Institutional adoption of Bitcoin in the European Union remains sluggish, even as the United States moves forward with landmark cryptocurrency regulations that seek to establish BTC as a national reserve asset. More than three weeks after President Donald Trump’s March 7 executive order outlined plans to use cryptocurrency seized in criminal cases to create a federal Bitcoin (BTC) reserve, European companies have largely remained silent on the issue. The stagnation may stem from Europe’s complex regulatory regime, according to Elisenda Fabrega, general counsel at Brickken, a European real-world asset (RWA) tokenization platform. “European corporate adoption remains limited,” Fabrega told Cointelegraph, adding: “This hesitation reflects a deeper structural divide, rooted in regulation, institutional signaling and market maturity. Europe has yet to take a definitive stance on Bitcoin as a reserve asset.” Bitcoin’s economic model favors early adopters, which may pressure more investment firms to consider gaining exposure to BTC. The asset has outperformed most major global assets since Trump’s election despite a recent correction. Asset performance since Trump’s election victory. Source: Thomas Fahrer Despite Trump’s executive order, only a small number of European companies have publicly disclosed Bitcoin holdings or crypto services. These include French banking giant BNP Paribas, Swiss firm 21Shares AG, VanEck Europe, Malta-based Jacobi Asset Management and Austrian fintech firm Bitpanda. A recent Bitpanda survey suggests that European financial institutions may be underestimating crypto investor demand by as much as 30%. Related: Friday’s US inflation report may catalyze a Bitcoin April rally Europe’s “fragmented” regulatory landscape lacks clarity The EU’s slower adoption appears tied to its patchwork of regulations and more conservative investment mandates, analysts at Bitfinex told Cointelegraph. “Europe’s institutional landscape is more fragmented, with regulatory hurdles and conservative investment mandates limiting Bitcoin allocations.” “Additionally, European pension funds and large asset managers have been slower to adopt Bitcoin exposure due to unclear guidelines and risk aversion,” they added. Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes Beyond the fragmented regulations, European retail investor appetite and retail participation are generally lower than in the US, according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo. Europe is “generally more conservative in adopting new financial instruments,” the analyst told Cointelegraph, adding: “This stands in stark contrast to the deep, liquid, and relatively unified US capital market, where the spot Bitcoin ETF rollout was buoyed by strong retail demand and a clear regulatory green light.” iShares Bitcoin ETP listings. Source: BlackRock BlackRock, the world’s largest asset manager, launched a Bitcoin exchange-traded product (ETP) in Europe on March 25, a development that may boost institutional confidence among European investors. Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

The New York State Attorney General’s (NAYG) recent legal action against Galaxy Digital over its promotional ties to the now-collapsed cryptocurrency Terra (LUNA) was unfair and an abuse of the legal system, says SkyBridge Capital and founder Anthony Scaramucci. “It’s LAWFARE, pure and simple due to an obscure but dangerously powerful New York law known as the Martin Act,” Scaramucci said in a March 28 X post. Martin Law can “open the door for abuse” “The law has no need to prove intent, creating a low standard of proof that can open the door for abuse like this. It shouldn’t exist,” he said. New York’s Martin Act is one of the US's strictest anti-fraud and securities laws, allowing prosecutors the power to pursue financial fraud cases without needing to prove intent. The NAYG alleged that Galaxy Digital violated the Martin Act over its alleged promotion of Terra, with Galaxy Digital agreeing to a $200 million settlement. According to NAYG documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount in October 2020, then promoted them before selling them without abiding by disclosure rules. Scaramucci reiterated that Galaxy CEO Michael Novogratz was under the impression everything he was saying about Luna was true, as he had been deceived by Terraform Labs and its former CEO, Do Kwon. Source: Amanda Fischer Meanwhile, MoonPay president of enterprise, Keith Grossman, said he had never heard of the Martin Act and had to look it up using AI chatbot ChatGPT. “It is so broad and essentially is the essence of lawfare,” Grossman said. “Sorry you got caught in the crosshairs of it, Mike,” he added. Related: Sonic unveils high-yield algorithmic stablecoin, reigniting Terra-Luna ‘PTSD’ The filing alleged that Galaxy helped a “little-known” token, referring to LUNA, increase its market price from $0.31 in October 2020 to $119.18 in April 2022 while “profiting in the hundreds of millions of dollars.” Asset manager and investor Anthony Pompliano said he isn’t familiar with the details of the lawsuit but vouched for Novogratz, calling him a “good man” who has devoted a lot of time and money to helping others. The Terra collapse is one of the crypto industry’s most infamous failures. In March 2024, SEC attorney Devon Staren said in the US District Court for the Southern District of New York that Terra was a “house of cards” that collapsed for investors in 2022. Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder

Billionaire investor Elon Musk has sold his social media platform X to his AI startup xAI in an all-stock deal, sparking controversy as it coincides with a US judge rejecting his bid to dismiss a lawsuit tied to the social media platform. The transfer of ownership of X to xAI on March 28 means that the class-action lawsuit against Musk — accusing him of defrauding former Twitter shareholders by delaying the disclosure of his initial investment in the social media platform — has become “a whole lot spicer,” Cinneamhain Ventures partner Adam Cochran said in a March 28 X post. Acquisition may open up xAI to more ‘exposure’ On the same day that Musk said “xAI has acquired X in an all-stock transaction,” a US judge reportedly rejected Musk’s attempt to dismiss the lawsuit. Cochran said it has “opened up his AI entity to exposure here too, and it’s a much bigger pie.” Source: Grok Musk said the deal values xAI at $80 billion and X at $33 billion, factoring in $12 billion in debt from the $45 billion valuation. He originally bought X, formerly Twitter, for around $44 billion in April 2022. “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk said. Source: Bryan Rosenblatt “This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach,” he said, adding: “This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.” However, Cochran claimed that “Musk used his pumped up xAI stock to pay multiple times over value for X, but still take an $11B loss on the transaction.” He said that Musk is “screwing over xAI investors, and X investors” and was executed to sell user data to xAI. Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report xAI is best known for its AI chatbot “Grok” which is built into the X platform. When Musk released it in November 2023, he claimed it could outperform OpenAI’s first iteration of ChatGPT in several academic tests. Musk explained at the time that the motivation behind building Grok is to create AI tools equipped to assist humanity by empowering research and innovation. While Cochran said that Grok being valued at $80 billion is an “insanely dumb valuation,” crypto developer “Keef” disagrees. Keef said, “This is shady all around, but given the day, Grok is genuinely probably the top model for various tasks.” Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder

Five Democratic lawmakers in the US Senate have called on leadership at regulatory agencies to consider the potential conflicts of interest from a stablecoin launched by World Liberty Financial (WLFI), the crypto firm backed by US President Donald Trump’s family. In a March 28 letter from the US Senate Banking Committee, Massachusetts Senator Elizabeth Warren and four other Democrats asked the Federal Reserve’s committee chair on supervision and regulation, Michelle Bowman, and acting comptroller of the currency, Rodney Hood, how they intended to regulate WLFI and its stablecoin, USD1. March 28 letter from five Democratic senators to OCC, Fed leadership. Source: US Senate Banking Committee The letter came as members of Congress are considering legislation to regulate stablecoins through the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. The bill, if signed into law, would essentially allow the Office of the Comptroller of the Currency (OCC) and Federal Reserve to oversee stablecoin regulation, including for issuers like WLFI and its USD1 coin. Trump also signed an executive order in February attempting to have all federal agencies — purportedly including the OCC — “regularly consult with and coordinate policies and priorities” with White House officials, giving the US president unprecedented control. “President Trump’s involvement in this venture, as he strips financial regulators of their independence and Congress simultaneously considers stablecoin legislation, presents an extraordinary conflict of interest that could create unprecedented risks to our financial system and to the integrity of decisions made by the [Fed and OCC],” said the letter, adding: “The launch of a stablecoin directly tied to a sitting President who stands to benefit financially from the stablecoin’s success presents unprecedented risks to our financial system.” Related: Trump’s USD1 stablecoin deepens concerns over conflicts of interest Since World Liberty launched in September 2024 — months before the US election and Trump’s inauguration — many of the firm’s goals have been shrouded in secrecy. The project’s website notes that Trump and some of his family members control 60% of the company’s equity interests. As of March 14, World Liberty had completed two public token sales, netting the company a combined $550 million. On March 24, the project confirmed launching its first stablecoin on the BNB Chain and Ethereum. The president’s son, Donald Trump Jr., also pitched USD1 from the DC Blockchain Summit on March 26 with three of WLFI’s co-founders. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

The Federal Deposit Insurance Corporation (FDIC) said in a March 28 letter that institutions under its oversight, including banks, can now engage in crypto-related activities without prior approval. The announcement comes as the Commodity Futures Trading Commission (CFTC) announced that digital asset derivatives wouldn’t be treated differently than any other derivatives. The FDIC letter rescinds a previous instruction under former US President Joe Biden’s administration that required institutions to notify the agency before engaging in crypto-related activities. According to the FDIC’s definition: ”Crypto-related activities include, but are not limited to, acting as crypto-asset custodians; maintaining stablecoin reserves; issuing crypto and other digital assets; acting as market makers or exchange or redemption agents; participating in blockchain- and distributed ledger-based settlement or payment systems, including performing node functions; as well as related activities such as finder activities and lending.” FDIC-supervised institutions should consider associated risks when engaging in crypto-related activities, it said. These risks include market and liquidity risks, operational and cybersecurity risks, consumer protection requirements, and Anti-Money Laundering requirements. On March 25, the FDIC eliminated the “reputational risk” category from bank exams, opening a path for banks to work with digital assets. Reputational risk is a term that underscores the dangers banks face when engaging with certain industries. Related: FDIC resists transparency on Operation Chokepoint 2.0 — Coinbase CLO Digital asset derivatives won’t be treated differently — CFTC While the US crypto derivatives market had been a gray zone due to regulatory uncertainty, that has been changing. On March 28, the CFTC withdrew a staff advisory letter to ensure that digital asset derivatives — a type of trading product — will not be treated differently from other types of derivatives. The revision is “effective immediately.” The change in tone from the CFTC and FDIC follows a new environment for crypto firms under US President Donald Trump’s administration. Trump has vowed to make the US “the crypto capital of the planet.” Crypto firms are shifting strategies to align with the easing regulatory climate. On March 10, Coinbase announced the offer of 24/7 Bitcoin (BTC) and Ether (ETH) futures. In addition, the company is reportedly planning to acquire Derebit, a crypto derivatives exchange. Kraken, another US-based cryptocurrency exchange, has also made moves in the derivatives market. On March 20, it announced the acquisition of NinjaTrader, which would allow the exchange to offer crypto futures and derivatives in the United States. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

US President Donald Trump has reportedly issued pardons for three of the co-founders of the cryptocurrency exchange BitMEX who had pleaded guilty to felony charges. According to a March 28 CNBC report, Trump granted pardons to Arthur Hayes, Benjamin Delo and Samuel Reed, who were facing a range of criminal charges related to money laundering or violations of the Bank Secrecy Act. Hayes and Delo pleaded guilty in February 2022, admitting they “willfully fail[ed] to establish, implement and maintain an Anti-Money Laundering program” at BitMEX, while Reed entered a plea a few weeks later. At the time of publication, the White House had not released a statement suggesting that Trump planned to pardon the three men. This is a developing story, and further information will be added as it becomes available.

Coinbase’s emergence as the Ethereum network’s largest node operator raises concerns about network centralization that could worsen as institutional adoption accelerates, industry executives told Cointelegraph. On March 19, Coinbase published a report disclosing that the US cryptocurrency exchange controlled more than 11% of staked Ether (ETH), more than any other Ethereum node operator. According to Karan Sirdesai, CEO of Web3 startup Mira Network, Coinbase’s growing dominance highlights “a systemic issue in Ethereum’s staking architecture.” “We’re creating a system where a handful of major players control an outsized portion of network security, undermining the core promise of decentralization,” Sirdesai told Cointelegraph. According to the report, Coinbase controlled 3.84 million ETH staked to 120,000 validators, representing 11.42% of staked Ether as of March 4. Liquid staking protocol Lido controls a larger share of staked Ether overall — approximately 9.4 million ETH, according to Lido’s website. However, Lido’s staked Ether is distributed across dozens of independent node operators, Anthony Sassano, host of The Daily Gwei, said in a March 19 post on the X platform. To limit risks, Coinbase spreads staking operations across five countries and employs multiple cloud providers, Ethereum clients, and relays, according to its report. “Diversification at the network level and the overall health of the network is always a priority for us. That’s why we periodically check network distribution," the exchange said. Coinbase is the largest Ethereum node operator. Source: Coinbase Related: Ether ETFs poised to surge in 2025, analysts say Impending centralization risks Ethereum’s network concentration could worsen if US exchange-traded funds (ETFs) are permitted to begin staking — a priority for asset managers such as BlackRock. Coinbase is the largest custodian for US crypto ETFs and holds ETH on behalf of eight of the nine US spot Ether funds, the exchange said in January. “This type of network consolidation brings with it increased risk of censorship and reduced network resilience,” Temujin Louie, CEO of Wanchain, a blockchain interoperability protocol, told Cointelegraph. For instance, high staking concentrations “represent potential points of regulatory pressure… [and] these large staking entities will likely prioritize regulatory adherence over network censorship resistance when faced with difficult choices,” Sirdesai said. Meanwhile, new US regulatory guidance allowing banks to act as validators for blockchain networks adds to centralization risks, several crypto executives said. “If too much stake consolidates under regulated entities like Coinbase and US banks, Ethereum will become more like traditional financial systems,” Louie said. Conversely, more institutional validators could actually improve staking concentrations. Cryptocurrency exchange Robinhood is especially well positioned to check Coinbase’s staking dominance, according to Sirdesai. Robinhood already has “the crypto infrastructure, user base, and technical capabilities to move into staking rapidly. They could realistically challenge Coinbase’s position faster than any traditional bank,” Sirdesai said. Magazine: Ethereum L2s will be interoperable ‘within months’ — Complete guide

The Department of Government Efficiency team — or DOGE, which is not an official US government department — led by Tesla CEO Elon Musk is reportedly moving into the Securities and Exchange Commission (SEC). According to a March 28 Reuters report, Musk’s DOGE team contacted the SEC and was told it would be given access to the commission’s systems and data. The agency reportedly planned to establish a liaison team to work with the “efficiency” team, whose intentions were not immediately clear. “Our intent will be to partner with the DOGE representatives and cooperate with their request following normal processes for ethics requirements, IT security or system training, and establishing their need to know before granting access to restricted systems and data,” said an email to SEC staff, according to Reuters. After taking office as US President in January, Donald Trump signed an executive order allowing DOGE to implement cost-cutting measures, claiming efforts “to save taxpayers money.” However, many of Musk’s efforts — including attempting to fire staff at the US Agency for International Development, or USAID, and shutting down the watchdog Consumer Financial Protection Bureau (CFPB) — face lawsuits in federal court from parties alleging DOGE’s actions were illegal or unconstitutional. This is a developing story, and further information will be added as it becomes available.

Opinion by: Eran Barak, CEO at Midnight It’s been almost 16 years since blockchain emerged from its esoteric fringes to enter global discourse, evidenced most recently by continued backing from Wall Street incumbents. Despite this remarkable ascendancy, the unfortunate truth is that this technology has yet to realize its true business potential. A core challenge persists: Too much sensitive data remains publicly unshielded. The crux of the issue is that companies must keep business data confidential, and people strive to safeguard their personal information as best they can. Once data is put on a public blockchain, however, it becomes irreversibly and indefinitely exposed. Even if a business takes every possible precaution to conceal data, mistakes made by others or vulnerabilities in the system can expose sensitive onchain data or metadata, including participants’ identities. This can lead to privacy breaches, compliance violations or both, undermining the foundational assumption that blockchain is trusted and underscoring the importance of robust measures to protect sensitive data. On the other side of that coin, concealing activity on a blockchain can open the door to money laundering, triggering negative government responses. Instances in which this has occurred have led to a false impression that governments oppose Web3 privacy, a criterion businesses fundamentally need for them to adopt the technology. From whichever angle we look at it, maintaining privacy onchain is a real and complex issue for Web3. Until we solve it, businesses will not and should not be expected to cross the chasm. The belief that governments oppose privacy on the blockchain is wrong Web3 entrepreneurs have grown to fear that building decentralized applications and businesses that provide financial anonymity could land them in regulatory trouble. Just look at Samourai Wallet, whose co-founders were charged with money laundering, or Tornado Cash, whose developer was sentenced to 64 months in prison for similar reasons. These responses have led to a consensus that governments are opposed to privacy altogether when it comes to blockchain. Recent: AI agents and blockchain are redefining the digital economy This couldn’t be further from the truth. Governments don’t oppose privacy but mandate it across industries. Data protection laws, like the General Data Protection Regulation or the Health Insurance Portability and Accountability Act, are in place to ensure businesses protect our customer data from misuse and security threats. The real issue these high-profile cases reveal is that Web3 measures to protect data have created opportunities for misuse, enabling the facilitation of criminal activities that have understandably raised serious concerns on behalf of governments. Blockchain data protection capabilities should not undermine established cross-jurisdictional laws safeguarding the global community from terrorism, human trafficking, fraud and other criminal offenses. This begs the question: What does privacy, done right, look like? Selective disclosure When it comes to using blockchain, protecting sensitive data is typically accomplished by either keeping the data offchain, or encrypting data onchain. The latter is not durable privacy given quantum computing’s rapid advances in cracking encryption. The advent of zero-knowledge (ZK) technology, a complex cryptographic technique, allows users to ensure sensitive data remains offchain by sharing attestations about the validity of the data instead. In Web3, ZK has emerged as a transformative way to enhance privacy as it enables untrusted parties to validate that a transaction has occurred without sharing any information about the transaction. Decentralized applications can exercise selective disclosure by choosing between putting data onchain (full disclosure), putting it onchain with encryption (disclosure via viewing keys) or using ZK to only publish attestation about the data (offering utility without any disclosure). Selective data disclosure only solves half of the puzzle. It was not designed to account for metadata. The next privacy frontier Metadata, the information surrounding our data, is an under-discussed component of blockchain’s exposure of sensitive information; it can be used to make inferences, creating an added layer of vulnerability even when the data itself is concealed. For example, through transaction metadata, investment and trading strategies can be inferred in addition to other behavioral patterns. For businesses, the implications of this can be detrimental to their growth and ability to stay ahead of competitors. They can’t afford to have trade secrets and strategies, or even the identities of other parties they are transacting with, made public. The need to protect metadata and remove the ability to make inferences is paramount to security and can be addressed using a private token. Such capability can, however, be easily misused for money laundering. If using a private token is not the solution, and using a public token does not provide sufficient levels of confidentiality, then the way to solve this challenge is to rethink Web3’s approach to protecting metadata altogether. We need to combine the benefits of both approaches, effectively creating a dual-asset system in which a public and a private token are used. Each asset functions independently, meaning specific restrictions can be placed to prevent illicit activities such as money laundering while retaining all the benefits. A powerful framework The dual-asset system enables confidentiality without the ailments shielding metadata usually brings, making compliance and business policy enforcement possible. By combining this tokenomics structure with selective disclosure, privacy and regulatory compliance can coexist on the blockchain, which will have resounding effects on adoption and innovation. Opinion by: Eran Barak, CEO at Midnight. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Michael Novogratz’s crypto investment firm Galaxy Digital has agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA) According to New York Attorney General’s office documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount while promoting them before selling them without abiding by disclosure rules. The filing states: “Ultimately, Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022, while profiting in the hundreds of millions of dollars.“ As part of the settlement agreement, Galaxy will pay $200 million in monetary relief over a three-year period: $40 million within 15 days, another $40 million within one year, followed by two additional payments of $60 million due within the second and third years, respectively. Related: A beginner’s guide on algorithmic stablecoins Galaxy Digital reportedly spread fake news The Attorney General’s filing also accused Galaxy Digital and Novogratz of spreading false claims about Terra’s usage. In particular, the firm allegedly stated that the South Korean payments app Chai was built on the Terra blockchain, which was not accurate. This claim was also included in a press release sent to Bloomberg highlighting that the app “hosts over 2 million users and generates $1.2 billion in annualized transaction volume.” The release reads: “These statements were false. They were based on representations by Kwon and Terraform to Galaxy, but Galaxy failed to independently verify them.“ Galaxy Digital’s Novogratz mentions Terra usage in Chai following Terra’s collapse. Source: Galaxy Digital Related: Terra’s Do Kwon’s US court hearing delayed as prosecutors review a swath of new evidence Terra’s collapse and market fallout Terra and its algorithmic stablecoin, TerraUSD (UST), both experienced a dramatic collapse due to a breakdown in the mechanism designed to maintain UST’s peg to the US dollar back in May 2022. The event occurred when a large holder sold a substantial amount of UST. The large sell-off triggered market panic, causing UST to deviate from its expected value. The mechanism intended to stabilize UST involved minting new LUNA tokens to buy back UST, resulting in massive LUNA supply inflation and creating intense downward pressure on LUNA’s price. As Cointelegraph reported at the time, if the market cap of LUNA became lower than that of UST, there would not be enough funds to maintain the peg of the stablecoin. With the asset backing the stablecoin losing value as its supply continued to increase, the assets entered a self-reinforcing spiral, which caused both assets to lose nearly all their value within hours. This wiped out billions in market capitalization and triggered a broader cryptocurrency market downturn at the time. The memory of the event is still fresh, with the Sonic blockchain’s recent unveiling of a high-yield algorithmic stablecoin being met with fears due to perceived similarities. Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

The United Arab Emirates expects its digital dirham central bank digital currency to roll out in the fourth quarter of 2025. According to a report in the Khaleej Times, Central Bank of the UAE Governor Khaled Mohamed Balama reportedly said that the blockchain-based currency could improve financial stability and help combat financial crime. According to the report, the retail sector could expect the issuance of a digital dirham in the last quarter of 2025. “It [digital dirham] will further enable the development of innovative digital products, services, and new business models while reducing cost and increasing access to international markets,” Balama reportedly said. The report also stated that the digital dirham and its physical counterpart will be accepted as a payment method in all payment channels. The news comes as the digital dirham received a rebrand. The first letter of the dirham will be its international symbol, along with two horizontal lines representing the currency’s stability, inspired by the UAE flag. The new symbol for UAE dirhams. Source: Khaleej Times The road to digital dirhams in the UAE In June 2024, the CBUAE approved a licensing framework for regulating stablecoins. In a meeting with the CBUAE board of directors in Abu Dhabi, UAE officials discussed the government’s financial infrastructure program and approved the framework. The new rules clarified the issuance, licensing and supervision of payment tokens backed by the UAE dirham. Following the framework’s approval, stablecoin issuer Tether announced its plans to launch a dirham-backed stablecoin with local partners Phoenix Group and Green Acorn Investments. The collaboration aims to establish a fully-backed digital representation of the UAE dirham currency. After the framework approval, other players joined the race to create a dirham-backed stablecoin. On Oct. 18, 2024, a company called AED Stablecoin received in-principle approval for issuing a regulated dirham-pegged stablecoin in the UAE. On Nov. 1, The Open Network (TON) announced that Tether’s dirham-pegged stablecoin will be launched on its blockchain network. Related: Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworks Stablecoins in the UAE Apart from dirham-backed stablecoins, US dollar and euro stablecoins have also gained traction in the country. On Feb. 24, the Dubai Financial Services Authority, the independent regulator for the Dubai International Financial Centre (DIFC), recognized Circle’s USDC and EURC as the first stablecoins under its crypto token regime. Meanwhile, a Ripple spokesperson previously told Cointelegraph that the company is working to understand the country’s stablecoin requirements. The spokesperson said they are monitoring the developments closely and that their RLUSD stablecoin is available in the UAE. Magazine: The 1 true sign an NFT bull market is back on: Wale, NFT Collector

Opinion by: Jimmy Su, Binance chief security officer The threat of InfoStealer malware is on the rise, targeting people and organizations across digital finance and far beyond. InfoStealers are a category of malware designed to extract sensitive data from infected devices without the victim’s knowledge. This includes passwords, session cookies, crypto wallet details and other valuable personal information. According to Kaspersky, these malware campaigns leaked over 2 million bank card details last year. And that number is only growing. Malware-as-a-service These tools are widely available via the malware-as-a-service model. Cybercriminals can access advanced malware platforms that offer dashboards, technical support and automatic data exfiltration to command-and-control servers for a subscription fee. Once stolen, data is sold on dark web forums, Telegram channels or private marketplaces. The damage from an InfoStealer infection can go far beyond a single compromised account. Leaked credentials can lead to identity theft, financial fraud and unauthorized access to other services, especially when credentials are reused across platforms. Recent: Darkweb actors claim to have over 100K of Gemini, Binance user info Binance’s internal data echoes this trend. In the past few months, we’ve identified a significant uptick in the number of users whose credentials or session data appear to have been compromised by InfoStealer infections. These infections don’t originate from Binance but affect personal devices where credentials are saved in browsers or auto-filled into websites. Distribution vectors InfoStealer malware is often distributed via phishing campaigns, malicious ads, trojan software or fake browser extensions. Once on a device, it scans for stored credentials and transmits them to the attacker. The common distribution vectors include: Phishing emails with malicious attachments or links. Fake downloads or software from unofficial app stores. Game mods and cracked applications are shared via Discord or Telegram. Malicious browser extensions or add-ons. Compromised websites that silently install malware (drive-by downloads). Once active, InfoStealers can extract browser-stored passwords, autofill entries, clipboard data (including crypto wallet addresses) and even session tokens that allow attackers to impersonate users without knowing their login credentials. What to watch out for Some signs that might suggest an InfoStealer infection on your device: Unusual notifications or extensions appearing in your browser. Unauthorized login alerts or unusual account activity. Unexpected changes to security settings or passwords. Sudden slowdowns in system performance. A breakdown of InfoStealer malware Over the past 90 days, Binance has observed several prominent InfoStealer malware variants targeting Windows and macOS users. RedLine, LummaC2, Vidar and AsyncRAT have been particularly prevalent for Windows users. RedLine Stealer is known for gathering login credentials and crypto-related information from browsers. LummaC2 is a rapidly evolving threat with integrated techniques to bypass modern browser protections such as app-bound encryption. It can now steal cookies and crypto wallet details in real time. Vidar Stealer focuses on exfiltrating data from browsers and local applications, with a notable ability to capture crypto wallet credentials. AsyncRAT enables attackers to monitor victims remotely by logging keystrokes, capturing screenshots and deploying additional payloads. Recently, cybercriminals have repurposed AsyncRAT for crypto-related attacks, harvesting credentials and system data from compromised Windows machines. For macOS users, Atomic Stealer has emerged as a significant threat. This stealer can extract infected devices’ credentials, browser data and cryptocurrency wallet information. Distributed via stealer-as-a-service channels, Atomic Stealer exploits native AppleScript for data collection, posing a substantial risk to individual users and organizations using macOS. Other notable variants targeting macOS include Poseidon and Banshee. At Binance, we respond to these threats by monitoring dark web marketplaces and forums for leaked user data, alerting affected users, initiating password resets, revoking compromised sessions and offering clear guidance on device security and malware removal. Our infrastructure remains secure, but credential theft from infected personal devices is an external risk we all face. This makes user education and cyber hygiene more critical than ever. We urge users and the crypto community to be vigilant to prevent these threats by using antivirus and anti-malware tools and running regular scans. Some reputable free tools include Malwarebytes, Bitdefender, Kaspersky, McAfee, Norton, Avast and Windows Defender. For macOS users, consider using the Objective-See suite of anti-malware tools. Lite scans typically don’t work well since most malware self-deletes the first-stage files from the initial infection. Always run a full disk scan to ensure thorough protection. Here are some practical steps you can take to reduce your exposure to this and many other cybersecurity threats: Enable two-factor authentication (2FA) using an authenticator app or hardware key. Avoid saving passwords in your browser. Consider using a dedicated password manager. Download software and apps only from official sources. Keep your operating system, browser and all applications up to date. Periodically review authorized devices in your Binance account and remove unfamiliar entries. Use withdrawal address whitelisting to limit where funds can be sent. Avoid using public or unsecured WiFi networks when accessing sensitive accounts. Use unique credentials for each account and update them regularly. Follow security updates and best practices from Binance and other trusted sources. Immediately change passwords, lock accounts and report through official Binance support channels if malware infection is suspected. The growing prominence of the InfoStealer threat is a reminder of how advanced and widespread cyberattacks have become. While Binance continues to invest heavily in platform security and dark web monitoring, protecting your funds and personal data requires action on both sides. Stay informed, adopt security habits and maintain clean devices to significantly reduce your exposure to threats like InfoStealer malware. Opinion by: Jimmy Su, Binance chief security officer. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

South Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities. The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27. “South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post. “This is not just a victory for us, but for American consumers and we hope it's a sign of things to come in the few states left that restrict staking.” South Carolina Attorney General and Coinbase’s joint stipulation. Source: South Carolina Attorney General South Carolina and Vermont were two of 10 US states that took legal action against Coinbase's staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange. The Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025. The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin. Grewal said he hoped to see other states follow suit, and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit. “The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said. “We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.” South Carolina introduces Bitcoin reserve bill Meanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin (BTC). Unlike most US state crypto reserve bills, North Carolina’s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish. Source: Jordan Pace The bill allows South Carolina’s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin — a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve. The treasurer would be able to add Bitcoin to South Carolina’s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage. Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost While no mention of stablecoins, non-fungible tokens, Ether (ETH) or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn’t be limited to Bitcoin. According to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live. Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases. Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?

The European Union’s insurance authority has proposed a blanket rule that would mandate insurance firms to maintain capital equal to the value of their crypto holdings as part of a measure to mitigate risks for policyholders. The new proposal — made by the European Insurance and Occupational Pensions Authority in a Technical Advice report to the European Commission on March 27 — would set a far stricter standard than other asset classes, such as stocks and real estate, which don’t even need to be half-backed. “EIOPA considers a 100% haircut in the standard formula prudent and appropriate for these assets in view of their inherent risks and high volatility,” it said in a separate statement. Such a measure would fill a regulatory gap between the Capital Requirements Regulation and Markets in Crypto-Assets Regulation (MiCA), EIOPA said, noting that the European Union’s regulatory framework for insurers currently lacks specific provisions on crypto assets. Circle argued in January that a blanket 100% stress factor on crypto assets didn’t account for lower-risk stablecoins. Source: Circle EIOPA outlined four options for the European Commission to consider — one: make no changes; two: mandate an 80% “stress level” to crypto assets; and three: mandate a 100% stress level to crypto asset. The stress level percentages determine how much capital firms need to hold to stay solvent. The fourth option called on the European Commission to consider the risks of tokenized assets more broadly. EIOPA said option three would be the most appropriate option. “An 80% stress to the value of crypto-asset exposures does not appear sufficiently prudent,” whereas “a 100% stress is more appropriate and aligns with one of the approaches to the transitional treatment of crypto-assets under CRR,” EIOPA said. The 100% stress refers to the assumption that the crypto asset prices could fall by 100% and that diversification — spreading the risk across different assets — wouldn’t not reduce this stress. EIOPA pointed out that Bitcoin (BTC) and Ether (ETH) have fallen 82% and 91%, respectively, in the past. A 100% capital charge for crypto assets would reflect a far stricter approach compared to stocks, which range between 39% and 49%, and real estate, which incurs a 25% capital charge, according to solvency capital requirements laid out in the Commission Delegated Regulation 2015/35. EIOPA said a 100% capital charge for crypto asset-related (re)insurance undertakings shouldn’t be “overly burdensome” and that there would be no material costs for policyholders. “The capital requirements would fully capture the risk of crypto-asset with a positive impact on policyholder protection in case there are material exposures in the future.” Related: Tabit offers USD insurance policies backed by Bitcoin regulatory capital EIOPA acknowledged that the share of crypto-asset (re)insurance undertakings accounts for just 655 million euros or 0.0068% of all undertakings in Europe — even referring to it as “immaterial.” “At the same time crypto assets are high risk investments which may result in total loss of value,” EIOPA said, explaining why it recommends option three. Luxembourg and Sweden could be hit hardest by the proposed rule Insurers in Luxembourg and Sweden are likely to be the most affected, according to a Q4 2023 report cited by EIOPA, which found that these two countries accounted for 69% and 21% of all crypto asset-related exposures among (re)insurance undertakings. Ireland, Denmark and Liechtenstein also accounted for 3.4%, 1.4% and 1.2% of the undertakings. Most of these undertakings are structured within funds, such as exchange-traded funds, and held on behalf of unit-linked policyholders, EIOPA noted. Split of crypto-asset exposure proxy per European country in Q4 2023. Source: EIOPA EIOPA, however, acknowledged that a broader adoption of crypto assets in the future may require a more “differentiated approach.” Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

The US Securities and Exchange Commission has officially closed its investigation into Crypto.com, with no action taken against the crypto exchange, according to the firm’s CEO Kris Marszalek. It comes around seven months after the SEC issued a Wells notice to the crypto platform in August 2024, signaling its intention to take legal action against the firm. ”They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry,” Marszalek said in a March 27 X post. The SEC’s investigation into https://t.co/pFc4Pz9nFR has been closed with no action being taken against https://t.co/pFc4Pz9nFR. — Kris | Crypto.com (@kris) March 27, 2025 ”The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!” Crypto.com filed a lawsuit against the SEC in October, accusing the Gary Gensler-led commission of overstepping its authority and taking a “misguided” approach to crypto regulation. This is a developing story, and further information will be added as it becomes available.

The US Justice Department (DOJ) seized more than $200,000 in cryptocurrency intended to benefit the militant group Hamas it said in a statement on March 27. The cryptocurrency with a total value of $201,400 was traced to fundraising addresses allegedly controlled by Hamas and used to launder more than $1.5 million in digital assets since October 2024. The laundering occurred through a series of “virtual currency exchanges and transactions by leveraging suspected financiers and over-the-counter brokers,” the DOJ said. The funds are currently held in a combination of at least 17 wallets. Affidavit to seize the Hamas-linked cryptocurrency. Source: US DOJ In January 2024, the US Treasury’s Office of Foreign Assets Control, along with corresponding organizations in the United Kingdom and Australia, announced sanctions against networks and facilitators of crypto transactions linked to Hamas. Those sanctions were built on US Treasury sanctions from October 2023. In January 2024, three families of victims of the Hamas attack against Israel sued Binance and its former CEO Changpeng Zhao, alleging that the exchange had provided “substantial assistance” to terrorists. In oral arguments, a lawyer representing Binance claimed the exchange had “no special relationship [with] Hamas […].” Binance has faced scrutiny from the US government over alleged shortcomings in its Anti-Money Laundering controls. The exchange settled with the DOJ for $4.3 billion in November 2023. More regulation needed? According to a December 2024 report by the Congressional Research Service, Hamas has allegedly sought cryptocurrency donations since at least 2019, although the “scale and effectiveness” of these efforts have been unclear. Terrorist organizations using crypto for fundraising have increasingly drawn the attention of the US, with some officials questioning whether the industry needed more supervision or regulation to stop such behavior. According to a 2023 Chainalysis report, terrorism financing accounts for a very small amount of crypto usage, with illegal groups sticking to using traditional, fiat-based methods to fund operations. Magazine: Terrorism and the Israel-Gaza war have been weaponized to destroy crypto

GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin (BTC), according to data from Google Finance. On March 26, GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance. GameStop’s announcement came a day after it proposed building a stockpile of cryptocurrencies, including Bitcoin and US dollar-pegged stablecoins. Investors initially celebrated the news, sending shares up 12% on March 26. Shareholders’ sentiment reversed on March 27, pushing GameStop’s stock, GME, down by nearly 24%, according to Google Finance. GameStop’s stock reversed gains on March 27. Source: Google Finance Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec Chilly reception Analysts say the chilly reception reflects fears GameStop may be seeking to distract investors from deeper problems with its business model. “Investors are not necessarily optimistic on the underlying business,” Bret Kenwell, US investment analyst at eToro, told Reuters on March 27. “There are question marks with GameStop's model. If bitcoin is going to be the pivot, where does that leave everything else?” The sell-off also highlights investors’ more bearish outlook on Bitcoin as macroeconomic instability, including ongoing trade wars, weighs on the cryptocurrency’s spot price. Bitcoin is down around 7% year-to-date, hovering around $87,000 as of March 27, according to Google Finance. Bitcoin’s “price briefly jumped to $89,000 but has now reversed its trend,” Agne Linge, decentralized finance (DeFi) protocol WeFi’s head of growth, told Cointelegraph. Linge added that trade wars triggered by US President Donald Trump’s tariffs remain a concern for traders. Public companies are among the largest Bitcoin holders. Source: BitcoinTreasuries.NET Corporate Bitcoin treasuries GameStop is a relative latecomer among public companies creating Bitcoin treasuries. In 2024, rising Bitcoin prices sent shares of Strategy soaring more than 350%, according to data from FinanceCharts. Founded by Michael Saylor, Strategy has spent more than $30 billion buying BTC since pioneering corporate Bitcoin accumulation in 2020, according to data from BitcoinTreasuries.NET.NET. Strategy’s success prompted dozens of other companies to build Bitcoin treasuries of their own. Public companies collectively hold nearly $58 billion of Bitcoin as of March 27, the data shows. Magazine: SEC’s U-turn on crypto leaves key questions unanswered

US Senator John Kennedy grilled prospective Securities and Exchange Commission (SEC) chairman Paul Atkins about a potential pardon for Sam “SBF” Bankman-Fried during the Senate Banking Committee’s March 27 nomination hearing. The Louisiana Republican directed a series of questions about the former FTX CEO toward Atkins and probed the prospective SEC chairman about donations Bankman-Fried’s family made to Stanford University. Senator John Kennedy questions prospective SEC chairman Paul Atkins. Source: Senate Banking Committee Kennedy then urged the SEC to take action to prevent any potential pardons on behalf of SBF. Kennedy added: "There should not be two standards of law and punishment for people in America. And every time you come to this committee, I am going to pounce on you like a ninja to find out what the SEC has done because I don't think the SEC has done a damn thing." “I read in the paper that the Bankman-Frieds were trying to get a pardon. They are crooks, and I expect the SEC to do something about it,” the Senator continued. Reports emerged in January that SBF’s parents, Joseph Bankman and Barbara Fried, were seeking a pardon for their son from recently-elected US President Donald Trump following his high-profile pardon of Silk Road founder Ross Ulbricht. Paul Atkins answers questions at his nomination hearing. Source: Senate Banking Committee Related: Ex-FTX CEO moved to transit facility after interview Presidential pardon “unlikely” for SBF SBF is unlikely to secure a pardon for several reasons that differentiate the case from that of the Silk Road founder, according to White Collar Support Group executive director William Livolsi. In the case of Ulbricht, the charges were victimless crimes tied to the operation of a contraband marketplace as opposed to causing billions in investor losses. Livolsi added that the sentence imposed on Ulbricht of two lifetimes behind bars plus an additional 40 years without the possibility of parole and the public campaign promise made by then-candidate Trump to pardon Ulbricht set the situation apart. Tucker Carlson interviews SBF from prison. Source: Tucker Carlson Despite this, SBF has attempted to cozy up to Republicans in several interviews with independent media outlets, including a February interview with The New York Sun and an interview with Tucker Carlson on March 2025. The Carlson interview was not sanctioned by prison authorities, leading to SBF being thrown into solitary confinement following the interview and moved from a prison facility located in New York to Oklahoma. Magazine: Legal issues surround the FBI’s creation of fake crypto tokens

US Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The “Anti-CBDC Surveillance State Act,” would prohibit the Fed from offering certain products or services directly to American individuals, a key component of any CBDC. The Texas Republican’s bill can be considered a companion bill to Minnesota Republican Representative Tom Emmer’s anti-CBDC legislation, which was reintroduced on March 6. A companion bill is a piece of legislation that is similarly or identically worded to another bill, and introduced in the other chamber of Congress. Both bills state that the prohibition should not include any dollar-denominated currency that is open, permissionless, and private and “preserves the privacy protections of United States coins and physical currency.” Sen. Ted Cruz’s anti-CBDC bill. Source: Ted Cruz Since 2020, the Federal Reserve has been exploring a digital version of the US dollar. According to the CBDC Tracker, at least four research projects are currently underway by various Federal Reserve entities. Cruz has been a vocal opponent of CBDCs since at least 2022, when he introduced legislation that would ban the Fed from introducing a direct-to-consumer CBDC. He followed it up with similar legislation in 2023, and in 2024 sought to block the attempt by then-President Joe Biden’s administration to create a CBDC. Emmer said at a congressional hearing that “CBDC technology is inherently un-American” and warned that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.” Related: North Carolina Senate overrides governor veto, passes bill banning CBDC Critics denounce CBDCs While CBDCs have some purported benefits, critics of the technology have long said that digital currency issued directly to citizens could pose privacy infringement and government overreach. However, some nations and regional governments are still exploring this technology. While European consumers show little interest in CBDCs, lawmakers in the region are pushing to create a digital Euro. Israel has released a preliminary design to create a digital shekel, and Iran will reportedly launch a CBDC in the near future. In the US, the creation of a CBDC has been met with more resistance. President Donald Trump has vowed to “never allow” a CBDC in the country, and Jerome Powell, the chair of the Federal Reserve, has said that the Fed will not issue a CBDC while he is in charge. Though CBDCs could modernize legacy financial systems and make them more efficient, they would also centralize the money supply. Magazine: Asia Express: India mulls new crypto ban to support CBDC, Lazarus Group strikes again

Lawmakers in the US Senate Banking Committee questioned prospective Securities and Exchange Commission (SEC) member Paul Atkins on his ties to the crypto industry and how he might regulate digital assets if confirmed. Questioning Atkins at his nomination hearing on March 27, Massachusetts Senator Elizabeth Warren said the former SEC commissioner had had “staggeringly bad judgment” in his role leading up to the 2008 financial crisis — Atkins served at the agency from 2002 to 2008. Sen. Warren also asked Atkins to disclose the buyers of his consulting firm Patomak Global Partners — which advised crypto exchange FTX before its collapse in 2022 — for transparency about potential conflicts of interest with the digital asset industry. “Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years,” said Sen. Warren, suggesting Atkins’ judgment “will be influenced by more than an objective assessment of the data.” Paul Atkins addressing lawmakers at March 27 nomination hearing. Source: US Senate Banking Committee The Massachusetts senator sent a letter to Donald Trump’s SEC pick on March 23, calling on him to be prepared to answer questions related to his potential role at the agency based on his ties to the crypto industry through Patomak. At the March 27 hearing, Sen. Warren asked Atkins to disclose the consulting firm’s potential buyers — he said he planned to sell the company if confirmed — who might be “buying access to the future chair of the SEC.” Atkins said he would “abide by the process” but did not directly answer Sen. Warren’s question. She suggested that the sale of Patomak could be a “pre-bribe” for the former SEC commissioner’s services. This is a developing story, and further information will be added as it becomes available.