PA Daily News | US CFTC Establishes Crypto Innovation Task Force; Tether Hires One of the Big Four Accounting Firms for Auditing for the First Time

Today's top news highlights:

The US CFTC has established an Innovation Task Force to focus on the regulation of crypto and prediction markets.

The official Chinese name for Token is "词元" (cí yuán).

Binance will remove several spot trading pairs, including ALT/BTC and CYBER/BNB.

Binance Wallet's 45th exclusive TGE offering will list Perle (PRL).

SpaceX plans to file for an IPO as early as this week, aiming to raise more than $75 billion.

Tether announced that it has hired one of the Big Four accounting firms to audit its operations.

OpenAI announced it will raise an additional $10 billion, bringing its total pre-IPO funding to over $120 billion.

Hyperliquid's single-day trading volume hit a new record of $5.4 billion, with commodity perpetual contracts becoming the main driver.

Regulation & Macro

The US CFTC has established an Innovation Task Force to focus on the regulation of crypto and prediction markets.

Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig announced the formation of an "Innovation Task Force" dedicated to developing a clear regulatory framework for new products and technologies in the U.S. derivatives market. The task force will collaborate with the Innovation Advisory Committee, focusing on rule recommendations in areas such as crypto-assets and blockchain technology, artificial intelligence and autonomous systems, and prediction markets and event contracts. It will also coordinate with federal agencies, including the Securities and Exchange Commission (SEC) and its Crypto Task Force, to advance related innovation agendas. The task force will be led by Michael J. Passalacqua, Senior Advisor to the Chairman.

The Financial Stability Board warns that dollar-denominated stablecoins exacerbate financial risks in emerging economies.

The Financial Stability Board (FSB), in its 2025 annual report, stated that cross-border circulation of dollar-denominated stablecoins poses a “more acute” financial stability and macroeconomic risk to emerging market and developing economies. The FSB noted that such stablecoins could lead to the substitution of local currencies, weaken the use of domestic payment systems, reduce the effectiveness of monetary policy, increase fiscal pressures, and be used to circumvent capital flow control measures. The FSB stated that it is necessary to continuously assess the development of the stablecoin sector, focusing on its vulnerabilities in liquidity, operational risks, and linkages with traditional financial systems, and to promote the implementation of the global stablecoin regulatory framework introduced in 2023, which still has implementation gaps.

The official Chinese name for Token is "词元" (cí yuán).

At the China Development Forum 2026, Liu Liehong, Director of the National Data Administration, stated that the term "token" has been officially designated as a value anchor for the intelligent era and a "settlement unit" connecting technology supply and business demand, providing a quantifiable basis for the implementation of business models. This also provides an official translation for "token": "token."

Project Updates

Musk: The process of updating the revenue-sharing mechanism for the X platform is paused until further consideration.

Regarding the news that " Platform X plans to update its revenue-sharing mechanism and increase the weight of local display starting this Thursday ," creator Déborah posted that 43% of her audience is from the United States, and many creators face similar situations. She stated that her posts in English, the internationally used language, were not malicious, and that the new mechanism would significantly reduce the revenue of these creators. She hoped the platform would reconsider its decision. Musk subsequently responded that the matter would be paused until further consideration.

Binance will remove several spot trading pairs, including ALT/BTC and CYBER/BNB.

Binance will remove and cease trading the following spot trading pairs at 11:00 AM (UTC+8) on March 27, 2026: Binance Life/TRY, ALT/BTC, CYBER/BNB, CYBER/ETH, CYBER/FDUSD, JUV/USDC, LSK/BTC, SAND/BTC, and VET/BTC.

Irish police have successfully cracked a drug dealer's long-dormant Bitcoin wallet, seizing 500 BTC.

The Irish National Police's Criminal Assets Department announced that it had successfully cracked one of 12 Bitcoin wallets linked to a convicted drug dealer, recovering 500 bitcoins worth over $35 million. The wallet's owner was Clifton Collins, who was sentenced to five years in prison in 2017 for growing and selling cannabis. Between 2011 and 2012, Collins used proceeds from drug transactions to purchase 6,000 bitcoins, which he then distributed across 12 wallets. The key was printed on an A4 sheet of paper and hidden inside a fishing rod case, which was later lost when the landlord was cleaning the property.

Binance Wallet: Perle Labs (PRL) TGE participation threshold is 242 points.

YZi Labs representative: The company's investments are mostly in the form of equity, and we do not recommend projects rush to issue tokens.

Ella Zhang, head of YZi Labs, stated in an article on the X platform that YZi Labs invests broadly in Web3, AI, and biotechnology, with the majority of investments being in equity rather than token form. For portfolio projects that haven't yet found product-market fit, YZi Labs advises founders to focus on achieving product-market fit rather than rushing to issue tokens, as tokens lacking sustainable utility will eventually lose value, and issuing tokens often becomes a distraction and a burden.

Thai listed company DV8 announces plan to establish a treasury of 10,000 Bitcoins

Thai listed company DV8 announced plans to build a digital asset portfolio equivalent to 10,000 bitcoins by 2028, with a planned purchase of 1,000 bitcoins this year. The company also acquired Rakkar Digital, a digital asset custody wallet provider licensed by the Thai Securities and Exchange Commission, becoming the first Bitcoin vault company in Southeast Asia to obtain licensed custody services under Thai regulations.

Bitpanda launches Vision Chain, a public blockchain, connecting with EU banks and tokenized assets.

According to CoinDesk, Austrian crypto brokerage Bitpanda has launched a new public blockchain, Vision Chain, targeting European banks and fintech companies for issuing and settling tokenized assets under regulatory frameworks such as MiCA and MiFID II. The network is built on Optimism's Ethereum infrastructure and uses a compliant Euro stablecoin to pay on-chain transaction fees, mitigating the price volatility risk of the blockchain's native token. Bitpanda stated that Vision Chain aims to provide traditional brokerages, banks, and other institutions with 24/7 trading and settlement infrastructure for tokenized securities, promoting the on-chain trading of traditional assets such as stocks and funds.

The Ethereum Foundation has released a roadmap for quantum security upgrades, with the initial phase expected to be completed in 2029.

The Ethereum Foundation's quantum team has released a new roadmap, anticipating that the initial phase of the network's quantum security upgrade could be completed by 2029, including four key hard forks. The research team anticipates that "cryptographically relevant quantum computing" will not emerge for another 8 to 12 years, but the upgrade work must begin sooner. The Ethereum Foundation established a dedicated quantum team in January of this year to address related risks.

The four forks include: the "I" fork provides validators with quantum-safe public keys; the "J" fork reduces gas fees for verifying quantum-safe signatures; these two upgrades are being considered for the Hegota fork later this year. The "L" fork compresses the blockchain's state representation capabilities into zero-knowledge proofs; and the "M" fork protects Layer 2 networks from future quantum threats. The full execution layer migration will take place several years after these forks are completed.

Public announced support for cryptocurrency transactions using US individual retirement accounts.

Investment app Public has announced support for cryptocurrency trading on U.S. Individual Retirement Accounts (IRAs) and Roth IRAs. Currently, it supports cryptocurrencies such as Bitcoin, Ethereum, and Solana. Users can manage cryptocurrencies alongside stocks and options to build a more unified retirement portfolio.

Previously, it was reported that Public acquired Alto's crypto retirement account business for $65 million, with total assets under management (AUM) of approximately $600 million.

Changpeng Zhao warns: Anyone claiming they can help projects get listed on Binance is a scammer.

Binance founder Changpeng Zhao posted a warning on the X platform, stating that anyone claiming to help projects list on Binance is a scammer, especially if they claim to know Zhao or be his friend. Zhao stated that in 99.999% of cases he does not know these people, and even if he does, he will blacklist them.

Swiss private bank Banque Syz is embroiled in a family feud over its crypto strategy, leading to the departure of the young heir to start his own business.

Backpack clarifies: The traders attempting to manipulate the price of BP on Polymarket are not insiders of the team.

Backpack issued a statement on its X platform stating that early this morning, a Polymarket trader held a large open position, betting that BP's fully diluted valuation would exceed $200 million within a day of the token generation event. As the decision window approached and BP was trading at approximately $0.19, some traders bought large quantities of BP tokens in an attempt to push the price above $0.20 to win their bets. Backpack immediately launched an investigation and confirmed that these traders were not insiders and had no connection to Backpack. The company emphasized its zero-tolerance policy towards any form of insider trading.

Binance Wallet's 45th exclusive TGE offering will list Perle (PRL).

According to the official announcement, Binance Wallet's 45th exclusive TGE will list Perle (PRL), with the subscription period from 16:00 to 18:00 (UTC+8) on March 25, 2026. Users are requested to prepare to claim the Binance Alpha airdrop and start trading at 18:00 (UTC+8). Eligible users must use Binance Alpha Points to participate. An additional 10,000,000 PRL will be used for future events. TGE details and the event page will be released soon.

SpaceX plans to file for an IPO as early as this week, aiming to raise more than $75 billion.

According to a report by Cailian Press, a source familiar with the matter revealed that SpaceX plans to file its initial public offering (IPO) prospectus with regulators later this week or next week. This confidential filing will formally finalize the IPO plans of Elon Musk's rocket and communications company, aiming for a June listing. This IPO will test investor enthusiasm for what is expected to be the largest IPO in U.S. history, far exceeding previous ones. The source stated that advisors involved in the preparations anticipate the company may raise over $75 billion in the IPO, higher than the previously reported $50 billion estimate. The company's latest valuation is $1.25 trillion, and the actual fundraising size and valuation will be finalized several weeks before the IPO.

Coinbase adds Checkmate (CHECK) and Sign (SIGN) to its listing roadmap

According to an official announcement, Coinbase has added Checkmate (CHECK) and Sign (SIGN) to its listing roadmap. The listing of these assets still depends on the availability of market-making support and technical infrastructure. The specific listing time will be announced separately once the relevant conditions are met.

Coinbase will list Perle (PRL)

According to an official announcement, Coinbase will add support for Perle (PRL). Users can now generate PRL deposit addresses on coinbase.com, the Coinbase App, and Coinbase Exchange. PRL deposit functionality will be available once the PRL issuer allows transfers.

Coinbase will launch the Impossible Cloud Network spot trading pair ICNT-USD.

According to Coinbase Markets, Impossible Cloud Network (ICNT) will be listed on the Coinbase spot market on March 25. The ICNT-USD trading pair is scheduled to open at or after 9:00 AM Pacific Time, provided liquidity conditions are met. ICNT will be available for trading on coinbase.com, the Coinbase App, and Coinbase Advanced, with institutional clients able to access it through Coinbase Exchange.

Polymarket has launched a commission rebate program, offering up to 30% back on trading fees.

Polymarket has announced a commission rebate program, offering participants up to 30% back on their transaction fees.

The NYSE and Securitize are partnering to develop a tokenized securities platform.

According to The Wall Street Journal, the New York Stock Exchange (NYSE) is partnering with Securitize, a platform for tokenized assets, to develop a tokenized securities platform.

Invesco acquires $900 million on-chain fund from Superstate, entering the tokenized government bond market.

According to CoinDesk, Invesco, with $2.2 trillion in assets under management, will take over Superstate's approximately $900 million tokenized US Treasury bond fund, USTB, officially entering the tokenized fund market. The fund holds short-duration US Treasury bonds and will be renamed "Invesco Short Duration US Government Securities Fund," maintaining the USTB code and token structure. The transition is expected to be completed in the second quarter of 2026. Superstate will continue to handle the trading technology and on-chain infrastructure, including token issuance, on-chain settlement, and the digital registration system, while Invesco's global liquidity team will handle day-to-day investment management.

Tether announced that it has hired one of the Big Four accounting firms to audit its operations.

Stablecoin issuer Tether announced that it has formally engaged a Big Four accounting firm to conduct its first full and independent financial statement audit, one of the largest first audits in the financial markets to date. The audit will cover its fiat currency reserves, various digital assets, and tokenized liabilities to verify whether USD₮ is “adequate, highly liquid, and well-managed.” Tether stated that the audit has completed preliminary document review, including internal controls and financial reporting assessments, and will provide greater transparency regarding its reserve composition, asset liquidity, and risk management, preparing for future compliance and regulatory requirements.

Investment and financing news

Robinhood has authorized a $1.5 billion stock buyback program, which is expected to be implemented over approximately three years.

According to Bloomberg, Robinhood Markets announced it has authorized a share buyback program of up to $1.5 billion to capitalize on the current stock price downturn. The company's stock price has fallen 39% since 2026, after more than tripling in 2025. Robinhood CFO Shiv Verma stated that this authorization reflects management and the board's confidence in the company's ability to continue delivering innovative products and creating value for shareholders. The buyback program has no expiration date and is expected to run over approximately three years.

OpenAI announced it will raise an additional $10 billion, bringing its total pre-IPO funding to over $120 billion.

According to Global Markets, OpenAI CFO Sarah Friar revealed in an interview that OpenAI is raising an additional $10 billion from investors as part of its historic funding round. Friar stated that this new funding brings OpenAI's total funding in this round to "over $120 billion," far exceeding the $110 billion announced last month. OpenAI announced its first funding round at the end of February, which is considered its last private funding round before a possible initial public offering (IPO). According to Friar, Andreessen Horowitz, DE. Shaw Ventures, MGX, TPG, and T. Rowe Price participated in this new $10 billion funding round.

Hardware wallet company Ledger completes $50 million secondary equity sale; no specific IPO plans at present.

According to Bloomberg, Paris-based crypto hardware wallet company Ledger has completed a $50 million secondary equity sale, led by CEO Pascal Gauthier. The transaction, completed in the fourth quarter of last year, involved early investors and the valuation was not disclosed. Gauthier stated that the company currently has no urgent plans for an IPO but will prepare for either remaining private or going public in the future. Previously, it was reported that Ledger had been in talks with investment banks regarding a US IPO, with a valuation exceeding $4 billion. The company raised €100 million in 2023, valuing the company at €1.3 billion, and is currently upgrading its application wallet, Ledger Wallet, aiming to double its revenue this year.

Opinions & Analysis

Arthur Hayes: The market is filled with blind optimism; I will not buy risky assets for the time being.

BitMEX co-founder Arthur Hayes posted on the X platform that the market is currently filled with a lot of blind optimism. He stated that he certainly hopes the market decline will stop, but he will not buy risky assets at this time.

Analysis: GameStop Bitcoin staking operations recorded a net loss of $131.6 million.

According to Emmett Gallic's analysis, GameStop recorded a net loss of $131.6 million from its Bitcoin staking operations. In May 2025, GameStop purchased 4,710 Bitcoins for $500 million. In January of this year, the company pledged 4,709 of these Bitcoins to Coinbase Credit as collateral for covered call operations. This resulted in the removal of these Bitcoin assets from the balance sheet and the recognition of $368.3 million in receivables, leading to a net loss of $131.6 million. Since GameStop provided the collateral, the price of Bitcoin has fallen by approximately 25%.

Important data

A report from the South Korean FSC indicates that over $60 billion in crypto assets will flow from domestic exchanges to overseas markets in the second half of 2025.

A report released by South Korea's Financial Services Commission stated that approximately $60 billion in cryptocurrency flowed from South Korean cryptocurrency exchanges to overseas platforms and private wallets in the second half of 2025, a 14% increase from $52.5 billion in the first half of the year. The report speculates that these funds were transferred overseas for arbitrage and similar activities. By the end of 2025, South Korean cryptocurrency exchanges will have 11.1 million accounts, with deposits increasing by 31% to $5.4 billion, but operating profits will decrease by 38% to $253 million during the same period.

The South Korean Financial Services Commission estimates that the total market capitalization of cryptocurrencies in South Korea will reach approximately $58 billion by the end of 2025, an 8% decrease from the first half of the year, with daily trading volume declining by 15% to $3.6 billion. The report indicates that the decline in the prices of major cryptocurrencies at the end of last year was the primary reason for the decrease in trading volume and exchange profitability.

Hyperliquid's single-day trading volume hit a new record of $5.4 billion, with commodity perpetual contracts becoming the main driver.

Hyperliquid's HIP-3 market set a new single-day trading volume record of $5.4 billion on March 23, primarily driven by strong activity in commodity perpetual contracts. Data shows that silver traded approximately $1.3 billion, making it the most actively traded asset of the day; WTI crude oil traded approximately $1.2 billion, Brent crude oil approximately $940 million, and gold approximately $558 million.

Deribit: Approximately $16.38 billion in Bitcoin and Ethereum options will expire this Friday.

According to data from Deribit cited by unfolded.com, approximately $16.38 billion worth of Bitcoin and Ethereum options will expire this Friday. Of this, 199,000 Bitcoin options will expire, with a notional value of $14.16 billion, a maximum pain point price of $75,000, and a put/call ratio of 0.63. Ethereum options with a notional value of $2.22 billion will expire during the same period, with a maximum pain point price of $2,300 and a put/call ratio of 0.57.

An address that had been staked for over 7 months deposited 51,750 SOL tokens into Binance, potentially incurring a loss of $4.4 million.

The Bhutanese government transferred 519.7 BTC to two new wallets, worth $36.75 million.