Daily | Trump signs executive order to build strategic Bitcoin reserves; Binance has frozen GPS token account of a market maker
Reprinted from chaincatcher
03/07/2025·2MCompiled by: Jerry, ChainCatcher
Important information:
- White House cryptocurrency chief: Trump signs executive order to build strategic bitcoin reserves
- Fox reporter: Trump's executive order establishes two types of digital asset holding mechanisms
- David Sacks: The U.S. government will not acquire other crypto assets for strategic reserves except for confiscating assets acquired
- 21Shares submits an updated version of its spot Polkadot ETF S-1 application to the US SEC
- Binance imposes monitoring tags on GoPlus Security (GPS)
- Binance has frozen the account of a market maker with a GPS token
- Financial Times: Trump makes at least $350 million by launching TRUMP meme coin
“What important events have happened in the past 24 hours”
White House cryptocurrency chief: Trump signs executive order to build strategic bitcoin reserves
David Sacks, director of AI and cryptocurrency at White House, said, “Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. The reserve will capitalize on Bitcoin owned by the federal government, which is part of a criminal or civil asset forfeiture process. This means it won’t cost taxpayers a penny. The U.S. government is estimated to own about 200,000 bitcoins; however, no full audit has been conducted. The executive order requires a comprehensive accounting of the federal government’s digital asset holdings.
The United States will not sell any bitcoins deposited in reserves. It will be retained as a means of store of value. For cryptocurrencies commonly known as "digital gold", reserves are like digital Fort Knox. The premature sale of Bitcoin has caused more than $17 billion in losses to U.S. taxpayers. Now the federal government will develop a strategy to maximize the value of Bitcoin it holds.
The Treasury Secretary and Commerce Secretary are authorized to develop budget-neutral strategies to acquire more bitcoins, provided that these strategies do not bring incremental costs to U.S. taxpayers. In addition, the executive order also establishes a U.S. digital assets reserve that includes digital assets other than Bitcoin confiscated in criminal or civil lawsuits. The government will not acquire other assets for reserve assets except for the assets acquired through the confiscation process. The purpose of the reserve library is to manage government digital assets under the leadership of the Ministry of Finance.
From making commitments to delivering them, President Trump promised to build strategic Bitcoin reserves and digital asset reserves, which have now been fulfilled. The executive order underlines President Trump's determination to build the United States into the "world's cryptocurrency capital." I want to thank the President for his leadership and vision in supporting this cutting-edge technology and his quick action in supporting the digital asset industry. His government is indeed moving forward at a "technical speed".
I would also like to thank the President’s Digital Asset Markets Working Group – in particular, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick – for their help and support in completing this work. Finally, Bo Hines played a key role as the Executive Director of our Working Group. ”
Fox reporter: Trump 's executive order establishes two types of digital asset holding mechanisms
Fox reporter Eleanor Terrett posted on X that Trump's executive order established two different digital asset storage mechanisms:
1. Strategic Reserve only stores Bitcoin (BTC): is regarded as the best store of value digital asset.
Original funding source: About 200,000 bitcoins obtained by the government over the years through criminal and civil confiscations;
Unique Mandate: Finance Minister Bessent and Commerce Secretary Lutnick are allowed to explore ways to get more bitcoin without increasing taxpayer burdens.
2. The Digital Asset Stockpile contains other digital assets other than Bitcoin: may include XRP, ADA, ETH, SOL and other assets.
The Ministry of Finance is responsible for "responsible management" of digital assets held by the government;
The government will only explore using budget-neutral ways to buy more Bitcoin, and will not actively seek to increase the number of other digital assets in the reserve;
The executive order also requires a comprehensive audit of all digital assets currently held by the government to ensure transparency in asset management.
David Sacks, director of AI and cryptocurrency at the White House, posted on social media that the executive order signed by President Trump also established a U.S. digital assets reserve that includes digital assets other than Bitcoin confiscated in criminal or civil lawsuits.
The government will not acquire other assets for reserve assets except for the assets acquired through the confiscation process. The purpose of the reserve library is to manage government digital assets under the leadership of the Ministry of Finance.
21Shares submits an updated version of its spot Polkadot ETF S-1 application to the US SEC
According to the official website of the US SEC, 21Shares submitted an updated version of its spot Polkadot ETF S-1 application to the US SEC.
Binance imposes monitoring tags on GoPlus Security (GPS)
According to Binance announcement, Binance will impose monitoring tags on GoPlus Security (GPS) on March 7, 2025.
Previously, GPS experienced a significant price drop after its spot listing and involved market making.
Binance has frozen the account of a market maker with a GPS token
According to Binance's investigation, the market maker sold about 70 million GPS from 13:00 (UTC) on March 4, 2025 to 9:55 (UTC) and did not place any purchase orders. After the spot trading was started, the market maker continued to sell GPS, becoming the largest profiter, making a profit of approximately US$5 million.
Binance has launched an in-depth investigation into the incident and has temporarily frozen the relevant market maker accounts.
Financial Times: Trump makes at least $350 million by launching TRUMP meme coin
According to the Financial Times, Trump's cryptocurrency project made at least $350 million by launching the $TRUMP meme coin. The media's analysis of blockchain data shows that the project operating entities earned the revenue from the sale of tokens within three weeks of $TRUMP launch in January this year, including $314 million in token sales revenue and $36 million in handling fees. In addition to the $350 million earned by selling $TRUMP directly on Solana, Trump may also earn more money by selling a small number of tokens on cryptocurrency exchanges like Binance.
Project website Gettrumpmemes.com said that "CIC Digital LLC, a subsidiary of Trump Group," and Delaware company Fight Fight LLC, jointly own 80% of the tokens. Although the product is officially recognized by the president, the project is operated by Fight Fight and “is not distributed or sold by Trump himself, the Trump Group or any of their respective affiliates or persons in charge.”
Investors and ethics experts say the sale of crypto tokens actually provides a way to deliver anonymous donations to the president, while also exploiting retail investors. "This is a bad example of what shouldn't be doing during his term of office that the U.S. president shouldn't be doing this kind of profit from his position," said Tim Massad, an adjunct law professor at Georgetown University's Law School and former chairman of the U.S. Commodity Futures Trading Commission.
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Meme Popular List
According to the market data of Meme token tracking and analysis platform GMGN , as of March 7, 19:50:
The top five popular Ethereum tokens in the past 24h are: LINK, 14THOFELON, SPX, ONDO, SBR
The top five popular tokens in the past 24h are: TRUMPKING, GrokCoin, YODA, ELON, PIPE
The top five popular tokens in the past 24h Base are: SKITTEN , VIRTUAL, BRAIN, USDT, Bsop
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