Crypto Vesting

Two strategic digital asset reserve bills in Arizona have cleared Arizona’s House Rules Committee on March 24 and are now headed to the House floor for a full vote.

The bills together, if passed into law, would clear the way for Arizona to establish strategic digital assets reserves composed of existing assets confiscated through criminal proceedings in addition to newly invested public funds.

The Republicans hold a 33-27 majority in Arizona’s House of Representatives, giving both bills a decent chance of passing. 

Source: Bitcoin Laws

However, according to Bitcoin Laws, the final hurdle could be the state’s Democratic governor, Katie Hobbs. Hobbs has a history of vetoing bills before the House, having blocked 22% of bills in 2024 — the highest rate of any state governor.

Arizona’s two crypto bills explained

The two bills recently approved by Arizona’s House Rules Committee

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Massachusetts’ securities regulator has reportedly launched a probe over Robinhood’s prediction markets offering that has allowed users to bet on the outcomes for a slew of events, including basketball tournaments. 

Reuters reported on March 24 that Massachusetts Secretary Bill Galvin said his office subpoenaed Robinhood last week to get information on its marketing materials and the number of Massachusetts-based users that traded sports events contracts on college basketball tournaments.

Galvin said he was concerned the trading platform was “linking a gambling event on a popular sports event that’s especially popular to young people to a brokerage account.”

“This is just another gimmick from a company that’s very good at gimmicks to lure investors away from sound investing,” he added.

Robinhood launched a prediction markets hub on March 17 that would be initially available through the Commodity Futures Trading Commission-regulated

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Circle said it will officially launch its stablecoin in Japan on March 26 after one of its local partners received regulatory approval to list the US dollar stablecoin three weeks ago.

USDC (USDC) will first be listed on the “SBI VC Trade” crypto exchange under a joint venture between its parent firm — Japanese financial conglomerate SBI Holdings — and Circle’s Japanese entity Circle Japan KK, Circle said in a March 24 statement.

The news comes three weeks after SBI VC Trade secured an industry-first regulatory approval on March 4 to list USDC under the Japan Financial Services Agency’s stablecoin regulatory framework.

Circle is also looking to list USDC on Binance Japan, bitbank, and bitFlyer in the near future.

Japan’s bitbank and bitFlyer are two of the country’s largest crypto exchanges — having <a

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Trump Media has signed a non-binding agreement with Crypto.com to launch a series of exchange-traded funds in the US.

Trump Technology Group Corp (TMTG) — the operator of the social media platform Truth Social and fintech brand Truth.Fi — is also part of the agreement, which is subject to regulatory approval, according to a March 24 statement from Trump Media.

The parties plan to launch the ETFs later this year through Crypto.com’s broker-dealer, Foris Capital US LLC. The ETFs will consist of digital assets and securities with a “Made in America” focus.

Crypto.com will provide the infrastructure and custody services to supply the cryptocurrencies for the ETFs, which may include a basket of tokens, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cronos (<a data-ct-non-breakable="null"

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Abu Dhabi Global Market (ADGM), a financial zone with over $635 billion in assets under management, signed a Memorandum of Understanding (MoU) with Chainlink in a move to connect the world of traditional finance with blockchain data.

The agreement will allow ADGM to use Chainlink’s suite of tools, such as data feeds and interoperability technology, ADGM said in a March 24 announcement. The partnership also aims to encourage further discussion around blockchain, artificial intelligence, and other emerging technologies in the region.

ADGM, which opened in 2015, is in the United Arab Emirates’ financial free zone. It operates under its own civil and commercial legal system, based on English Common Law. Designed to bolster Abu Dhabi’s status as a financial hub, ADGM plays a central role in attracting global firms and expanding the city’s financial services sector.

By the end of 2024, ADGM <a data-ct-non-breakable="null" href="https://thefinanceworld.com/adgms-assets-under-management-surge-245-in-2024/?utm_source=chatgpt.com" rel="nofollow

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The Donald Trump-backed crypto venture World Liberty Financial launched a US dollar-pegged stablecoin with a total supply of more than $3.5 million.

According to data from Etherscan and BscScan, the project launched the World Liberty Financial USD (USD1) token in early March. Former Binance CEO Changpeng “CZ” Zhao noted the project’s smart contract was deployed on the BNB Chain and Ethereum, while World Liberty said the stablecoin was “not currently tradeable.”

The USD1 stablecoin launch comes as US lawmakers consider passing the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act. The bill moved out of the Senate Banking Committee on March 13 and is expected to be taken up for a full floor vote soon.

Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-stablecoin-bill-likely-next-2-months-bo-hines" rel="null" target="null"

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Solana’s native token, SOL (SOL), gained 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks. This rally mirrored the gains seen across the broader cryptocurrency market as traders began to expect reduced risks of an economic downturn. The growing risk appetite can also be seen among memecoins, several of which rallied by 12% or more since March 23.

Outside of the broad market rally, SOL has its own merits, including a rise in network activity and the direct involvement of US President Donald Trump with the memecoin market. Additionally, growing interest from top traders on exchanges and the increasing likelihood of a spot Solana exchange-traded fund (ETF) approval suggest further potential for SOL’s price growth.

SOL/USD (green) vs. crypto market cap (orange). Source: TradingView / Cointelegraph

Despite the recent rally, SOL has underperformed the broader crypto market

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BNB Chain (BNB) has launched a $100 million program designed to bootstrap liquidity for its native projects on centralized exchanges (CEXs).

The network is allocating $100 million in incentives, primarily in the form of its native BNB tokens, to projects that successfully list on any of 11 major CEXs specified by BNB Chain, according to a March 24 announcement.

The program aims to “further enhance BNB Chain’s ecosystem liquidity and foster project growth by incentivizing exchanges to list native BNB Chain tokens,” the chain said in the statement. 

BNB Chain previously launched two smaller liquidity incentive programs, allocating two tranches of $4.4 million in February and March to incentivize CEX listings for memecoins and other ecosystem projects. 

Rewards vary based on the prominence of the exchange listing. Source: <a data-ct-non-breakable="null" href="https://www.bnbchain.org/en/blog/bnb-chain-100m-permanent-liquidity-program" rel="nofollow noopener" target="_blank"

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