Today's News Highlights:
The U.S. SEC's cryptocurrency working group has discussed new regulatory proposals with multiple industry participants.
The New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETF to stake.
The U.S. SEC has requested a 28-day extension for Coinbase's appeal.
Argentine President Javier Milei released the MEME coin LIBRA, then stated he did not understand the specific details of the LIBRA project and deleted the tweet.
KIP Protocol: LIBRA is a private enterprise project, and Argentine President Milei was not involved in its development.
The team behind LIBRA has cashed out approximately $107 million.
Ethereum Foundation: The Pectra network upgrade plan has launched on the Ethereum testnet.
Kaito AI will launch the KAITO token, and the white paper has been released.
BNB Chain will launch a $4.4 million Memecoin liquidity support program.
Regulation/Macro
Georgia proposes a bill allowing state treasurers to invest in Bitcoin
According to Bitcoin Magazine, Georgia has proposed a bill allowing state treasurers to invest in Bitcoin. The bill involves state deposit institutions to specify that the state deposit committee allows state treasurers to invest in Bitcoin; sets limits on such investments; establishes requirements for the safe handling of such assets; regulates the lending of such assets; and repeals conflicting laws.
According to U.S. SEC memorandum documents, on February 5, 2025, the crypto special action team met with representatives from Jito Labs and Multicoin Capital Management. The discussion focused on ways to address regulatory issues related to crypto assets. Representatives from Jito Labs and Multicoin Capital Management provided accompanying documents that were discussed during the meeting. The documents indicated that the participants expected to discuss two main topics: (i) the ability to include staking as a feature of ETPs; and the potential models for staking in certain crypto asset ETPs.
Fox Business reporter Eleanor Terrett posted on X platform that the U.S. Securities and Exchange Commission (SEC) crypto special working group is logging all meetings with industry participants. So far, the special working group has met with the Blockchain Association, Jito Labs, Multicoin Capital, Nasdaq, and Colin Lloyd, a partner in the commodities, futures, and derivatives and capital markets team at Sullivan & Cromwell law firm. The discussions primarily focused on regulatory aspects and how the agency's new approach will affect certain markets and products.
Previously reported, the U.S. SEC cryptocurrency working group met with representatives from Jito Labs and Multicoin Capital Management to discuss adding staking features to ETPs.
U.S. SEC requests a 28-day extension for Coinbase's appeal
The U.S. Securities and Exchange Commission has requested a 28-day extension for Coinbase's appeal, which is part of a long-standing legal dispute between the agency and the cryptocurrency exchange regarding how to classify digital assets. The SEC requested to extend the deadline from February 14 to March 14, with February 14 being the agency's original response deadline. The legal dispute between Coinbase and the SEC centers on whether digital assets should be classified as securities or if they represent a new type of financial instrument.
In the latest court documents, the SEC stated that the establishment of its new crypto working group would affect its response and the current potential classification issues. The SEC's documents continued, "No party will be harmed by the request for an extension. This is not an expedited appeal, and Coinbase agrees to this motion."
Tether is working with U.S. lawmakers to push for stablecoin regulatory legislation
Fox Business reporter Eleanor Terrett tweeted that Tether is working with U.S. lawmakers to influence the regulation of these fiat currencies in the U.S. Tether, the issuer of the world's largest stablecoin USDT, has been controversial due to alleged lack of transparency. Critics claim the company has never undergone a comprehensive audit and instead opts for quarterly financial assessments provided by the global accounting firm BDO.
As Congress works to draft legislation to establish a regulatory framework for stablecoins in the U.S., Tether CEO Paolo Ardoino stated that the company is actively communicating with lawmakers to push for relevant legislation and is committed to complying with the laws that are ultimately passed. The bill is expected to be signed into law by President Trump as early as April. If passed, Tether will be required to undergo monthly audits by U.S. accounting firms and maintain a one-to-one reserve with regulatory-approved assets.
West Virginia Senator Chris Rose submitted a bill proposing to allow the state treasury investment board to invest up to 10% of its funds in digital assets or precious metals to hedge against inflation risks. Digital assets refer to virtual currencies, cryptocurrencies, native electronic assets, including stablecoins and NFTs, as well as other purely digital assets that confer economic, ownership, or access rights or powers.
If the investment exceeds 10%, there is no need to sell the held assets, but no further purchases can be made until it is below 10%. The state treasury can invest in digital assets with a market value exceeding $750 billion, with only Bitcoin currently meeting the criteria. Assets can be held on-chain or invested through ETFs.
The New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETF to stake
Recent documents show that the New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETF to stake. Earlier this week, the Cboe BZX exchange requested the SEC to allow staking of the ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to earn additional returns from their substantial ETH holdings, which may be passed on to investors. The New York Stock Exchange's documents noted that the "trust" will also receive a portion of the staking rewards.
Project Updates
Kaito AI will launch the KAITO token, and the white paper has been released
The AI-based crypto search engine Kaito AI introduced the KAITO token on the X platform and released its white paper. KAITO serves as its native currency and a foundational building block of the InfoFi network, playing three key roles: driving market forces, serving as network currency, and enabling community governance. Token economics will be released soon. Additionally, Kaito AI stated that through the development of Kaito Connect, InfoFi represents its long-term vision.
FTX Phase 2 repayments are expected to occur in the second quarter of this year
FTX creditor representative Sunil disclosed that FTX has sent email notifications to customers who did not meet the requirements for the first round of asset distribution. Customers who failed to participate in the first round distribution on February 18, 2025, include: customer claims under review, customers with claims exceeding $50,000, and customers who have not completed KYC, tax, and distributor-related requirements. These customers will be included in subsequent distribution plans after completing the relevant requirements, which are expected to occur in the second quarter of 2025.
Previously reported, FTX will begin repayments to creditors on February 18, 2025, and the first phase of repayments will return $6.5 billion to $7 billion.
Tether announces acquisition of a minority stake in Juventus Football Club
Tether announced that it has acquired a minority stake in Juventus Football Club, aiming to elevate the synergy of sports digital assets to a new level. Tether stated that this acquisition is also an important milestone in Tether's goal of integrating stablecoins, digital assets, and technology into everyday life.
Ethereum Foundation: The Pectra network upgrade plan has launched on the Ethereum testnet
According to the official blog of the Ethereum Foundation, the Pectra network upgrade plan has launched on the Ethereum testnet. It will go live on Holesky at epoch 115968 (Beijing time February 25, 05:55), and then on Sepolia at epoch 222464 (Beijing time March 5, 15:29). The Pectra testnet client versions are listed below. After the successful upgrades of the two testnets, one mainnet activation epoch will be selected. Pectra is launched following last year's Dencun upgrade. It introduces enhanced Ethereum accounts, improved validator experience, support for L2 scaling, and more features.
Binance announced an upgrade to its token information disclosure mechanism, incorporating the token unlocking schedule to provide a more transparent and comprehensive view of market capitalization and circulating supply. In this update, Binance introduced two dimensions: market capitalization and unlocked market capitalization, to better reflect the financial situation of assets, while also distinguishing between circulating supply and unlocked circulating supply.
Under the new method, market capitalization will be calculated by multiplying the circulating supply (including unlocked tokens) by the current price; if unlocking data cannot be obtained, non-publicly accessible tokens will not be counted. Users can view the unlocking schedule details for each project token through the project overview section on the Binance website and app.
pump.fun launches mobile applications for iOS and Android
According to official news, pump.fun announced the launch of mobile applications for iOS and Android, supporting free token creation, quick buying and selling of tokens, creating watchlists, and managing portfolios.
Argentine President Javier Milei releases MEME coin LIBRA
Argentine President Javier Milei announced today through his official X and Instagram accounts the launch of a meme coin called LIBRA to promote economic growth in Argentina and disclosed the relevant contract address. The token is currently experiencing significant price volatility, with its market capitalization dropping from a peak of nearly $5 billion to $1.1 billion.
Coinbase adds MORPHO and PYTH to its listing roadmap
According to an official announcement, Coinbase has added Morpho Token (MORPHO) and Pyth Network (PYTH) to its listing roadmap.
The New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETF to stake
Recent documents show that the New York Stock Exchange Arca has applied to allow Grayscale's Ethereum ETF to stake. Earlier this week, the Cboe BZX exchange requested the SEC to allow staking of the ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to earn additional returns from their substantial ETH holdings, which may be passed on to investors. The New York Stock Exchange's documents noted that the "trust" will also receive a portion of the staking rewards.
BNB Chain will launch a $4.4 million Memecoin liquidity support program
According to an official announcement, starting from February 18, BNB Chain will launch a $4.4 million Memecoin liquidity support program. BNB Chain will focus daily and weekly on leading Memecoins and directly inject BNB liquidity into the liquidity pools of winning projects from the BNB Chain Foundation's wallet. BNB Chain will provide 50% BNB + 50% Memecoin (purchased from the market) and add it to the most active liquidity pools of that Memecoin. This liquidity will remain permanently in the pool and will not be withdrawn. Winning criteria:
- Market capitalization: must reach $1M or above
- Active holding addresses: no less than 1000
- Token supply contribution: the project must add 10% of the total supply to the liquidity pool
- Holding distribution: the top 10 externally owned accounts (EOA) must hold no more than 10% of the total supply. These holders are encouraged to manage their assets through locking or linear release methods.
- Security measures: the project must verify its token source code on BscScan or pass a security audit.
Argentine President Javier Milei has deleted the tweet regarding the LIBRA token he previously posted and stated: "A few hours ago, I posted a tweet, just like I have done several times before, supporting a so-called private enterprise, but obviously, I have no relationship with that enterprise. I do not understand the specific details of the project, and after learning more, I decided not to promote it anymore (which is why I deleted the tweet). To the despicable individuals in the political groups who want to exploit this situation to cause harm, I want to say that you are confirming every day how despicable politicians can be, which strengthens my determination to kick you out with my feet."
According to GMGN data, after Argentine President Javier Milei deleted the tweet about the MEME coin LIBRA, its market capitalization has fallen to about $200 million. The current pool liquidity is approximately $14.8 million.
The development team behind the LIBRA project, KIP Protocol, tweeted: "The Viva la Libertad project aims to assist Argentine private enterprises, and the LIBRA token has also achieved success, thanks to everyone's trust and support. Regarding all questions, I would like to clarify: this is a private enterprise project, and President Milei has not participated in the development of this project in any way, past or present." The official website of the Viva la Libertad project shows that it is a privately developed independent project by KIP Protocol. (The leftmost in the photo is KIP co-founder Julian, and the rightmost is Argentine President Milei, the photo was published in October 2024.)
Previously reported, Argentine President Milei stated he does not understand the specific details of the LIBRA project and has deleted the LIBRA token tweet.
Chaofan Shou, founder of the Solana-based re-staking protocol Solayer, tweeted that he and Solayer engineer @tonykebot lost over $2 million on LIBRA. "Let's see what two hackers and a free weekend can bring us," along with a picture of KIP Protocol core members' avatars.
Previously on February 7, Solayer announced the LAYER token economics: maximum supply of 1 billion, 51.23% allocated to the community and ecosystem.
KIP Protocol co-founder Julian tweeted a preliminary response to the LIBRA token: Viva la Libertad aims to promote the economic development of Argentina by funding small projects and local businesses, supporting those seeking to develop enterprises and contribute to the country's growth. The funds are still on-chain, and no SOL has been transferred. The KIP team participated in the project but was mainly responsible for managing fund allocation to Argentine companies, not the token aspects. It is important to note that the token has not undergone a pre-sale, and all sales are conducted through unilateral liquidity pools. The team will formulate an operational plan for the Libertad project based on the initial goals, and no SOL will be used other than for running the Viva La Libertad project. Everything will be transparent and public. More detailed information will be provided soon.
Opinions
Binance founder Zhao Changpeng (CZ) expressed the following views on the X platform: 1. People say they like meme coins; what they really mean is that they want you to tell them which token to buy to make quick money; unfortunately, I cannot, will not, and do not know how to do that. 2. The meme coin ecosystem on BSC is still immature. Last night, several platforms/dApps in this ecosystem experienced system performance issues; on the positive side, there is now demand, and platforms will improve, although there will be some pain. PvP is somewhat mythical; people actually do not want it. Other blockchains have players leading, managing, or "influencing" which tokens win; I am not saying they are controlled by a single entity; they may have naturally evolved over time. BSC also lacks these elements, so let’s hope this ecosystem can develop naturally. 3. As of the writing of this article, according to Dex Screener, there are 6 Broccoli projects on the BNB Chain with a market capitalization exceeding $200 million. I am not sure if this is good or bad, and I am not even sure if I understand this data correctly (update: someone told me that the 6 Broccoli projects you shared are all the same token, just different pools. This indicates my level of understanding of memes). Please manage your risks; if you cannot bear a price drop, do not touch meme coins. Finally, there are many other things beyond meme coins. Today, I also communicated with stablecoin projects, AI projects, and other projects.
Update: Zhao Changpeng deleted the above post and stated, "I can’t tweet anymore; people always over-interpret my tweets, and anything I casually mention gets attached with some extra meaning."
Vitalik: Even in an L2-dominated Ethereum, L1 Gas limits need to be increased
Ethereum co-founder Vitalik Buterin published a new article titled "Reasons to Increase L1 Gas Limits Even in an L2-Dominated Ethereum." The article states that an important recent discussion in the Ethereum roadmap is about how to increase the L1 gas limit. Recently, the L1 gas limit was increased from 30 million to 36 million, a 20% increase in capacity. Many people support a further significant increase in the near future. These increases are considered safe due to recent and upcoming technical improvements: efficiency improvements in Ethereum clients, reduced need for storing old history due to EIP-4444 (see roadmap), and future stateless clients. However, before we go down this path, it is important to ask a question: In the context of a rollup-centric roadmap, is it the right thing to do to increase the L1 gas limit in the long term? We do not want to face the centralization risks that come with high L1 usage without truly determining that we will benefit from it. This article argues that even in a world where most usage and applications are on L2, significantly expanding L1 is still valuable because it enables simpler and safer application development models. The article concludes that even in an L2-dominated world, a roughly 10x expansion of L1 gas has significant value. This, in turn, means that short-term L1 expansions that can be achieved in the next 1-2 years are valuable, regardless of the long-term situation.
Ray Dalio, founder of Bridgewater, discussed Bitcoin again in a recent "All-In" podcast interview, also mentioning the DeepSeek craze. He stated that he sees currency depreciation through market trends, especially relative to gold, Bitcoin, or other physical assets. The more general situation is that all fiat currencies are depreciating, while gold, Bitcoin, or other hard assets are appreciating relatively. Bitcoin or other digital assets are worth discussing; commodities can hedge against inflation, but they do not have a store of value function; people cannot hold oil or wheat as a wealth storage tool long-term like they can with gold or Bitcoin.
Ray Dalio revealed that he still holds some Bitcoin, but far less than gold. Bitcoin is one of his diversified investments, but he prefers gold due to several unique advantages:
- It can move freely between countries;
- Central banks hold it as a reserve asset;
- It is harder to regulate than Bitcoin and can be held more "privately";
- Additionally, gold cannot be easily taxed, but Bitcoin is different—regulators know the transaction paths of Bitcoin, making it easy to regulate and tax.
Important Data
Hong Kong family office Avenir Group holds $599 million in BlackRock Bitcoin ETF
According to Bitcoin Magazine, the Hong Kong-based family office Avenir Group reported that it holds $599 million in BlackRock's Bitcoin ETF.
According to documents submitted to the U.S. Securities and Exchange Commission on February 14, the Wisconsin Investment Board, which oversees the state's pension fund, has increased its Bitcoin holdings to approximately $321 million.
Previously, the pension fund disclosed in a document submitted to the SEC in May 2024 that it held $164 million in a Bitcoin ETF. At that time, the pension fund held about 2.4 million shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at $100 million, and 1 million shares of Grayscale's Bitcoin Trust (GBTC), valued at $64 million. The latest documents show that the pension fund has allocated all its BTC exposure to IBIT and no longer holds any GBTC shares.
The Wisconsin Investment Board's increased investment in Bitcoin highlights a trend of pension funds allocating part of their assets to Bitcoin to hedge against currency inflation and achieve portfolio diversification.
11 suspected internal wallets profited $43.8 million by selling LIBRA
According to Lookonchain monitoring, 11 suspected internal wallets profited $43.8 million by selling $LIBRA. These 11 wallets were created a few hours before the launch of $LIBRA and were prepared in advance with funds to purchase $LIBRA.
The team behind LIBRA has cashed out approximately $107 million
According to LookOnChain monitoring, 8 wallets associated with the LIBRA team have obtained 57.6 million USDC and 249,671 SOL (approximately $49.7 million) through adding liquidity, removing liquidity, and collecting fees, totaling approximately $107 million cashed out.
According to on-chain analyst @ai_9684xtpa, smart money 0x177…4fe76 held OM for over a year and is suspected of reducing its position by 8.71 million tokens today, profiting $61.23 million. From January to March 2024, this address withdrew 23.83 million tokens from Binance at an average price of $0.2261, transferred 11.53 million tokens to a new address 11 months ago, and woke up nine hours ago to partially recharge into the exchange.
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