PA Daily | Argentina President releases MEME currency LIBRA launch tweets to delete; US SEC encryption working group has discussed new regulatory plans with multiple industry participants
Reprinted from panewslab
02/15/2025·2MToday's news tips:
1. The US SEC Cryptocurrency Working Group has discussed new regulatory solutions with multiple industry participants
2. New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETFs to be pledged
3. The US SEC requests to extend Coinbase's appeal by 28 days
4. Argentine President Javier Milei released MEME currency LIBRA, and later said he did not understand the specific details of the LIBRA project and deleted the tweets
5.KIP Protocol: LIBRA is a private enterprise project, and Argentine President Mile did not participate in the development
6. The team behind LIBRA has cashed out about US$107 million
7. Ethereum Foundation: Pectra network upgrade plan is launched on Ethereum test network
8. Kaito AI to launch KAITO tokens, and now has released a white paper
9.BNB Chain to launch $4.4 million Memecoin liquidity support program
Regulatory/Macro
Georgia introduces a bill that allows state treasurers to invest in Bitcoin
According to Bitcoin Magazine, Georgia, the U.S. state has introduced a bill that allows state treasurers to invest in Bitcoin. According to screenshots attached to the media, the bill involves state deposit institutions in order to provide that the state deposit board allows state treasurers to invest in bitcoin; stipulate limits for such investments; stipulate requirements for safe handling of such assets; stipulate Borrowing; abolishing laws that conflict with them, etc.
US SEC Cryptocurrency Working Group discusses adding staking function to ETP
According to the U.S. SEC memorandum document, on February 5, 2025, staff of the Crypto Special Operations Team met with representatives from Jito Labs and Multicoin Capital Management. The topic discussed by both parties is a way to solve problems related to crypto asset supervision. Representatives from Jito Labs and Multicoin Capital Management provided the accompanying documentation, which was discussed during the meeting. The accompanying documentation shows that participants are expected to discuss two main topics in the meeting: (i) the ability to use staking as a function of ETP; and potential models for staking in certain crypto assets ETPs.
Fox Business News reporter Eleanor Terrett posted on the X platform that the U.S. Securities and Exchange Commission (SEC) Crypto Task Force is recording all its meetings with industry participants. To date, the task force has held meetings with Colin Lloyd, partner of the Commodity, Futures and Derivatives and Capital Markets team at Blockchain Association, Jito Labs and Multicoin Capital, Nasdaq, and Colin Lloyd, a partner of the law firm Sullivan & Cromwell Commodity, Futures and Derivatives and Capital Markets team. The topics of the conference focused on regulation and how the agency’s new approach would affect certain markets and products.
Previously , the US SEC Cryptocurrency Working Group met with representatives from Jito Labs and Multicoin Capital Management to discuss the addition of staking function to ETP.
US SEC requests Coinbase's appeal to be extended by 28 days
The SEC requested an extension of Coinbase’s appeal by 28 days as part of a long-term legal dispute between the agency and cryptocurrency exchanges over how to classify digital assets. The SEC requested an extension of the deadline from February 14 to March 14, which is the agency's initial response deadline. The legal dispute between Coinbase and the SEC focuses on whether digital assets should be classified as securities, or whether they represent a new type of financial instrument.
In the latest court filing, the SEC said the formation of its new crypto task force would affect its responses and current potential classification problems. The SEC document continues: "Neither party will be harmed by applying for an extension. This is not an expedited appeal, and Coinbase agrees to the motion."
Tether is working with U.S. lawmakers to push for stablecoin regulation bill
Fox Business reporter Eleanor Terrett tweeted that Tether is working with U.S. lawmakers to influence how the U.S. regulates these fiat currencies. Tether, the issuer of the world's largest stablecoin, is controversial for alleged lack of transparency. Critics say the company has never undergone a full audit and instead opt for quarterly financial book reviews by BDO, a global accounting firm.
As Congress is committed to developing legislation to establish regulatory frameworks for U.S. stablecoins, Tether CEO Paolo Ardoino said the company is actively communicating with lawmakers, pushing for relevant bills and pledging to comply with the final passed laws. The bill is expected to be signed into law by President Trump as early as April. If approved, Tether will be required to undergo a monthly audit by U.S. accounting firms and maintain a one-to-one reserve of regulatoryly approved assets.
U.S. Sen. Chris Rose, West Virginia, submitted a bill that would allow the state fiscal investment committee to invest up to 10% of its funds in digital assets or precious metals to hedge inflation risks. Among them, digital assets refer to virtual currencies, cryptocurrencies, native electronic assets, including stablecoins and NFTs, as well as other pure digital assets that give economy, ownership or access or power.
If it exceeds 10%, it is not necessary to sell the assets it holds, but no further purchases shall be made until it is below 10%. The state finances can invest in digital assets with a market value of more than $750 billion, and currently only Bitcoin meets the standards. Assets can be held on-chain or invested through ETFs.
New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETFs to be pledged
The latest documents show that New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETFs to be pledged. Earlier this week, the Cboe BZX exchange asked the SEC to allow pledges of ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to obtain additional returns from their large ETH holdings, which may be passed on to investors. The New York Stock Exchange filing states that the "trust" will also receive some pledge rewards.
Project News
Kaito AI to launch KAITO tokens, now released white paper
Kaito AI, an AI-based crypto search engine, posted a post on the X platform to introduce KAITO tokens and released its white paper. As the basic building block of its native currency and information finance (InfoFi) network, KAITO plays three key roles: driving market forces, serving as network currency, and realizing community governance. Token Economics is about to be released. Additionally, Kaito AI said that by developing Kaito Connect, InfoFi represents its long-term vision.
FTX Phase II Repayment is expected to take place in the second quarter of this year
FTX creditors disclosed on behalf of Sunil that FTX has sent email notifications to customers who have not met the first round of asset allocation requirements. Customers who failed to participate in the first round of allocations on February 18, 2025 include: customer claims under review, customers with a claim amount of more than $50,000, and customers who have not completed KYC, tax and distributor-related requirements. After completing relevant requirements, these customers will be included in the subsequent allocation plan and are expected to be conducted in the second quarter of 2025.
Previous news, FTX will repay creditors starting from February 18, 2025 , and the first phase of repayment will repay US$6.5 billion to US$7 billion .
Tether announces acquisition of minority stake in Juventus Football Club
Tether announced that it has acquired a minority stake in Juventus Football Club AG in the hope of taking the synergy of sports digital assets to the next level. Tether said the acquisition is also an important milestone in Tether's goal of integrating stablecoins, digital assets and technology into his daily life.
Ethereum Foundation: Pectra network upgrade plan launches on Ethereum test network
According to the official Ethereum Foundation blog, the Pectra network upgrade plan is launched on the Ethereum test network. It will be launched on Holesky on epoch 115968 (05:55 Beijing time on February 25), and then on Sepolia on epoch 222464 (15:29 Beijing time on March 5). The Pectra testnet client version is listed below. After the two test networks are successfully upgraded, one main network will be selected to activate epoch. Pectra is launched after last year’s Dencun upgrade. It introduces more features such as enhancing Ethereum accounts, improving validator experience, supporting L2 expansion and more.
Binance announced the upgrade of the token information disclosure mechanism and include the token unlocking timetable, providing a more transparent and comprehensive perspective on market value and circulation supply. In this update, Binance introduced two dimensions: market value and unlocked market value to better reflect the financial situation of the assets, and also distinguished between circulating supply and unlocked circulating supply.
Under the new method, the market value will be calculated by multiplying the current price by the circulation (including unlocked tokens); if the unlocked data cannot be obtained, non-publicly accessible tokens will not be included. Users can view the details of each project token unlocking schedule through the Binance website and the App Project Overview section.
pump.fun launches mobile apps for iOS and Android
According to official news, pump.fun announced the launch of mobile apps for iOS and Android, supporting free creation of tokens, fast buying and selling tokens, creating monitoring lists, and managing investment portfolios.
Argentine President Javier Milei releases MEME currency LIBRA
Argentine President Javier Milei announced today the launch of a Meme coin called LIBRA on his official X and Instagram accounts to promote the growth of Argentina's economy and announced the relevant contract address. The token's price is currently volatile, with its market value falling from its high of nearly $5 billion to $1.1 billion.
Coinbase adds MORPHO and PYTH to the currency roadmap
According to the official announcement, Coinbase added Morpho Token (MORPHO) and Python Network (PYTH) to the currency roadmap.
New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETFs to be pledged
The latest documents show that New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETFs to be pledged. Earlier this week, the Cboe BZX exchange asked the SEC to allow pledges of ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to obtain additional returns from their large ETH holdings, which may be passed on to investors. The New York Stock Exchange filing states that the "trust" will also receive some pledge rewards.
BNB Chain to launch $4.4 million Memecoin liquidity support program
According to the official announcement, from February 18, BNB Chain launched a $4.4 million Memecoin liquidity support program. BNB Chain will focus on the head Memecoin daily and weekly and inject BNB liquidity directly from the BNB Chain Foundation's wallet into the liquidity pool of winning projects. BNB Chain will offer 50% BNB + 50% Memecoin (buyed from the market) and add to the Memecoin’s most active liquidity pool. This liquidity will remain in the pool forever and will not be extracted. Winning criteria:
- Market value: Need to reach $1M or more
- Active holding address: no less than 1,000
- Token supply contribution: The project needs to add 10% of the total supply to the liquidity pool
- Holding Distribution: The top 10 externally owned accounts (EOA) holds the total supply of supply not exceeding 10%. These holders are encouraged to manage assets through locking positions or linear releases
- Security measures: Projects must verify their token source code at BscScan or pass security audit
Argentine President Javier Milei's previous LIBRA token tweet has been removed and said: "I posted a tweet a few hours ago, like I've posted several times before, supporting a so-called private enterprise, but Obviously I have no relationship with the business. I don't know the specifics of the project and after getting it, I decided not to promote it anymore (that's why I deleted my tweets). For those who want to take advantage of this situation The mean villain of the political group that creates harm, I want to say that you are confirming every day how mean politicians are, which strengthens my determination to kick you out with my feet."
LIBRA, the MEME coin released by the president of Argentina, has fallen to about US$200 million
According to GMGN data, Argentine President Javier Milei's market value has fallen back to about US$200 million after deleting MEME coin LIBRA tweets. The current pool liquidity is approximately US$14.8 million.
KIP Protocol, the development team behind the LIBRA project, tweeted, "The Viva la Libertad project is designed to help private enterprises in Argentina, and LIBRA tokens have also achieved success. Thank you for your trust and support. For all the issues, I would like to clarify here: This is A private enterprise project, President Mile has not been involved in the development of the project in any way in the past and present. The official website of the Viva la Libertad project shows that the project is a private independent project developed by KIP Protocol. (The first one on the left of the picture below is KIP Lianchuang Julian, and the first one on the right is Argentine President Milei. The photo was posted in October 2024)
Previous news , after publishing a tweet about the project introduction and token contract, Argentine President Mile said that he did not understand the specific details of the LIBRA project and had deleted the LIBRA token tweet.
Chaofan Shou, founder of Solana-based re-staking agreement, tweeted that he and Solayer engineer @tonykebot lost more than $2 million on LIBRA. "Let's see what two hackers and an idle weekend can bring us," and picture the KIP Protocol core member avatar.
Previously, on February 7, Solayer announced the economics of LAYER tokens: the maximum supply of 1 billion coins, 51.23% is allocated to communities and ecology.
KIP Protocol Julian tweeted a preliminary response to LIBRA token: Viva la Libertad aims to promote Argentina's economic development by funding small projects and local businesses, supporting those seeking to develop businesses and contribute to the country's development. The funds are still on-chain and no SOLs have been transferred. The KIP team was involved in the project but was primarily responsible for managing the allocation of funds to Argentina companies, not tokens. It should be noted that the token is not pre-sale and all sales are conducted through a unilateral liquidity pool. The team will develop a running plan for the Libertad project based on the initial goals, and will not use any SOL except for running the Viva La Libertad project. Everything will be transparent and open. More details will be provided soon.
Viewpoint
Binance founder Changpeng Zhao (CZ) has made the following views on the X platform: 1. People say they like meme coins; what they really mean is that they hope you can tell them which tokens they should buy to make money quickly; unfortunately What is, I can't, don't, and don't know how to do this. 2. The meme coin ecosystem on BSC is not yet mature. Last night, system performance issues occurred on multiple platforms/dApps in the ecosystem; on the plus side, there is demand now, and the platform will improve, although there will be some pain. PvP is also somewhat mythical, and people actually don’t want it. Other blockchains have players leading, managing, making markets or “influencing” which tokens win, I’m not saying they are controlled by an entity; they may naturally evolve over time. These elements are also lacking in the BSC, which makes us hope that this ecosystem can develop naturally. 3. As of the time of writing, according to Dex Screener, there are six Broccoli projects on BNB Chain with a market capitalization of more than US$200 million. Not sure if this is good or bad, or even if I understand the data correctly (Update: Someone told me: The 6 Broccoli projects you shared are all the same tokens, but the pools are different. This shows what I know about meme degree). Please manage your own risks. If you cannot withstand the price drop, don’t touch meme coins. Finally, there are many other contents besides meme coins. Today I also communicated with stablecoin projects, AI projects and other projects.
Update : Zhao Changpeng deleted the above post and said: "Can't tweet anymore. People always over-interpret my tweets, and any mention of anything will be attached with some extra meaning."
Vitalik: L1 Gas limit needs to be increased even in L2-dominated Ethereum
Ethereum co-founder Vitalik Buterin released the latest article "Reasons for raising L1 Gas restrictions even in L2-dominated Ethereum." The article said that an important recent discussion in the Ethereum roadmap is about how to increase the L1 gas cap. Recently, the L1 gas cap has increased from 30 million to 36 million, with a 20% increase in capacity. Many support further significant increases in the near future. These increases are secure due to recent and upcoming technological improvements: increased efficiency of Ethereum clients, reduced demand for storing old history due to EIP-4444 (see roadmap), and stateless clients in the future. However, before we go this path, it is important to ask a question: Is it the right thing to do in the long run to increase the L1 gas cap in the context of a Rollup-centric roadmap? We do not want to end up with the centralized risks of high L1 use without really sure we will benefit from it. This article argues that significantly expanding L1 is still valuable even in a world where most of its uses and applications are in L2 because it enables simpler and safer application development models. The article concludes that even in the L2-dominated world, the approximately 10-fold expansion of L1 gas is of significant value. This in turn means that the short-term L1 expansion that can be achieved in the next 1-2 years is valuable regardless of the long term.
Bridgewater Fund founder Ray Dalio once again talked about Bitcoin in an interview on the latest "All-In" podcast, and also mentioned the DeepSeek boom. He said he saw currency depreciation through market trends, especially relative to gold, Bitcoin or others Physical assets. More generally, all fiat currencies are depreciating, while gold, Bitcoin or other hard assets appreciate relatively. Bitcoin or other digital assets are a topic worth discussing. Although commodities can hedge inflation, they do not have the function of saving value, and people cannot hold oil or wheat for a long time as wealth storage tools like holding gold or Bitcoin.
Ray Dalio revealed that he still holds some bitcoins, but is far less than gold. Bitcoin is one of its diversified investments, but prefers gold because gold has several unique advantages:
- Can move freely among countries;
- Central banks use it as reserve assets;
- It is harder to regulate than Bitcoin and can be held more "privately";
- And it is not easy to tax gold, but Bitcoin is different - regulators know the transaction path of Bitcoin and it is easy to regulate and tax it.
Important data
Hong Kong Family Office Avenir Group holds $599 million worth of BlackRock Bitcoin ETF
According to Bitcoin Magazine, the Hong Kong-based family office Avenir Group reported that it holds a $599 million BlackRock Bitcoin ETF.
According to a Feb. 14 filing with the U.S. Securities and Exchange Commission, the Wisconsin Investment Commission, the agency responsible for overseeing Wisconsin pension funds, increased its Bitcoin holdings to about $321 million.
Wisconsin's pension fund previously disclosed in a May 2024 filing with the U.S. Securities and Exchange Commission that it holds $164 million in Bitcoin ETF. At that time, the pension fund held approximately 2.4 million shares of BlackRock iShares Bitcoin Trust (IBIT), worth $100 million, and Grayscale 1 million shares of Bitcoin Trust (GBTC), worth $64 million. The latest documents from the pension fund show that the fund has allocated all of its BTC exposure to IBIT and no longer holds any GBTC shares.
The Wisconsin Investment Commission’s increase in investment in Bitcoin highlights a trend in pension funds allocating part of their assets to Bitcoin to hedge currency inflation and diversify their portfolios.
11 suspected internal wallets make $43.8 million in selling LIBRA
According to Lookonchain monitoring, 11 internal wallets were suspected to have made a profit of $43.8 million by selling $LIBRA. These 11 wallets were created hours before $LIBRA went live and were ready to buy $LIBRA in advance.
The team behind LIBRA has cashed out about $107 million
According to LookOnChain monitoring, eight wallets associated with the LIBRA team received USD 57.6 million and 249,671 SOLs (approximately USD 49.7 million) by increasing liquidity, removing liquidity and charging fees, totaling approximately USD 107 million.
According to the monitoring of on-chain analyst @ai_9684xtpa, Cangming Qian 0x177...4fe76 has held OM for more than one year, and today it is suspected that it has reduced its position by 8.71 million tokens and made a profit of 61.23 million US dollars. 2024.01-03 The address raised 23.83 million tokens from Binance at an average price of US$0.2261, transferred 11.53 million tokens to a new address 11 months ago, woke up nine hours ago and partially recharged it into the exchange.
jinse