The cold winter did little to stop fast-paced crypto innovations. The US continued to lead the Bitcoin and digital asset adoption race, and the Federal Government focused on effective frameworks.
The headlines:
- State-level Bitcoin and crypto reserve bills continued to shine;
- OpenSea dropped upcoming token hints;
- New laws could push Tether to make a few adjustments;
- The CFTC and SEC may soon have a crypto bromance;
- Plus, last week was (seemingly) all about Solana (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin Struggles at $96k (as of 2/17/25)
Volatility continued to affect the crypto markets as Bitcoin moved from a $94,101.20 low to a $98,819.46 high to settle at $96,214.55.
The altcoins are going in different directions as well.
Ethereum (ETH) is at $2,669.39, Solana (SOL) at $186.45, Chainlink (LINK) at $18.71, Avalanche (AVAX) at $24.94, Polkadot (DOT) at $4.90 and Uniswap (UNI) at $9.65.
Other States Joined the Bitcoin Conversation
Bitcoin continued to rule, with other States putting forward digital assets and Bitcoin-related bills. In the Mountain State, West Virginia State Senator Chris Rose introduced the ‘The Inflation Protection Act of 2025’.
The legislation aims to enable the West Virginia treasury to invest in tokens or precious metals.
Furthermore, the bill could empower the West Virginia Treasury to invest in digital assets with a market capitalization of over $750 billion, including stablecoins.
In the Great Lakes State, Michigan state representatives Ron Robinson and Bryan Posthumus presented House Bill 4087. The bill aims to enable the state treasurer to set aside up to 10% of Michigan’s funds for crypto investments.
The legislation is profit-focused.
In the Tar Heel State, North Carolina’s State House Speaker, Rep. Destin Hall, introduced House Bill 92. Representatives Steve Ross and Mark Brody joined the speaker to advance the legislation.
The bill aims to empower the state to invest up to 10% of its funds in digital assets or crypto-related ETPs.
Robinhood’s Q4, 2024 Crypto Profits Grew 8x
Popular brokerage Robinhood’s digital asset ecosystem experienced positive outcomes. According to its recently released investment report, crypto tokens buoyed its 200% $672 million (YoY) transaction-based revenues with a $352 million share.
Furthermore, the digital asset revenues grew by more than 700%.
In related news, Robinhood added the Pyth Network (PYTH) and Raydium (RAY) tokens to its ecosystem, expanding its Solana footprint.
Osprey Funds Wants to Convert its Bitcoin Trust Into an ETF
Institutional-focused Osprey Funds revealed intentions to transform the Osprey Bitcoin Trust (OBTC) into an ETF. According to a February 14 press release, the digital asset firm submitted an S-1 form.
Additionally, the move follows Osprey’s acquisition by Bitwise.
OpenSea Wants to Introduce Its Native Token
Premier NFT marketplace OpenSea revealed plans to launch its SEA token. In a February 13 X/Twitter post, OpenSea indicated that details on the timing of the token’s release are available.
Moreover, the NFT platform indicated that American users will participate in the upcoming token distribution event.
State-Driven Bitcoin Reserve Bills are Worth Over $23 Billion in Demand-VanEck
A recent VanEck report suggests that the ongoing state-level Bitcoin and digital asset revolution could power up demand.
According to the document, Bitcoin inflows could push up to $23 billion in demand if the state bills are approved and signed into law. Bills across the states generally want to allocate between 1% and 10% of treasury funds for digital asset investments.
New Laws Could Force Tether to Adjust its Holdings
Stablecoin issuer Tether may have to restructure its reserves and holdings if new bills on Capitol Hill become law. The ‘Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act’ in the Senate and the ‘Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act’ in the House propose stricter requirements for stablecoin holdings and reserves.
The GENIUS Act is federal-focused and allows for broader asset classes for reserve holdings, while the STABLE Act is more stringent at the state level.
According to a February 12 J.P. Morgan report, Tether may have to sell some of its Bitcoin reserve tokens to meet up with the upcoming bills.
The CFTC and SEC Could Cooperate on Crypto Regulations
Crypto regulations may move smoothly this year if regulators collaborate. According to Fox Business journalist Eleanor Terrett, both entities are (reportedly) mulling a partnership on digital asset regulation.
In a February 13 post, Terrett indicated that the duo may reactivate the CFTC-SEC Joint Advisory Committee. The government established the panel in 2010 and has been on hiatus since 2014.
The SEC Confirmed Canary Capital’s Solana ETF Application
Solana continued to dominate the news, with the SEC acknowledging Canary Capital’s ETF application and introducing the 21-day public comment period. Four Solana-focused ETF applications are currently under the regulator’s review.
Plume Network and Superstate Collaborated to Improve Access to Tokenized Funds
Tokenization-focused Plume Network partnered with Digital Asset manager Superstate to enhance on-chain investment product integrations. The cooperation brings the Superstate Crypto Carry Fund (USCC) and the Superstate Short Duration US Government Securities Fund (USTB) to the Plume blockchain.
Furthermore, investors can mint USCC and UTSB tokens on Plume.
“X Money” Will be Crypto-Ready Later This Year-Ran Goldi
The payments arm of the Elon Musk-owned X social media platform could onboard digital assets in late 2025. Fireblocks Senior Vice President of Payments and Network Ran Goldi indicated in a recent The Block interview that the social media giant could enable crypto payments within that timeline.
Visa and X (Twitter) recently partnered to enable peer-to-peer payments.
