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The fallacy of scalability — why layer 2s won’t save crypto

Opinion by: Dan Hughes, founder of Radix

Crypto has spent years betting on layer-2 (L2) solutions as its magic bullet for fixing issues with scalability. What if they’re the very thing putting us at risk?

Instead of paving the way for mass adoption, this fixation has created a tangled web of rollups, bridges and fragmented liquidity, threatening blockchain’s core principles of decentralization and security. The dream of a seamless, decentralized network is fading, overshadowed by a complex system that echoes the inefficiencies and centralization of the traditional financial world. Are we scaling innovation or just recreating the past?

The blockchain trilemma

L2s were supposed to mitigate the blockchain trilemma. Yet, while they may fill the gaps at the individual level, as a movement, L2 solutions have put crypto at risk of losing all three.

The growing mass of L2s has led to a highly fractured

Tax agencies will double down on crypto before Bitcoin hits $1M

Opinion by: Robin Singh, CEO of Koinly

In the race between regulation and Bitcoin (BTC) all-time highs, there is no doubt tax agencies will double down on their crypto-tracking systems well before Bitcoin hits $1 million.

Crypto investors shouldn’t become complacent or assume they can skate by until the million-dollar price tag. In addition to their laser focus on the future, they are becoming skilled at scrutinizing the past. Many jurisdictions have the power to backtrack on previous years, and if tax authorities realize how much they’ve missed, they won’t just let it slide…

This could spell trouble for misinformed Bitcoiners who have already begun spending their profits.

Tax agencies will catch up through automated data-sharing

Governments are still in this weird gray area where crypto tax rules can change anytime. Take the US Internal Revenue Service (IRS), for example. In a shock move, as of 2025, the IRS now

Russia civic chamber proposes dedicated fund for confiscated crypto assets

Amid the growing adoption of cryptocurrency reserves in countries like the United States, legal activists in Russia are pushing to create a potential crypto fund.

Evgeny Masharov, a member of the Russian Civic Chamber, has proposed creating a government cryptocurrency fund that would include assets confiscated from criminal proceedings.

The projected cryptocurrency fund would aim for revenues for the government, targeting social projects, Masharov said, according to a March 20 report by the local news agency TASS.

“The proceeds from the cryptocurrency fund can then be used for social, environmental and educational projects,” he reportedly stated.

“Seized crypto should benefit the state”

Masharov’s proposal came amid Russian officials progressing with new legislation on recognizing cryptocurrencies as property for the purposes of criminal procedure legislation.

Alexander Bastrykin, Chairman of Russia’s Investigative Committee, said that a related draft bill was sent to the government for consideration, the local news agency RBC <a data-ct-non-breakable="null"

Solana futures ETF to grow institutional adoption, despite limited inflows

The crypto industry is set to debut the first Solana futures exchange-traded fund (ETF), a significant development that may pave the way for the first Solana spot ETF, as the “next logical step” for crypto-based trading products, according to industry watchers.

Volatility Shares is launching two Solana (SOL) futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), on March 20.

The debut of the first Solana futures ETF may bring significant new institutional adoption for the SOL token, according to Ryan Lee, chief analyst at Bitget Research.

Volatility Shares Solana ETF SEC filing. Source: SEC

The analyst told Cointelegraph:

“The launch of the first Solana ETFs in the US could significantly boost Solana’s market position by increasing demand and liquidity for SOL, potentially narrowing the gap with Ethereum’s market cap.”

The Solana ETF will grow institutional adoption by “offering

Ripple celebrates SEC’s dropped appeal, but crypto rules still not set

Ripple is celebrating the United States Securities and Exchange Commission’s (SEC) decision not to pursue a court case against the firm, but it provides little legal certainty for the crypto industry.

The US financial regulator has apparently dropped an appeal against Ripple, the issuing firm of crypto asset XRP. The industry saw the case as a prime example of regulatory overreach by the SEC under former chair Gary Gensler.

Ripple CEO Brad Garlinghouse said the decision “provides a lot of certainty for RIpple” and that while the case is effectively over, there are still some loose ends the firm needs to tie up with the SEC. “We now are in the driver’s seat to determine how we want to proceed.”

Stuart Alderoty, Ripple’s chief legal officer, wrote on X, “Today, Ripple moves forward — stronger than ever. This landmark case set a precedent for the domestic crypto industry.”

Ripple

Tether’s US treasury holdings surpass Canada, Taiwan, ranks 7th globally

Tether, the $143 billion stablecoin giant, was the world’s seventh-largest buyer of United States Treasurys, surpassing some of the world’s largest countries.

Tether, the issuer of USDt (USDT), the world’s largest stablecoin, was the world’s seventh-largest US Treasury buyer, surpassing Canada, Taiwan, Mexico, Norway, Hong Kong, and numerous other countries.

The stablecoin issuer acquired over $33.1 billion worth of Treasurys, compared to over $100 billion purchased by the Cayman Island in the first place in global rankings, according to Paolo Ardoino, the CEO of Tether.

“Tether was the 7th largest buyer of US Treasurys in 2024, compared to Countries,” wrote Ardoino in a March 20 X post.

Source: Paolo Ardoino

However, Luxembourg and the Cayman Islands figures include “all the hedge funds buying into t-bills,” noted Ardoino in the replies, whereas Tether’s figures represent the investments of a single entity.

Tether

Spot crypto scams early: California’s new tracker tool, explained

What is California’s crypto scam tracker tool?

On Feb. 16, 2023, the Department of Financial Protection and Innovation (DFPI) in California launched the crypto scam tracker tool to help residents spot and avoid crypto scams. The tracker details crypto scams identified through a review of complaints submitted by the public.

California’s DFPI crypto scam tracker is a searchable database that compiles complaints about fraudulent schemes. Investors can use the database to identify and avoid crypto scams. You can search the database using company name, scam type or keywords.

The tracker includes a glossary to explain commonly used crypto terms and is regularly updated with new scam reports. The glossary may not provide extensive information on prevalent crypto scams, but it equips you with the knowledge required to identify scams and protect yourself.

The scam tracker tool has compiled the information from public complaints and has

Read More at https://cointelegraph.com/explained/spot-crypto-scams-early-californias-new-tracker-tool-explained?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

South Korea raids Bithumb amid ex-CEO’s alleged $2M embezzlement

South Korean prosecutors raided crypto exchange Bithumb following suspicions that its former CEO embezzled funds to purchase an apartment.

On March 20, Seoul’s Southern District Prosecutors Office reportedly searched Bithumbs offices in the country.

The investigation centered around allegations that the crypto exchange gave a 3 billion Korean won (over $2 million) apartment lease deposit to Kim Dae-sik, its former CEO and board member, who now works as an adviser to the firm.

Prosecutors raised concerns over potential financial misconduct within the company, suspecting that Kim used some of the funds to purchase a personal apartment.

Bithumb says its former CEO repaid the funds

Local media outlet YTN reported that the country’s Financial Supervisory Service (FSS) had previously investigated the suspicions and handed their findings to the prosecutor’s office.

In an interview with The Chosun Daily, a Bithumb representative said some of the allegations

Russian Gotbit founder strikes $23M plea deal with US prosecutors

Aleksei Andriunin, a Russian national charged with manipulating cryptocurrency through the Gotbit market maker platform, has reportedly struck a plea deal with prosecutors in the United States.

Gotbit founder and CEO Andriunin has agreed to forfeit about $23 million in Tether USDt (USDT) and Circle’s USDC (USDC) in a plea deal with Massachusetts federal prosecutors, the legal news service Law360 reported on March 19.

As part of the plea, Andriunin will plead guilty to three counts charging conspiracy to commit wire fraud and market manipulation, according to the letter signed by the defendant on March 19.

An excerpt from letters in the Gotbix founder case related to the $23 million forfeiture as part of the plea with Massachusetts prosecutors: Law360

“Defendant understands and agrees that forfeiture shall not satisfy or affect any fine, lien, penalty, restitution, cost of imprisonment, tax liability or any other debt owed to the United

Coinbase becomes Ethereum's largest node operator with 11% stake

A Coinbase report revealed that the crypto exchange is Ethereum’s biggest node operator, having 11.42% of the total staked Ether within the blockchain network.

In a performance report, Coinbase said it had 3.84 million Ether (ETH), worth about $6.8 billion, staked to its validators. The exchange said that, as of March 3, it has 11.42% of the total staked ETH.

Anthony Sassano, host of The Daily Gwei, said that Coinbase’s stake makes the exchange the “single largest node operator” in the network.

Sassano added that while the staking platform Lido is bigger as a collective, each node operator has a much smaller percentage share.

Source: Anthony Sassano

Coinbase validator uptime and participation rate at 99.75%

Coinbase also shared that it exceeded its target for validator uptime, which indicates the percentage