PoW mining does not constitute securities issuance Trump calls for stablecoin legislation

Reprinted from jinse

03/21/2025·2M

Headlines

▌US SEC: PoW mining does not constitute securities issuance

The U.S. Securities and Exchange Commission (SEC) issued a statement on March 20 that cryptocurrency mining activities based on the Proof of Work (PoW) mechanism do not constitute securities issuance and therefore do not require registration under the Securities Act. The statement pointed out that whether miners mine independently or through mining pools, the rewards earned are direct returns to their computing resources, rather than profits based on the management or operation of others, and therefore do not meet the definition of an "investment contract". The SEC stressed that the determination is only applicable to specific types of mining activities, and other transactions involving crypto assets still require case analysis.

▌Trump calls on Congress to pass stablecoin legislation

"I call on Congress to pass landmark legislation to create simple, common sense rules for stablecoins and market structures," U.S. President Trump said in a video speech at Digital Asset Summit, and said that this will expand the dominance of the dollar. Trump also said, "We will make the United States an undisputed Bitcoin superpower and the crypto capital of the world."

Quotes

As of press time, according to Coingecko data,

BTC's recent transaction price is US$84,439.46, up and down -1.9% intraday;

ETH's latest transaction price is US$1,988.69, with an intraday increase and decrease of -2.0% ;

BNB's recent transaction price is US$628.70, with an intraday increase of +1.6% ;

SOL's latest transaction price is US$128.12, with an intraday increase and decrease of -4.2% ;

DOGE's recent transaction price is US$0.1701, with an intraday increase and decrease of -3.6% ;

XPR's recent transaction price is US$2.43, with an intraday increase and decrease of -3.1 % .

policy

▌Australia announces new crypto regulations, pledging to crack down on "debankization"

The Albanese government in Australia has unveiled a new regulation on cryptocurrency exchanges and stablecoins and plans to curb "debanization". Under Prime Minister Anthony Albanes, the Australian government has developed a new regulatory framework for digital assets that aims to provide industry players with greater certainty while addressing risks associated with consumer protection and market integrity. The reform requires major crypto platforms to obtain Australian financial services licenses, while small businesses and businesses that do not involve financial services will be exempted. The Ministry of Finance’s Statement on Developing an Innovative Australian Digital Asset Industry, released Thursday details plans to regulate digital asset platforms and payment stablecoins under the existing financial services law. The Ministry of Finance wrote that the move is consistent with similar regulatory approaches in the EU and Singapore. "By aligning with international best practices, Australia can enhance global competitiveness in our digital asset sector." It is worth noting that both the EU and Singapore have taken significant steps to regulate cryptocurrencies. The EU has introduced special MiCA (Crypto Asset Market) regulations, while Singapore has extended its existing payment service laws to a licensing and compliance framework, including crypto service providers.

Blockchain application

▌ Coinbase adds ALT, PENDLE and L3 to the currency roadmap

Coinbase Adds AltLayer (ALT), Pendle (PENDLE), and Layer3 (L3) to the asset listing roadmap.

▌ Walrus announced that the main network will be officially launched on March 27

According to official news, the blockchain storage protocol Walrus announced that the main network will be officially launched on March 27 and announced its token economic model. More than 60% of WAL tokens will be allocated to the community for airdrops, grants, developer support, incentive plans and storage subsidies. The specific allocations are as follows: 10% - Walrus user airdrop: allocated to early adopters and reserved for future distribution; 43% - Community reserve: used for grants, developer support, incentive programs and other ecosystem programs; 30% - Core contributor: allocated to Walrus' early builders; 10% - Subsidy: used to support storage nodes as the fee base grows; 7% - Investors: allocated to investors participating in financing; Previous news, Walrus Foundation announced a $140 million financing, with Standard Crypto and a16z participating.

Cryptocurrency

▌ Bitnomial officially launches XRP futures regulated by US CFTC

Cryptocurrency derivatives trading platform Bitnomial officially launched XRP futures regulated by the U.S. Commodity Futures Trading Commission (CFTC), and physically settled XRP/USD futures have now started trading on this platform.

▌Trump : Ending the previous government 's regulatory war on cryptocurrency and Bitcoin

U.S. President Trump delivered a video speech on Digital Asset Summit, saying, "The United States is already ahead in the field of cryptocurrencies and the next generation of fintech. We are ending the last government's regulatory war on cryptocurrencies and bitcoin."

▌Binance Launchpool will be launched on Nillion (NIL)

Binance announced that it will launch its 65th project, Nillion (NIL), on the Launchpool platform. Nillion is a decentralized network that uses blind computing technology to enable secure data processing and storage while protecting privacy. According to the announcement, users can lock in BNB, FDUSD and USDC to participate in the three-day mining process, starting at 00:00 (UTC) on March 21, 2025, to obtain an NIL token airdrop. The Launchpool webpage is expected to be available within 12 hours of the announcement. NIL tokens will be listed on Binance on March 24, 2025 at 13:00 (UTC), with NIL/USDT, NIL/BNB, NIL/FDUSD, NIL/USDC and NIL/TRY trading pairs open. The token will be marked as a Seed Tag.

Important economic trends

▌Trump urges the Federal Reserve to cut interest rates

Trump said on social media: "As US tariffs begin to affect the economy (slow down!), the Federal Reserve is better off cutting interest rates. Do the right thing. April 2 is the U.S. liberation day." In the early morning of March 20, the Federal Reserve announced that it would maintain the target range of the federal funds rate between 4.25% and 4.5%.

▌The probability of the Federal Reserve keeping interest rates unchanged in May is 83.7%

According to CME's "Federal Observation": The probability of the Fed keeping interest rates unchanged in May is 83.7%, and the probability of cutting interest rates by 25 basis points is 16.3%. The probability of the Federal Reserve keeping interest rates unchanged by June is 29.9%, the probability of a cumulative interest rate cut of 25 basis points is 59.7%, and the probability of a cumulative interest rate cut of 50 basis points is 10.5%.

▌Feder emergency market tool balance is zeroed for SVB incident

The Federal Reserve's emergency lending tool, the Bank Periodic Financing Program (BTFP), launched by the Bank of Silicon Valley Bank (SVB) in the explosion, has zeroed in the latest data disclosed by the Federal Reserve. The tool expired on March 11 last year and cannot be renewed. Its scale once exceeded US$160 billion. On March 10, 2023, US regulators closed Silicon Valley banks and the US Federal Deposit Insurance Company took over bank deposits, becoming one of the largest bank failures in US financial history. The collapse of SVB also triggered a series of crises in the US banking industry. The SVB incident forced the Federal Reserve, the US Treasury and others to rescue the market, and BTFP was one of the measures to rescue the market. The instrument provides loans to eligible depositors for up to one year and uses eligible assets as collateral.

Golden Encyclopedia

▌What is a cold wallet?

Cold wallet is a cryptocurrency storage method that stays offline and is disconnected from the internet. This setup makes it more difficult for hackers to access funds remotely. Examples include: hardware wallets (such as Ledger, Trezor), paper wallets, isolated computers (devices that have never been connected to the internet).

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