Innovation moved quickly and regulators adapted to create space for the industry. Everything settled down. The adoption conversation led the charge.
The headlines:
- According to Chainalysis, sanctioned state actors increasingly turned to crypto in 2024;
- State-level crypto legislation efforts improved;
- The SEC moved from enforcement to innovation;
- America’s cousins across the pond want CBDCs;
- Plus, OpenSea temporarily suspended its proposed airdrop (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is Still at $95k (as of 2/24/25)
Crypto prices continued to whipsaw, with Bitcoin moving from a $93,388.83 low to a $99,497.96 high to settle at $96,094.97.
The altcoins are moving in different directions.
Ethereum (ETH) is at $2,820.07, Solana (SOL) at $167.66, Chainlink (LINK) at $17.61, Avalanche (AVAX) at $24.82, Polkadot (DOT) at $4.95, snd Uniswap (UNI) at $9.01.
American-Sanctioned Countries Are Pushing Towards Crypto–Chainalysis
Nations under Uncle Sam’s heavy stick made significant forays into the crypto space. That’s what a recent Chainalysis report suggests.
According to the report, sanction countries received almost $16 billion in crypto tokens in 2024. Furthermore, the amount accounted for (approximately) 39% of all illicit transactions last year.
In related news, Chainalysis revealed the additional support for leading Layr-1 chain Unichain. The integration enables increased monitoring of the DeFi space and includes ‘Reactor,’ the Chainalysis investigations tool for in-depth tracking and analysis.
Arizona’s Capitol Pushed For Native Crypto Retention
Crypto adoption may explode if legislation from the Grand Canyon State continues to gain traction. The Arizona House Commerce Committee voted to advance House Bill 2749, which calls for keeping crypto tokens in their native form.
Moreover, the bill seeks to empower the state treasury to convert unclaimed digital assets into cash after a holding period.
Similarly, in the Beehive State, Utah’s Bitcoin Strategic Reserve Bill moved one notch to the State Senate Revenue and Taxation Committee for further deliberation.
Greenback Deposits Returned to Binance.US
Following the protracted legal tussle between regulators and Binance.US, dollar deposits are back on the platform. The crypto exchange revealed that the feature became available on February 19.
Additionally, the reinstatement of dollar deposits will occur over time.
The SEC’s Crypto Enforcement Unit Changed Names
In what may be a sign of things to come, the SEC rechristened its ‘Crypto Assets and Cyber Unit’ to the ‘Cyber and Emerging Technologies Unit.’ The move shifts the regulator’s focus from a crypto-only enforcement approach to an innovation-focused one.
In related news, on February 18, the SEC acknowledged Cboe BZX Exchange’s 19-b filing to list and trade Bitwise XRP ETF shares.
In addition, the SEC also agreed to drop its ongoing legal tussle against Coinbase. The decision is subject to the approval of its Commissioners.
The ECB Revealed Blockchain Payment System Launch Plans
Across the pond, the ECB diverged from America’s stablecoin-focused efforts by introducing a blockchain-based payment system. According to a February 20 press release, the region’s top central bank revealed a two-track, CBDC-driven ecosystem.
The ecosystem will reportedly allow settlements between FIs. The ECB is yet to announce a launch timeline.
SBF Angled For a Presidential Pardon in His First Prison Interview
Former FTX CEO Sam Bankman-Fried continued to push for a pardon from President Trump in his first prison interview. According to the February 18 ‘The New York Sun’ interview, SBF indicated that his case was part of the Biden administration’s “prosecutorial overreach.”
Additionally, Bankman-Fried restated claims of FTX’s solvency before the law firm Sullivan & Cromwell’s takeover of the bankruptcy process. He also tried to find commonalities between himself, President Trump, and his Republican base.
OpenSea Suspended Airdrop Plans For its SEA Token
Popular NFT marketplace OpenSea backtracked on its plan to deploy the XP airdrop system for its SEA token following a backlash from community members. Several members alleged that the token reward airdrop didn’t consider the contributions of several of the platform’s long-term members.
Furthermore, some members highlighted the potential for wash trading attempts by bad actors following beta access to the program.
Wintermute Could Open a New York Office
Popular crypto market maker Wintermute may expand to America, with New York being a first choice for its office locations. In a February 19 Bloomberg interview, Wintermute CEO Evgeny Gaevoy unveiled plans to open a shop in the United States.
Moreover, Gaevoy also revealed plans to add five to ten employees to its current talent headcount of 130.
BitGo, Copper, and Deribit Collaborated to Launch an Off-Exchange Trading Setup
The crypto space expanded on the innovation front with a multi-party trading arrangement between BitGo, Copper, and Deribit. The offering enables trading on Deribit’s platform, while digital assets are in custody with BitGo.
Furthermore, token settlements will occur via Copper’s infrastructure.
Franklin Templeton Filed for a Solana ETF
Investment giant Franklin Templeton continued to expand its industry footprint on February 22 by filing an S-1 form with the SEC for a Franklin Solana ETF. According to the filing, Franklin Templeton will list the product on the Cboe BZX Exchange.
Consequently, Coinbase Custody Trust Company, LLC will (expectedly) serve as custodian.
