Jinse Weekly is a weekly blockchain industry summary column launched by Jinse Finance. The content covers key news of the week, mining information, project dynamics, technical progress and other industry dynamics. This article is the news weekly, taking you through the major events in the blockchain industry this week.

Headline

▌BlackRock executives remain silent on Solana ETF plans

Although the application fever for Solana ETFs continues to heat up, BlackRock (managing assets of $11.6 trillion), the world's largest asset management company, has not yet joined this lineup. BlackRock's iShares brand currently manages the two largest spot cryptocurrency ETFs: the iShares Bitcoin Trust ETF ($55.4 billion) and the iShares Ethereum Trust ETF ($3.7 billion).

When asked if BlackRock has plans to launch a Solana ETF, Rachel Aguirre, head of U.S. iShares product at BlackRock, did not reveal any specific details, only saying that the company will follow three core principles: what is the customer demand? Is the investment logic sound? Is it suitable to launch in the form of an ETF?

Currently, institutions such as Franklin Templeton, Bitwise, Grayscale and 21Shares have submitted Solana ETF applications. Bloomberg analysts estimate that the probability of Solana ETF being approved by the U.S. SEC is 70%.

▌Robinhood CEO: The Trump administration may pass stablecoin legislation this year

When asked in the Yahoo Finance's Opening Bid podcast whether lawmakers will push for stablecoin regulation by 2025, Robinhood CEO Vlad Tenev replied: "I think they will." He pointed out that there are already stablecoin bills in circulation, and another bill was proposed before the election, indicating that a consensus is gradually forming on this issue.

Tim Scott, the Republican senator who chairs the Senate Banking Committee, has set up a working group to accelerate certain parts of digital asset legislation. Scott is working with the crypto policy lead of the Trump administration and Silicon Valley investor David Sacks.

Meanwhile, Republican Senator Bill Hagerty recently introduced the "Stablecoin Innovation and Protection Act," a bill focused on stablecoin regulation.

▌Microsoft open-sources multimodal AI Agent - Magma

At 3am today, Microsoft open-sourced the multimodal AI Agent foundation model - Magma on its official website. Compared to traditional Agents, Magma has cross-digital and physical world multimodal capabilities, and can automatically process different types of data such as images, videos, and text. For example, you can use Magma to automatically place e-commerce orders, check the weather; you can also automatically operate physical robots, or get help when playing real chess. In addition, Magma has built-in psychological prediction capabilities, enhancing its understanding of the spatio-temporal dynamics of future video frames, and can accurately predict the intentions and future behaviors of people or objects in the video.

▌Trump holds first cabinet meeting: Discusses tariffs, mineral agreements and "small government"

On February 26 local time, U.S. President Trump held his first cabinet meeting of his second term. Elon Musk, the head of the Department of Government Efficiency, also attended the meeting, although he is not a cabinet member. Trump said that the State Department's layoffs must be carefully selected, and the U.S. will downsize the government and reduce its size. Regarding the upcoming U.S.-Ukraine mineral agreement, Trump said the U.S. "will cooperate with Ukraine on rare earths." The U.S. hopes to recoup the $350 billion allocated to Ukraine through the mineral agreement. Trump said: "The U.S. will not provide security guarantees to Ukraine in the agreement to end the Russia-Ukraine conflict, but Europe will do so." He also said that Ukraine can "forget" joining NATO. He plans to host Ukrainian President Zelensky on the 28th and hopes for more talks between the U.S. and Russia. Trump said that most tariffs will continue to be implemented. The U.S. will impose a 25% tariff on imports from Mexico and non-energy imports from Canada starting April 2 (originally scheduled for March 4). Tariffs of 25% on Europe, covering cars and other goods, are expected to be imposed soon.

▌BitMEX is seeking a sale, and has contacted investment bank Broadhaven Capital to assist with the transaction

Cryptocurrency exchange platform BitMEX is seeking a sale and has hired investment bank Broadhaven Capital Partners to assist with the transaction. BitMEX was founded by Arthur Hayes and others in 2014, but was accused of failing to implement effective anti-money laundering measures. Hayes resigned as CEO after facing criminal charges in the U.S.

▌U.S. SEC characterization: memecoins are not securities, investors bear the risk

The Corporate Finance Division of the U.S. Securities and Exchange Commission (SEC) has issued guidance on memecoins, stating that they are not securities, but rather similar to collectibles. The division believes that the transactions involving memecoins described in the guidance do not involve the issuance and sale of securities as defined by federal securities laws. Therefore, individuals involved in the issuance and sale of memecoins are not required to register their transactions with the Commission under the Securities Act of 1933, nor do they need to comply with the registration exemption provisions of the Securities Act. As a result, purchasers or holders of memecoins are not protected by federal securities laws.

Policy

▌South Dakota rejects Bitcoin reserve bill

At the legislative session on February 24 local time, the South Dakota House of Representatives Business and Energy Committee decided to postpone HB 1202 bill to the '41st day' of the current legislative session. However, the state legislature has a maximum of only 40 days, effectively rejecting the bill, meaning the state will not include Bitcoin as an official investment option for the time being.

▌Dubai Financial Services Authority approves USDC and EURC as the first recognized stablecoins

The Dubai Financial Services Authority (DFSA) has officially approved Circle's stablecoins USD Coin (USDC) and EURC as recognized tokens, making them the first stablecoins approved under the regulatory framework. The new regulations will allow companies within the Dubai International Financial Centre (DIFC) to use these two stablecoins in various digital asset applications such as payments and treasury management. Since its establishment in 2004, DIFC has attracted nearly 7,000 active companies and strictly only allows recognized cryptocurrencies to operate.

▌CFTC plans to reduce fines, signaling a new relaxation of regulation

The U.S. Commodity Futures Trading Commission (CFTC) will formally evaluate the level of cooperation or self-reporting by companies or individuals accused of misconduct before imposing fines, the latest signal of the derivatives regulator changing its enforcement approach. CFTC Acting Chair Caroline Pham said the new advisory opinion aims to create "meaningful incentives" for companies to proactively raise issues and resolve cases with reasonable penalties more quickly. Pham said the measure also indicates the agency is complying with an executive order from the Trump administration to repeal regulations deemed too "burdensome" by the White House.

▌Arthur Hayes: Trump's control over the Republican Party will determine Bitcoin's next move

BitMEX co-founder Arthur Hayes posted on X that the crypto market is currently in an adjustment phase, awaiting further developments. If Trump fails to pass his budget bill to increase spending and raise the debt ceiling, Bitcoin may retest the pre-election victory level of $75,000 to $70,000, a scenario that will test whether Trump's control over the Republican Party is strong enough.

▌The U.S. SEC has confirmed receiving Grayscale's application to provide staking functionality for a spot Ethereum ETF

According to market information, the U.S. Securities and Exchange Commission (SEC) has confirmed receiving Grayscale's application to provide staking functionality for a spot Ethereum ETF.

▌Former CFTC chairman urges Congress to prioritize stablecoin regulation, delay market structure legislation

Timothy Massad, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has called on Congress to prioritize developing a regulatory framework for stablecoins and delay discussions on crypto market structure legislation for several years. He believes that the market structure proposals currently being put forward may exacerbate regulatory confusion rather than provide clear guidance.

▌The U.S. SEC has terminated its investigation of Gemini and taken no enforcement action

Gemini co-founder Cameron Winklevoss posted that the SEC has terminated its investigation of Gemini and taken no enforcement action.

Cameron stated: "While this marks another milestone in the end of the crypto wars, which have included the SEC withdrawing its lawsuit against Coinbase and ending investigations into OpenSea, Robinhood, and UniSwap, it does not make up for the damage the agency has done to us, our industry, and America. Just in legal fees, the SEC has cost us tens of millions of dollars, with billions in lost productivity, creativity, and innovation."

▌U.S. Treasury Secretary Yellen Hires Galaxy Digital Advisor to Consult on Crypto

U.S. Treasury Secretary Janet Yellen has appointed Galaxy Digital's Tyler Winklevoss as an advisor on digital asset and blockchain policy. Winklevoss previously served as a deputy assistant secretary at the Treasury and worked on financial regulation in the Senate and House.

▌SEC Announces Termination of Civil Enforcement Action Against Coinbase

According to market reports, the U.S. Securities and Exchange Commission (SEC) has announced the termination of its civil enforcement action against Coinbase (COIN.O).

▌SEC Commissioner: SEC's Withdrawal of Civil Enforcement Action Against Coinbase Does Not Mean Abandoning Enforcement

SEC Commissioner Hester M. Peirce issued a statement saying the SEC has formally withdrawn its civil enforcement action against Coinbase and will take no further action on the case. Peirce made clear that she never supported the case and criticized the SEC's prior reliance on enforcement actions to regulate the crypto industry, arguing this has harmed the public interest, impeded industry development, and obstructed the normal functions of the SEC's policy team.

▌Celo, Chainlink Launch "Super USDT" Cross-Chain Version of USDT on OP Supernet

Blockchain infrastructure protocols Celo, Chainlink, Hyperlane, and Velodrome have launched a cross-chain version of USDT called "Super USDT" on the OP Supernet.

▌Vitalik Buterin: Continuing to Explore New Ethereum Foundation Leadership Structure, More Information to Come Soon

Vitalik Buterin posted on X platform that Aya Miyaguchi had proposed transitioning from Executive Director to Chair of the Ethereum Foundation a year ago, and that she will continue to support the Ethereum Foundation in many of the same ways in her new role.

▌Modular Blockchain Network Hemi to Launch Mainnet on March 12

Modular blockchain network Hemi announced plans to launch its mainnet on March 12, 2025. Hemi had previously raised $15 million in a seed round in September 2024, with investments from Binance Labs, Breyer Capital, and Big Brain Holdings.

▌Ondo Finance Partners with Mastercard to Bring RWA to MTN

Ondo Finance announced that Mastercard has onboarded Ondo Finance onto its Multi-Token Network (MTN), making it the first real-world asset (RWA) provider on the network. Ondo's short-term U.S. Treasury fund (OUSG) will become the first tokenized RWA solution on MTN, allowing enterprise users to access daily yield and flexible cash management services on-chain.

▌QuickNode Launches $65 Million Layer2 Accelerator Program with Google, Coinbase Ventures

Web3 infrastructure provider QuickNode is launching a $65 million accelerator program to support the development of next-generation Layer2 blockchain projects. The "RollOut" program will run for eight weeks starting in March, providing participants with tools and funding from over 30 projects and companies, including Arbitrum, Chainlink, Coinbase Ventures, Dragonfly Capital, Fireblocks, Google, and Protocol Labs.

▌Coinbase, NEAR AI and Others Form Open Agents Alliance to Promote Decentralized AI Services

Coinbase, NEAR AI, and multiple blockchain and AI projects have formed the Open Agents Alliance (OAA) to leverage blockchain infrastructure to drive open artificial intelligence (AI) services. The alliance is committed to "ensuring secure, open-source, economical, and equitable access to AI."

▌Blockchain Loyalty Platform Blackbird Launches Flynet Mainnet on Base Chain

Blackbird, a restaurant loyalty platform founded by Resy and Eater co-founder Ben Leventhal, has announced the launch of its Flynet mainnet, which will move restaurant payment functionality on-chain. Flynet is a third-layer blockchain built on Coinbase's Base chain.

Cryptocurrencies

▌Opinion: ETF Approval Will Help Solana Break Out of "Meme Chain" Narrative

Titan CEO Chris Chung wrote that Solana's transition from a meme coin narrative to becoming a serious blockchain competitor hinges on the approval of a Solana ETF, which would bring institutional trust and unlock its potential in large-scale financial applications like payments and trading.

▌Financial Giant Citadel Securities Plans to Become Crypto Market Maker

The $65 billion NYSE market maker Citadel Securities, a financial industry giant, plans to enter the crypto market making space, betting that former President Trump's support for the crypto industry will lead to a market boom.

Citadel Securities plans to join the market maker lists of multiple trading platforms such as Coinbase Global, Binance, and Crypto.com, and may initially set up a market making team outside the US.

▌In the past 24 hours, the entire network had $879 million in liquidations, with over 294,000 people being liquidated

According to Coinglass data, the total amount of cryptocurrency market liquidations in the past 24 hours reached $879 million, of which $815 million were long liquidations and $64.22 million were short liquidations. The BTC liquidation amount reached $240 million, the ETH liquidation amount reached $187 million, and the SOL liquidation amount reached $98.23 million. A total of 294,419 people were liquidated, with the largest single liquidation occurring on the Bitmex XBTUSD trading pair, amounting to $10 million.

▌Bernstein reiterates a continued bullish view on Bitcoin and maintains its $200,000 target price

Bernstein reiterated its $200,000 Bitcoin price target, believing that the current price correction presents potential buying opportunities. Their research report described the current price pullback as "another opportunity to participate in this cycle" and reaffirmed their bullish stance on the Bitcoin market structure. Bernstein also pointed out that Bitcoin has not yet reached its cycle high and is expected to approach the $200,000 mark within the next 12 months. Their long-term forecast for Bitcoin is based on a simple argument: "Driven by accelerating institutional and sovereign demand, Bitcoin will become a thriving 'digital gold' asset class."

▌Circle: It does not advocate closing the channel for offshore stablecoin issuers to enter the government bond market

Circle stated that it does not advocate closing the channel for offshore stablecoin issuers to enter the government bond market. It hopes to establish a fair competitive environment between US and non-US issuers, as well as between bank and non-bank issuers.

▌Leverage ETFs linked to Strategy have plummeted nearly 50% in the past five days

Two leverage ETFs (MSTX and MTSU) linked to Strategy have plummeted nearly 50% in price over the past five days. Previously, Bitcoin fell below $87,000 on Tuesday. As of the close of trading on the US East Coast on Tuesday, MSTX was trading at $23.83 per share and MTSU was at $4.94 per share, a significant drop from over $43 and $9 respectively last week. At the same time, the share price of Strategy (formerly MicroStrategy) also fell nearly 10% to around $255 per share.

Jeffrey Kendrick, Standard Chartered's global head of digital asset research, said on Tuesday that the risk-averse sentiment in traditional markets is affecting the digital asset industry.

▌Analysis: BTC has "strong support" in the $70,000-$75,000 range, which may lay the foundation for the next major rally

LMAX Group crypto strategist Joel Kruger pointed out that the risk appetite in traditional markets has cooled due to global trade tensions and the Federal Reserve's hawkish outlook. He said: "We believe the correlation between Bitcoin and traditional risk assets may be misleading, as Bitcoin's attributes are more aligned with a store of value, making it an attractive portfolio diversification asset that could see significant demand."

Analysts said BTC has "strong support" in the $70,000-$75,000 range, which could become an "attractive higher low" and lay the foundation for the next major rally, pushing Bitcoin to break through $110,000 and set a new all-time high.

▌US-listed miner Core Scientific plans to partner with CoreWeave to expand its data center in Denton, Texas, for $1.2 billion

Shares of US-listed miner Core Scientific (CORZ) surged more than 11% after the market close on Wednesday, as the data center and Bitcoin mining company said it plans to partner with CoreWeave to expand its data center in Denton, Texas, for $1.2 billion to support artificial intelligence (AI) and high-performance cloud computing (HPC).

The statement said: "The additional 70 megawatts (MW) of contracted power for the Denton data center will bring the total critical IT load to approximately 260 MW."

▌Berachain has appointed the former Polygon Labs CTO as its new Chief Technology Officer

The Berachain Foundation announced that Berachain has officially appointed Paul O'Leary as Chief Technology Officer (CTO). O'Leary previously served as CTO of Polygon Labs and has 20 years of entrepreneurial and executive experience in blockchain and big data. O'Leary joined Berachain earlier this year and has led the team in advancing the mainnet launch. He will leverage his extensive experience in engineering management to drive Berachain's development.

Important Economic Dynamics

▌US Treasury Secretary: The economic framework agreement with Ukraine is complete, no further negotiations needed

US Treasury Secretary Yellen said on the 27th that the economic framework agreement with Ukraine has been completed, covering critical minerals, oil and gas, and infrastructure assets. Yellen said that Ukrainian President Zelenskyy and US President Trump will sign the agreement on the 28th, and there will be no further negotiations on the matter. She said it is a win-win deal on strategic minerals, oil and gas, and infrastructure assets.

▌The probability of the Fed keeping rates unchanged in March is 95.5%

According to the CME "Fed Watch", the probability of the Fed keeping rates unchanged in March is 95.5%, and the probability of a 25 basis point rate cut is 4.5%. By May, the probability of keeping the current rate unchanged is 73.2%, the probability of a cumulative 25 basis point rate cut is 25.8%, and the probability of a cumulative 50 basis point rate cut is 1.1%.

▌Musk and his companies reportedly received at least $38 billion in government support in recent years

An analysis found that over the years, Musk and his companies have received at least $38 billion in government contracts, loans, subsidies, and tax breaks. These funds can be traced back more than 20 years. In 2008, shortly after Musk became CEO of Tesla, he secured low-interest loans from the US Department of Energy.

▌The 10-year US Treasury yield fell to 4.24%

At the close on Wednesday (February 26) in New York, the yield on the 10-year US Treasury note fell 4.59 basis points to 4.2486%. After reaching a daily high of 4.2448% at 14:50 Beijing time (Asia-Pacific close), it fluctuated downward, reaching a daily low of 4.2448% at 03:55, approaching the bottom of 4.1992% on December 11, 2024. The yield had previously reached 4.8069% on January 14, 2025. The yield on the 2-year Treasury note fell 2.26 basis points to 4.0716%, trading in a range of 4.1312%-4.0634% during the day. The yields on the 3-year, 5-year, and 7-year Treasuries fell 4.52 basis points, 5.43 basis points, and 5.22 basis points, respectively. The 20-year Treasury yield fell 4.62 basis points, and the 30-year Treasury yield fell 4.65 basis points. The 2/10-year Treasury yield spread fell 1.922 basis points to +17.698 basis points.

▌The probability of the Fed keeping rates unchanged in March is 95.5%

According to the CME "Fed Watch": The probability of the Fed keeping rates unchanged in March is 95.5%, and the probability of a 25 basis point rate cut is 4.5%. By May, the probability of keeping the current rate unchanged is 73.9%, the probability of a cumulative 25 basis point rate cut is 25.1%, and the probability of a cumulative 50 basis point rate cut is 1%.

▌OpenAI rolls out Deep Research feature for Plus users

According to an OpenAI announcement, the Deep Research feature is now fully available to ChatGPT Plus, Team, Edu, and Enterprise users. The feature can embed images with citations and has improved understanding and citation capabilities for uploaded files.

The Deep Research query quota is as follows:

• Plus, Team, Enterprise, and Edu users can use it 10 times per month

• Pro users can use it 120 times per month

Additionally, OpenAI has released system cards that introduce the development, capability assessment, and security improvements of this feature, and invites experts to participate in the training of future models.

The Advanced Voice feature has been rolled out to all free ChatGPT users, offering a daily preview experience of the GPT-4o Mini version, which is more cost-effective while maintaining natural conversation rhythm and tone.

▌US stocks close: The three major indices showed mixed results

US stocks closed on Tuesday, with the Dow Jones Industrial Average up 0.37%, the S&P 500 index down 0.47%, and the Nasdaq down 1.3%. Tesla (TSLA.O) fell 8.3%, Nvidia (NVDA.O) fell 2.8%, and cryptocurrency-related stocks generally fell, with Strategy (MSTR.O) down 11% and Coinbase (COIN.O) down more than 6%.