‘Adoption’ was last Week’s buzzword, with the crypto industry making significant strides.
We may soon see enhanced integrations. One day, no one will be able to differentiate between crypto space and everyday finance.
One day, not now.
The headlines:
- Cantor Fitzgerald Moved ahead with enhanced Bitcoin financing;
- The stablecoin-focused GENIUS Act passed the Senate committee vote;
- BlackRock’s BUIDL is now worth over $1 billion;
- Crypto ETFs were a mixed bag;
- Plus, a local labor union bought some Bitcoins! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin Remains in the Gray at $82k (as of 3/17/25)
The bears continued to rule the digital asset markets, with Bitcoin moving from a $76,624.25 low to a $85,263.28 high. Bitcoin is currently at $82,964.21.
The altcoins have similar echoes.
Ethereum (ETH) is at $1,902.58, Solana (SOL) at $127.09, Cardano (ADA) at $0.7196, Chainlink (LINK) at $13.69, Avalanche (AVAX) at $18.36, POlkadot (DOT) at $4.35 and Uniswap (UNI) at $6.14.
Cantor Fitzgerald Expanded its Bitcoin Financing Operations
Financial services behemoth Cantor Fitzgerald continued to make waves in the Bitcoin space with new collaborations with Anchorage Digital and Copper Technologies (Copper.co). According to a March 11 press release, the three-way tie-up enables improved digital asset collateral management and custody services for clients.
Moreover, the cooperation improves the efficiency of Cantor Fitzgerald’s Bitcoin financing operations.
A Stablecoin Bill Made Progress in the Senate
Capitol Hill continued to push the (stablecoin-focused) ‘GENIUS Act.’ The Senate Banking Committee passed the bill by an 18-6 vote.
Furthermore, the bill had bipartisan support, with Sen. Angela Alsobrooks (D-MD) and Sen.Kirsten Gillibrand (D-NY) supporting their Republican colleagues.
Replying to questions on Twitter/X, Ripple Labs CTO David Schwartz confirmed that the bill mandates stablecoin issuers to have digital asset freezing capabilities on their ledgers.
BlackRock’s BUIDL Crossed the Billion–Dollar Mark
In a March 13 announcement, investment behemoth BlackRock revealed that its BUIDL fund surpassed $1 billion AUM. The fund, tokenized by niche Fintech Securitize, has multi-blockchain access.
Additionally, BUIDL offers daily yields.
Goldman Sachs Confirmed Crypto’s Progress in its Annual Shareholder Letter
For the first time, Goldman Sachs acknowledged the growth of the crypto space. The investment giant recognized the sector’s growth in its annual report, highlighting increased adoption.
However, the document was cautious and highlighted industry risks, including volatility and digital asset cybersecurity issues.
Crypto ETFs Continued to Make Gains
Big players continued dipping their toes in the industry, with ETF filings indicating rising interest. A March 14 S-1 filing by VanEck revealed an Avalanche-focused ETF.
VanEck proposed to hold the AVAX token via third parties.
Similarly, Franklin Templeton filed an S-1 form with the regulator for an XRP-based ETF. Cboe also filed a 19b-4 form shortly after Franklin’s move. On March 12, Cboe filed a 19b-4 Solana-focused form (presented by Franklin Templeton).
The SEC also delayed its final decision on several ETFs, including the Canary Spot Solana ETF, the Canary Spot XRP ETF, the Canary Spot Litecoin ETF, the Grayscale Spot Dogecoin ETF, the Grayscale Spot XRP ETF, and the VanEck Spot Solana ETF.
In related news, on March 14, Rex Shares and Osprey Funds filed with the SEC to launch a MOVE token-focused ETF. The product leverages price movements of the Movement Network, an Ethereum layer-2 chain.
Rex Shares also introduced the REX Bitcoin Corporate Treasury Convertible Bond ETF on Nasdaq (BMAX).
XRP is a Key Financial Asset for America-SEC
The nation’s top financial regulator continued to iterate its warm stance towards the crypto space. On March 13, the SEC published a document highlighting the XRP token’s importance to the U.S. financial ecosystem.
The report also clarified the legal issues between Ripple Labs and the government and proposed a 24-month phased plan for expanded XRP adoption.
According to the SEC, America will fully adopt the token within 6-12 months.
Kentucky’s Senate Passed a Bitcoin Custody Protection Bill
In the Bluegrass State, Kentucky’s Senate passed a bill that protects Bitcoin self-custody rights. The upper house passed the legislation dubbed ‘AN ACT relating to blockchain digital assets (HB 701)’ and passed by a unanimous 37-0 vote.
Consequently, the bill now awaits Gov. Andy Beshear’s (D) signature for final approval.
Vermont Dismissed its Case Against Coinbase
The Green Mountain State may have changed its crypto stance following its decision to drop ongoing legal proceedings against Coinbase. On March 13, the Vermont Department of Financial Regulation ended the court case.
The Vermont State regulator highlighted similar moves at the federal level, referencing a recent SEC decision.
Coinbase revealed CFTC filings to launch futures contracts for Cardano (ADA) and Natural Gas (NGS).
America’s First Private Sector Union Chapter Invested in Bitcoin
Organized labor at the private sector level also showed interest in the crypto space. The Burbank, California-based entertainment industry-focused IATSE (IATSE Local 728) chapter revealed its first Bitcoin purchase.
Additionally, the union chapter took action in collaboration with Proof of Workforce, a union-focused crypto advocacy nonprofit.
A Delaware Court Approved 3AC’s $1.35 Billion Claim Against FTX
FTX’s creditors may face another hurdle following the court’s acceptance of 3AC’s $1.35 billion claim against FTX. On March 13, a Delaware bankruptcy court approved a petition by Three Arrows Capital (3AC) requesting to increase its claim against the bankrupt crypto exchange from $120 million to $1.53 billion.
The move increases 3AC’s participation in FTX’s ongoing bankruptcy proceedings and could (potentially) affect creditor payout plans.
