Headlines
▌US SEC: PoW mining does not constitute securities issuance
The U.S. Securities and Exchange Commission (SEC) issued a statement on March 20, stating that cryptocurrency mining activities based on the Proof-of-Work (PoW) mechanism do not constitute securities issuance and therefore do not need to be registered under the Securities Act. The statement pointed out that the rewards obtained by miners, whether mining independently or through mining pools, are direct returns for their computing resource contributions, rather than profits based on the management or operations of others, and therefore do not meet the definition of an "investment contract". The SEC emphasized that this determination only applies to certain types of mining activities, and other transactions involving crypto assets still need to be analyzed on a case-by-case basis.
▌Trump calls on Congress to pass stablecoin legislation
In a video speech at the Digital Asset Summit, U.S. President Trump said, "I call on Congress to pass landmark legislation to establish simple, commonsense rules for stablecoins and market structure." He also stated that this will expand the dominance of the U.S. dollar. Trump also said, "We will make America the undisputed leader in Bitcoin and the world's cryptocurrency capital."
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $84,439.46, with a daily change of -1.9%;
ETH's latest trading price is $1,988.69, with a daily change of -2.0%;
BNB's latest trading price is $628.70, with a daily change of +1.6%;
SOL's latest trading price is $128.12, with a daily change of -4.2%;
DOGE's latest trading price is $0.1701, with a daily change of -3.6%;
XPR's latest trading price is $2.43, with a daily change of -3.1%.
Policy
▌Australia releases new crypto regulations, vows to crack down on "de-banking"
The Albanian government of Australia has released new regulations targeting cryptocurrency exchanges and stablecoins, and plans to curb the "de-banking" phenomenon. Under the leadership of Prime Minister Anthony Albanese, the Australian government has developed a new regulatory framework for digital assets, aiming to provide greater certainty for industry participants while addressing risks related to consumer protection and market integrity. The reform requires major crypto platforms to obtain an Australian financial services license, while small businesses and non-financial service companies will be exempted. The statement released by the Treasury on Thursday outlines plans to regulate digital asset platforms and payment stablecoins under the existing Financial Services Act. The statement notes that "by aligning with international best practices, Australia can enhance our global competitiveness in the digital asset sector." It is worth noting that the EU and Singapore have both taken significant steps to regulate cryptocurrencies. The EU has introduced the MiCA (Crypto Asset Markets) regulation, while Singapore has expanded its existing Payment Services Act to include a licensing and compliance framework for crypto service providers.
Blockchain Applications
▌Coinbase adds ALT, PENDLE and L3 to its asset listing roadmap
Coinbase has added AltLayer (ALT), Pendle (PENDLE) and Layer3 (L3) to its asset listing roadmap.
▌Walrus announces mainnet launch on March 27
According to official news, the blockchain storage protocol Walrus has announced that its mainnet will officially launch on March 27, and has released its token economic model, with over 60% of the WAL tokens allocated to the community for airdrops, grants, developer support, incentive programs and storage subsidies. The specific allocation is as follows: 10% - Walrus user airdrop: allocated to early adopters and reserved for future distribution; 43% - Community reserve: for grants, developer support, incentive programs and other ecosystem initiatives; 30% - Core contributors: allocated to Walrus' early builders; 10% - Subsidies: to support storage nodes as the fee base grows; 7% - Investors: allocated to participating investors. Previous news reported that the Walrus Foundation has completed a $140 million financing, with Standard Crypto and a16z as investors.
Cryptocurrencies
▌Bitnomial officially launches CFTC-regulated XRP futures
Cryptocurrency derivatives trading platform Bitnomial has officially launched CFTC-regulated XRP futures, with physically settled XRP/USD futures now available for trading on the platform.
▌Trump: We are ending the regulatory war on cryptocurrencies and Bitcoin from the previous administration
In a video speech at the Digital Asset Summit, U.S. President Trump said, "America is leading the way in cryptocurrency and the next generation of financial technology. We are ending the regulatory war on cryptocurrency and Bitcoin from the previous administration."
▌Binance Launchpool to list Nillion (NIL)
Binance has announced that it will launch the 65th project, Nillion (NIL), on its Launchpool platform. Nillion is a decentralized network that uses blind computing technology to enable secure data processing and storage while protecting privacy. According to the announcement, users can lock BNB, FDUSD and USDC to participate in a three-day mining period starting from 00:00 (UTC) on March 21, 2025, and receive NIL token airdrops. The Launchpool webpage is expected to go live within 12 hours of the announcement. The NIL token will be listed on Binance at 13:00 (UTC) on March 24, 2025, with NIL/USDT, NIL/BNB, NIL/FDUSD, NIL/USDC and NIL/TRY trading pairs. The token will be tagged as a Seed Tag.
Important Economic Dynamics
▌Trump urges the Fed to cut interest rates
Trump stated on social media: "With the United States Tariffs kicking in, and the Inventory build up because of the Tariffs, the Federal Reserve should lower the Rate. They were WAY too fast to raise. Now they must lower & ease. Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany and many others are playing the game! EASY!" On the early morning of March 20, the Federal Reserve announced that it would keep the federal funds rate target range unchanged at 4.25% to 4.5%.
▌The probability of the Fed keeping rates unchanged in May is 83.7%
According to the CME "Fed Watch": The probability of the Fed keeping rates unchanged in May is 83.7%, and the probability of a 25 basis point rate cut is 16.3%. The probability of the Fed keeping rates unchanged until June is 29.9%, the probability of a cumulative 25 basis point rate cut is 59.7%, and the probability of a cumulative 50 basis point rate cut is 10.5%.
▌The Fed's emergency lending facility balance goes to zero, marking the end of the SVB incident
The balance of the Bank Term Funding Program (BTFP), an emergency lending facility launched by the Federal Reserve for the Silicon Valley Bank (SVB) blowout, has gone to zero in the Fed's latest data disclosure. The facility expired on March 11 and cannot be renewed. Its peak balance exceeded $160 billion. On March 10, 2023, U.S. regulators shut down Silicon Valley Bank and the Federal Deposit Insurance Corporation took over the bank's deposits, marking one of the largest bank failures in U.S. financial history. The collapse of SVB also triggered a series of crises in the U.S. banking industry. The SVB incident forced the Federal Reserve, the U.S. Treasury Department and others to intervene to rescue the market. The BTFP was one of the market rescue measures, providing loans of up to one year to eligible depository institutions, with eligible assets as collateral.
Jinse Encyclopedia
A cold wallet is a method of storing cryptocurrencies that keeps the wallet offline and disconnected from the internet. This setup makes it much more difficult for hackers to remotely access the funds. Examples include hardware wallets (such as Ledger, Trezor), paper wallets, and air-gapped computers (devices that have never been connected to the internet).
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles solely for informational reference, and does not provide actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
