Important information last night and this morning (March 6-March 7)
Reprinted from panewslab
03/07/2025·2M
Trump signs executive order to build strategic bitcoin reserves
According to King Shi, White House cryptocurrency chief David Sacks revealed that Trump signed an executive order to build strategic Bitcoin reserves. The reserve will be injected by the federal government's owned Bitcoins, which are confiscated in criminal or civil asset confiscation procedures, and the government will not acquire additional assets for the reserve except for the assets acquired through the asset confiscation procedures. The government will not sell any Bitcoin deposited into the reserves. The Finance Ministers and Commerce Secretary are authorized to develop strategies to keep budget neutral to acquire more Bitcoin. The executive order also sets up a U.S. digital asset reserve. Sacks also said that the U.S. government's premature sale of Bitcoin has cost U.S. taxpayers more than $17 billion in value. The U.S. government owns about 200,000 bitcoins, and the executive order requires a comprehensive accounting of digital assets held by the federal government. Now, the federal government will develop a strategy to maximize the value of Bitcoin it holds.
Jin Shi interpreted that the United States established a Bitcoin war reserve, but would not actively purchase Bitcoin ; Fox Business News reporter Eleanor Terrett interpreted that Trump's executive order established two types of digital asset holding mechanisms . Coinbase director commented. Trump's latest executive order is expected to reduce Bitcoin selling pressure by $18 billion.
Texas's Bitcoin Strategic Reserves Act passed in the Senate
ANews March 7 news, according to CoinDesk, several U.S. states are increasingly inclined to invest public funds into the cryptocurrency field after President Trump announced plans to take similar actions, and Texas has now become one of the leading contenders in this field. On Thursday, the Texas Senate passed the SB 21 bill, which would allow the state to invest some public funds into digital assets, especially Bitcoin. Texas Lieutenant Governor Dan Patrick issued a letter on the Texas Bitcoin Reserves Act passing in the Senate: "Building Texas Bitcoin Reserves is a bold move that other states should follow. I am on President Trump's side and hope to make Texas the center of the digital future in the United States." Previously, yesterday's news, the New Hampshire Bitcoin Act was passed on the House Committee with an overwhelming advantage. In addition, nearly a dozen states have vigorously pushed for the passage of bills that allow similar distributions, while at least five states have encountered setbacks or voted to fail to pass their bills. Utah has been ahead of its efforts and currently only needs Senate approval to submit the bill to the governor. However, the legislative session will end this week, leaving little time for the Senate and the State Legislature to jointly approve up to 5% of certain public accounts to invest in digital assets.
According to Bloomberg, more than 20 executives, investors and well-known figures in the cryptocurrency field will gather at the White House cryptocurrency summit tomorrow to plan the future development direction of the cryptocurrency field under Trump's leadership. People familiar with the matter said the event is likely to become a platform to promote a number of cryptocurrency-related administrative measures, and there are currently a variety of plans under consideration. Trump may announce that the administration will stop selling cryptocurrencies seized in criminal cases and instead use them to build state reserves, people familiar with the matter said. They also said Trump could issue an executive order to create a real Bitcoin reserve that is expected to buy more of this digital currency. Another potential proposal would involve tax handling issues in cryptocurrencies and would likely require congressional review and approval, one of the people familiar with the matter said. The people familiar with the matter said the actions are still under discussion and may not be implemented or change in the end.
Fox Business News reporter Eleanor Terrett released the updated list of the White House crypto summit this Friday (and there may be more): Garlinghouse (Ripple CEO), Chris Giancarlo (Former CFTC Chairman and Senior Legal Counsel for Willkie), Nathan McCauley (Anchorage Digital CEO), Kris Marszalek (Crypto.com), Cameron Winklevoss and Tyler Winklevoss (Two Founders of Gemini), Vlad Tenev (Robinhood CEO), Arjun Sethi (Kraken CEO), Michael Saylor (Strategy founders), Brian Armstrong (Chief CEO), Sergey Nazarov (Chainlink), Kyle Samani (Managing Partner of Multicoin), Zach Witkoff (World Liberty Financial, Trump-related encryption project), JP Richardson (CEO of Exodus), Matt Huang (Chief of Paradigm), David Bailey (CEO of Bitcoin Magazine), Raghu Yarlagadda (CEO of FalconX), and Shayne Coplan (CEO of Polymarket). David Sacks, director of AI and cryptocurrency at the White House, commented on the list: "Most of the invitation lists about X are fake, but this one looks real (although not yet perfected). Please note that the Digital Assets Summit is not a meeting, but a roundtable forum. We are very grateful for your attention, but in order to have in-depth and meaningful communication, we need to keep it small."
According to the announcement of the Hong Kong Securities and Futures Commission (SFC), virtual asset platform Linkbex is suspected of fraud and lied to be related to seven licensed companies in Hong Kong. Some investors reported that their accounts were locked due to the "SFC's crackdown on money laundering investigation." The Hong Kong police have blocked Linkbex-related websites at the request of the China Securities Regulatory Commission and included the platform on the list of warnings for suspicious virtual asset trading platforms of the China Securities Regulatory Commission on March 6, 2025.
Japan's ruling party proposes to reduce the crypto tax limit to 20% for benchmark stock investment
According to The Block, the Liberal Democratic Party of Japan (LDP) has drafted a proposal for crypto tax reform, intending to reduce the cryptocurrency tax rate from up to 55% to 20%, and reclassify it as a financial product, which applies to the Financial Commodity Trading Act, similar to the tax model of securities investment. Currently, Japan regards cryptocurrency earnings as "miscellaneous income" with a maximum tax rate of 55%. If the proposal is approved, crypto assets may receive independent tax treatment and lay the foundation for spot crypto ETFs. The Liberal Democratic Party is soliciting opinions from the public until March 31 and will be submitted to the Finance Department (FSA) for review. The FSA previously announced that it would announce new cryptocurrency regulatory directions by June at the latest.
Jito Foundation contributors propose new JTO token economic model, including potential buybacks
Jito Foundation contributor Andrew Thurman proposed a simulation scheme on Thursday about a new model of JTO token economics, which includes a potential repurchase token plan, according to The Block. The 12-page proposal he prepared was intended to trigger in-depth discussions on how to expand the utility of Jito's governance tokens (it should be noted that this proposal is informal and does not represent the official position of the Jito Foundation, JitoDAO or other relevant parties). Thurman notes that as Solana uses grow, revenue from the protocol and DAO are also increasing. He believes that communities should think about how to best utilize these revenues, rather than just increasing the size of the vault. While many protocols face the choice between reinvestment in ecosystem growth and distribution of rewards to participants through rewards, Jito can explore a “recycling and rewards” strategy. He believes that at the application and infrastructure level, value recovery (reinvestment in ecosystem growth) and value rewards (redistribution or compensation for ecosystem participants) are completely new areas of design, and how best to achieve these two goals remains to be addressed.
In terms of "value recovery", Thurman believes there are two main options: buyback or flip fee switches. Both approaches aim to return value to users in a relatively straightforward way. Although the fee switch mechanism can sometimes be controversial, it is a simple mechanism to reward value to token holders. Thurman mentioned some running examples such as GMX and Synthetix, but he believes that there are not many crypto projects that successfully redistribute value through fee switches. By contrast, repurchases have become a popular method to reward ecosystem participants, which may be affected to some extent by the success of repurchases in traditional market mechanisms. However, Thurman notes that there is currently no risk-free model or “clear blueprint for success” to reward the community through repurchase. To this end, he proposed two possible "new reinvestment" models: "repurchase and barter" and "real rate of return indicators". In the repurchase and barter model, Jito DAO will use a percentage of the fees it earns to "barge" with another project's DAO in exchange for favorable conditions and achieve long-term cooperation in this way. Thurman believes that the benefit of the proposal is to remove JTO from the open market and “soft lock” the tokens, thereby avoiding the use of tokens from the Jito DAO vault to increase circulation supply. But he also pointed out that the proposal poses counterparty risks.
Coinbase International Station will launch VVV, COOKIE and BIO perpetual contracts
Coinbase International Exchange announced that it will launch Perpetual Futures of Venice Token (VVV), Cookie DAO (COOKIE) and Bio Protocol (BIO) at or after March 13 at 17:30 (East Eighth Time), to support trading on the Coinbase International Exchange and Coinbase Advanced trading platforms.
Binance announced that it will support RedStone (RED) in multiple product lines starting from 00:00 on March 7 (East Eighth District Time), including financial management, one-click buying of coins, flash exchange, leverage trading and contract trading. • Binance Financial Management: RED guaranteed currency earning current products will be launched at 00:00 on March 7 and will be open for subscription. • Fixed investment: From 18:00 on March 7, users can invest in RED through the Binance Fixed Investment platform. • One-click buying and selling coins: Support credit cards, debit cards, Google Pay, Apple Pay, Revolut to purchase REDs, or use wallet balance to buy and sell REDs, and is expected to be open within 24 hours of spot online. • Flash exchange trading platform: RED is expected to support flash exchange within 24 hours of spot stock online, and can be exchanged for BTC, USDT and other tokens, and there is no handling fee. • Leveraged trading: Coin safe position and position-by-position leverage will be opened to RED to borrow assets at 00:20 on March 7, and RED/USDT, RED/USDC, RED/FDUSD trading pairs will be launched. • Contract Trading: Binance will launch the RED U standard perpetual contract at 00:00 on March 7, with a maximum leverage of 75 times.
Safe{Wallet}, a multi-sign wallet, issued an announcement stating that its joint security investigation with Mandiant (now affiliated with Google Cloud) has made critical progress and confirmed that the February 21 attack was conducted by North Korean hacker group TraderTraitor (UNC4899), which has previously launched multiple attacks on the crypto industry. Hackers gained critical access by hacking Safe{Wallet} developers' computers and hijacking AWS session tokens bypassing Multi-factor Authentication (MFA). Safe{Wallet} emphasizes that despite the impact of the attack, the smart contract was not damaged, the system has been fully reset, and stricter security protection measures have been implemented, including: • Infrastructure reset: regenerate all credentials, reset the cluster, update keys and confidential information, and redeploy the container image. • External access restrictions: Temporarily block external access to the transaction service, allow only internal communications, and strengthen firewall rules. • Malicious transaction detection upgrade: Work with Blockaid to strengthen transaction monitoring and increase risk marking for Safe account master upgrades. • Real-time monitoring enhancements: Improve logging and threat detection capabilities to respond to security incidents faster. • Pending transaction cleanup: Clears all pending transactions in the database to prevent potential security risks. • Optimize UI and security verification tools: Introduce Safe Utils as a third-party transaction verification tool, and plans to provide a version of Safe{Wallet} that is fully managed by IPFS. Safe{Wallet} calls on the Web3 ecosystem to jointly respond to increasingly complex security threats and strengthen the optimization of transaction verification tools to improve user security. The official has released detailed transaction verification guidelines and plans to further optimize the user experience to reduce potential risks.
Binance announced that the RedStone (RED), which was originally scheduled to open on March 6, 2025 at 21:00 (Beijing time), will be postponed to 00:00 (Beijing time), on March 7, 2025. Previously, Binance temporarily postponed its trading launch plan due to the temporary adjustment of the community airdrop allocation plan by the RedStone (RED) project.
RedStone adjusts RED airdrop allocation, adds 2% quota to compensate for missing community members
In response to community concerns, RedStone announced adjustments to the selection process and allocation of RED airdrops. RedStone decided to allocate an additional 2% of the total RED supply from the "Ecosystem and Data Providers" based on the Miner airdrop which was originally 5% of the total supply, to compensate for the contributors missing in the initial airdrop. The eligibility for additional airdrops has been re-evaluated and qualified users are determined based on the collected proof of participation. This 2% share will be open to be collected at 00:00 on March 7, 2025 (Beijing time). In addition, RedStone plans to allocate 4.5% of REDs six months after TGE (September 6, 2025), with the total supply to support DeFi projects using RedStone price oracles and further distributed to its eco-users. Current qualified projects include Euler, Gearbox, Pendle, Venus, Fraxlend, Evaa, Angle and other DeFi platforms. RED transactions are still going on normal on various platforms, and RedStone said it will continue to optimize community incentive mechanisms in the future.
According to Blue Whale News, the AI Agent product Manus was released a few days ago and attracted widespread attention from the market. But at the same time, the market also has tokens of the same name appearing, which has caused related questions. In this regard, the reporter learned from an insider close to the Manus AI Agent team that the token of the same name of Manus has no relationship with the Manus AI Agent product team.
World Network officially launches chat function World Chat, supporting "live authentication" chat
According to the World Network announcement, it launched the new chat feature World Chat, which runs as a "mini app" in the World App wallet and provides special benefits to users holding World Network digital passports. World Chat is designed like iMessage, with chat bubbles for verified users appearing in blue with World ID badge, while messages for unverified users are gray and without badges. This chat function can be used even if the user has not completed an iris scan. In addition, World Network announced the launch of World Build Incubator in collaboration with Alchemy, Bain Crypto Capital, Blockchain Capital and Variant Fund, with plans to host hackathons, build camps and Demo Day to facilitate developers to build more "mini apps". World Chat will be available on the World App for Android and iOS starting today.
World Liberty Financial and Sui reach strategic reserve cooperation
According to the Sui Foundation, World Liberty Financial (WLFI), a DeFi agreement inspired by US President Trump, announced a strategic cooperation with Sui to promote the development of decentralized finance (DeFi). As part of the collaboration, WLFI plans to include SUI tokens in its strategic reserves to support leading Web3 projects.
Lombard Finance to launch its Bitcoin liquid staking token LBTC on Sui Blockchain
According to CoinDesk, Lombard Finance announced that its Bitcoin liquid staking token LBTC will launch the Sui blockchain on March 12, which is the first time that LBTC has integrated into a non-EVM-compatible chain. At present, LBTC has been deployed in EVM-compatible networks such as Ethereum, Base and BNB Chain, with circulation of nearly US$2 billion, of which 70% have been used in DeFi protocols such as Aave and Morpho. LBTC will be supported by Sui Wallet and Phantom Wallet and will be first integrated into the highest Sui protocols for TVLs such as Cetus, Navi Protocol and SuiLend. In addition, Lombard Finance plans to launch incentives to encourage Bitcoin adoption of Sui ecosystem and suggest that it may expand to more non-EVM networks in the future.
Brazilian technology company Méliuz has invested 10% of its cash reserves in Bitcoin (BTC), becoming one of the first companies in Latin America to adopt Bitcoin as a reserve asset. The company said the move is part of its long-term strategy, hoping to emulate the successful experiences of companies such as MicroStrategy and is evaluating the possibility of further increasing Bitcoin positions in the future.
Bitwise's mixed Bitcoin and gold ETP product has been launched in Europe
Asset management company Bitwise launched the Bitcoin and Gold Exchange Trading Product (ETP), which was listed on Euronext on the Paris and Amsterdam exchanges on Thursday, CoinDesk reported. BTCG tracks Diaman Bitcoin and Gold Index, which can dynamically redistribute assets between Bitcoin (BTC) and gold (Gold) based on risk adjustments to Bitcoin, to take advantage of the cyclical trends in the market.
Dubai government-owned bank Emirates NBD launches crypto trading service through Liv X
According to CoinDesk, Dubai government-controlled Emirates NBD Bank has launched a crypto trading service through its digital bank Liv, allowing users to buy and sell cryptocurrencies on its new app Liv X. The service is supported by infrastructure by Aquanow, a digital asset platform licensed by Dubai Virtual Assets Regulatory Authority (VARA), and the custodial service is provided by Zodia, supported by Standard Chartered Bank.
YZi Labs invests in Tensorplex Labs to drive decentralized AI
YZi Labs announced it has invested in Tensorplex Labs, a lab dedicated to building decentralized AI applications, infrastructure and tools. This investment aims to accelerate the integration of AI development and decentralized technologies. Tensorplex’s main products: • Tensorplex Dojo: Decentralized AI core infrastructure, integrating human intelligence training AI, and providing rewards to contributors. In the future, Dojo will promote real-time collaboration between human and computers and create the "human API" in the AI era. • Backprop Finance: The DeFi platform of the Bittensor ecosystem, supports dTAO transactions and analysis, and plans to launch EVM-based capital solutions to promote economic growth of the Bittensor subnet.
Tether freezes $28 million USDT from Russian sanctioned exchange Garantex
According to Cointelegraph, Tether has frozen about $28 million USDT, involving the Russian crypto exchange Garantex, which has been sanctioned by the EU and the US. Affected by this, Garantex has suspended all transactions and withdrawals, and announced on its official website that all USDT assets in Russian wallets are at risk. The action follows the 16th round of sanctions against Russia issued by the EU on February 26, and Garantex is listed on the list for its close ties with sanctioned Russian banks. The US Treasury Department imposed sanctions on it as early as April 2022. Garantex responded that he would continue to fight, but did not disclose subsequent response measures.
Uniswap's cumulative trading volume exceeds $2.5 trillion
According to Token Terminal data, Uniswap's historical cumulative trading volume has exceeded US$2.5 trillion. Uniswap's transaction volume has steadily increased since 2021, a milestone that further consolidates its position as the core infrastructure of the DeFi ecosystem.
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