Weekly Market Highlights - SEC States That Memecoins Are Not Securities

Macro/TradFiUS President Donald Trump mentioned that he plans to announce 25% tariffs on goods produced in the European Union soon. He also announced that the tariffs on goods from Canada and Mexico scheduled for March 4 will proceed as planned, while also imposing an additional 10% tariff on China.House Democrats are reportedly preparing to introduce the MEME Act, a bill aimed at prohibiting public officials from issuing or endorsing memecoins.The SEC has stated that memecoins do not meet the criteria to be classified as securities under federal securities laws.A bill that permits Oklahoma to invest up to 10% of public funds in BTC or digital assets with a market value exceeding US$500B has passed the Government Oversight Committee. The bill now moves to the House floor, where it will either be debated, amended and/or voted upon.Two proposed Solana futures exchange-traded funds have been added to a list maintained by the Depository Trust and Clearing Corporation (DTCC), raising hopes for the approval of a spot SOL ETF.Bitwise has established an Aptos ETF entity in Delaware.Strategy has acquired 20,356 BTC for approximately US$1.99B at US$97,514 per bitcoin.Metaplanet has acquired 135 BTC for approximately ¥1.9B at around ¥14.3M per bitcoin.CryptoL1/L2:The Pectra upgrade, an update to the Ethereum network, was activated on the Holesky test network.Ethereum Foundation Executive Director Aya Miyaguchi is stepping into a new role as the president of the non-profit organization.Base has introduced new tools to enhance speed, simplicity, and scalability for builders - Flashblocks, Smart Wallet Sub Accounts, and Base Appchains.Hamster Kombat has announced the launch of its gaming-focused Layer-2 blockchain built on TON.The Avalanche Foundation has introduced the Avalanche Card, a Visa credit card that allows users to make purchases using AVAX, USDT, and USDC.Telecommunications giant Deutsche Telekom is now a validator for Injective, a Layer 1 blockchain focused on DeFi.DeFi:Pump.fun is reportedly testing an in-house AMM that could replace Raydium. Currently, Raydium collects trading fees from Pump.Fun memecoins that have "graduated" from the launchpad to its pools.Stablecoins:The Dubai Financial Services Authority (DFSA) has approved Circle’s stablecoins USDC and EURC as recognized tokens, the first under its crypto regime. Companies in the Dubai International Financial Centre (DIFC) can now integrate these stablecoins into various digital asset applications, including payments and treasury management.Justin Sun announced that the USDT stablecoin will operate without transaction fees on the Tron blockchain starting next week.PayPal plans to enhance the adoption of PYUSD by introducing a bill payment product for its 20 million merchants.Others:Citadel Securities is reportedly exploring the possibility of becoming a liquidity provider for cryptocurrencies on major cryptocurrency exchanges.Ondo Finance has partnered with the Mastercard network to enhance cross-border payments and offer businesses access to yield through tokenized assets.Ethena Foundation has raised US$100M from investors, including Franklin Templeton and Pantera, to support the development of its new chain and an institutional product.Latest Binance Research Publications Check out our latest publications:Fundamentals of Decentralized AIMonthly Market Insights - February 2025From Challenges to Opportunities: How DeSci Reimagines ScienceExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. 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