Today's News Highlights:
Nasdaq-listed BioNexus Gene Lab announces adoption of Ethereum financial reserve strategy
Elixir launches a page for checking air drop eligibility and announces token economics
Coinbase will list Renzo (REZ) token
Bitwise applies to the SEC to launch an Aptos ETF
Regulation/Macro
Hong Kong legislator Wu Jiezhuang: Hong Kong has no official cryptocurrency, beware of scams
Hong Kong Legislative Council member Wu Jiezhuang stated, "Hong Kong has no official cryptocurrency. Some citizens and Web3 practitioners have inquired about someone impersonating the Chief Executive on the X platform, claiming to issue Hong Kong Coin on the Solana chain. The government has clarified that this information is not true and is intended to defraud. Citizens should be cautious and not be misled by scams." Earlier today, it was reported that an account named "Hong Kong Chief Executive Li Jiachao" on X was suspected of being hacked, posting content related to tokens.
Insider: Ripple executives lobbied Trump to include SOL in crypto strategic reserves
According to Unchained Crypto, insiders revealed that executives from Ripple Labs, including CEO Brad Garlinghouse and Chief Legal Officer Stu Alderoty, proposed to U.S. President Trump to include SOL in the cryptocurrency reserve plan announced on Sunday to gain more legitimacy in the crypto community. The inclusion of SOL would also help Ripple convey its support for a cryptocurrency reserve that includes various U.S. tokens. When asked whether Ripple pushed for SOL's inclusion to make its proposed XRP more persuasive, a Ripple spokesperson referred to Garlinghouse's tweet after Trump announced the reserve plan on Truth Social, stating that the industry should unite rather than be in conflict.
According to the International News Agency, Russian Deputy Finance Minister Vladimir Kolychev told reporters that the Ministry of Finance does not plan to change the current investment structure of the national welfare fund, particularly not to include crypto assets—due to their high volatility, and the current accumulation level of the national welfare fund does not allow for high-risk investments. Kolychev stated he had not heard of any discussions in Russia about creating a cryptocurrency strategic reserve similar to the Trump administration's plan. He said, "This is more of a central bank issue. Honestly, I haven't heard of such discussions." Kolychev added that it is still too early to discuss the possibility of including crypto assets in the national welfare fund's investment structure.
Nasdaq-listed BioNexus Gene Lab announces adoption of Ethereum financial reserve strategy
According to Globenewswire, technology company BioNexus Gene Lab Corp. (Nasdaq: BGLC), dedicated to technological innovation and healthcare, announced that its board has officially approved a new Ethereum-focused financial strategy. This decision marks BGLC as the first Nasdaq-listed company to prioritize Ethereum as a strategic financial asset exclusively, echoing the recent announcement of Ethereum's inclusion in the U.S. "cryptocurrency strategic reserve." At the same time, BGLC released a strategic white paper on Ethereum, detailing the rationale behind the company's decision and the broader significance of Ethereum as a financial infrastructure asset. The white paper delves into Ethereum's adoption in institutions, staking capabilities, and upcoming protocol upgrades that reinforce Ethereum's long-term value and practicality for enterprises.
Discord is discussing a potential IPO as early as this year
According to financial news reports, chat software Discord is discussing the possibility of an 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 "cryptocurrency power lunch" this afternoon to discuss digital asset policy initiatives and related legislation. Attendees included representatives from cryptocurrency trade organizations The Digital Chamber and Blockchain Association, as well as representatives from companies like Paradigm, a16z, CoinFlip, Coinbase, Anchorage, and DCG.
Argentinian prosecutor requests to freeze $100 million in crypto raised from LIBRA sales
According to Decrypt, the chief prosecutor investigating Argentinian President Javier Milei's alleged involvement in the LIBRA scandal has requested to freeze approximately $100 million in crypto assets related to the case and restore deleted social media posts, including tweets promoting a Solana-based meme coin. Prosecutor Eduardo Taiano also requested detailed records of LIBRA transactions.
According to Fox Business News reporter Eleanor Terrett, U.S. Commodity Futures Trading Commission (CFTC) acting chair Caroline Pham stated that staff from the U.S. Securities and Exchange Commission (SEC) and CFTC are discussing and collaborating on digital assets and other matters. Pham made the remarks at the "Future of Fintech Symposium" hosted by the Milken Institute in Washington, D.C., stating, "We have restarted staff-level dialogue between the CFTC and SEC. We hope to work together. In the past, we have collaborated well, and I look forward to restoring normalcy." SEC Commissioner Hester Peirce agreed with this. Pham also mentioned that cooperation with David Sacks, the White House cryptocurrency affairs head, and the White House is "going very smoothly." Peirce added, "Having a White House dedicated to clarity in cryptocurrency regulation is a good thing. The SEC's cryptocurrency special working group has begun identifying which areas fall outside our jurisdiction. It is very important to clarify what is within the SEC's jurisdiction and what is not. Those affected by the rules should have a seat at the table during the rule-making process."
Bitwise applies to the SEC to launch an Aptos ETF
According to CoinDesk, Bitwise has filed documents to apply for an ETF that tracks the price of the Aptos network's native token, Aptos (APT). The asset management company revealed this move 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 this plan. The S-1 filing is a necessary step for a company to issue new securities and list them on a public securities exchange. To launch such a fund, the asset management company must also submit a 19b-4 filing to indicate that the relevant securities exchange needs to make necessary rule changes, which also means the SEC will face strict approval deadlines.
Canary Capital applies to the 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 to launch such a fund. This hedge fund has previously submitted filings for several other ETFs, some of which have received SEC confirmation and are awaiting approval. Axelar is a cross-chain protocol that connects blockchains and has been integrated by major players such as JPMorgan, Microsoft, Uniswap, and MetaMask, with former Coinbase legal chief Brian Brooks joining Axelar's new institutional advisory board.
According to the meeting records of the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group, on March 5, 2025, staff from the cryptocurrency working group met with representatives from Circle Internet Financial, LLC, and WisdomTree Digital Management, Inc. and its affiliates to discuss ways to address regulatory issues related to crypto assets. Circle and WisdomTree provided accompanying documents that were discussed during the meeting.
Opinions
Solana co-founder Toly shared his views on decentralized reserve mechanisms on the X platform. He stated that the ideal choice is not to set reserves because allowing the government to manage reserves would lead to the failure of decentralization. Toly further pointed out that if reserves must be established, states could manage them independently to hedge against potential missteps by the Federal Reserve. Additionally, if a reserve mechanism is necessary, it should be based on objective, measurable, and reasonable standards rather than subjectively set rules. He emphasized that regardless of how the reserve mechanism is set, the Solana ecosystem can meet and exceed its goals, demonstrating strong competitiveness.
Robinhood CEO: Blockchain is a remedy for the inefficiencies in the stock market
Robinhood CEO Vlad Tenev believes that blockchain technology will ultimately support stock trading and pointed out that the infrastructure of cryptocurrencies can make financial markets more accessible, cost-effective, and resilient. Tenev expressed this view 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. Tenev stated, "There is no reason for investors to trade meme coins at any time but face obstacles when trying to invest in companies like SpaceX or OpenAI." He added that the blockchain technology used for cryptocurrencies can also be applied to stocks, bonds, and other assets. Tenev believes that U.S. securities laws largely restrict the integration of cryptocurrencies with real-world financial assets, limiting their full potential; the slow adoption of cryptocurrency infrastructure by traditional markets is not due to technological limitations but rather a lack of clear regulation. Tenev plans to attend the 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: Despite flaws in Trump's crypto reserve plan, remains bullish
Bitwise Chief Investment Officer Matt Hougan stated that despite the flawed rollout of the U.S. cryptocurrency strategic reserve plan proposed by Trump, there is a misunderstanding in the market, and he believes this proposal will ultimately be beneficial. Following President Trump's announcement to advance the plan, the crypto market initially surged but later lost gains due to risk-averse sentiment triggered by new tariff policies. Hougan pointed out that dissatisfaction with the reserve plan mainly stems from its inclusion of assets beyond Bitcoin, which is seen as "calculative rather than strategic." He emphasized that the initial proposal may be modified or even scrapped, but the final version may be advanced after the White House cryptocurrency summit. He also mentioned that the U.S. reserve plan could trigger a global race as countries prepare for the strategic status of cryptocurrencies like Bitcoin. Furthermore, once reserves are established, these assets may be hoarded long-term and not easily sold. Hougan believes that the U.S. government's view of crypto assets as strategic assets is a positive signal, and the market will eventually recognize this.
Matthew Sigel, Director of Digital Asset Research at VanEck, stated 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 annually. While SIMD 096 increases tax-related selling pressure by eliminating 50% of priority fees, SIMD 0228 should be able to offset this impact more." Previously, VanEck indicated that the proposed upgrades for Solana would enhance the network but significantly reduce validator earnings.
Project Updates
Binance Customer Support officially confirmed that the limit order function for the RED/USDT trading pair experienced a malfunction from 11:39 to 12:09 on March 6, but the market order function was operational during this period. The platform has completed the fix and apologized for any inconvenience this may have caused users. Users who incurred losses due to this system issue can contact Binance customer service for feedback, and upon verification, they will receive appropriate compensation.
Sui ecosystem lending protocol Suilend posted on the X platform an hour ago: "We are currently experiencing interruptions due to issues with a third-party custodial service provider. Our team is actively investigating this issue and working to resolve it as soon as possible. Funds are safe as this is just a front-end issue." Regarding this issue, Suilend just released an update stating: "We have identified the problem and are actively seeking solutions." As of now, Suilend's front end has not yet recovered.
Elixir launches air drop eligibility check page and announces token economics
The modular liquidity network Elixir announced on the X platform that the ELX air drop eligibility check page is now live, allowing users, community members, and selected DeFi power users to view their allocations. ELX provides consensus and governance for the Elixir network, with 41% of the supply allocated to the community (8% for the first quarter air drop, 21% for future air drops/LP rewards, and 12% for public network security rewards), 22% allocated to the DAO foundation, 3% for liquidity, 15% for investors, and 19% for core contributions. ELX holders can run their own validators or delegate tokens to help secure the network and earn network security rewards. Air drop recipients will automatically delegate to Elixir Foundation validators—these tokens can be withdrawn at any time. Users who continue to hold delegated tokens during the initial stabilization phase will receive network stability bonuses within three months.
Coinbase is restarting its plan to tokenize its COIN stock and other securities in the U.S.
According to Crypto Briefing, Coinbase is re-energizing its efforts to tokenize its COIN stock as part of a broader initiative to introduce security tokens to the U.S. market. The company initially attempted this move in 2020 but abandoned it due to regulatory hurdles. With the establishment of the SEC's newly formed cryptocurrency special working group, the company sees new opportunities to integrate blockchain-based securities into traditional finance. Coinbase CFO Alesia Haas expressed optimism about regulatory progress at the Morgan Stanley TMT conference. Haas stated, "I now believe that our U.S. regulators are seeking product innovation and want to move forward." Haas revealed that Coinbase initially planned to go public by issuing security tokens representing its COIN stock, aligning with its vision of integrating blockchain into traditional finance. Coinbase CEO Brian Armstrong emphasized the potential benefits of tokenized securities, stating they could provide consumers with the ability to trade around the clock.
Coinbase will list Renzo (REZ) token
Coinbase Assets announced on the X platform that Coinbase will add support for Renzo (REZ) on the Ethereum (ERC-20 token) network. Please do not send this asset through other networks, as funds may be at risk of loss. If liquidity conditions are met, trading will begin at 01:00 Beijing time on March 7, 2025, or thereafter. Once the supply of this asset is sufficient, trading for the REZ-USD trading pair will be launched in phases.
Important Data
Data: Over $140 million USDT transferred from an unknown wallet to Cobo
According to Whale Alert monitoring, 140,265,879 USDT (approximately $140,411,265) was transferred from an unknown wallet to Cobo at 16:28.
USDC Treasury mints nearly 66.5 million USDC on the Ethereum chain
According to Whale Alert monitoring, USDC Treasury minted 66,499,000 USDC on the Ethereum chain at 15:47, valued at approximately $66,493,247.
According to @ai_9684xtpa monitoring, a BTC whale with a cost as low as $10,297 is suspected of selling 300.9 Bitcoin about an hour ago, valued at approximately $27.92 million, profiting about $24.82 million. The whale's Bitcoin was withdrawn from HTX during the last bear market in 2019, and it has been five months since the last sale.
According to Lookonchain monitoring, Tokenomist data shows that Ethena unlocked 2.07 billion ENA yesterday (valued at $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 (valued at $45 million) into Binance, Bybit, and FalconX.
According to Spot On Chain monitoring, the Trump family's crypto project World Liberty Financial (WLFI) has resumed purchasing ETH, WBTC, and MOVE. Early this morning, it transferred 25 million USDC to a new multi-signature wallet and purchased: 4,468 ETH (approximately $10 million, at a price of $2,238), 110.6 WBTC (approximately $10 million, at a price of $90,420), and 3.42 million MOVE (approximately $1.5 million, at a price of $0.439). The new wallet still has 3.5 million USDC remaining.
Financing
AI-driven gaming solution iAgent Protocol completes $3 million financing
AI-driven gaming solution iAgent Protocol announced the completion of $3 million in financing, with participation from Alpha Liquid Terminal, Lydian Labs, double jump.tokyo Inc., Cointribune, Alliance, Frekaz Group, Expert Dojo, IBC Group Official, PG, and Q42. It is reported that iAgent enables gamers to create, own, and monetize game AI agents, allowing players to train their AI agents through game visuals, supported by DePIN, thereby creating a new category of digital assets on the blockchain by utilizing decentralized GPU computing.
According to CoinDesk and The Block, startup DoubleZero Foundation has completed $28 million in financing at a $400 million valuation, led by Dragonfly and Multicoin Capital, with participation from Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt, and Frictionless. Insiders indicate that DoubleZero Foundation is currently seeking "strategic partners" and is looking for more strategic financing at a $600 million valuation, with strategic financing still ongoing. It is reported that DoubleZero is building a "new type of internet" to enhance blockchain performance, with a vision to establish a global private cable network and then utilize these cables to enable more efficient data transmission for blockchains compared to the public internet. The project is seen as a key technology for Solana's plan to achieve one million transactions per second. DoubleZero is opening its permissioned testnet to Solana validators and RPCs and plans to gradually expand to other chains. Its cable network connects 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 for Solana validators and RPCs.
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