The White House will support the repeal of the Biden administration's "DeFi Broker Rule."

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

Executives from companies like Strategy and Paradigm confirm attendance at the White House crypto summit

Fox Business reporter Eleanor Terrett stated that several key industry figures have confirmed their attendance at the cryptocurrency summit to be held at the White House this Friday. Confirmed guests include: Strategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, Exodus CEO JP Richardson, Multicoin managing partner Kyle Samani, co-founder of Trump-related crypto project World Liberty Financial Zach Witkoff, Chainlink co-founder Sergey Nazarov, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi.

The summit is scheduled to take place on March 7 from 1:30 PM to 5:30 PM Eastern Time, corresponding to March 8 from 2:30 AM to 6:30 AM in UTC+8.

The White House will support the repeal of the Biden administration's "DeFi Broker Rule"

David Sacks, the White House AI and cryptocurrency director, announced that the White House will support the Congressional Review Act (CRA) proposed by Senator Ted Cruz and Representative Mike Carey to repeal the "DeFi Broker Rule" established by the Biden administration at the end of its term.

A policy statement released by the White House Office of Management and Budget (OMB) indicates that the rule expands the definition of "broker" to include DeFi protocol software, requiring the reporting of total cryptocurrency trading revenue and taxpayer information. The new administration believes this regulation will "stifle American innovation, raise privacy concerns, and impose unprecedented compliance burdens on DeFi businesses."

The policy statement clearly states that if the bill is submitted to the president, senior advisors at the White House will recommend signing it into law, marking a significant shift in the government's stance on crypto regulation.

Jin10 Data: Market expects the U.S. to further cut interest rates by 76 basis points in 2025

According to Jin10 Data, federal funds futures have risen, and the market expects the U.S. to further cut interest rates by 76 basis points in 2025.

BitMEX co-founder: The bottom price for BTC in this cycle may be $70,000, while the peak price may exceed $1 million

BitMEX co-founder Arthur Hayes stated in a recent blog post: "I firmly believe we are still in a bull market cycle, so the worst bottom will be the historical high of the previous cycle at $70,000. I'm not sure if we will drop that low. A positive signal for dollar liquidity is that the U.S. Treasury's general account is declining, which acts as a liquidity injection. If this rally is just a 'dead cat bounce,' I expect Bitcoin to fall back to around $80,000, giving us another entry opportunity.

If the S&P 500 or Nasdaq 100 index drops 20% to 30% from their historical highs, combined with a major financial institution on the brink of bankruptcy, we may experience a synchronized adjustment in global markets. At that time, all risk assets will be sold off together, and Bitcoin may again fall below $80,000, or even retrace to $70,000.

Regardless of how the market changes, we will cautiously buy on dips, avoid using leverage, and patiently wait for the final violent fluctuations in the fiat financial market.

As the global economy recovers under U.S. leadership, Bitcoin is expected to break through $1,000,000 or even higher."

David Sacks confirms he has sold his stake in Multicoin Capital

David Sacks, the White House AI and cryptocurrency director, further clarified the situation regarding the sale of his stake in Multicoin Capital in response to user inquiries on the X platform. He stated: "I also sold my Multicoin stake. At the time, I didn't even have to do it because the ethical review process was still ongoing. But I proactively decided to sell all my cryptocurrency and focus on crypto-related funds."

Du Jun: In the past year, increasing positions in Ethereum has resulted in a paper loss of over $20 million; will not sell at a loss, remains optimistic about the Ethereum ecosystem

Du Jun, founder of ABCDE, posted: "Today, Ethereum has returned to $2,000. I calculated that in the past year, increasing my position in Ethereum has resulted in a paper loss of over $20 million. I really can't buy more; I might as well use the money to incubate projects. Even if they fail, I can still gain experience and build a team.

I will not sell at a loss; I remain optimistic about the Ethereum ecosystem and its value to the industry, considering selling other assets to lower my Ethereum holding cost."

Reddit co-founder seeks to acquire TikTok, plans to "put the app on-chain"

According to The Block, Reddit co-founder Alexis Ohanian is seeking to acquire TikTok to "put the social media app on-chain."

Ohanian posted on X: "This is exciting news for the digital world. I am now officially one of those trying to acquire TikTok's U.S. operations and put it on-chain. TikTok is a game changer for creators, and its future should be shaped by them. Users should own their data. Creators should own their audience."

THORChain generates approximately $5.5 million in revenue due to Bybit hack incident, processing over $5.4 billion in transaction volume

According to Cointelegraph, the cross-chain asset exchange protocol THORChain has processed over $5.4 billion in transaction volume since Bybit suffered a $1.4 billion hack, generating approximately $5.5 million in revenue for the platform. Data from the THORChain explorer shows that on the day following the Bybit hack, THORChain processed over $1 billion in swap transactions, generating over $554,000 in total revenue that day.

Despite achieving this revenue milestone, THORChain has faced scrutiny for its role in the illegal transfer of funds.

Aave proposes a new Aavenomics plan, will launch a token buyback program

According to official news, the Aave community has officially proposed an updated Aavenomics implementation plan, described as a "super enhanced fee switch." The plan introduces the "Anti-GHO" mechanism, a non-transferable ERC20 token linearly generated by AAVE and StkBPT stakers, which can offset GHO debt on a 1:1 basis or be converted into StkGHO.

According to the proposal, Aave will establish a Financial Committee (AFC) responsible for managing the assets held by Aave's collection contracts and defining Umbrella liquidity target ratios and budgets. Additionally, Aave will initiate a token buyback program, initially repurchasing AAVE tokens at a rate of $1 million per week in the secondary market and allocating them to the ecosystem reserve. The proposal will also close the LEND migration contract, which has been running for nearly five years, redirecting approximately 320,000 remaining AAVE tokens (worth about $65 million) to the ecosystem reserve.

The proposal notes that although declining market interest rates have affected Aave DAO's revenue, the protocol still maintains an absolute dominance in lending protocol revenue within the industry. Since the approval of the Aavenomics proposal, the "cash" portion of Aave DAO has grown by 115%, currently reaching $115 million. Additionally, the Chainlink-driven SVR is expected to bring the protocol up to $10 million in additional annual revenue.

The proposal suggests using 50% of GHO revenue to generate Anti-GHO, distributed at an 80% allocation to StkAAVE holders and 20% to StkBPT holders. Currently, the GHO supply is 186 million, with an annual yield of 6.45%, generating approximately $12 million annually, thus producing 6 million Anti-GHO for Aave stakers each year.

Nasdaq has submitted a 19b-4 application for Grayscale Hedera ETF

According to Cointelegraph, Nasdaq has submitted a 19b-4 application for the Grayscale Hedera ETF.

Market Dynamics

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