🇺🇸 Texas is Bitcoin Country, with or without the U.S.

Markets

Arbitrum's first governance proposal sparks controversy with $1B at stake (3 minute read)The Arbitrum Foundation, a layer-2 protocol, recently announced that it would be funding itself with 750 million ARB tokens, equivalent to almost $1 billion. This decision has caused controversy among the ARB community, as more than 70% of token holders are against it. The funds will reportedly be used for special grants, reimbursing applicable service providers, and covering ongoing administrative and operational costs of the foundation. However, the decision is not subject to an on-chain governance process, and part of the tokens have already been sold for stablecoins.

Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds (5 minute read)March proved to be an eventful month for investors, with bank failures and ongoing macroeconomic headwinds leaving many wondering where to invest their trust and money. As a result, cryptocurrencies such as bitcoin, which are considered stores of value impervious to turmoil, saw significant gains. Bitcoin rose over 21% in March and at one point reached its highest mark since June 2022, breaking the $29,100 mark. This outperformance was in contrast to traditional assets such as the S&P 500 and Nasdaq, with the latter only rising 4% during the month. According to Greg Magadini, Director of Derivatives at crypto analytics firm Amberdata, the macro landscape has been extremely constructive for "alternative money" in March, with both BTC and gold experiencing explosive upside volatility.

Crypto exchange Bittrex, once a U.S. leader, is shutting down in the country(2 minute read)Bittrex, a cryptocurrency exchange, has announced that it will leave the U.S. market, citing the regulatory and economic environment as the reason. In a message to U.S. customers, Bittrex co-founder and CEO Richie Lai stated that it is no longer economically viable to operate under the current regulatory requirements, which are often unclear and enforced without appropriate discussion or input. The uneven competitive landscape resulting from this environment was also a factor in the decision to leave the U.S. market. Other major cryptocurrency exchanges, such as Coinbase, Kraken, and Binance, have faced legal scrutiny from multiple U.S. regulators in recent months, leading to calls for regulatory clarity from industry watchers. This issue is also taking on political tones ahead of an election year.

Tech

Crypto wallet company Ledger raises another $108 million (4 minute read)French startup Ledger has raised an additional €100 million ($108 million) in funding, extending its Series C round. The company designs and manufactures hardware wallets that are used to secure cryptocurrency assets. This brings the total raised in the round to €356 million ($385 million). Despite the additional funding, the company's valuation remains the same at €1.3 billion ($1.41 billion). In the current funding environment, raising at the same valuation is considered impressive. The funding round saw participation from new investors such as True Global Ventures, Digital Finance Group, and VaynerFund, as well as existing investors including 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures.

Policymakers Didn't Regulate Crypto 'Because They Thought It Would Essentially Die': Barclays Head of Digital Policy (3 minute read)Barclays' head of digital policy, Nicole Sandler, recently spoke at the Citi Digital Money Symposium in London, where she discussed cryptocurrency regulations in the UK, Europe, and the US. Sandler argued that the recent uptick in regulatory action globally is due to policymakers finally acknowledging the growth and potential of cryptocurrencies. According to Sandler, some policymakers intentionally left the market unregulated, hoping that it would eventually die out. However, as cryptocurrencies continued to grow, policymakers have realized that they need to regulate the industry. The challenge is that regulation takes time to implement from start to finish.

Misc

Texas is Bitcoin Country, with or without the U.S. (4 minute work)Texas Governor Greg Abbott's recent comments on Bitcoin highlight the power of the cryptocurrency's decentralized nature in driving economic and political change. Texas has been embracing Bitcoin, evident in the growth of Bitcoin mining in the state, the passage of House Bill 1576, and plans for an El Salvador Embassy in Texas. Furthermore, Texas is the largest energy producer in the US, providing a significant advantage as seen in the increase in Bitcoin mining in the state following China's mining ban in 2021. Governor Abbott's comments suggest that Texas is providing a platform for Bitcoin enthusiasts to participate in the system while promoting independence and ethical responsibilities for its citizens.

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