Here are the latest developments in the cryptocurrency space as of March 21, 2025:

Regulatory Developments

Australia's Digital Assets Framework: The Australian government has introduced a comprehensive proposal for digital assets, focusing on aligning crypto products with existing financial governance and licensing standards. This includes establishing licensing regimes for service providers, implementing custodial laws, and regulating stablecoins to meet minimum capital requirements. Industry leaders have praised this pragmatic approach, anticipating the legislation to be enacted within the year.

U.S. Lifts Sanctions on Tornado Cash: The U.S. Treasury has removed sanctions against Tornado Cash, a cryptocurrency mixer previously accused of laundering over $7 billion, including funds linked to North Korean hackers. This decision follows a court ruling that deemed the Treasury had overstepped its authority. Despite lifting the sanctions, concerns about North Korea's cyber activities persist.

Market Movements

XRP Price Decline: XRP has experienced a 2.4% drop to $2.39, despite Ripple Labs' recent legal victory against the SEC. The initial rally following the announcement has subsided, with investors now looking for catalysts such as the integration of XRP into government crypto reserves or the approval of an XRP-tracking ETF to reignite momentum.

Industry Insights

Cathie Wood on Meme Coins: Cathie Wood, CEO of Ark Invest, has expressed skepticism regarding the sustainability of meme coins. While optimistic about Bitcoin, she predicts significant price declines for meme coins, cautioning investors about their long-term value. Wood emphasizes a "buyer beware" approach and notes that her funds will not invest in these assets.

Local Developments in Pakistan

Proposal to Utilize Surplus Electricity for Bitcoin Mining: In Pakistan, the CEO of the Pakistan Crypto Council has proposed using the country's surplus electricity for Bitcoin mining. This initiative aims to capitalize on excess energy resources to generate revenue and promote the adoption of crypto