PA Daily | The White House will hold its first cryptocurrency summit on March 7; CME will launch SOL futures on March 17
Reprinted from panewslab
03/01/2025·2MToday's news tips:
1. The White House will hold its first cryptocurrency summit on March 7
2. People familiar with the matter: US SEC will hold a series of roundtable meetings with participants in the crypto industry, the first meeting will be held on March 21
3. The US Arizona Senate voted to pass two crypto reserve bills, both of which have been submitted to the state legislature for further review
4. BlackRock confirms its first addition to its Bitcoin ETF to its model portfolio
5. Trump Organization Apply for Trademarks for "TRUMP" to launch Metauniu and NFT trading platforms
6. CME Group will launch SOL futures on March 17
7. Solana network memecoin daily issuance volume dropped to 40,000, the lowest level since December 25 last year
8. Bitcoin returns to the top ten global asset market value, with a 24-hour increase of 7.02%
Regulatory/Macro
ECB: U.S. relaxation of cryptocurrency regulation may lay hidden dangers for future financial crisis
The European Central Bank (ECB) recently revealed that it is evaluating the impact of a more deregulated cryptocurrency ecosystem on financial markets. In a memorandum of the January monetary policy meeting, the ECB mentioned that the Trump administration's loose stance on crypto assets could pose long-term risks, including issues such as leverage and high valuation. The ECB pointed out that the deregulation of the US financial system (especially the crypto assets field) may aggravate the risks of financial stability and even lay hidden dangers for future financial crises.
Recently, regulation of the US crypto market has indeed been relaxed. For example, the US SEC has revoked several lawsuits against cryptocurrency exchanges. Despite the rapid development of the cryptocurrency market, the ECB remains cautious about its risks and regulatory issues, believing that it may pose a long-term threat to global financial stability.
Fox Business News reporter Eleanor Terrett posted on X platform: "Two people familiar with the matter told me that the SEC's cryptocurrency task force is preparing to hold a series of roundtables with industry participants on the theme of 'Spring Sprint, moving towards cryptocurrency clarity'. The first of the five planned roundtables will be held on March 21 at the Securities and Exchange Commission office in Washington, D.C. I learned that the theme of the first meeting was 'Defining the status of securities'."
Judge dismisses US SEC lawsuit against Hex token founder Richard Heart
According to the announcement of the Financial Regulatory Authority (FCA), London resident Osunkoya operated unregistered cryptocurrency ATMs in 28 different locations through his company GidiPlus Ltd, with a value of over £2.5 million. He was eventually sentenced to 4 years in prison. The verdict is the first time the UK has been sentenced for unregistered crypto assets activities.
Previously, the FCA worked with law enforcement agencies to combat illegal encryption of ATMs nationwide. In 2023, the FCA visited 38 locations and destroyed 30 machines. The number of encrypted ATMs advertised on CoinATMRadar in the UK has dropped from more than 80 in 2022 to zero in 2024.
US stocks closed on Thursday, with the Dow Jones Industrial Average initially closing down 0.45%, the S&P 500 fell 1.59%, and the Nasdaq fell 2.78%. Chip stocks suffered heavy losses, NVDA (NVDA.O) closed down 8.4%, while Broadcom (AVGO.O) fell 7%. Tesla (TSLA.O) fell 3%, Strategy (MSTR.O) fell 8.82%, and Coinbase (COIN) fell 2.16%. The Nasdaq China Golden Dragon Index fell 0.9%, while Alibaba (BABA.N) fell 1.7%.
According to Cryptoslate, the U.S. Arizona Senate passed two crypto reserve bills. The Legislature passed the Strategic Digital Asset Reserves Act (SB 1373) with 17 votes in favor and 12 votes against the third reading. The bill will establish a strategic reserve fund for digital assets managed by the state finance minister. Meanwhile, the Strategic Bitcoin Reserves Act (SB 1025) received 17 votes in favor and 11 votes against. The proposal is intended to authorize public funds to invest directly in cryptocurrencies. Both bills have been submitted to the state legislature for further review.
The White House will hold its first cryptocurrency summit on March 7
According to DEGEN NEWS, the White House will hold its first cryptocurrency summit on March 7.
The White House’s first cryptocurrency summit includes founders, CEOs and investors
Fox Business reporter Eleanor Terrett said on X platform that President Trump will attend the first White House Cryptocurrency Summit and speak on March 7. Attendees will include well-known founders, CEOs and investors in the cryptocurrency industry, as well as members of the President’s Digital Assets Working Group. The summit will be chaired by White House A.1 and cryptocurrency Tsar David Sacks, and will be managed by Bo Hines, executive director of the task force.
Traders continue to bet on the Fed's interest rate cut in June after PCE data is released
Futures contract traders continue to bet on the Fed to restart interest rate cuts in June, as data show that inflation rose in January in line with expectations. They still believe that the possibility of a second rate cut in September is greater than not. Data shows that the annual rate of the personal consumption expenditure price index fell from 2.6% in December to 2.5% last month, and the core PCE index fell to 2.6%.
Project News
BlackRock confirms its first addition to its Bitcoin ETF to its model portfolio
BlackRock Inc.'s investment outlook shows that it will increase 1% to 2% of funds to the $48 billion iShares Bitcoin Trust ETF (code: IBIT) in its target allocation portfolio that allows the allocation of alternative assets. While this is only a small part of BlackRock’s overall model portfolio business, the move opens up a potential new channel of demand for IBIT, especially as cryptocurrency market sentiment is sluggish. Model portfolios package funds into ready-made strategies and sell them to financial advisors, which have developed rapidly in recent years, and adjustments to their positions may lead to large-scale inflows or outflows of funds.
"We believe Bitcoin has long-term investment value and may provide a unique and additional diversified source for the portfolio," Michael Gates, chief portfolio manager of BlackRock's Targeted Allocation ETF Model Portfolio Series, wrote in a February 27 investment commentary. A BlackRock spokesman confirmed that the company adjusted the allocation of its model portfolio.
CME Group will launch SOL futures on March 17
According to PR Newswire, the derivatives market CME Group announced that it plans to launch Solana (SOL) futures on March 17, but it will wait for regulatory review. Market participants will have the option to trade micro contracts (25 SOL) and large contracts (500 SOL). CME Group SOL futures will be settled in cash and based on CME Group CF Solana USD reference rate, which is the daily reference rate for the SOL USD price, calculated daily at 4:00 pm London time. SOL Futures will join the company's suite of crypto products, which include Bitcoin and Ethereum futures as well as options futures.
Trump Organization Apply for Trademark for "TRUMP" to Launch Metauniu and NFT Trading Platforms
According to unfolded, the Trump Organization applied for trademarks for "TRUMP" to launch the Metauniverse and NFT trading platform.
Trump's New Metaverse and NFT project name is rumored to be "Megaverse"
According to the trademark application information page, Trump's New Meta Universe and NFT projects are said to be "Megaverse".
US SEC postpones approval of Fidelity spot Ethereum ETF options
Relevant documents show that the U.S. Securities and Exchange Commission (SEC) has postponed the approval of Fidelity spot Ethereum ETF options.
CZ tweeted that it will add hundreds of BNB liquidity to the weekly winning project of the "Meme Liquidity Support Program" on BNB Chain in its personal capacity until funds are exhausted (from tokens transferred to his address by others).
Previous news , BNB Chain launched a $4.4 million Memecoin liquidity support program.
Microsoft will withdraw from Skype in May this year, and Skype will operate until May 5
According to Interface News, Microsoft announced on February 28 local time that in order to simplify free communication products and adapt to customer needs, it will withdraw from Skype in May 2025 and focus on Microsoft Teams.
Microsoft said that during the transition period, users can migrate to Microsoft Teams for free, Teams users can talk and chat with Skype users, and Skype users can also talk and chat with Teams users. In addition, Skype users can also export Skype data during the transition period. Skype will continue to operate until May 5, 2025.
Viewpoint
"Although the total net outflow of Bitcoin and digital asset ETP/ETFs has reached $2.6 billion so far this week, it seems that most basis transactions have been closed and the sell-off fanaticism is fading."
Former Brazilian football player Ronaldinho Gaucho posted on X platform: "Please be aware of the fake Meme coins named after me that are currently appearing. Remember, I have not launched any official tokens yet. To the entire cryptocurrency community: Please stay tuned, as we will be posting big news here soon."
Under this tweet, several netizens commented and called on him to "not do anything that destroys his reputation", such as Rug Pull after issuing the coins; some people also questioned whether his X account was stolen. It should be noted that recently, many well-known people's X accounts have been hacked to promote malicious Meme coins. Please pay attention to the identification.
Binance has denied speculation that it is selling some of its assets, although such claims have been widely circulated on social media during the recent market decline. Binance refuted these claims, saying it stems from misunderstandings about its role as an exchange. A Binance spokesman said: "Binance has not 'selled' or 'selled' a large number of tokens as some tweets mistakenly claim. They misunderstood Binance's function as an exchange, and we just help users match transactions." Part of the speculation stems from market makers extracting large amounts of Solana (SOL) data from Binance's hot wallet, causing cryptocurrency investors to mistakenly believe that the exchange is selling its assets.
Arkham Intelligence data shows that market maker Wintermute withdraws Solana worth more than $38.2 million from Binance within 24 hours before 9:02 am on February 24. The transfers came before Solana plans to unlock $2 billion tokens on March 1, when more than 11.2 million SOL tokens will enter circulation. A Binance spokesman explained that similar market makers operate according to their own strategies and have nothing to do with the exchange. The spokesperson added: "We cannot understand user decisions, including the behavior of market makers transferring assets according to their own strategies. Therefore, while blockchain transparency is one of the biggest advantages of cryptocurrencies, it is important not to draw hasty conclusions based on transaction screenshots alone." The spokesperson also said: "We always encourage users to research on their own, and we also want the community to understand more about the role of exchanges and the functions of market makers."
Still, industry observers are concerned about the possible selling pressure from Solana's upcoming token unlocking. Crypto analyst Artchick.eth pointed out that over 15 million SOLs (worth about $2.5 billion) will enter circulation in the next three months. Many of these tokens were purchased at FTX auctions by companies such as Galaxy Digital, Pantera Capital and Figure for $64 each. Similarly, crypto trader RunnerXBT mentioned that it is currently a "dangerous" period for buying Solana, and emphasized that Galaxy Digital, Pantera and Figure will receive $3 billion, $1 billion and $150 million in unrealized profits after their SOL is unlocked.
Solana co-founder Toly said in a response to a community person, “Bitcoin has no value. On the contrary, it’s insurance. From my life experience, a superpower has a 1% chance of crashing every year. It’s worth it to me to spend 1% of wealth buying assets that may not be zeroed in that environment. It’s not an investment, it’s a cost and there’s no guarantee it will work. Bitcoin can do that with both $100,000 and $10,000. If it works, it has little to do with technology except for the initial innovation 15 years ago.”
Important data
Ethereum spot ETF net outflow was US$41.8245 million yesterday, lasting 7 days of net outflow
According to CoinMarketCap data, among the top 100 cryptocurrencies with market value in the past month, five tokens including RAY, TRUMP, WIF, etc. fell by more than 50%, among which: Raydium (RAY): fell by 69.20%, and now quoted at US$2.07; OFFICIAL TRUMP (TRUMP): fell by 59.74%, and now quoted at US$11.23; dogwifhat (WIF): fell by 56.95%, and now quoted at US$0.5686; Virtuals Protocol (VIRTUAL): fell by 51.21%, and now quoted at US$0.9871; Bonk (BONK): fell by 50.96%, and now quoted at US$0.00001234; Movement (MOVE): 49.42% down, currently quoted at $0.4206; Cronos (CRO): 46.51% down, currently quoted at $0.06913; Bitget Token (BGB): 46.43% down, currently quoted at $3.73; Solana (SOL): 44.69% down, currently quoted at $129.55; Ethena (ENA): 44.29% down, currently quoted at $0.3907; Dogecoin (DOGE): 44.24% down, currently quoted at $0.1846; The Sandbox (SAND): 43.96% down, currently quoted at $0.2902.
Bybit hackers washed away 14,300 ETH in the past 24 hours, worth about $32.2 million
According to on-chain analyst Ember Monitor, Bybit hackers have suspended the transfer and cleaning of ETH since 3 p.m. yesterday, so only 14,300 ETH ($32.2 million) have been washed away in the past 24 hours. There are still 218,000 ETH (US$486.6 million) in the hacker address.
Solana network memecoin daily issuance fell to 40,000, the lowest level since December 25 last year
Data shows that the daily issuance of memecoin on Solana's network has dropped to 40,000, the lowest since December 25, 2024.
Bitcoin returns to the top ten global asset market value, with a 24-hour increase of 7.02%
According to 8marketcap monitoring data, Bitcoin has returned to the top ten global asset market value. The data shows that the current Bitcoin market value is about US$1.694 trillion, surpassing Meta Platforms (Facebook) and ranking 10th in global asset market value, with a 24-hour increase of 7.02%.
According to Lookonchain monitoring, 5.52 million SOLs (US$810 million) have been canceled in the past 12 hours. And 3.54 million SOLs ($516 million) were deposited into Coinbase Prime.
According to PeckShieldAlert, 20 cryptocurrency hacks occurred in February, causing about $1.51 billion in losses, making it the worst month in cryptocurrency history. The Bybit incident alone lost $1.43 billion, ranking first in the ranking of the largest invasion incidents in the past five years. Top 5 hacking incidents in February:
- Bybit: $1.4 billion
- Infini: $49.5 million
- zkLend: $9.66 million
- Ionic: $8.6 million
- sujiYan: $4 million
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