Elizabeth Warren , a Democratic senator, wrote a letter to David Sacks, Trump’s crypto advisor, raising questions about how fair the new crypto reserve would be, including the five cryptocurrencies being promoted alongside it. She argues that publicity of the new reserve may boost prices for people already holding the token, thus making wealthy people more wealthy and enriching insiders who knew about the crypto policies in advance. Warren, a ranking member of the Senate’s Banking Committee, asked David Sacks whether he disclosed any financial holdings with the Office of Government Ethics. She further wanted to know whether he had any holdings in the cryptos included in the reserve or the digital asset holdings. “I write today to request information about how you, as President Trump’s ‘Crypto Czar,’ have addressed your conflicts of interest, and how you will prevent the President and other private individuals from directly profiting off of the Trump Administration’s efforts to selectively pump the value of certain crypto assets, drop crypto asset-related enforcement actions, and deregulate the crypto asset industry”. There is still a lot of ambiguity about the nature of a Bitcoin reserve. The reserve itself will only include Bitcoin, but there will exist a separate fund for other currencies. Bitcoin and other cryptocurrencies will be taken from seized assets held by federal authorities. “These actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families”, wrote Warren in her letter to David Sacks. “The planned Crypto Strategic Reserve is just the most recent example of a Trump Administration crypto policy with the potential to benefit a wealthy, well-connected few at the expense of taxpayers”. “Just last week, for example, the Securities and Exchange Commission (SEC), chaired by Mark Uyeda, who was chosen as Acting Chair by President Trump, issued a Staff Statement asserting that most meme coins are not securities and, thus, are not subject to federal securities safeguards”. Warren requested the identities of anyone who helped Trump decide which cryptocurrencies to include in the funds. She wanted to know whether there were any conflicts of interest or anyone advising the project with cryptocurrency holdings. “Meme coins are known for their high volatility and ‘rug pulls’”, wrote Warren, “where a coin is ‘launched and quickly abandoned, leaving investors with steep losses’. Despite these schemes’ clear harm to consumers, the SEC statement could ‘shield companies and individuals that create meme coins from potential litigation’. Howard Lutnick, coordinator of the U.S.-China trade war, had to be transparent when his financial ties to China were made public. A similar action may need to be taken regarding David Sacks to reassure the public of the legitimacy of a Bitcoin reserve fund.
2025-03-09 16:11
XRP traded relatively flat on Wednesday, following a sharp rebound on Tuesday, fueled by President Donald Trump’s proposal for a U.S. strategic crypto reserve that includes XRP . The announcement on Sunday triggered a nearly 40% surge in XRP’s price within a single day. Notably, Trump’s remarks also ignited a surge in transaction volume. Popular crypto analyst Ali Martinez highlighted the spike on Wednesday, tweeting, “Over $5.37 billion worth of XRP was transferred in the last 24 hours,” underscoring heightened market activity. Meanwhile, Martinez highlighted on-chain data from Santiment showing that large investors accumulated nearly 1 billion XRP within the same period, reflecting increased confidence among institutional players. Beyond whale accumulation, on-chain metrics indicate a dramatic rise in adoption. On Wednesday, Martinez noted a significant uptick in active wallet tweeting: “ The number of active XRP addresses has skyrocketed by 620% in the past week, climbing from 74,589 to 462,650. This follows Santiment data from February 20, which revealed that 261 more wallets now hold over 100,000 XRP than ten weeks ago, highlighting a growing accumulation trend among high-net-worth investors. Additionally, the total number of accounts on the XRP Ledger has increased by approximately 24% from January 2024 to date, reflecting broader adoption for financial applications, including cross-border payments. That said, several factors drive XRP’s rally, including optimism surrounding potential crypto-friendly policies and regulatory reforms in the U.S. The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) remains a key focus, but market sentiment has increasingly tilted in XRP’s favor. Elsewhere, industry analysts point to new strategic partnerships, Ripple’s stablecoin RLUSD launch, and speculation about a potential spot XRP ETF as catalysts for the asset’s recent surge. Ripple President Monica Long recently expressed confidence in ETF approval, stating in an interview that she expects regulatory approval “soon,” mainly if Trump’s administration accelerates regulatory clarity. Adding to speculation, reports suggest Ripple executives, including CEO Brad Garlinghouse, have been engaging in discussions with Trump’s administration, potentially shaping favorable digital asset regulations. Despite the optimism, some analysts caution that whales may capitalize on the price rally to offload holdings. Crypto analyst Miles Deutscher noted on Monday that some XRP whales are selling at record levels. Since XRP’s price skyrocketed over 500% in November 2024, large holders have been actively distributing tokens. Notably, CryptoQuant data indicates that the 90-day moving average of whale trading volume has ranged between $120 million and $180 million per day. At press time XRP was trading at $2.20 reflecting a 7.71% drop in the past 24 hours.
2025-03-09 16:05
Riot Platforms’ research head Pierre Rochard has asserted that XRP is not a security despite many critics of the controversial Ripple-promoted coin claiming it is. Rochard, a longtime critic of Ripple, argues that XRP cannot be classified as a security because the San Francisco-based blockchain payments startup does not actually owe investors “utility or anything else.” “They are free to dump on you and you have no right to do anything about it other than join them in dumping XRP. That’s why XRP is not a security,” he opined. Responding to an X user, the mining exec noted that many “worthless” and “harmful” products do not qualify as securities. In July 2023, Judge Analisa Torres granted Ripple a partial victory after declaring in her summary judgement that secondary sales of the Ripple-linked token were not securities. Last Sunday, President Trump said he expects payments-focused XRP to be a part of the strategic digital assets reserve with other cryptocurrencies. Critics argue against XRP as a reserve asset by pointing out that it lacks the real-world presence and the decentralization of Bitcoin or Ethereum. Moreover, the Chicago Mercantile Exchange (CME) Group has not yet announced plans to list XRP futures, which is probably why skeptics are against the coin’s inclusion in the national reserve. Notably, the U.S. Securities and Exchange Commission (SEC) had approved ETFs investing in the CME-regulated BTC and ETH futures before greenlighting the spot BTC and ETH ETFs last year, trusting the exchange’s monitoring system to tackle potential price manipulation. In January, Rochard lambasted Ripple as the biggest obstacle to a Bitcoin-only strategic reserve since the company was aggressively lobbying against it. However, Ripple boss Brad Garlinghouse claimed that the company’s efforts were actually boosting the likelihood of a reserve that includes Bitcoin. The CEO has long advocated for a multi-asset US crypto reserve similar to the one announced by Trump on March 2. SEC Is Challenging XRP’s Classification Meanwhile, some believe including XRP in the reserve signals the imminent conclusion of the U.S. Securities and Exchange Commission’s ongoing enforcement lawsuit against Ripple. The SEC formally filed its appeal-related opening brief on January 15, challenging the court’s previous ruling on the programmatic XRP sales. Since pro-crypto Commissioner Mark Uyeda took over as acting Chair after former SEC Chair Gary Gensler’s exit, speculation has grown over a possible resolution of the Ripple case.
2025-03-09 14:10
Binance will introduce a mechanism for users, holding a minimum of 0.01 BNB, to vote on whether a token is listed or delisted on the exchange. The new approach will be used on new listings and will be a way to engage with their customers positively. The announcement was made on Friday. The new system will have a “vote to list” and “vote to delist” option for users to decide what tokens are allowed on the exchange. Despite a large following promoting the Pi network, it hasn’t been approved yet. Before this system was introduced, Binance used information from social media to decide which coins were popular. However, this method was riddled with problems because people could artificially inflate a token’s popularity. Further, Binance has improved its standards for making such important decisions. Binance users will be able to vote on their favourite tokens and research whether a token should be on the exchange. Critics point out, however, that large groups could abuse the system by mass voting one way or the other. There is also a risk that bots could be used to promote faulty tokens. With this new approach, Binance will be able to ascertain what its customers want rather than relying on social media data. It can also airdrop tokens for eligible users to provide incentives to use its exchange. Binance’s Monitoring Zone will be used to list potential tokens to delist. Reasons to delist could include slow updates, inactive communities, and inflated token prices. Projects with high levels of risk could be candidates for the voting system. Tokens that do not provide relevant information could also be voted upon. The proposed system will also include options to trade early for upcoming tokens and to benefit from mega drops. These features aim to balance between regulatory requirements and increased usability for clients. Binance’s Alpha Observation Zone will be integrated with the voting system so that tokens launched exclusively through Binance can benefit from the user interaction. After the FTX exchange collapsed, Binance introduced Proof-of-Reserve (PoR) to prevent a complete exchange collapse in the event of limited funds. Binance is one of the best exchanges providing token pair liquidity and hopes to continue providing such a service safely. User engagement, such as with the voting system, will allow for better access to smaller tokens and increase market flow in the cryptocurrency economy. One would expect this trend to continue with additional features added in the future, further gamifying the platform. The exchange encouraged projects to list their tokens if they have long-term industry partners, strong community backing, and an innovative concept. Binance has a listings team to monitor new tokens and assess whether they are suitable candidates for the exchange.
2025-03-09 13:59
Brian Armstrong , Coinbase CEO, announced he would hire 1,000 Americans in 2025, citing regulatory changes under President Trump as an inspiration for the move. He made the announcement at the White House Crypto Summit, where he met with government officials to discuss crypto regulation. This comes as the U.S. Securities and Exchange Commission (SEC) dropped its case against Coinbase, ending a well-fought struggle for the regulatory framework of one of the largest crypto exchanges in America. The court case was an expensive drain on Coinbase’s resources. The issue of regulation now rests with Congress instead of the courts. Armstrong attended the White House crypto summit, joining Republican politicians and regulators at the White House’s state dining room. The night before, Trump had just signed an executive order creating a Bitcoin reserve, an action that Armstrong supports. “You can’t really have a better holder of this asset than the United States government”, Armstrong said, “It’s becoming a core piece of the financial system, and I think it’s going to be a part of every diversified portfolio over time”. “Historic day at the Whitehouse Digital Asset Summit. Thanks to Trump’s leadership, along with David Sacks, the U.S. now has a Strategic Bitcoin Reserve and emerging regulatory clarity. This is directly translating to economic growth in the U.S. For instance, Coinbase plans to hire about 1,000 employees in the U.S. this year as a result of this renewed growth.” Armstrong recorded his message outside the White House. Other crypto attendees included Michael Saylor (Strategy), Winklevoss twins (Gemini), and Kris Marszalek (crypto dot com). “We just left the digital asset summit at the White House. It was an incredible event and a really historic moment for our industry. President Trump has breathed life back into the crypto industry”. A major event influencing Armstrong’s decision to employ 1,000 Americans was the SEC dropping its case against Coinbase. This was a welcome relief, allowing the company to focus on expanding its business rather than paying legal fees. Conversely, in 2023, Coinbase fired 950 employees as part of a cost-saving measure, aiming to reduce operating costs by 25%. Coinbase (COIN) struggled on the stock market, closing at around $217 on March 7, down around 20% on the monthly chart. “The president made a promise”, said Bo Hines, Working Group on Digital Assets director, “that he’s going to make this country the crypto capital of the planet, and we’re well on our way in delivering that promise”. “We were just with 30 or so of the greatest luminaries in the space, and I think everyone was tremendously pleased”.
2025-03-09 13:52
Craig Wright , an Australian computer scientist who claims to be Satoshi Nakamoto, was fined £225,000 by a London court for improperly using AI while attempting to appeal an earlier ruling by the High Court that he is not Satoshi Nakamoto. In March 2024, a London court ruled that Wright was not Satoshi and had lied extensively during the trial. He was also barred from making any more legal cases against the crypto industry. COPA (Crypto Open Patent Alliance) and other Bitcoin groups defended themselves in court, and asked the Court of Appeals for Wright to pay their legal costs. On Thursday, Lord Justice Arnold ordered Wright to pay £100,000 to cover Copa’s costs and £125,000 for the other crypto developers’ costs as a result of the case. The judge argued that the fines were appropriate because Wright’s appeal lacked merit. Wright had used artificial intelligence models to compose his appeal. As a result of AI overuse, his writing was convoluted and, at times, irrelevant to the current case. Still in its infancy regarding legal defence, the AI model used out-of-date case law to present Wright’s appeal. Lord Justice Arnold dismissed Wright’s case in the Court of Appeal. Wright attempted to appeal last year’s High Court ruling that Wright was not the creator of Bitcoin. Arnold dismissed Wright’s case because it was unnecessarily complicated and disproportionate to the case, at risk of misleading the court with unnecessary information. In December 2024, Wright was sentenced to 12 months in prison for contempt of court for having issued a new claim of £900 billion related to Bitcoin, even though the court barred him from making any more cases. Lord Justice Arnold presided over that case as well. Thursday’s ruling by the Court of Appeals may be the first case in which a person is ordered to pay costs because of their misuse of artificial intelligence (AI). Copa asked the court to issue a Civil Restraint Order (CRO) against Wright, to stop him from creating court cases for 3 years. Jonathan Hough KC, representing Copa, says Wright misused the legal system to “terrorise” his perceived enemies. Hough further requested that the Attorney General extend the restraint order from 3 years to a longer period. “First, Dr Wright has brought a large number of baseless legal actions”, wrote Hough, “founded on lies and backed up with copious forgeries”. “Secondly, in those actions he has claimed huge sums against a large number of individuals and companies, causing them serious distress, inconvenience and cost”. “Thirdly, his actions have taken up very significant court resources, running to nearly 100 court days in this jurisdiction”. “The undisputed consequence of his claims has been significant disruption to innovation in an important industry There is a clear and serious risk of him repeating his campaign of litigation in one form or another”. Phil Sherrell, Bird & Bird Partner, representing Copa, said Wright’s use of AI resulted in many false statements and use of out of date case law. “This is a stark warning to litigants”, said Sherrell, “and in particular litigants in person, about the risks of using generative AI tools to create court documents”.
2025-03-09 13:49
U.S. President Donald Trump has vowed that the federal government will never sell its Bitcoin holdings under his leadership. Speaking at the first-ever White House Crypto Summit on Friday, Trump declared his ambition to make the United States the “Bitcoin superpower of the world and the crypto capital of the planet” emphasizing that his administration is taking historic steps to realize this vision. “As you know, around the table yesterday, I signed an executive order officially creating our Strategic Bitcoin Reserve,” Trump stated . “ This will be a virtual Fort Knox for digital gold, housed within the U.S. Treasury. That’s a big thing.” Notably, the U.S. government holds nearly 200,000 Bitcoin, seized through civil forfeitures and enforcement actions. Trump made it clear that these holdings would form the foundation of the newly established reserve while blasting the Biden administration’s decision to liquidate tens of thousands of Bitcoin in recent years. “Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of additional Bitcoin worth billions and billions of dollars,” Trump said. “ From this day on, America will follow the rule that every Bitcoiner knows well: Never sell your Bitcoin. That’s a little phrase they have…so far, it’s been right, so let’s keep it that way.” To reinforce this long-term Bitcoin strategy, Trump has directed the Treasury and Commerce Departments to explore ways of accumulating additional Bitcoin holdings, without imposing costs on taxpayers. His executive order also mandates a federal inventory of all government-held crypto assets, with plans to consolidate them into a newly created U.S. digital asset stockpile. Beyond securing Bitcoin reserves, Trump aimed at what he described as the Biden administration’s hostility toward the crypto industry. He accused regulators of targeting crypto businesses and blocking financial institutions from facilitating crypto transactions. “All of that will soon be over. We are ending Operation Choke Point 2.0 ,” Trump asserted, referring to alleged regulatory efforts to stifle the crypto sector. He also supported lawmakers drafting legislation to provide regulatory clarity for stablecoins and digital assets, calling it a “tremendous opportunity for economic growth and innovation.” Trump’s move comes amid reports that China is considering establishing its own Bitcoin Strategic Reserve. According to Bitcoin Magazine CEO David Bailey, Beijing began closed-door meetings shortly after the November 2024 U.S. elections. While the Chinese government has yet to make an official announcement, Bailey claims several influential Bitcoin advocates are involved in discussions. Meanwhile, Deputy Anton Gorelkin says the establishment of a strategic reserve of cryptocurrencies (SBR) is “not yet being discussed” at the state level in Russia. That said, creating a U.S. Bitcoin reserve marks a significant shift in how governments view digital assets, potentially accelerating Bitcoin’s role in global finance.
2025-03-08 20:57
In a major development for the crypto industry, the U.S. Office of the Comptroller of the Currency (OCC) has granted U.S. banks the authority to store crypto assets, engage in stablecoin operations and process payment transactions using distributed ledger technology (DLT). This regulatory shift, announced on Friday, paves the way for a surge in institutional investment, potentially driving significant adoption and growth for major crypto assets like XRP, Ethereum , Bitcoin , Cardano , and others. Notably, the OCC, the chief regulator of national banks, has historically fluctuated in its stance on crypto, depending on leadership. Under President Trump’s first administration, crypto-friendly policies flourished, particularly during Brian Brooks’ tenure, encouraging institutional participation. However, this progress was partially reversed by Michael Hsu, who enforced stricter oversight on digital assets. With a pro-crypto administration in place, the latest letter thus signals a return to a pro-blockchain stance. By eliminating the requirement for banks to obtain special approvals for crypto activities, the OCC has streamlined financial institutions’ path to blockchain adoption. “ This letter reaffirms that crypto-asset custody, distributed ledger, and stablecoin activities discussed in prior letters are permissible,” stated acting OCC Chair Rodney Hood in the announcement . “ This rescission is intended to reduce burden, encourage responsible innovation, and enhance transparency. The rescission will also ensure that bank activities will be treated consistently, regardless of the underlying technology.” That said, this policy shift could be transformative for XRP and Ripple, whose XRP Ledger (XRPL) is designed for high-speed, low-cost cross-border transactions. Ripple’s recent launch of the RLUSD stablecoin aligns seamlessly with the OCC’s pro-crypto stance, positioning XRP as an attractive option for banks looking to integrate blockchain-based payment solutions. With financial institutions now authorized to hold and operate digital assets, XRPL adoption could surge, boosting XRP’s utility and demand. Ethereum and Bitcoin are also set to benefit. Ethereum’s extensive smart contract ecosystem could see increased institutional adoption as banks explore blockchain-powered financial products. Meanwhile, Bitcoin’s role as a store of value may strengthen under clearer regulatory guidelines for bank custody and transactions. The OCC’s decision comes amid a broader federal push toward embracing crypto. President Trump’s recent executive order on digital assets underscores a pro-blockchain stance, while his nomination of Jonathan Gould, a former Bitfury lawyer, to lead the OCC signals a continuation of policies favoring blockchain innovation. Moreover, major financial institutions are already responding to the shift. Bank of America is preparing to launch a stablecoin on Ethereum, highlighting the network’s banking relevance. JPMorgan Chase is exploring stablecoin integration alongside its digital deposit tokens. Meanwhile, UK-based fintech firm Revolut is considering issuing its stablecoin and expanding its crypto-friendly offerings.
2025-03-08 20:30
The Shiba Inu (SHIB) community is ramping up efforts to advocate for a SHIB-focused exchange-traded fund (ETF), calling on major asset management firms like BlackRock and Grayscale Investments to take action. Momentum behind the initiative has been growing rapidly, with a Change.org petition directed at Grayscale CEO Michael Sonnenshein surpassing 16,666 signatures as of press time. Meanwhile, influential SHIB group “Shibzens” have recently outlined compelling reasons why SHIB deserves ETF status, drawing parallels to the recent success of Bitcoin and Ethereum ETFs. As per the group, one of the strongest arguments for a SHIB ETF is the cryptocurrency’s massive and highly engaged community. With millions of holders actively participating in the SHIB ecosystem, it argued that the token enjoys a loyal user base that could drive demand, liquidity, and long-term price stability, key factors for a successful ETF. Shiba Inu’s Layer-2 blockchain, Shibarium, further strengthens its case. Since its launch in August 2023, the group emphasized that Shibarium has introduced real-world utility by powering decentralized finance (DeFi) applications, gaming projects, and payment solutions. The network also supports ecosystem tokens like BONE, used for gas fees, and TREAT, which could be incorporated into a diversified SHIB ETF , expanding its investment appeal. Another major factor is affordability. Unlike Bitcoin and Ethereum, which can be expensive for small investors, SHIB’s low price per token makes it an accessible entry point for retail traders. This inclusivity allows a broader investor base to gain crypto exposure, while SHIB’s high trading volume and strong liquidity provide a solid foundation for institutional ETF products. A SHIB ETF could also align with Environmental, Social, and Governance (ESG) investment strategies. The Shib Karma Foundation, a philanthropic initiative within the SHIB ecosystem, highlights the community’s commitment to social good. Additionally, SHIB’s growing adoption across industries, including gaming and payments, demonstrates its increasing real-world relevance and utility. This push comes amid significant political and institutional shifts that signal a growing acceptance of cryptocurrency, further strengthening the case for a SHIB ETF. Former U.S. President Donald Trump recently acknowledged major digital assets like XRP, Solana, and Cardano, fueling speculation that increased regulatory clarity could benefit altcoins like SHIB . On Friday, the President hosted the first-ever White House Crypto Summit, bringing together key figures in the crypto industry. Among them was Robinhood CEO Vlad Tenev, a well-known advocate for meme-based assets whose involvement has further bolstered optimism. The SHIB community led by lead developer Shytoshi Kusama have expressed optimism that Tenev could play a role in advocating for the inclusion of meme coins like SHIB and Dogecoin in the discussions. That said, while BlackRock and Grayscale have yet to submit a formal application for a SHIB ETF, the precedent set by Bitcoin and Ethereum ETFs proves that crypto-based investment products are viable. With strong community backing, increasing adoption, and favorable market trends, Shibizens believe SHIB is next in line.
2025-03-08 20:21
