View moreBlockStreet 77: U.S. Government’s Bold Crypto Move — Is It a Game Changer?
In This Week’s Recap:
- Hugely Succesful CUNA GAC Conference
- Hedera ETF Filing Update
- Tariffs Hit Crypto Prices
- Crypto Reserve Plan
- Hot Topics
The Big Idea
Hugely Succesful CUNA GAC
BankSocial’s attendance at the CUNA GAC in Washington, D.C., was a hugely successful event, marking a significant moment for the company. The team had the opportunity to connect with industry leaders, showcase their innovations, and discuss the future of digital banking. One of the highlights of the event was a live stream hosted by John Wingate, CEO of BankSocial, and James McBride, CEO of Connects FCU. During the stream, they discussed their exciting plans and the growing partnership between BankSocial and Connects, unveiling some of the innovative initiatives they’re working on together. Watch the live stream below to learn more!
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Adoption News
Crypto Reserve Plan Revealed
President Trump signed an executive order to create a “Strategic Bitcoin Reserve” using bitcoin already seized by the U.S. government through criminal or civil asset forfeiture. This marks a step forward as it ensures the government won’t be immediately selling off seized assets. While the reserve will initially only include existing holdings, there’s a possibility of future acquisitions. The move formally recognizes bitcoin as a U.S. government reserve asset and will also include a “U.S. Digital Asset Stockpile” for other cryptocurrencies, but again, initially only those seized.
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CEX, Rugs, Block and Roll
Tariffs Hit Crypto Prices
Crypto prices have been under pressure recently, primarily due to the new tariffs imposed by the Trump administration. Bitcoin and Ether both saw notable drops, with Bitcoin losing 10% and Ether falling nearly 15% in just one day. These moves, driven by tariffs on Canada, Mexico, and China, have sparked some uncertainty in the market, leading to a pause in recent gains. The market is now in a wait-and-see mode, with investors looking closely at upcoming political decisions to gauge the future direction of crypto.
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Crypto News
Hedera ETF Filing Update
Hedera’s spot ETF filing was submitted by Nasdaq to the SEC on Monday, marking an important step toward launching the product. This filing is part of the two-step process for approving a crypto ETF. It follows a similar submission for Canary Capital’s spot HBAR ETF last week. Bloomberg’s Eric Balchunas has stated that Hedera and Litecoin have the best chances of approval due to their strong progress with the SEC. Hedera, a decentralized network using the Hashgraph consensus algorithm, is supported by a council of major companies like Google and IBM. The wave of new crypto ETF filings, including for Solana, XRP, Cardano, and Dogecoin, reflects growing optimism about the SEC’s approach to crypto-related financial products.
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Hot Topics
What’s on everyone’s mind?
X users are speculating that ‘Made in the USA’ cryptocurrencies could receive advantages under the current administration. Some ‘Made in the USA’ crypto include $XRP, $HBAR, $FIL, and more.
BankSocial CEO, John Wingate, and COO, Becky Reed participated in a panel hosted by the NCUA. We are so proud to be key players in shaping the evolution of finance!
The White House will be hosting a crypto summit on March 7th, sparking significant buzz. There are expectations that more details will be revealed about the crypto strategic reserve, along with unconfirmed speculation that U.S.-made cryptocurrencies could receive special tax incentives. The industry will be closely watching to see what unfolds!
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All The Love and All The Power!
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