GuShiio.com KIP Protocol stated that LIBRA is a private enterprise project and that Argentine President Millay did not participate in the development; the team behind LIBRA has cashed in approximately US$107 million; the New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to pledge; and the Pectra network upgrade plan is launched on the Ethereum Test Network.
Today’s top news tips:
1. The U.S. SEC’s Cryptocurrency Working Group has discussed new regulatory options with multiple industry participants
2. New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to be pledged
3. The US SEC requests a 28-day extension of Coinbase’s appeal
4. Argentine President Javier Milei released MEME coin LIBRA, later saying he did not know the specific details of the LIBRA project and deleted the tweet
5. KIP Protocol: LIBRA is a private enterprise project and Argentine President Millay was not involved in the development
6. The team behind LIBRA has cashed in approximately $107 million
7. Ethereum Foundation: Pectra network upgrade plan launched on Ethereum Test Network
8. Kaito AI will launch KAITO tokens, a white paper has been released
9. BNB Chain will launch a $4.4 million Memecoin liquidity support program
Regulation/macro
The U.S. state of Georgia has proposed a bill to allow state treasurers to invest in Bitcoin
According to Bitcoin Magazine, the U.S. state of Georgia has proposed a bill to allow state treasurers to invest in Bitcoin. According to screenshots attached to the media, the bill involves state depositors to require state depositors to allow state treasurers to invest in bitcoin; impose limits on such investments; impose requirements for the safe handling of such assets; prescribe borrowing of such assets; repeal laws that conflict with them, etc.
US SEC Cryptocurrency Working Group discusses with the crypto industry to add pledge functionality to ETP
According to a U.S. SEC memorandum document, on February 5, 2025, staff of the Cryptography Task Force met with representatives of Jito Labs and Multicoin Capital Management. The theme of discussion between the two sides was ways to resolve issues related to the regulation of cryptoassets. Representatives from Jito Labs and Multicoin Capital Management provided the accompanying document, which was discussed during the meeting. The accompanying documents show that participants are expected to discuss two main topics at the meeting: (i) the ability to pledge as a function of ETP; and potential models for pledge in ETP for certain crypto assets.
The U.S. SEC’s cryptocurrency working group has discussed new regulatory options with multiple industry participants
Fox Business News reporter Eleanor Terrett posted on platform X that the U.S. Securities and Exchange Commission (SEC) Cryptography Task Force is recording a log of all meetings it has with industry participants. To date, the task force has held meetings with the Blockchain Association, Jito Labs and Multicoin Capital, Nasdaq, and Colin Lloyd, a partner in the Commodities, Futures and Derivatives and Capital Markets team of law firm Sullivan Cromwell. The meeting focused on regulatory aspects and how the agency’s new approach will affect certain markets and products.
Previously, the U.S. SEC’s Cryptocurrency Working Group met with representatives of Jito Labs and Multicoin Capital Management to discuss adding pledge functions to ETP.
U.S. SEC requests a 28-day extension of Coinbase’s appeal
The U.S. Securities and Exchange Commission has requested a 28-day extension of Coinbase’s appeal as part of a long-running legal dispute between the agency and cryptocurrency exchanges over how to classify digital assets. The SEC requested an extension of the deadline from February 14, the agency’s original deadline for responding, to March 14. The legal dispute between Coinbase and the SEC centers on whether digital assets should be classified as securities or whether they represent a new type of financial instrument.
In its latest court filing, the SEC said the establishment of its new crypto working group will affect its response and current potential classification issues. The SEC filing continued: “No party will be harmed by applying for an extension. This is not an expedited appeal, and Coinbase agrees to the motion.”
Tether is working with U.S. lawmakers to promote stablecoin regulation bill
Fox Business reporter Eleanor Terrett tweeted that Tether is working with U.S. lawmakers to influence the way the United States regulates these fiat currencies. Tether, the issuer of the world’s largest stablecoin USDT, has been controversial for alleged lack of transparency. Critics say the company has never been fully audited, choosing instead to have global accounting firm BDO provide quarterly financial book reviews.
As Congress works to enact legislation to establish a regulatory framework for stablecoins in the United States, Tether CEO Paolo Ardoino said the company is actively communicating with lawmakers, promoting relevant bills, and committing to abide by the final law. The bill is expected to be signed into law by President Trump as early as April. If approved, Tether will be subject to monthly audits by a U.S. accounting firm and maintain a one-to-one reserve of assets approved by regulators.
U.S. lawmakers in West Virginia propose allowing state finances to invest up to 10% of their money in digital assets or precious metals
U.S. Senator Chris Rose of West Virginia has introduced a bill to allow the state’s Fiscal Investment Committee to invest up to 10% of its funds in digital assets or precious metals to hedge against inflation risks. Among them, digital assets refer to virtual currencies, cryptocurrencies, native electronic assets, including stablecoins and NFTs, and other pure digital assets that confer economy, ownership or access or power.
If it exceeds 10%, it does not need to sell the assets it holds, but no more purchases are allowed until it falls below 10%. State finances can invest in digital assets with a market value of more than $750 billion, and currently only Bitcoin meets the criteria. Assets can be held on-chain or invested through ETFs.
New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to be pledged
The latest documents show that the New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to be pledged. Earlier this week, the Cboe BZX exchange asked the SEC to allow the pledge of ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to earn additional returns from their large ETH holdings, which could be passed on to investors. The New York Stock Exchange filing states that the “trust” will also receive partial pledge rewards.
project dynamics
Kaito AI will launch KAITO tokens, a white paper has been released
Kaito AI, an AI-based cryptographic search engine, published a paper introducing KAITO tokens on the X platform and released its white paper. As the basic building block of its native currency and information finance (InfoFi) network, KAITO plays three key roles: driving market forces, serving as a network currency, and achieving community governance. Token Economics will be released soon. In addition, Kaito AI said that by developing Kaito Connect, InfoFi represents its long-term vision.
The second phase of FTX repayment is expected to take place in the second quarter of this year
On behalf of Sunil, FTX creditors disclosed that FTX had sent email notices to customers who had not met the first-round asset allocation requirements. Customers who failed to participate in the first round of allocation on February 18, 2025 include: customer claims under review, customers with claims exceeding US$50,000, and customers who failed to complete KYC, tax and distributor-related requirements. After these customers complete relevant requirements, they will be included in the subsequent allocation plan, which is expected to be carried out in the second quarter of 2025.
According to previous news, FTX will start repaying creditors from February 18, 2025, and the first phase of repayment will repay US$6.5 billion to US$7 billion.
Tether announces acquisition of minority stake in Juventus Football Club
Tether announced that it has acquired a minority stake in Juventus Football Club AG in the hope of taking the synergy of sports digital assets to a new level. Tether said the acquisition is also an important milestone in Tether’s goal of integrating stablecoins, digital assets and technology into daily life.
Ethereum Foundation: Pectra network upgrade plan launched on Ethereum Test Network
According to the official Ethereum Foundation blog, the Pectra network upgrade plan is launched on the Ethereum Test Network. It will be available on Holesky on epoch 115968 (05:55 Beijing time, February 25), and then on Sepolia on epoch 22464 (15:29 Beijing time, March 5). The Pectra testnet client versions are listed below. After two test networks are successfully upgraded, one of the main networks will be selected to activate the epoch. Pectra follows last year’s Dencun upgrade. It introduces more features such as enhancing Ethereum accounts, improving the verifier experience, and supporting L2 expansion.
Binance upgrades its token information disclosure mechanism and includes unlocked tokens in circulation statistics
Binance announced an upgrade to the token information disclosure mechanism and include the token unlocking schedule to provide a more transparent and comprehensive perspective on market value and circulation supply. In this update, Binance introduces two dimensions: market value and unlocked market value to better reflect the financial situation of assets. It also distinguishes between circulation supply and unlocked circulation supply.
Under the new method, the market value will be calculated by multiplying the amount in circulation (including unlocked tokens) by the current price; if unlocking data cannot be obtained, non-publicly accessible tokens will not be included. Users can view details of the token unlocking schedule for each project through the Binance website and the App Project Overview section.
Pump.fun launches mobile apps for iOS and Android
According to official sources, pump.fun announced the launch of mobile apps for iOS and Android, which supports free token creation, rapid trading and purchase of tokens, creation of monitoring lists, and management of investment portfolios.
Argentine President Javier Milei releases MEME coin Libra
Argentine President Javier Milei today announced the launch of a Meme coin called LIBRA through his official X and Instagram accounts to promote Argentina’s economic growth, and announced the relevant contract address. The current price of the token fluctuates sharply, and its market value has dropped from a high of nearly US$5 billion to US$1.1 billion.
Coinbase adds MORPHO and PYTH to the Bitcoin roadmap
According to an official announcement, Coinbase has added Morpho Token (MORPHO) and Pyth Network (PYTH) to the topcoin roadmap.
New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to be pledged
The latest documents show that the New York Stock Exchange Arca has applied to allow Grayscale’s Ethereum ETF to be pledged. Earlier this week, the Cboe BZX exchange asked the SEC to allow the pledge of ETH held in the 21Shares Core Ethereum ETF.
If approved, these ETFs will be able to earn additional returns from their large ETH holdings, which could be passed on to investors. The New York Stock Exchange filing states that the “trust” will also receive partial pledge rewards.
BNB Chain will launch a $4.4 million Memecoin liquidity support program
According to an official announcement, starting from February 18, BNB Chain has launched a US$4.4 million Memecoin liquidity support plan. BNB Chain will focus on head Memecoin daily and weekly and inject BNB liquidity directly from the BNB Chain Foundation’s wallet into the liquidity pool of winning projects. BNB Chain will provide 50% BNB + 50% Memecoin (purchased from the market) and add it to the most active liquidity pool of Memecoin. This liquidity will remain permanently in the pool and will not be extracted. Winning criteria:
- Market value: Need to reach $1M or more
- Active holding addresses: no less than 1,000
- Token supply contribution: The project needs to add 10% of the total supply to the liquidity pool
- Holding distribution: The top 10 externally owned accounts (EOA) hold no more than 10% of the total supply. Encourage these holders to manage assets through lockups or linear releases
- Security measures: Projects must verify their token source code at BscScan or pass a security audit
Argentina’s president says he does not know the specific details of the LIBRA project and has deleted the LIBRA token tweet
Argentine President Javier Milei’s previous tweet on the LIBRA token has been deleted and said: “A few hours ago, I posted a tweet that, as I’ve posted many times before, supports a so-called private company, but obviously I have no relationship with that company. I didn’t know the specific details of the project, and after understanding it, I decided not to promote it (that’s why I deleted the tweet). To the scumbags of political groups who want to use this situation to cause harm, I would say that every day you prove how despicable politicians are, it strengthens my determination to kick you out with my foot.”
The market value of MEME coin LIBRA issued by Argentina’s President fell back to about US$200 million
According to GMGN data, after Argentine President Javier Milei deleted the tweet of MEME coin LiBRA, its market value has fallen back to about US$200 million. The current pool liquidity is approximately US$14.8 million.
KIP Protocol: LIBRA is a private enterprise project and Argentine President Millay was not involved in the development
KIP Protocol, the development team behind the LIBRA project, tweeted,”The Viva la Libertad project aims to help private companies in Argentina, and the LIBRA token has also been a success. Thank you for your trust and support. In response to all questions, I would like to clarify here: this is a private enterprise project, and President Millay has not been and is not involved in the development of this project in any way.” The Viva la Libertad project official website shows that the project is a private and independent project developed by KIP Protocol. (The first on the left in the picture below shows KIP co-founder Julian, and the first on the right is Argentine President Milei. The photo was released in October 2024)
Previously, after releasing a tweet about the project introduction and token contract, Argentine President Millay said that he did not know the specific details of the LIBRA project and had deleted the LIBRA token tweet.
Solayer founder claims he lost more than $2 million on LIBRA with engineers, suspected of fighting back against KIP Protocol
Chaofan Shou, founder of Solayer, a Solana-based re-pledge agreement, tweeted that he and Solayer engineer @tonykebot lost more than US$2 million on LIBRA. “Let’s see what two hackers and a free weekend can bring us,” with pictures of core members of KIP Protocol.
Earlier on February 7, Solayer announced the economics of LAYER tokens: the maximum supply of 1 billion coins, and 51.23% will be allocated to communities and ecosystems.
KIP Protocol Joint Venture: The company is mainly responsible for LIBRA fund allocation rather than token category, and will provide more detailed information in the future
Julian, co-founder of KIP Protocol, tweeted in a preliminary response to the LIBRA token: Viva la Libertad aims to promote Argentina’s economic development by funding small projects and local businesses, supporting those who seek to grow their businesses and contribute to the country’s development. Funds are still on the chain and no SOL has been transferred. The KIP team was involved in the project, but was mainly responsible for managing the allocation of funds to Argentine companies, rather than token aspects. It should be noted that this token is not pre-sold and all sales are made through a unilateral liquidity pool. The team will develop an operation plan for the Libertad project based on the original goals and will not use any SOL except for running the Viva La Libertad project. Everything will be transparent and open. More details will be provided soon.
views
Zhao Changpeng: We cannot and will not sell certain meme coins. The meme coin ecosystem on BSC is not yet mature
Binance founder Zhao Changpeng (CZ) expressed the following views on platform X: 1. People say they like meme coins; what they really mean is that they want you to tell them which token to buy to make money quickly; Unfortunately, I can’t, won’t, and don’t know how to do this. 2. The meme coin ecosystem on BSC is not yet mature. Last night, multiple platforms/dApps in the ecosystem experienced system performance issues; on the bright side, there is demand now and the platforms will improve, albeit with some pain. PvP is also somewhat mythical, and people don’t actually want it. Other blockchains have players leading, managing, making markets or “influencing” which tokens win, and I’m not saying they are controlled by an entity; they may evolve naturally over time. These elements are also lacking on BSC, which makes us hope that this ecosystem can develop naturally. 3. As of writing, Dex Screener shows that there are six Broccoli projects on BNB Chain with a market value of more than $200 million. Not sure if this is good or bad, or even if I understood the data correctly (Update: Someone told me: The 6 Broccoli projects you shared are all the same token, just in different pools. This shows how much I know about meme). Please manage your risks and don’t touch meme coins if you can’t bear the price drop. Finally, there are many other things besides meme coins. Today I also communicated with stablecoin projects, AI projects and other projects.
Update: Zhao Changpeng deleted the above post and said: “I can’t tweet anymore. People always over-interpret my tweets, and anything I mention will be added with some extra meaning.”
Vitalik: Even in L2-dominated Ethereum, L1 Gas limits need to be increased
Ethereum co-founder Vitalik Buterin released his latest article “Why L1 Gas Restrictions Need to be Increased Even in L2-dominated Ethereum.” The article stated that an important recent discussion in the Ethereum roadmap is about how to increase the L1 gas cap. Recently, the L1 gas cap has been increased from 30 million to 36 million, and the capacity has increased by 20%. Many support further significant increases in the near future. These increases are secure because of recent and upcoming technology improvements: efficiency gains for Ethereum clients, reduced need to store old history due to EIP-4444 (see roadmap), and future stateless clients. However, before we go down this path, it is important to ask one question: In the context of a Rollup centered roadmap, is raising the L1 gas cap the right thing to do in the long run? We don’t want to end up facing the centralized risk of high L1 use without really being certain that we will benefit from it. This article demonstrates that even in a world where most usage and applications are in L2, significantly expanding L1 is still valuable because it enables a simpler and more secure application development model. The article concluded that even in a world dominated by L2, an approximately 10-fold expansion of L1 gas is of significant value. This in turn means that whatever the long-term situation, short-term L1 expansions that can be achieved over the next 1-2 years are valuable.
Ray Dalio, founder of Bridgewater Fund: Still holding some Bitcoin, gold is more difficult to regulate and cannot be easily taxed than BTC
Bridgewater Fund founder Ray Dalio talked about Bitcoin again in an interview on the latest “All-In” podcast and also mentioned the DeepSeek craze. He said that he saw currency depreciation through market trends, especially relative to gold, Bitcoin or other physical assets. More generally, all fiat currencies are devaluing, while gold, bitcoin or other hard assets appreciate relatively. Bitcoin or other digital assets is a topic worth discussing. Although commodities can hedge against inflation, they do not have a stored value function. People cannot hold oil or wheat for a long time as gold or Bitcoin do.
Ray Dalio revealed that he still holds some bitcoins, but far less than gold. Bitcoin is one of his diversified investments, but prefers gold because gold has several unique advantages:
- Can move freely between countries;
- Central banks use it as reserve assets;
- It is more difficult to regulate than Bitcoin and can be held more “privately”;
- And gold cannot be easily taxed, but Bitcoin is different-regulators know Bitcoin’s trading path and can easily regulate and tax it.
important data
Hong Kong family office Avenir Group holds a US$599 million BlackRock Bitcoin ETF
According to Bitcoin Magazine, the Hong Kong-based family office Avenir Group reported that it holds a BlackRock Bitcoin ETF worth US$599 million.
The Investment Committee that oversees Wisconsin pension funds reports holding approximately $321 million in Bitcoin
According to a February 14 filing with the U.S. Securities and Exchange Commission, the Wisconsin Investment Commission, the agency responsible for overseeing Wisconsin pension funds, increased its Bitcoin position to approximately $321 million.
Wisconsin’s pension fund previously disclosed in a filing with the U.S. Securities and Exchange Commission in May 2024 that it holds $164 million in Bitcoin ETFs. At the time, the pension fund held approximately 2.4 million shares of BlackRock iShares Bitcoin Trust (IBIT) worth $100 million, and 1 million shares of Gray Bitcoin Trust (GBTC) worth $64 million. The pension fund’s latest documents show that the fund has allocated all of its BTC exposure to IBIT and no longer holds any GBTC shares.
The Wisconsin Investment Board has increased its investment in Bitcoin, highlighting a trend for pension funds to allocate some assets to Bitcoin to hedge against currency inflation and diversify their investment portfolios.
11 suspected internal wallets made a profit of $43.8 million from selling LIBRA
According to Lookonchain monitoring, 11 internal wallets were suspected to have made a profit of US$43.8 million by selling $LIBRA. These 11 wallets were created a few hours before $LIBRA went online and the funds to purchase $LIBRA were prepared in advance.
The team behind LIBRA has cashed in approximately $107 million
According to LookOnChain monitoring, eight wallets related to the LIBRA team obtained 57.6 million USDC and 249,671 SOLs (approximately US$49.7 million) by increasing liquidity, removing liquidity and charging fees, totaling approximately US$107 million.
A smart money suspected of reducing its position by 8.71 million OM and making a profit of US$61.23 million
According to monitoring by online analyst@ai_9684xtpa, Smart Money 0x177… 4fe76 has held OM for more than a year. Today, it is suspected of reducing its position by 8.71 million tokens and making a profit of US$61.23 million. 2024.01-03 The address withdrew 23.83 million tokens from Binance at an average price of US$0.2261. 11 months ago, 11.53 million tokens were transferred to the new address. Nine hours ago, they woke up and partially charged into the exchange.
