said the rest of the crypto-related promotions are still up. The report said that despite the FCA’s ability to fine or bring criminal cases against violators, it has instead focused on financial influencers who promoted their schemes online. Proposal mandating the Swiss National Bank to hold Bitcoin now underwayA fresh proposal to constitutionally mandate the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet has been set in motion by the Swiss federal chancellery on Dec. 31.The proposal will need to accumulate 100,000 signatures for it to be put to a public referendum, according to Tether’s vice president of Energy and Mining Giw Zanganeh, who helped launch the proposal with Yves Bennaïm, founder and chairman of Swiss Bitcoin nonprofit think tank 2B4CH and eight other Bitcoin advocates.2B4CH had been preparing to submit documents to the State Chancellery since at least April to renew attempts at a successful proposal after it postponed its first filing in October 2021 — when the idea of a nation-state strategically holding Bitcoin (BTC) was not as common. “We were waiting for the right timing. Now, everything is falling into place, and this is why we submitted the documents and will start collecting the signatures,” Bennaïm told Cointelegraph.