WuBlockchain Weekly: GameStop Announces Purchase of Bitcoin and Trump Family Project, Fidelity Launches Stablecoin, etc

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1.U.S. Senate Passes Repeal of Controversial Crypto Tax Rule, Trump Expected to Sign link

The US Senate passed a resolution by a vote of 70 to 28 to repeal the crypto — tax regulations introduced in the final days of the Biden administration. The bill will be submitted to President Trump for signature. The rule requires some DeFi platforms to report user transaction information and issue 1099 forms as securities brokers, which has sparked privacy and compliance disputes. White House crypto — advisor David Sacks said that the president’s senior advisors will recommend signing the bill, and this move will be the first crypto — related bill signed during Trump’s tenure.

2. SEC Chair Nominee Paul Atkins Discloses $6M Crypto Portfolio link

Before the confirmation hearing of the Senate Banking Committee, Paul Atkins, the candidate for the chairman of the SEC nominated by US President Trump, disclosed that he holds up to $6 million in crypto — related assets, which has aroused strong doubts from Senator Elizabeth Warren. Warren sent a letter to Atkins, pointing out that his background as a financial industry consultant and a board advisor of the Digital Chamber may lead to “significant conflicts of interest”, and demanding that he recuse himself from SEC affairs involving former clients if he is confirmed. The Atkins family fortune is $328 million, and his personal assets include $1 million in equity in Anchorage Digital and Securitize, as well as a $5 million investment in Off the Chain Capital (involving companies such as DCG and Kraken). Atkins has promised to divest his investment in Off the Chain Capital within 120 days if he is confirmed and has resigned from his relevant position in the Digital Chamber.

3. BlackRock to Launch Bitcoin ETP in European Markets link

BlackRock, the world’s largest asset management company, has announced the launch of a Bitcoin — Exchange Traded Product (ETP) in Europe. The new product, iShares Bitcoin ETP, listed on the Xetra Exchange in Germany, the Euronext Exchange in Paris (trading code: IB1T), and the Euronext Exchange in Amsterdam (trading code: BTCN) on March 25th.

4. Panama Drafts Legislation to Recognize Cryptocurrencies as Legal Tender link

Panama has unveiled a proposed crypto bill, which aims to legalize cryptocurrencies such as Bitcoin, Ethereum, and stablecoins as means of payment. Under the bill, these cryptocurrencies can be used to purchase goods, pay for services, and settle debts with the consent of both parties. Meanwhile, the bill plans to establish a regulatory framework for virtual asset service providers (VASPs), requiring platforms to register, obtain authorization, and strictly comply with KYC (Know Your Customer) and anti — money laundering (AML) regulations. Those who fail to comply may face administrative or criminal penalties.

5. Trump-Linked WLFI Project Announces Institutional Stablecoin USD1 link

On March 25th, local time, World Liberty Financial (WLFI) announced in a statement that it will launch a stablecoin named USD1, which is pegged to the US dollar. USD1 will be 100% supported by short — term US government bonds, US dollar deposits, and other cash equivalents. Initially, the USD1 tokens will be minted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains, with plans to expand to other protocols in the future. Each token is designed to maintain a value of 1 US dollar, trading at a 1:1 ratio with the US dollar. The reserves of USD1 will be held in custody by BitGo, the world’s largest independent qualified custodian.

6. Fidelity Prepares Entry Into Stablecoin Market link

Fidelity is planning to launch its own stablecoin. According to informed sources, the company is currently in the advanced stage of testing its token, which is designed to be used as cash in the cryptocurrency market and will be managed by its digital asset division.

7. Ethereum Pectra Upgrade Enters Final Countdown link

On March 27th, Ethereum core developer @terencechain tweeted that the Pectra upgrade of the Ethereum mainnet is tentatively scheduled for April 30th. The specific implementation may depend on the resolution of some minor outstanding issues and the confirmation of the next meeting of the core developer team.

The Pectra upgrade on the Hoodi testnet was successfully finalized, with a network participation rate as high as 97% remaining stable within 12 hours after activation. Previously, the Pectra upgrades on the Holesky and Sepolia testnets failed to achieve finality immediately due to independent configuration problems, so the new testnet Hoodi was launched, mainly to test validator exits. Developers have stated that if the Hoodi upgrade is successfully completed, the Pectra upgrade of the mainnet is expected to be deployed 30 days later.

8. Post-Election Market Divergence: Hang Seng +17%, SSE +3% vs. Crypto & U.S. Equities Decline link

According to Tradeview data, since Trump was elected President of the United States, the Hang Seng Index in Hong Kong has increased by 17%, the Shanghai Composite Index in China has risen by 3.27%, the S&P 500 has dropped by 4.26%, the Nasdaq Index has declined by 6.1%, BTC has fallen by 15.6%, and ETH has decreased by 36.5%.

9. GameStop Plans $1.3B Convertible Note Offering for Bitcoin Acquisitions link

GameStop plans to privately issue $1.3 billion worth of 0.00% convertible senior notes that will mature in 2030 and bear no regular interest. The company will also offer initial purchasers an option to buy up to an additional $200 million worth of notes. The net proceeds from this offering are expected to be used for general corporate purposes, including the acquisition of bitcoin.

Previously, GameStop announced that its board of directors had unanimously approved an update to the investment policy, deciding to include bitcoin in the company’s fiscal reserve assets.

10. Blockchain Group Expands BTC Holdings by 580 Coins link

The Blockchain Group, a European Bitcoin finance company, has announced that its wholly — owned subsidiary, The Blockchain Group Luxembourg SA, has completed the acquisition of 580 bitcoins for approximately 47.3 million euros, at a price of around 81,550 euros per bitcoin. The group now holds a total of 620 bitcoins, with an average holding price of 81,480 euros.

Fundraising

  • The remittance application Abound has announced the successful completion of a seed round of financing amounting to $14 million. link

  • Warlock Labs, an on-chain order developer, has declared the accomplishment of an $8 million financing round, which was led by Polychain Capital. link

  • Superlogic, a blockchain-based enterprise loyalty platform, has finalized its Series A financing round, raising a total of $13.7 million. link

  • Planetarium Labs, a Web3 gaming company, has announced the completion of a $3 million financing. link

  • Chronicle, an Ethereum oracle project, has proclaimed the successful closure of a $12 million financing. link

  • Tarta Labs has completed a Pre-Seed round of financing, securing $4.5 million. link

  • Fragmetric, a Solana restaking protocol, has announced the successful completion of a strategic financing round worth $5 million. link

  • Rain, a cryptocurrency card issuer, has accomplished a financing of $24.5 million. link

Learn more, check out crypto-fundraising.info.

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