Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Coinbase CEO Brian Armstrong Calls To Put All Government Spending On Blockchain
Elon Musk’s Department of Government Efficiency (DOGE) has saved US taxpayers $36.73 billion within weeks of its launch. This marks just 1.8% of Musk’s ambitious $2 trillion government spending cut target.
Coinbase CEO Brian Armstrong praised the initiative, calling for a blockchain-based treasury to increase greater visibility in government spending, ensure every transaction is traceable, and make audits seamless and efficient.
Former Binance CEO CZ Clarifies Binance’s $TST Listing
Former Binance CEO Changpeng Zhao (CZ) specifically responded to the Test (TST) token listing on the Binance platform, pointing out that the team did not issue the token and that they do not hold any tokens, along with a link to purchase the token.
However, the market began to FOMO, and the token’s market cap broke through $50 million.
As $TST gained popularity, the Binance Smart Chain (BSC) ecosystem was also ignited, with many old coins related to BSC concepts being pumped.
Trump Orders Treasury Secretary To Stop Minting Pennies
President Donald Trump announced a plan to stop the production of new pennies, citing cost concerns and the declining use of cash.
The move aims to cut government spending, as it costs more to produce a penny than its actual value. Critics argue it could disrupt small transactions, while supporters say it is a practical step toward modernizing the US currency.
Man Pleads Guilty In Hack Of SEC’s X Account
An Alabama man pleaded guilty to the 2024 hack of the US Securities and Exchange Commission’s (SEC) X account, which temporarily caused Bitcoin’s value to drop sharply.
Eric Council Jr., a 25-year-old Athens man, pleaded guilty to conspiracy to commit aggravated identity and access device fraud.
Council is set to be sentenced in May and faces up to five years in federal prison. Court records show Council visited AT&T and Apple stores in Huntsville and Birmingham as part of the conspiracy. Following the X takeover, Council made internet searches that included, “What are some signs the FBI is after you?”
Michael Saylor’s Strategy Bags First Bitcoin Purchase Under New Name
Michael Saylor’s Strategy has made its first Bitcoin purchase under its new name after rebranding from MicroStrategy on February 5th, 2025. The company acquired 7,633 BTC between February 3rd and February 9th at an average price of $97,255 per BTC, according to a Form 8-K filing released on February 10th.
The acquisition, funded through convertible notes and cash, reinforces the company’s aggressive Bitcoin accumulation strategy.
Central African Republic Joins Memecoin Craze, Introduces Own Token
The Central African Republic has stepped into the world of memecoins with the launch of its own digital token, aiming to harness the power of internet culture to drive national development and international recognition.
President Faustin-Archange Touadéra introduced the initiative, describing it as a unique experiment to showcase how something as simple as a meme-based cryptocurrency can foster unity, support economic growth, and elevate the country’s global standing.
Notably, Touadéra is known for making the Central African Republic one of the first nations to adopt Bitcoin as legal tender and has been an outspoken advocate of blockchain technology. He emphasized that cryptocurrencies have the potential to transform economies, offering new financial opportunities and global exposure.
Grayscale Files Cardano (ADA) ETF
Grayscale has filed for its first-ever standalone Cardano ETF with NYSE Arca, marking another milestone in the cryptocurrency’s institutional adoption journey.
The proposed ETF, set to trade under the ticker “GADA,” would provide traditional investors direct exposure to ADA, currently the ninth-largest cryptocurrency by market capitalization.
SEC Won’t Set Crypto Regulatory Agenda Until Chairman Is Confirmed: Hester Peirce
US Securities and Exchange Commission (SEC) Commissioner Hester Perice said that the agency may wait for the Senate to confirm the new chairman before deciding on the regulatory agenda for cryptocurrencies. Peirce said at the Federalist Society meeting on February 11th that it would be “premature” to formulate digital asset policies without a formal chairman.
Currently, Mark Uyeda is serving as interim chairman, replacing Gary Gensler, who left office on January 20th. President Trump has nominated former SEC Commissioner Paul Atkins as the new commissioner, and the nomination is still pending Senate confirmation. The SEC has recently requested extensions in multiple cases, indicating that its crypto regulatory framework is still being adjusted.
Crypto Custodian BitGo Considers IPO In 2025
BitGo is exploring an initial public offering (IPO) and discussing potential advisory arrangements for a listing as soon as the second half of 2025.
Notably, the Palo Alto, California-based crypto custody firm joins a growing number of crypto companies planning public market debuts.
The company was founded in 2013 and is now one of the largest US-based crypto custody firms, serving more than 1,500 institutional clients in over 50 countries and processing about 8% of all global Bitcoin transactions by value.
Franklin Templeton Files Solana Trust In Delaware
Global asset management firm Franklin Templeton has submitted corporate registration documents for the “Franklin Solana Trust” in Delaware, USA.
Franklin’s filing in Delaware hints at a spot ETF filing, with this being a process that other issuers have followed before.
If approved, Franklin Templeton will join Canary, Grayscale, 21Shares, VanEck, and Bitwise in the race to bring Solana ETFs to the market.
US CPI Inflation Rises To 3.0% In January, Higher Than Expectations
Data: 3.0% YoY, 0.5% MoM
Forecasted: 2.9% YoY, 0.3% MoM
Last Month: 2.9% YoY, 0.4% MoM
Inflation in the US, as tracked by the Consumer Price Index (CPI), went up by 3.0% in January compared to the same month last year, surpassing December’s increase, according to the Bureau of Labor Statistics. This result was higher than most estimates were expecting. On a monthly basis, the CPI rose 0.5%, up from December’s 0.4% increase.
Excluding the more unpredictable costs of food and energy, the core CPI jumped 3.3% from a year ago. While that is still relatively high, it came in above the 3.1% that many analysts had forecast, and it was also higher than December’s reading. Additionally, core inflation nudged up by 0.4% from a month earlier.
Ahead of the CPI release, Trump posted to his Truth Social platform: “Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!” Trump previously said he would “demand” rate cuts, which are determined by the Federal Reserve, not the president.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
