🔔 MARKET MOVING NEWS! (29/03/25)
1️⃣ Galaxy Digital Agrees to $200 Million Settlement Over LUNA 'Misrepresentations' ▶️
Crypto investment firm Galaxy Digital has reportedly agreed to pay $200 million to the New York Attorney General to settle alleged violations of the Martin Act and New York Executive Law. Notably, the case relates to the crypto firm’s promotion of the collapsed Terra LUNA cryptocurrency.
Galaxy CEO Michael Novogratz stated,
This was not an easy decision and one that we considered carefully. Settling this matter will help Galaxy move forward and minimize distractions so that we can focus on our mission of driving innovation and growth in digital assets and artificial intelligence infrastructure.
2️⃣ Trump Pardons 3 BitMEX Crypto Exchange Co-Founders, And Ex-Employee 🔍
According to a CNBC report, U.S. President Donald Trump has issued pardons to Arthur Hayes, Benjamin Delo, and Samuel Reed – the three co-founders of the BitMEX global cryptocurrency exchange. Trump also issued a pardon to Gregory Dwyer, the former head of business development at BitMEX. The pardon comes just three months after BitMEX was sentenced to pay a fine of $100 million for violating the Bank Secrecy Act.
In a statement acknowledging the pardon, Delo stated,
This full and unconditional pardon by President Trump is a vindication of the position we have always held – that BitMEX, my co-founders and I should never have been charged with a criminal offense through an obscure, antiquated law. As the most successful crypto exchange of its kind, we were wrongfully made to serve as an example, sacrificed for political reasons and used to send inconsistent regulatory signals. I’m sincerely grateful to the President for granting this pardon to me and my co-founders. A legal wrong has been righted today and despite the distress I have been through over the past few years I’m pleased to have cleared my name and to be able to continue my life and philanthropic work without the burden of an unfounded conviction.
3️⃣ Nasdaq Exchange Submits Filing to List Grayscale AVAX ETF ☄️
The Nasdaq exchange reportedly filed a 19b-4 form with the U.S. Securities and Exchange Commission to list and trade shares of Grayscale's spot Avalanche exchange-traded fund. If approved, the proposed rule change would convert Grayscale's existing Avalanche Trust into a spot exchange-traded fund. According to the filing, Coinbase is the custodian for the Trust, while its administrator and transfer agent is expected to be BNY Mellon Asset Servicing.
4️⃣ Binance Founder Pledges BNB For Thailand, Myanmar Disaster Relief 💰
Binance co-founder Changpeng “CZ” Zhao is reportedly donating 500 BNB each to Thailand and Myanmar following a 7.7 magnitude earthquake that caused severe damage to buildings and widespread flooding. The funds are expected to be distributed through Binance and Binance Thailand if a third-party onchain donation platform cannot be found to distribute the disaster relief funds.
5️⃣ US Regulators FDIC And CFTC Ease Crypto Restrictions For Banks, Derivatives ⚡️
In a letter dated March 28th, the U.S. Federal Deposit Insurance Corporation (FDIC) stated that institutions under its oversight, including banks, can now engage in crypto-related activities without prior approval. Notably, this change rescinds a 2022 requirement that mandated FDIC-supervised institutions to notify the agency before engaging in crypto-related activities. The announcement also coincided with a Commodity Futures Trading Commission (CFTC) announcement, which clarified that digital asset derivatives wouldn’t be treated differently than any other derivatives.
6️⃣ Hawk Tuah Girl Says SEC Dropping Probe Into Solana Meme Coin ‼️
The U.S. Securities and Exchange Commission has reportedly dropped its investigation into the memecoin launched by Haliey Welch, the girl behind the popular “Hawk Tuah” meme. For context, the memecoin launched by Hailey rocketed to a market cap of $490 million before collapsing 93% in value within minutes. This sparked backlash and forced her to take her account offline.
Haliey's attorney James Sallah stated
The SEC closed the investigation without making any findings against, or seeking any monetary sanctions from, Haliey. Because they did not bring any action against her, there are no restrictions on what she can do in regard to crypto or securities in the future.