KEYTAKEAWAYS
- SEC shows heightened interest in crypto staking operations, particularly focusing on different staking types and benefits while seeking industry input and preparing guidance.
- Major institutional developments include ECB's blockchain payment system announcement and Hong Kong's exploration of crypto ETF staking services.
- Notable security incidents and regulatory cases include SafeMoon's $200M fraud admission and FTX's distribution restrictions for certain jurisdictions.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. SEC Shows “High Interest” in Cryptocurrency Staking Operations
Sources familiar with the matter report that the SEC is showing intense interest in cryptocurrency staking operations, actively seeking detailed explanations about different staking types and their benefits from industry participants. The SEC’s Trading and Markets Division recently participated in a staking-focused webinar. Additionally, the SEC has confirmed receipt of Cboe’s 19b-4 filing requesting staking functionality for the 21Shares Core Ethereum ETF. Industry sources anticipate staking-related guidance from the SEC in the near future.
2. U.S. Senate Banking Digital Assets Subcommittee to Hold Inaugural Hearing
The Senate Banking Committee’s Digital Assets Subcommittee has scheduled its first hearing for next Wednesday, focusing on exploring bipartisan legislative frameworks for digital assets.
3. Pantera Capital Partner Sees AI Agents Driving Exponential Growth in Crypto Trading
Paul Veradittakit, Executive Partner at Pantera Capital, believes there’s significant potential for AI agents in cryptocurrency trading. He predicts AI-driven trading volumes could grow exponentially, as these agents can execute trades intelligently and swiftly on behalf of users. Veradittakit envisions seamless navigation across different products and DeFi trading, marking what he considers the future of financial services.
4. ECB Announces Development of Blockchain-Based Payment System
The European Central Bank has unveiled plans to develop a blockchain-based payment system enabling financial institutions to settle transactions in central bank money. Announced on February 20, this initiative represents a potential step toward a wholesale CBDC and marks significant progress in blockchain adoption within traditional finance.
5. xAI Building $700M Data Center in Atlanta
Elon Musk’s xAI is constructing a $700 million data center in Atlanta, equipped with 12,448 Nvidia GPUs. The facility, jointly operated with X, will see X contributing 90% of hardware. The funding breakdown includes $442 million from X and $258 million from xAI, with $10 million in tax incentives. Atlanta officials project the project will generate over $241 million in economic impact.
NOON NEWS
1. Societe Generale’s SG-FORGE Expands EURCV Stablecoin to Stellar Network
SG-FORGE, a subsidiary of Societe Generale, has announced the deployment of its euro-backed stablecoin EUR CoinVertible (EURCV) on the Stellar network. Notably, EURCV is among the first stablecoins fully compliant with EU’s MiCA regulation. This expansion represents the bank’s latest blockchain initiative, following its previous issuance of green bonds on public blockchains and repo transactions with the French central bank.
2. Data Shows Over 1,000 LIBRA Holders Still Haven’t Exited Positions
Despite realized losses totaling $251 million in the Solana ecosystem’s controversial LIBRA token, 1,001 holders remain exposed to approximately $11 million in unrealized losses. The token, which once reached a $4.5 billion valuation, has seen a significant decline with 86% of addresses recording losses while 2,101 wallets managed to profit.
3. VanEck: U.S. Bitcoin Miners Accelerate AI and HPC Business Development
According to a VanEck report, Bitcoin mining companies are accelerating their transition into artificial intelligence (AI) and high-performance computing (HPC) operations due to unstable mining revenues. Companies like Cipher Mining, Iris Energy, Riot Platforms, and HIVE Digital Technologies have begun expanding into these areas. VanEck expects miners to allocate 20-30% of their power capacity to AI and HPC operations to diversify revenue streams.
4. Former SafeMoon CTO Pleads Guilty in $200M Crypto Fraud Case
Thomas Smith, SafeMoon’s former CTO, has pleaded guilty to securities fraud conspiracy and wire fraud conspiracy charges in Brooklyn federal court. The charges carry maximum sentences of 25 and 20 years respectively. Prosecutors alleged that Smith, along with CEO Braden John Karony and founder Kyle Nagy, misappropriated over $200 million in investor funds for personal luxuries after falsely claiming token liquidity was locked.
5. South African Listed Company Altvest Capital Applies to Raise $10M for Bitcoin Purchase
Altvest Capital Ltd. aims to become Africa’s first listed company to adopt Bitcoin as its primary treasury reserve asset, following Michael Saylor’s MicroStrategy approach. CEO Warren Wheatley revealed the company has purchased one Bitcoin and applied to regulators to raise approximately 200 million rand ($10 million) to increase its treasury holdings.
EVENING NEWS
1. Glassnode: Bitcoin Options Implied Volatility Near Multi-Year Lows
Glassnode analysis shows Bitcoin’s 1-week realized volatility and options implied volatility (IV) approaching multi-year lows, with similar IV levels last seen in early 2023 and 2024.
2. IntoTheBlock: 2.7M Addresses Bought Bitcoin at $97.1K
According to IntoTheBlock data, 2.76 million addresses purchased 2.1 million BTC at an average price of $97,100, forming a significant demand zone below current prices that could serve as strong support during market downturns.
3. Hong Kong Regulators May Launch Crypto ETF Staking Services
Hong Kong regulators are considering introducing staking services for crypto ETFs and advanced products like derivatives trading. HashKey Group’s Chief Risk Officer Haiyang Ru confirms active discussions with the Hong Kong SFC regarding ETF staking and tokenized money market funds.
4. CZ: Binance Has Always Restricted Employee Trading
Binance co-founder CZ posted on X that Binance (CEX) has always restricted employee trading to protect users, though this has resulted in product managers having limited understanding of user needs. CZ stated this decision now rests with current management.
5. FTX Creditor Representative: Five Regions Currently Ineligible for Bankruptcy Distribution
FTX creditor representative Sunil revealed that users from Russia, China, Egypt, Nigeria, and Ukraine are temporarily unable to participate in FTX bankruptcy distributions. Chinese users represent the largest group, accounting for 8% of total FTX users. Solutions are currently under review.
6. Bybit Co-Founder Reports ETH Cold Wallet Security Incident
Ben Zhou reported that Bybit’s ETH multi-signature cold wallet experienced a security breach where signatories were presented with a forged UI showing correct addresses. The attack resulted in unauthorized transfers, though other cold wallets remain secure and withdrawals continue to function normally.
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