PoW mining does not constitute securities issuance, Trump calls for stablecoin legislation

Headlines

▌U.S. SEC: PoW mining does not constitute securities issuance

The U.S. Securities and Exchange Commission (SEC) issued a statement on March 20 that cryptocurrency mining activities based on the proof-of-work (PoW) mechanism do not constitute securities issuance and therefore do not need to be registered under the Securities Act. The statement pointed out that whether miners mine independently or through mining pools, the rewards they receive are direct returns on their contribution of computing resources, rather than profits based on the management or operation of others, and therefore do not meet the definition of "investment contracts." The SEC emphasized that this determination only applies to specific types of mining activities, and other transactions involving crypto assets still require case-by-case analysis.

▌Trump calls on Congress to pass stablecoin legislation

In his video speech at the Digital Asset Summit, U.S. President Trump said, "I call on Congress to pass landmark legislation to establish simple, common-sense rules for stablecoins and market structure." He also said this would expand the dominance of the U.S. dollar. Trump also said, “We will make the United States the undisputed Bitcoin superpower and the world’s crypto capital.”

Market

As of press time, according to Coingecko data:

BTC’s latest transaction price is $84,439.46, with a daily increase or decrease of -1.9%;

ETH’s latest transaction price is $1,988.69, with a daily increase or decrease of -2.0%;

BNB’s latest transaction price is $628.70, with a daily increase or decrease of +1.6%；

SOL's latest transaction price is 128.12 US dollars, and its intraday increase or decrease is -4.2%；

DOGE's latest transaction price is 0.1701 US dollars, and its intraday increase or decrease is -3.6%；

XPR's latest transaction price is 2.43 US dollars, and its intraday increase or decrease is -3.1%.

Policy

▌Australia announces new crypto regulations, promises to combat "de-banking"

The Albanese government in Australia has announced new regulations for cryptocurrency exchanges and stablecoins, and plans to curb the phenomenon of "de-banking". Under the leadership of Prime Minister Anthony Albanese, the Australian government has developed a new regulatory framework for digital assets, aiming to provide greater certainty for industry participants while addressing risks related to consumer protection and market integrity. The reform requires major crypto platforms to obtain Australian financial services licenses, while small businesses and those not involved in financial services will be exempted. The Treasury's Statement on Developing an Innovative Australian Digital Asset Industry, released Thursday, details plans to regulate digital asset platforms and payment stablecoins under existing financial services laws. The Treasury wrote that the move is consistent with similar regulatory approaches in the European Union and Singapore. The statement noted: "By aligning with international best practices, Australia can enhance our global competitiveness in the digital asset sector." Notably, both the EU and Singapore have taken significant steps to regulate cryptocurrencies. The EU introduced dedicated MiCA (Markets in Crypto Assets) regulations, while Singapore expanded its existing Payment Services Act to include a licensing and compliance framework for crypto service providers.

Blockchain Applications

▌Coinbase Adds ALT, PENDLE and L3 to Coin Listing Roadmap

 Coinbase Adds AltLayer (ALT), Pendle (PENDLE) and Layer3 (L3) to the Asset Listing Roadmap.

▌Walrus announced that the mainnet will be officially launched on March 27

According to official news, the blockchain storage protocol Walrus announced that the mainnet will be officially launched on March 27, and announced its token economic model. More than 60% of WAL tokens will be allocated to the community for airdrops, grants, developer support, incentive programs and storage subsidies. The specific distribution is as follows: 10% - Walrus user airdrop: allocated to early adopters and reserved for future distribution; 43% - Community reserve: used for grants, developer support, incentive programs and other ecosystem programs; 30% - Core contributors: allocated to early builders of Walrus; 10% - Subsidy: used to support storage nodes as the fee base grows; 7% - Investors: allocated to investors participating in financing; Previously, Walrus Foundation announced the completion of a $140 million financing, with Standard Crypto and a16z participating.

Cryptocurrency

▌Bitnomial officially launches XRP futures regulated by the US CFTC

Cryptocurrency derivatives trading platform Bitnomial officially launched XRP futures regulated by the US Commodity Futures Trading Commission (CFTC). Physically settled XRP/USD futures are now available for trading on the platform.

▌Trump: Ending the previous government's regulatory war on cryptocurrency and Bitcoin

US President Trump delivered a video speech at the Digital Asset Summit, saying, "The United States is ahead in cryptocurrency and the next generation of financial technology. We are ending the previous government's regulatory war on cryptocurrency and Bitcoin."

▌Binance Launchpool will launch Nillion (NIL)

Binance announced that it will launch the 65th project Nillion (NIL) on the Launchpool platform. Nillion is a decentralized network that uses blind computing technology to achieve secure data processing and storage while protecting privacy. According to the announcement, users can lock BNB, FDUSD and USDC to participate in the three-day mining, starting at 00:00 (UTC) on March 21, 2025, to receive the NIL token airdrop. The Launchpool webpage is expected to be online within 12 hours after the announcement. The NIL token will be listed on Binance at 13:00 (UTC) on March 24, 2025, opening NIL/USDT, NIL/BNB, NIL/FDUSD, NIL/USDC and NIL/TRY trading pairs. The token will be marked as Seed Tag.

Important Economic Dynamics

▌Trump urges the Fed to cut interest rates

Trump said on social media: "As US tariffs begin to affect the economy (slowdown!), the Fed had better cut interest rates. Do the right thing. April 2 is the Liberation Day of the United States." In the early morning of March 20, the Federal Reserve announced that it would maintain the target range of the federal funds rate at 4.25% to 4.5%.

▌The probability of the Federal Reserve keeping interest rates unchanged in May is 83.7%

According to CME's "Fed Watch": The probability of the Federal Reserve keeping interest rates unchanged in May is 83.7%, and the probability of a 25 basis point interest rate cut is 16.3%. The probability that the Fed will keep interest rates unchanged by June is 29.9%, the probability of a cumulative 25 basis point rate cut is 59.7%, and the probability of a cumulative 50 basis point rate cut is 10.5%.

▌The balance of the Fed's emergency rescue tool has returned to zero, and the SVB incident has come to an end

The emergency loan tool launched by the Federal Reserve for the Silicon Valley Bank (SVB) explosion, the Bank Term Funding Program (BTFP), has a balance of zero in the latest data disclosed by the Federal Reserve. The tool expired on March 11 last year and could not be renewed. Its maximum size once exceeded US$160 billion. On March 10, 2023, US regulators closed Silicon Valley Bank, and the Federal Deposit Insurance Corporation took over the bank's deposits, becoming one of the largest bank failures in US financial history. The collapse of SVB also triggered a series of crises in the US banking industry. The SVB incident forced the Federal Reserve, the U.S. Treasury and others to rescue the market, and BTFP is one of the rescue measures. The tool provides loans of up to one year to eligible deposit institutions, and uses eligible assets as collateral.

Golden Encyclopedia

▌What is a cold wallet?

A cold wallet is a method of storing cryptocurrency that is kept offline and disconnected from the internet. This setting makes it more difficult for hackers to access funds remotely. Examples include: hardware wallets (e.g. Ledger, Trezor), paper wallets, isolated computers (devices that have never been connected to the internet).

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to raise risk awareness.