The government finally gave the crypto space the attention it deserves. From here, optimists will point upwards to the moon.
However, like everything else, full adoption is a process, and it will take some time for things to change.
The headlines:
- The White House held a crypto summit;
- Gemini may soon have an IPO;
- There’s a strong crypto fraud bill making its way through the New York State Capitol;
- Elliptic developed custom tools to track sophisticated crypto transactions;
- Plus, SBF is (reportedly) in solitary confinement (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is Down to $84k (as of 3/9/25)
The bears continued to rule the crypto space, with Bitcoin hitting an $81,529.23 low from a $95,043.43 high. Bitcoin is currently at $84,660.75.
The altcoins are also looking downwards, too.
Ethereum (ETH) is at $2,141.23, Solana (SOL) at $135.33, Chainlink (LINK) at $14.66, Avalanche (AVAX) at $19.65, Polkadot (DOT) at $4.25, Uniswap (UNI) at $6.89 and Aptos (APT) at $6.03.
The American President Hosted a Crypto Summit and More
Things continued to progress in Washington, D.C., with President Trump hosting the first-ever crypto summit on March 7. Several heavyweights attended, including Coinbase CEO Brian Armstrong, Gemini’s Winklevoss twins, MicroStrategy CEO Michael Saylor, and others.
President Trump focused on Bitcoin at the event but discussed other critical issues with industry executives. Trump also unveiled plans to end ‘Operation Choke Point 2.0’ and other debanking efforts aimed at the industry.
Furthermore, the summit follows a March 6 executive order establishing a Bitcoin reserve and digital asset ‘stockpile.’ The strategic reserve will have digital assets seized by the federal government in forfeiture proceedings.
Additionally, the digital asset setup will comprise similar holdings and means.
The executive order also directs Commerce Secretary Howard Lutnick to seek ways to acquire digital assets at zero cost to the American taxpayer.
Gemini Filed for a Confidential IPO
Interestingly, the Cameron and Tyler Winklevoss-owned Gemini confidentially filed for an IPO. According to a March 7 Bloomberg report, Gemini will collaborate with Citigroup and Goldman Sachs on the offering.
Moreover, formal discussions haven’t taken place yet on the issue.
In related news, Kraken is also mulling an IPO. A March 7 Bloomberg report indicates that the boutique cryptocurrency exchange may go public in Q1 2026.
The Senate Reversed the IRS DeFi Broker Rule
On March 4, the Senate voted to overturn the IRS broker rule, which extended the taxman’s reach to include reporting requirements across crypto ecosystems. The upper House also voted to rescind a CFPB rule, which expanded the regulator’s authority to include non-custodial crypto wallets.
The changes won’t take effect until both houses harmonize their legislative actions.
Congressman Tom Emmer (R-MN) also brought back the ‘Anti-CBDC Surveillance State Act.’ The bill aims to prevent the federal government from issuing a CBDC to protect citizens’ privacy.
Aave Unveiled a Savings Product on its Stablecoin Framework
DeFi lending ecosystem Aave revealed plans to expand its platform to include the ‘sGHO,’ a savings offering on its GHO stablecoin ecosystem. According to a March 8 governance proposal, users can earn sGHO tokens after depositing GHO.
Furthermore, the proposal states that benefits will include compound capabilities, reduced smart contract risks, and zero fees.
New York’s Legislature Introduced a Crypto Fraud Bill
To help address the growing crypto fraud problem, New York State Assemblyman Clyde Vanel (D) introduced Assembly Bill AO651 at the State Capitol. The bill aims to crack down on several aspects of crypto-related fraud, including rug pulls, wash trading, and pump-and-dump schemes.
Additionally, the draft legislation includes strict disclosure requirements for crypto project owners and aims to protect token buyer rights via wallet transparency. Serious offenders could pay up to a million (for individuals) or $25 million (for firms) in fines and penalties.
Consequently, the bill also proposes a twenty-year jail term for crypto fraud violators.
The Texas Bitcoin Reserve Bill Scaled a Senate Vote
Bitcoin could soon have reserves in the Lone Star State. The Texas State Senate passed the strategic Bitcoin Reserve Bill, or SB 21, by a 25-5 vote.
Furthermore, SB 21 will now move to the lower House for further consideration.
A Tennessee County Republican Convention Vote Results Are on the Bitcoin Blockchain
Interestingly, thanks to the Bitcoin blockchain, anyone can now verify the integrity of election results. Simple Proof, a public records storage-focused Fintech, stored the final results of the Williamson County Republican Party convention elections on the Bitcoin blockchain.
Consequently, the firm stored the final election results on Bitcoin block 886,370.
Elliptic Aided the Feds in a Crypto Cyber Operation
Blockchain analytics firm Elliptic assisted law enforcement agencies in tracking illicit transactions linked to Garantex, a Russian sanctions-evading cryptocurrency exchange. Elliptic developed custom tools to identify over $96 billion in masked transactions.
According to a March 6 Tech Crunch report, the Secret Service collaborated with other law enforcement agencies to seize the Garantex website.
Other ETFs Are Coming
New ETF applications continued emerging in crypto, with Bitwise and Canary Capital filing with the SEC for ETF products. Bitwise filed for an Aptos-focused ETF, while Canary is aiming for an Axelar-based one.
The March 5 filings are just the beginning of the SEC’s approval process.
SBF’s Interview Produced Unexpected Results
Things continued going downhill for Sam Bankman-Fried following his unapproved interview with Tucker Carlson. According to a March 7 New York Times report, Bureau of Prisons officials sent SBF to solitary confinement.
The Brooklyn Metropolitan Detention Center currently houses Bankman-Fried.
