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Important News Review
Canada's 24th Prime Minister Mark Carney Sworn In, Uncertain Attitude Towards Crypto Industry
Newly elected leader of the Canadian Liberal Party, Mark Carney, was sworn in as Canada's 24th Prime Minister on Friday morning (March 14).
Carney's attitude towards the crypto industry seems somewhat unpredictable. He has previously stated that attempts to establish Bitcoin as a global virtual gold standard are a "criminal forgetting of monetary history." However, in 2021, Carney also retweeted Musk's tweet about Bitcoin payments, writing: "We need a resilient, high-performance, and carbon-free new payment system."
Ethereum Developers Launch Hooli Testnet for Final Preparations for Pectra Upgrade
After encountering two testing issues with the upcoming Pectra upgrade for Ethereum, core developers decided on Thursday (March 13) to create a new test network to validate code updates one last time before deployment. Tim Beiko, the core developer coordinator at the Ethereum Foundation, stated after the developer meeting: "The new testnet Hooli will go live on March 17 to complete Pectra testing." Pectra will be tested on Hooli on March 26.
Abu Dhabi Investment Firm MGX Invests $2 Billion in Binance, Acquiring Minority Stake
Binance welcomed its first institutional investment this week, with the transaction being 100% paid in stablecoins. However, the specific stablecoin used has not been disclosed. This is the largest cryptocurrency investment deal to date and marks MGX's first foray into the cryptocurrency and blockchain space.
In recent years, Binance has deepened its operations in the UAE, with 1,000 of its 5,000 global employees based there. Following the lawsuit against founder Zhao Changpeng by the U.S. Securities and Exchange Commission (SEC), the CEO position was taken over by Richard Teng, who previously served as CEO of the Abu Dhabi International Financial Centre regulatory authority.
From an external perspective, the more noteworthy significance of this investment is that Binance now has the UAE, a sovereign nation, as a "safeguard."
Turkey Introduces New Regulations to Strengthen Crypto Oversight
The Turkish Capital Markets Board (CMB) released two regulatory documents on Thursday (March 13) related to licensing and operations of crypto asset service providers (CASP), covering cryptocurrency exchanges, custodians, and wallet service providers.
The regulatory framework grants the CMB comprehensive oversight of cryptocurrency platforms to ensure compliance with national and international standards. Additionally, the framework sets standards and requirements for establishing and providing crypto asset services in Turkey, including registered capital, management background, and shareholder rules.
Nebraska Signs Bitcoin ATM Regulation Bill
Nebraska Governor Jim Pillen officially signed LB609 on Tuesday (March 11), regulating Bitcoin ATMs and other electronic transaction terminals to prevent fraud and protect consumer rights. The bill requires Bitcoin ATM operators to clearly disclose all terms of use and provide users with prominent anti-fraud warnings. Furthermore, users who report fraud to operators and law enforcement within 90 days can receive a full refund.
Movement Public Mainnet Beta Launched
Movement announced on Monday (March 10) that its public mainnet beta is officially live, marking a significant step for the Movement virtual machine (MoveVM) developed by Meta (formerly Facebook) towards deployment on Ethereum.
The mainnet has raised over $233 million in Bitcoin (BTC), Ethereum (ETH), and MOVE token liquidity through Movement's Cornucopia program and will support smart contract deployment, allowing developers to build and use applications on the network for the first time.
Singapore Exchange Plans to Launch Bitcoin Perpetual Futures Contracts in the Second Half of the Year
The Singapore Exchange (SGX) is working to launch Bitcoin perpetual futures for institutional and professional investors to "expand access for institutional investors to the market." With an Aa2 rating from Moody's, the exchange aims to provide a trusted option for cryptocurrency futures trading.
The Bitcoin products planned by the exchange strictly limit retail investor participation and are currently awaiting approval from the Monetary Authority of Singapore (MAS).
Gate Card Silver Crypto Card Officially Launched in Argentina
After officially launching the crypto payment card Gate Card in 2023, Gate Group has continued to deepen its presence in the global crypto payment sector and has expanded to more countries and regions, with the business now officially extending to Argentina. To address the long-standing inflation pressure in Argentina, Gate Group officially launched the Gate Card Silver crypto card designed specifically for Argentine users on Monday (March 10).
The card is based on the globally recognized Mastercard payment network, allowing users to make purchases at 80 million merchants worldwide using various cryptocurrencies, such as Bitcoin, Ethereum, USDT, etc. The system will convert cryptocurrencies to Argentine pesos (ARS) in real-time, providing users with a convenient and secure payment experience.
Next Week's Highlights
CME to Launch SOL Futures on Monday
The Chicago Mercantile Exchange Group (CME Group) will launch Solana (SOL) futures next Monday (March 17), pending regulatory review.
Market participants will have the option to trade micro contracts (25 SOL) and large contracts (500 SOL). CME's SOL futures will be cash-settled and based on the CME CF Solana USD Reference Rate, which serves as the daily reference rate for the SOL USD price, calculated daily at 4 PM London time. SOL futures will join the company's suite of crypto products, which includes Bitcoin and Ethereum futures and options futures.
Federal Reserve to Announce Latest Rate Decision and Economic Projections Summary on Thursday
The U.S. Federal Reserve will announce the decision from its March monetary policy meeting on Thursday (March 20). Recent minutes from the Fed's January monetary policy meeting indicated that officials were concerned that the federal government's tariff policies could raise inflation levels and unanimously agreed to maintain the federal funds rate target range.
FedWatch data shows that there is currently a 97% probability that the Fed will keep rates unchanged in March, with only a 3% chance of a 25 basis point rate cut.
SEC's Crypto Working Group to Hold First Roundtable on Friday
The newly established cryptocurrency special working group of the U.S. Securities and Exchange Commission (SEC) will hold its first roundtable on Friday (March 21), focusing on "How We Got Here and How We Get Out - Defining the Safe Harbor."
This roundtable is part of the "Spring Sprint, Seeking Clarity in Cryptocurrency" series of meetings. Republican Commissioner Hester Peirce, who leads the cryptocurrency special working group, stated in a statement: "I look forward to leveraging public expertise to develop a workable regulatory framework for cryptocurrency." Peirce indicated that she plans to prioritize classifying some tokens as "non-securities."
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