Daily Report | Trump to announce Bitcoin reserve strategy at White House crypto summit; U.S. SEC agrees to withdraw lawsuit against Cumberland DRW
March 5 News OverviewOrganizer: Jerry, ChainCatcher
Important News:
- U.S. Secretary of Commerce: Trump will announce Bitcoin reserve strategy at the White House crypto summit
- Executives from Coinbase, Robinhood, and several other companies confirm attendance at this Friday's White House crypto summit
- U.S. SEC agrees to withdraw lawsuit against Cumberland DRW
- Blockstream secures billions in investment and will officially launch three Bitcoin-backed funds on April 1
- Zhao Changpeng: Vitalik is the cornerstone of the crypto industry, and I am still a blockchain learner
- Berachain co-founder: Regrets selling too many tokens to VCs, working hard to buy back to reduce community dilution
- Binance will launch RedStone (RED) spot trading
- Ethereum Pectra upgrade has been activated on the Sepolia testnet, entering the final testing phase
- Zhao Changpeng: Missed the entire "ETH train," but perhaps facilitated Binance and BNB
- Solana Labs' early investor Foundation Capital raises $600 million for its 11th fund
"What important events happened in the past 24 hours"
The U.S. Secretary of Commerce announced that Trump will unveil the Bitcoin (BTC) reserve strategy at the White House crypto summit.
Fox Business reporter Eleanor Terrett stated that although formal invitations have not yet been sent, several key industry figures have confirmed their attendance at this Friday's cryptocurrency summit at the White House.
Confirmed guests include: Strategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, Exodus CEO JP Richardson, Multicoin managing partner Kyle Samani, co-founder of Trump-related crypto project World Liberty Financial Zach Witkoff, Chainlink co-founder Sergey Nazarov, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi.
U.S. SEC agrees to withdraw lawsuit against Cumberland DRW
Crypto trading firm Cumberland DRW announced on X platform that it has signed a joint application with the U.S. Securities and Exchange Commission (SEC) to withdraw the lawsuit filed against it. The agreement was reached in principle on February 20 and is currently awaiting SEC committee approval.
The SEC sued Cumberland DRW last October, accusing it of operating as an unregistered securities dealer and selling over $2 billion in unregistered securities.
Blockchain infrastructure company Blockstream has secured billions in investment and will officially launch three Bitcoin-backed funds on April 1.
Two of these funds will focus on Bitcoin lending: one will underwrite loans collateralized by Bitcoin, while the other will use U.S. dollars as collateral for cryptocurrency lending. The third fund will adopt a hedge fund strategy to provide institutional investment opportunities in the Bitcoin market.
Blockstream stated that its "institutional-grade Bitcoin investment solutions" will go live on April 1 and will begin accepting external funds on July 1.
In response to the view that "Vitalik and Zhao Changpeng are two important figures," Zhao Changpeng replied, "Without Vitalik's contributions, smart contracts, ERC20, NFTs, SBTs, L2s, etc., cryptocurrency would not have the scale it has today. I am just a common person still learning about blockchain."
Berachain co-founder Smokey the Bera stated in an interview with Un Chained, "I don't think the criticism is completely wrong. If I could do it all over again, and the team could start from scratch, we might not have sold so much supply to venture capital firms. In fact, most of the supply was sold during the seed round at the beginning of 2022.
At that time, we thought it might be an interesting thing, but we didn't expect it to grow to such a large scale now. So I think these criticisms are valid. In fact, over time, we have been working hard to buy back that portion of the seed round and subsequent A round supplies to minimize the dilution suffered by the community."
Binance will launch RedStone (RED) spot trading
Binance will end pre-trading for RedStone (RED) on March 6, 2025, at 09:00 (UTC) and will open spot trading for RED/BTC, RED/USDT, RED/USDC, RED/FDUSD, and RED/TRY at 13:00 (UTC) on March 6.
Ethereum Pectra upgrade has been activated on the Sepolia testnet, entering the final testing phase
Ethereum's upcoming Pectra upgrade was activated on the Sepolia testnet around 14:30 Beijing time today.
The Sepolia version is reportedly the last major release before the mainnet upgrade is initiated, which is expected to start next month. This deployment marks the second phase of the Pectra testnet activation, following the launch of Pectra on the Holesky testnet on February 24.
The Pectra upgrade is named a combination of "Prague" (execution layer changes) and "Electra" (consensus layer updates), introducing several changes aimed at improving Ethereum's scalability. If performance is good, developers expect to determine the mainnet activation date during the all-core developers (ACD) call on March 6, 2025. The potential launch time for the mainnet is set for early April.
Zhao Changpeng: Missed the entire "ETH train," but perhaps facilitated Binance and BNB
Binance founder Zhao Changpeng responded to a community user's question about whether he holds ETH, stating that he does not hold any meaningful amount of ETH, possibly only a small amount in some old wallets, mainly because BNB was initially issued as an ERC20 token requiring ETH for gas fees.
CZ further revealed, "I missed the entire ETH train right in front of me. I met Vitalik at a Bitcoin conference in 2013. I learned about 'ICO' in 2014. In 2015, Vitalik briefly stayed in my small apartment in Tokyo during his travels. My (arrogant) suggestion was: 'A Turing-complete language on the blockchain? Isn't that too difficult?' He said: 'It can be done.'
It was truly a missed opportunity. But looking back, if I had bought ETH that early, I might not have had the motivation to start Binance or BNB."
Solana Labs' early investor Foundation Capital raises $600 million for its 11th fund
Silicon Valley venture capital firm Foundation Capital has raised $600 million for its 11th fund. The firm is an early investor in Solana Labs and will continue to focus on supporting early-stage startups.
Founded 30 years ago, this venture capital firm primarily invests in areas such as cryptocurrency, fintech, and artificial intelligence, stating that the new fund will continue its tradition of supporting founders even before product building or revenue generation, providing support at the "zero starting point" stage. Foundation Capital noted that 80% of its investments occur before a company generates its first dollar of revenue, "We look for what we call 'zero-to-billion-dollar markets'—opportunities that won't appear in industry forecasts because they are only visible to those who can see beyond the current existence."
Foundation Capital is one of the early investors in Solana Labs, having participated in its $20 million Series A funding in 2019. Its cryptocurrency portfolio also includes Binance U.S., OpenSea, MoonPay, Algorand, Stacks, BCB Group, Helius, Jito, and Kamino. The firm stated, "We have been investing in blockchain since 2014, unaffected by the harsh cryptocurrency winter."
Foundation Capital's 11th fund has grown by 20% compared to the previous $500 million fund closed three years ago. The firm's partner Rodolfo Gonzalez stated on social media, "If you are a seed-stage founder working in cryptocurrency, fintech, or enterprise AI, please come talk to us."
"What excellent articles are worth reading in the past 24 hours"
5000U turns into 400U, revealing the truth behind KOL round financing's 'capital hunting'
A mess, "lost face while losing money."
How authentic and practical are they?
Aave is about to join the DeFi dividend army. On March 4, the Aave community proposed a new proposal to update its token economic model, which not only strengthens its competitive advantage in the liquidity battle but also accelerates DeFi's transition to a sustainable value capture model.
Digging deep into the White House crypto summit, who are the 25 mysterious seats?
Based on public information, we have listed 7 confirmed attendees and 8 potential attendees for the White House crypto summit two days later.
Web3 VC metrics reorganized, a glance at which VC's investments can go public?
In the previous issue, we only selected three exchanges: Binance, OKX, and Coinbase. This time we updated the listing rates for Bybit and Upbit, improving the metrics for better statistical results.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of March 5, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: LINK, SPX, MKR, ITWT, ONDO
The top five popular Solana tokens in the past 24 hours are: PIPE, YODA, Sammy, DARKLON, CHAPPY
The top five popular Base tokens in the past 24 hours are: KAITO, EURC, USDT, BRAIN, USD+
