Daily Report | Trump signs executive order to establish strategic Bitcoin reserves; Binance has frozen the market maker account involved in the GPS token crash
March 7 News OverviewOrganizer: Jerry, ChainCatcher
Important News:
- White House Cryptocurrency Chief: Trump Signs Executive Order to Establish Strategic Bitcoin Reserve
- Fox Reporter: Trump's Executive Order Establishes Two Types of Digital Asset Holding Mechanisms
- David Sacks: The U.S. Government Will Not Acquire Other Crypto Assets for the Strategic Reserve Besides Seized Assets
- 21Shares Submits Updated Version of Its Spot Polkadot ETF S-1 Application to the SEC
- Binance Imposes Monitoring Label on GoPlus Security (GPS)
- Binance Freezes Certain Market Maker Accounts for GPS Token Dumping
- Financial Times: Trump Profited at Least $350 Million from Launching TRUMP Meme Coin
"What Important Events Happened in the Last 24 Hours"
White House Cryptocurrency Chief: Trump Signs Executive Order to Establish Strategic Bitcoin Reserve
David Sacks, the White House AI and Cryptocurrency Director, stated, "Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve will be capitalized with Bitcoin owned by the federal government, which is part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime. It is estimated that the U.S. government holds about 200,000 Bitcoins; however, a complete audit has never been conducted. The executive order calls for a comprehensive accounting of the federal government's digital asset holdings.
The U.S. will not sell any Bitcoin deposited in the reserve. It will be kept as a store of value. For the cryptocurrency commonly referred to as "digital gold," the reserve acts like a digital Fort Knox. The premature sale of Bitcoin has already cost U.S. taxpayers over $17 billion. Now the federal government will formulate a strategy to maximize the value of its Bitcoin holdings.
The Secretary of the Treasury and the Secretary of Commerce are authorized to develop budget-neutral strategies to acquire more Bitcoin, provided these strategies do not impose incremental costs on U.S. taxpayers. Additionally, the executive order establishes a U.S. digital asset reserve, which includes digital assets other than Bitcoin seized in criminal or civil proceedings. Apart from assets obtained through forfeiture, the government will not acquire other assets for the reserve. The purpose of the reserve is to responsibly manage government digital assets under the leadership of the Treasury Department.
From the commitment to the fulfillment of that commitment, President Trump has promised to establish a strategic Bitcoin reserve and a digital asset reserve, and these promises have now been fulfilled. This executive order underscores President Trump's determination to make the U.S. the "world capital of cryptocurrency." I want to thank the President for his leadership and vision in supporting this cutting-edge technology, as well as his swift actions in supporting the digital asset industry. His administration is indeed moving at "the speed of technology."
I also want to thank the President's Digital Asset Market Working Group—especially Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick—for their assistance and support in completing this work. Finally, Bo Hines has played a key role as the Executive Director of our working group."
Fox Reporter: Trump's Executive Order Establishes Two Types of Digital Asset Holding Mechanisms
Fox reporter Eleanor Terrett posted on X that Trump's executive order establishes two different digital asset storage mechanisms:
- Strategic Reserve: Only stores Bitcoin (BTC): Considered the best value-storing digital asset.
Initial funding source: Approximately 200,000 Bitcoins obtained by the government through criminal and civil forfeiture over the years;
Unique authorization: Treasury Secretary Bessent and Commerce Secretary Lutnick are authorized to explore ways to acquire more Bitcoin without increasing the taxpayer burden.
- Digital Asset Stockpile: Contains other digital assets besides Bitcoin: May include XRP, ADA, ETH, SOL, and other assets.
Managed responsibly by the Treasury Department regarding the government's digital asset holdings;
The government will only explore budget-neutral methods to purchase more Bitcoin and will not actively seek to increase the quantity of other digital assets in the stockpile;
The executive order also requires a comprehensive audit of all digital assets currently held by the government to ensure transparency in asset management.
David Sacks, the White House AI and Cryptocurrency Director, stated on social media that the executive order signed by President Trump also establishes a U.S. digital asset reserve, which includes digital assets other than Bitcoin seized in criminal or civil proceedings.
Apart from assets obtained through forfeiture, the government will not acquire other assets for the reserve. The purpose of the reserve is to responsibly manage government digital assets under the leadership of the Treasury Department.
21Shares Submits Updated Version of Its Spot Polkadot ETF S-1 Application to the SEC
According to information from the SEC's official website, 21Shares has submitted an updated version of its spot Polkadot ETF S-1 application to the SEC.
Binance Imposes Monitoring Label on GoPlus Security (GPS)
According to Binance's announcement, Binance will impose a monitoring label on GoPlus Security (GPS) on March 7, 2025.
Previously, GPS experienced a significant price drop after being listed on the spot market and was involved in market-making activities.
Binance Freezes Certain Market Maker Accounts for GPS Token Dumping
According to Binance's investigation, this market maker sold approximately 70 million GPS tokens between 13:00 (UTC) on March 4, 2025, and 9:55 (UTC) on March 5, 2025, without placing any buy orders. After the spot trading opened, this market maker continued to sell GPS, becoming the largest profit-maker with profits of around $5 million.
Binance has launched an in-depth investigation into this incident and temporarily frozen the relevant market maker accounts.
Financial Times: Trump Profited at Least $350 Million from Launching TRUMP Meme Coin
According to the Financial Times, Trump's cryptocurrency project profited at least $350 million from the launch of the $TRUMP meme coin. The media's analysis of blockchain data shows that within three weeks of the $TRUMP launch in January this year, the project operating entity generated this income from token sales, including $314 million from token sales and $36 million in fees. In addition to the $350 million earned directly from selling $TRUMP on Solana, Trump may have also gained more income by selling small amounts of tokens on cryptocurrency exchanges like Binance.
The project website Gettrumpmemes.com states that "CIC Digital LLC," a subsidiary of the Trump Organization, and the Delaware company Fight Fight Fight LLC jointly own 80% of the tokens. Although the product has the President's official endorsement, the project is operated by Fight Fight Fight LLC, "not distributed or sold by Trump himself, the Trump Organization, or any of their respective affiliates or executives."
Investors and ethics experts have stated that selling cryptocurrency tokens effectively provides a way to funnel anonymous donations to the President while also exploiting retail investors. Tim Massad, a part-time law professor at Georgetown University Law School and former chairman of the U.S. Commodity Futures Trading Commission, stated, "The President of the United States should not be profiting from his position while in office; this is a very bad example."
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Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of March 7, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: LINK, 14THOFELON, SPX, ONDO, SBR
The top five popular Solana tokens in the past 24 hours are: TRUMPKING, GrokCoin, YODA, ELON, PIPE
The top five popular Base tokens in the past 24 hours are: SKITTEN, VIRTUAL, BRAIN, USDT, Bsop
