Today's News Highlights:
Florida Senator proposes Bitcoin investment bill
Legislators from Kentucky and Maryland propose "Bitcoin Reserve" bills
US SEC delays decision on BlackRock's Ethereum ETF options trading until April 9
Video sharing platform Rumble announces completion of $775 million strategic investment from Tether
Solayer has opened LAYER token airdrop eligibility inquiry
Regulation/Macro
Judge rules Coinbase must face customer lawsuit in New York
According to Reuters, a U.S. federal judge ruled on Friday that cryptocurrency exchange Coinbase must face a lawsuit from customers who accuse the exchange of illegally selling securities without being registered as a broker-dealer. U.S. District Judge Paul Engelmayer in Manhattan dismissed Coinbase's argument that it did not qualify as a "statutory seller" under federal securities law because it never transferred ownership of 79 tokens traded by customers. The judge cited the allegations: "Customers on Coinbase only transact with Coinbase itself," which is sufficient to conclude that Coinbase is a seller. Engelmayer also rejected the dismissal of claims brought under the laws of California, Florida, and New Jersey, stating that customers had sufficiently alleged that Coinbase was a direct seller of these tokens. Coinbase stated in a statement: "Coinbase does not list, offer, or sell securities on its exchange. We look forward to defending against the remaining allegations in district court."
According to Hong Kong accountant clementsiu, the Hong Kong Investment Promotion Agency has approved an investment immigration application using Ethereum (ETH) as proof of assets worth HKD 30 million. The accountant noted that a similar case using Bitcoin as proof of assets was successfully processed in October 2024, marking the first of its kind in Hong Kong.
According to Caixin, after nearly two years of investigation, former Deputy Director of Beijing Local Financial Regulatory Bureau, Hao Gang, was sentenced to 11 years in prison in the first instance. Caixin learned from multiple sources that Hao Gang was involved in Bitcoin money laundering; additionally, he had assisted executives of a leading Bitcoin mining company in lifting travel restrictions, with bribes potentially reaching tens of millions. On February 6, 2025, the Beijing Second Intermediate Court publicly announced the verdict in Hao Gang's bribery and money laundering case, sentencing him to eight years in prison for bribery and imposing a fine of 500,000 RMB; for money laundering, he was sentenced to four years in prison and fined 800,000 RMB, resulting in a total sentence of eleven years and a fine of 1.3 million RMB. His illegal gains from bribery and their proceeds were confiscated and turned over to the national treasury.
Tornado Cash developer Alexey Pertsev temporarily released by Dutch court
According to Bitcoin.com, after spending nine months in a Dutch prison, Tornado Cash developer Alexey Pertsev was temporarily released on Friday, but he still faces a 64-month (5 years and 4 months) prison sentence. In a recent positive turn of events, the court released Alexey Pertsev and placed him under house arrest and electronic monitoring until his trial date. Pertsev posted on the X platform: "Freedom is priceless, and my house arrest was only made possible through the efforts of my lawyers, funded by your donations. My fight is not over; I still need everyone's help for ultimate victory and confidence." Previously, it was reported that Tornado Cash developer Alexey Pertsev was granted conditional release to appeal.
Florida Senator proposes Bitcoin investment bill
According to The Block, Florida Republican Senator Joe Gruters submitted a bill on Friday proposing to allow the state to invest in Bitcoin and other cryptocurrencies. According to the submitted documents, the senator suggested that Florida's Chief Financial Officer could use public funds "to invest in Bitcoin and other digital assets for specific purposes." Gruters' bill outlines that the investment in Bitcoin by Florida's Chief Financial Officer should not exceed 10% of the total funds in any account. Some public fund sources mentioned in the bill that could be used for Bitcoin investment include the general revenue fund, budget stabilization fund, trust funds, and "all agency funds of each state agency and judicial department." The bill also proposes "authorizing the state administrative board trustees to invest and reinvest available funds from the system trust fund in Bitcoin… and stipulates that public funds' investment in Bitcoin is not subject to certain security requirements." Last October, Florida's Chief Financial Officer Jimmy Patronis stated that the state held approximately $800 million in "crypto-related" investments. He also mentioned that if Trump becomes president, the amount of state government investment in crypto assets could increase.
Legislators from Kentucky and Maryland propose "Bitcoin Reserve" bills
According to CoinDesk, as Utah became the first state to pass legislation allowing public funds to be invested in crypto assets, two more states' legislators joined this trend this week: Kentucky and Maryland. Although these states' initiatives are broadly related to the Republican-led federal "Bitcoin Strategic Reserve" plan, each state has proposed its own measures on how to invest state funds in digital assets. This week, Maryland Democratic Representative Caylin Young introduced a new bill to establish a Bitcoin Strategic Reserve, similar to the reserve envisioned by U.S. Senator Cynthia Lummis. In Maryland, this reserve will be funded through enforcement revenues from gambling violations. Kentucky's legislation was also introduced this week, with two bills allowing state pension funds to invest in digital asset ETFs. These bills will also set barriers to the use of central bank digital currencies (CBDCs). Fifteen other states are currently weighing related legislation in the current session, and more states are expected to follow suit, with two other states—Michigan and Wisconsin—already investing part of their pension funds in crypto ETFs. So far, 22 states have drafted bills, are seriously discussing proposals, or have begun investing in cryptocurrencies.
US SEC delays decision on BlackRock's Ethereum ETF options trading until April 9
According to The Block, the U.S. Securities and Exchange Commission (SEC) delayed its decision on whether to approve BlackRock's listing and trading of options on its spot Ethereum ETF on Friday. According to the submitted documents, the SEC stated it would decide by April 9, 2025, whether to approve or deny the proposal to allow BlackRock's iShares Ethereum Trust to trade options. The SEC stated: "The Commission believes it is necessary to specify a longer time frame to issue an order approving or disapproving the proposed rule change to allow sufficient time to consider the proposed rule change and the issues it raises." Also on Friday, the SEC sought public comments on a proposal submitted by Fidelity to list and trade options on its spot Ethereum ETF at the Cboe BZX exchange. These comments must be submitted within 21 days after publication in the Federal Register.
US regulators are conducting a tokenization pilot, using stablecoins as collateral
According to CoinDesk, Caroline Pham, acting head of the U.S. Commodity Futures Trading Commission, is pushing for a tokenization pilot program backed by stablecoins, with an upcoming summit inviting executives from Coinbase, Ripple, Circle, Crypto.com, and other digital asset companies. The specific date and further details of the Digital Asset CEO Forum have yet to be determined. Last November, Pham proposed the idea of a tokenization regulatory sandbox through her advisory committee—the Global Markets Advisory Committee—but the previous leadership of the agency did not adopt it. Acting Chair Pham stated in a release on Friday: "I am excited to announce this groundbreaking initiative for the U.S. digital asset market. I look forward to working with market participants to fulfill the Trump administration's commitment to ensuring that the U.S. leads globally in economic opportunities." According to the agency, this plan, based on what Pham calls "responsible innovation," will promote the use of non-cash collateral through distributed ledger technology. Pham's advisory committee had anticipated allowing market participants to experiment with non-traditional collateral in its November recommendations. The proposal mentioned: "By improving the operational infrastructure of assets that already qualify for regulatory margin, blockchain or other distributed ledger technology (DLT) can help reduce or eliminate some challenges without changing collateral eligibility rules. Market participants can also use their existing policies, procedures, practices, and processes to identify, assess, and manage the risks of using DLT, just as they do with other forms of market infrastructure and technology."
AI/Metaverse
Meta to conduct company-wide layoffs starting next week
According to Jinshi, internal memos show that Facebook owner Meta Platforms (META.O) plans to conduct anticipated layoffs across the company next week while accelerating the hiring of machine learning engineers. The memos indicate that layoff notifications in most countries, including the U.S., will begin at 5 a.m. local time on Monday. Employees in Germany, France, Italy, and the Netherlands are "not affected by layoffs due to local regulations," while employees in several other countries in Europe, Asia, and Africa will receive notifications between February 11 and February 18.
Financing
Video sharing platform Rumble announces completion of $775 million strategic investment from Tether
According to official news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM) announced that it has completed a $775 million strategic investment from Tether. Regarding the transaction details, as part of the deal, Tether purchased 103,333,333 shares of Rumble Class A common stock at a price of $7.50 per share, totaling $775 million. The company will use $250 million of this amount to support growth plans after deducting transaction fees. As part of the completion of the transaction, the company successfully completed a previously announced tender offer to purchase up to 70 million shares of Class A common stock. By the expiration date, a total of 70,061,168 shares were validly and successfully tendered and not withdrawn. Rumble subsequently accepted the purchase of 70 million shares on a pro-rata basis, with odd lot tenders being fully accepted, totaling $525 million (excluding fees and expenses related to the tender offer). The depository institution will immediately pay for the accepted shares and return all other tenders that were not purchased.
DCG founder: Invested $105 million in several deAI projects, looking to increase investment in 2025
According to CoinDesk, Barry Silbert, founder and CEO of DCG, is making a significant bet on decentralized artificial intelligence (deAI), calling it "the next major era of cryptocurrency," with potential that may even surpass Bitcoin. In a letter to shareholders from his cryptocurrency group Digital Currency Group (DCG), Silbert expressed strong optimism for deAI: an effort to merge AI innovation with blockchain technology in the crypto industry. He believes this technological integration could yield greater returns for humanity than the closed systems developed by OpenAI and other giants. Silbert wrote in the fourth-quarter letter: "We are moving from digital ownership of assets to intelligent decentralized ownership, as well as the availability of vast decentralized computing resources." He stated that the company has invested $105 million in several deAI projects and looks forward to increasing investment in 2025. He specifically mentioned DCG's investment in Bittensor, a crypto network focused on machine learning and AI applications, noting that Bittensor's TAO token shares many similarities with Bitcoin. DCG plans to invest heavily to support the Bittensor ecosystem. Silbert pointed out that last November, DCG established a company called Yuma, dedicated to incubating Bittensor's infrastructure projects. Additionally, another DCG subsidiary, Grayscale, now offers investment products related to TAO.
Project Updates
Solayer has opened LAYER token airdrop eligibility inquiry
The Solayer Foundation announced on the X platform that the eligibility inquiry for the LAYER token airdrop is now open. Previously, Solayer announced the LAYER token economics: a maximum supply of 1 billion tokens, with 51.23% allocated to the community and ecosystem.
According to The Block, American rapper Kanye West stated on social media that he hopes to have a conversation with Coinbase CEO Brian Armstrong regarding "cryptocurrency-related matters." Prior to this, he revealed that he had received a $2 million proposal to issue a token, but he rejected the offer and ceased cooperation with the proposer. According to chat screenshots released by Kanye, the collaboration required him to promote a RUG pull Meme coin, with a $750,000 upfront payment, after which Kanye could announce that his account was hacked eight hours after posting, and another $1.25 million would be paid 16 hours later. The mastermind claimed that this collaboration could yield tens of millions of dollars in profit.
Layer3 gaming network B3 to launch B3 token and airdrop on February 10
According to Decrypt, the Layer3 gaming network B3, built on Base, announced on Friday that it will launch its recently announced B3 token on February 10, accompanied by an airdrop event. A snapshot of network activity will be taken before the planned "S1 airdrop," with more airdrops, tournaments, and gamified ways to earn B3 to follow. According to a post on the X platform, B3 stakers will receive certain benefits, including tokens for a dedicated gaming chain, early access to new games on the network, and other potential rewards. The post also briefly outlined the token economics: 34.2% of the token supply will be allocated to the community and ecosystem, 23.3% to the team and advisors, 22.5% to support the B3 ecosystem's Player1 Foundation, and 20% reserved for investors. Tokens for investors, team members, and advisors will have a one-year lock-up period, after which they will be unlocked monthly over the next three years. The total supply of B3 has not yet been disclosed.
Telegram game TapSwap to launch its TAPS token on BNB Chain instead of TON network
According to Decrypt, the click-to-earn game TapSwap based on Telegram announced that its upcoming TAPS token will be launched on the BNB Chain instead of the originally planned TON network. The game was initially scheduled to complete its token airdrop in late January but recently stated that it postponed the token release based on advice from an unnamed "tier one" decentralized exchange to find better market conditions. However, after completing the first season of the game on February 6, the project decided to proceed with the token release on the BNB Chain, expecting to do so on February 14, according to a post on X earlier this week. The project stated: "Launching the TAPS token on the BNB Chain will enhance speed, security, and accessibility, making TapSwap more attractive to players and investors." Users will earn the upcoming tokens based on their overall participation in the TapSwap click-to-earn game. However, the game plans to transition from a click-to-earn model to integrate skill-based gameplay in the future. In early January, Telegram and TON announced an exclusive agreement requiring all mini-games or applications integrating cryptocurrency to exclusively use TON. However, despite TapSwap previously promoting its partnership with TON, it did not mention Telegram or any migration plans in its token release announcement.
Opinions
Imron Khan and Qiao Wang, founders of the Web3 venture accelerator AllianceDAO, recently stated in a podcast that many current projects combining AI and blockchain seem forced, but some teams are integrating AI technology into blockchain applications in a more natural way. They believe that the future integration of AI and blockchain will be more seamless, with users only experiencing improved product performance without realizing the underlying technology. The two also analyzed recent market dynamics, including changes in U.S. policy, the development of Bitcoin spot ETFs, and competition among L1/L2 public chains. Regarding Bitcoin, rumors of the U.S. potentially establishing a Strategic Bitcoin Reserve (SBR) have drawn market attention, and if the plan materializes, it could drive a surge in institutional demand. In terms of public chains, Solana is gradually becoming the preferred choice for entrepreneurs, with rapid ecosystem growth, while Coinbase's Base is under pressure due to insufficient liquidity. Meanwhile, new public chains like Sui and Aptos are emerging, challenging traditional L2 solutions. Additionally, tokenization is becoming a new model for entrepreneurship, such as the Vine founder launching Vine tokens in an attempt to revive the application, and Trump Coin (TRUMP) also seeing a significant market cap increase due to political influence. The two believe that tokenization strategies may become important tools for new startups, and brand tokens will change the way fundraising and user participation occur.
Trump: DeepSeek is a very positive development, not a bad thing
According to Financial界, U.S. President Trump expressed his views on DeepSeek and whether it poses a national security threat, stating that it is a developing technology. If developed correctly, we will benefit from it, as the costs associated with the artificial intelligence involved will be much lower than people initially imagined, which is a good thing. Trump emphasized viewing it as a very positive development, rather than a bad thing.
Important Data
According to SoSoValue data, yesterday (February 7, Eastern Time), the total net inflow for Bitcoin spot ETFs was $171 million. Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00, with a historical net outflow of $21.906 billion. Grayscale's Bitcoin mini trust ETF BTC also had a net outflow of $0.00 yesterday, with a historical total net inflow of $1.237 billion. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Ark Invest and 21Shares ETF ARKB, with a net inflow of $59.035 million, bringing its historical total net inflow to $3.011 billion. Following that was Fidelity's ETF FBTC, with a net inflow of $52.468 million, and its historical total net inflow reached $12.780 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs was $113.095 billion, with an ETF net asset ratio (market cap compared to total Bitcoin market cap) of 5.96%, and the historical cumulative net inflow has reached $40.701 billion.
Santiment posted on the X platform that large transactions over $100,000 in Dogecoin (DOGE) have recently decreased significantly, with the current weekly transaction volume being only one-third of the peak driven by the "Trump effect" in early November. An increase in whale transaction volume is typically seen as a signal that whales may be starting to accumulate assets again, and investors should pay attention to whether similar transaction surges will occur in the future.
A whale sold 10,828.5 ETH to pay off his loan on Aave by unwinding leverage
According to on-chain analyst Yu Jin's monitoring, the whale nemorino.eth sold 10,828.5 ETH in the past three hours to pay off his loan on Aave by unwinding leverage. He sold 10,828.5 ETH for 28 million USDC to repay the loan, with an average selling price of $2,586. After clearing all loans, he now holds 8,833.4 ETH (worth $23.26 million). Whales unwinding leverage are generally believed to expect prices to continue to decline.
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