Daily News: WLFI Plans to Launch USD1 Stablecoin, Movement Starts $38M Buyback

By Vesalis P.

SEC Crypto Working Group Announces Four New Roundtable Meetings from April to June

The U.S. Securities and Exchange Commission (SEC) Crypto Working Group has announced plans to hold four new roundtable meetings between April and June this year to further discuss regulatory issues surrounding crypto assets.

According to the SEC's official announcement, the schedule for the meetings is as follows:

• April 11, 2025 - Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading

• April 25, 2025 - Know Your Custodian: Key Considerations for Crypto Custody

• May 12, 2025 – Tokenization - Moving Assets Onchain: Where TradFi and DeFi Meet

• June 6, 2025 - DeFi and the American Spirit

Each roundtable will be open to the public at SEC's headquarters (100 F Street, N.E., Washington, D.C.) and streamed live on SEC.gov. For in-person attendance, please click on the specific roundtable above and then click the registration button. Please note that space may be limited, and visitors will be subject to security checks. For virtual attendance, there is no need to register, and a recording will be posted on SEC.gov at a later date. For more information about each session including the agenda and speakers, which will be posted as they are available, or to communicate directly with the Crypto Task Force on any of the roundtable topics or other crypto-related issues, please visit the Crypto Task Force webpage.

“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” said Commissioner Hester M. Peirce, leader of the Crypto Task Force.

Matrixport: Bitcoin-Nasdaq Correlation Nears 70%, Potential Divergence Ahead

Matrixport's latest chart analysis reveals that the 30-day realized correlation between Bitcoin ETF IBIT and Nasdaq is approaching 70%. This level has only occurred twice historically, indicating that Bitcoin is currently influenced by the same macroeconomic factors as other risk assets.

The analysis attributes the high correlation to market adjustments in earnings expectations ahead of the Q1 earnings season and the negative impact of tariff policy uncertainties. These factors have caused Bitcoin's recent performance to closely mirror that of the tech sector. Historical data suggests that such high correlations are typically short-lived, hinting at a potential divergence in the future trajectories of Bitcoin and Nasdaq.

WLFI Announces Plans to Launch Institutional-Grade Stablecoin USD1

World Liberty Financial Inc. (WLFI) has announced plans to launch a stablecoin named USD1, pegged 1:1 to the U.S. dollar.

USD1 will be fully backed by short-term U.S. Treasury bills, dollar deposits, and other cash equivalents. Initially, the token will be issued on Ethereum and Binance Smart Chain, with plans to expand to other blockchains in the future. Each token is designed to maintain a $1 value, supported by a reserve portfolio audited regularly by third-party accounting firms.

The reserves will be managed by BitGo, with BitGo Prime providing liquidity and trading services for institutional clients.

Cboe BZX Exchange Files Application with SEC to List Fidelity Solana ETF

According to a document from the U.S. Securities and Exchange Commission (SEC), Cboe BZX Exchange has submitted a Form 19b-4 application to the SEC, proposing to list and trade the Fidelity Solana ETF.

Arthur Hayes: ETH to $5,000 First, Then SOL to $300

Arthur Hayes, co-founder of BitMEX, posted on X, saying: "$ETH to $5k before $SOL to $300. Who is with me?"

Movement to Use Recovered Funds to Establish Strategic Reserve, Launches $38M Buyback Plan

Movement Network Foundation has issued a statement addressing issues with a market maker and outlining its resolution plan. Binance notified the foundation on March 11 about an investigation into a market maker involved with multiple tokens, including MOVE.

The investigation revealed that shortly after the MOVE Token Generation Event (TGE) in December 2024, the market maker sold a significant amount of MOVE tokens without fulfilling buy-side obligations, violating the agreement to provide liquidity on both sides of the MOVE/USDT trading pair.

To address the issue, the foundation has taken the following steps:

1. Terminated all relationships with the market maker.

2. Informed major exchanges of the ongoing investigation.

3. Collaborated with Binance to recover funds.

The foundation plans to use the recovered funds to establish a strategic reserve for Movement, including a $38M buyback plan to purchase MOVE tokens on the open market and return USDT liquidity to the ecosystem.

The buyback will occur over the next three months on Binance. Purchased MOVE tokens will be transferred to the on-chain wallet of the Movement Strategic Reserve:

0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.

PeckShield: GMX and Abracadabra Contracts Hacked, $13M Lost

According to blockchain security firm PeckShield, contracts related to GMX and Abracadabra (@MIM_Spell) were hacked, resulting in the loss of approximately 6,260 ETH, valued at around $13 million.

David Sacks: FDIC's Removal of "Reputation Risk" as a Regulatory Factor Is a Win for Crypto

The U.S. Senate Banking Committee Republicans announced that the Federal Deposit Insurance Corporation (FDIC) will remove "reputation risk" as a factor in bank regulation.

David Sacks, Special Advisor on AI and Cryptocurrency to the White House, commented that this is a victory for the crypto industry. He noted that the vague and subjective "reputation risk" standard previously led to legitimate crypto firms being denied banking services. Sacks emphasized that banking standards should be more objective and quantifiable rather than based on potentially false negative publicity.

Binance Reports Insider Trading Allegations, Employee Suspended and Facing Legal Action

Binance has released an official announcement regarding insider trading allegations against an employee. The internal audit team received a report on March 23, 2025, accusing the employee of engaging in "front-running" trades to gain illicit profits.

Investigation Findings:

1. Unrelated to Binance Wallet Team: The employee was part of the Wallet Team, which had no business dealings or access to non-public information related to the project in question.

2. Exploitation of Previous Role: The employee had recently transferred from a business development role at BNB Chain, where they learned about an upcoming Token Generation Event (TGE). Before the public announcement, the employee used multiple linked wallets to purchase a large number of tokens, some of which were sold for profit after the announcement.

Disciplinary Actions:

• The employee has been suspended and will face further disciplinary measures.

• Binance will cooperate with relevant authorities and take appropriate legal action.

Whistleblower Rewards:

Binance has distributed $100,000 in rewards to the following whistleblowers:

• fo@g.com

• rd@g.com

• 7a@g.com

• 49@q.com

Additionally, Binance has noted that some whistleblowing information was publicly shared on the X platform. While expressing gratitude for these efforts, Binance emphasized that to protect the interests of whistleblowers, rewards will only be granted for valid reports submitted through official channels (audit@binance.com).

ZachXBT Accuses Crypto.com of Reissuing 70 Billion CRO Tokens, Labels It a "Scam"

Blockchain investigator ZachXBT has accused Crypto.com of reissuing 70 billion CRO tokens that were previously promised to be "permanently burned" in 2021.

ZachXBT stated: "CRO is no different from a scam. Your team reissued 70 billion CRO (70% of total supply) that was claimed to be 'permanently burned,' blatantly violating the community's trust and controlling the majority of circulating supply."

ZachXBT also questioned Truth's decision to continue partnering with Crypto.com, suggesting they should work with platforms like Coinbase, Kraken, or Gemini instead.