Things are looking up. Regulation continued to make progress, with bipartisanship showing itself on Capitol Hill.
Everyone is coming around to crypto!
Bad actors are also finding it harder to get away with stolen funds.
The headlines:
- Google Cloud and CME announced the successful pilot of an FI-focused ledger;
- A new bill at the Capitol proposes the creation of an investigation-focused working group;
- The CFTC now considers crypto derivatives and other products in the same way;
- Fidelity may launch a stablecoin;
- Plus, the FBI revealed surprising crypto-related recovery moves! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is in The Red at $82k (as of 3/31/25)
Bearish trends continued in the digital asset markets, with Bitcoin sliding from an $88,543.39 high to an $81,634.14 low. Bitcoin is currently at $82,143.16.
The altcoins are in uncharted waters.
Ethereum (ETH) is at $1,813.29, Solana (SOL) at $124.15, Chainlink (LINK) at $13.24, Avalanche (AVAX) at $18.67, and Polkadot (DOT) at $4.02.
CME Partnered With Google Cloud on a Distributed Ledger Pilot
Derivatives ecosystem CME took innovation to another level with an initial successful test run of the Google Cloud Universal Ledger (GCUL) in partnership with Google Cloud. The duo revealed the accomplishment in a March 25 press release.
CME and Google Cloud plan direct testing later this year. If things go well, the platform may go into beta next year.
Google Cloud Universal Ledger (GCUL) is FI-focused.
There’s a Crypto Regulatory Bill on Capitol Hill
A bipartisan effort to police the crypto space reached the floor of the House of Representatives. On March 27, Rep. Jim Himes (D-Connecticut) and Rep. Zach Nunn (R-Iowa) reintroduced the Financial Technology Protection Act.
The legislation aims to create a working group that includes several government and law enforcement agencies. The proposed unit will investigate crypto transactions allegedly tied to illicit activities.
In related news, on March 26, the Senate voted 70-28 to reverse the IRS DeFi broker rule. The move paves the way for the President’s final assent to the measure.
We will Treat Crypto and Other Derivatives Similarly-CFTC
The crypto sector continued to receive a warm response from the Federal Government. The CFTC reversed its May 30, 2023, Division of Clearing and Risk (DCR) digital asset derivatives risk notice.
Consequently, the regulator will treat crypto-based products and other comparable offerings identically.
South Carolina Has a New Crypto Reserve Bill
The Palmetto State joined the ranks of crypto-friendly states in the union with the ‘Strategic Digital Assets Reserve Act of South Carolina’ (HB4256). The proposed legislation aims to enable the state treasury to invest up to 10% of its reserves in crypto tokens.
Furthermore, the bill focuses on Bitcoin at the top the list of its digital asset reserves.
Fidelity Plans to Launch a Stablecoin
Investment giant Fidelity indicated its intentions to introduce a stablecoin to its ecosystem. According to a March 26 Financial Times report, the financial behemoth’s stablecoin token plans are part of overall tokenization efforts.
Additionally, Fidelity wants the token to serve as a digital currency.
Terraform Labs Wants to Open its Creditor Claims Portal
Creditors of the bankrupt crypto ecosystem Terraform Labs may soon have cause to smile. In a March 28 announcement, Terraform Labs revealed the March 31 launch of its creditor claims portal.
Qualified creditors have an April 30 deadline to register their claims. They must also submit evidence of token ownership for further consideration.
In related news, the New York Attorney General and Galaxy Digital settled over its involvement in the Terra ecosystem.
According to a March 24 notarized discontinuance notice from the NYAG, Galaxy Digital agreed to pay $200 million in penalties over its (then) promotion of the LUNA token.
Crypto-friendly FV Bank introduced its SWIFT code for inbound and outbound wire transfers. The code, ITTLPRS2XXX, enables international remittances alongside domestic payment rails.
Additionally, users can access both dollar and stablecoin transfers from a single interface.
Binance Suspended a Team Member Over BNB Chain Insider Trading Accusations
The drama continued to trail the crypto space, with Binance suspending a BNB Chain collaborator over insider trading allegations. In a March 25, Twitter/X post, the crypto exchange revealed the details of an internal investigation.
Binance also indicated that it had taken appropriate legal measures. The firm is yet to officially reveal the identity of the said individual and the token in question.
Similarly, in a March 27 Twitter/X post, Coinbase introduced BNB perpetual futures trading. On April 3, trading activities on the BNB-PERP market will begin.
Crypto ETFs Continued to Make Inroads
The digital asset ETF space had some progress. A March 25 filing revealed Cboe’s intentions to list a Fidelity Solana-focused ETF.
Similarly, a March 27 Nasdaq filing revealed intentions to list a Grayscale Avalanche ETF. The 9b-4 filing showed that the ETP will have AVAX tokens in its portfolio.
In related news, Avalanche, a crypto development firm, revealed the launch of a Blockchain-as-a-service (BaaS) Layer 1 network. The setup targets institutions and leverages the Avalanche InterChain Messaging (ICM) framework for platform deployment.
The FBI Revealed $8 Million Kansas Bank Recovery Efforts
America’s G-men continued to expand their activities in crypto-related investigations. This time, the FBI successfully recovered $8.2 million linked to a crypto scam and fraudulent activities of the defunct Elkhart, Kansas-based Heartland Tri-State Bank CEO.
A March 26 press release outlined the FBI’s involvement.
The Kansas City FBI Division worked alongside other agencies to track and retrieve the funds, bringing smiles and relief to regular folk who were victims of the crimes.
In August 2024, Shan Hanes, the disgraced CEO, was sentenced to 293 months in prison for embezzling funds. Hanes wired stolen funds to supposed crypto brokers, who turned out to be scammers.
