According to reports on March 9, the cryptocurrency market experienced volatility, with Bitcoin surpassing $67,500. As of press time,$Bitcoin (BTC.CC)$it rose by 0.44%, reaching $67,513.38. $Ethereum (ETH.CC)$It increased by 2.38%, trading at $1,989.54.
Key Focus
Supreme Court Report: Strictly Punish Crimes Such as Money Laundering and Capital Flight Using Virtual Currencies, Collaboratively Preventing Illegal Cross-Border Fund Transfers
According to Jin10 citing CCTV News, the second plenary session of the Fourth Meeting of the 14th National People's Congress was held at the Great Hall of the People in Beijing on the morning of March 9. Chief Justice Zhang Jun of the Supreme People's Court delivered the work report of the Supreme People’s Court. The report showed that over the past five years, 9,326 cases involving crimes endangering cybersecurity were concluded, affecting 22,000 individuals, marking a 158.5% increase compared to the previous five-year period (in terms of case numbers). Crimes such as online rumors, pyramid schemes, and cyber violence were legally punished to promote comprehensive governance of cyberspace security. Two young individuals were convicted and sentenced for maliciously “doxxing” others, illegally obtaining and disseminating private information. Crimes using virtual currencies as a medium for money laundering and capital flight were strictly penalized, and efforts were coordinated to prevent illegal cross-border fund transfers. It was clarified that drivers who activate assisted driving functions while intoxicated will still bear criminal responsibility, emphasizing that technological applications must adhere to legal boundaries.
The total scale of RWAs on Ethereum has surpassed $15 billion.
According to a report by Jinse Finance, market sources indicate that the total scale of RWAs (Real World Assets) on Ethereum has surpassed $15 billion, representing a year-on-year growth of 200%.
Former CFTC Chairman: Clarity in Cryptocurrency Regulation is More Important for Banks
According to a report by Jinse Finance, former CFTC Chairman Chris Giancarlo stated that U.S. banks most urgently need clear guidance on cryptocurrency regulation; otherwise, they risk falling behind other regions globally in payment innovation. During his appearance on The Wolf Of All Streets Podcast on Sunday, Giancarlo remarked that even if the Senate's crypto market structure bill fails to pass, the cryptocurrency industry will continue to evolve. However, without clear regulations, banks will remain cautious about investing in this technology. He noted, “Banks cannot afford regulatory uncertainty. Their general counsels are telling their boards: ‘Unless there is clear regulatory guidance, you cannot invest billions of dollars.’ For banks, regulatory clarity is more critical than it is for the crypto industry itself.”
Analysis: Mixed bullish and bearish signals in the crypto market suggest maintaining light positions while waiting for a clear trend.
According to the latest weekly report from 10x Research, the cryptocurrency market is entering a phase characterized by mixed signals and fragile momentum. Despite a rebound in inflows into Bitcoin ETFs and robust stablecoin minting, traders are adopting a defensive stance as funding rates plummet and downside hedging increases. Trading volumes remain extremely low, casting doubt on the sustainability of any rallies without significant liquidity catalysts. The report notes that Bitcoin's first attempt to breach the $70,000 mark has failed. As of this writing, the total cryptocurrency market capitalization stands at $2.29 trillion, with weekly trading volume at $109 billion. Bitcoin’s weekly trading volume is $48.9 billion, while Ethereum’s is $22.9 billion. Ethereum network fees are at an extremely low level, indicating limited network usage. Key areas of focus this week include CPI data, a $4.7 billion altcoin unlock event, and shifts in geopolitical risks.
The U.S. Treasury Department acknowledges that mixers have legitimate privacy uses and recommends establishing a safe harbor mechanism for temporarily freezing suspicious assets.
According to a report by The Block, in a submission to Congress, the U.S. Treasury Department acknowledged that cryptocurrency mixers can be used for legitimate financial privacy purposes, allowing users to protect sensitive information related to personal wealth, business payments, or charitable donations in public blockchain transactions. This marks a shift in stance since the 2022 sanctions against Tornado Cash. The report distinguishes between custodial and non-custodial mixers, with custodial mixers already required to register with FinCEN as money service businesses. However, it does not recommend imposing new restrictions on non-custodial mixers, nor does it finalize or support the mixer-related recordkeeping rules proposed by FinCEN in 2023. Instead, it references a presidential working group report suggesting that the Treasury Department “consider next steps” while balancing illicit finance risks with privacy concerns.
Michael Saylor has once again released Bitcoin Tracker information, and this week may disclose additional purchase data.
Michael Saylor, founder of Strategy, has once again shared updates related to the Bitcoin Tracker, writing: “The Second Century Begins.” Based on previous patterns, Strategy always discloses Bitcoin accumulation information the day after such announcements.
Head of Strategy: $4.3 billion spent on acquiring 48,000 BTC in the first two months of 2026 could reshape Bitcoin’s bear market structure.
Chaitanya Jain, Head of Strategy at Bitcoin treasury company Strategy, posted on the X platform that Strategy spent approximately $4.3 billion acquiring about 48,000 Bitcoin in the first two months of 2026, compared to just $300 million spent on about 8,000 Bitcoin throughout 2022. Jain believes that under these circumstances, Strategy’s perpetual preferred shares (STRC) and MSTR will together form the “ultimate Bitcoin accumulation machine,” and this sustained and large-scale institutional buying pattern could permanently alter the market structure of Bitcoin’s bear markets.
Pakistan passes the Virtual Assets Bill, establishing a national virtual asset regulatory authority.
Pakistan’s parliament passed the Virtual Assets Act, 2026, establishing a comprehensive regulatory framework for the country’s rapidly growing digital finance sector. The new law establishes the Pakistan Virtual Assets Regulatory Authority (PVARA), responsible for licensing, regulating, and overseeing virtual asset service providers operating in Pakistan. The framework emphasizes enhancing transparency, protecting investors, and maintaining the integrity and stability of the virtual asset market while supporting “responsible innovation” in fintech. The legislation also grants PVARA the authority to combat illegal activities involving virtual assets, such as money laundering and terrorist financing, aligning Pakistan’s regulatory approach with international standards.
The White House has released a cyber strategy document, marking the first time that encryption and blockchain have been incorporated with an emphasis on combating anonymous financial channels.
Alex Thorn, Head of Research at Galaxy Research, posted on the X platform that the White House has released the U.S. cyber strategy document titled 'President Trump's Cyber Strategy for America.' The strategy spans seven pages and is structured around six pillars, emphasizing cyber offense and deterrence but offers limited specifics on implementation. For the first time, the U.S. cybersecurity strategy explicitly mentions cryptocurrency and blockchain technology, proposing the need for their 'protection and security assurance.' This contrasts with Joe Biden's National Cybersecurity Strategy released in 2023, which did not address such technologies. However, the strategy also proposes to 'eradicate criminal infrastructure and cut off financial exit channels,' backed by a new executive order aimed at combating cross-border cybercrime. Analysts believe this wording could provide a policy basis for regulators to strengthen crackdowns on mixers, privacy coins, and unregulated entry and exit channels.
In addition, the strategy proposes expanding the authority for offensive cyber operations and plans to mobilize the private sector to combat adversarial networks while promoting AI-driven automated cyber defense systems. A complementary executive order will establish a new operational unit within the National Coordination Center to coordinate law enforcement efforts targeting transnational cybercrime syndicates.
Prediction markets Kalshi and Polymarket are both seeking funding at a valuation of approximately $20 billion.
According to the Wall Street Journal, prediction market platforms Kalshi and Polymarket are reportedly in talks with potential investors for a new round of funding, targeting a valuation of approximately $20 billion. Sources familiar with the matter indicate that the valuation of both companies was about half of this figure at the end of last year. As competition in the prediction market intensifies, both sides are accelerating efforts to capture user growth, leveraging this to drive negotiations for a new round of funding.
Controversy over the CLARITY Act heats up: White House crypto official refutes claims that stablecoin rewards lead to bank deposit outflows.
Debate surrounding the U.S. CLARITY Act has sparked a public disagreement between the banking industry and White House crypto policy officials. Christopher Williston VI, President of the Texas Independent Bankers Association, publicly stated on the X platform that any compromise by the banking sector on this bill would harm local lending and economic productivity, adding that he would not concede on liquidity issues critical to supporting the local economy. In response, Patrick Witt, Executive Director of the White House Digital Assets Advisory Council, countered that failing to make compromises on the CLARITY Act means no restrictions would be imposed on intermediaries offering stablecoin rewards. Following the banking industry’s narrative about 'deposit outflows,' such a scenario could lead to catastrophic consequences—a logic he likened to 'watching an arsonist threaten to burn down their own house.'
Editor/Vincent
