Today's News Highlights:
Jiangsu High Court: Overseas virtual currency investments are not protected by Chinese law
Insider: Trump nominates a16z crypto policy head Brian Quintenz as CFTC chairman
LinksDAO plans to launch community token LINKS on the Base chain for golf course acquisitions
FTX/Alameda redeemed 184,000 SOL six hours ago and distributed them to 23 addresses
Regulation/Macro
According to OKG Research data, 21 states in the U.S. have proposed bills related to the Strategic Bitcoin Reserve (SBR). Among them, Utah, Oklahoma, and Arizona are making the fastest progress. Utah is expected to become the first state to implement SBR, as its Bitcoin reserve bill was passed by the House Economic Development Committee on January 28 and is currently awaiting Senate review. If approved, it could take effect as early as May 7 this year. Additionally, the legislative processes in Oklahoma and Arizona are also following closely behind.
Jiangsu High Court: Overseas virtual currency investments are not protected by Chinese law
According to the Jiangsu High Court's official account, the court released typical cases involving foreign commercial trials, stating that overseas virtual currency investments are not protected by Chinese law. In a related case, a Singapore citizen, Mr. Pan, and a Chinese citizen, Mr. Tian, signed a cooperation agreement with a third party to jointly operate the "MFA Blockchain" project. Mr. Pan transferred 15.74 million yuan to Mr. Tian to purchase MFA virtual currency, but the virtual account was subsequently locked, resulting in the total loss of the principal. Mr. Pan filed a lawsuit in court. The Jiangsu High Court's second instance held that Mr. Pan, being a Singapore citizen, involved foreign factors in this case. According to China's law application law, matters involving China's financial security and social public interests should directly apply the mandatory provisions of Chinese laws and regulations, which prohibit virtual currency investments. The parties' contract to speculate on overseas virtual currencies violated the mandatory provisions of China's financial regulatory field, and thus the investment losses claimed by the parties are not protected by law, with the resulting losses borne by the parties themselves.
According to The Block, the U.S. Securities and Exchange Commission (SEC) has officially accepted the application for the listing of a spot Solana (SOL) ETF submitted by Cboe BZX Exchange, with applicants including 21Shares, Bitwise, Canary Capital, and VanEck. Additionally, Franklin Templeton has registered the Franklin Solana Trust in Delaware, indicating its intention to join the Solana ETF race. Previously, the ETF conversion application submitted by Grayscale Solana Trust has entered the SEC's public comment phase, following a similar path to that of Bitcoin ETFs. Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 70% probability of approval for the Solana ETF. However, how regulators define SOL as a commodity or security may still become a key issue in the approval process.
Powell states he will not advance central bank digital currency during his term
According to CoinDesk, the U.S. House of Representatives' Digital Assets Subcommittee held a hearing on February 11 to discuss the future development of the crypto industry in the U.S. and promote legislation to provide regulatory clarity. The hearing, themed "The Golden Age of Digital Assets," indicates the Republican-led committee's support for the crypto industry. Committee Chairman Bryan Steil, a Republican from Wisconsin, stated that the Trump administration plans to establish a reasonable regulatory framework for responsible digital asset companies. Industry representatives emphasized that Congress should quickly enact foundational laws to provide a clear market structure for the crypto industry. Former CFTC Chairman Timothy Massad suggested that legislators grant the SEC and CFTC greater decision-making power on regulatory details. Meanwhile, Democratic lawmakers took the opportunity to criticize the $TRUMP memecoin supported by Trump, accusing it of potential conflicts of interest and constitutional violations. Federal Reserve Chairman Powell also stated that he would not advance central bank digital currency (CBDC) during his term.
AI
According to Cointelegraph, the U.S. and the U.K. have refused to sign the international AI ethics agreement hosted by France, which aims to promote the inclusivity, ethics, and safety of AI technology. U.S. Vice President JD Vance criticized Europe's AI regulations for being overly intrusive, stating that "overregulation could stifle this transformative industry," and opposed AI content censorship, viewing it as "totalitarian censorship." The U.K. government stated that the agreement diverges from its position at the 2023 AI Safety Summit. The AI Action Summit (February 10-11) attracted over 100 countries, with 60 countries ultimately signing a statement proposing initiatives such as establishing a public interest AI platform, AI incubators, and a global AI observatory. However, the U.S. and the U.K. did not join. Analysts pointed out that this marks a "clear shift" in U.S. policy, prioritizing the promotion of AI innovation over safety regulation. Previously, the Trump administration had rescinded the Biden administration's AI regulatory framework.
Insider: Trump nominates a16z crypto policy head Brian Quintenz as CFTC chairman
According to Fox Business reporter Eleanor Terrett, citing three insiders, U.S. President Trump has chosen Brian Quintenz as the official chairman of the Commodity Futures Trading Commission (CFTC). Quintenz is currently the head of crypto policy at a16z and previously served as a CFTC commissioner. Current acting CFTC chair Caroline Pham has congratulated Quintenz, stating that he promoted several important initiatives during his tenure as a CFTC commissioner and is expected to play a leadership role in the crypto and innovation sectors. The White House has not yet issued an official statement.
Project Updates
Binance will delist EDU/BTC, REZ/BTC, and USTC/FDUSD spot trading pairs
Binance announced that it will stop trading the following spot trading pairs at 11:00 on February 14, 2025, Beijing time: EDU/BTC, REZ/BTC, and USTC/FDUSD. This delisting aims to protect users and maintain a high-quality trading market, with decisions made after regular assessments based on factors such as liquidity and trading volume.
Binance will support Neutron and Polygon network upgrades and hard forks
Binance will support the network upgrades and hard forks of Neutron (NTRN) and Polygon (POL). Neutron (NTRN) will undergo a network upgrade at block height 19,947,000 (expected at 22:00 on February 12, 2025, Beijing time). Binance expects to suspend token deposits and withdrawals for the Neutron (NTRN) network at 21:00 on February 12, 2025, Beijing time. Polygon (POL) will undergo a network upgrade and hard fork at block height 22,393,043 (expected at 18:00 on February 13, 2025, Beijing time). Binance expects to suspend token deposits and withdrawals for the Polygon (POL) network at 17:00 on February 13, 2025, Beijing time.
LinksDAO plans to launch community token LINKS on the Base chain for golf course acquisitions
According to CoinDesk, LinksDAO announced that it will issue a community token, LINKS, to complement its NFT ecosystem and facilitate golf course acquisitions. The token is expected to launch on the Base blockchain, with one-third of the supply allocated to LinksDAO NFT holders, while the remainder will be distributed to members of NFT communities such as Pudgy Penguins and BAYC. LinksDAO has previously acquired a golf course in Scotland and plans to partially acquire the Hillcrest Golf Club in Kansas City. This transaction requires approval through a vote by NFT holders, but its governance is not fully decentralized. LinksDAO aims to enable every golf enthusiast to hold LINKS tokens, thereby expanding the influence of the crypto club.
Binance will conduct wallet maintenance on the Ethereum network (ETH) at 14:00 on February 13, 2025 (Beijing time). To support this maintenance, Binance will suspend ETH deposits and withdrawals at 13:55 on February 13, 2025 (Beijing time). The maintenance is expected to take 1 hour, and deposits and withdrawals will automatically resume after the maintenance is completed.
Story will launch token issuance and staking rewards on March 4, releasing 55,555 IP daily
According to official news, Story will officially launch IP token issuance on March 4, 2025 (block 1,580,851), releasing 55,555 IP daily and simultaneously starting staking rewards. Currently in a singularity phase, users can stake but will not receive rewards until the Big Bang Block takes effect. The staking reward mechanism adopts a time-weighted model, with flexible staking at 1x, 90 days at 1.1x, 360 days at 1.5x, and 540 days at 2x, while locked staking only enjoys a 0.5x reward (locked for 6 months). Story encourages long-term staking to enhance the security and stability of decentralized AI native IP infrastructure.
According to Bloomberg, U.S. crypto custody company BitGo is considering an initial public offering (IPO) as early as the second half of 2025 and is currently in discussions with potential advisors. BitGo completed a $100 million funding round in 2023, achieving a valuation of $1.75 billion, with investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners. The company provides crypto asset custody, trading, lending, and other services to over 1,500 institutional clients in more than 50 countries, handling about 8% of global Bitcoin transaction volume. This IPO plan comes as the U.S. government shifts to a supportive stance towards the crypto industry, with several crypto firms like Gemini, Bullish Global, Circle, and Kraken also preparing for public listings. Additionally, BitGo CEO Mike Belshe supported fundraising for Trump's campaign in July 2024.
Opinions
According to Messari researcher MONK, since the token generation event (TGE), the price performance of multi-chain project tokens has shown significant divergence: Starknet down 87%, Mode down 70%, Blast down 85%, zksync down 47%, Scroll down 50%, Dymension down 87%, Berachain down 59%, while Hyperliquid has risen 1100%. Additionally, between January and April this year, the market expects $17 billion in tokens to be unlocked, while recent long position liquidations have approached $10 billion. Former Binance CEO Zhao Changpeng commented that the market needs more dapps rather than chains.
Matrixport stated that amid current inflation uncertainties, demand for safe-haven assets like gold and Bitcoin remains strong. If the market expects the Federal Reserve to maintain interest rates and liquidity tightening, gold theoretically should not rise, but the reality shows that even with controlled inflation, safe-haven demand still drives gold prices higher. Although Bitcoin has recently consolidated, this trend may provide support. Matrixport recalled that when gold first broke above $2,000 per ounce, it issued a bullish report, and since then, gold prices have risen over 50%. Despite the overall U.S. inflation rate rising to 2.9%, Truflation data indicates that the actual inflation level is closer to 2.0%. If the trend of falling inflation continues, the outlook for gold and Bitcoin remains bullish.
SEC Commissioner Hester Peirce: Most Memecoins may not be subject to SEC regulation
According to The Block, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated in an interview with Bloomberg that many Memecoins currently on the market may not fall under SEC regulation. She noted that the specifics depend on the characteristics of individual tokens, but under current regulations, the SEC may not have the authority to regulate most Memecoins. The SEC's crypto task force, led by Peirce, is working to clarify which tokens can be considered "non-securities" to reduce regulatory uncertainty. This statement contrasts with former SEC Chairman Gary Gensler's view that "the vast majority of crypto assets are securities." Despite the Memecoin market's market cap growing 500% to $120 billion in 2024, and President Trump even launching a personal Memecoin, the market still faces risks of fraud and "pump and dump." Recently, an investor has filed a class-action lawsuit against the Memecoin platform pump.fun, accusing it of violating securities laws.
Important Data
According to @ai_9684xtpa monitoring, a whale that "spent $13.64 million in the past three months to accumulate $PNUT and $ai16z" has begun accumulating $arc. As of now, this whale has incurred a cumulative unrealized loss of $6.601 million on these three Memecoins. The whale holds 21.46 million $PNUT at a cost of $0.3743, with an unrealized loss of $4.82 million; 7.53 million $ai16z at a cost of $0.7446, with an unrealized loss of $1.88 million; and 9.52 million $arc at a cost of $0.2913, currently with an unrealized gain of $99,000.
USDC Treasury mints nearly 100 million USDC on the Ethereum chain
According to Whale Alert monitoring, USDC Treasury minted 97,652,392 USDC on the Ethereum chain at 15:43.
According to Lookonchain monitoring, a whale has just deposited 2 million EIGEN into Binance, valued at $3.18 million. Two months ago, this whale withdrew the same amount of EIGEN from Binance at a price of $4.53, with a total value of $9.07 million. The current price of EIGEN has dropped to $1.59, resulting in a loss of $5.89 million during the two-month holding period.
FTX/Alameda redeemed 184,000 SOL six hours ago and distributed them to 23 addresses
According to EmberCN monitoring, FTX/Alameda redeemed 184,162 SOL (approximately $37.73 million) from staking six hours ago and distributed them to 23 addresses. Since November 2023, FTX/Alameda has cumulatively redeemed and transferred 4,629,000 SOL (approximately $555 million) through similar operations, with an average transfer price of $120. Most of these SOL have flowed to Coinbase and Binance. Currently, FTX/Alameda's staking address still holds approximately 6.338 million SOL (approximately $1.25 billion) in staking status.
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