PA Daily | No new policy release at the White House Crypto Summit; Gemini has submitted an IPO application, and Kraken plans to conduct an IPO as early as next year's Q1
Reprinted from panewslab
03/08/2025·2MToday's news tips:
1. Trump did not mention new policies at the White House crypto summit, and participants expressed praise for him
2. Binance optimizes the currency listing mechanism and adds "community joint governance" votes
3. Kraken plans to IPO as early as the first quarter of 2026
4. Gemini has submitted an IPO application and is collaborating with Goldman Sachs and Citi for this issuance
5. Financial Times: Trump makes at least $350 million profit through $TRUMP meme coin
6. Market News: SBF was interviewed in prison without approval from the Prison Administration, resulting in solitary confinement
7.Safe{Wallet} has fully resumed normal operation
8.Coinbase adds Aethir (ATH) and Syrup (SYRUP) to the Coin Roadmap
9. The Solana SIMD-0228 proposal has now begun voting, with 7.4% of the votes in favor
Regulatory/Macro
According to the official announcement of the White House website, Trump signed an executive order on March 6, 2025 to officially establish the Strategic Bitcoin Reserve and the US Digital Asset Stockpile to strengthen the government's management of digital assets.
The executive order requires the Ministry of Finance to set up special agencies to manage and control custodial accounts and manage government-held Bitcoin (BTC) and other digital assets, which are mainly derived from criminal or civil forfeiture. There will be no new budget for funds in the early stage, and BTC can be further accumulated in the future by not increasing taxpayer costs. The executive order also restricts the government from selling or disposing of these assets unless it involves legal requirements, compensation for victims of crimes, or law enforcement purposes.
Each federal agency is required to submit digital asset reports held within 30 days, and the Treasury Department will evaluate management and legislative needs within 60 days.
According to the U.S. Department of Justice announcement, the United States, Germany and Finland jointly operated to close the online infrastructure of the Garantex crypto exchange, which is suspected of laundering money for transnational criminal and terrorist organizations and violating sanctions, and has handled at least $96 billion in crypto transactions since 2019. The Ministry of Justice also announced prosecutions against two Garantex managers, including Lithuanian Russian resident Aleksej Besciokov (46) and Russian UAE resident Aleksandr Mira Serda (40) accusing them of co-conspiring to launder money, violating sanctions and operating unlicensed remittances.
Case details:
- Garantex has long provided financial channels for criminal activities such as hackers, ransomware, drug transactions, and has taken measures to cover up illegal transactions.
- In April 2022, the US Treasury Department had imposed sanctions on Garantex, but it continued to trade with US companies and evaded sanctions by changing its crypto wallet address.
- US law enforcement agencies have frozen $26 million in funds involved in the case and seized Garantex-related domain names (Garantex.org, Garantex.io, Garantex.academy) on March 6.
- German and Finnish police seized their servers, and US law enforcement agencies obtained copies of Garantex customer and financial databases.
Besciokov and Mira Serda face crimes of money laundering of up to 20 years in prison, and Besciokov faces additional charges of violating the International Emergency Economic Powers Act and operating unlicensed remittance business, with up to 20 years and 5 years in prison, respectively.
Yesterday, Tether freezes $28 million USDT from Russian sanctioned exchange Garantex .
Senior White House officials confirmed that Trump's cryptocurrency summit on March 7 (US time) will not involve tax issues, but will focus on revoking the former Biden administration's restrictive policies and listen to industry feedback on regulation.
Officials said Trump promised to set up a crypto committee and pledged to end Operation Chokepoint 2.0 during the campaign, the former government's "debanking" strategy for crypto businesses.
In addition, Bitcoin (BTC) will receive special treatment on the U.S. government balance sheet, in line with the executive order signed on March 6 that sets up strategic Bitcoin reserves to ensure the government holds BTC for a long time and allows the Treasury and Commerce Department to find ways to increase their holdings of BTC without increasing the burden on taxpayers.
In contrast, other government-held crypto assets (such as ETH, SOL, XRP, ADA) will be included in the "digital asset reserve" with the goal of managing these assets responsibly.
White House Officials: U.S. will start auditing of existing cryptocurrency holdings
A senior White House official said ahead of today's cryptocurrency summit that the first step after the U.S. has established its strategic reserves of bitcoin and other digital assets, the first step will be to audit the amount of cryptocurrency held by the government. The person said that after the cryptocurrency exchange "Silk Road" closed, the United States once owned about 400,000 bitcoins, about half of which have been sold. According to research firm Arkham, the United States currently owns approximately $17.5 billion in Bitcoin and several other tokens in its known digital wallet.
U.S. President Trump's speech at the White House crypto summit did not mention any new progress or new policies. He repeated the executive order signed earlier on crypto assets reserves, saying that the Ministry of Finance and Commerce will explore new ways to accumulate more bitcoin for reserves and do not want taxpayers to pay any price.
The White House Crypto Summit participants then took turns to speak, but most were to give a series of progress in the crypto field after Trump took office and praise for Trump himself.
Trump plans to "revoke and modify" U.S. crypto tax rules and sign stablecoin bill by August
The Trump administration detailed how the U.S. plans to establish its leadership in the cryptocurrency space at the first White House cryptocurrency summit. U.S. Treasury Secretary Scott Besent talked about establishing strategic Bitcoin reserves and digital asset inventory, “regulatory weaponization of digital assets” and a federal framework for stablecoins.
Becente said former President Joe Biden's policies have caused undue harm to innovators in the digital asset space. The Treasury Department will work closely with the IRS and the Office of the Supervisor of Currency (OCC) to “revoke and modify” guidelines that once caused damage to digital asset companies’ ability to conduct business in the United States.
Becente mentioned stablecoin legislation. As members of the two houses weighed the legalization pathways for stablecoin issuers such as Tether and Circle, Besent said clear rules would help maintain the dollar's status as a global reserve currency. “We will maintain the US dollar as the world’s leading reserve currency and will use stablecoins to achieve this.”
Trump himself said he expects the House and Senate to pass stablecoin legislation before the August recess.
The U.S. Currency Complaint (OCC) interpretive letter reiterated that a series of cryptocurrency activities are allowed in the federal banking system, confirming that the National Bank and the Federal Savings Association can conduct crypto asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledgers. The letter also revokes the requirement that agencies regulated by the U.S. Currency Regulatory Agency must obtain no objection from regulators and demonstrate that they have implemented adequate control measures before participating in these cryptocurrency activities.
"The OCC hopes that banks can implement equally strong risk management controls to support new banking activities as they support traditional banks," said Rodney E. Hood, acting director of the Office of the Comptroller of Currency. "Today's action will ease the burden of banks participating in crypto-related activities and ensure that the OCC treats these banking activities consistently regardless of their underlying technology. I will continue to work to ensure that regulation is effective and not overdoing, while maintaining a strong federal banking system."
After the seasonal adjustment of the United States in February, the non-farm employment population was 151,000, with an expected 160,000 people, compared with the previous value of 143,000. The U.S. unemployment rate in February was 4.1%, the highest since November 2024. Expected 4.0%, the previous value is 4.0%.
Project News
SlowMist: 1inch's Fusion v1 parser vulnerability results in over $5 million loss
According to the early warning of the SlowMist security team, 1inch found that there was a vulnerability in the Fusion v1 parser smart contract . Although user funds were not affected, some parsers using this version were attacked.
SlowMist analysis shows that the incident caused losses of approximately US$2.4 million and 1,276 WETH, totaling more than US$5 million.
According to SlowMist founder Cosine, this incident did not directly affect ordinary users, but the parser using Fusion v1 (the role that handles Fusion Swap orders) was severely impacted.
According to Axios, U.S. Senator Elizabeth Warren wrote a letter to David Sacks, director of encryption and artificial intelligence affairs in the Trump administration, asking him to disclose information about potential conflicts of interest and disclose transparency in the policy-making process.
Warren questioned that policy makers could profit from it as the government deeply supports the blockchain industry. She specifically pointed out that Saxophone was a partner of Craft Ventures, which invested in Bitwise, and the top five assets of the Bitwise 10 index fund (BTC, ETH, SOL, XRP, ADA) are the assets that the Trump administration plans to include in its strategic reserves.
After Trump announced his strategic Bitcoin reserves, the market briefly rose by $300 billion, and then fell sharply due to the government's statement of not purchasing additional assets. Warren asked Sachs to disclose its financial report to prove that it has withdrawn from the relevant investments and to disclose whether policy makers had transactions before the announcement.
It is worth noting that Bitwise CEO confirmed yesterday that David Sacks, the head of AI and cryptocurrency at the White House, has sold the company's equity . David Sacks also said : Multicoin positions have been sold and all crypto assets have been cleared .
Safe{Wallet} has been fully restored to normal operation
According to Safe.eth announcement, Safe{Wallet} has been fully restored, including all networks and Safe APIs, which have been completely fixed and can be used normally.
Previously, due to the stolen incident of ByBit, Safe signed the wallet to suspend the Safe function and inspect it .
Grok: Web3 needs a more friendly user interface to drive mainstream adoption
Musk's AI company xAI launched Grok in response to Ankr's question, saying that Web3 needs a more friendly user interface to drive mainstream adoption (adoption) of blockchain. Grok pointed out that blockchain systems are usually more complex, and lowering the threshold for use through intuitive design and education will help integrate Web3 technology into daily life.
Robinhood Crypto EU launches Pudgy Penguins ($PENGU) transaction
According to the Robinhood Crypto EU announcement, European users can now trade Pudgy Penguins ($PENGU) on the Robinhood platform.
PENGU is a meme coin on the Solana chain, inspired by the Web3 brand Pudgy Penguins, which covers content creation, merchandise, toys and digital collectibles.
Binance optimizes the currency listing mechanism and adds "community joint governance" votes
According to Binance announcement, Binance will optimize the currency listing mechanism and add a new community governance model of "voting currency listing" and "voting currency listing" to give users more decision-making power, and at the same time, it will not make profits from currency listing, and will announce project marketing expenses and batch airdrop tokens.
Coin optimization adjustment:
- Voting coins: Users vote for projects, projects with high votes and due diligence can be launched (positions required ≥0.01 BNB).
- Voting coins: Users can vote for projects without product updates, no community maintenance, additional issuance or significant risks.
- Binance governance: New coin mining (Launchpool), Megadrop airdrop, HODLer airdrop, Direct Listing and Pre-market.
- Binance Wallet Alpha Coin Listing Observation Pool: Exclusive TGE projects can directly access the observation pool, and the Binance team screens projects for community voting or direct coin listing.
Binance said that after the adjustment, the interests of users, project parties and platform will be fairer, improve market transparency, and support growth projects to promote sustainable development of the industry.
BNB Chain will hold a Pascal hard fork upgrade on March 20, supporting EIP-7702
BNB Chain will perform a hard fork on mainnet Pascal to improve EVM compatibility on March 20, 2025 and become one of the first public chains to adopt EIP-7702. This upgrade will introduce functions such as Gas abstraction, EOA wallet smart contracting, batch transactions, etc., to provide users with a smoother experience and bring higher flexibility to developers.
Through the EIP-7702 proposal, BNB Chain will allow externally owned accounts (EOA) to temporarily have the functionality of smart contracts during the transaction process while keeping the account secure. This upgrade will significantly lower the barriers for users to enter Web3. For example, the Gas fee abstraction allows users to complete on-chain interaction without holding native tokens with gas fee in their account; at the same time, dApps are allowed to sponsor functions such as Gas fee, batch transactions, etc. to improve the user's on-chain experience.
Previously, the Pascal hard fork had been completed on the test network. For the upcoming mainnet upgrade, node operators and validators will need to update to v1.5.7 (BSC) or v0.5.2/v0.5.6 (opBNB) by March 20; exchanges and infrastructure providers need to ensure compatibility before hard forks, and developers will need to test and update dApps to support new transaction types.
According to BNB Chain's 2025 technology roadmap, the community plans to perform a Lorentz hard fork in April and implement a Maxwell hard fork upgrade in June to increase the block output speed to 0.75 seconds. Currently, the proposal is being solicited for public opinion.
Bloomberg: Kraken plans to IPO as early as the first quarter of 2026
According to Bloomberg, people familiar with the matter said Kraken’s official name is Payward Inc., which is seeking to go public as early as the first quarter of next year. Kraken reported earlier this year that the company's revenue more than doubled to $1.5 billion in 2024, with adjusted earnings of $380 million. Founded in 2011, Kraken raised only about $27 million in initial capital.
With the crypto industry’s IPO market open, Kraken is one of many cryptocurrency companies preparing to go public. Other companies considering listing include stablecoin issuer Circle, digital asset custodian BitGo, and cryptocurrency exchanges such as Gemini and Bullish.
According to Bloomberg, people familiar with the matter revealed that cryptocurrency exchange and custodian Gemini have secretly applied for an initial public offering (IPO). The company was founded by billionaire Cameron Winklevoss and is working with Goldman Sachs and Citigroup for the release. A post by Cameron Winklevoss on X said Gemini will be listed after the SEC closes its investigation into the exchange. A January filing showed the company paid $5 million to end the Commodity Futures Trading Commission lawsuit.
Coinbase adds Aethir (ATH) and Syrup (SYRUP) to the Coin Roadmap
Coinbase announced the addition of Aethir (ATH) and Syrup (SYRUP) to the currency roadmap.
According to market news, SBF's interview with Tucker Carlson in prison was not approved by the Prison Administration, resulting in solitary confinement.
Related Readings: "FTX bankruptcy causes huge damage, but I am not a criminal", a full text of Trump's close friend Carlson interviewing SBF
Solana SIMD-0228 proposal has now begun voting, with 7.4% in favor
The Solana SIMD-0228 proposal has now begun voting. Dune data shows that currently votes in favor account for 7.4%, and disapproval accounts for 1.1%.
Viewpoint
Crypto Detective ZachXBT said that according to an asset confiscation lawsuit filed by U.S. law enforcement yesterday, Ripple co-founder Chris Larsen was hit by a hacker worth about $150 million (283M XRP) in January 2024 because the private key was stored in LastPass, a password manager hacked in 2022 .
Previously, Larsen did not disclose the specific reason for the stolen wallet. Law enforcement agencies investigated that a data breach on LastPass in 2022 caused attackers to steal encrypted private keys, and then illegally access the victim's electronic accounts and steal assets.
CZ: YZi Labs may invest in projects that use BNB/BSC as the main payment option to develop good MVP
CZ shares thoughts about KOL's time tokenization in Binance Square:
"Time-based tokenization of its time, KOL, has recently reappeared. Despite various attempts in the past, none of them have been successful. I have always wanted to optimize the spread, not the time. LinkedIn, X provides this capability, but the threshold is too low, resulting in a lot of spam that makes them useless. This is the idea of a platform for serious people to connect with each other.
A celebrity (KOL) connects his X (or LinkedIn) to the platform to verify who they are. He then sets a price for people to send messages, like 1 or 0.1 BNB. Anyone can pay the amount first to send a message to him/her. If the KOL does not respond within 5 days, 50% of the paid amount will be returned to the requester. Requesters still have to bear some expenses, which will block spam and encourage them to write messages effectively. KOLs are motivated to respond. They are paid 50% higher. Default settings based on my personal preferences:
- The maximum message length should be limited to 2000 characters, about two pages.
- Images are not allowed. Attachments are not allowed. (Virus download is not allowed)
The requester can include his contact information in the message. If KOL contacts them directly, he (and the platform) will receive a 50% less reward.
If KOL wants, he can reply to his contact information, and the conversation can continue on a free messaging app.
The platform charges a 10% fee for all transactions. In terms of payment, the requester pays cryptocurrency to the platform, and the platform then allocates 90% to the address provided by the KOL.
No new tokens are needed.
Not time-based tokens.
Hopefully, such a platform has enough demand to make it a sustainable business.
This may be a great way for KOLs or professional consultants to get paid for their responses.
I would use a platform like this. I will donate the cryptocurrency I receive to charity. This helps filter out just serious people to contact me. When the other party has some serious content to offer, I may move the conversation outside the platform, refund payments, and even offer rewards (such as security advice, etc.). I will then be able to open my DM to everyone and adjust the price based on how unpopular I am.
This model does not solve all problems. I'm not arrogant, I think many scammers are willing to pay 1 BNB to contact me.
YZi Labs may invest in a project that uses BNB/BSC as the primary payment option to develop a good MVP. It should take several days or a week to write code and perform security reviews. If the platform is secure enough, I will be the first user.
X, LinkedIn, or Square can build it as a feature, but big companies are slow to move. New websites may be faster. ”
Important data
Financial Times: Trump makes at least $350 million profit through $TRUMP meme coin
According to the Financial Times, Trump's cryptocurrency project made at least $350 million by launching the $TRUMP meme coin. Blockchain data analysis shows that within three weeks after the project was launched in January 2024, the operating entity received $314 million in revenue from the sale of tokens and charged a $36 million handling fee. In addition, Trump may also earn additional benefits through exchanges such as Binance to earn some tokens.
Project website Gettrumpmemes.com shows that "Trump Memes affiliate CIC Digital LLC" and Delaware company Fight Fight LLC jointly hold 80% of the tokens. Although the project is officially recognized by Trump, it is operated by Fight Fight Fight LLC and is not directly distributed or sold by Trump or its affiliates.
Some investors and ethics experts warned that the project could provide channels for anonymous donations and exploit retail investors. Tim Massad, former chairman of the Commodity Futures Trading Commission and professor at Georgetown University's Law School, said that the president should not make profits in such a way during his term, deeming this practice "very inappropriate."
Fold Holdings, Inc. (NASDAQ: FLD) increased its holdings of 475 Bitcoins (BTC) through convertible notes, increasing its Bitcoin reserves to 1,485 BTC, with a nearly 50% increase in holdings. The increase in holdings has made Fold among the top ten holdings of Bitcoin in US listed companies.
According to Lookonchain monitoring, Galaxy Digital extracted approximately 282,500 SOLs ($40.5 million) from OKX, Bitstamp, Coinbase and Binance in the past nine hours and then pledged 274,253 SOLs ($39.15 million).
chaincatcher