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This week’s news Top10
1. BTC falls below $80000, ETH falls below $2100 link
On Friday, OKX data showed that BTC fell below $80000, with a minimum price of $78258, and is now quoted at $80514, down 7.22% in 24 hours. ETH is down below $2100, with a minimum price of $2074, and is now quoted at $2136, down 8.02% in 24 hours. According to coinglass data, the total explosion in the past 24 hours has reached US $953 million, of which multiple burst positions have reached US $827 million.
2. SEC terminates law enforcement and supervision of a number of companies in the encryption industry link
On Wednesday, regulators decided to end the federal investigation into Uniswap Labs, and the Securities and Exchange Commission (SEC) has closed its investigation into Uniswap and will not take further enforcement action, according to people familiar with the matter. The investigation began in April 2024, when Uniswap received a Wells notification from SEC focusing on whether Uniswap operates as an unregistered stock exchange and whether its UNI tokens constitute illegal securities sales.
On Wednesday, according to Cameron Winklevoss, co-founder of Gemini, the Securities and Exchange Commission (SEC) informed Gemini’s litigators on February 26, 2025 that it had closed the investigation into Gemini and decided not to take enforcement action against it. Winklevoss stressed that similar acts could happen again unless effective legal and regulatory measures were taken, calling for legislation to protect the industry and hold relevant personnel accountable.
On Friday, SEC commissioner Hester Peirce said SEC had formally dropped its civil enforcement suit against Coinbase and said it would not take further action in the case. SEC has relied too much on law enforcement rather than policy-making in the Coinbase case, leading to regulatory uncertainty in the encryption industry. In addition, Peirce criticized SEC for relying too much on the broad interpretation of Howey tests when dealing with encryption products, making it impossible for many industry participants to clearly determine which products are considered securities. She said SEC’s current policy direction will be driven by the encryption working group and plans to interact with the public to build a clearer regulatory framework for the encryption industry.
On Friday, Joseph Lubin, founder of Consensys, said that Consensys and the Securities and Exchange Commission (SEC) had reached an agreement in principle to withdraw the securities enforcement case against MetaMask. Subject to the approval of the Committee, SEC will submit an agreement to the court to formally close the case.
3. SEC acknowledges receipt of Grayscale ethernet ETF pledge function application for link
SEC has confirmed receipt of the 19b-4 file submitted by NYSE Arca, which seeks to approve the pledge function in the Grayscale ethernet ETF.
4. SEC clarifies that securities law link is not applicable to meme coin transactions.
SEC issued a statement clarifying the application of meme coin. The statement pointed out that meme coin is an encrypted asset inspired by Internet memes, roles or trends, usually used for entertainment, social and cultural purposes, and its value is mainly driven by market demand and speculation, usually with no actual function. According to SEC, meme coin’s transactions do not involve the issuance and sale of securities, so participants do not need to register under the Securities Act and are not protected by federal securities laws.
Nevertheless, this statement does not apply to the issuance and sale of meme coin that do not conform to the above description, or to meme coin that circumvent the application of federal securities laws by disguising products. Fraud related to it may be enforced or prosecuted by other federal or state agencies under other laws.
5. Aux Cayes FinTech, a subsidiary of OKX, reached a settlement with the US Department of Justice, link
Aux Cayes FinTech Co. Ltd. (OKX Seychelles), a subsidiary of OKX, reached a settlement with the U.S. Department of Justice, admitting that the company had conducted remittance operations in the United States without permission, and that all the US customers involved had been withdrawn. OKX agreed to pay a fine of $84 million and give up about $421 million of income. OKX said that in the settlement, there were no allegations of damage to customers, no charges against any company employees, and no appointment of government supervisors. OKX said it would strengthen the customer identification (KYC) system and the customer risk rating (CRR) system, expand the enhanced due diligence (EDD) programme, deploy industry-leading anti-money laundering (AML) and sanctions tools, and have formed a professional investigation team of more than 150 people to this end.
6. The Oklahoma Strategic Bitcoin Reserve Act has been passed by the House Committee and entered the voting stage of link.
Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203) has been passed by the House Committee and entered the voting stage. The bill allows the state to invest up to 10 per cent of its public funds in BTC or digital assets with a market capitalization of more than $500 billion.
In addition, the Utah HB230 bill leads the bitcoin reserve race, while digital asset bills in MT, ND, PA, SD and WY failed or failed, according to Bitcoin Laws, indicating challenges to the legislative process in cryptocurrency and blockchain technology in these regions.
7. The U.S. House ways and means Committee voted to approve & ldquo; repeals DeFi broker rules & rdquo; Resolution link
The U.S. House of Representatives ways and means Committee voted 26 to 16 on February 26 to repeal the ldquo;DeFi broker rule-rdquo;, which will come into effect in 2027. The rule, approved by IRS on December 5 last year, requires digital asset brokers such as decentralized exchanges to report transaction details and taxpayer information to the Inland Revenue Department, sparking strong opposition from the industry. Jason Smith, chairman of the committee, criticized the rules as impractical, DeFi brokers unable to collect the required user data, and IRS’s lack of processing power. If the resolution is passed by the House of Representatives and the Senate, it will be submitted to President Trump for signature or veto.
8. SBF tweeted for the first time in two years, talking about company layoffs and management issues link
The former FTX CEO Sam Bankman-Fried (SBF) tweeted again two years later to discuss layoffs and management issues. He said he sympathized with government employees and that unemployment was not as easy as it seemed. Firing employees is difficult, usually not the employee’s fault, but sometimes it is the right decision that the company needs to make. The problem is often that companies do not provide employees with the right position, management or working environment. He believes that if employees have nothing to do or fail to reach their potential, it is not the employee’s fault, but a matter of management and internal arrangements. He also mentioned that competitors sometimes have a similar situation, resulting in a large number of employees losing their jobs or doing nothing. SBF should currently be at the Brooklyn Metropolitan Detention Center in New York.
In addition, the legal and advisory costs of the FTX bankruptcy have totaled $950 million, making it one of the most expensive Chapter 11 bankruptcies in US history since the collapse of Lehman Brothers. Among them, the cost of restructuring consultant Alvarez & Marsal is close to US $400 million, that of legal adviser Sullivan & Cromwell is more than US $300 million, and that of John Ray’s consulting firm is nearly US $10 million.
9. PayPal plans to expand the adoption of link in its stable currency PYUSD.
PayPal Holdings Inc. It plans to integrate its stable currency PYUSD into more products this year, aiming to meet the needs of all merchants through a single platform. PayPal plans to offer PYUSD as a payment option to more than 20 million small and medium-sized merchants by the end of the year to pay suppliers’ fees through upcoming bills. PayPal also plans to introduce PYUSD to the global payment network through its acquisition of Hyperwallet, which is expected to begin in the first half of this year, and merchants are expected to be able to settle PayPal transactions in cryptocurrencies by the end of 2025.
10. Recalling the personal theft experience of Shenyu, the key to judging that the market may pick up in the second half of the year lies in the US national reserve link
In the Space hosted by GuShiio.com and Cobo, Shenyu recalled for the first time the 12000 ETH theft scenes last year: when Eigenlayer was airdropped and his physical condition was not good, he clicked on the wrong link, and the link was problematic. Although there was risk control on domain name and DNS resolution, it happened to be bypass, and the hardware wallet was signed blindly and not checked so carefully. But later found that the problem of safe multi-signature is more serious, almost every stroke is blind.
Shenyu said that in the face of the strength of the state, the industry should have a clear awareness of training in its teens, infiltration of enterprises, and challenges to human nature. In the face of such counterparties, human nature is not a little lax, the need for very resistant means and methods, may need an independent third party to join the security management.
With regard to the expectations of the market this year, Shenyu said that the industry market may not flow into more new funds until the US national reserves are gradually clearer and passed in October in the second half of the year. It is difficult to judge the conversion of bulls and bears, the key depends on whether the national reserves of the United States have any results this year. If there is no result, the bull market may be over, but it is still more likely to pass at this moment.
Key financing events
Sixth Street Partners invests US $200 million in Figure link
MEXC Exchange Announces US $20 million Investment in Ethena synthetic Dollar USDe link
ResearchHub announces US $2 million investment in link from Boost VC
Orochi Network announces completion of $12 million financing link
Encrypted gift card platform Raise announced the completion of US $63 million financing, Haun Ventures led the investment in link
Bitwise announces completion of $70 million financing link
Bloomberg: Ethena completed a $100 million financing link in December last year
Memes Lab announces completion of $2.3 million seed round financing link
Byzantine Finance completes $3 million seed front-round financing link
Shared security network IMUA announces completion of $5 million seed round financing link
Tenor Labs announces completion of $2.5 million seed round financing link
RWA blockchain development company Mavryk Dynamics announces completion of $5.2 million financing for link
MeebCo, the company behind the NFT project Meebits, completes a $3 million new round of financing link
ZKP technology startup Ligero completes $4 million seed round financing link
Shaga finishes financing of US $4 million, IOSG Ventures leads investment in link
FanTV Announces completion of $3 million Strategic financing link
Spheron announces that it has completed a strategic financing round to promote the development of link for AI-driven applications
Lockchain ai announces completion of nearly $5 million round A financing link
For more industry financing events, see crypto-fundraising.info.
