Important news from last night and this morning (March 4th - March 5th)

NPC deputy: China's independently developed blockchain underlying technology has been applied in 16 central ministries and 27 central enterprises.

According to CCTV News, Dong Jin, a National People's Congress deputy and president of the Beijing Microchip Blockchain and Edge Computing Research Institute, stated that my country's independently developed blockchain underlying technology has been applied to 16 central ministries and 27 central enterprises, achieving positive progress in areas such as taxation, cross-border trade, and global payments. Tens of billions of invoices are processed annually on my country's domestically developed blockchain, with over 300,000 enterprises involved in cross-border trade on the blockchain, representing a trade volume of trillions of yuan.

The crypto political action committee Fairshake has secured its first victory in the 2026 US congressional primaries.

According to CoinDesk, the crypto industry political action committee Fairshake has secured initial victories in the first round of the 2026 U.S. midterm elections. Several pro-crypto candidates supported by Fairshake won primaries held on Tuesday, including Trump-backed Republican Jessica Steinmann, who won the Texas 8th Republican primary with nearly 70% of the vote, and House Financial Services Committee Chairman French Hill, who received over $400,000 in advertising support, easily winning with 77% of the vote. A key effort by Fairshake in this primary was attempting to eliminate crypto critic and Texas Democratic Representative Al Green.

Crypto KOL @sillytuna's associated address suffered a poisoning attack, resulting in a loss of approximately $24 million.

According to PyShield monitoring, the address associated with crypto KOL @sillytuna (0xd2e8...ca41) suffered an address poisoning attack, resulting in a loss of approximately $24 million in aEthUSDC. Approximately $20 million in DAI is currently still held in two temporary wallets controlled by the attackers (not yet mixed): -0xdCA9...c9C4 (approximately $10 million); -0xd0c2...dd3e (approximately $10 million). The attackers have begun transferring small amounts of funds across chains to Arbitrum.

The largest long position holder on Hyperliquid, valued at $303 million, has already seen a floating profit of $19.3 million.

According to on-chain analyst Ember, after the "largest long position holder on Hyperliquid" increased his long position in BTC at $68,178 two days ago, the market experienced a violent rebound. Currently, the "largest long position holder on Hyperliquid" has a floating profit of $19.3 million on his $303 million long position: $16.2 million on 120,000 ETH ($256 million) and $3.1 million on 650 BTC ($47.41 million).

Bloomberg: The AI ​​boom is prompting Bitcoin mining companies with over $8 billion in holdings to transform their businesses, triggering market sell-off concerns.

According to Bloomberg, as Bitcoin prices have fallen more than 40% from their October highs, major mining companies holding over $8 billion in Bitcoin are quietly accelerating their sell-off. Unlike previous sell-offs aimed at covering costs, this round of selling is reallocating funds to the artificial intelligence sector. Mining companies are repositioning their farms, which also possess advantages in cheap electricity and capital-intensive infrastructure, as AI data center operators to capture a more predictable revenue stream than Bitcoin mining. MARA Holdings, the second-largest Bitcoin holder after Strategy, is adjusting its strategy and may sell a portion of its nearly $4 billion reserves. CleanSpark and Riot Platforms have restructured their executive teams to accelerate their AI transformation. Bitdeer has liquidated its Bitcoin holdings.

Paradex will launch its genesis airdrop on March 5th; its token economics have been updated.

The Paradex Foundation announced on the X platform that its ecosystem-native token, DIME, will launch its genesis airdrop on March 5th. Eligible users can claim the airdrop through the Paradex user interface within two weeks starting at 15:00 Beijing time on March 5th. Initial trading will open exclusively on the Paradex platform at 22:00 Beijing time on March 5th. Regarding token economics, two adjustments have been made since the initial plan was released in December 2024: the community airdrop allocation has been increased from 20% to 25%, with this increase coming from the extended activity in Q2 2025 (July); and the Foundation acquired 4.4% of the total supply of tokens by purchasing XP from institutional holders. These two adjustments reduce the circulating supply at TGE by 4.4% to 24.5%, while increasing the allocation for all future quarters through ongoing community rewards.

American Bitcoin's holdings have surpassed 6,500 Bitcoins, an increase of over 500 in the last 21 days.

Eric Trump, the second son of Donald Trump, posted on the X platform that American Bitcoin's holdings have exceeded 6,500 Bitcoins (an increase of more than 500 in the past 21 days), making it the 17th largest listed Bitcoin treasury company in the world.

Michael Saylor: Strategy: Bitcoin buying potential exceeds the amount available for sale in the market.

Michael Saylor, founder and executive chairman of Strategy, stated in an article on the X platform that Strategy possesses strong purchasing power, with its Bitcoin buying potential exceeding the amount available for sale on the market.

Morgan Stanley updated its Bitcoin ETF filing, designating Coinbase and Bank of New York Mellon as custodians.

According to The Block, Morgan Stanley has filed an amended S-1 filing with the SEC for a Bitcoin ETF, designating Coinbase Custody and Bank of New York Mellon as custodians. The filing also designates Bank of New York Mellon as the fund's administrator, transfer agent, and cash custodian, with Coinbase acting as the lead broker. The fund will track the spot price of Bitcoin. Morgan Stanley is the sixth-largest bank in the U.S. by assets and previously filed for the listing of the Solana Trust. Coinbase is the lead custodian for most U.S. spot Bitcoin ETFs.

Bridge's Sui ecosystem stablecoin, USDSui, has been launched on the mainnet.

According to The Block, USDsui, a stablecoin issued by Stripe's Bridge ecosystem, has officially launched on its mainnet. This stablecoin aims to provide a unified digital dollar for scalable finance and global payments, supporting access to wallets, DeFi protocols, and applications within the Sui ecosystem, and interoperability with other stablecoins issued by other Bridges. USDsui was first announced last November and is designed to comply with the GENIUS Act, the U.S. stablecoin legislation expected to be passed in 2025.

Following the Federal Reserve's granting of the Kraken master account, banking organizations expressed "deep concern."

According to The Block, following the Federal Reserve's approval of crypto exchange Kraken's application for a master account, US banking organizations have expressed strong opposition, warning that this move could allow crypto institutions to access the central bank's payment system without the same regulatory safeguards as traditional banks. The Banking Policy Institute expressed "deep concern," arguing that the Kansas City Fed approved the application before the Fed finalized its limited-use master account policy framework and that the approval process lacked transparency. The Independent Community Bankers Association also stated that allowing non-bank entities and crypto institutions access to master accounts poses a risk to the banking system. Federal Reserve governors stated last month that they hope to introduce a streamlined account structure later this year. Some crypto market participants believe that Kraken's approval signals a breakthrough in establishing non-deposit banking operations that do not rely on loans.

Digital asset trading company Crossover has raised $31 million in Series B funding, led by Tradeweb.

According to Bloomberg, fixed-income trading giant Tradeweb Markets led a $31 million Series B funding round for digital asset trading firm Crossover Markets Group, with participation from DRW Venture Capital, Ripple, Virtu Financial, Windemute Ventures, XTX Markets, and Illuminate Financial. The deal values ​​Crossover at approximately $200 million. As part of the deal, Tradeweb will leverage its algorithmic technology to route crypto orders from institutional clients through its platform, providing them with direct access to the digital asset space.

Crypto infrastructure company Zerohash applies for a national trust bank license from the U.S. OCC.

According to The Block, crypto infrastructure company Zerohash has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) seeking a national trust bank license. According to the application, the trust bank Zerohash plans to establish will provide digital asset custody, fiat currency and other asset custody, staking custody and verification activities, transfer agency services, trade execution, stablecoin management, and settlement, clearing, and custody services. Obtaining this license will not allow Zerohash to engage in traditional banking activities such as deposit-taking or lending, but it will enable it to operate under federal regulation, potentially attracting more institutional clients.

The US SEC and CFTC are advancing regulatory plans targeting the crypto industry and prediction markets.

According to Bloomberg, two major Wall Street regulators are moving forward with regulatory plans for the crypto industry and the rapidly growing prediction markets. The U.S. Securities and Exchange Commission (SEC) has submitted a commission-level guidance to the White House Office of Information and Regulatory Affairs regarding “the applicability of federal securities laws to certain types of crypto assets and certain transactions involving crypto assets.” This guidance could establish token classification standards for crypto assets, clarifying which tokens fall under the SEC’s jurisdiction. The Commodity Futures Trading Commission (CFTC) has also submitted a proposal to the Office of International Relations and Investment (OIRA) regarding prediction markets, and the agency is considering new rules for the industry, including issuing advance notice of proposed rulemaking. The SEC chairman stated that the agency will consider providing interpretive guidance on the classification of crypto asset tokens to ensure that investors and innovators clearly understand their regulatory obligations.

Trump formally nominated Kevin Warsh to be the Federal Reserve Chairman; Senate confirmation signal to begin.

According to CLS News Agency, US President Donald Trump formally nominated Kevin Warsh to be the next Federal Reserve Chairman on Wednesday. If confirmed by the Senate, Warsh will succeed current Fed Chairman Jerome Powell for a four-year term. The White House released a statement online Wednesday stating that the nomination documents have been formally submitted to the Senate. The next step in the nomination process is a hearing by the Senate Banking Committee, but Republican Senator Tillis may block the nomination from proceeding to the review process due to the criminal investigation Powell is under.

The Federal Reserve's Beige Book: The U.S. economy is expanding moderately, but inflation and policy uncertainty remain risks.

According to Zhitong Finance, the latest Beige Book released by the Federal Reserve shows that the U.S. economy remained generally stable at the beginning of 2026, but persistent inflation, a slowing job market, and policy uncertainty are posing new risks. The report indicates that the U.S. economy showed relatively solid fundamentals at the beginning of the year, but businesses remained cautious about the future outlook. Businesses surveyed by the New York Fed reported that consumer spending had rebounded, but many households reduced large-scale purchases due to uncertainty. Regarding employment, the Beige Book shows that employment was generally stable in most districts at the beginning of the year, but the labor market lacked significant dynamism. Inflation remains a common concern for businesses. The Beige Book shows that all 12 Fed districts reported price increases, with eight districts experiencing a moderate rise in inflation and four experiencing a slight increase.

a16z Crypto plans to raise $2 billion for its fifth fund.

According to Fortune magazine, multiple sources familiar with the matter revealed that a16z crypto is raising funds for its fifth fund, targeting approximately $2 billion, with plans to complete fundraising in the first half of 2026. a16z Crypto launched its first $300 million fund in 2018, and each subsequent fund has exceeded its predecessor's size, culminating in a massive $4.5 billion fund raised in 2022. While the new fund is less than half the size of its previous one, sources say a16z Crypto plans to shorten the fundraising cycle to accommodate the rapidly changing trends in the crypto industry. The sources also stated that the fifth fund will be entirely focused on blockchain investments.

Coinbase will launch Limitless (LMTS) spot trading.

According to an official announcement, Coinbase will launch spot trading for Limitless (LMTS). If liquidity conditions are met and the supported trading regions meet the trading requirements, the LMTS-USD trading pair will begin trading at or after 1:00 AM Beijing time on March 6.

Sources say a former OpenAI executive is raising $70 million for AI company Arda.

According to the Wall Street Journal, Bob McClure, former chief research officer of OpenAI, is raising $70 million for an AI and software platform startup that aims to automate manufacturing. The new company, named Arda, co-founded by McClure, is currently raising funds at a valuation of $700 million, according to sources familiar with the matter. Founders Fund and Accel co-led the round, with participation from Khosla Ventures and XYZ Venture Capital. The funding round is not yet closed, and the terms of the deal are still subject to change. Sources say Arda is developing an AI and software platform, including a video model that can analyze video footage from factory floors and use that data to train robots to operate autonomously in the factory.

Jiuzi Holdings plans to acquire 10,000 BTC from an investor in a $1 billion stock swap deal.

According to GlobeNewswire, U.S.-listed Jiuzi Holdings (NASDAQ: JZXN) announced a strategic agreement with a global digital asset investor to acquire 10,000 BTC for approximately $1 billion in equity consideration, establishing a long-term partnership. The investor will exchange its BTC holdings for JZXN equity, and the two parties plan to collaborate in areas such as digital asset vault management, cross-border crypto settlement, liquidity management, and participation in crypto infrastructure.

X has spun off its private messaging feature into a standalone app, "X Chat," which is now in iOS testing.

According to TechCrunch, X will release an upgraded version of its private messaging app, X Chat, as a standalone application. It claims to support end-to-end encryption, and the chat will sync with the main X app and chat.x.com. An Android version is expected to launch "soon." The Apple TestFlight page indicates that testing requires iOS/iPadOS 26 or later.

Sources say OpenAI may sign an AI deployment contract with NATO.

According to a Reuters report citing sources familiar with the matter, OpenAI is considering a contract with NATO to deploy its AI technology on its "unclassified" networks, following a recent agreement with the Pentagon to provide models to classified U.S. Department of Defense networks. The report states that Sam Altman mentioned "all classified NATO networks" in an internal meeting, but a spokesperson later clarified that it referred to "unclassified networks." OpenAI updated its statement, stating that its systems must not be "intentionally used for domestic surveillance of U.S. citizens," and that the Pentagon confirmed it would not provide related services to intelligence agencies such as the NSA. Anthropic was removed from related collaborations by the U.S. government for refusing to provide technology for mass domestic surveillance and fully autonomous weapons.

The White House will review new forecasting market measures proposed by the Commodity Futures Trading Commission.

The White House will review new forecasting market measures proposed by the Commodity Futures Trading Commission.

Coinbase launches stock trading, with some stocks supporting extended 24/7 trading hours.

Coinbase announced the official launch of stock trading on its platform and thanked Nasdaq; it later added that the stock securities are provided by Coinbase Capital Markets (a FINRA member and SIPC member), while the digital asset business is provided by Coinbase Inc. and its affiliates. Eligible stocks support extended trading hours 24/7.

Angle Protocol announces the phase-out of its EURA and USDA stablecoin businesses.

The Angle Protocol community passed proposal AIP-112, agreeing to orderly shut down the EURA and USDA stablecoins during a one-year transition period. Users can transfer their EURA and USDA from various blockchains back to Ethereum via the Angle App before March 1, 2027, and exchange them for EURC and USDC at a 1:1 ratio. VaultManager positions can be closed and collateral can be retrieved. After the transition period, the protocol will cease operation, and EURA and USDA may become de-pegged. Remaining reserves will be recovered by multisignature and airdropped proportionally to unredeemed holders on Ethereum via Merkl. Users will have a one-year window to claim their tokens after the airdrop begins.

Federal Reserve Governor Milan: A one percentage point rate cut this year would be appropriate.

Federal Reserve Governor Milan stated that a one percentage point rate cut this year would be appropriate. Further rate cuts at the March meeting would be suitable; the outlook remains unchanged despite the ongoing conflict in Iran. The layoffs at fintech company Block foreshadow potential future developments, but it is, after all, just one company. The Fed should adopt a more accommodative monetary policy to accommodate the employment transformation brought about by artificial intelligence. He does not believe that credit issues require adjustments to monetary policy.

Cyclops Raises $8 Million in Funding to Advance Stablecoin Payment Infrastructure

Cyclops, a US-based stablecoin infrastructure startup, has raised $8 million in funding from investors including Castle Island Ventures, F-Prime, and payments company Shift4 Payments. Valuation was not disclosed. Cyclops provides stablecoin settlement technology to merchants in sectors such as airlines and hotels, as well as payments companies. It is currently partnering with helicopter travel company Blade and Blue Origin, among other merchants using Shift4, to provide a "technology pipeline" for their 24/7 stablecoin settlements.

Binance launches Fabric Protocol (ROBO), a robotics and AI infrastructure project.

Binance has announced the listing of Fabric Protocol (ROBO), with spot trading pairs ROBO/USDT, ROBO/USDC, and ROBO/TRY opening on March 4, 2026 at 16:30 (UTC). Withdrawals are expected to resume on March 5, 2026 at 16:30 (UTC). ROBO is a newly listed high-risk token, marked as a Seed Tag project. Users must pass a relevant risk control test every 90 days before they can trade. The ROBO contract is deployed on BNB Smart Chain and Ethereum. An additional 300 million ROBO tokens will be used for subsequent marketing activities; specific arrangements will be announced separately.

The Power Protocol team's associated address transferred 30 million POWER tokens to an exchange, causing the token price to plummet by 90%.

Wallets associated with the Power Protocol project transferred 30 million POWER tokens (approximately $16.23 million) to Bitget and MEXC between last night and this morning, with 20 million going to Bitget and 10 million to MEXC. The on-chain transfers occurred between 11:00 PM and 9:00 AM the following day. Subsequently, the price of POWER dropped from $1.86 to $0.17, a decrease of approximately 90%.

Binance will list COPPERUSDT perpetual contracts.

Binance Futures will launch USDⓈ-margined COPPERUSDT perpetual contracts on March 6, 2026 at 17:00 (UTC+8), supporting leverage up to 100x. The contract uses copper as the underlying asset, with each contract representing 1 pound of copper, and settlement is in USDT.

US Treasury Secretary Bessant: 15% tariffs expected to be implemented this week.

U.S. Treasury Secretary Bessenter stated (regarding the increase of tariffs to 15%) that it is expected to be implemented this week. The tariff rate will revert to its previous level in approximately five months. Further Section 301 and Section 232 investigations will be conducted during the 150-day tariff period.

US Treasury Secretary Bessant: The US Navy will provide security escort for oil tankers if necessary.

According to Jinshi Data, US Treasury Secretary Bessenter stated that the US Navy will provide security escorts for oil tankers if necessary. (Regarding Iran) he stated that he has complete control of Iranian airspace and will destroy Iranian ballistic missiles and bunkers in the coming days. US President Trump has a clear vision for this, and all parties should back down. (Regarding oil) he stated that the crude oil market is well-supplied and a series of statements will be issued. He also stated that everything related to Iran is progressing smoothly, with millions of barrels of oil away from the Gulf region. He is maintaining contact with other countries (regarding the oil market).

Seedance 2.0 has announced its pricing for video generation: 1 RMB per second.

According to the Volcano Engine website, Seedance 2.0 pricing was announced today: 28 RMB per million tokens including video input and 46 RMB per million tokens without video input. It is understood that generating a 15-second video in Seedance 2.0 requires 308,880 tokens. It's important to note the difference in service content between the two pricing schemes: the former refers to video editing, while the latter refers to raw video, which consumes more computing power and is therefore more expensive. At 46 RMB per token, a single 15-second video costs 15 RMB, or 1 RMB per second.

Kraken has been approved for a "simplified" Fed master account, becoming the first crypto company to gain access to the Federal Reserve's core payment system, Fedwire.

According to the Wall Street Journal, Kraken Financial, Kraken's banking arm, has received approval from the Federal Reserve Bank of Kansas City to establish a "Master Account" with direct access to the Fed's core payment channel, Fedwire, in a "restricted/simplified" manner. This "Master Account" approval does not include all of the bank's privileges (such as interest calculation on reserves).

South Korea has set a 20% cap on major shareholders' ownership in cryptocurrency exchanges, potentially forcing companies like Upbit to restructure their shareholdings.

South Korean regulators and lawmakers have reached an agreement on capping shareholdings by major shareholders in cryptocurrency exchanges, proposing to limit the percentage of shares held by "major shareholders" to 20%, with exceptions allowing up to 34%. If the legislation passes, leading platforms such as Upbit and Bithumb will have a three-year grace period to restructure their shareholdings, while smaller exchanges will have a six-year grace period. Currently, Bithumb Holdings holds over 73% of Bithumb's shares, and Binance holds over 67% of Gopax, far exceeding the proposed cap, potentially requiring them to significantly reduce or dilute their holdings. This restriction is expected to be incorporated into South Korea's comprehensive cryptocurrency regulatory bill, the "Digital Assets Basic Law."