Today's news tips:
Nasdaq-listed BioNexus Gene Lab announces adoption of Ethereum financial reserve strategy
Elixir launches airdrop qualification check page and announces token economics
Coinbase to List Renzo (REZ) Token
Bitwise Applies to the US SEC to Launch Aptos ETF
Regulatory/Macro
Hong Kong legislator Wu Jiezhuang: Hong Kong does not have an official currency, beware of scams
Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, said, "Hong Kong does not have an official coin. Some citizens and Web3 practitioners have asked me that someone pretended to be the Chief Executive and posted on the X platform that Hong Kong Coin would be issued on the Solana chain. The government has solemnly clarified that the relevant information is not true and is intended to deceive. Citizens are requested to be careful and not to be misled and defrauded." Earlier today, news came that the X account named "Hong Kong Chief Executive John Lee" was suspected to have been stolen and posted content related to tokens.
Insider: Ripple executives lobbied Trump to add SOL to the crypto strategic reserve
According to Unchained Crypto, people familiar with the matter said that Ripple Labs executives, including CEO Brad Garlinghouse and Chief Legal Officer Stu Alderoty, had proposed to US President Trump to include SOL in the cryptocurrency reserve plan announced on Sunday to give it more legitimacy in the cryptocurrency community. The inclusion of SOL also helps Ripple convey its position of supporting cryptocurrency reserves that include a variety of US tokens. In response to the question of whether Ripple has pushed to include SOL in the reserve to make its proposed XRP more convincing, a Ripple press representative said that please refer to Garlinghouse's tweet after Trump announced the reserve plan on Truth Social, that the industry should unite instead of confronting each other.
According to Interfax, Russian Deputy Finance Minister Vladimir Kolychev told reporters that the Russian Ministry of Finance does not plan to change the current investment structure of the National Welfare Fund, especially not to include crypto assets in it - crypto assets are too volatile, and the current accumulation level of the National Welfare Fund does not allow for high-risk investments. Kolychev said he had not heard of discussions in Russia about creating a strategic reserve of cryptocurrencies similar to the Trump administration's plan. "This is more of a central bank issue. To be honest, I haven't heard of such discussions," he said, adding that it is too early to discuss the possibility of including crypto assets in the investment structure of the National Welfare Fund.
Nasdaq-listed BioNexus Gene Lab announces adoption of Ethereum financial reserve strategy
According to Globenewswire, BioNexus Gene Lab Corp. (NASDAQ: BGLC), a technology company dedicated to technological innovation and healthcare, announced that its board of directors has formally approved the company's new Ethereum-focused financial strategy. This decision marks BGLC as the first Nasdaq-listed company to exclusively prioritize Ethereum as a strategic financial asset, and echoes the recent announcement that Ethereum was included in the U.S. "Cryptocurrency Strategic Reserve". At the same time, BGLC released the Ethereum Strategic White Paper, detailing the reasons behind the company's decision and the broader significance of Ethereum as a financial infrastructure asset. The white paper delves into Ethereum's institutional adoption, staking capabilities, and upcoming protocol upgrades that consolidate Ethereum's long-term value and practicality for enterprises.
Discord is discussing an IPO as early as this year
According to Cailianshe, the chat software Discord is discussing a possible initial public offering (IPO) this year.
According to Fox Business News reporter Eleanor Terrett, a group of U.S. House Republicans, including Tom Emmer and Bryan Steil, held a "Crypto Power Lunch" this afternoon to discuss digital asset policy initiatives and related legislation. Participants included representatives from cryptocurrency trade organizations The Digital Chamber and Blockchain Association, as well as representatives from companies such as Paradigm, a16z, CoinFlip, Coinbase, Anchorage, and DCG.
Argentine prosecutors apply to freeze $100 million in crypto raised in Libra sale
According to Decrypt, the chief prosecutor investigating Argentine President Javier Milei's alleged involvement in the LIBRA scandal has requested the freezing of approximately $100 million in crypto assets related to the case and the restoration of deleted social media posts, including Milei's tweets promoting Solana-based Meme coins. Prosecutor Eduardo Taiano also requested detailed records of LIBRA transactions.
According to Fox Business reporter Eleanor Terrett, Caroline Pham, acting chairwoman of the U.S. Commodity Futures Trading Commission (CFTC), said that staff from the U.S. Securities and Exchange Commission (SEC) and the CFTC are discussing and collaborating on digital assets and other matters. Pham said at the Milken Institute's "Future of Fintech Seminar" in Washington, DC: "We have restarted staff-level dialogue between the CFTC and the SEC. We hope to work together. We have worked well together in the past, and I look forward to returning to normal." SEC Commissioner Hester Peirce agreed. Pham also mentioned that the cooperation with David Sacks, the White House's head of cryptocurrency affairs, and the White House was "very smooth." Peirce added: "It's good to have a White House committed to clarity in cryptocurrency regulation. The SEC's cryptocurrency task force has begun to identify areas that are not within our purview. It is very important to clarify what is the SEC's purview and what is not. People affected by the rules should have a seat at the table in the rule-making process."
Bitwise Applies to the US SEC to Launch Aptos ETF
According to CoinDesk, Bitwise has filed documents to apply for the launch of an ETF that tracks the price of Aptos (APT), the native token of the Aptos network. The asset management company revealed the relevant movement last week when it submitted an application to create a Delaware trust entity for the proposed Aptos ETF. On Wednesday, Bitwise submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC), officially launching the plan. The S-1 filing is a necessary step for a company to issue new securities and list them on a public stock exchange. To launch such a fund, the asset management company must also submit a 19b-4 filing to indicate that the relevant stock exchange needs to make necessary rule changes, which also means that the SEC will face strict approval deadlines.
Canary Capital applies to the US SEC to launch an ETF tracking the cross-chain protocol Axelar
According to CoinDesk, Canary Capital, an investment firm focused on digital assets founded by former Valkyrie Funds co-founder Steven McClurg, is planning to launch an ETF that tracks the price of Axelar (AXL). The company submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) on Wednesday, initiating the process of launching such a fund. The hedge fund has previously filed documents for several other ETFs. Some of them have been confirmed by the SEC and are awaiting approval. Axelar is a cross-chain protocol that connects blockchains and has been integrated by major players such as JPMorgan Chase, Microsoft, Uniswap and MetaMask, and former Coinbase legal director Brian Brooks has joined Axelar's new institutional advisory board.
According to the minutes of the Cryptocurrency Working Group meeting of the U.S. Securities and Exchange Commission (SEC), on March 5, 2025, the Cryptocurrency Working Group staff met with representatives of Circle Internet Financial, LLC, and representatives of WisdomTree Digital Management, Inc. and its affiliates to discuss ways to address issues related to the regulation of crypto assets. Circle and WisdomTree each provided an accompanying document that was discussed during the meeting.
Viewpoint
Solana co-founder Toly shared his views on the decentralized reserve mechanism on the X platform. He said that the ideal option is not to set up a reserve, because if the government manages the reserve, it will lead to the failure of decentralization. Toly further pointed out that if a reserve must be set up, the states can manage it themselves to hedge against possible misdecisions of the Federal Reserve. At the same time, if there must be a reserve mechanism, it should be based on objective, measurable, and reasonable standards, rather than subjectively set rules. He finally emphasized that no matter how the reserve mechanism is set, the Solana ecosystem can meet and exceed the goals and demonstrate strong competitiveness.
Robinhood CEO: Blockchain is the antidote to stock market inefficiencies
Robinhood CEO Vlad Tenev believes that blockchain technology will eventually underpin stock trading, noting that cryptocurrency infrastructure can make financial markets more accessible, cost-effective and resilient. Tenev made this point during a fireside chat, outlining how integrating stocks with blockchain networks can eliminate many inefficiencies in traditional trading systems, allowing assets to be traded seamlessly around the clock. "There's no reason why an investor should be able to trade meme coins anytime, but face barriers when trying to invest in companies like SpaceX or OpenAI," Tenev said, adding that the same blockchain technology used for cryptocurrencies can be applied to stocks, bonds and other assets. Tenev believes that U.S. securities laws have largely limited the integration of cryptocurrencies with real-world financial assets, thereby limiting their full potential; the slow adoption of cryptocurrency infrastructure by traditional markets is not due to technological limitations, but a lack of clear regulation. Tenev plans to attend a cryptocurrency summit at the White House later this week, where he will advocate for clearer regulations to enable blockchain technology to support mainstream financial markets.
Bitwise CIO: Bullish on Trump’s Crypto Reserve Plan Despite Flaws
Matt Hougan, chief investment officer of Bitwise, said that the market has a misunderstanding of Trump's proposed US cryptocurrency strategic reserve plan despite the flaws in the launch process, and believes that this proposal will eventually be a positive. Earlier, after President Trump announced the advancement of the plan, the crypto market once soared, but then the gains were wiped out due to the risk aversion caused by the new tariff policy. Hougan pointed out that the market's dissatisfaction with the reserve plan mainly stems from the fact that it is not limited to Bitcoin, but also includes other assets, which is seen as "calculated rather than strategic." He emphasized that the preliminary proposal may be modified or even abolished, but the final version may be promoted after the White House Cryptocurrency Summit. He also mentioned that the US reserve plan may trigger a global competition, and countries are preparing for the strategic position of crypto assets such as Bitcoin. In addition, once the reserve is established, these assets may be hoarded for a long time and will not be easily sold. Hougan believes that the US government's view of crypto assets as strategic assets is a positive signal, and the market will eventually realize this.
Matthew Sigel, director of digital asset research at VanEck, wrote on the X platform: "We estimate that the combined effect of SIMD 096 and SIMD 0228 will reduce SOL's selling pressure by $677 million to $1.1 billion per year. Although SIMD 096 increases tax-related selling pressure by canceling 50% of the priority fee destruction, SIMD 0228 should be able to offset this effect more." Earlier yesterday, VanEck said that Solana's two proposed upgrades will enhance the network, but will significantly cut validator earnings.
Project News
Binance: The RED/USDT limit order failure has been fixed and users’ losses will be compensated
Binance Customer Support officially confirmed that the limit order function of the RED/USDT trading pair failed between 11:39 and 12:09 on March 6, but the market order function was used normally during this period. The platform has completed the repair and apologizes for the inconvenience this may have caused to users. If users suffer losses due to this system problem, they can contact Binance Customer Service for feedback, and they will receive corresponding compensation after verification.
Sui ecological lending protocol Suilend posted on the X platform 1 hour ago: "We are currently experiencing an outage due to problems with the third-party hosting service provider. Our team is actively investigating this issue and working to resolve it as soon as possible. Funds are safe because this is just a front-end issue." Regarding this issue, Suilend has just released an update saying: "We have discovered the problem and are actively seeking a solution." After checking, the Suilend front-end has not yet been restored.
Elixir launches airdrop qualification check page and announces token economics
Elixir, the modular liquidity network, announced on X Platform that the ELX airdrop eligibility check page is now live, and users, community members, and selected DeFi power users can now view their allocations. ELX provides consensus and governance for the Elixir network, with 41% of the supply reserved for the community (8% first quarter airdrop, 21% future airdrop/LP rewards, 12% public network security rewards), 22% for the DAO Foundation, 3% for liquidity, 15% for investors, and 19% for core contribution value. ELX holders can run their own validators or delegate tokens to help secure the network and earn network security rewards. Airdrop recipients automatically delegate to the Elixir Foundation validator - these tokens can be withdrawn at any time. Users who continue to hold delegations during the initial stabilization phase will receive a network stability bonus within three months.
Coinbase is resuming plans to tokenize its COIN shares and other securities in the U.S.
According to Crypto Briefing, Coinbase is renewing its push to tokenize its COIN shares as part of a broader effort to bring security tokens to the U.S. market. The company first attempted this move in 2020 but abandoned it due to regulatory obstacles. With the establishment of the U.S. SEC's newly established cryptocurrency task force, the company sees new opportunities to integrate blockchain-based securities into traditional finance. Coinbase Chief Financial Officer Alesia Haas expressed optimism about regulatory progress at the Morgan Stanley TMT Conference. "I now believe that our U.S. regulators are looking for product innovation and want to move forward," Haas said. Haas revealed that Coinbase initially planned to go public by issuing security tokens representing its COIN shares, which is consistent with its vision of integrating blockchain into traditional finance. Coinbase CEO Brian Armstrong emphasized the potential benefits of tokenized securities, saying they can provide consumers with the ability to trade around the clock.
Coinbase to List Renzo (REZ) Token
Coinbase Assets announced on X that Coinbase will add support for Renzo (REZ) on the Ethereum (ERC-20 token) network. Do not send this asset over other networks, or you may be at risk of losing your funds. Trading will begin on or after 01:00 on March 7, 2025 (GMT+8), if liquidity conditions are met. Once the supply of this asset is sufficient, trading in the REZ-USD trading pair will be launched in phases.
Important data
Data: Over $140 million USDT transferred from unknown wallet to Cobo
According to Whale Alert monitoring, 140,265,879 USDT (approximately US$140,411,265) was transferred from an unknown wallet to Cobo at 16:28.
USDC Treasury minted nearly 66.5 million USDC on the Ethereum chain
According to Whale Alert, USDC Treasury minted 66,499,000 new USDC on the Ethereum chain at 15:47, worth approximately US$66,493,247.
According to @ai_9684xtpa, a BTC whale with a cost as low as $10,297 sold 300.9 bitcoins an hour ago, worth about $27.92 million, making a profit of about $24.82 million. The whale's bitcoins were extracted from HTX during the last bear market in 2019, five months after the last sell-off.
According to Lookonchain monitoring, Tokenomist data shows that Ethena unlocked 2.07 billion ENA yesterday (worth $740.71 million, accounting for 39.17% of the circulating supply). In the past two days, 12 wallets have deposited a total of 125 million ENA (worth $45 million) to Binance, Bybit and FalconX.
According to Spot On Chain, the Trump family crypto project World Liberty Financial (WLFI) has started buying ETH, WBTC and MOVE again. In the early hours of this morning, it transferred 25 million USDC to a new multi-signature wallet and purchased: 4,468 ETH (about $10 million, $2,238 per unit), 110.6 WBTC (about $10 million, $90,420 per unit), and 3.42 million MOVE (about $1.5 million, $0.439 per unit). There are still 3.5 million USDC left in the new wallet.
Financing
iAgent Protocol, an AI-driven gaming solution, raises $3 million
iAgent Protocol, an AI-driven gaming solution, announced the completion of a $3 million financing round, with participation from Alpha Liquid Terminal, Lydian Labs, double jump.tokyo Inc., Cointribune, Alliance, Frekaz Group, Expert Dojo, IBC Group Official, PG, and Q42. According to reports, iAgent enables gamers to create, own, and monetize game AI agents, enabling gamers to train their own AI agents through game screens, powered by DePIN, and by leveraging decentralized GPU computing, thereby creating a new digital asset class on the blockchain.
According to CoinDesk and The Block, the startup DoubleZero Foundation has completed $28 million in financing at a valuation of $400 million, led by Dragonfly and Multicoin Capital, and participated by Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt and Frictionless. People familiar with the matter said that DoubleZero Foundation is currently looking for "strategic partners" to seek more strategic financing at a valuation of $600 million, and the strategic financing has not yet ended. According to reports, DoubleZero is building a "new Internet" to improve blockchain performance. Its vision is to build a global private fiber optic cable network, and then use these cables to enable blockchains to transmit data more efficiently than on the public Internet. The project is seen as a key technology for Solana's plan to process 1 million transactions per second. DoubleZero is opening its licensed testnet to Solana validators and RPC, and plans to gradually expand to other chains. Its fiber optic cable network is connected to dedicated lines operated by Jump Crypto, RockawayX, Distributed Global, Latitude and Terraswitch, and is accepting more contributors. DoubleZero also announced today the launch of its permissioned testnet, making the DoubleZero network available to Solana validators and RPCs.
