US Floats Crypto Reserve Proposal

President Trump backs the creation of a “U.S. Crypto Reserve” that would include Bitcoin, Ethereum, XRP, Solana, and Cardano

Mar 05, 2025

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Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 315k weekly subscribers. This week, a US Crypto Reserve was announced, the SEC ended Kraken investigation, the SEC also dropped the case against MetaMask and big venture news for Ethena ($100M) and Mansa ($10M).

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

⚖️ 'Trump floats US ‘Crypto Reserve’ Proposal, cites BTC, ETH, XRP,SOL,ADA: In a surprising turn of events, a tweet from U.S. President Donald J. Trump has emerged suggesting the creation of a “U.S. Crypto Reserve” that would include several prominent assets such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).

⚖️ SEC agrees to drop case against crypto exchange Kraken, firm says:The staff of the U.S. Securities and Exchange Commission agreed in principle to drop its lawsuit against the crypto exchange Kraken. The agreement to dismiss the lawsuit comes without admission of wrongdoing, penalties paid or alterations to Kraken's business model, the company wrote in a Monday release.

⚖️ SEC will drop case against MetaMask, says Consensys founder Lubin: Consensys and the U.S. Securities and Exchange Commission have agreed 'in principle' to end the case against MetaMask, the company's founder Joseph Lubin said Thursday.

⚖️ SEC declares memecoins are not securities in landmark staff statement: The US Securities and Exchange Commission’s (SEC) Division of Corporation Finance clarified that memecoins do not constitute securities under federal law, marking a notable stance on a sector of the crypto market often fueled by speculation and internet culture.

🚀 MetaMask wallet to add support for Solana and Bitcoin: MetaMask will add support for Bitcoin and Solana this year as part of its near-term product developments to improve its user experience.The addition will give wallet users access to the two highly popular crypto ecosystems without having to use other crypto wallets or wrapped tokens.

💬 Tweet of the Week

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. State of the current market: Ethereum-based stablecoin liquidity on exchanges surged to historic levels in February ($65B), but has quickly declined by $5.2B (8%) over the last two weeks. Absolutely brutal reversals, liquidations, and general exhaustion.

2. After 5 consecutive periods of growth, monthly DEX volume declined by $160B (30%) in February. Much of this was driven by Raydium, which saw a 66% ($82B) drawdown, while Uniswap volume declined by 22% ($22B).

Nevertheless, February finished as the 4th best month for DEXs ever. Moreover, DEX to CEX spot volume reached its second highest level ever (18%).

3. The Adoption of LBTC is on the Rise as 62% of the Token Supply — $1.2B — is Being Used in DeFi.

4. cbBTC Continues to expand its presence with 28k cbBTC Circulating Across Four Chains

5. Despite Market Volatility and Downward Momentum, BoB's Onchain Activity Remains Steadfast, with the Protocol's TVL Putting it Among the Top 10 L2s

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

RWA is the Gold Rush - VeradiVerdict - Issue #324

About the Author: Paul Veradittakit, is a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing into blockchain companies and cryptocurrencies. This is an excerpt from the full article, which you can find here.

Introduction

The Ondo Summit 2025, held on February 6, 2025, in New York City, marked a significant milestone in the integration of traditional finance with blockchain technology. The event featured a star-studded guests list including but not limited to:

Asset Managers:

Goldman Sachs
Franklin Templeton
BlackRock
Fidelity Investments
BNY Mellon

Blockchain and DeFi Leaders:

David Schwartz (Chief Technology Officer, Ripple)
Sergey Nazarov (Co-founder, Chainlink)
Mary-Catherine Lader (Chief Operating Officer, Uniswap)
Konstantin Richter (CEO, Blockdaemon)

Regulatory Officials:

Caroline D. Pham (Acting Chairman, Commodity Futures Trading Commission)
Summer K. Mersinger (Commissioner, Commodity Futures Trading Commission)
J. Christopher Giancarlo (Former Chairman, Commodity Futures Trading Commission)

Industry Experts:

Dan Morehead (Founder, Pantera Capital)
Mike Novogratz (CEO, Galaxy Digital)
Patrick McHenry (Former Chair, House Financial Services Committee)

This was perhaps the first time where blockchain leaders, regulatory officials, and traditional asset managers came together to talk about the steps required to integrate blockchain technology with traditional finance rather than metaplanning.

This has been a long time coming.

The full summit is available on Youtube here.

What made me the most excited was the pragmatism during the conversations. Some quotes that Sandy Kaul from Franklin Templeton that displays this thoughtfulness are:

“Don't underestimate how difficult it is going to be to move from an account based system to a wallet based system… there is no such thing as a real portfolio; a portfolio is a virtual construct of different accounts and therefore the idea that I could commingle assets and use assets interoperable is completely foreign to anyone coming from a traditional background.”

“The system [the regulators] came up with [in the 1970’s] started to have Central counterparties [and] Central depositories. We started to have clearing organizations acting as buyer to every seller and seller to every buyer, we started netting portfolio positions, we started doing book order entry and ownership. We have to unwind that whole system to make this new system work.”

Dan Morehead, the Founder of Pantera Capital also mentioned the changing political zeitgeist:

“There used to be this huge group of people in Congress that were anti-crypto… In the 58 contested elections where pro-crypto PACs competed, 54 of the anti-crypto people left Congress. Nobody’s going to say anything bad about crypto in Congress again.”

Read the Rest of the Article Here

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📚 How To Get Started With Crypto Learning

Crypto: Explain It Like I’m 5 (Article)
The Infinite Machine by Camila Russo (Book)
Crypto Theses for 2021 by Messari (PDF)
Bankless - The DeFi community (Substack + Podcast + Discord)
Understanding Polkadot - The Next Generation Blockchain Tech (Website)
The Ethereum 2.0 Report from Messari (PDF)
Blockgeeks Video Tutorials (Video)
The Coinstack Website (Website)
2008 Bitcoin Whitepaper (PDF)
2013 Ethereum Whitepaper (PDF)

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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