On March 12, reports indicated that the cryptocurrency market experienced a downturn, with Bitcoin falling below $70,000. As of press time,$Bitcoin (BTC.CC)$Bitcoin dropped by 1.15%, trading at $69,421.76. $Ethereum (ETH.CC)$Ethereum declined by 1.12%, trading at $2,026.77.
Key Focus
The Grayscale Avalanche Staking ETF is set to begin trading tomorrow.
According to an official announcement from Grayscale,$GRAYSCALE AVALANCHE TRUST ETF (GAVA.US)$will commence trading tomorrow, offering investors direct exposure to AVAX.
The first batch of stablecoin issuer licenses in Hong Kong may be announced soon, with reports suggesting Standard Chartered, HSBC, and OSL are among the finalists.
Citing multiple sources, The Sing Tao Daily reported that$HSBC HOLDINGS (00005.HK)$、$STANCHART (02888.HK)$along with Hong Kong-based virtual asset trading platforms, $OSL GROUP (00863.HK)$will be among the first companies to receive a Hong Kong stablecoin license. The report stated that the list could be announced as early as next week but has yet to be finalized and remains subject to change. The Hong Kong Monetary Authority (HKMA) stated it would not comment on market rumors. Previous reports indicated that Hong Kong's stablecoin licensing framework will be introduced shortly after the Two Sessions, with fewer than four licenses expected to be issued initially.
VanEck has included some of its cryptocurrency ETFs in U.S. 401(k) retirement plans through a collaboration with Basic Capital.
According to CoinTelegraph, VanEck will incorporate some of its digital asset ETFs into U.S. 401(k) retirement plans through a partnership with the fintech platform Basic Capital. Basic Capital is a provider of corporate 401(k) retirement plan platforms, and this collaboration will enable retirement savers to gain exposure to digital assets through ETFs. The two parties did not specify which VanEck digital asset ETPs will be offered. VanEck’s crypto products include a spot Bitcoin ETF, a spot Ethereum ETF, and the “On-Chain Economy” ETF, which invests in companies within the digital asset ecosystem. Earlier this year, VanEck also launched a spot Avalanche ETF.
Strive purchased $50 million worth of Strategy perpetual preferred shares (STRC) and increased its Bitcoin holdings to 13,311.
According to The Block, a publicly listed company holding Bitcoin treasury$Strive (ASST.US)$announced a 25-basis-point increase in its SATA preferred stock dividend to 12.75%, while narrowing the price range from $95-$105 to $99-$101. SATA is a high-yield, Bitcoin treasury-backed perpetual preferred instrument traded on Nasdaq, modeled after Strategy's STRC shares, which minimize price volatility through an adjustable floating dividend rate. The company also increased its Bitcoin holdings to 13,311 (previously disclosed as 13,131.82 Bitcoins in January) and purchased $50 million worth of$Strategy (MSTR.US)$perpetual preferred shares STRC (current yield at 11.5%).
FDIC Chairman: Stablecoins under the GENIUS Act are not entitled to any form of deposit insurance.
According to CoinDesk, Travis Hill, Chairman of the Federal Deposit Insurance Corporation (FDIC), stated that under the rules of the GENIUS Act, stablecoin holders will not be eligible for any form of deposit insurance, including “pass-through insurance” obtained by financial institutions on behalf of their clients. He pointed out that the GENIUS Act explicitly distinguishes stablecoins from bank deposits, the latter of which are guaranteed up to $250,000 by the U.S. government. Hill explained that current pass-through insurance rules require the ability to identify the ultimate customer and their interests during daily operations, a feature that large-scale stablecoin arrangements currently lack. Although stablecoins cannot qualify for FDIC insurance, the law mandates they maintain full reserves, protected by safeguards provided by the issuer.
SEC and CFTC Sign Memorandum of Understanding to Collaborate on Crypto Policies and Promote New Product Launches.
According to The Block, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) signed a memorandum of understanding, committing to enhance coordination and cooperation to support legitimate innovation, uphold market integrity, and ensure investor and client protection. SEC Chairman Paul Atkins stated that decades of regulatory turf battles, duplicate registrations, and differing regulations between the two agencies have stifled innovation, driving market participants to other jurisdictions. The two agencies expressed their commitment to developing a federal policy framework suitable for crypto assets and other emerging technologies, pledging in the memorandum to “coordinate and collaborate closely to eliminate obstacles to the legitimate launch of crypto asset products where appropriate.” While memorandums of understanding are generally non-binding, the formal commitment by both agencies to collaborate closely on policy measures, including those related to crypto, is seen as a positive signal for digital asset advocates.
Wells Fargo & Co has submitted a trademark application for WFUSD, signaling a potential expansion into cryptocurrency-related services.
According to a report by CoinDesk, a major U.S. bank$Wells Fargo & Co (WFC.US)$has filed a cryptocurrency-related trademark application with the United States Patent and Trademark Office, named WFUSD. The filing indicates that WFUSD will offer services including 'cryptocurrency payment processing,' 'execution of digital asset transactions,' and 'services featuring asset tokenization software.' The name suggests it could be a deposit token or stablecoin. In 2019, Wells Fargo & Co disclosed plans to pilot an internal settlement service called 'Wells Fargo Digital Cash,' which would operate on its proprietary distributed ledger platform.
Ripple launches $750 million share repurchase program, valuing the company at approximately $50 billion.
According to a Bloomberg report,$Ripple (XRP.CC)$has initiated a share repurchase program of up to $750 million, valuing the company at around $50 billion. The tender offer is open to investors and employees and is expected to last until April. In November last year, Ripple completed a $500 million funding round at a valuation of $40 billion, with investors including Citadel Securities and Fortress Investment Group.
Circle, Binance, and others join MasterCard's crypto partnership initiative.
According to a Bloomberg report, $MasterCard (MA.US)$has announced the launch of a new global partnership program, enlisting over 85 digital asset companies, payment service providers, and financial institutions, including$Circle (CRCL.US)$, Binance, and Gemini. The initiative aims to integrate crypto payments with its network while promoting stablecoins as an alternative to traditional payment rails. MasterCard and$Visa (V.US)$Since 2021, there have been stablecoin initiatives betting on their ability to become an indispensable part of companies driving the adoption of stablecoins in everyday payments.
Coinbase reportedly lobbied against a proposed tax exemption for small Bitcoin transactions, advocating that it should only apply to stablecoins.
On March 12, according to BitcoinNews reports, cryptocurrency trading platform$Coinbase (COIN.US)$has allegedly been lobbying U.S. lawmakers behind the scenes to oppose establishing a tax exemption for small Bitcoin transactions and suggested limiting the exemption to stablecoins only. Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase had informed lawmakers that 'no one uses Bitcoin as currency' and argued that providing a tax exemption for small Bitcoin transactions would be a 'subsidy doomed to fail.'
The crypto community considers the situation, if true, to be 'very concerning,' echoing concerns about recent crypto legislation (such as the GENIUS Act) being potentially influenced by special interest groups and regulatory capture rather than genuinely promoting innovation. Over the past three months, policy discussions on Capitol Hill have shown notable shifts, with some proposals favoring tax exemptions for small stablecoin transactions while excluding Bitcoin. According to the Bitcoin Policy Institute, ongoing communication with lawmakers continues, emphasizing that restricting the tax exemption to stablecoins would be a strategic mistake in U.S. policy. The institute has long advocated for exempting small Bitcoin transactions from capital gains taxes.
Editor/Vincent
