Senator Lummis’ new BITCOIN Act allows US reserve to exceed 1M Bitcoin
US Senator Cynthia Lummis’ newly reintroduced BITCOIN Act will allow the government to potentially hold more than 1 million Bitcoin as part of its newly established reserve.The bill, first introduced in July, directs the US government to buy 200,000 Bitcoin (BTC) a year over five years for a total acquisition of 1 million Bitcoin, which would be paid for by diversifying existing funds within the Federal Reserve system and the Treasury department. However, the reintroduced act, the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025, opens the door for the US to acquire and hold in excess of 1 million BTC as long as it is acquired through lawful means other than direct purchase, such as civil or criminal forfeitures, gifts made to the US or transfers from federal agencies.Proud to re-introduce the BITCOIN Act. Let’s secure America’s financial future.pic.twitter.com/jJFmMopP7h— Senator Cynthia Lummis (@SenLummis) March 11, 2025The extra Bitcoin can also come from US states that voluntarily store their Bitcoin holdings in the strategic Bitcoin reserve, though it’ll be stored in a segregated account. “By transforming the president’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy,” said Lummis, who announced the revamped bill during a March 11 conference hosted by The Bitcoin Policy Institute. Lummis taps new bill co-sponsorsThe BITCOIN Act also has a number of new co-sponsors, including Republican Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn and Bernie Moreno. “I’m proud to join Senator Lummis on this common-sense bill to create a strategic Bitcoin reserve and codify President Trump’s executive order,” Justice said in a statement. “This bill represents America’s continued leadership in financial innovation, bolsters both our economic security, and gives us an opportunity to wrangle in our soaring national debt,” he added. Other changesThe bill also now sets a formal evaluation process for Bitcoin forked assets and airdropped assets in the reserve. Initially, the bill required all forked assets to be stored in the reserve and couldn’t be sold or disposed of for five years unless authorized by law. Related: Texas Senate passes Bitcoin reserve bill, New York targets memecoin rug pulls: Law DecodedThe new bill now directs the Secretary after the mandatory holding period to evaluate and retain the most valuable asset based on market capitalization while retaining the “dominant asset.” Bitcoin has hard forked a number of times in the past to create new cryptocurrencies, most notably Bitcoin Cash (BCH), which forked on Aug. 1, 2017, and Bitcoin Gold (BTG), which forked on Oct. 24, 2017. Lummis’ reintroduced bill comes just days after US President Donald Trump signed an executive order to create a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.”The reserve and stockpile will initially use cryptocurrency forfeited in government criminal and civil cases, but the reserve won’t sell the stashed Bitcoin and will use “budget-neutral” ways to increase its size, while tokens from the stockpile could be sold.Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of Flame
YouTuber says SEC will recommend dropping lawsuit over 2018 token ICO
Update (March 11 at 9:59 pm UTC): This article has been updated to include a response from the SEC.Ian Balina, the CEO of Token Metrics and a YouTuber with more than 100,000 subscribers, said the US Securities and Exchange Commission will stop pursuing him in court over allegations he violated securities laws by promoting Sparkster (SPRK) tokens in 2018.Speaking to Cointelegraph on March 11, Balina said the SEC had informed him it planned to recommend the court dismiss a case filed in 2022 alleging “unregistered offering and promotion in 2018 of crypto asset securities called SPRK Tokens.” According to the crypto YouTuber, the SEC’s actions were based on the change in the administration’s priorities — referring to US President Donald Trump appointing acting SEC Chair Mark Uyeda after the departure of Gary Gensler in January.“Obviously, the new administration is pro-crypto,” said Balina, claiming that the “time has ended” for crypto regulation through enforcement.Balina speaking about Sparkster on YouTube in 2018. Source: Ian BalinaThe SEC complaint against Balina, filed in September 2022, alleged the YouTuber agreed to receive a 30% bonus from Sparkster on the $5 million worth of tokens he purchased in the initial coin offering (ICO) — but did not disclose this information to his social media followers. In one of the last significant court rulings, a judge said in May 2024 that “SPRK tokens qualify as securities” under the SEC’s purview.At the time of the 2024 decision, Balina’s legal team said it planned to appeal. The judge initially set a January 2025 jury trial date but approved a July 2024 motion for a continuance and agreed to schedule the proceedings at a later date. At the time of publication, no filing appeared on the docket in the US District Court for the Western District of Texas requesting to dismiss the case. In response to an inquiry from Cointelegraph, the SEC declined to comment on the case.“It definitely was not cheap, cost a lot of money in terms of legal fees, which definitely sucks,” said Balina. “Makes me wish the SEC hadn’t put priority on all this.”About-face from SEC on crypto enforcement after Gensler’s departureIf confirmed by the SEC, petitioning to drop Balina’s case would be the commission’s latest action favoring crypto companies facing similar lawsuits. Since Trump took office on Jan. 20, the regulator announced it would stop pursuing investigations into Robinhood Crypto, Gemini, Uniswap and OpenSea and dropped cases against Coinbase, Consensys, Kraken and others. The commission still has an open case against Ripple Labs, facing an appeal and cross-appeal following a $125 judgment in August 2024.Related: SEC looking to abandon effort requiring crypto firms to register as exchangesMany critics have suggested that the crypto industry purchased influence with the Trump administration by supporting the Republican candidate in the 2024 election or contributing to his inauguration fund after his November victory. The US president hosted a crypto summit at the White House on March 7, attended by many industry leaders who directly or indirectly supported “pro-crypto” candidates in the last election cycle, including representatives of Robinhood, Gemini, Coinbase and Kraken.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Texas lawmaker seeks to cap state’s proposed BTC purchases at $250M
A Texas lawmaker has proposed a bill that could limit the amount of cryptocurrency that local and state authorities can invest as a reserve asset. The bill, filed on March 10 by Representative Ron Reynolds, suggests that the state’s comptroller should not invest more than $250 million of its Economic Stabilization Fund, also known as a “rainy day” fund, in Bitcoin (BTC) or other cryptocurrencies. Additionally, the legislation proposes a limit of $10 million for Texas municipalities or counties to invest in crypto.
This proposal comes after the Texas Senate passed a bill on March 6 to establish a strategic Bitcoin reserve in the state. The SB 21 bill, if passed, would allow the Texas comptroller to have no limit on purchasing BTC for a reserve.
The plan for a strategic Bitcoin reserve in Texas is one of many separate bills proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers winning control of the US House of Representatives and Senate. In January, Texas Lieutenant Governor Dan Patrick announced that the state’s legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin Reserve.
It is unclear if Representative Reynolds, a Democrat, intended to support the BTC reserve bill introduced by State Senator Charles Schwertner, a Republican, or propose restrictions in the event the legislation becomes law. However, if passed and signed by Governor Greg Abbott, the bill would take effect on September 1.
While Trump signed an executive order on March 7 to create a federal “Strategic Bitcoin Reserve” and “Digital Asset Stockpile,” legal experts have questioned the US president’s authority to enact specific policies through executive orders. In response, Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.
It is worth noting that there may be a partisan divide on state and federal crypto plans, as Reynolds is a Democrat and Schwertner is a Republican. However, the potential for a strategic Bitcoin reserve in Texas and other states shows a growing interest in cryptocurrency as a reserve asset. As the industry continues to evolve and gain mainstream acceptance, it will be interesting to see how these proposed bills and reserves play out in the future.
Cboe seeks to add staking to Fidelity’s Ether ETF
Securities exchange Cboe BZX is seeking permission from US regulators to incorporate staking into Fidelity’s Ether exchange-traded fund (ETF), according to a March 11 filing. The filing marks Cboe’s latest attempt to support staking for the Ether (ETH) funds traded on its US exchange. Cboe’s proposed rule change would allow Fidelity Ethereum Fund (FETH) to “stake, or cause to be staked, all or a portion of the Trust’s ether through one or more trusted staking providers,” the filing said.The Fidelity Ethereum Fund is among the most popular Ether ETFs, with nearly $1 billion in assets under management, according to data from VettaFi. In February, Cboe asked permission to add staking to another Ether ETF, the 21Shares Core Ethereum ETF.Staking Ether enhances returns and involves posting ETH as collateral with a validator in exchange for rewards.As of March 11, staking Ether yields approximately 3.3% APR, denominated in ETH, according to Staking Rewards.Other popular cryptocurrencies, including Solana (SOL), also feature staking mechanisms. Staking rewards by asset type. Source: Staking RewardsRelated: SEC seeks comment on in-kind redemptions for Bitcoin, Ether ETFsProposed rule changesThe US Securities and Exchange Commission must still approve Cboe’s proposed rule changes before staking can commence.In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20. In addition to staking, the filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning options, in-kind redemptions and new types of altcoin funds.Cboe has also asked permission to list Canary and WisdomTree’s proposed XRP (XRP) ETFs and support in-kind creations and redemptions for Fidelity’s Bitcoin (BTC) and ETH ETFs, among other proposed changes.Magazine: MegaETH launch could save Ethereum… but at what cost?
EU watchdogs scrutinizing OKX over $100M in Bybit laundered funds: Report
European Union regulators are reportedly looking into a service offered by crypto exchange OKX that may have played a role in the laundering of $100 million in funds from the Bybit hack, according to Bloomberg.A March 11 Bloomberg report citing people familiar with the matter claims that national watchdogs from the EU’s member states discussed the issue during a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The issue appears to be OKX’s decentralized finance platform and wallet service.On Jan. 27, OKX announced that it had secured a full Markets in Crypto-Assets (MiCA) license to operate across all EU member states under a unified regulatory framework. The question for EU regulators is whether two OKX services fall under the MiCA framework and, if so, whether the exchange could be penalized.According to Bybit CEO Ben Zhou, nearly $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack had been laundered through OKX’s Web3 proxy, with a portion of the funds now untraceable.OKX’s wallet service has reached 53 million addresses and is able to connect to 100 blockchains. Fully decentralized platforms may be exempt from MiCA regulation, but according to the Bloomberg report, regulators from at least Austria and Croatia said OKX’s Web3 service should fall under EU rules.Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 daysOKX denies EU investigationIn a statement posted to X, OKX refuted the claim there were any ongoing investigations by the EU, adding that “Bybit’s statements are spreading misinformation” and defending its Web3 wallet services.Source: OKXHaider Rafique, OKX Global’s chief marketing officer, added his own take: “We spoke to Bloomberg today and provided our statement refuting some of the alleged claims. It is preposterous to suggest that WE as a company would be involved in laundering stolen funds.”The theft of $1.5 billion in ETH and ETH-related tokens from Bybit is the largest crypto hack to date. Crypto investigators have said that the Lazarus Group, a North Korean hacking ring, was responsible for the attack. According to Zhou, who declared war on the Lazarus Group after the hack, 3% of the stolen funds have been frozen, while 20% have gone dark.Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis
Bitwise launches Bitcoin corporate treasury ETF
Bitwise has launched an exchange-traded fund (ETF) holding stocks of companies with large Bitcoin (BTC) treasuries, the asset manager said on March 11. The Bitwise Bitcoin Standard Corporations ETF (OWNB) “seeks to track the Bitwise Bitcoin Standard Corporations Index, a new equity index of companies with at least 1,000 bitcoin in their corporate treasuries,” Bitwise said. The ETF is the latest in a flurry of new investment products aimed at offering exposure to companies with large Bitcoin treasuries. “A lot of people wonder: Why do companies buy and hold bitcoin? The answer is simple: For the exact same reasons people do,” Matt Hougan, Bitwise’s chief investment officer, said in a statement.“These companies perceive bitcoin as a strategic reserve asset that’s liquid and scarce — and not subject to the whims or money printing of any government.”Public companies are among the largest institutional Bitcoin holders. Source: BitcoinTreasuries.NETRelated: Trump-linked Strive files for ‘Bitcoin Bond’ ETFIndex of Bitcoin buyersAs of March 11, the ETF’s largest holdings include Strategy (MSTR), Michael Saylor’s de facto Bitcoin fund, and Bitcoin miners such as MARA Holdings (MARA), CleanSpark (CLSK), and Riot Platforms (RIOT).It also includes stocks such as gaming company Boyaa Interactive and investment manager Galaxy Digital (GLXY). Bitwise’s index is weighted based on the amount of Bitcoin held, with the largest holding capped at 20%, the asset manager said. OWNB’s largest holdings. Source: BItwiseBitcoin treasuries take offIn 2024, rising Bitcoin prices sent shares of Strategy soaring more than 350%, according to data from FinanceCharts. The move prompted dozens of other companies to start accumulating Bitcoin treasuries. According to BitcoinTreasuries.NET, corporate Bitcoin holdings exceed $54 billion as of March 11. Strategy remains the largest corporate Bitcoin holder, with a treasury worth more than $41 billion, the data shows. Even the US government has created a strategic Bitcoin reserve, initially comprising only Bitcoin seized by law enforcement. Other asset managers are launching similar investment products to Bitwise’s. In December, asset manager Strive, founded by former US presidential hopeful Vivek Ramaswamy, asked United States regulators for permission to list an ETF investing in convertible bonds issued by Strategy and other corporate Bitcoin buyers. The ETF seeks to offer exposure to “Bitcoin Bonds,” described as “convertible securities” issued by companies that plan to “invest all or a significant portion of the proceeds to purchase Bitcoin,” according to the filing. Asset manager REX Shares is also preparing to launch a Bitcoin corporate treasury ETF, it said on March 10.Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’
4 signs that $76.7K Bitcoin is probably the ultimate low
Bitcoin (BTC) dropped to a four-month low of $76,700 on March 11, following a 6% weekly decline in the S&P 500 index.The stock market correction pushed the index to its lowest level in six months as investors priced in higher odds of a global economic downturn.Despite Bitcoin’s 30% drop from its all-time high of $109,350, four key indicators suggest that the correction may be over.Bitcoin bear market needs 40% drop, strong USDSome analysts argue that Bitcoin has entered a bear market. However, the current price action differs significantly from the November 2021 crash, which started with a 41% drop from $69,000 to $40,560 in just 60 days.A comparable scenario today would imply a decline to $64,400 by the end of March.Bitcoin/USD in Nov. 2021 vs. Feb. 2025. Source: TradingView / CointelegraphThe current correction mirrors the 31.5% drop from $71,940 on June 7, 2024, to $49,220 over 60 days.Additionally, during the late 2021 bear market, the US dollar was strengthening against a basket of foreign currencies, as reflected in the DXY index, which surged from 92.4 in September 2021 to 96.0 by December 2021.DXY (left, blue) vs. BTC/USD (right). Nov. 2021 vs. Feb. 2025. Source: TradingView / CointelegraphThis time, however, the DXY started 2025 at 109.2 and has since declined to 104. Traders argue that Bitcoin maintains an inverse correlation with the DXY index, as it is primarily viewed as a risk-on asset rather than a safe-haven hedge against dollar weakness.Overall, current market conditions show no signs of investors moving to cash positions, which supports Bitcoin’s price.BTC derivatives healthy as investors fear AI bubbleThe Bitcoin derivatives market remains stable, as the current annualized premium on futures stands at 4.5%, despite a 19% price drop between March 2 and 11.For comparison, on June 18, 2022, this indicator fell below 0% after a sharp 44% decline from $31,350 to $17,585 in just 12 days.Bitcoin 2-month futures annualized premium. Source: laevitas.chSimilarly, the Bitcoin perpetual futures funding rate is hovering near zero, signaling balanced leverage demand between longs and shorts. Bearish market conditions typically drive excessive demand for short positions, pushing the funding rate below zero.Several publicly traded companies with market values exceeding $150 billion have seen sharp declines from their all-time highs, including Tesla (-54%), Palantir (-40%), Nvidia (-34%), Blackstone (-32%), Broadcom (-29%), TSM (-26%), and ServiceNow (-25%). Investor sentiment, especially in the artificial intelligence sector, has turned bearish amid growing recession fears.Related: Bitcoin $70K retracement part of ‘macro correction’ in bull market — AnalystsTraders are concerned about a potential US government shutdown on March 15, as lawmakers must pass a bill to raise the debt ceiling. However, according to Yahoo Finance, the Republican party remains divided.The key points of contention in House Speaker Mike Johnson’s proposal are increased spending on defense and immigration.Risk-on markets, including Bitcoin, are likely to react positively if an agreement is reached.Real estate crisis is not necessarily negativeEarly signs of a real estate crisis could accelerate capital outflows into other scarce assets. According to Feb. 27 data from the US National Association of Realtors, home contract signings fell to an all-time low in January.Additionally, a Feb. 23 opinion piece in The Wall Street Journal revealed that over 7% of Federal Housing Administration-insured loans are at least 90 days past due, surpassing the peak of the 2008 subprime crisis.In essence, Bitcoin’s path to reclaiming $90,000 is supported by a weaker US dollar, historical evidence that a 30% price correction does not signal a bear market, resilience in BTC derivatives markets, contagion from government shutdown risks, and early signs of a real estate crisis.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Coinbase plans India comeback with FIU registration
Cryptocurrency exchange Coinbase has officially announced its plans to relaunch its services in India after securing a license with the country’s Financial Intelligence Unit (FIU). This news comes as a major step towards empowering Indian entrepreneurs to build, innovate, and scale global onchain businesses from the comfort of their own homes.
In a recent social media post, Coinbase revealed that they have been approved to launch in India. This was followed by a statement from the company’s chief legal officer, Paul Grewal, who confirmed that Coinbase is now FIU-registered. This development is expected to benefit not only crypto traders but also India’s developer community, as Coinbase offers a range of tools and services, including its Base network.
While the company has not specified a timeline for its service rollout in India, it has confirmed its plans to offer cryptocurrency trading services in the country. This move is a significant shift from Coinbase’s previous attempt to enter the Indian market in 2022, which was cut short due to issues with the country’s central bank.
India has had a complicated relationship with cryptocurrency, with the FIU banning several crypto exchanges over the years. However, with global crypto adoption on the rise, there are fears that India will be left behind. In February, India’s economic affairs secretary Ajay Seth acknowledged the borderless nature of cryptocurrencies and suggested that the country needs to stay ahead of the adoption curve.
Despite the controversy surrounding crypto in India, the country has emerged as a leader in terms of adoption within the Central, Southern Asia and Oceana (CSAO) region, according to a report by Chainalysis. India received high marks for retail and decentralized finance adoption, indicating a growing interest in the industry.
As Coinbase prepares to relaunch its services in India, it remains to be seen how the country’s stance on cryptocurrency will evolve. But for now, this news is a positive step towards greater crypto adoption and innovation in India.