The industry continued making forays toward recognition. Scams and the illicit activities of criminals and bad guys remained problematic.
Effective legislation may be the key. Increased efforts at the state level showed signs of a pushback.
The headlines:
- The SEC continued to push its bromance with the industry;
- According to the OCC, crypto risk investigations are over;
- Tether said it’s talking with a ‘Big Four’ firm to audit its reserves;
- The Treasury suspended sanctions against Tornado Cash;
- Plus, tokenized mortgage securities are available on-chain! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin Continues to Slide at $87k (as of 3/24/25)
Volatility continued to reign in the crypto space. Bitcoin moved from a $81,179.99 low to a $87,443.26 high. Bitcoin is currently at $87,324.14.
The altcoins are swimming in similar gray areas, too.
Ethereum (ETH) is at $2,089.54, Solana (SOL) is at $140.28, Chainlink (LINK) is at $15.26, Avalanche (AVAX) is at $21.85, Polkadot (DOT) is at $4.73, and Uniswap (UNI) is at $6.96.
The SEC Wants to Cooperate with the Crypto Industry
America’s top financial regulator continued its charm offensive against the digital asset space. The March 21 roundtable allowed the SEC to fulfill several promises and interact with professionals.
At the event, the SEC crypto task force chief, Hester Pierce, revealed the agency’s willingness to create a regulatory framework for the industry.
Additionally, Pierce called for a unified approach to digital asset regulation.
Similarly, the SEC’s Division of Corporation Finance clarified in a March 20 statement that proof-of-work (PoW) mining activities don’t involve securities transactions. The document indicated that miners do not need to register their activities with the agency.
Furthermore, the division’s statement identified solo mining and mining pool efforts as the focus of its stance.
The OCC Rolled Backed its Crypto Risk Examinations
On March 20, the OCC announced its decision to end the examination of regulated institutions for crypto-related reputation risks. The regulator also revealed the removal of reputation risk references from official documentation.
Consequently, the OCC indicated that financial institutions may not change their stance towards the digital asset sector risks.
Tether is Reportedly Talking to ‘Big Four’ Firm Over its Reserves
According to a March 21 Reuters report, Tether is in discussions with a ‘Big Four’ accounting firm about its asset reserves. Tether CEO Paolo Ardoino indicated that the actions align with the Trump administration’s regulatory efforts.
The stablecoin issuer didn’t specify which of the firms it is holding talks with.
The Treasury Lifted Tornado Cash’s Sanctions
In a March 21 announcement, the Treasury revealed its removal of cryptocurrency mixer Tornado Cash from the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) list following a legal and policy review.
Moreover, the Treasury iterated the government’s commitment to protect the crypto industry from abuse and criminal activities.
There was Some Progress in the ETF Space
Crypto ETFs continued to make gains, with several filings taking center stage. On March 17, Nasdaq filed a Form 19b-4 with the SEC.
Via the filing, Nasdaq wants to list and trade 21Shares’ spot Polkadot ETF shares.
On March 20, Fidelity Investments registered the ‘Fidelity Solana Fund’ in Delaware. Appropriate regulatory procedures will follow. In related news, on March 20, the NYSE Arca filed to change a rule enabling yield earning on Bitwise’s Ether ETF.
Canary Capital also filed for a Pengu-focused ETF with the SEC.
A Montana State Official Issued a Crypto-Related Warning
Officials in the Big Sky Country took the safety of its citizens seriously with a warning by a state official. The Montana Commissioner of Securities and Insurance, James Brown, cautioned against rising crypto scams and indicated the seriousness of the issue.
In addition, Brown iterated his support for current efforts by the state legislature to regulate blockchain firms.
The SEC Suspended its Appeal Against Ripple
In a March 19 Twitter/X post, Ripple Labs CEO Brad Garlinghouse revealed the SEC’s decision to drop ongoing legal proceedings against the Fintech firm and its XRP token. The case dates back to the agency’s 2020 moves when the regulator accused Ripple of selling unregistered securities.
The end of the four-year legal tussle indicates a growing change in the digital asset industry.
State-Level Digital Asset Legislation Moved Forward
The states continued to push crypto-level legislation. Lawmakers at North Carolina’s Capitol approved the “NC Bitcoin Reserve and Investment Act” (SB327). The bill aims to authorize the state to invest up to $950 million of state funds in Bitcoin.
Moreover, the legislation proposes to create a Bitcoin Economic Advisory Board. Cold wallet storage for the reserves will also be compulsory.
In related news, North Dakota’s State Senate approved a bill to create a regulatory framework for crypto ATM operations. The bill has a $2,000 daily transaction limit.
Additionally, the legislation requires crypto ATM operators to deploy blockchain analytics tools for suspicious transactions.
Figure Introduced Tokenized Mortgage Securities
The industry got its first taste of on-chain mortgage securities. Niche Fintech firm Figure introduced the offering on the Provenance blockchain via its DART electronic lien registry platform.
The deployment enables loan discovery and end-to-end processing with five-minute offers and five-day credit receipts.
Several Financial Giants Expanded the Canton Network
The Canton Network enlarged its network, with several financial services sector members joining its ranks. Big players, including Goldman Sachs, Moody’s Ratings, and others, joined the Global Synchronizer Foundation (GSF) as members.
The Global Synchronizer Foundation (GSF) is the interoperability unit of the Canton Network, enabling functionality and improving efficiency.
