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The prices of XRP and Solana (SOL) surged on Wednesday afternoon following reports that the Chicago Mercantile Exchange (CME) is set to introduce futures contracts for both cryptocurrencies. A post on X revealed that CME had already set up a futures page for XRP and SOL on their "staging subdomain," with trading potentially starting on February 10, subject to regulatory approval. Although the website was not accessible at the time of publication, the news led to an immediate 3% increase in the prices of both cryptocurrencies. Bloomberg Intelligence ETF analyst James Seyffart commented on the development, suggesting that the listing of these futures might be imminent, possibly due to insider knowledge among issuers. This move by CME could pave the way for more structured investment products like ETFs for XRP and SOL, indicating a growing acceptance of these digital assets in traditional financial markets.
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Former Congressman Wiley Nickel emphasized the necessity of enacting crypto regulations through Congress to ensure lasting change, rather than relying on executive orders which can be easily reversed by future administrations. In an interview with Cointelegraph, Nickel highlighted the importance of bipartisan efforts to pass comprehensive crypto legislation, referencing the instability seen with SEC actions under Gary Gensler. Recent legislative activities include Rep. Tom Emmer's reintroduction of a bill banning CBDC, Senator Cynthia Lummis' Bitcoin Act of 2025, and efforts by Rep. Byron Donalds to codify President Trump's Bitcoin strategic reserve into law. Additionally, the House of Representatives voted to repeal an IRS rule affecting decentralized finance platforms. Democrat Rep. Ro Khanna expressed optimism about passing comprehensive crypto regulation, including stablecoin and market structure bills, by 2025. These actions underscore a growing recognition in Congress of the need for clear, permanent crypto regulations.
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Bitcoin experienced a notable surge, reaching two-week highs on March 20, driven by rumors of an impending major update to US cryptocurrency policy. This news came alongside a Federal Reserve meeting where officials decided to keep interest rates unchanged, with hints of potential cuts by the end of 2025. Fed Chair Jerome Powell's comments on inflation easing and a cautious policy stance provided relief to both Bitcoin and US stocks, with the S&P 500 gaining around 1% and adding $500 billion in market cap. The market's reaction was further fueled by expectations of a policy shift from quantitative tightening to easing, as suggested by former BitMEX CEO Arthur Hayes. Additionally, traders were particularly focused on potential changes in US crypto policy, with whispers of an announcement expected on March 21. This anticipation was set against the backdrop of President Trump's recent executive order establishing a Strategic Bitcoin Reserve, although markets remained relatively cool to this news initially.
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Aleksei Andriunin, the Russian founder of the Gotbit market maker platform, has entered into a plea agreement with Massachusetts federal prosecutors, agreeing to forfeit approximately $23 million in Tether USDt and USDC. This deal comes after Andriunin was charged with manipulating cryptocurrency markets through Gotbit, which was accused of orchestrating a widespread market manipulation scheme from 2017 to 2024. The plea includes guilty pleas to three counts of conspiracy to commit wire fraud and market manipulation. Despite the agreement, it does not bind the US Attorney General or other prosecuting entities, and the court is not obligated to follow the sentencing guidelines proposed by the prosecutors. Andriunin was extradited to the US in October 2024 following his arrest in Portugal and has since appeared in a Boston federal court where he remains detained. The case also involves other Gotbit employees, highlighting the broader implications of the company's activities in the cryptocurrency market.
