PA Daily | Utah's legislation to invest in Bitcoin has been passed by the House of Representatives; Ethereum Pectra upgrade will start testing in February and is expected to be launched on the main network in April
Reprinted from panewslab
02/07/2025·14DToday's news tips:
1. The Czech President signs a new bill, exempting capital gains tax from holding Bitcoin for more than 3 years
2. Cboe BZX Exchange submitted 19b-4 documents on behalf of several issuers to apply for listing and trading of XRP spot ETFs
3. Utah's legislation on investing in Bitcoin has been passed by the House of Representatives
4. The Japanese Finance Agency requires Apple and Google to suspend five crypto exchange apps that have not been registered
5. Telegram mandates TON Connect to all crypto wallets, arouses community opposition
6.Ondo Finance announces the launch of Layer-1 blockchain Ondo Chain to drive asset tokenization
7.Solayer announced the economics of LAYER tokens: the maximum supply of 1 billion pieces, 51.23% is allocated to communities and ecology
8. The Ethereum Pectra upgrade will start testing in February and is expected to be launched on the main network in April
9.Yuchen Sun sued David Geffen for $78.4 million in collection, saying the collection was sold stolen by his art consultant
Regulatory/Macro
Canadian regulators have announced that cryptocurrency funds no longer qualify for lower margins, a provision that applies to crypto funds involving OCC options trading. Regulators noted that the policy aims to reduce market instability while increasing leveraged trading costs due to volatility and liquidity risks. However, specific margin eligibility can still be individually evaluated under the terms 5310(1) and 5311(1) of the IDPC Rules.
According to Bitcoin Magazine, the Czech president formally signed a bill that allows capital gains tax to be exempted from holding Bitcoin for more than 3 years.
Cboe BZX Exchange submitted 19b-4 documents on behalf of Bitwise, 21Shares and Canary Capital to apply for listing and trading of XRP spot ETFs. The 19b-4 document is the second part of a two-step process to propose to the U.S. Securities and Exchange Commission (SEC). Once confirmed by the SEC, the document will be published in the Federal Gazette to initiate the agency's approval process.
Bitwise first submitted an application for registration for the spot XRP ETF in October 2023, while 21Shares submitted an S-1 registration statement for the XRP ETF to the SEC in November. WisdomTree submitted an application for a spot XRP ETF to the SEC in December 2023, while NYSE Arca released a 19b-4 document on January 30 to apply for converting Grayscale’s XRP trust into a spot cryptocurrency ETF. CoinShares also filed a registration statement for the “CoinShares XRP ETF” last month. Purpose Investments submitted a preliminary prospectus for the XRP ETF to Canadian regulators on January 31, hoping to become the world's first issuer of XRP ETF.
US SEC considers proposal to modify BlackRock spot Bitcoin ETF to allow physical redemption
The Securities and Exchange Commission (SEC) is considering a proposal that will change BlackRock's spot Bitcoin ETF to allow for physical redemption. In a document released Thursday, the SEC acknowledged the proposal and requested comments to be submitted within 21 days of its document being published in the Federal Gazette. Under the document, the SEC can then decide to approve, deny, or “start the program.”
According to Form 19b-4 documents, Nasdaq released a revised rule file on behalf of BlackRock last month that will allow iShares Bitcoin Trust to undergo physical redemption and creation. More than a year ago, companies were discussing technical details about how the redemption process for the product works when the SEC was considering whether to approve spot Bitcoin ETFs. The SEC prefers a cash model, which requires BlackRock to remove Bitcoin from storage, sell it immediately, and then return the cash to investors. The SEC later approved BlackRock's spot ETF proposal and other proposals in January 2024.
In a post on the X platform, James Seyffart, an analyst at Bloomberg think tank, said in a post on the X platform that changing the redemption and creation process does not mean that individual investors will be able to trade in physical goods, and only authorized participants can do it.
Utah's U.S. legislation to invest in Bitcoin has been passed by the House of Representatives
According to Bitcoin Magazine, legislation on investing in Bitcoin in Utah in the United States has been passed by the House of Representatives and is now handed over to the Senate for consideration.
Franklin Templeton seeks US SEC approval for its launch of new cryptocurrency index ETF
Franklin Templeton Investments said Thursday that the company is seeking regulatory approval to launch a new cryptocurrency index ETF as asset managers hope to win the U.S. president after Trump reported, Reuters reported After the election, you can profit from the cryptocurrency boom. "The fund may not hold any digital assets except Bitcoin and Ethereum at this time. It is not yet certain whether it will be in the future except Bitcoin and Ethereum," Franklin Templeton said in a filing with regulators on Thursday. Any digital assets of this are added to the underlying index. "This provides room for Franklin Templeton to modify its ETFs after other cryptocurrencies are approved by the SEC.
According to Nikkei News, the Japan Finance Agency has requested Apple and Google this week to block the download of apps from five overseas crypto exchanges that have not been registered. The five companies are Bybit Fintech Limited, MEXC Global, LBank Exchange, KuCoin and Bitget Limited. The Japan Financial Agency issued a warning to these companies in accordance with the Payment Services Act and released their names. It has warned them many times before that they should not conduct business against Japanese customers, but they did not stop. Therefore, the Japan Financial Agency decided for the first time to request They cease to operate. According to the request, Apple has removed the apps from the App Store and no new downloads will be available from February 6. The Google company that operates the Play Store has not yet announced the processing results.
Earlier today, APPs such as Bybit, Bitget, MEXC, and Kucoin have been removed from the Japanese App Store.
Kentucky Rep. TJ Roberts initiated the HB376 bill, proposing to invest 10% of state funds in digital assets with a market capitalization of over $750 billion.
Previous news , South Dakota and Kentucky lawmakers plan to propose Bitcoin reserve legislation.
Project News
Strategy plans to list STRK convertible preferred shares on Nasdaq this Thursday
Strategy (formerly MicroStrategy) is expected to list its convertible preferred stock Strike (STRK) on the Nasdaq this Thursday. The company announced key performance targets for 2025 in its latest financial report, including a $10 billion Bitcoin earnings target and a 15% Bitcoin yield. So far, its BTC-related income has reached US$1.24 billion, with a year-to-date yield of 2.9%.
Additionally, due to the failure to adopt FASB accounting standards, the company recorded $1 billion in asset impairment losses and plans to adopt new rules this quarter. So far, the company has used $17 billion of its $21 billion ATM stock issuance program, with stock sales accounting for 2.9% of the total trading volume. Strategy's shares rose 1.3% before the market.
Ondo Finance announces Layer-1 blockchain Ondo Chain to drive asset tokenization
Ondo Finance, the world's second largest US Treasury tokenization platform, announced the launch of Ondo Chain, a licensed Layer-1 blockchain designed specifically for traditional financial institutions, aiming to connect traditional capital markets with decentralized finance (DeFi).
Ondo Chain will comply with compliance standards while maintaining transparency and accessibility of public chains, and adopting license verification nodes to ensure the accuracy of financial data. The network supports tokenized asset pledge and inter-chain interoperability, providing institutions with more efficient asset management solutions.
Telegram mandates TON Connect to all crypto wallets, sparking community opposition
Telegram now requires all third-party crypto wallets to use TON Connect as the only wallet connection protocol and limit Mini Apps to support only TON blockchain, causing decentralization and exclusive controversy.
Telegram sets February 21 as the migration deadline, and wallets that have not integrated TON Connect will be suspended. The official wallet Wallet in Telegram is not affected because of its native support for TON Connect. Bitget Wallet has integrated TON Connect on January 16 to optimize the Telegram ecological user experience.
This move has aroused dissatisfaction among some developers, and Grindery Wallet has even considered quitting the Telegram ecosystem. CEO Tim Delhaes pointed out that Telegram gives developers a very short time to adjust, similar to the monopoly behavior of large technology companies, which may damage developers' trust in the platform.
Binance will launch BERA U-standard Perpetual Contract
According to Binance announcement, Berachain (BERA) will gradually launch services such as Binance Financial Management, one-click buying of coins, flash exchange, leverage and contracts from February 6 to 7.
- Financial management: BERA guaranteed capital earning current period opens subscription at 21:00 on February 6, and opens regular investment purchase at 18:00 on February 7.
- Buy coins with one click & flash exchange: BERA can be purchased with credit cards, Google Pay, Apple Pay within 1 hour after being launched, and can be redeemed for BTC, USDT, etc. without handling fees.
- Leveraged trading: 00:00 on February 7, supports BERA/USDT, BERA/USDC full position and position-by-position leverage. VIP 7-9 users can borrow 30 minutes in advance.
- Contract: BERA U standard perpetual contract will be launched at 23:00 on February 6 (1-75 times leverage).
Berachain main network is officially launched, Bera NFT airdrops have been opened to be collected
According to the official announcement of Berachain Foundation, the Berachain main network is officially launched. The chain is EVM compatible with L1 blockchain, adopts the Proof of Liquidity consensus mechanism, supports single-slot finality, and provides security and liquidity integration by the BeaconKit modular framework.
- Bera NFT airdrop: can be collected at airdrop.berachain.com, and you must first bridge from Ethereum to Berachain through nftbridge.berachain.com.
- Cross-chain bridge: bridge.berachain.com (supports LayerZero and Stargate).
- Transaction query: berascan.com (supported by Etherscan).
- Ecological infrastructure: including Safe multi-signature, Tenderly debugging, Fireblocks MPC wallet, Python oracle, etc., Ecological dApp TVL exceeds US$3 billion.
- Security Audit: Audited by Spearbit, Netherlands, Quantstamp, and the vulnerability bounty program has been launched in Immunefi.
Trump Media & Technology Group (TMTG) has applied to register the Truth.Fi brand exchange-traded fund (ETF) and independent management account (SMA) trademark, including Truth.Fi Manufacturing ETF, US Energy Independent ETF and Bitcoin Plus ETF wait. The program is part of TMTG's fintech strategy, which is expected to receive up to $250 million in investment and is escrowed by Charles Schwab. In addition, the company has reached a service and authorization agreement with Yorkville Advisors, and Yorkville will serve as a registered investment consultant, responsible for product design and regulatory promotion. TMTG CEO Devin Nunes said the investment vehicle is designed to provide investors with options that comply with the "America First" principle, including Bitcoin-related strategies to distinguish them from existing financial products on the market.
Coinbase International will launch Berachain perpetual contract
According to the Coinbase International Exchange announcement, the platform and Coinbase Advanced will support Berachain (BERA) perpetual contracts, and the BERA-PERP market is expected to open trading at 17:00 UTC on February 6, 2025.
Coinbase International Station will launch PENGU, POPCAT, and HNT perpetual contracts
According to the Coinbase International Exchange announcement, the platform and Coinbase Advanced will support PENGU, Popcat (POPCAT), and Helium (HNT) perpetual contracts. The relevant market is expected to open trading at 9:30 UTC or later on February 13, 2025.
People familiar with the matter: crypto exchange Gemini is considering IPO as early as this year
According to Bloomberg, people familiar with the matter said Gemini, a cryptocurrency company backed by billionaire Winklevoss twin brothers, is considering an initial public offering as early as this year, and the cryptocurrency exchange and custodian are working with potential advisers on listing matters, according to Bloomberg. Conduct negotiations.
Gemini's website shows that the company has offices in New York, Seattle, Singapore, London, Dublin and Gurgaon, India, and has more than 500 employees.
Trump Family Crypto Project WLFI Plans to Create "Strategic" Token Reserve
Chase Herro, co-founder of World Liberty Financial, the DeFi project of U.S. President Trump, said the platform plans to create a "strategic reserve" with purchased tokens. Herro did not specify what World Liberty’s goal is to hold the token reserve. This topic has attracted much attention since Trump pledged to establish a token reserve during his campaign last year. Last month, he signed an executive order requiring an assessment of the feasibility of creating a digital asset reserve. Donald Trump Jr. made a appearance at the Ondo Summit at the Lincoln Center Jazz Hall on Thursday, the president's latest move to showcase support for the digital asset industry.
Although World Liberty is advertised as a DeFi lending platform, it has not yet begun operations. So far, the project is known for buying niche tokens.
Solana re-staking platform Solayer announced the token economics of its governance token LAYER. The maximum supply of LAYER tokens is 1 billion and the initial circulation is 220 million. The allocation accounts for the following: ①51.23% are allocated to communities and ecosystems: of which 34.23% are used for continuous R&D, developer programs, ecosystem development and other user activities; 14% are used for community activities/incentives (12% are reserved for Genesis Drop, which includes rewarding early adopters and other initial application activities); 3% is allocated through Emerald Card Community Sales. ②17.11% are allocated to core contributors. ③16.66% have been sold to investors. ④15% is allocated to the Solayer Foundation to support product expansion and network development.
Regarding LAYER Genesis Airdrop, the second LAYER allocation is aimed at existing community members who have supported Solayer since they went online in 2024. Solayer reserves 12% of the total supply to Solayer community members, integration partners and liquidity providers, and users who meet the following qualifications: Solayer sSOL and sUSD holders, users who delegate sSOL to AVS partners, in partnership Users who deposit sSOL or sUSD in the DeFi protocol, users who deposit whitelist LST (liquidable staked tokens) on Solayer, users who deposit Solayer through partners and wallet activities, LRT protocol, and other claim plans.
In addition, Solayer said its core focus is on infinitely scaling SVM (Solana Virtual Machine). In 2025, Solayer will introduce the concept of offloading blockchain hardware into programmable hardware chips, achieving unlimited expansion - launching a million-level TPS network, InfiniSVM.
Ethereum developers have officially set a test date for the Pectra upgrade, the first upgrade in the network in 11 months and is expected to be released in April.
Ethereum’s core developers decided on Thursday’s biweekly “all core developers” conference call to start testing Pectra on Feb. 26 on Holesky Test Network, followed by scheduled to be on Sepolia Test Network on March 5 Conduct follow-up tests. If these tests are successful, the developers will meet again on March 6 to determine the time for the official release of the upgrade. According to Tim Beiko, head of agreement support at the Ethereum Foundation, developers expect the upgrade to go online in early April.
Pectra will include a range of improvements – focusing on wallets and validators in particular. Pectra is composed of two independent upgrades Prague and Electra, which includes eight major improvements to Ethereum. The most anticipated of these is EIP-7702, a proposal designed to improve the user experience of cryptocurrency wallets, and addresses on Ethereum called External Owned Accounts (EOAs) will be reconfigured to support smart contract capabilities. Another major feature of Pectra, EIP-7251, will allow validators to increase the amount of ETH they can stake—from 32 ETH to 2,048 ETH, and it will also help speed up the setup process for new nodes—the current system causes validators to need It takes several weeks to queue to start the new infrastructure.
Justin Sun is filing a lawsuit against billionaire collector David Geffen, seeking the return of the Alberto Giacometti sculpture "Le Nez" he bought at Sotheby's in 2021 for $78.4 million. Justin Sun accused his art consultant Xiong Zihan Sydney of selling the sculpture to Geffen without his knowledge by forging signatures and fictitious lawyers.
Sun claims that he never authorized Xiong to conduct any transactions, but Xiong still reached a deal with art dealers through intermediaries to exchange two paintings and $10.5 million cryptocurrency for sculptures between January and March 2024, which is far lower. Yu Sun Yuchen’s target price. In addition, Xiong allegedly used the cash part of the transaction to deceive Justin Sun, handing him over as a "deposit" for the fictitious buyer, and withheld $500,000. Justin Sun didn't discover this until December last year when he asked about the progress of the transaction.
However, Geffen's lawyers objected to the allegation, believing it was bizarre and unfounded, suggesting that Justin Sun just regretted the original deal. His lawyer pointed out that the transaction was completed through an intermediary, and if Justin Sun is now unhappy with the deal his intermediary has reached for him, then this is not the basis for filing a claim against Geffen. Sun's lawyer argued that Geffen's team should find obvious red flags before the transaction, especially the lawyers Xiong allegedly hired to handle business through personal Gmail accounts. The lawyer questioned the existence of the lawyer and said that Xiong repeatedly forged Justin Sun's signature and fabricated the existence of the lawyer, which was illegal.
Oneness Labs issued a statement saying: "About the recent false statements made by Lingkong and Mr. Luo Yuxiang against Oneness Labs and SHOWA, we hope to clarify the facts and respond to external questions. First, in the past 4 months, Oneness Labs and The senior management of Ringkong Games and the production team of "Showa American Story" have maintained close communication. We have had in-depth exchanges and discussions with Ringkong Games' senior management, shareholders, and Luo Yuxiang himself, including conference calls and digital Wanli has conducted long-term and in-depth designs around the token empowerment model, community management and future development. Lingkong Games understands the development process of SHOWA from beginning to end. We reserve the release of all conversations, recordings and texts rights.
Secondly, Oneness Labs has indeed become one of the shareholders of Lingkong Games by acquiring the company's equity held by Lingkong Games co-founder Troy Dunniway. The acquisition has been confirmed by Troy Dunniway himself. Denying the identity of Oneness Labs shareholders and the orthodoxy of SHOWA is a malicious dishonest act, and it also seriously damages Oneness Labs' rights as a shareholder of Lingkong. Oneness Labs will immediately resort to the law for the reputational and economic harm caused to Oneness Labs and related stakeholders by the actions of the Lynkong Games and Luo Yuxiang himself. ”
Previously, yesterday's news , Lingkong Games issued a statement saying that it has never conducted any commercial cooperation with Oneness Labs and has no relationship with "SHOWA Token".
Bybit will launch IPUSDT perpetual contract
According to official news, Bybit will launch the Story (IP) U-basis perpetual contract in pre-market trading at 8:00 tonight (UTC+8).
Viewpoint
CZ initiates the vote “Should BNB Chain try to eliminate/actively reduce MEV problems?”
CZ initiated a vote on X platform “Would BNB Chain try to eliminate/actively reduce MEV problems?” CZ says it hates any kind of "before trade", and that's what MEV is. In a decentralized world, no one can stop it completely. But there are ways to reduce it.
VanEck: Solana's SOL token price is expected to hit $520 by the end of 2025
Investment firm VanEck predicts that Solana's SOL token price will reach $520 by the end of 2025 as demand for smart contract platforms (SCP) grows and the increase in US M2 money supply in the coming months. VanEck predicts that by 2025, the M2 money supply will grow from the current $21.5 trillion to $22.3 trillion. When the U.S. central bank increases M2 by lowering interest rates or quantitative easing policies, more funds enter the circulation sector, resulting in increased liquidity in the economy and encourage investment in risky assets such as cryptocurrencies.
On the other hand, the SCP market is an area of operations for platforms such as Solana, allowing the creation and execution of smart contracts. VanEck estimates that the SCP market size may grow by 43% to $1.1 trillion by the end of 2025. Solana currently accounts for about 15% of the market, but VanEck expects that to rise to 22% by the end of 2025. "Using autoregressive (AR) prediction model, we estimate that Solana's market capitalization will reach about $250 billion, based on approximately 486 million tokens in circulation, which means that the SOL will reach $520," the report added.
Matrixport: Solana whales are cashing in profits, Meme coin speculation fades
Matrixport noted in the report that many traders may make emotional trading decisions, but Bitcoin always responds rationally to macroeconomic, currency and liquidity events. After Trump's victory in November 2024, Bitcoin and altcoins rose sharply due to the general expectations that he would establish strategic Bitcoin reserves and position the United States as a global cryptocurrency center. However, the hawkish tone at the December FOMC meeting suppressed liquidity expectations. Market sentiment remained strong before Trump's inauguration on January 20, but uncertainty gradually increased.
Unlike the new DeFi cycle in the bull market in 2020/2021, the era of memecoin and Pump.fun has arrived. The two main beneficiaries of the Pump.fun Meme coin frenzy are Solana and Raydium, but the hype-driven momentum has faded rapidly as daily trading activity declines. Over the past 30 days, the daily meme coins issued on Pump.fun has decreased by 16%, indicating that speculative interest is declining. A key factor in this slowdown is the Trump meme coin, which has attracted a large number of retail investors to enter and buy at unfavorable prices.
Despite the recent surge in Raydium (RAY) prices, there has been a significant trend: the number of wallets holding more than 10,000 SOLs has dropped sharply in the past two months, indicating that large players are shipping, which may curb the continued rise in SOL prices. However, this may also indicate that those early whales that amassed SOL before the memecoin cycle in late 2023 are now cashing out and reconfiguring their earnings to Bitcoin. This round can explain why Bitcoin remains resilient despite the overall pullback of the Shansai Coin Market.
Important data
A whale made a profit of $589,000 by shorting BERA in less than 2 hours
According to Lookonchain monitoring, after BERA went public, a whale made a profit of $589,000 by shorting BERA in less than 2 hours. The whale deposited US$1.6 million to Hyperliquid 16 hours ago and shorted BERA for about $13. He then closed his position and withdrew 2.19 million USD, making a profit of 589,000 USD.
A giant whale sold 8,500 ETH in exchange for 23.25 million DAI
According to Lookonchain monitoring, in the past hour, a giant whale sold 8,500 ETH at an average price of US$2,736 in exchange for 23.25 million DAIs.
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