🔔 MARKET MOVING NEWS! (07/03/25)
1️⃣ President Trump Signs Executive Order to Establish Bitcoin Reserve, Crypto Stockpile 💸
According to a recent tweet posted by White House Crypto Czar David Sacks, U.S. President Donald Trump has signed an Executive Order authorising the establishment of the Strategic Bitcoin Reserve (SBR) and the U.S. digital asset stockpile. Sacks stated that both the SBR and digital asset stockpile would be funded by assets previously seized by the federal government as part of criminal or civil asset forfeiture proceedings.
The announcement claimed the U.S. will not sell the Bitcoin it holds in the reserve. Sacks stated that the reserve would act like a “digital Fort Knox,” and likened crypto to “digital gold.” He also stated that the Secretaries of Treasury and Commerce have been authorised to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.
2️⃣ Japan’s Ruling Party Moves To Slash Crypto Capital Gains Taxes To 20% ‼️
The Liberal Democratic Party (LDP), the ruling party in Japan, has reportedly published the draft of a regulatory reform proposal that seeks to slash the capital gains tax on crypto to 20% from the current maximum of 55%. It also reportedly seeks to categorise digital assets as a distinct asset class, separate from securities under the Financial Instruments and Exchange Act. The LDP proposal also requested that cryptocurrency derivatives trading receive the same tax treatment as spot investments and moved to defer taxes on crypto-to-crypto swaps.
3️⃣ SafeWallet Releases Bybit Hack Post-Mortem Report 👀
According to a new postmortem report by SafeWallet and cybersecurity firm Mandiant, the $1.4 billion hack of crypto exchange Bybit stemmed from a compromised developer laptop. Specifically, the report claims the hacker hijacked a Safe developer’s Amazon Web Services (AWS) session tokens to bypass the multifactor authentication security measures put in place by the firm. Mandiant’s forensic analysis also confirmed that the hackers were North Korean state actors who took 19 days to prepare and execute the attack.
Commenting on the report, Safe stated,
We present these findings in the spirit of transparency and to highlight key lessons learned, along with calls to action for the broader community to learn from this incident and strengthen defences. We wish to stress that despite hundreds of hours of analysis already conducted, there is more work to be done.
4️⃣ Texas State Bitcoin Reserve Gets Closer With Senate Bill Passage ⚡️
The Texas Senate reportedly passed the Bitcoin strategic reserve bill SB-21 in a 25-5 vote on March 6. This brings the proposal one step closer to becoming law as it heads next to the House of Representatives. For context, SB-21 proposes a "state-managed investment fund focused on Bitcoin and other high-market-cap cryptocurrencies." This is different from an earlier Bitcoin bill titled H.B. No. 1598, which required lawmakers to buy and hold BTC for at least five years. In contrast, SB 21 allows BTC to be held outside the state treasury while providing authorities "a more flexible and investment-driven approach, potentially allowing Texas to capitalize on crypto market movements."
5️⃣ World Liberty Financial Amasses Millions In ETH, WBTC And MOVE Ahead Of White House Crypto Summit 💰
According to blockchain intelligence firm Arkham Intelligence, a wallet linked to Trump-backed crypto project World Liberty Financial scooped up more than $20 million worth of digital assets ahead of the White House’s first crypto summit on March 7. Specifically, it acquired $10 million in ETH, $10 million in Wrapped Bitcoin (WBTC), and $1.5 million worth of MOVE. Arkham also noted that World Liberty Financial's Ethereum holdings have increased over the past week, rising from about 2,200 ETH on Monday to over 7,000 ETH by Thursday.
